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Mar 31, 2023
WP Carey Q1 2023 Earnings Report
W. P. Carey reported financial results for the first quarter ended March 31, 2023.
Key Takeaways
W. P. Carey reported a strong first quarter in 2023, marked by a substantial increase in net income attributable to the company, driven by a significant gain on the sale of real estate. Revenue also saw a notable increase compared to the same period last year, bolstered by net investment activity and rent escalations. The company maintains its AFFO guidance for the year.
Net income attributable to W. P. Carey increased to $294.4 million.
Diluted earnings per share reached $1.39.
AFFO was reported at $279.2 million, or $1.31 per diluted share.
The company maintains 2023 AFFO guidance between $5.30 and $5.40 per diluted share.
WP Carey
WP Carey
WP Carey Revenue by Segment
Revenue by Segment
Lease Revenue
CapyFin.comOperating property rev Revenue
CapyFin.comOther lease income Revenue
CapyFin.comAsset management rev Revenue
CapyFin.com Forward Guidance
The Company maintains its expectation that it will report total AFFO of between $5.30 and $5.40 per diluted share based on key assumptions.
Positive Outlook
- Investment volume of between $1.75 billion and $2.25 billion.
- Disposition volume of between $300 million and $400 million.
- Total general and administrative expenses of between $97 million and $100 million.