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Mar 31, 2024
WP Carey Q1 2024 Earnings Report
W. P. Carey reported a decrease in revenue and net income due to strategic asset dispositions while affirming AFFO guidance for 2024.
Key Takeaways
W. P. Carey's first quarter 2024 results showed a decrease in both revenue and net income compared to the previous year, impacted by strategic dispositions, particularly within the office sector. Despite these declines, the company affirmed its AFFO guidance for the year, reflecting confidence in its investment pipeline and rent escalations.
AFFO per diluted share was $1.14, down 13.0% from Q1 2023.
Completed investment volume of $374.5 million year-to-date, including $280.3 million in Q1.
Gross disposition proceeds of $889.2 million in Q1, including $410.5 million from the Office Sale Program and $478.6 million from non-office dispositions.
Affirmed 2024 AFFO guidance of $4.65 to $4.75 per diluted share, based on anticipated investment volume of $1.5 billion to $2.0 billion.
Revenue by Segment
Forward Guidance
W. P. Carey affirms its 2024 AFFO guidance of between $4.65 and $4.75 per diluted share, based on anticipated investment volume of $1.5 billion to $2.0 billion and disposition volume of $1.2 billion to $1.4 billion.
Positive Outlook
- Investment volume of between $1.5 billion and $2.0 billion.
- Disposition volume of between $1.2 billion and $1.4 billion.
- Substantial completion of the Company’s strategic plan to exit office.
- Anticipated asset sales under the Office Sale Program totaling between $550 million and $600 million during the first half of 2024.
- Total general and administrative expenses of between $100 million and $103 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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