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Jun 30, 2021
WP Carey Q2 2021 Earnings Report
W. P. Carey Inc. reported financial results for the second quarter ended June 30, 2021.
Key Takeaways
W. P. Carey Inc. announced second quarter 2021 financial results, with investment volume of $780.0 million and gross disposition proceeds of $86.0 million. The company raised and narrowed its 2021 AFFO guidance range to between $4.94 and $5.02 per diluted share. The overall collection rate was 99% for the second quarter rent due, and portfolio occupancy was 98.0%.
Investment volume of $780.0 million for the second quarter, bringing total investment volume for the first half of 2021 to $993.7 million.
Gross disposition proceeds of $86.0 million during the second quarter, bringing total dispositions for the first half of 2021 to $99.7 million.
Overall collection rate of 99% for 2021 second quarter rent due.
AFFO guidance range raised and narrowed to between $4.94 and $5.02 per diluted share, including Real Estate AFFO of between $4.82 and $4.90 per diluted share.
WP Carey
WP Carey
WP Carey Revenue by Segment
Revenue by Segment
Lease Revenue
CapyFin.comOperating property rev Revenue
CapyFin.com Forward Guidance
The Company has raised and narrowed its guidance range for the 2021 full year and currently expects to report total AFFO of between $4.94 and $5.02 per diluted share, including Real Estate AFFO of between $4.82 and $4.90 per diluted share.
Positive Outlook
- Investments for the Company's Real Estate portfolio of between $1.5 billion and $2.0 billion, which has been revised higher.
- Positive impact on rent collections as businesses recover from the initial effects of the COVID-19 pandemic
- Increased expectations for full year investment volume
- Active deal pipeline
- Favorable cost of capital
Challenges Ahead
- Dispositions from the Company's Real Estate portfolio of between $150 million and $250 million, which has been revised lower.
- Total general and administrative expenses of between $82 million and $84 million, which has been revised higher.
- Effects of pandemics and global outbreaks of contagious diseases or the fear of such outbreaks (such as the current COVID-19 pandemic)
- Tenants’ continued ability to pay rent
- Impairments of assets, gains and losses from sales of assets, and depreciation and amortization from new acquisitions.