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Jun 30, 2023
WP Carey Q2 2023 Earnings Report
W. P. Carey reported strong second-quarter results driven by investment activity and contractual same-store rent growth.
Key Takeaways
W. P. Carey reported a strong second quarter of 2023, driven by investment activity and contractual same-store rent growth. The company completed investments of $760.7 million during the quarter and $938.5 million year-to-date. Contractual same-store rent growth was 4.3%.
AFFO for the 2023 second quarter was $1.36 per diluted share, up 3.8% from $1.31 per diluted share for the 2022 second quarter.
2023 AFFO guidance range narrowed to between $5.32 and $5.38 per diluted share, based on anticipated full year investment volume of between $1.75 billion and $2.25 billion.
Quarterly cash dividend raised to $1.069 per share, equivalent to an annualized dividend rate of $4.276 per share.
Investment volume of $938.5 million completed year to date, including $760.7 million during the second quarter.
Revenue by Segment
Forward Guidance
For the 2023 full year, the Company has narrowed its guidance range for total AFFO to between $5.32 and $5.38 per diluted share based on the following key assumptions: (i) investment volume of between $1.75 billion and $2.25 billion, which is unchanged; (ii) disposition volume of between $300 million and $400 million, which is unchanged; and (iii) total general and administrative expenses of between $97 million and $100 million, which is unchanged.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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