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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.
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
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.