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Jun 30, 2025
WP Carey Q2 2025 Earnings Report
WP Carey reported solid Q2 results with increased AFFO guidance and steady investment activity.
Key Takeaways
W. P. Carey delivered stable Q2 2025 results with AFFO per share growing and net investment activity bolstering revenue. Despite a significant drop in net income due to unrealized losses, the company raised full-year AFFO guidance on the back of robust disposition and investment momentum.
AFFO per diluted share grew to $1.28, up from $1.17 last year
Net income declined to $51.2M, impacted by unrealized mark-to-market losses and FX effects
Revenue rose to $430.8M, driven by lease escalations and investment activity
Raised 2025 AFFO guidance to $4.87–$4.95 per share based on higher investment volume
Revenue by Segment
Forward Guidance
W. P. Carey raised its 2025 full-year AFFO guidance, citing increased investment volume and improved expectations around tenant credit events.
Positive Outlook
- Raised AFFO guidance to $4.87–$4.95 per share
- Higher expected investment volume: $1.4B to $1.8B
- Higher disposition volume outlook: $900M to $1.3B
- Strong leasing and rent escalation activity supporting growth
- Lower general and administrative expense forecast
Challenges Ahead
- Increased property expense projections
- Higher projected tax expense
- Exposure to foreign currency risk remains
- Reduced operating property revenue due to asset sales
- AFFO excludes potential losses from future tenant defaults
Historical Earnings Impact
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Avg. Return Before/After Earnings
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