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Sep 30, 2022
WP Carey Q3 2022 Earnings Report
W. P. Carey Inc. reported strong third-quarter results, raised full-year AFFO guidance, and completed a merger with CPA:18.
Key Takeaways
W. P. Carey Inc. announced its third-quarter 2022 financial results, reporting a net income of $104.9 million and AFFO of $1.36 per diluted share. The company raised its full-year AFFO guidance to between $5.25 and $5.31 per diluted share. The company also completed its merger with CPA:18, adding approximately $2.2 billion of real estate assets.
2022 AFFO guidance raised and narrowed to between $5.25 and $5.31 per diluted share.
Quarterly cash dividend raised to $1.061 per share, equivalent to an annualized dividend rate of $4.244 per share.
Investment volume of $1.3 billion completed during the first nine months of 2022, including $474.8 million during the third quarter.
Completed merger with CPA:18 in a transaction adding approximately $2.2 billion of real estate assets
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
The Company has raised its guidance for total AFFO and narrowed the range to between $5.25 and $5.31 per diluted share, including Real Estate AFFO of between $5.16 and $5.22 per diluted share.
Positive Outlook
- investments for the Company's Real Estate portfolio of between $1.5 billion and $2.0 billion
- dispositions from the Company's Real Estate portfolio of between $200 million and $300 million
- total general and administrative expenses of between $88 million and $90 million
- raising our expectations for full-year AFFO per share, driven by Real Estate AFFO per share that is on track for year-over-year growth of just over 6%
- balance sheet puts us in a position of strength to deploy capital at appropriate spreads