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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
Revenue by Segment
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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