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Dec 31, 2019
WP Carey Q4 2019 Earnings Report
W. P. Carey reported mixed results for Q4 2019, with a decrease in net income but growth in real estate revenue, and provided AFFO guidance for 2020.
Key Takeaways
W. P. Carey Inc. reported a decrease in net income attributable to W. P. Carey for the fourth quarter of 2019, from $193.3 million to $129.4 million. However, real estate revenues increased by 19.4%. The company announced a full year AFFO guidance range for 2020 of $4.86 to $5.01 per diluted share.
Net income attributable to W. P. Carey was $129.4 million, or $0.75 per diluted share.
AFFO was $222.0 million, or $1.28 per diluted share.
Quarterly cash dividend raised to $1.038 per share, equivalent to an annualized dividend rate of $4.152 per share.
Investment volume of $411.7 million during the fourth quarter.
Revenue by Segment
Forward Guidance
For the 2020 full year, the Company expects to report total AFFO of between $4.86 and $5.01 per diluted share, including Real Estate AFFO of between $4.74 and $4.89 per diluted share.
Positive Outlook
- Investments for the Company’s Real Estate portfolio of between $750 million and $1.25 billion
- Ample liquidity
- Low leverage
- Established access to various forms of capital
- Healthy number of capital projects scheduled for completion this year
Challenges Ahead
- The company does not provide guidance on net income
- Inherent difficulty in quantifying certain items necessary to provide reconciliation to net income
- Unknown effect on impairments of assets
- Unknown timing and potential significance
Historical Earnings Impact
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Avg. Return Before/After Earnings
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