WP Carey Q4 2023 Earnings Report
Key Takeaways
W. P. Carey reported a decrease in net income attributable to W. P. Carey for the fourth quarter of 2023 to $144.3 million, and a decrease in AFFO per diluted share to $1.19. The company completed $345.6 million in investments during the quarter and made significant progress in its strategic office exit, bringing office exposure below 3% of total ABR.
Net income attributable to W. P. Carey was $144.3 million for Q4 2023.
AFFO was $1.19 per diluted share for Q4 2023.
Investment volume of $345.6 million was completed during Q4 2023.
Strategic office exit progressed, with office exposure below 3% of total ABR.
WP Carey
WP Carey
WP Carey Revenue by Segment
Forward Guidance
For the 2024 full year, the Company expects to report total AFFO of between $4.65 and $4.75 per diluted share, based on anticipated investment and disposition volumes, and general and administrative expenses.
Positive Outlook
- Investment volume of between $1.5 billion and $2.0 billion
- Disposition volume of between $1.2 billion and $1.4 billion
- Completion of the Company’s strategic plan to exit office
- Exercise of the U-Haul purchase option during the 2024 first quarter, generating approximately $465 million in gross proceeds
- Other dispositions totaling between $150 million and $350 million
Challenges Ahead
- Completion of the Company’s strategic plan to exit office
- Anticipated asset sales under the Office Sale Program totaling between $550 million and $600 million during the first half of 2024
- Exercise of the U-Haul purchase option during the 2024 first quarter, generating approximately $465 million in gross proceeds
- Other dispositions totaling between $150 million and $350 million
- Total general and administrative expenses of between $100 million and $103 million