WP Carey Q4 2024 Earnings Report

Key Takeaways

W. P. Carey Inc. reported Q4 2024 revenues of $406.2 million, reflecting a 1.5% decrease year-over-year. Net income attributable to the company declined significantly to $47.0 million due to lower real estate sales gains and a $90.4 million mark-to-market loss on shares of Lineage. Adjusted funds from operations (AFFO) increased slightly to $1.21 per diluted share, supported by collected rents from property dispositions and rent escalations.

Total Revenue

$406M

Previous year: $412M

-1.5%

EPS

$1.21

Previous year: $1.19

+1.7%

Net Leased Properties

1.56K

Total Tenants

355

Square Footage

176M

Cash and Equivalents

$640M

Previous year: $634M

+1.0%

Total Assets

$17.5B

Previous year: $18B

-2.5%

WP Carey Revenue

WP Carey EPS

WP Carey Revenue by Segment

Forward Guidance

W. P. Carey expects AFFO per diluted share for 2025 to be between $4.82 and $4.92, reflecting anticipated investment volumes of $1.0B to $1.5B and disposition volumes of $500M to $1.0B. The company remains cautious due to market uncertainty, interest rate fluctuations, and macroeconomic factors.

Positive Outlook

Record investment volume in Q4 2024 of $841.3M.
AFFO per share guidance of $4.82 to $4.92 indicates stable cash flow expectations.
Company plans to fund investments without accessing equity markets.
Asset dispositions are expected to generate a meaningful spread to net lease investments.
Continued rent escalations contribute positively to revenue growth.

Challenges Ahead

Uncertainty in broader market conditions may impact investment returns.
Interest rate fluctuations pose risks to financing costs.
Real estate sales gains have declined, affecting profitability.
Losses from investments such as Lineage negatively impacted Q4 results.
AFFO growth remains modest amid strategic property disposals.