W. P. Carey Q3 Profit Down

(RTTNews) - W. P. Carey Inc. (WPC) Tuesday reported third-quarter net income of $111.7 million or $0.51, down from $125.0 million or $0.58 per share for the 2023 third quarter.

AFFO for the third quarter was $1.18 per share, down from $1.32 per share for the 2023 third quarter, primarily reflecting the impact of the NLOP Spin-Off and dispositions under the Office Sale Program.

Revenues, including reimbursable costs, for the third quarter totaled $397.4 million, down 11.4% from $448.6 million for the 2023 third quarter.

Analysts polled by Thomson Reuters expected earnings of $0.53 per share and revenues of $379.68 million.

Looking forward to 2024, the company narrowed its AFFO guidance to between $4.65 and $4.71 per share.