W.P. Carey Q4 AFFO $1.19/sh (-7.8% YoY); guides FY2024 AFFO $4.65-$4.75; cuts dividend to $0.86

W. P. Carey Inc.

Q4 AFFO $1.19 per diluted share, down from $1.29 in Q4 2022; full-year AFFO $5.18 vs $5.29 prior year.
2024 AFFO guidance range $4.65-$4.75 per share, with expected investment volume $1.5B-$2.0B.
Office exit: 79 properties sold for $608M; office exposure reduced to 2.7% of ABR; remaining sales targeted in H1 2024.
Quarterly dividend cut to $0.86 per share ($3.44 annualized) from prior $1.07, reflecting office exit and lower payout.
Settled forward sale agreements for net proceeds of $384M; received ~$344M from NLOP spin-off distribution.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

W. P. Carey Inc. reported 2024 results: EPS 2024 AFFO guidance range narrowed to between $4.65 and $4.75 per diluted share. Guidance reaffirmed.

Period: 2024
EPS: 2024 AFFO guidance range narrowed to between $4.65 and $4.75 per diluted share
Guidance: reaffirmed
Result: guidance update

Exact text from the filing

2024 AFFO guidance range narrowed to between $4.65 and $4.75 per diluted share, based on anticipated full year investment volume of between $1.5 billion and $2.0 billion

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

W. P. Carey Inc. reported fourth quarter and full year ended December 31, 2023 results: revenue Total Company: Revenues, including reimbursable costs, for the 2023 fourth quarter totaled $412.4 million, net income Net income attributable to W. P. Carey for the 2023 fourth quarter was $144.3 million; Full year net income $708.3 milli, EPS Diluted earnings per share $0.66 (fourth quarter); $3.28 (full year). Guidance reaffirmed.

Period: fourth quarter and full year ended December 31, 2023
Revenue: Total Company: Revenues, including reimbursable costs, for the 2023 fourth quarter totaled $412.4 million
Net income: Net income attributable to W. P. Carey for the 2023 fourth quarter was $144.3 million; Full year net income $708.3 milli
EPS: Diluted earnings per share $0.66 (fourth quarter); $3.28 (full year)
Guidance: reaffirmed
Result: reported results

Exact text from the filing

On February 9, 2024 , W. P. Carey Inc. (the “ Company ”) issued an earnings release announcing its financial results for the quarter ended December 31, 2023.

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W. P. Carey Inc. filing history →

Source: SEC EDGAR

accession 0001025378-24-000034

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