W. P. Carey Q1 AFFO $1.14, down 13% YoY; net income $159M; affirms FY guidance

W. P. Carey Inc.

Net income $159.2M (diluted EPS $0.72); AFFO $251.9M ($1.14/diluted share), down 13.0% YoY.
Revenue $389.8M, down 8.9% YoY due to office exit and sale of U-Haul portfolio.
Affirmed FY2024 AFFO guidance $4.65-$4.75/diluted share; expects investment volume $1.5-$2.0B.
Gross disposition proceeds $889.2M in Q1, incl. $410.5M from office sale program and $464.1M from U-Haul.
Repaid $500M of 4.6% Senior Unsecured Notes post-quarter; quarterly dividend $0.865/share ($3.46 annualized).

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

W. P. Carey Inc. reported the first quarter ended March 31, 2024 results: revenue $389.8 million, net income $159.2 million, EPS $0.72. Guidance reaffirmed.

Period: the first quarter ended March 31, 2024
Revenue: $389.8 million
Net income: $159.2 million
EPS: $0.72
Guidance: reaffirmed
Result: reported results

Exact text from the filing

conformed prior period segment information to reflect how it currently views its business. Revenues • Revenues, including reimbursable costs, for the 2024 first quarter totaled $389.8 million, down 8.9% from $427.8 million for the 2023 first quarter. ◦ Lease revenues decreased primarily as a result of (i) executing the Company’s strategic plan to exit the office

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Source: SEC EDGAR

accession 0001025378-24-000075

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