W. P. Carey Q3 AFFO $1.32, lowers 2023 guidance to $5.17-5.23, completes NLOP office spin-off

W. P. Carey Inc.

Q3 net income $125.0M ($0.58 EPS); AFFO $284.4M ($1.32/share, -2.9% YoY).
Revenue $448.6M, up 16.9% YoY, driven by investments and CPA:18 Merger.
2023 AFFO guidance lowered to $5.17-$5.23; prelim 2024 guidance $4.60-$4.80, reflecting office exit plan.
Completed NLOP spin-off Nov 1; office sale program has ~$500M under contract, targeting early 2024 completion.
Post-quarter: settled forward equity for $384M; received ~$350M from NLOP; Q3 dividend $1.071/share paid.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

W. P. Carey Inc. reported the third quarter ended September 30, 2023 results: revenue $448.6 million, net income $125.0 million, EPS $0.58. Guidance lowered.

Period: the third quarter ended September 30, 2023
Revenue: $448.6 million
Net income: $125.0 million
EPS: $0.58
Guidance: lowered
Result: reported results

Exact text from the filing

market conditions to remain challenging.” QUARTERLY FINANCIAL RESULTS Revenues • Total Company: Revenues, including reimbursable costs, for the 2023 third quarter totaled $448.6 million, up 16.9% from $383.6 million for the 2022 third quarter. • Real Estate: Real Estate revenues, including reimbursable costs, for the 2023 third quarter were $448.3 million, up

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Source: SEC EDGAR

accession 0001628280-23-036559

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