PR Newswire
NEW YORK, April 30, 2024
NEW YORK, April 30, 2024 /PRNewswire/ -- W. P. Carey Inc. (NYSE: WPC) (W. P. Carey or the Company), a net lease real estate investment trust, today reported its financial results for the first quarter ended March 31, 2024.
Financial Highlights
| 2024 First Quarter |
Net income attributable to W. P. Carey (millions) | $159.2 |
Diluted earnings per share | $0.72 |
| |
AFFO (millions) | $251.9 |
AFFO per diluted share | $1.14 |
Real Estate Portfolio
Balance Sheet and Capitalization
MANAGEMENT COMMENTARY
"We've had a productive start to the year, closing $375 million of investments and building a strong deal pipeline, which positions us well in relation to our investment guidance," said Jason Fox, Chief Executive Officer of W. P. Carey. "We also made excellent progress toward completing our office exit strategy and addressing recent tenant-specific issues, further strengthening our well-diversified portfolio. We believe that we have a distinct advantage both in terms of deploying the substantial capital we've amassed into new investments and the strength of our rent escalations, putting us on a path to generate future growth based off the new baseline AFFO set in 2024."
QUARTERLY FINANCIAL RESULTS
Note: Effective January 1, 2024, the Company no longer separately analyzes its business between real estate operations and investment management operations, and instead views the business as one reportable segment. As a result of this change, the Company has conformed prior period segment information to reflect how it currently views its business.
Revenues
Net Income Attributable to W. P. Carey
Adjusted Funds from Operations (AFFO)
Note: Further information concerning AFFO, which is a non-GAAP supplemental performance metric, is presented in the accompanying tables and related notes.
Dividend
AFFO GUIDANCE
2024 AFFO Guidance
(a) substantial completion of the Company's strategic plan to exit office, including anticipated asset sales under the Office Sale Program totaling between $550 million and $600 million during the first half of 2024;
(b) completion of the U-Haul purchase option during the 2024 first quarter, which generated gross proceeds of $464 million; and
(c) other dispositions totaling between $150 million and $350 million; and
(iii) total general and administrative expenses of between $100 million and $103 million.
Note: The Company does not provide guidance on net income. The Company only provides guidance on AFFO and does not provide a reconciliation of this forward-looking non-GAAP guidance to net income due to the inherent difficulty in quantifying certain items necessary to provide such reconciliation as a result of their unknown effect, timing and potential significance. Examples of such items include impairments of assets, gains and losses from sales of assets, and depreciation and amortization from new acquisitions.
REAL ESTATE
Investments
Dispositions
Contractual Same-Store Rent Growth
Lease Restructuring
Occupancy
Composition
BALANCE SHEET AND CAPITALIZATION
Liquidity
Senior Unsecured Notes
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Supplemental Information
The Company has provided supplemental unaudited financial and operating information regarding the 2024 first quarter and certain prior quarters, including a description of non-GAAP financial measures and reconciliations to GAAP measures, in a Current Report on Form 8-K filed with the Securities and Exchange Commission (SEC) on April 30, 2024, and made available on the Company's website at ir.wpcarey.com/investor-relations.
* * * * *
Live Conference Call and Audio Webcast Scheduled for Wednesday, May 1, 2024 at 11:00 a.m. Eastern Time
Please dial in at least 10 minutes prior to the start time.
Date/Time: Wednesday, May 1, 2024 at 11:00 a.m. Eastern Time
Call-in Number: 1 (877) 465-1289 (U.S.) or +1 (201) 689-8762 (international)
Live Audio Webcast and Replay: www.wpcarey.com/earnings
* * * * *
W. P. Carey Inc.
W. P. Carey ranks among the largest net lease REITs with a well-diversified portfolio of high-quality, operationally critical commercial real estate, which includes 1,282 net lease properties covering approximately 168 million square feet and a portfolio of 89 self-storage operating properties as of March 31, 2024. With offices in New York, London, Amsterdam and Dallas, the company remains focused on investing primarily in single-tenant, industrial, warehouse and retail properties located in the U.S. and Northern and Western Europe, under long-term net leases with built-in rent escalations.
* * * * *
Cautionary Statement Concerning Forward-Looking Statements
Certain of the matters discussed in this communication constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, both as amended by the Private Securities Litigation Reform Act of 1995. The forward-looking statements include, among other things, statements regarding the intent, belief or expectations of W. P. Carey and can be identified by the use of words such as "may," "will," "should," "would," "will be," "goals," "believe," "project," "expect," "anticipate," "intend," "estimate" "opportunities," "possibility," "strategy," "maintain" or the negative version of these words and other comparable terms. These forward-looking statements include, but are not limited to, statements made by Mr. Jason Fox regarding 2024 investment volume, the completion of W. P. Carey's strategic plan to exit office, and expectations regarding future growth. These statements are based on the current expectations of our management, and it is important to note that our actual results could be materially different from those projected in such forward-looking statements. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Other unknown or unpredictable risks or uncertainties, like the risks related to fluctuating interest rates, the impact of inflation on our tenants and us, the effects of pandemics and global outbreaks of contagious diseases, and domestic or geopolitical crises, such as terrorism, military conflict, war or the perception that hostilities may be imminent, political instability or civil unrest, or other conflict, and those additional risk factors discussed in reports that we have filed with the SEC, could also have material adverse effects on our future results, performance or achievements. Discussions of some of these other important factors and assumptions are contained in W. P. Carey's filings with the SEC and are available at the SEC's website at http://www.sec.gov, including Part I, Item 1A. Risk Factors in W. P. Carey's Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this communication, unless noted otherwise. Except as required under the federal securities laws and the rules and regulations of the SEC, W. P. Carey does not undertake any obligation to release publicly any revisions to the forward-looking statements to reflect events or circumstances after the date of this communication or to reflect the occurrence of unanticipated events.
Institutional Investors:
Peter Sands
1 (212) 492-1110
institutionalir@wpcarey.com
Individual Investors:
W. P. Carey Inc.
1 (212) 492-8920
ir@wpcarey.com
Press Contact:
Anna McGrath
1 (212) 492-1166
amcgrath@wpcarey.com
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W. P. CAREY INC. | |||
Consolidated Balance Sheets (Unaudited) | |||
(in thousands, except share and per share amounts) | |||
| |||
| March 31, 2024 | | December 31, 2023 |
Assets | | | |
Investments in real estate: | | | |
Land, buildings and improvements — net lease and other | $ 12,260,873 | | $ 12,095,458 |
Land, buildings and improvements — operating properties | 1,256,171 | | 1,256,249 |
Net investments in finance leases and loans receivable | 660,585 | | 1,514,923 |
In-place lease intangible assets and other | 2,278,593 | | 2,308,853 |
Above-market rent intangible assets | 693,294 | | 706,773 |
Investments in real estate | 17,149,516 | | 17,882,256 |
Accumulated depreciation and amortization (a) Werbung Mehr Nachrichten zur WP Carey Aktie kostenlos abonnieren
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