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W.P. Carey Inc (NYSE: WPC) reported Q1 2023 revenue (including reimbursable costs) increase of 22.8% Y/Y to $427.8 million, beating the consensus of $406.24 million.
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Real Estate revenues (including reimbursable costs) rose 24.2% Y/Y to $427.4 million on higher lease and operating property revenues.
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Adjusted funds from operations (AFFO) declined 3.0% Y/Y to $1.31 per share due to lower Investment Management earnings.
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The company witnessed an investment volume of $177.8 million in Q1 and $565.7 million after quarter end.
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Gross disposition proceeds stood at $42.7 million in Q1.
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As of March 31, 2023, the net lease portfolio comprised 1,446 properties, with 176 million square feet leased to 397 tenants with a weighted-average lease term of 10.9 years and an occupancy rate of 99.2%.
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In March, the company raised the quarterly dividend per share to $1.067 from $1.065 in the prior quarter.
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Outlook: WPC expects AFFO per share of $5.30-$5.40 in 2023 (vs. consensus of $5.16).
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“The investment backdrop remains constructive and our pipeline active, driven by the competitiveness of sale-leasebacks versus sellers’ funding alternatives. And even though there is evidence that inflation is beginning to cool, we expect our contractual same-store rent growth to remain elevated — averaging around 4% in 2023 and over 3% in 2024 — given the lag on which CPI-linked escalations flow through to rents,” said Jason Fox, CEO.
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Price Action: WPC shares are trading higher by 0.75% at $74.02 on the last check Friday.
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This article W.P. Carey Q1 Revenues Jump 23%; Affirms 2023 AFFO Guidance Range originally appeared on Benzinga.com
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