W.P. Carey Finalizes Office Sector Exit
W.P. Carey posted mixed results in its latest earnings report largely due to notable revenue and net income declines.
Global real estate investment trust (REIT) specialist W.P. Carey (NYSE:WPC) reported mixed fourth-quarter earnings on Tuesday, Feb. 11. Earnings per share of $0.21 came in well below analysts' consensus expectations of $0.59. However, adjusted funds from operations (AFFO) per share improved 1.7% year over year to $1.21 and revenue of $403.7 million surpassed analyst projections of $391 million.
The quarter revealed challenges with a 67.4% drop in net income to $47 million, primarily due to significant portfolio restructuring. Overall, the quarter was solid but underscored ongoing industry challenges and the impact of strategic shifts.
Source: W.P. Carey. Note: Analyst consensus estimates for the quarter provided by FactSet. YOY = Year over year. AFFO = Adjusted funds from operations (a better metric for evaluation of earnings among REITs).