W. P. Carey Inc. (WPC), a real estate income trust, on Friday reported a rise in Funds from Operations and net income for the fourth-quarter.
Earnings primarily reflected impact of net investment activity, the accretive impact of the CPA:18 merger, firm real estate performance, and rent escalations.
For the three-month period to December 31, 2022, the REIT firm posted FFO of $358.586 million or $1.70 per share, compared with $247.324 million or $1.31 per share, recorded for the same period of last year.
Depreciation and amortization costs moved up to $140.749 million from $135.662 million of previous year quarter.
Excluding items, FFO stood at $269.676 million or $1.29 per share, lesser than last year’s $245.605 million or $1.30 per share.
Diluted weighted-average shares outstanding were at 209,822,650, compared with 188,317,117 shares of 2021.
Net income rose to $209.538 million or $1 per share from $99.562 million or $0.53 per share of last year quarter.
Net income from real estate was $210.1 million, which increased due primarily to a mark-to-market gain recognized on the company’s shares of Lineage Logistics of $38.6 million and the impact of net investment activity, and rent escalations.
Pre-tax earnings were at $215.629 million, versus $104.664 million of previous year.
W. P. Carey generated revenue of $402.142 million, compared with $370.324 million of previous fiscal.
Real estate revenues, including reimbursable costs, for the fourth quarter were $402.1 million, up 8.6 percent from $370.3 million of last year quarter.
For 2023, the company expects to report AFFO of $5.30 – $5.40 per share.
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