W. P. Carey (WPC) Tops Q3 AAFO by 14c

November 3, 2016 8:42 AM EDT
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W. P. Carey (NYSE: WPC) reported Q3 AFFO of $1.34, $0.14 better than the analyst estimate of $1.20. Revenue for the quarter came in at $204.2 million versus the consensus estimate of $176.33 million.

"For the 2016 third quarter, we generated AFFO per diluted share of $1.34, up 12.6% from the prior year period, reflecting the impact of the cost reduction initiative that we implemented earlier this year, growth in assets under management within our Investment Management business and lower interest expense," said Mark J. DeCesaris, Chief Executive Officer of W. P. Carey. "Our third quarter results keep us on pace to generate full-year AFFO within our guidance range, which we have narrowed to between $5.05 and $5.15 per diluted share.

"Within our Owned Real Estate portfolio, we have now addressed the majority of our near-term lease maturities, which has both reduced residual risk and, in conjunction with recent acquisitions, extended the portfolio's weighted-average lease term. We have also made further progress with our capital plan, raising additional equity through our ATM program at a weighted-average price of $68.54 and completing a public offering of senior unsecured notes through which we were able to replace higher-cost mortgage debt with lower-cost unsecured debt."

For earnings history and earnings-related data on W. P. Carey (WPC) click here.

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