W. P. Carey (WPC) Tops Q2 EPS by 9c, Revenues Beat; Provides FY18 AFFO Guidance
W. P. Carey (NYSE: WPC) reported Q2 EPS of $0.70, $0.09 better than the analyst estimate of $0.61. Revenue for the quarter came in at $201.14 million versus the consensus estimate of $191.83 million.
Total Company
- Net income attributable to W. P. Carey of $75.7 million, or $0.70 per diluted share
- AFFO of $142.6 million, or $1.32 per diluted share
- 2018 AFFO guidance range narrowed to $5.40 to $5.50 per diluted share by raising the lower end of the range
- Quarterly cash dividend raised to $1.02 per share, equivalent to an annualized dividend rate of $4.08 per share
- Announced proposed merger with CPA®:17 in a $6 billion stock-for-stock transaction
"Supported by the strength of our investment volume year-to-date we are narrowing our full-year AFFO guidance to between $5.40 and $5.50 per diluted share by raising the lower end of the range," said Jason Fox, Chief Executive Officer of W. P. Carey. "We also remain on track to close the proposed merger with CPA:17 around the end of the year in a transformational transaction that we believe will create immediate and enduring value for our stakeholders."
GUIDANCE:
- For the 2018 full year, the Company has narrowed its AFFO guidance range to between $5.40 and $5.50 per diluted share by raising the lower end of the range from $5.30, based on the following key assumptions:
- investments for the Company's Owned Real Estate portfolio of between $700 million and $1 billion, raising the lower end of the range from $500 million;
- dispositions from the Company's Owned Real Estate portfolio of between $300 million and $500 million, which is unchanged; and
- total general and administrative expenses of between $65 million and $70 million, which is unchanged.
For earnings history and earnings-related data on W. P. Carey (WPC) click here.