W. P. Carey (WPC) Tops Q3 EPS by 40c, Revenues Beat
W. P. Carey (NYSE: WPC) reported Q3 EPS of $0.85, $0.40 better than the analyst estimate of $0.45. Revenue for the quarter came in at $302.4 million versus the consensus estimate of $286.58 million.
"Our third quarter results reflect the consistently high rent collections our portfolio has generated since the start of the pandemic, including a 98% collection rate for the period. I'm also pleased to say that after a pause in deal flow due to the pandemic we've resumed external investment activity and, given increased visibility into our pipeline, reinstated AFFO guidance" said Jason Fox, Chief Executive Officer of W. P. Carey. "The strength of our collections and balance sheet ensure we're well positioned amid renewed uncertainty over the course of the pandemic. And with a robust pipeline, ample liquidity and having locked in a cost of capital that supports accretive investments, we're equally well positioned to execute on the growing number of transaction opportunities before us."
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