W. P. Carey (NYSE: WPC) reported Q2 EPS of $0.65, $0.06 better than the analyst estimate of $0.59. Revenue for the quarter came in at $389.7 million versus the consensus estimate of $381.3 million.

AFFO GUIDANCE

The Company has lowered its guidance range for the 2024 full year by two cents per diluted share, primarily reflecting lower expectations for investment volume and self-storage operating portfolio NOI, and currently expects to report AFFO of between $4.63 and $4.73 per diluted share based on the following key assumptions:

(i) investment volume of between $1.25 billion and $1.75 billion, which has been lowered by $250 million;

(ii) disposition volume of between $1.2 billion and $1.4 billion, which is unchanged, including:

(a) completion of the Company\'s strategic plan to exit office, including asset sales under the Office Sale Program totaling approximately $550 million;

(b) completion of the U-Haul purchase option during the 2024 first quarter, which generated gross proceeds of $464 million; and

(c) other dispositions totaling between $150 million and $350 million;

(iii) total general and administrative expenses lowered to between $98 million and $101 million.

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