W. P. Carey (WPC) Reports Q2 EPS of $0.59, Beats on Revenues; Affirms FY17 AFFO Guidance

W. P. Carey (NYSE: WPC) reported Q2 EPS of $0.59. Revenue for the quarter came in at $174.05 million versus the consensus estimate of $164.18 million.

Total Company

• Net income attributable to W. P. Carey of $64.3 million, or $0.59 per diluted share
• AFFO of $148.4 million, or $1.38 per diluted share
• Affirm 2017 AFFO guidance range of $5.10 to $5.30 per diluted share
• Quarterly cash dividend raised to $1.00 per share, equivalent to an annualized dividend rate of $4.00 per share
• As previously announced, the Company's Board of Directors approved a plan to exit all non-traded retail fundraising activities as of June 30, 2017

Business Segments

Owned Real Estate

• Segment components revised to exclude equity income from the Company\'s interests in the Managed REITs
• Segment net income attributable to W. P. Carey of $43.5 million
• Segment AFFO of $117.4 million, or $1.09 per diluted share
• Completed investments totaling $60.3 million
• Gross disposition proceeds totaling $20.1 million
• Portfolio occupancy of 99.3%

Investment Management

• Segment components revised to include equity income from the Company\'s interests in the Managed REITs
• Segment net income attributable to W. P. Carey of $20.8 million
• Segment AFFO of $31.0 million, or $0.29 per diluted share
• Assets under management of $13.2 billion

Balance Sheet & Capitalization

• Utilized ATM offering program to raise $22.9 million in net proceeds
• €88.7 million ($100.0 million) drawn under the Company\'s delayed draw term loan

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

You May Also Be Interested In

• Micron surges 5.5% on blockbuster Anthropic AI deal ahead of earnings
• Rubio to visit Gulf states amid Iran deal concerns
• FirstCash to acquire UK pawn operator Ramsdens for £206 million