W. P. Carey (WPC) Misses Q1 EPS by 8c, Revenues Miss

W. P. Carey (NYSE: WPC) reported Q1 EPS of $0.41, $0.08 worse than the analyst estimate of $0.49. Revenue for the quarter came in at $298.32 million versus the consensus estimate of $300.36 million.

• Net income attributable to W. P. Carey of $68.5 million, or $0.41 per diluted share
• AFFO of $201.8 million, or $1.21 per diluted share
• Quarterly cash dividend raised to $1.032 per share, equivalent to an annualized dividend rate of $4.128 per share
• Affirm 2019 AFFO guidance range of $4.95 to $5.15 per diluted share, including Real Estate AFFO of between $4.70 and $4.90 per diluted share

"We are pleased with our first quarter investment volume — comprising both external acquisitions and follow-on deals with existing tenants — executed at attractive spreads to our cost of capital," said Jason Fox, Chief Executive Officer of W. P. Carey. "We also utilized our ATM program to efficiently raise equity capital, primarily using the proceeds to fund acquisitions and prepay mortgage debt, thereby expanding our unencumbered pool of assets and reducing leverage. And we\'re well positioned with ample liquidity to execute on our pipeline of new transactions, which is building nicely given the breadth of our opportunity set and geographic reach."

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

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