NTR Sponsor and Listed REIT W. P. Carey Q1 FFO Climbs 26.6% YOY
May 1, 2020 | James Sprow | Blue Vault
W. P. Carey Inc. disclosed Nareit funds from operations attributable to the company for the first quarter of $239.7 million, or $1.38 per share, a 26.6% increase on a per-share basis from $183.1 million, or $1.09 per share, in the 2019 first quarter.
Nareit is the U.S.-based trade association for real estate investment trusts and publicly traded real estate companies.
The S&P Global Market Intelligence consensus FFO estimate for the quarter was $1.14 per share.
For the first quarter, adjusted FFO attributable to the net lease real estate investment trust increased from the year-ago period on a per-share basis to $216.5 million, or $1.25 per share, from $201.8 million, or $1.21 per share.
The S&P Global Market Intelligence consensus estimate for AFFO per share was $1.24 for the first quarter.
W. P. Carey withdrew its previous 2020 AFFO guidance due to significant uncertainty and economic disruption caused by the COVID-19 pandemic. The company was expecting its adjusted FFO per share in the range of $4.86 to $5.01 for the full year.
During the quarter, the company made three acquisitions for $189.0 million and completed three capital investment projects at a total cost of $66.8 million. It expects six projects totaling $192.7 million to be completed during the current year.
W. P. Carey also sold four properties for $116.3 million, including one of its two hotel operating properties for $114.5 million.
W.P. Carey sponsors two active nontraded REITs. Watermark Lodging Trust is the successor to Carey Watermark Investors Inc. and Carey Watermark Investors 2 Inc. that were merged on April 13, 2020, and Corporate Property Associates 18 – Global Incorporated.
Sources: SEC, Blue Vault
