W. P. Carey Q1 Profit Down

(RTTNews) - W. P. Carey Inc. (WPC) Tuesday reported first-quarter net income of $125.8 million or $0.57 per share, down from $159.2 million or $0.72 per share for the 2024 first quarter.

Profit dropped largely due to higher losses from remeasurement of foreign debt and a higher non-cash allowance for credit loss on finance leases and loans receivable, partly offset by higher gain on sale of real estate.

Adjusted Funds from Operations or AFFO for the 2025 first quarter was $1.17 per diluted share, up 2.6% from $1.14 per diluted share for the 2024 first quarter, primarily reflecting the impact of net investment activity, rent escalations and leasing activity, partly offset by lower interest income on cash deposits.

Revenues, including reimbursable costs, for the 2025 first quarter totaled $409.9 million, up 5.2% from $389.8 million for the 2024 first quarter.

For the 2025 full year, the company reaffirms its expectation that it will report AFFO of between $4.82 and $4.92 per diluted share.