W.P. Carey Finalizes Office Sector Exit
Global real estate investment trust (REIT) specialist W.P. Carey (NYSE:WPC) reported mixed fourth-quarter earnings on Tuesday, Feb. 11. Earnings per share of $0.21 came in well below analysts' consensus expectations of $0.59. However, adjusted funds from operations (AFFO) per share improved 1.7% year over year to $1.21 and revenue of $403.7 million surpassed analyst projections of $391 million.
The quarter revealed challenges with a 67.4% drop in net income to $47 million, primarily due to significant portfolio restructuring. Overall, the quarter was solid but underscored ongoing industry challenges and the impact of strategic shifts.
Source: W.P. Carey. Note: Analyst consensus estimates for the quarter provided by FactSet. YOY = Year over year. AFFO = Adjusted funds from operations (a better metric for evaluation of earnings among REITs).
Source Fool.com
