W.P. Carey: 2Q Earnings Snapshot
NEW YORK (AP) _ W.P. Carey Inc. (WPC) on Friday reported a key measure of profitability in its second quarter. The results fell short of Wall Street expectations.
The real estate investment trust, based in New York, said it had funds from operations of $208.5 million, or $1.22 per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of $1.25 per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $66 million, or 38 cents per share.
The real estate investment trust posted revenue of $305.2 million in the period.
W.P. Carey expects full-year funds from operations in the range of $4.95 to $5.05 per share.
The company’s shares have increased 33% since the beginning of the year. The stock has risen 32% in the last 12 months.