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 surpassed Wall Street expectations.
The real estate investment trust, based in New York, said it had funds from operations of $142.6 million, or $1.32 per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of $1.26 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 $75.7 million, or 70 cents per share.
The real estate investment trust posted revenue of $173.9 million in the period.
W.P. Carey expects full-year funds from operations in the range of $5.40 to $5.50 per share.
The company’s shares have decreased roughly 5 percent since the beginning of the year. The stock has declined 3.5 percent in the last 12 months.