By Dia Gill
W.P. Carey Inc. on Friday reported higher profit and revenue for the fourth quarter, boosted by an acquisition and higher rents.
The real-estate investment trust reported a profit of $209 million, or $1 a share, for the quarter ended Dec. 31, compared with a profit of $99.6 million, or 53 cents a share, in the same period one year ago.
Analysts had expected adjusted earnings per share of $1.29 a share, according to FactSet.
Total sales rose 7.4%, to $402.6 million. Analysts had expected $391 million.
The company said its profit rose due to a $38.6 million mark-to-market gain tied to Lineage Logistics; net investment activity, including properties acquired in the CPA:18 Merger; and rent escalations.
For the current year, W.P. Carey forecast adjusted funds from operations between $5.30 and $5.40 per diluted share, based on an anticipated full year investment volume of $1.75 billion and $2.25 billion.
Write to Dia Gill at dia.gill@wsj.com
(END) Dow Jones Newswires
February 10, 2023 08:08 ET (13:08 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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