WP Carey Inc. 4Q Profit Doubles

Dow Jones

Feb 10, 2023

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)

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Carey Inc. on Friday reported higher profit and revenue for the fourth quarter, boosted by an acquisition and higher rents. \n\n\n  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. \n\n\n  Analysts had expected adjusted earnings per share of $1.29 a share, according to FactSet. \n\n\n  Total sales rose 7.4%, to $402.6 million. Analysts had expected $391 million. \n\n\n  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. \n\n\n  For the current year, W.P. 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