W.P. Carey On Watch After Upbeat Q4 Revenue: Retail Stays Extremely Bullish

W.P. Carey stock garnered retail attention premarket on Wednesday after its fourth-quarter sales Wall Street estimates.

The real estate investment trust (REIT) reported quarterly revenue of $406.17 million, compared with the average analysts’ estimate of $404.27 million, according to Koyfin data.

However, its net income attributable fell 67.4% to $47 million, compared to the year-ago quarter, due to lower gain on the sale of real estate and a mark-to-market loss recognized on the company’s shares of Lineage of $90.4 million.

Its adjusted funds from operations (AFFO), a metric used to gauge the profitability of REITs, rose to $1.21 per share, compared with $1.19 per share in the year-ago quarter. 

The company attributed the rise to outstanding rents collected in connection with a disposition during the current-year period, along with the impact of net investment activity and rent escalations.

The company added that its occupancy stood at 98.6% in 2024, slightly higher than the 98.1% reported last year.

“The fourth quarter concluded a pivotal year for W. P. Carey during which we successfully exited the office sector, setting the foundation for future growth,” said CEO Jason Fox.

W.P. Carey completed investments totaling $841.3 million during the fourth quarter, bringing total investment volume for 2024 to $1.6 billion.

The New York-based company forecast AFFO between $4.82 and $4.92 per share in 2025

“Given the uncertainty in the broader market, however, particularly over the direction of interest rates and other macroeconomic factors, our guidance reflects a measured approach, which we hope proves conservative as the year progresses,” Fox said.

Retail sentiment on Stocktwits moved higher in the ‘extremely bullish’ (98/100) territory than a day ago, while retail chatter jumped to ‘high.’

In January, peer Prologis also topped the Street estimate for quarterly revenue.

Over the past year, W.P. Carey stock has fallen marginally.

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