W. P. Carey Inc. (WPC) announced on Tuesday that its first-quarter net income fell to $159.2 million, or $0.72 per share, compared to $294.4 million or $1.39 per share during the same period last year. This decrease was largely attributed to a lower gain from real estate sales.
The firm's Funds From Operations (FFO) stood at $264.7 million or $1.20 per share, a slight decrease from the previous year's $274.8 million or $1.29 per share.
When adjusted, the FFO for the first quarter was $1.14 per share, marking a 13.0% dip from the $1.31 per share reported in last year's first quarter.
In terms of revenues, including reimbursable costs, the quarter saw receipts of $389.8 million, an 8.9% drop from the $427.8 million recorded in the first quarter of 2023.
