W. P. Carey Inc. (WPC) reported its second-quarter financial results on Tuesday, revealing a net income of $142.9 million, or $0.65 per share. This marks a slight decrease from the $144.6 million, or $0.67 per share, recorded during the same period last year.
The decline in second-quarter profit was chiefly driven by the NLOP Spin-Off and the sales associated with the Office Sale Program, along with impairment charges recognized this year. However, this was partially offset by higher gains from the sale of real estate.
Funds from operations (FFO) for the quarter amounted to $259.0 million, or $1.18 per share, compared to $288.4 million, or $1.34 per share, in the previous year. Adjusted funds from operations (AFFO) stood at $257.1 million, or $1.17 per share, down from $293.3 million, or $1.36 per share, last year.
Total revenues, including reimbursable costs, amounted to $389.7 million for the second quarter, a 13.9% decrease from the $452.6 million reported in the second quarter of 2023.
Looking ahead, the company has adjusted its full-year 2024 guidance range downward by two cents per share. This adjustment primarily reflects lower anticipated investment volume and net operating income (NOI) from the self-storage operating portfolio. W. P. Carey now expects to report AFFO between $4.63 and $4.73 per share for the full year.
