For the 2018 first quarter, W.P. Carey generated AFFO per diluted share of $1.28, up 2.4% from the same period last year. So says Jason Fox, CEO of W.P. Carey Inc., when discussing recent Q1 numbers.
“We are affirming our full year guidance range of between $5.30 and $5.50 per diluted share based on the current strength of our pipeline and the breadth of opportunities available to us,” he explained in the firm’s Q1 report. “We also continued to make progress executing on our strategy to create long-term shareholder value by maximizing recurring revenue streams, continuing to improve the overall quality of our portfolio, simplifying our business and managing our balance sheet to reduce risk and enhance our cost of capital.”
Revenue numbers are as follows, according to the Q1 report:
Total Company: Revenues excluding reimbursable costs (net revenues) for the 2018 first quarter totaled $190.3 million, up 1.2% from $188.1 million for the 2017 first quarter.
Owned Real Estate: Owned Real Estate net revenues for the 2018 first quarter were $171.4 million, up 4.8% from $163.5 million for the 2017 first quarter, due to higher lease revenues resulting primarily from a stronger euro relative to the U.S. dollar and rent escalations, partially offset by the impact of planned dispositions.
Investment Management: Investment Management net revenues for the 2018 first quarter were $18.9 million, down 23.2% from $24.6 million for the 2017 first quarter, due primarily to the cessation of dealer manager fees resulting from the Company’s exit from non-traded retail fundraising and lower structuring revenues.