W.P. Carey reports Q3 AFFO $1.32, consensus $1.32

Reports Q3 revenue $448.6M, consensus $452.15M. “Having completed the spin-off of NLOP and making strong progress selling the remaining office assets on our balance sheet, we’re confident we will have effectively exited our office exposure by early 2024, better positioning us for growth,” said Jason Fox, CEO of W. P. Carey. “We are actively exerting our pricing power on new investments, pushing cap rates to better reflect interest rates that moved sharply higher late in the Q3, after steadily rising over the summer. Deals are therefore taking longer to negotiate and close – translating to a very slow Q3- although many are now back on track and heading towards closing. And with anticipated capital inflows totaling approximately $2B over the coming months, we believe we’re exceptionally well positioned to continue investing through 2024, in an environment where we expect to see cap rates move higher and capital market conditions to remain challenging.”