W.P. Carey reports Q4 AFFO $1.29, consensus $1.29

Reports Q4 revenue $402.6M, consensus $398.15M. "We produced strong full-year results, generating Real Estate AFFO per share growth of 6.3%, primarily reflecting the accretive impact of new investments and our merger with CPA:18, as well the strength of our rent escalations," said CEO Jason Fox. "After an unsettled market backdrop for much of 2022, we executed new investments at noticeably improved cap rates during the fourth quarter. As we embark on 2023 – W. P. Carey’s 50th anniversary year – we’re optimistic about the investment environment and our ability to close meaningfully higher deal volume at more attractive spreads. Currently, we have a sizeable near-term pipeline of transactions at advanced stages, which in conjunction with capital projects and commitments completing in 2023, and our year-to-date deal volume, gives us visibility into at least $700M of investments, just over a month into the year. And the significant dry powder we’ve raised ensures we’re well-positioned to execute."