Earnings Review and Free Research Report: W.P. Carey Reported an 11.3% Growth in AFFO; Topped Market Estimates

Research Desk Line-up: One Liberty Properties Post Earnings Coverage

LONDON, UK / ACCESSWIRE / August 24, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on W.P. Carey Inc. (NYSE: WPC), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=WPC, following the Company’s release of its Q2 FY17 results on August 04, 2017. The internally-managed net lease real estate investment trust reported 26.3% growth in net income. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member’s account at:

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Get more of our free earnings reports coverage from other constituents of the REIT – Diversified industry. Pro-TD has currently selected One Liberty Properties, Inc. (NYSE: OLP) for due-diligence and potential coverage as the Company announced on August 07, 2017, its operating results for Q2 2017 which ended on June 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on One Liberty Properties when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on WPC; also brushing on OLP. With the links below you can directly download the report of your stock of interest free of charge at:

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Earnings Reviewed

The second quarter of FY17 saw W.P. Carey generate revenues of $221.53 million compared to revenues of $217.27 million in Q2 FY16; a gain of 2% y-o-y.

The Company’s net income was $67.13 million in Q2 FY17 compared to $53.17 million in Q2 FY16; a growth of 26.3% y-o-y.

W.P. Carey reported net income attributable to the Company of $64.32 million in the second quarter of FY17 compared to $51.66 million in the same quarter of the last fiscal year; an increase of 24.5% y-o-y.

The Company reported diluted earnings per share (EPS) of $0.59 for the second quarter of the current fiscal year compared to $0.48 in the corresponding quarter of the last fiscal year; a rise of 22.9% y-o-y.

Adjusted Funds from Operations (AFFO) reported by W.P. Carey was $148.44 million in the second quarter of FY17compared to $134.24 million in the corresponding quarter of the last fiscal year. AFFO per diluted share was reported at $1.38 in Q2 FY17 versus $1.24 in Q2 FY16; an increase of 10.4% y-o-y.

Wall Street had estimated AFFO of $1.15 per share which the Company surpassed.

Segment Information

The revenue generated by the Owned Real Estate segment of W.P. Carey was $174.05 million in Q2 FY17 compared to $182.83 million in Q2 FY16; a fall of 5% y-o-y. Net income generated from this segment was reported at $43.54 million compared to $38.70 million in the corresponding quarter of the last fiscal year. AFFO generated by the segment was $117.42 million in Q2 FY17 compared to $118.00 in Q2 FY16.

The Company’s Investment Management business generated revenues of $47.48 million in Q2 FY17 versus $34.44 million in Q2 FY16; an increase of 37.9% y-o-y. This segment had generated net income attributable to W.P. Carey of $20.78 million compared to $13.00 million in Q2 FY16; an increase of 59.8% y-o-y. This segment also reported AFFO of $31.02 million in Q2 FY17 compared to $14.24 million in Q2 FY16.

Real Estate Investments – During Q2 of 2017, W.P. Carey completed investments worth $60.3 million, including transaction-related costs and fees, comprised of three completed expansion projects for a total cost of $54.3 million and one acquisition for $6.0 million, bringing total investment activity for H1 2017 to $63.6 million.

Dispositions – During Q2 of 2017, the Company disposed of five properties for total gross proceeds of $20.1 million, before transaction-related costs and fees. The Company’s overall dispositions for H1 2017 totaled $73.0 million.

Composition – As of June 30, 2017, W.P. Carey’s owned real estate portfolio comprised of 895 net lease properties, including 86.6 million square feet leased to 214 tenants, and two hotel operating properties. The Company’s weighted-average lease term of the net lease portfolio was 9.6 years and the occupancy rate was 99.3% as on June 30, 2017.

Cash Matters

In the six months ended June 30, 2017, W.P. Carey generated net cash from operating activities of $247.26 million compared to $244.66 million in the same period last year; a rise of 1.1% y-o-y. The Company generated $181.85 from investing activities in H1 2017 compared to expending $214.63 million in the same period last year.

Net cash that was used in financing activities was $417.43 million in the first half of the current year compared to expenditure of $14.81 million in the first half of last year.

Outlook

For the 2017 full year, the Company reiterated that it expects to report AFFO of between $5.10 and $5.30 per diluted share.

Stock Performance

W.P. Carey’s share price finished yesterday’s trading session at $67.34, marginally advancing 0.24%. A total volume of 159.74 thousand shares have exchanged hands. The Company’s stock price advanced 4.26% in the last three months, 5.42% in the past six months, and 0.91% in the previous twelve months. Additionally, the stock surged 13.96% since the start of the year. Shares of the Company have a PE ratio of 25.93 and have a dividend yield of 5.94%. The stock currently has a market cap of $7.21 billion.

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