W.P. Carey (NYSE:WPC) boosted its 2022 guidance after Q3 earnings exceeded the Wall Street consensus, helped by same-store rent growth during the quarter.
The net-lease REIT now expects 2022 adjusted FFO per share of $5.25-$5.31 vs. its prior guidance of $5.22-$5.30. Real Estate AFFO is expected to be $5.16-$5.22 (consensus estimate $5.13), up from $5.13-$5.21 previously.
The same-store rent growth reached a new high during the quarter, driven by inflation, CEO Jason Fox said. “As current CPI numbers flow through to rents, we expect our same-store growth to move even higher in 2023, and to continue seeing the benefits into 2024,” he said.
Q3 adjusted FFO per share of $1.36, beating the average analyst estimate of $1.26, rose from $1.31 in Q2 and from $1.24 in the year-ago quarter.
Real Estate segment AFFO of $273.6M, or $1.34 per share, rose from $247.2M, or $1.27 per share, in Q2 and from $224.4M, or $1.21 per share, in Q3 2021.
Q3 operating expenses increased to $246.8M from $186.8M in Q2 and $188.0M in Q3 2021.
Real Estate collection rate was over 99.3% in Q3 2022 vs. over 99.6% in Q2. Portfolio occupancy of 98.9% vs. 99.1% in the prior quarter.
Real Estate portfolio investment volume of $1.3B was completed YTD, including $474.8M during Q3.
During Q3, W.P. Carey (WPC) completed its acquisition of CPA: 18, adding ~$2.2B of real estate assets.
The company reported gross disposition proceeds of $56.7M during Q3, bringing total dispositions for the first nine months of 2022 to $176.1M.
Conference call at 10:00 AM ET.
Earlier, W.P. Carey (WPC) FFO of $1.36 beats by $0.10, revenue of $382.08B beats by $11.91M
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