W. P. Carey(US:WPC) Prnewswire·2025-02-11 21:05Core Viewpoint - W. P. Carey Inc. reported its financial results for Q4 and the full year of 2024, highlighting a strategic exit from the office sector and a strong investment volume, while also providing cautious guidance for 2025 due to market uncertainties [1][4][5]. Financial Highlights - Net income attributable to W. P. Carey for Q4 2024 was $47.0 million, a decrease of 67.4% from $144.3 million in Q4 2023 [8]. - Full year net income totaled $460.8 million, down 34.9% from $708.3 million in 2023 [15]. - Diluted earnings per share for Q4 was $0.21, and for the full year, it was $2.09 [2][15]. - Adjusted Funds from Operations (AFFO) for Q4 was $1.21 per diluted share, up 1.7% from $1.19 in Q4 2023, while for the full year, it was $4.70 per diluted share, down 9.3% from $5.18 in 2023 [9][16]. Revenue and Dispositions - Q4 revenues, including reimbursable costs, were $406.2 million, a decrease of 1.5% from $412.4 million in Q4 2023 [13]. - Full year revenues totaled $1.58 billion, down 9.2% from $1.74 billion in 2023 [14]. - The company completed record investment volume of $841.3 million in Q4, bringing total investment volume for 2024 to $1.6 billion [7][22]. - Disposition proceeds for Q4 were $118.8 million, totaling $1.2 billion for the full year [7][23]. Dividend Information - The quarterly cash dividend was increased to $0.880 per share, equivalent to an annualized rate of $3.52 per share, paid on January 15, 2025 [10]. - Total dividends declared during 2024 were $3.490 per share, a decrease of 14.2% compared to $4.067 in 2023 [17]. Real Estate Portfolio - As of December 31, 2024, the net lease portfolio consisted of 1,555 properties covering approximately 176 million square feet, with a weighted-average lease term of 12.3 years and an occupancy rate of 98.6% [25]. - Contractual same-store rent growth was reported at 2.6% year over year [24]. Balance Sheet and Capitalization - Total liquidity as of December 31, 2024, was $2.6 billion, including approximately $1.9 billion of available capacity under its Senior Unsecured Credit Facility and $640.4 million in cash [26]. - The company issued €600 million of 3.700% Senior Unsecured Notes due 2034 and repaid $450 million of 4.0% Senior Unsecured Notes due February 2025 [7][29].