W.P. Carey lifts 2022 steering as inflation boosts hire development (NYSE:WPC)

W.P. Carey (NYSE:WPC) boosted its 2022 steering after Q3 earnings exceeded the Wall Road consensus, helped by same-store hire development throughout the quarter.

The online-lease REIT now expects 2022 adjusted FFO per share of $5.25-$5.31 vs. its prior steering of $5.22-$5.30. Actual Property AFFO is predicted to be $5.16-$5.22 (consensus estimate $5.13), up from $5.13-$5.21 beforehand.

The identical-store hire development reached a brand new excessive throughout the quarter, pushed by inflation, CEO Jason Fox stated. “As present CPI numbers stream by means of to rents, we count on our same-store development to maneuver even larger in 2023, and to proceed seeing the advantages into 2024,” he stated.

Q3 adjusted FFO per share of $1.36, beating the common analyst estimate of $1.26, rose from $1.31 in Q2 and from $1.24 within the year-ago quarter.

Actual Property phase 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 working bills elevated to $246.8M from $186.8M in Q2 and $188.0M in Q3 2021.

Actual Property assortment price was over 99.3% in Q3 2022 vs. over 99.6% in Q2. Portfolio occupancy of 98.9% vs. 99.1% within the prior quarter.

Actual Property portfolio funding quantity of $1.3B was accomplished YTD, together with $474.8M throughout Q3.

Throughout Q3, W.P. Carey (WPC) accomplished its acquisition of CPA: 18, including ~$2.2B of actual property property.

The corporate reported gross disposition proceeds of $56.7M throughout Q3, bringing complete inclinations for the primary 9 months of 2022 to $176.1M.

Convention name at 10:00 AM ET.

Earlier, W.P. Carey (WPC) FFO of $1.36 beats by $0.10, income of $382.08B beats by $11.91M