W. P. Carey Inc. reported its financial results for the third quarter ended September 30, 2024, on October 29, 2024. The company announced net income attributable to W. P. Carey of $111.7 million, or $0.51 per diluted share. Adjusted Funds From Operations (AFFO) for the quarter was $259.3 million, or $1.18 per diluted share.
Total revenues for the third quarter reached $397.4 million, which included $394.8 million from real estate operations and $2.6 million from investment management. The company reaffirmed its 2024 AFFO guidance, narrowing the range to between $4.65 and $4.71 per diluted share. Investment volume guidance remained unchanged at $1.25 billion to $1.75 billion, while disposition volume guidance was revised higher to between $1.3 billion and $1.4 billion.
Management noted that nearly $1 billion of deals had been completed year-to-date, with a near-term pipeline exceeding $500 million. The company expects to fund fourth-quarter investments with accumulated cash and proceeds from operating asset sales, aiming to avoid equity issuance. The outlook for 2025 anticipates AFFO growth, despite potential impacts from certain tenant-related issues, including the successful resolution of prior credit concerns with True Value.
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