W.P. Carey: Q4 Earnings Snapshot
NEW YORK (AP) — NEW YORK (AP) — W.P. Carey Inc. (WPC) on Tuesday reported a key measure of profitability in its fourth quarter. The results topped Wall Street expectations.
The New York-based real estate investment trust said it had funds from operations of $281.1 million, or $1.27 per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of $1.26 per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $148.3 million, or 67 cents per share.
The real estate investment trust, based in New York, posted revenue of $444.5 million in the period. Its adjusted revenue was $442.4 million.
For the year, the company reported funds from operations of $1.1 billion. Revenue was reported as $1.71 billion.
W.P. Carey expects full-year funds from operations in the range of $5.13 to $5.23 per share.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on WPC at https://www.zacks.com/ap/WPC