W. P. Carey Inc. Announces Fourth Quarter and Full Year 2019 Financial Results
https://www.bloomberg.com/press-releases/...ar-2019-financial-results
Total Company
o Net income attributable to W. P. Carey of $129.4 million, or $0.75 per
diluted share, for the fourth quarter and $305.2 million, or $1.78 per
diluted share, for 2019
o AFFO of $222.0 million, or $1.28 per diluted share, for the fourth quarter
and $856.5 million, or $5.00 per diluted share, for 2019
o Quarterly cash dividend raised to $1.038 per share, equivalent to an
annualized dividend rate of $4.152 per share
o 2020 full year AFFO guidance range of $4.86 to $5.01 per diluted share
announced, including Real Estate AFFO of between $4.74 and $4.89 per
diluted share
Business Segments
Real Estate
o Segment net income attributable to W. P. Carey of $124.3 million for the
fourth quarter and $272.1 million for 2019
o Segment AFFO of $210.2 million, or $1.21 per diluted share, for the fourth
quarter and $811.2 million, or $4.74 per diluted share, for 2019
o Investment volume of $411.7 million during the fourth quarter, bringing
total investment volume for 2019 to $868.1 million
o Active capital investment projects of $371.2 million outstanding at year
end, including $242.6 million expected to be completed in 2020
o Gross disposition proceeds of $347.8 million during the fourth quarter,
bringing total dispositions for 2019 to $383.9 million
o Portfolio occupancy of 98.8%
o Weighted-average lease term increased to 10.7 years
Investment Management
o Segment net income attributable to W. P. Carey of $5.0 million for the
fourth quarter and $33.2 million for 2019
o Segment AFFO of $11.8 million, or $0.07 per diluted share, for the fourth
quarter and $45.3 million, or $0.26 per diluted share, for 2019
o CWI 1 and CWI 2 proposed merger further progressed and is expected to
close toward the end of the 2020 first quarter
Balance Sheet and Capitalization
o Reduced secured debt outstanding by $1.29 billion during 2019, including
$324.3 million during the fourth quarter, lowering the Company's
consolidated secured debt to gross assets ratio to 9.7%
o Amended and restated existing unsecured credit facility in February 2020,
increasing capacity to $2.1 billion