W. P. Carey Q1 Profit Down

(RTTNews) - W. P. Carey Inc. (WPC) Tuesday reported first-quarter net income of $159.2 million or $0.72 per share, down from $294.4 million or $1.39 per share for the first quarter last year, due primarily to lower gain on sale of real estate.

Funds from operations was $264.7 million or $1.20 per share, compared to 274.8 million or $1.29 per share last year.

Adjusted funds from operations for the first quarter was $1.14 per share, down 13.0% from $1.31 per share for the first quarter last year.

Revenues, including reimbursable costs, for the first quarter totaled $389.8 million, down 8.9% from $427.8 million for the 2023 first quarter.