W. P. Carey Inc. reported its financial results for the first quarter of 2025, revealing total revenues of $409.9 million, a 5.2% increase from $389.8 million in the same period last year. The company's net income attributable to W. P. Carey decreased to $125.8 million, or $0.57 per diluted share, compared to $159.2 million, or $0.72 per diluted share, in the prior year. This decline in profitability was attributed to higher losses from foreign debt remeasurement and an increased non-cash allowance for credit losses on finance leases and loans receivable, despite a significant gain on the sale of real estate.
In terms of operational performance, W. P. Carey completed several strategic investments during the quarter, acquiring four properties for a total of $268.2 million. The company also acquired a 47.5% ownership interest in the Las Vegas Retail Complex for $5 million. The portfolio now consists of 1,614 properties, with a total square footage of approximately 177 million, and a weighted-average lease term of 12.3 years, maintaining a high occupancy rate of 98.3%. The company disposed of nine properties during the quarter, generating net proceeds of $126.7 million and recognizing a net gain of $43.8 million.
The company’s cash flow from operating activities decreased significantly to $273.2 million from $1.0 billion in the previous year, primarily due to the absence of proceeds from the sales of net investments in sales-type leases, which totaled $807.5 million in the prior year. Cash and cash equivalents at the end of the quarter stood at $187.8 million, down from $640.4 million at the end of 2024. W. P. Carey also reported a total debt of $7.9 billion, with a weighted-average interest rate of 3.1%.
Looking ahead, W. P. Carey remains focused on enhancing its portfolio through strategic acquisitions and maintaining its status as a Real Estate Investment Trust (REIT). The company expects to fund its cash requirements through operational cash flows, proceeds from property dispositions, and available capacity under its unsecured revolving credit facility, which had approximately $1.8 billion available as of March 31, 2025. The company continues to monitor market conditions and tenant performance, emphasizing its commitment to long-term sustainability and growth.
About W. P. Carey Inc.
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