Why Commercial Real Estate Company W.P. Carey Shares Are Down Today



W.P. Carey Inc (NYSE:WPC) shares are trading lower after the company reported fourth-quarter FY23 earnings.

Revenue (including reimbursable costs) increased 2.4% Y/Y to $412.4 million. Real Estate revenues (including reimbursable costs) rose 2.1% Y/Y to $410.4 million, missing the consensus of $422.12 million. 

Lease revenues decreased Y/Y owing to the reclassifications of lease revenues related to the U-Haul and State of Andalusia portfolios and the spin-off of 59 office properties with ABR totaling $145 million into Net Lease Office Properties (NLOP) and creating a 


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