NEW YORK (TheStreet) -- W.P. Carey (WPC) shares are down 0.34% to $64.52 in early market trading on Monday after the real estate investment trust released its first quarter earnings results before the opening bell today.
The New York City-based company reported adjusted first quarter earnings of $1.22 per share, slightly better than the $1.18 per share the company reported during the same period last year, and 3 cents better than the $1.19 analysts' were expecting this quarter.
Revenue for the period also rose 5.4% over the previous year to $220.4 million, also topping analysts' $199.6 million expectations for the period.
For the year the company issued adjusted funds from operations guidance between $4.75 billion and $5.02 billion versus analysts' $4.95 billion expectations for the period.
TheStreet Ratings team rates W P CAREY INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate W P CAREY INC (WPC) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, reasonable valuation levels, compelling growth in net income, good cash flow from operations and impressive record of earnings per share growth. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."