(NYSE:WPC) reinstates 2020 guidance after resuming external investment activity, which was had been paused due to the pandemic.
Guidance assumes full-year investment volume of $750M-$1B; YTD investment volume is $566.9M.
Sees 2020 adjusted FFO per share guidance of $4.65-$4.75; compares with consensus estimate of $4.71.
Q3 adjusted FFO per share of $1.15 beats the average analyst estimate of $1.10 and increased from $1.12 in the year-ago quarter.
Overall collection rate was 98% for Q3 rent due and 99% for October rent due.
Q3 revenue of $302.4M exceeds the consensus estimate of $296.9M and declined from $318.0M in the year-ago quarter.
Adjusted FFO from WPC's real estate segment was $1.12 per share vs. $1.10 in Q2 and $1.23 in Q3 2019; the Y/Y decline was due primarily to higher lease termination and other income during Q3 2019 and, to a lesser extent, the impact of COVID-19 on rent collections during Q3 2020, partly offset by the accretive impact of net investment activity and rent escalations.
