W. P. Carey (WPC) Company Report

W. P. Carey's net-lease portfolio, as of September 30, 2025, consists of 1,662 properties totaling 182.8 million square feet, with an Annualized Base Rent (ABR) of $1.51 billion, a 97.0% occupancy rate, and a weighted-average lease term of 12.1 years.
The portfolio is highly diversified, with 66% of ABR from North America and 34% from Europe, and Industrial/Warehouse properties accounting for 64% of total ABR.
For Q3 2025, the company reported a contractual same store ABR growth of 2.4%.
W. P. Carey maintains an investment-grade balance sheet, rated Baa1 by Moody's and BBB+ by S&P, with $2.1 billion in liquidity and a total enterprise value of $23.3 billion as of September 30, 2025.
Recent investment activities include $136 million for Reddy Ice in February 2025, $20 million for Soteria in June 2025, and $16 million for Dollar General in July-August 2025. The company also completed significant debt issuances, including $400 million of Senior Unsecured Notes in July 2025.

Oct 29, 2025, 3:00 PM

Presentation

W. P. Carey Raises Full-Year 2025 AFFO and Investment Volume Guidance

WPC

Earnings

Guidance Update

New Projects/Investments

W. P. Carey raised its full-year 2025 AFFO guidance to between $4.93 and $4.99 per share, implying 5.5% year-over-year growth at the midpoint.
The company also increased its full-year 2025 investment volume guidance to between $1.8 and $2.1 billion, having completed $1.65 billion year-to-date at a weighted average initial cap rate of 7.6%.
For Q3 2025, AFFO per share was $1.25, a 5.9% increase year-over-year. Contractual same-store rent growth was 2.4% for the quarter, expected to average around 2.5% for the full year and potentially higher in 2026.
W. P. Carey maintains over $2 billion of liquidity and has sold approximately $230 million in forward equity to fund future investments and 2026 needs.

Oct 29, 2025, 3:00 PM

Transcript

W. P. Carey Reports Strong Q3 2025 Results and Raises Full-Year Guidance

WPC

Earnings

Guidance Update

New Projects/Investments

W. P. Carey reported Q3 2025 AFFO per share of $1.25, representing a 5.9% increase compared to the third quarter of last year.
The company raised and narrowed its full-year 2025 AFFO guidance to between $4.93 and $4.99 per share, implying 5.5% year-over-year growth at the midpoint.
W. P. Carey raised its full-year 2025 investment volume guidance to between $1.8 billion and $2.1 billion, having completed $1.65 billion in investments year-to-date at a weighted average initial cap rate of 7.6% and fixed rent escalations averaging 2.7%.
The company also revised its full-year 2025 disposition volume guidance to between $1.3 billion and $1.5 billion, reduced its rent loss assumption to $10 million, and increased its quarterly dividend by 4% to $0.91 per share in September.

Oct 29, 2025, 3:00 PM

Transcript

W. P. Carey Reports Strong Q3 2025 Results and Raises Full-Year Guidance

WPC

Earnings

Guidance Update

New Projects/Investments

W. P. Carey reported Q3 2025 AFFO per share of $1.25, marking a 5.9% increase year-over-year.
The company raised its full-year 2025 AFFO guidance to between $4.93 and $4.99 per share, implying 5.5% year-over-year growth at the midpoint.
Full-year 2025 investment volume guidance was raised to between $1.8 and $2.1 billion, with $1.65 billion completed year-to-date at an average initial cap rate of 7.6%.
W. P. Carey expects to generate overall spreads of approximately 150 basis points between investments and dispositions for the year, with disposition volume revised to between $1.3 and $1.5 billion.
The company maintains over $2 billion of liquidity and increased its quarterly dividend by 4% year-over-year to $0.91 per share in September.

Oct 29, 2025, 3:00 PM

Transcript

W. P. Carey Inc. Announces Strong Q3 2025 Financial Results and Raises Full-Year AFFO Guidance

WPC

Earnings

Guidance Update

Dividends

W. P. Carey Inc. reported Q3 2025 net income attributable to W. P. Carey of $141.0 million and diluted earnings per share of $0.64.
AFFO per diluted share for Q3 2025 was $1.25, an increase of 5.9% from the 2024 third quarter.
The company raised and narrowed its 2025 AFFO guidance range to between $4.93 and $4.99 per diluted share.
W. P. Carey Inc. declared a Q3 2025 cash dividend of $0.910 per share, equivalent to an annualized dividend rate of $3.64 per share, representing a 4.0% increase compared to the 2024 third quarter.
Year-to-date investment volume reached $1.6 billion, with $656.4 million completed during Q3 2025, and gross disposition proceeds totaled $1.0 billion year-to-date, including $495.2 million during Q3 2025.

Oct 28, 2025, 8:08 PM

8-K

W. P. Carey Announces Third Quarter 2025 Financial Results

WPC

Earnings

Guidance Update

Dividends

W. P. Carey Inc. reported diluted earnings per share of $0.64 and AFFO per diluted share of $1.25 for the third quarter ended September 30, 2025.
Revenues for the third quarter of 2025 totaled $431.3 million, representing an 8.5% increase compared to the third quarter of 2024.
The company raised and narrowed its 2025 AFFO guidance range to between $4.93 and $4.99 per diluted share, based on higher anticipated full-year investment volume of between $1.8 billion and $2.1 billion.
A third-quarter cash dividend of $0.910 per share was declared, equivalent to an annualized rate of $3.64 per share, marking a 4.0% increase compared to the 2024 third quarter.
Year-to-date investment volume reached $1.6 billion, with gross disposition proceeds totaling $1.0 billion.

Oct 28, 2025, 8:05 PM

Press Release

W.P. Carey Raises Quarterly Dividend

WPC

Dividends

Earnings

Guidance Update

W.P. Carey Inc. has increased its quarterly dividend to $0.91 per share, marking the third increase this year, resulting in a 5.4% yield and an annualized dividend of $3.64 per share.
The company's recent quarterly earnings beat estimates, with revenue up 10.5% year-over-year and positive guidance for 2025.
Despite strong operating margins, W.P. Carey exhibits financial concerns, including a high dividend payout ratio and a low Altman Z-Score, indicating potential financial distress.
Analysts hold a "Hold" consensus rating on the stock, with an average price target near the current market price, suggesting limited upside potential and a potential downside of up to 4.24%.
The company maintains a stable position in the REIT sector with diversified property holdings across the U.S. and Europe, primarily consisting of single-tenant office, industrial, warehouse, and retail facilities.

Sep 18, 2025, 9:25 PM

Morningstar

W. P. Carey Increases Quarterly Dividend

WPC

Dividends

W. P. Carey Inc. has increased its quarterly cash dividend to $0.910 per share, resulting in an annualized dividend rate of $3.64 per share.
The dividend is payable on October 15, 2025, to stockholders of record as of September 30, 2025.
As of June 30, 2025, W. P. Carey's portfolio includes 1,600 net lease properties and 66 self-storage operating properties.

Sep 18, 2025, 8:30 PM

Press Release

W. P. Carey Targets Mid-Threes Earnings Growth and $1.25 Billion in Acquisitions for FY 2025

WPC

Guidance Update

New Projects/Investments

M&A

W. P. Carey anticipates an improved outlook for earnings growth in FY 2025, guiding for mid-threes growth which, combined with the dividend yield, targets a high single-digit to low double-digit total shareholder return.
The company plans to fund its $1.25 billion deal volume guidance for 2025 without raising equity, primarily through the disposition of operating assets, including a self-storage portfolio expected to generate $800 million-$850 million in gross proceeds from $50 million-$55 million of NOI at a low to mid-six cap rate.
WPC has embedded a conservative $15 million-$20 million credit loss assumption (approximately 125 basis points) in its 2025 guidance, significantly higher than historical levels, to account for potential challenges and maintain earnings growth.
The company is actively managing watchlist tenants, with Hearthside expected to emerge from bankruptcy with continued rent payments, True Value issues largely resolved through a deal with Do it Best, and ongoing efforts to reduce exposure to struggling German retailer Hellweg through sales and re-tenanting.
W. P. Carey sees increased investment activity in Europe, which currently represents one-third to one-half of its pipeline, due to cheaper euro borrowing costs (150 basis points lower than U.S. bonds) and less competition, allowing for wider spreads.

Mar 4, 2025, 6:30 PM

Transcript

W. P. Carey Outlines FY 2025 Growth Strategy and Conservative Outlook

WPC

Guidance Update

New Projects/Investments

Debt Issuance

W. P. Carey (WPC) anticipates an improved earnings growth outlook for FY 2025, guiding for growth in the mid-threes (3.6% at midpoint), following a transitional 2024. The company expects to fund its $1.25 billion deal volume guidance for 2025 without needing to raise equity, leveraging asset sales and existing liquidity.
The company plans to divest its operating properties, with the self-storage portfolio expected to generate $50-$55 million of NOI in FY 2025 and estimated gross proceeds of $800-$850 million from sales at a low to mid-six cap rate range. Additional operating assets, including student housing and hotels, are also slated for sale.
WPC has incorporated a conservative $15-$20 million of credit loss into its FY 2025 guidance, which represents approximately 125 basis points at the midpoint, significantly higher than its historical range of 50-75 basis points. This conservative approach aims to absorb potential tenant challenges, such as those with Hellweg.
While industrial properties remain the primary focus for acquisitions, WPC is increasing its emphasis on U.S. retail, having completed $200 million of Dollar General acquisitions in Q4 2024. The company also sees attractive investment opportunities in Europe due to 150 basis points cheaper borrowing costs and reduced competition, with European deals currently comprising one-third to one-half of its pipeline.

Mar 4, 2025, 6:30 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for W. P. Carey.

Q3 2025

Oct 29, 2025

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Q2 2025

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Q1 2025

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W. P. Carey (WPC)

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