WP Carey Inc
NYSE:WPC

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WP Carey Inc
NYSE:WPC
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Price: 65.75 USD 1.14% Market Closed
Market Cap: 14.4B USD

WP Carey Inc
Investor Relations

Nestled in the world of real estate investment, WP Carey Inc. has carved out its niche by adopting a diversified approach to income generation. Founded in 1973, this global net lease real estate investment trust (REIT) has effectively combined the stability of reliable income with the potential for growth, creating a portfolio that is as varied as it is extensive. Carefully selecting a mix of industrial, warehouse, office, retail, and self-storage properties, WP Carey spreads its investments across the U.S. and Europe. This geographic and asset diversification helps mitigate risk while allowing the company to benefit from various economic cycles. By focusing mostly on net lease agreements, where tenants are responsible for most property-related expenses, the company solidifies its cash flow, earning steady rental income while minimizing operational costs.

The lifeblood of WP Carey's business model lies in its ability to adeptly navigate long-term lease agreements with creditworthy tenants. These agreements typically span decades, providing a predictable income stream. The firm strategically invests in properties with high occupancy and potential for growth, ensuring a blend of stability and upside potential. Moreover, its focus on sale-leasebacks allows it to partner with companies looking to unlock capital from their owned assets, adding another layer of ingenuity to its operations. By acting as both landlord and financial partner, WP Carey supports a model that fosters tenant retention and portfolio expansion. In an ever-evolving real estate market, WP Carey's steadfast commitment to strategic diversification and disciplined asset management has allowed it to maintain a competitive edge, ensuring resilient performance and consistent returns for its investors.

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Last Earnings Call
Fiscal Period
Q3 2025
Call Date
Oct 29, 2025
AI Summary
Q3 2025

Guidance Raised: W. P. Carey increased its full-year 2025 AFFO guidance, now expecting mid-5% year-over-year growth, citing strong performance and lower rent loss.

Investment Volume: Full-year investment volume guidance was raised to $1.8–$2.1 billion, with $1.65 billion already completed year-to-date at a 7.6% average initial cap rate.

Strong Rent Growth: Same-store rent growth remained robust at 2.4% for the quarter and is expected to surpass 2.5% in 2026.

Portfolio Performance: Portfolio occupancy declined to 97% due to known move-outs, but management expects this to be temporary and largely resolved by 2026.

Balance Sheet Strength: Liquidity stood at $2.1 billion at quarter end, supported by $230 million in forward equity sales and a recent $400 million bond issuance.

Dispositions Progress: Disposition guidance was raised to $1.3–$1.5 billion, mainly from self-storage asset sales, with spreads of about 150 basis points over new investments.

Dividend Growth: The quarterly dividend was increased by 4% year-over-year to $0.91 per share, with a payout ratio at approximately 73% of AFFO.

Outlook: Management remains optimistic about sustaining current investment activity and generating double-digit total shareholder returns in 2026.

Key Financials
AFFO per share
$1.25
Investment Volume
$1.65B (year-to-date)
Portfolio Occupancy
97%
Contractual Same-Store Rent Growth
2.4% (YoY quarterly)
Comprehensive Same-Store Rent Growth
2% (YoY quarterly)
Liquidity
$2.1B (end of Q3)
Net Debt to Adjusted EBITDA
5.8x (inclusive of unsettled equity forwards); 5.9x (excluding unsettled equity forwards)
Quarterly Dividend
$0.91 per share
Annualized Dividend Yield
5.4%
Payout Ratio (AFFO per share)
73% (year-to-date)
Operating Property NOI (Q4 forecast)
$7M–$9M
Other Lease-Related Income
$3.7M (Q3)
Free Cash Flow
over $250M annually
Earnings Call Recording
Other Earnings Calls

Management

Mr. Jason E. Fox
President, CEO & Director
No Bio Available
Ms. Toni Ann Sanzone CPA
MD & CFO
No Bio Available
Mr. Gino M. Sabatini
MD & Head of Investments
No Bio Available
Mr. Brooks G. Gordon
MD & Head of Asset Management
No Bio Available
Mr. John D. Miller
Chief Investment Officer & MD
No Bio Available
Mr. Brian H. Zander
Controller & Chief Accounting Officer
No Bio Available
Ms. Susan C Hyde
MD, Chief Administrative Officer, Chief Ethics Officer & Corporate Secretary
No Bio Available
Mr. Peter Sands
Executive Director & Head of Investor Relations
No Bio Available
Ms. Reshma Ballie McGowan
Chief Compliance Officer & Managing Director
No Bio Available
Mr. Zachary Pasanen
Managing Director of Investments - North America
No Bio Available

Contacts

Address
NEW YORK
New York City
One Manhattan West, 395 9th Avenue, 58th Floor
Contacts
+12124921100.0
www.wpcarey.com