W. P. Carey Announces Fourth Quarter and Full Year 2025 Financial Results

Rhea-AI Summary

W. P. Carey (NYSE: WPC) reported fourth-quarter and full-year 2025 results, with Q4 net income $148.3M and 2025 net income $466.4M. AFFO was $1.27 Q4 and $4.97 full year. The Board raised the quarterly dividend to $0.920 ($3.68 annualized, +4.5% YoY).

The company delivered a record $2.1B of 2025 investment volume, $1.5B gross dispositions, contractual same-store rent growth of 2.4%, and 2026 AFFO guidance of $5.13–$5.23 per share.

Positive

• AFFO per share +5.7% to $4.97 for 2025
• Record investment volume of $2.1B for 2025
• Quarterly dividend increased 4.5% to $0.920 per share
• Strong liquidity of $2.2B available at year-end
• 2026 AFFO guidance midpoint implies low‑to‑mid 4% AFFO growth

Negative

• Rent loss from tenant credit events totaled $6.4M in 2025
• Operating property revenues declined due to sales and conversions
• Disposition volume concentrated in self-storage sales ($784.0M)

News Market Reaction – WPC

-0.43%

1 alert

-0.43% News Effect

On the day this news was published, WPC declined 0.43%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q4 2025 net income: $148.3 million Q4 2025 diluted EPS: $0.67 Q4 2025 AFFO/share: $1.27 +5 more

8 metrics

Q4 2025 net income $148.3 million Net income attributable to W. P. Carey, 2025 fourth quarter

Q4 2025 diluted EPS $0.67 Diluted earnings per share, 2025 fourth quarter

Q4 2025 AFFO/share $1.27 AFFO per diluted share, 2025 fourth quarter (up 5.0% YoY)

2025 AFFO/share $4.97 AFFO per diluted share, full year 2025 (up 5.7% YoY)

2026 AFFO guidance $5.13–$5.23 per share Company’s 2026 full-year AFFO guidance range

2025 investment volume $2.1 billion Record annual real estate investment volume for 2025

2025 gross dispositions $1.5 billion Total gross proceeds from property dispositions in 2025

Quarterly dividend $0.920 per share Q4 cash dividend; annualized $3.68, up 4.5% YoY

Market Reality Check

Price: $73.06 Vol: Volume 1,025,142 is below...

normal vol

$73.06 Last Close

Volume Volume 1,025,142 is below the 20-day average of 1,270,068 (relative volume 0.81). normal

Technical Price 71.52 is trading above the 200-day MA at 65.43, near the 52-week high of 72.335.

Peers on Argus

WPC is up 0.44%. Key peers VICI, BNL and AMH show gains of 1.32%, 0.42% and 0.58...

WPC is up 0.44%. Key peers VICI, BNL and AMH show gains of 1.32%, 0.42% and 0.58%, while ESRT and KIM are modestly negative, suggesting a generally supportive REIT backdrop with some dispersion.

Previous Earnings Reports

5 past events · Latest: Oct 28 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Oct 28	Q3 2025 earnings	Positive	+0.3%	Q3 2025 beat with higher AFFO and raised full-year AFFO guidance.
Jul 29	Q2 2025 earnings	Positive	-1.6%	Strong Q2 revenue and AFFO growth with raised 2025 AFFO guidance.
Apr 29	Q1 2025 earnings	Positive	+2.1%	Solid Q1 results, higher dividend and reaffirmed AFFO guidance with balance sheet strengthening.
Feb 11	FY 2024 earnings	Positive	+2.8%	Q4 and 2024 results with record investments and new 2025 AFFO guidance.
Oct 29	Q3 2024 earnings	Positive	-0.9%	Q3 2024 earnings, narrowed AFFO guidance and portfolio repositioning details.

Pattern Detected

Earnings releases have generally been positive and often coincide with modestly positive price moves, though there are occasional negative reactions despite strong metrics.

Recent Company History

Over the past year, W. P. Carey has delivered a series of generally strong earnings reports, with AFFO per share rising and guidance for 2025 and now 2026 being raised or framed for steady growth. Prior updates highlighted growing investment volumes, stable occupancy around the high-90% range, and consistent contractual same-store rent growth. Today’s full-year 2025 results and new AFFO guidance continue that pattern of scaling investment activity and incremental dividend growth within a diversified net lease portfolio.

Historical Comparison

+0.5% avg move · In the past five earnings releases, WPC’s average move was about 0.54%. Today’s modest 0.44% uptick ...

earnings

+0.5%

Average Historical Move earnings

In the past five earnings releases, WPC’s average move was about 0.54%. Today’s modest 0.44% uptick fits its typical, relatively muted reaction pattern to earnings updates.

Earnings releases from late 2024 through 2025 show steady AFFO growth, rising or reaffirmed guidance, expanding investment volume, and incremental dividend increases, supporting a narrative of disciplined expansion in the net lease portfolio.

Market Pulse Summary

This announcement details W. P. Carey’s Q4 and full-year 2025 results, highlighting higher net incom...

Analysis

This announcement details W. P. Carey’s Q4 and full-year 2025 results, highlighting higher net income, AFFO per share of $4.97, record $2.1 billion in investment volume, and a growing dividend now annualized at $3.68. The company also introduced 2026 AFFO guidance of $5.13–$5.23 per share and reported strong occupancy of 98.0%. Investors may watch future AFFO trends, investment and disposition volumes, and rent growth metrics to gauge ongoing execution.

Key Terms

affo, sale-leasebacks, constant currency basis, same-store rent growth, +4 more

8 terms

affo financial

"AFFO for the 2025 fourth quarter was $1.27 per diluted share..."

AFFO (Adjusted Funds from Operations) is a measure of how much cash a real estate company or investment trust generates from its core operations after subtracting routine upkeep, leasing costs and other recurring expenses. Investors use it as a rough proxy for the cash available to pay dividends or reinvest, like checking how much money remains in your household budget after paying regular bills to see what you can spend or save.

sale-leasebacks financial

"completed investments totaling $312.4 million, comprising sale-leasebacks and acquisitions..."

A sale-leaseback is a financial move where a company sells an asset it owns—often real estate or equipment—and then rents the same asset from the new owner, like selling your house and signing a long-term lease to keep living there. Investors care because it converts tied-up assets into immediate cash, which can fund growth or pay debt, but it also adds ongoing rental expenses and removes ownership from the balance sheet, affecting future cash flow and risk.

constant currency basis financial

"contractual same-store rent growth was 2.4% year over year, on a constant currency basis."

A "constant currency basis" is a way companies compare financial results by removing the effects of changing exchange rates between different currencies. It helps show how the business is really performing, without the confusion caused by currency value swings, much like adjusting for inflation to see true growth.

same-store rent growth financial

"Contractual same-store rent growth of 2.4% year over year"

Same-store rent growth measures the percentage change in rental income from properties or leases that were occupied and owned during both the current and prior comparison periods, excluding income from newly acquired or recently sold assets. It matters to investors because it isolates organic rental performance—like comparing apples from the same tree—so it reveals whether landlords are raising rents, keeping tenants, or losing ground, which helps predict future cash flow and property value trends.

weighted-average lease term financial

"with a weighted-average lease term of 12.0 years and an occupancy rate..."

Weighted-average lease term is the average remaining time on all active leases in a property portfolio, where each lease is counted according to its economic importance (commonly by rent revenue or leased area). Think of it like averaging the months left on a group of subscriptions but giving larger subscriptions more influence. Investors use it to gauge income stability and near-term vacancy or renewal risk—longer averages mean steadier, more predictable cash flow.

occupancy rate financial

"with a weighted-average lease term of 12.0 years and an occupancy rate of 98.0%"

Occupancy rate measures the share of available space or units—like hotel rooms, apartments, or office suites—that are actually rented or in use during a given period. Think of it as the percentage of seats filled on a bus: higher occupancy means more consistent use of the asset. Investors care because it signals demand and revenue potential; rising occupancy usually boosts income and valuation, while falling occupancy can warn of weakening cash flow or excess supply.

tenant credit events financial

"the Company experienced rent loss from tenant credit events totaling $6.4 million."

Tenant credit events are situations where a renter or tenant shows financial trouble—for example missing rent payments, entering bankruptcy, becoming insolvent, or having a credit downgrade—that interferes with their ability to meet lease obligations. Investors care because these events can cut or stop rental income, lower a property's value and increase the risk on loans or funds that rely on steady cash flow; think of it as a key customer suddenly unable to pay, which hits revenue and asset worth.

senior unsecured credit facility financial

"available capacity under its Senior Unsecured Credit Facility (net of amounts reserved...)"

A senior unsecured credit facility is a bank loan or line of credit that a company can draw on for cash needs but that is not backed by specific assets; ‘senior’ means it gets paid before junior or subordinated debts if the company defaults. Think of it as a prioritized IOU from banks without a pledged asset as collateral. Investors watch this because it affects a company’s short‑term liquidity, borrowing cost and the order in which creditors are repaid in distress, all of which influence credit risk and equity value.

AI-generated analysis. Not financial advice.

NEW YORK, Feb. 10, 2026 /PRNewswire/ -- W. P. Carey Inc. (NYSE: WPC) (W. P. Carey or the Company), a net lease real estate investment trust, today reported its financial results for the fourth quarter and full year ended December 31, 2025.

Financial Highlights

	2025
	Fourth Quarter		Full Year
Net income attributable to W. P. Carey (millions)	$148.3		$466.4
Diluted earnings per share	$0.67		$2.11
AFFO (millions)	$281.1		$1,098.2
AFFO per diluted share	$1.27		$4.97

• 2026 AFFO guidance range of between $5.13 and $5.23 per diluted share announced, based on anticipated full-year investment volume of between $1.25 billion and $1.75 billion
     
• Fourth quarter cash dividend of $0.920 per share, equivalent to an annualized dividend rate of $3.68 per share, up 4.5% year over year

Real Estate Portfolio

• Record annual investment volume of $2.1 billion for 2025, including $625.1 million completed during the fourth quarter
     
• Year-to-date investment volume of $312.4 million
     
• Active capital investments and commitments of $238.3 million scheduled to be completed in 2026, including three projects totaling $50.0 million completed year to date
    
• Gross disposition proceeds of $1.5 billion for 2025, including $507.0 million completed during the fourth quarter
     
• Year-to-date gross disposition proceeds of $60.2 million
    
• Contractual same-store rent growth of 2.4% year over year

Balance Sheet and Capitalization

• $422.6 million of equity sold under the Company's ATM program subject to forward sale agreements during 2025, all of which currently remains available for settlement

 

MANAGEMENT COMMENTARY

"2025 was a year of meaningful progress for W. P. Carey, as execution of our business model translated into strong performance and laid the foundation for attractive, sustainable growth," said Jason Fox, Chief Executive Officer.

"The momentum we built throughout the year has carried into 2026. Healthy year‑to‑date investment volume and an active pipeline are supported by our ability to draw on multiple sources of accretive equity capital — with the vast majority of our anticipated 2026 equity needs already accounted for. Furthermore, we expect to maintain an internal growth rate that's among the best in the net lease sector, contributing a meaningful proportion of our overall AFFO growth.

"At the midpoint, our initial AFFO guidance implies growth in the low-to-mid 4% range, even as we maintain a conservative stance toward both investment volume and potential credit-related rent loss."

 

QUARTERLY FINANCIAL RESULTS

Revenues

• Revenues, including reimbursable costs, for the 2025 fourth quarter totaled $444.5 million, up 9.4% from $406.2 million for the 2024 fourth quarter.
     
  
  • Lease revenues increased primarily due to net investment activity and rent escalations.
       
  • Income from finance leases and loans receivable increased primarily as a result of net investment activity.
       
  • Operating property revenues decreased primarily due to the sale of 63 self-storage operating properties and a student housing operating property, as well as the conversion of four self-storage operating properties to net leases during 2025.

Net Income Attributable to W. P. Carey

• Net income attributable to W. P. Carey for the 2025 fourth quarter was $148.3 million, up 215.5% from $47.0 million for the 2024 fourth quarter, due primarily to lower mark-to-market losses recognized on the Company's shares of Lineage, a higher gain on sale of real estate and the accretive impact of net investment activity, partly offset by lower gains from remeasurement of foreign debt.

Adjusted Funds from Operations (AFFO)

• AFFO for the 2025 fourth quarter was $1.27 per diluted share, up 5.0% from $1.21 per diluted share for the 2024 fourth quarter, primarily reflecting the accretive impact of net investment activity and rent escalations, partly offset by outstanding rents collected during the 2024 fourth quarter in connection with a disposition during that period.

Note: Further information concerning AFFO, which is a non-GAAP supplemental performance metric, is presented in the accompanying tables and related notes.

Dividend

• On December 15, 2025, the Company reported that its Board of Directors increased its quarterly cash dividend to $0.920 per share, equivalent to an annualized dividend rate of $3.68 per share, representing a 4.5% increase compared to the 2024 fourth quarter. The dividend was paid on January 15, 2026 to shareholders of record as of December 31, 2025.

 

FULL YEAR FINANCIAL RESULTS

Revenues

• Revenues, including reimbursable costs, for the 2025 full year totaled $1.72 billion, up 8.9% from $1.58 billion for the 2024 full year. 
  
  
  • Lease revenues increased primarily due to net investment activity and rent escalations.
       
  • Income from finance leases and loans receivable increased primarily as a result of investment activity, partly offset by the disposition of the U-Haul portfolio during the 2024 first quarter.
       
  • Operating property revenues decreased primarily due to the sale of 63 self-storage operating properties and a student housing operating property during 2025, as well as the conversion of three self-storage operating properties to net leases during 2024 and four during 2025.

Net Income Attributable to W. P. Carey

• Net income attributable to W. P. Carey for the 2025 full year totaled $466.4 million, up 1.2% from $460.8 million for the 2024 full year, due primarily to a higher gain on sale of real estate, lower mark-to-market losses recognized on the Company's shares of Lineage and the accretive impact of net investment activity, partly offset by higher losses from remeasurement of foreign debt, a gain on change in control of interests recognized in connection with the Company's acquisition of a third-party joint venture partner's interest in nine self-storage operating properties during 2024 and higher impairment charges.

AFFO

• AFFO for the 2025 full year was $4.97 per diluted share, up 5.7% from $4.70 per diluted share for the 2024 full year, primarily reflecting the accretive impact of net investment activity and rent escalations.

Note: Further information concerning AFFO, which is a non-GAAP supplemental performance metric, is presented in the accompanying tables and related notes.

Dividend

• Dividends declared during 2025 totaled $3.620 per share, an increase of 3.7% compared to total dividends declared during 2024 of $3.490 per share.

 

AFFO GUIDANCE

• For the 2026 full year, the Company expects to report AFFO of between $5.13 and $5.23 per diluted share, based on the following key assumptions:

(i)   investment volume of between $1.25 billion and $1.75 billion;

(ii)   disposition volume of between $250 million and $750 million;

(iii)  total general and administrative expenses of between $103 million and $106 million;

(iv)  property expenses, excluding reimbursable tenant costs, of between $56 million and $60 million; and

(v)  tax expense (on an AFFO basis) of between $45 million and $49 million.

Note: The Company does not provide guidance on net income. The Company only provides guidance on AFFO and does not provide a reconciliation of this forward-looking non-GAAP guidance to net income due to the inherent difficulty in quantifying certain items necessary to provide such reconciliation as a result of their unknown effect, timing and potential significance. Examples of such items include impairments of assets, gains and losses from sales of assets, and depreciation and amortization from new acquisitions.

 

REAL ESTATE PORTFOLIO

Investments

• During the 2025 fourth quarter, the company completed investments totaling $625.1 million, bringing total investment volume for the year ended December 31, 2025 to a record $2.1 billion.
     
• Year to date through February 10, 2026, the Company completed investments totaling $312.4 million, comprising sale-leasebacks and acquisitions totaling $262.4 million and the completion of capital investments and commitments totaling $50.0 million.
     
• As of December 31, 2025, the Company had 13 capital investments and commitments totaling $238.3 million scheduled to be completed during 2026 (including three projects totaling $50.0 million completed year to date, as noted above). In addition, the Company has two capital investments and commitments totaling $101.5 million scheduled to be completed during 2027.

Dispositions

• During the 2025 fourth quarter, the Company disposed of 44 properties for gross proceeds totaling $507.0 million, bringing total dispositions for the year ended December 31, 2025, to 128 properties for gross proceeds totaling $1.5 billion.
     
• 2025 fourth quarter dispositions included the sales of 31 self-storage operating properties for gross proceeds totaling $323.2 million, bringing total sales of self-storage operating properties for the year ended December 31, 2025, to 63 properties for gross proceeds totaling $784.0 million.
     
• Year to date through February 10, 2026, the company disposed of four properties for gross proceeds totaling $60.2 million.

Contractual Same-Store Rent Growth

• As of December 31, 2025, contractual same-store rent growth was 2.4% year over year, on a constant currency basis.

Rent Loss from Tenant Credit Events

• For the 2025 full year, the Company experienced rent loss from tenant credit events totaling $6.4 million.

Composition

• As of December 31, 2025, the Company's net lease portfolio consisted of 1,682 properties, comprising 183 million square feet leased to 371 tenants, with a weighted-average lease term of 12.0 years and an occupancy rate of 98.0%. In addition, the Company owned 11 self-storage operating properties, four hotel operating properties and one student housing operating property, totaling approximately 1.3 million square feet.

 

BALANCE SHEET AND CAPITALIZATION

Liquidity

• As of December 31, 2025, the Company had total liquidity of $2.2 billion, primarily comprising $1.6 billion of available capacity under its Senior Unsecured Credit Facility (net of amounts reserved for standby letters of credit), in addition to cash and cash equivalents, cash held at qualified intermediaries and available net proceeds under unsettled forward equity sale agreements.

Forward Equity

• During 2025, the Company sold 6,258,496 shares of common stock under its ATM program subject to forward sale agreements, at a weighted-average gross price of $67.53 per share, representing total gross proceeds of approximately $422.6 million, all of which currently remains available for settlement.
     
• Sales of common stock subject to forward sale agreements in 2025 included 3,501,126 shares sold during the fourth quarter at a weighted-average gross price of $67.23 per share, representing total gross proceeds of approximately $235.4 million.

 

*     *     *     *     *

 

Supplemental Information

The Company has provided supplemental unaudited financial and operating information regarding the 2025 fourth quarter and certain prior quarters, including a description of non-GAAP financial measures and reconciliations to GAAP measures, in a Current Report on Form 8-K filed with the Securities and Exchange Commission (SEC) on February 10, 2026, and made available on the Company's website at ir.wpcarey.com/investor-relations.

 

*     *     *     *     *

 

Live Conference Call and Audio Webcast Scheduled for Wednesday, February 11, 2026 at 12:00 p.m. Eastern Time
Please dial in at least 10 minutes prior to the start time.

Date/Time: Wednesday, February 11, 2026 at 12:00 p.m. Eastern Time
Call-in Number: 1 (877) 465-1289 (U.S.) or +1 (201) 689-8762 (international)

Live Audio Webcast and Replay: www.wpcarey.com/earnings 

 

*     *     *     *     *

 

W. P. Carey Inc.

W. P. Carey ranks among the largest net lease REITs with a well-diversified portfolio of high-quality, operationally critical commercial real estate, which includes 1,682 net lease properties covering approximately 183 million square feet as of December 31, 2025. With offices in New York, London, Amsterdam and Dallas, the company remains focused on investing primarily in single-tenant, industrial, warehouse and retail properties located in the U.S. and Europe, under long-term net leases with built-in rent escalations.

www.wpcarey.com

 

*     *     *     *     *

 

Cautionary Statement Concerning Forward-Looking Statements

Certain of the matters discussed in this communication constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, both as amended by the Private Securities Litigation Reform Act of 1995. The forward-looking statements include, among other things, statements regarding the intent, belief or expectations of W. P. Carey and can be identified by the use of words such as "may," "will," "should," "would," "will be," "goals," "believe," "project," "expect," "anticipate," "intend," "estimate" "opportunities," "possibility," "strategy," "maintain" or the negative version of these words and other comparable terms. These forward-looking statements include, but are not limited to, statements made by Mr. Jason Fox regarding investment pipeline, access to capital, internal growth and expectations for future AFFO growth. These statements are based on the current expectations of our management, and it is important to note that our actual results could be materially different from those projected in such forward-looking statements. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Other unknown or unpredictable risks or uncertainties, like the risks related to fluctuating interest rates, the impact of inflation and tariffs on our tenants and us, the effects of pandemics and global outbreaks of contagious diseases, and domestic or geopolitical crises, such as terrorism, military conflict, war or the perception that hostilities may be imminent, political instability or civil unrest, or other conflict, and those additional risk factors discussed in reports that we have filed with the SEC, could also have material adverse effects on our future results, performance or achievements. Discussions of some of these other important factors and assumptions are contained in W. P. Carey's filings with the SEC and are available at the SEC's website at http://www.sec.gov, including Part I, Item 1A. Risk Factors in W. P. Carey's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this communication, unless noted otherwise. Except as required under the federal securities laws and the rules and regulations of the SEC, W. P. Carey does not undertake any obligation to release publicly any revisions to the forward-looking statements to reflect events or circumstances after the date of this communication or to reflect the occurrence of unanticipated events.

Institutional Investors:
Peter Sands
1 (212) 492-1110
institutionalir@wpcarey.com

Individual Investors:
W. P. Carey Inc.
1 (212) 492-8920
ir@wpcarey.com 

Press Contact:
Anna McGrath
1 (212) 492-1166
amcgrath@wpcarey.com 

 

*     *     *     *     *

 

W. P. CAREY INC.
Consolidated Balance Sheets
(in thousands, except share and per share amounts)
	December 31,
	2025		2024
Assets
Investments in real estate:
Land, buildings and improvements — net lease and other	$              14,451,306		$              12,842,869
Land, buildings and improvements — operating properties	286,079		1,198,676
Net investments in finance leases and loans receivable	1,171,886		798,259
In-place lease intangible assets and other	2,466,199		2,297,572
Above-market rent intangible assets	668,707		665,495
Investments in real estate	19,044,177		17,802,871
Accumulated depreciation and amortization (a)	(3,578,330)		(3,222,396)
Assets held for sale, net	3,327		—
Net investments in real estate	15,469,174		14,580,475
Equity method investments	310,178		301,115
Cash and cash equivalents	155,329		640,373
Other assets, net	1,068,480		1,045,218
Goodwill	987,071		967,843
Total assets	$              17,990,232		$              17,535,024
Liabilities and Equity
Debt:
Senior unsecured notes, net	$                6,950,261		$                6,505,907
Unsecured term loans, net	1,196,366		1,075,826
Unsecured revolving credit facility	435,417		55,448
Non-recourse mortgages, net	140,646		401,821
Debt, net	8,722,690		8,039,002
Accounts payable, accrued expenses and other liabilities	670,038		596,994
Below-market rent and other intangible liabilities, net	104,055		119,831
Deferred income taxes	151,820		147,461
Dividends payable	207,487		197,612
Total liabilities	9,856,090		9,100,900
Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued	—		—
Common stock, $0.001 par value, 450,000,000 shares authorized; 219,145,876 and 218,848,844    shares, respectively, issued and outstanding	219		219
Additional paid-in capital	11,830,737		11,805,179
Distributions in excess of accumulated earnings	(3,539,592)		(3,203,974)
Deferred compensation obligation	80,239		78,503
Accumulated other comprehensive loss	(253,346)		(250,232)
Total stockholders' equity	8,118,257		8,429,695
Noncontrolling interests	15,885		4,429
Total equity	8,134,142		8,434,124
Total liabilities and equity	$              17,990,232		$              17,535,024

________
(a)	Includes $2.1 billion and $1.8 billion of accumulated depreciation on buildings and improvements as of December 31, 2025 and 2024, respectively, and $1.5 billion and $1.4 billion of accumulated amortization on lease intangibles as of December 31, 2025 and 2024, respectively.

 

 

W. P. CAREY INC.
Quarterly Consolidated Statements of Income
(in thousands, except share and per share amounts)
	Three Months Ended
	December 31, 2025		September 30, 2025		December 31, 2024
Revenues
Real Estate:
Lease revenues	$                   389,154		$                   372,087		$                   351,394
Income from finance leases and loans receivable	26,716		26,498		16,796
Operating property revenues	18,379		26,771		34,132
Other lease-related income	8,137		3,660		1,329
	442,386		429,016		403,651
Investment Management:
Asset management revenue	1,085		1,218		1,461
Other advisory income and reimbursements	1,076		1,069		1,053
	2,161		2,287		2,514
	444,547		431,303		406,165
Operating Expenses
Depreciation and amortization	145,339		125,586		115,770
Impairment charges — real estate	39,690		19,474		27,843
General and administrative	25,899		23,656		24,254
Reimbursable tenant costs	19,371		14,562		15,661
Property expenses, excluding reimbursable tenant costs	13,859		14,637		12,580
Operating property expenses	11,863		15,049		16,586
Stock-based compensation expense	8,650		11,153		9,667
Merger and other expenses	478		1,021		(484)
	265,149		225,138		221,877
Other Income and Expenses
Interest expense	(75,431)		(75,226)		(70,883)
Gain on sale of real estate, net	52,791		44,401		4,480
Other gains and (losses) (a)	(10,131)		(31,011)		(77,224)
Earnings from equity method investments	4,109		2,361		302
Non-operating income (b)	2,516		3,030		13,847
	(26,146)		(56,445)		(129,478)
Income before income taxes	153,252		149,720		54,810
Benefit from (provision for) income taxes	1,310		(8,495)		(7,772)
Net Income	154,562		141,225		47,038
Net income attributable to noncontrolling interests (c)	(6,243)		(229)		(15)
Net Income Attributable to W. P. Carey	$                  148,319		$                  140,996		$                    47,023
Basic Earnings Per Share	$                        0.67		$                        0.64		$                        0.21
Diluted Earnings Per Share	$                        0.67		$                        0.64		$                        0.21
Weighted-Average Shares Outstanding
Basic	220,469,827		220,562,909		220,223,239
Diluted	221,169,776		221,087,833		220,577,900
Dividends Declared Per Share	$                      0.920		$                      0.910		$                      0.880

__________
(a)	Amount for the three months ended December 31, 2025 is primarily comprised of a mark-to-market unrealized loss for our investment in shares of Lineage of $11.7 million and non-cash unrealized gains on non-hedging derivatives of $1.1 million.
(b)	Amount for the three months ended December 31, 2025 is comprised of a dividend of $2.8 million from our investment in shares of Lineage, interest income on deposits of $1.0 million and realized losses on foreign currency exchange derivatives of $1.3 million.
(c)	Amount for the three months ended December 31, 2025 includes a noncontrolling interest's $6.0 million share of a gain on sale of real estate.

 

 

W. P. CAREY INC.
Full Year Consolidated Statements of Income
(in thousands, except share and per share amounts)
	Years Ended December 31,
	2025		2024
Revenues
Real Estate:
Lease revenues	$               1,479,204		$               1,331,788
Income from finance leases and loans receivable	90,948		73,262
Operating property revenues	112,531		146,813
Other lease-related income	24,561		20,334
	1,707,244		1,572,197
Investment Management:
Asset management and other revenue	4,957		6,597
Other advisory income and reimbursements	4,284		4,224
	9,241		10,821
	1,716,485		1,583,018
Operating Expenses
Depreciation and amortization	521,127		487,724
General and administrative	100,672		98,969
Impairment charges — real estate	70,367		43,595
Reimbursable tenant costs	68,743		55,975
Operating property expenses	60,177		70,866
Property expenses, excluding reimbursable tenant costs	53,825		49,677
Stock-based compensation expense	39,894		40,894
Merger and other expenses	2,247		4,457
	917,052		852,157
Other Income and Expenses
Interest expense	(291,256)		(277,367)
Other gains and (losses)	(232,107)		(137,988)
Gain on sale of real estate, net	193,793		74,822
Earnings from equity method investments	18,009		17,926
Non-operating income	16,951		52,236
Gain on change in control of interests	—		31,849
	(294,610)		(238,522)
Income before income taxes	504,823		492,339
Provision for income taxes	(31,908)		(31,709)
Net Income	472,915		460,630
Net (income) loss attributable to noncontrolling interests	(6,556)		209
Net Income Attributable to W. P. Carey	$                  466,359		$                  460,839
Basic Earnings Per Share	$                        2.11		$                        2.09
Diluted Earnings Per Share	$                        2.11		$                        2.09
Weighted-Average Shares Outstanding
Basic	220,501,239		220,168,325
Diluted	221,112,343		220,520,457
Dividends Declared Per Share	$                      3.620		$                      3.490

 

 

W. P. CAREY INC.
Quarterly Reconciliation of Net Income to Adjusted Funds from Operations (AFFO) (Unaudited)
(in thousands, except share and per share amounts)
	Three Months Ended
	December 31, 2025		September 30, 2025		December 31, 2024
Net income attributable to W. P. Carey	$                   148,319		$                   140,996		$                    47,023
Adjustments:
Depreciation and amortization of real property	144,641		124,906		115,107
Gain on sale of real estate, net	(52,791)		(44,401)		(4,480)
Impairment charges — real estate	39,690		19,474		27,843
Proportionate share of adjustments to earnings from equity method investments (a)	2,255		2,271		2,879
Proportionate share of adjustments for noncontrolling interests (b) (c)	5,958		(82)		(79)
Total adjustments	139,753		102,168		141,270
FFO (as defined by NAREIT) Attributable to W. P. Carey (d)	288,072		243,164		188,293
Adjustments:
Straight-line and other leasing and financing adjustments	(20,758)		(20,424)		(24,849)
Tax (benefit) expense – deferred and other	(11,708)		(1,215)		96
Other (gains) and losses (e)	10,131		31,011		77,224
Stock-based compensation	8,650		11,153		9,667
Amortization of deferred financing costs	4,888		4,874		4,851
Above- and below-market rent intangible lease amortization, net	941		4,363		10,047
Other amortization and non-cash items	589		587		557
Merger and other expenses	478		1,021		(484)
Proportionate share of adjustments to earnings from equity method investments (a)	(43)		2,194		2,266
Proportionate share of adjustments for noncontrolling interests (b)	(116)		(99)		(62)
Total adjustments	(6,948)		33,465		79,313
AFFO Attributable to W. P. Carey (d)	$                   281,124		$                   276,629		$                   267,606
Summary
FFO (as defined by NAREIT) attributable to W. P. Carey (d)	$                   288,072		$                   243,164		$                   188,293
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share (d)	$                         1.30		$                         1.10		$                         0.85
AFFO attributable to W. P. Carey (d)	$                   281,124		$                   276,629		$                   267,606
AFFO attributable to W. P. Carey per diluted share (d)	$                         1.27		$                         1.25		$                         1.21
Diluted weighted-average shares outstanding	221,169,776		221,087,833		220,577,900

 

 

W. P. CAREY INC.
Full-Year Reconciliation of Net Income to Adjusted Funds from Operations (AFFO) (Unaudited)
(in thousands, except share and per share amounts)
	Years Ended December 31,
	2025		2024
Net income attributable to W. P. Carey	$                   466,359		$                   460,839
Adjustments:
Depreciation and amortization of real property	518,414		485,088
Gain on sale of real estate, net	(193,793)		(74,822)
Impairment charges — real estate	70,367		43,595
Gain on change in control of interests	—		(31,849)
Proportionate share of adjustments to earnings from equity method investments (a)	8,400		11,871
Proportionate share of adjustments for noncontrolling interests (b)	5,716		(379)
Total adjustments	409,104		433,504
FFO (as defined by NAREIT) Attributable to W. P. Carey (d)	875,463		894,343
Adjustments:
Other (gains) and losses	232,107		137,988
Straight-line and other leasing and financing adjustments	(75,589)		(80,899)
Stock-based compensation	39,894		40,894
Amortization of deferred financing costs	19,172		18,845
Above- and below-market rent intangible lease amortization, net	11,488		26,144
Tax benefit – deferred and other	(10,885)		(4,245)
Other amortization and non-cash items	2,315		2,303
Merger and other expenses	2,247		4,457
Proportionate share of adjustments to earnings from equity method investments (a)	2,374		(3,531)
Proportionate share of adjustments for noncontrolling interests (b)	(343)		(354)
Total adjustments	222,780		141,602
AFFO Attributable to W. P. Carey (d)	$                1,098,243		$                1,035,945
Summary
FFO (as defined by NAREIT) attributable to W. P. Carey (d)	$                   875,463		$                   894,343
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share (d)	$                         3.96		$                         4.06
AFFO attributable to W. P. Carey (d)	$                1,098,243		$                1,035,945
AFFO attributable to W. P. Carey per diluted share (d)	$                         4.97		$                         4.70
Diluted weighted-average shares outstanding	221,112,343		220,520,457

__________
(a)	Equity income, including amounts that are not typically recognized for FFO and AFFO, is recognized within Earnings from equity method investments on the consolidated statements of income. This represents adjustments to equity income to reflect FFO and AFFO on a pro rata basis.
(b)	Adjustments disclosed elsewhere in this reconciliation are on a consolidated basis. This adjustment reflects our FFO or AFFO on a pro rata basis.
(c)	Amount for the three months ended December 31, 2025 includes a noncontrolling interest's $6.0 million share of a gain on sale of real estate.
(d)	FFO and AFFO are non-GAAP measures. See below for a description of FFO and AFFO.
(e)	Amount for the three months ended December 31, 2025 is primarily comprised of a mark-to-market unrealized loss for our investment in shares of Lineage of $11.7 million and non-cash unrealized gains on non-hedging derivatives of $1.1 million.

 

Non-GAAP Financial Disclosure

Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO)

Due to certain unique operating characteristics of real estate companies, as discussed below, the National Association of Real Estate Investment Trusts (NAREIT), an industry trade group, has promulgated a non-GAAP measure known as FFO, which we believe to be an appropriate supplemental measure, when used in addition to and in conjunction with results presented in accordance with GAAP, to reflect the operating performance of a REIT. The use of FFO is recommended by the REIT industry as a supplemental non-GAAP measure. FFO is not equivalent to, nor a substitute for, net income or loss as determined under GAAP.

We define FFO, a non-GAAP measure, consistent with the standards established by the White Paper on FFO approved by the Board of Governors of NAREIT, as restated in December 2018. The White Paper defines FFO as net income or loss computed in accordance with GAAP, excluding gains or losses from the sale of certain real estate, impairment charges on real estate or other assets incidental to the company's main business, gains or losses on changes in control of interests in real estate and depreciation and amortization from real estate assets; and after adjustments for unconsolidated partnerships and jointly owned investments. Adjustments for unconsolidated partnerships and jointly owned investments are calculated to reflect FFO on the same basis.

We also modify the NAREIT computation of FFO to adjust GAAP net income for certain non-cash charges, such as amortization of real estate-related intangibles, deferred income tax benefits and expenses, straight-line rent and related reserves, other non-cash rent adjustments, non-cash allowance for credit losses on loans receivable and finance leases, stock-based compensation, non-cash environmental accretion expense, amortization of discounts and premiums on debt and amortization of deferred financing costs. Our assessment of our operations is focused on long-term sustainability and not on such non-cash items, which may cause short-term fluctuations in net income but have no impact on cash flows. Additionally, we exclude non-core income and expenses, such as gains or losses from extinguishment of debt, gains or losses on the mark-to-market fair value of equity securities, merger and acquisition expenses, spin-off expenses, and income and expenses associated with our captive insurance company. We also exclude realized and unrealized gains/losses on foreign currency exchange rate movements (other than those realized on the settlement of foreign currency derivatives), which are not considered fundamental attributes of our business plan and do not affect our overall long-term operating performance. We refer to our modified definition of FFO as AFFO. We exclude these items from GAAP net income to arrive at AFFO because they are not the primary drivers in our decision-making process and excluding these items provides investors with a view of our portfolio performance over time and makes it more comparable to other REITs. AFFO also reflects adjustments for unconsolidated partnerships and jointly owned investments. We use AFFO as one measure of our operating performance when we formulate corporate goals, evaluate the effectiveness of our strategies and determine executive compensation.

We believe that AFFO is a useful supplemental measure for investors to consider because we believe it will help them better assess the sustainability of our operating performance without the potentially distorting impact of these short-term fluctuations. However, there are limits on the usefulness of AFFO to investors. For example, impairment charges and unrealized foreign currency exchange rate losses that we exclude may become actual realized losses upon the ultimate disposition of the properties in the form of lower cash proceeds or other considerations. We use our FFO and AFFO measures as supplemental financial measures of operating performance. We do not use our FFO and AFFO measures as, nor should they be considered to be, alternatives to net income computed under GAAP, alternatives to net cash provided by operating activities computed under GAAP, or indicators of our ability to fund our cash needs.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/w-p-carey-announces-fourth-quarter-and-full-year-2025-financial-results-302684254.html

SOURCE W. P. Carey Inc.

FAQ

What did WPC report for Q4 2025 net income and AFFO per share?

W. P. Carey reported Q4 2025 net income of $148.3 million and AFFO of $1.27 per diluted share. According to the company, the results reflected net investment activity, rent escalations and lower mark-to-market losses.

What is W. P. Carey's AFFO guidance for 2026 and its assumptions?

The company expects 2026 AFFO of $5.13–$5.23 per diluted share, based on $1.25–$1.75 billion investment volume. According to the company, guidance also assumes $250–$750 million dispositions and specified G&A, property, and tax expense ranges.

How much did WPC invest and dispose of during 2025, and what was notable?

W. P. Carey completed a record $2.1 billion of investments and $1.5 billion of gross dispositions in 2025. According to the company, dispositions included 63 self-storage sales totaling $784.0 million.

What dividend did WPC declare for the fourth quarter of 2025 and when was it paid?

The Board increased the quarterly cash dividend to $0.920 per share, equivalent to $3.68 annualized, and it was paid on January 15, 2026. According to the company, this represented a 4.5% year‑over‑year increase.

What is W. P. Carey's financial position and liquidity at December 31, 2025?

At year-end, the company reported $2.2 billion of total liquidity, including $1.6 billion available under its credit facility. According to the company, liquidity comprised cash, available facility capacity, and unsettled forward equity proceeds.