W. P. Carey Inc. Announces Pricing of €1.0 Billion of Senior Unsecured Notes

Rhea-AI Summary

W. P. Carey (NYSE: WPC) priced an underwritten public offering of €1.0 billion of senior unsecured notes with a weighted-average coupon of 3.500% and weighted-average term of 7.4 years. The offering comprises €500 million 3.250% notes due 2031 (priced at 99.249%) and €500 million 3.750% notes due 2035 (priced at 98.500%).

Proceeds are intended to repay the €500 million of 2.250% notes due April 2026 and for general corporate purposes, including potential investments and repayment of other indebtedness. Settlement is expected on February 24, 2026, subject to customary closing conditions.

Positive

• Raises €1.0 billion to address near-term maturities
• Refinances €500 million maturing April 2026
• Weighted-average term extended to 7.4 years, lengthening debt maturity profile

Negative

• 2031 notes priced at 99.249% and 2035 at 98.500%, implying issuance discounts
• 2035 tranche carries a higher coupon of 3.750% versus refinanced 2.250% notes

News Market Reaction – WPC

+1.13%

1 alert

+1.13% News Effect

On the day this news was published, WPC gained 1.13%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Notes offering size: €1.0 billion Weighted-average coupon: 3.500% Weighted-average term: 7.4 years +5 more

8 metrics

Notes offering size €1.0 billion Aggregate principal amount of senior unsecured notes

Weighted-average coupon 3.500% Senior unsecured notes coupon rate

Weighted-average term 7.4 years Average maturity of notes

2031 Notes tranche €500 million at 3.250% Senior Notes due 2031, offered at 99.249% of principal

2035 Notes tranche €500 million at 3.750% Senior Notes due 2035, offered at 98.500% of principal

Refinanced notes €500 million at 2.250% Senior Notes due April 2026 to be repaid

2031 interest payment date October 2, 2026 First annual interest payment on 2031 Notes

2035 interest payment date May 10, 2026 First annual interest payment on 2035 Notes

Market Reality Check

Price: $73.06 Vol: Volume 1,779,840 is 1.34x...

normal vol

$73.06 Last Close

Volume Volume 1,779,840 is 1.34x the 20-day average of 1,330,834, indicating elevated pre-news trading. normal

Technical Shares at $73.10 are just above the $73.00 52-week high and trading above the $65.55 200-day MA.

Peers on Argus

WPC slipped 0.43% with mixed peer action: several REIT peers like VICI, BNL, ESR...

WPC slipped 0.43% with mixed peer action: several REIT peers like VICI, BNL, ESRT and AMH were down, while KIM gained 1.22%, suggesting stock- and name-specific factors rather than a uniform sector move.

Historical Context

5 past events · Latest: Feb 10 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 10	Earnings results	Positive	-0.4%	Reported strong Q4 and 2025 results with higher dividend and 2026 guidance.
Jan 27	Dividend tax detail	Neutral	+0.9%	Provided detailed 2025 dividend tax classifications for Form 1099-DIV reporting.
Jan 20	Earnings date set	Neutral	-0.5%	Announced timing of Q4 and full-year 2025 results release and conference call.
Jan 07	Business update	Positive	+3.0%	Outlined record 2025 investment volume and major portfolio transactions.
Dec 15	Dividend increase	Positive	+1.1%	Raised quarterly dividend to <b>$0.920</b> per share, a 4.5% year-over-year increase.

Pattern Detected

Recent fundamentally positive updates (business update, dividend increase, earnings) have mostly seen aligned positive price reactions, with one notable divergence on earnings day.

Recent Company History

Over the past few months, W. P. Carey has highlighted record investment activity of $2.1B, significant dispositions of $1.5B, and a dividend increase to $0.920 per share (annualized $3.68). The company reported strong 2025 results with net income of $466.4M and AFFO of $4.97 per share, alongside 2026 AFFO guidance of $5.13–$5.23. Against this backdrop of balance sheet and portfolio scaling, the new euro-denominated notes fit into an ongoing capital-raising and refinancing cycle.

Market Pulse Summary

This announcement details a €1.0 billion senior unsecured notes offering, split between 2031 and 203...

Analysis

This announcement details a €1.0 billion senior unsecured notes offering, split between 2031 and 2035 maturities, with proceeds earmarked to refinance €500 million of 2026 notes and other indebtedness while funding future investments. Set against recent milestones—record $2.1B investment volume, higher dividends, and 2026 AFFO guidance—this fits an ongoing capital-structure optimization effort. Investors may watch future debt maturities, investment volume, and AFFO trends to gauge how effectively this funding supports long-term growth.

Key Terms

senior unsecured notes, senior notes, registration statement, prospectus supplement, +3 more

7 terms

senior unsecured notes financial

"it has priced an underwritten public offering of €1.0 billion in aggregate principal amount of senior unsecured notes"

Senior unsecured notes are a type of loan a company borrows from investors, promising to pay back with interest. They are called "unsecured" because they aren’t backed by specific assets like buildings or equipment, but "senior" because they are paid back before other debts if the company gets into trouble. Investors see them as a relatively safer way for companies to raise money.

senior notes financial

"€500 million in aggregate principal amount outstanding of its 2.250% Senior Notes due April 2026"

Senior notes are a type of loan that a company borrows from investors, promising to pay it back with interest. They are called "senior" because in case the company faces financial trouble, these lenders are paid back before others. This makes senior notes safer for investors compared to other types of loans or bonds.

registration statement regulatory

"A registration statement relating to the Notes has been filed with the Securities and Exchange Commission"

A registration statement is a formal document that companies file with a government agency to offer new shares of stock to the public. It provides essential information about the company's finances, operations, and risks, helping investors make informed decisions. Think of it as a detailed product description that ensures transparency and trust before buying into a company.

prospectus supplement regulatory

"The offering is being made by means of a prospectus supplement and prospectus."

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

EDGAR regulatory

"Potential investors may obtain these documents for free by visiting EDGAR on the SEC's website"

EDGAR is a system used by companies to share important financial and business information with the public. It functions like an online filing cabinet where investors can access official reports and documents that help them understand a company's financial health and operations. This transparency allows investors to make more informed decisions, much like checking a company's report card before investing.

investment professionals regulatory

"definition of investment professionals (as defined in Article 19(5) of the Financial Services and Markets Act 2000"

People who are trained and licensed to manage, buy, sell or give advice about investments on behalf of individuals, institutions or funds. They include roles such as advisors, portfolio managers, analysts and brokers and act like a coach or mechanic for your money—making decisions, monitoring risk and allocating resources to try to meet financial goals. Investors care because these professionals directly influence returns, fees, and how much risk is taken with invested capital.

real estate investment trust financial

"is an internally-managed, diversified REIT and a leading owner of commercial real estate"

A real estate investment trust (REIT) is a company that owns and manages income-producing properties—like apartment buildings, shopping centers, offices, or warehouses—and is required to pass most of its rental income to shareholders as dividends. Think of it as a shared property owner: instead of buying a whole building, investors buy a slice of a portfolio that pays regular income and can offer exposure to property values and rental markets without direct management. REITs matter to investors for predictable income, diversification, and liquidity compared with owning physical real estate.

AI-generated analysis. Not financial advice.

NEW YORK, Feb. 12, 2026 /PRNewswire/ -- W. P. Carey Inc. (NYSE: WPC, the "Company") announced today that it has priced an underwritten public offering of €1.0 billion in aggregate principal amount of senior unsecured notes (the "Notes") with a weighted-average coupon of 3.500% and a weighted-average term of 7.4 years, comprising the following tranches:

• €500 million aggregate principal amount of 3.250% Senior Notes due 2031 (the "2031 Notes"), offered at 99.249% of the principal amount; and
  
  
• €500 million aggregate principal amount of 3.750% Senior Notes due 2035 (the "2035 Notes"), offered at 98.500% of the principal amount.

Application has been made for the Notes to be admitted to the Official List of the Irish Stock Exchange plc, trading as Euronext Dublin, and admitted to trading on the Global Exchange Market of Euronext Dublin; any listing is subject to approval by Euronext Dublin.

Interest on the 2031 Notes will be paid annually on October 2 of each year, beginning on October 2, 2026. Interest on the 2035 Notes will be paid annually on May 10 of each year, beginning on May 10, 2026. The offering of the Notes is expected to settle on February 24, 2026, subject to customary closing conditions. The Company intends to use the net proceeds from the offering to repay all of the €500 million in aggregate principal amount outstanding of its 2.250% Senior Notes due April 2026 and for general corporate purposes, including to fund potential future investments and to repay certain other indebtedness, including amounts outstanding under its unsecured revolving credit facility and its unsecured term loan.

J.P. Morgan Securities plc, Barclays Bank PLC, BNP PARIBAS, and Wells Fargo Securities International Limited acted as joint book-running managers for the Notes offering.

A registration statement relating to the Notes has been filed with the Securities and Exchange Commission (the "SEC") and has become effective under the Securities Act of 1933, as amended (the "Securities Act"). The offering is being made by means of a prospectus supplement and prospectus. Before making an investment in the Notes, potential investors should read the prospectus supplement and the accompanying prospectus for more complete information about the Company and the offering. Potential investors may obtain these documents for free by visiting EDGAR on the SEC's website at www.sec.gov. Alternatively, potential investors may obtain copies, when available, by contacting: J.P. Morgan Securities plc at +44-20 7134-2468 (Non-US investors), J.P. Morgan Securities LLC collect at 1-212-834-4533 (US Investors), Barclays Bank PLC toll-free at +1-866-603-5847, BNP PARIBAS toll-free at +1-800-854-5674, or Wells Fargo Securities International Limited toll-free at +1-800-645-3751.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any offer or sale of the Notes will be made only by means of a prospectus supplement relating to the offering and the accompanying prospectus.

This press release is not being distributed to, and must not be passed on to, the general public in the United Kingdom. This press release is for distribution only to persons who have professional experience in matters relating to investments and who fall within the definition of investment professionals (as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Financial Promotion Order")), (ii) fall within Article 49(2)(a) to (d) of the Financial Promotion Order, (iii) are outside the United Kingdom, or (iv) are other persons to whom it may otherwise lawfully be communicated or distributed under the Financial Promotion Order (all such persons together being referred to as "relevant persons"). This press release is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this press release relates is available only to relevant persons and will be engaged in only with relevant persons.

W. P. Carey Inc.

W. P. Carey Inc. is an internally-managed, diversified REIT and a leading owner of commercial real estate, net leased to companies located primarily in the United States and Europe on a long-term basis. The vast majority of the Company's revenues originate from lease revenue provided by its real estate portfolio, which is comprised primarily of single-tenant industrial, warehouse, and retail facilities that are critical to its tenants' operations and represent the large majority of the Company's recent investments.

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: expectations regarding the use of proceeds of this offering and the settlement date. Forward looking statements are generally identified by the use of words such as "may," "will," "should," "would," "will be," "will continue," "will likely result," "believe," "project," "expect," "anticipate," "intend," "estimate" "opportunities," "possibility," "strategy," "plan," "maintain" or the negative version of these words and other comparable terms. These forward-looking statements include, but are not limited to, statements that are not historical facts.

These statements are based on the current expectations of the Company's management, and it is important to note that the Company's 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 business, financial condition, liquidity, results of operations, and prospects. You should exercise caution in relying on forward-looking statements as they involve known and unknown risks, uncertainties, and other factors that may materially affect our future results, performance, achievements, or transactions. Information on factors that could impact actual results and cause them to differ from what is anticipated in the forward-looking statements contained herein is included in the Company's filings with the SEC, including but not limited to those described in Part I, Item 1A. Risk Factors in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as filed with the SEC on February 11, 2026. Moreover, because the Company operates in a very competitive and rapidly changing environment, new risks are likely to emerge from time to time. Given these risks and uncertainties, potential investors are cautioned not to place undue reliance on these forward-looking statements as a prediction of future results, 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, the Company 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 
W. P. Carey Inc.
212-492-1110
institutionalir@wpcarey.com

Press Contact:
Anna McGrath
W. P. Carey Inc.
212-492-1166
amcgrath@wpcarey.com

 

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SOURCE W. P. Carey Inc.

FAQ

What did W. P. Carey (WPC) announce on February 12, 2026 about debt financing?

W. P. Carey announced a priced offering of €1.0 billion of senior unsecured notes. According to the company, the offering includes €500 million 3.250% notes due 2031 and €500 million 3.750% notes due 2035.

How will the €1.0 billion WPC offering be used and when will it settle?

The company intends to use proceeds to repay maturing debt and for general corporate purposes. According to the company, settlement is expected on February 24, 2026, subject to customary closing conditions.

What are the coupon rates and maturities of the WPC notes priced February 12, 2026?

The offering has a weighted-average coupon of 3.500% and term of 7.4 years. According to the company, the tranches are 3.250% due 2031 and 3.750% due 2035.

Does the WPC debt offering change near-term maturity risk for shareholders?

The offering repays €500 million of notes due April 2026, reducing near-term refinancing need. According to the company, this should lessen immediate maturity pressure by addressing that specific obligation.

When will interest be paid on WPC's 2031 and 2035 notes?

Interest on the 2031 notes is paid annually each October 2, beginning October 2, 2026; 2035 interest is paid annually each May 10, beginning May 10, 2026. According to the company, those are the scheduled payment dates.

Where will WPC seek listing and who managed the offering for WPC (NYSE: WPC)?

W. P. Carey has applied to admit the notes to Euronext Dublin's Official List and Global Exchange Market. According to the company, J.P. Morgan, Barclays, BNP PARIBAS and Wells Fargo served as joint book-running managers.