W. P. Carey (NYSE: WPC) hits $1.1B 2026 investment volume with GardenCore deal
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
W. P. Carey Inc. reported year-to-date 2026 investment volume of approximately $1.1 billion, reflecting capital deployed into new net lease real estate deals. This includes about $400 million of investments completed after the company released its first quarter 2026 results on April 28, 2026.
The company highlighted a major sale-leaseback closed on May 8, 2026 with newly branded GardenCore, covering a 43-property manufacturing portfolio across 24 U.S. states. The portfolio is triple-net master leased to GardenCore for 20 years with fixed annual rent escalations, and constitutes all of GardenCore’s owned real estate, contributing a significant share of its revenue.
Based on completed transactions, scheduled capital investments and commitments for the remainder of 2026, and its current pipeline, W. P. Carey stated it has visibility into total 2026 investment volume of approximately $1.5 billion. As of March 31, 2026, its portfolio comprised 1,703 net lease properties totaling about 185 million square feet.
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Insights
W. P. Carey outlines strong 2026 deployment pace and a large sale-leaseback anchor deal.
W. P. Carey, a net lease REIT, reported year-to-date 2026 investment volume of approximately $1.1 billion, including about $400 million added since its first quarter 2026 results. This signals an active deployment pace into long-term, income-producing properties.
A key transaction is the GardenCore sale-leaseback: 43 manufacturing properties across 24 states, triple-net master leased for 20 years with fixed annual rent escalations. GardenCore’s portfolio represents all of its owned real estate and a significant portion of its revenue, and it ranks among W. P. Carey’s top 10 tenants by annualized base rent.
The company also stated visibility into approximately $1.5 billion of 2026 investment volume based on completed deals, scheduled capital investments and commitments, and its pipeline. Future company filings may provide more detail on how these investments affect rental income, tenant concentration and portfolio metrics over subsequent reporting periods.
8-K Event Classification
2 items: 7.01, 9.01
2 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Year-to-date 2026 investment volume: $1.1 billion
Investments since Q1 2026 results: $400 million
2026 investment volume visibility: $1.5 billion
+5 more
8 metrics
Year-to-date 2026 investment volume
$1.1 billion
Total investment volume year-to-date 2026
Investments since Q1 2026 results
$400 million
Investment volume completed after April 28, 2026
2026 investment volume visibility
$1.5 billion
Investment volume W. P. Carey has visibility into for 2026
GardenCore properties
43 properties
Manufacturing portfolio in GardenCore sale-leaseback
GardenCore lease term
20 years
Triple-net master lease term with fixed annual escalations
States in GardenCore portfolio
24 states
U.S. states where GardenCore properties are located
Total properties
1,703 properties
Net lease properties as of March 31, 2026
Total portfolio size
185 million square feet
Net lease portfolio area as of March 31, 2026
Key Terms
sale-leaseback, net lease REIT, triple-net master leased, annualized base rent (ABR), +1 more
5 terms
sale-leaseback financial
"On May 8, 2026, the Company closed the sale-leaseback of a 43-property manufacturing portfolio"
A sale-leaseback is a deal where an owner sells an asset—commonly real estate or equipment—to another party and immediately rents it back so they can keep using it. For investors, it matters because the seller converts a fixed asset into cash without disrupting operations, which can boost liquidity or pay down debt but also creates ongoing lease payments and long-term obligations that affect cash flow and the balance sheet.
net lease REIT financial
"a leading net lease REIT specializing in corporate sale-leasebacks, build-to-suits and the acquisition of single-tenant net lease properties"
A net lease REIT is a company that owns income-producing real estate and rents it out under leases where the tenant pays most or all property costs such as taxes, insurance and maintenance. For investors, that structure can produce steady, more predictable rental income and lower landlord responsibilities, making these REITs similar to collecting rent from tenants who handle the bills — useful for income-focused portfolios and risk assessment.
triple-net master leased financial
"the portfolio is triple-net master leased for a term of 20 years with fixed annual rent escalations"
annualized base rent (ABR) financial
"At the time of investment, GardenCore ranked among W. P. Carey's top 10 largest tenants by annualized base rent (ABR)"
Annualized base rent (ABR) is the total amount of lease payments a property or portfolio is expected to collect over a year based on current base rent rates, excluding extra charges like taxes, insurance, or sales‑based rent. For investors it acts like an annualized paycheck for a building—a straightforward way to compare expected income, assess cash flow stability, and value properties or portfolios on a common, yearly basis.
forward-looking statements regulatory
"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"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): May 12, 2026
(Exact Name of Registrant as Specified in its Charter)
| (State of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | |||||||||
| (Address of principal executive offices) | (Zip Code) | ||||||||||
Registrant’s telephone number, including area code: (212 ) 492-1100
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 — Regulation FD Disclosure.
On May 12, 2026, W. P. Carey Inc. (the “Company”) issued a press release announcing its year-to-date investment volume. The foregoing description is qualified in its entirety by reference to the press release, which is attached hereto as Exhibit 99.1 and incorporated by reference herein.
The information furnished pursuant to this “Item 7.01 Regulation FD Disclosure,” including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into the Company’s filings under the Securities Act of 1933, as amended.
Item 9.01 — Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |||||||
| 99.1 | Press Release, dated May 12, 2026, issued by W. P. Carey Inc. | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURES
Pursuant to the requirements of the Exchange Act, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
| W. P. Carey Inc. | |||||||||||
| Date: | May 12, 2026 | By: | /s/ ToniAnn Sanzone | ||||||||
| ToniAnn Sanzone | |||||||||||
| Chief Financial Officer | |||||||||||
Exhibit 99.1
W. P. Carey Announces Year-to-Date Investment Volume Totaling $1.1 Billion
Adds $400 Million of Investment Volume Since Announcing First Quarter Results
NEW YORK, May 12, 2026 /PRNewswire/ -- W. P. Carey Inc. (NYSE: WPC) (W. P. Carey or the Company), a leading net lease REIT specializing in corporate sale-leasebacks, build-to-suits and the acquisition of single-tenant net lease properties, today announced year-to-date investment volume totaling approximately $1.1 billion, including investment volume totaling approximately $400 million completed since the Company reported its first quarter 2026 financial results on April 28, 2026.
GardenCore Sale-leaseback
On May 8, 2026, the Company closed the sale-leaseback of a 43-property manufacturing portfolio with newly branded GardenCore (formerly Oldcastle Lawn & Garden), a leading U.S. manufacturer of lawn and garden consumables, offering a broad portfolio of mulch, soil, stone and lime products. GardenCore has deep, long-standing partnerships with major home improvement retailers and garden centers, and delivers consistent, high-quality execution across large-scale private label and branded programs.
Located in 24 states across the U.S., the portfolio is triple-net master leased for a term of 20 years with fixed annual rent escalations. It represents the entirety of GardenCore’s owned real estate, contributing a significant portion of its overall revenue. Pacific Avenue Capital Partners, a leading private equity firm, recently acquired GardenCore as part of a corporate carve-out from CRH’s packaged mulch, soil and stone business.
At the time of investment, GardenCore ranked among W. P. Carey's top 10 largest tenants by annualized base rent (ABR).
Investment Volume Outlook
Based on the investment volume it has completed year-to-date, the capital investments and commitments it has scheduled to deliver over the remainder of 2026, and its investment pipeline, W. P. Carey currently has visibility into investment volume totaling approximately $1.5 billion.
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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 1,703 net lease properties covering approximately 185 million square feet as of March 31, 2026. 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
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. 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:
Amanda Woodward
1 (212) 492-1171
awoodward@wpcarey.com
FAQ
What 2026 year-to-date investment volume did W. P. Carey (WPC) report?
W. P. Carey reported year-to-date 2026 investment volume of approximately $1.1 billion. This figure includes completed acquisitions of net lease properties and reflects a substantial level of capital deployment into long-term, income-producing real estate assets early in the year.
How much investment has W. P. Carey added since its Q1 2026 results?
Since reporting its first quarter 2026 results on April 28, W. P. Carey completed additional investment volume totaling about $400 million. This incremental deployment contributes to its approximately $1.1 billion year-to-date investment total across new net lease real estate transactions.
What are the key features of W. P. Carey’s GardenCore sale-leaseback deal?
The GardenCore sale-leaseback involves a 43-property manufacturing portfolio across 24 U.S. states, triple-net master leased for 20 years with fixed annual rent escalations. The portfolio comprises all of GardenCore’s owned real estate and contributes a significant portion of its revenue.
How significant is GardenCore as a tenant for W. P. Carey (WPC)?
At the time of investment, GardenCore ranked among W. P. Carey’s top 10 largest tenants by annualized base rent. Its 43-property portfolio under a long-term triple-net master lease makes GardenCore a meaningful contributor to the company’s rental income concentration.
What investment volume does W. P. Carey expect visibility into for full-year 2026?
W. P. Carey stated it currently has visibility into approximately $1.5 billion of 2026 investment volume. This is based on completed year-to-date transactions, scheduled capital investments and commitments for the remainder of 2026, and its existing investment pipeline.
How large is W. P. Carey’s overall net lease portfolio as of March 31, 2026?
As of March 31, 2026, W. P. Carey’s portfolio included 1,703 net lease properties totaling about 185 million square feet. These properties are primarily single-tenant industrial, warehouse and retail assets in the U.S. and Europe under long-term net leases.