W. P. Carey sees $1.9B 2026 investments, AFFO on track
W. P. Carey signals strong 2026 investment pipeline and improved Hellweg-related rent outlook, supporting expectations for AFFO above the midpoint of current guidance.
Rhea-AI Filing Summary
W. P. Carey Inc. (WPC) furnished an update on 2026 investment activity and tenant credit-related rent loss. The company reports visibility into more than $1.9 billion of investment volume for full-year 2026, including roughly $1.4 billion of investments completed year to date, plus pipeline transactions and capital projects expected to close or deliver in 2026.
Tenant credit risk tied to German retailer Hellweg has eased. W. P. Carey received August rent and expects further rent from Hellweg in the second half of 2026, and also expects to benefit from bank guarantees covering up to three months of lease-related damages. The company has binding leases for nine Hellweg stores representing $9.8 million, or 64%, of current Hellweg annualized base rent, with new rent commencing between late 2026 and mid‑2027, and expects overall rent recapture on 11 re‑tenanted stores to be close to 100% of current Hellweg rent.
Management states that, given strong investment activity and the improved Hellweg outlook, AFFO is on track to end 2026 above the midpoint of current guidance. As of June 30, 2026, W. P. Carey’s net lease portfolio comprised 1,748 properties covering about 188 million square feet.
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Filing Explained
The Hellweg resolution remains incomplete: of the seven stores not covered by binding leases, two are in final lease negotiations expected to conclude by the end of September, while five are expected to be sold by the end of 2026. The filing therefore identifies separate paths for resolving all remaining stores, rather than reporting completed re-tenanting.
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, or exhibit attachments filed with this report.
Key Figures
2026 investment volume visibility: More than $1.9 billion
2026 investment volume completed year to date: Approximately $1.4 billion
Hellweg stores under binding leases: 9 stores; $9.8 million, 64% of Hellweg ABR
+5 more
8 metrics
2026 investment volume visibility
More than $1.9 billion
Total expected investment volume for full-year 2026
2026 investment volume completed year to date
Approximately $1.4 billion
Investment volume already completed in 2026
Hellweg stores under binding leases
9 stores; $9.8 million, 64% of Hellweg ABR
Current Hellweg annualized base rent re-leased, with rent starting late 2026 to mid‑2027
Hellweg stores in final lease negotiations
2 stores; $1.2 million, 8% of Hellweg ABR
Leases expected to be signed by end of September 2026
Hellweg stores expected to be sold
5 stores; $4.3 million, 28% of Hellweg ABR
Expected sales by the end of 2026
Net lease properties
1,748 properties
Portfolio size as of June 30, 2026
Portfolio square footage
188 million square feet
Total area of net lease properties as of June 30, 2026
Bank guarantees coverage period
Up to 3 months
Lease-related damages associated with Hellweg
Key Terms
net lease REIT, corporate sale-leasebacks, annualized base rent, Adjusted funds from operations, +1 more
5 terms
net lease REIT financial
"a leading net lease REIT specializing in corporate sale-leasebacks"
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.
corporate sale-leasebacks financial
"specializing in corporate sale-leasebacks, build-to-suits and the acquisition"
annualized base rent financial
"64%, of current Hellweg ABR1, with new rent expected to commence"
Annualized base rent is the total fixed rent a tenant is contractually required to pay over a year, based on the agreed monthly or periodic rate and excluding variable charges like utilities or percentage rent. For investors it acts like a predictable paycheck from a property lease, helping assess steady income, cash flow stability, and the value of real estate holdings much like knowing a subscription’s guaranteed yearly revenue.
Adjusted funds from operations financial
"we're confident that AFFO is on track to end the year"
Adjusted funds from operations is a financial measure that shows how much cash a real estate company generates from its property operations, excluding certain non-recurring items and accounting adjustments. It helps investors understand the company’s true cash flow ability to pay dividends or fund growth. This figure offers a clearer picture of ongoing financial performance by removing irregular or one-time factors that can distort regular income.
forward-looking statements regulatory
"Certain of the matters discussed in this communication constitute forward-looking statements"
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.
FAQ
What 2026 investment volume does W. P. Carey (WPC) currently expect?
W. P. Carey reports visibility into more than $1.9 billion of 2026 investment volume, including about $1.4 billion already completed year to date, plus transactions in its pipeline and capital projects scheduled to deliver during 2026.
What progress has W. P. Carey made re-leasing Hellweg stores?
W. P. Carey has binding leases for nine Hellweg stores, representing about $9.8 million or 64% of current Hellweg ABR, with new rent expected to start between late 2026 and mid‑2027. Overall rent recapture on 11 re‑tenanted stores is expected to be close to 100% of current Hellweg rent.
What is planned for the remaining Hellweg stores in W. P. Carey’s portfolio?
Of the remaining seven Hellweg stores, two stores representing about $1.2 million or 8% of Hellweg ABR are in final lease negotiations, and five stores representing about $4.3 million or 28% of Hellweg ABR are expected to be sold by the end of 2026.
What does W. P. Carey say about its 2026 AFFO expectations?
Management states that, given strong investment activity and better visibility into Hellweg-related rent, AFFO is on track to finish 2026 above the midpoint of the company’s current full‑year guidance range.
How large is W. P. Carey’s real estate portfolio as of June 30, 2026?
As of June 30, 2026, W. P. Carey’s portfolio includes 1,748 net lease properties totaling approximately 188 million square feet of commercial real estate, diversified across property types and primarily located in the U.S. and Europe.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): September 10, 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:
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 September 10, 2026, W. P. Carey Inc. (the “Company”) issued a press release announcing its year-to-date investment volume and improved outlook for 2026 tenant credit related rent loss. 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 September 10, 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: | September 10, 2026 | By: | /s/ ToniAnn Sanzone | ||||||||
| ToniAnn Sanzone | |||||||||||
| Chief Financial Officer | |||||||||||
Exhibit 99.1
W. P. Carey Provides Business Update on Investment Activity and Tenant Credit
Current Visibility into Over $1.9 Billion of 2026 Investment Volume
Improved Outlook for 2026 Tenant Credit-Related Rent Loss
NEW YORK, Sept. 10, 2026 -- W. P. Carey Inc. (W. P. Carey, NYSE: WPC), a leading net lease REIT specializing in corporate sale-leasebacks, build-to-suits and the acquisition of single-tenant net lease properties, today provided a business update regarding investment activity and its outlook for tenant credit-related rent loss.
Investment Activity
W. P. Carey currently has visibility into investment volume totaling more than $1.9 billion for full-year 2026, including approximately $1.4 billion of investment volume completed year to date, transactions in its pipeline that are expected to close in 2026, and capital projects scheduled to deliver in 2026.
Tenant Credit
W. P. Carey has improved its 2026 outlook for estimated rent loss from tenant credit events, due primarily to the receipt of August rent from Hellweg and the expectation that it will collect additional rent from Hellweg during the second half of 2026. The Company also continues to expect to recognize the benefit of bank guarantees to cover up to three months of lease-related damages associated with Hellweg.
The Company has executed binding lease agreements for nine Hellweg stores, representing approximately $9.8 million, or 64%, of current Hellweg ABR1, with new rent expected to commence between late 2026 and mid-2027.
Of the remaining seven stores:
•Two stores, representing approximately $1.2 million, or 8% of Hellweg ABR, are currently in the final stages of lease negotiations, with leases expected to be signed by the end of September; and
•Five stores, representing approximately $4.3 million, or 28% of Hellweg ABR, are expected to be sold by the end of 2026.
Overall rent recapture for the 11 stores being re-tenanted is expected to be close to 100% of current Hellweg rent.
Jason Fox, Chief Executive Officer, W. P. Carey, said: “Investment activity remains strong and we believe we're well positioned to end the year in the top half of our current investment volume guidance range. We've also made further progress addressing Hellweg, which, together with improved visibility into expected Hellweg rent over the second half of the year, has improved our outlook for rent loss this year. As a result, we're confident that AFFO is on track to end the year above the midpoint of our current guidance range, and we look forward to updating our full-year expectations when we report our third-quarter results.”
(1) Current Hellweg ABR, translated to U.S. dollars using the ECB reference exchange rate of 1.1652 USD per EUR on Sept. 9, 2026.
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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 1,748 net lease properties covering approximately 188 million square feet as of June 30, 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. These forward-looking statements include, but are not limited to, statements made regarding our expectations with respect to investment volume, rent loss and AFFO. 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:
Amanda Woodward
1 (212) 492-1171
awoodward@wpcarey.com