# W. P. Carey Inc. (WPC)

Informational only - not investment advice.

CIK: 0001025378
SIC: 6798 Real Estate Investment Trusts
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Holding And Other Investment Offices](/major-group/67/) > [SIC 6798 Real Estate Investment Trusts](/industry/6798/)
Latest 10-K filed: 2026-02-11
SEC page: https://www.sec.gov/edgar/browse/?CIK=1025378
Filing source: https://www.sec.gov/Archives/edgar/data/1025378/000102537826000036/wpc-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-11 · accession 0001025378-26-000036 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001025378.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 1,716,485,000 USD | 2025 | verified |
| Net income | 466,359,000 USD | 2025 | verified |
| Assets | 17,990,232,000 USD | 2025 | verified |
| Net margin | 27.17% | 2025 | computed |
| Revenue YoY | +8.43% | 2025 | computed |
| ROE | 5.74% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | WPC | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 27.2% | 16.8% | 66 | 149 |
| Revenue growth | 8.4% | 3.7% | 72 | 149 |
| ROE | 5.7% | 5.7% | 51 | 151 |
| ROA | 2.6% | 1.5% | 62 | 155 |
| Liabilities / equity | 1.21 | 1.48 | 43 | 151 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6798 Real Estate Investment Trusts, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 1716485000 | USD | 2025 | 2026-02-11 |
| Net income | 466359000 | USD | 2025 | 2026-02-11 |
| Assets | 17990232000 | USD | 2025 | 2026-02-11 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-11. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001025378.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 941,533,000 | 848,302,000 | 885,732,000 | 1,232,766,000 | 1,209,319,000 | 1,331,524,000 | 1,479,086,000 | 1,741,358,000 | 1,583,018,000 | 1,716,485,000 |
| Net income | 267,747,000 | 277,289,000 | 411,566,000 | 305,243,000 | 455,359,000 | 409,988,000 | 599,139,000 | 708,334,000 | 460,839,000 | 466,359,000 |
| Operating cash flow | 546,797,000 | 520,659,000 | 509,166,000 | 812,077,000 | 801,538,000 | 926,479,000 | 1,003,556,000 | 1,073,432,000 | 1,833,112,000 | 1,282,319,000 |
| Dividends paid | 416,655,000 | 431,182,000 | 440,431,000 | 704,396,000 | 726,955,000 | 764,281,000 | 835,257,000 | 916,530,000 | 765,146,000 | 790,032,000 |
| Assets | 8,453,954,000 | 8,231,402,000 | 14,183,039,000 | 14,060,918,000 | 14,707,636,000 | 15,480,630,000 | 18,102,035,000 | 17,976,783,000 | 17,535,024,000 | 17,990,232,000 |
| Liabilities | 5,027,849,000 | 4,819,052,000 | 7,352,984,000 | 7,112,745,000 | 7,829,267,000 | 7,897,179,000 | 9,093,391,000 | 9,269,786,000 | 9,100,900,000 | 9,856,090,000 |
| Stockholders' equity | 3,301,667,000 | 3,192,261,000 | 6,824,278,000 | 6,941,929,000 | 6,876,713,000 | 7,581,785,000 | 8,993,646,000 | 8,700,435,000 | 8,429,695,000 | 8,118,257,000 |
| Cash and cash equivalents | 155,482,000 | 162,312,000 | 217,644,000 | 196,028,000 | 248,662,000 | 165,427,000 | 167,996,000 | 633,860,000 | 640,373,000 | 155,329,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 28.44% | 32.69% | 46.47% | 24.76% | 37.65% | 30.79% | 40.51% | 40.68% | 29.11% | 27.17% |
| Return on equity | 8.11% | 8.69% | 6.03% | 4.40% | 6.62% | 5.41% | 6.66% | 8.14% | 5.47% | 5.74% |
| Return on assets | 3.17% | 3.37% | 2.90% | 2.17% | 3.10% | 2.65% | 3.31% | 3.94% | 2.63% | 2.59% |
| Liabilities / equity | 1.52 | 1.51 | 1.08 | 1.02 | 1.14 | 1.04 | 1.01 | 1.07 | 1.08 | 1.21 |

## As-reported value updates

1 tracked difference above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/WPC/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-29. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001025378.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2012-Q1 | 2012-03-31 |  |  | 0.30 | reported discrete quarter |
| 2012-Q2 | 2012-06-30 |  |  | 0.77 | reported discrete quarter |
| 2012-Q3 | 2012-09-30 |  |  | 0.06 | reported discrete quarter |
| 2013-Q1 | 2013-03-31 |  |  | 0.20 | reported discrete quarter |
| 2013-Q2 | 2013-06-30 |  |  | 0.62 | reported discrete quarter |
| 2013-Q3 | 2013-09-30 |  |  | 0.27 | reported discrete quarter |
| 2014-Q1 | 2014-03-31 |  |  | 1.25 | reported discrete quarter |
| 2014-Q2 | 2014-06-30 |  |  | 0.64 | reported discrete quarter |
| 2014-Q3 | 2014-09-30 |  |  | 0.27 | reported discrete quarter |
| 2015-Q1 | 2015-03-31 |  |  | 0.34 | reported discrete quarter |
| 2015-Q2 | 2015-06-30 |  |  | 0.59 | reported discrete quarter |
| 2015-Q3 | 2015-09-30 |  |  | 0.20 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 448,553,000 | 125,040,000 |  | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 412,437,000 | 144,294,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 389,798,000 | 159,223,000 |  | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 389,672,000 | 142,895,000 |  | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 397,383,000 | 111,698,000 |  | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 406,165,000 | 47,023,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 409,858,000 | 125,824,000 |  | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 430,777,000 | 51,220,000 |  | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 431,303,000 | 140,996,000 |  | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 444,547,000 | 148,319,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 454,509,000 | 176,302,000 |  | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 461,064,000 | 185,389,000 |  | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from WPC's latest 10-K: [/company/WPC/business/](/company/WPC/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from WPC's latest 10-K: [/company/WPC/risk-factors/](/company/WPC/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1025378/000102537826000119/wpc-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-07-29
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Management’s Discussion and Analysis of Financial Condition and Results of Operations is intended to assist in understanding our financial statements and the reasons for changes in certain key components of our financial statements from period to period. This item also provides our perspective on our financial position and liquidity, as well as certain other factors that may affect our future results. Our Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the 2025 Annual Report and subsequent reports filed under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Refer to Item 1 of the 2025 Annual Report for a description of our business.

Significant Developments

Issuance of Senior Unsecured Notes

On July 2, 2026, we completed an underwritten public offering of $350 million of 5.200% Senior Notes due 2036, at a price of 99.015% of par value. These 5.200% Senior Notes due 2036 have a 10.2-year term and are scheduled to mature on September 15, 2036 (Note 10, Note 15).

Prepayment of Senior Unsecured Notes

On July 29, 2026, we prepaid our $350 million of 4.250% Senior Notes with no associated prepayment costs (Note 10, Note 15).

Financial Highlights

During the six months ended June 30, 2026, we completed the following (as further described in the consolidated financial statements):

Real Estate

Investments

•We acquired 15 investments totaling $1.3 billion (Note 4, Note 5), including a portfolio of 19 properties previously owned by one of our unconsolidated equity method investments (Note 7).

•We completed four construction projects totaling $66.4 million (Note 4).

•We committed to fund one new construction project for approximately $13.3 million. We currently expect to complete this project in 2027 (Note 4).

•We entered into a purchase agreement to acquire one industrial facility located in Noblejas, Spain, for approximately $37.5 million, which is expected to be completed in 2027 (Note 4).

•We funded approximately $3.1 million for construction loans for projects in Las Vegas, Nevada, during the six months ended June 30, 2026 (Note 5).

Dispositions

•We disposed of 28 properties for total proceeds, net of selling costs, of $232.7 million, including our 11 remaining self-storage operating properties for total proceeds, net of selling costs, of $73.0 million (Note 14).

[[GREPCENT_TABLE]]
[["","W. P. Carey 6/30/2026 10-Q \u2013 37"]]
[[/GREPCENT_TABLE]]

Financing and Capital Markets Transactions

•During the six months ended June 30, 2026, we sold 6,900,000 shares of common stock through our Equity Forwards and 5,271,817 shares of common stock through our ATM Forwards, for gross proceeds totaling approximately $496.8 million and $391.8 million, respectively (Note 12).

•During the six months ended June 30, 2026, we settled a portion of our Equity Forwards and ATM Forwards by delivering 5,950,000 and 2,566,282 shares of common stock, respectively, to certain forward purchasers for net proceeds totaling $592.0 million (Note 12).

•As of June 30, 2026, we have 950,000 and 8,964,031 shares outstanding under our Equity Forwards and ATM Forwards, respectively, for available proceeds totaling approximately $690.8 million (Note 12).

•On February 24, 2026, we completed an underwritten public offering of €1.0 billion in aggregate principal amount of senior notes, comprising the following tranches (Note 10):

◦€500 million aggregate principal amount of 3.250% Senior Notes due 2031, at a price of 99.249% of par value; and

◦€500 million aggregate principal amount of 3.750% Senior Notes due 2035, at a price of 98.500% of par value.

•In March 2026, we repaid our €500 million of 2.250% Senior Notes due 2026 (Note 10).

•On March 11, 2026, we amended our Senior Unsecured Credit Facility to replace the €215.0 million EUR Term Loan due 2028, which was repaid in February 2026, with a new C$347.3 million term loan maturing on February 14, 2028 (our “CAD Term Loan due 2028”) of an equivalent notional amount and under the same terms, definitions, and extension options (Note 10).

Dividends to Stockholders

We declared cash dividends totaling $1.870 per share during the six months ended June 30, 2026, comprised of two quarterly dividends per share of $0.940 and $0.930 (Note 12).

Consolidated Results

(in thousands, except shares)

[[GREPCENT_TABLE]]
[["","Three Months Ended June 30,","","Six Months Ended June 30,"],["","2026","","2025","","2026","","2025"],["Total revenues","$","461,064","","","$","430,777","","","$","915,573","","","$","840,635"],["Net income attributable to W. P. Carey","185,389","","","51,220","","","361,691","","","177,044"],["Dividends declared","216,210","","","198,794","","","425,141","","","395,392"],["Net cash provided by operating activities (a)","","","","","616,370","","","677,196"],["Net cash used in investing activities","","","","","(1,072,694)","","","(541,846)"],["Net cash provided by (used in) financing activities","","","","","398,153","","","(420,252)"],["Supplemental financial measures (b):"],["Adjusted funds from operations attributable to W. P. Carey (AFFO)","305,444","","","282,670","","","594,101","","","540,490"],["Diluted weighted-average shares outstanding","227,215,203","","","220,874,935","","","224,609,380","","","220,913,225"]]
[[/GREPCENT_TABLE]]

__________

(a)Amounts for the six months ended June 30, 2026 and 2025 include $11.9 million and $178.2 million, respectively, of proceeds from the sales of net investments in sales-type leases (Note 5). Such proceeds are included within Net cash provided by operating activities in accordance with ASC 842, Leases.

[[GREPCENT_TABLE]]
[["","W. P. Carey 6/30/2026 10-Q \u2013 38"]]
[[/GREPCENT_TABLE]]

(b)We consider Adjusted funds from operations (“AFFO”), a supplemental measure that is not defined by GAAP (a “non-GAAP measure”), to be an important measure in the evaluation of our operating performance. See Supplemental Financial Measures below for our definition of this non-GAAP measure and a reconciliation to its most directly comparable GAAP measure.

Revenues

Total revenues increased for the three and six months ended June 30, 2026 as compared to the same periods in 2025, primarily due to net investment activity and rent escalations, partially offset by lower operating property revenues as a result of self-storage operating property dispositions (Note 14).

Net Income Attributable to W. P. Carey

Net income attributable to W. P. Carey increased for the three and six months ended June 30, 2026 as compared to the same periods in 2025, primarily due to non-cash unrealized gains recognized on our investment in shares of Lineage during the current-year periods as compared to losses recognized during the prior-year periods, (Note 8), higher gains from remeasurement of foreign debt, our proportionate share of a gain on sale of real estate recognized by a jointly owned investment during the current year periods (Note 7), and the accretive impact of net investment activity, partially offset by higher impairment charges (Note 8) and lower gain on sale of real estate (Note 14).

AFFO

AFFO increased for the three and six months ended June 30, 2026 as compared to the same periods in 2025, primarily reflecting accretive net investment activity, partly offset by the impact of higher interest rates from debt refinancings on interest expense and the settlement of forward equity.

[[GREPCENT_TABLE]]
[["","W. P. Carey 6/30/2026 10-Q \u2013 39"]]
[[/GREPCENT_TABLE]]

Portfolio Overview

Our portfolio comprises operationally-critical, commercial real estate assets net leased to tenants located primarily in the United States and Europe. We invest in high-quality single tenant industrial, warehouse, and retail properties subject to long-term net leases with built-in rent escalators. Portfolio information is provided on a pro rata basis, unless otherwise noted below, to better illustrate the economic impact of our various net-leased jointly owned investments. See Terms and Definitions below for a description of pro rata amounts.

Portfolio Summary

[[GREPCENT_TABLE]]
[["Net-leased Properties","June 30, 2026","","December 31, 2025"],["ABR (in thousands)","$","1,642,915","","","$","1,553,312"],["Number of net-leased properties","1,748","","","1,682"],["Number of tenants","384","","","371"],["Total square footage (in thousands)","188,498","","","183,498"],["Occupancy","98.5","%","","98.0","%"],["Weighted-average lease term (in years)","12.2","","","12.0"],["Operating Properties"],["Number of operating properties:","5","","","16"],["Number of self-storage operating properties (a)","\u2014","","","11"],["Number of hotel operating properties","4","","","4"],["Number of student housing operating properties","1","","","1"],["Number of countries (b)","24","","","25"],["Total assets (in thousands)","$","18,634,633","","","$","17,990,232"],["Net investments in real estate (in thousands)","16,166,955","","","15,469,174"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","Six Months Ended June 30,"],["","2026","","2025"],["Acquisition volume (in millions) (c)","$","1,328.7","","","$","810.8"],["Construction projects completed (in millions)","66.4","","","4.8"],["Average U.S. dollar/euro exchange rate","1.1665","","","1.0932"],["Average U.S. dollar/British pound sterling exchange rate","1.3446","","","1.2972"]]
[[/GREPCENT_TABLE]]

_________

(a)During the six months ended June 30, 2026, we sold our 11 remaining self-storage operating properties (Note 14).

(b)We sold our final investment in Japan during the six months ended June 30, 2026 (Note 14).

(c)Amount for the six months ended June 30, 2025 includes $3.2 million of funding for a construction loan accounted for as an equity investment (Note 7). Amount for the six months ended June 30, 2025 includes $5.0 million to acquire a 47.50% ownership interest in that equity investment (Note 7). Amounts for the six months ended June 30, 2026 and 2025 include $3.1 million and $2.0 million, respectively, of funding for two construction loans accounted for as secured loans receivable (Note 5). Amounts for the six months ended June 30, 2026 and 2025 include $22.3 million and $258.0 million, respectively, of sale-leasebacks classified as loans receivable (Note 5).

[[GREPCENT_TABLE]]
[["","W. P. Carey 6/30/2026 10-Q \u2013 40"]]
[[/GREPCENT_TABLE]]

Net-Leased Portfolio

The tables below represent information about our net-leased portfolio at June 30, 2026 on a pro rata basis and, accordingly, exclude all operating properties. See Terms and Definitions below for a description of pro rata amounts and ABR.

Top Ten Tenants by ABR

(dollars in thousands)

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1025378/000102537826000036/wpc-20251231.htm
Complete FY 2025 MD&A: /company/WPC/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-11
Report date: 2025-12-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Management’s Discussion and Analysis of Financial Condition and Results of Operations is intended to assist in understanding our financial statements and the reasons for changes in certain key components of our financial statements from period to period. This item also provides our perspective on our financial position and liquidity, as well as certain other factors that may affect our future results.

The following discussion should be read in conjunction with our consolidated financial statements in Item 8 of this Report and the matters described under Item 1A. Risk Factors. Please see our Annual Report on Form 10-K for the year ended December 31, 2024 for discussion of our financial condition and results of operations for the year ended December 31, 2023. Refer to Item 1. Business for a description of our business.

Financial Highlights

During the year ended December 31, 2025, we completed the following (as further described in the consolidated financial statements):

Real Estate

Investments

•We acquired 31 investments totaling $2.0 billion (Note 5, Note 6).

•We completed three construction projects at a cost totaling $68.9 million (Note 5).

•We acquired a 47.50% ownership interest in the partnership that owns the Las Vegas Retail Complex for $5.0 million (Note 8). In addition, we funded approximately $3.2 million for a construction loan on this project during the year ended December 31, 2025. Through December 31, 2025, we have funded $250.9 million (Note 6, Note 8).

•We committed to fund 11 construction projects totaling $277.3 million (on a consolidated basis). We currently expect to complete the projects in 2026 and 2027 (Note 5, Note 6).

Dispositions

•We disposed of 128 properties for total proceeds, net of selling costs, of $1.5 billion, including (i) 63 self-storage operating properties for total proceeds, net of selling costs, of $772.2 million, and (ii) one student housing operating property for proceeds, net of selling costs, of $77.8 million (Note 16).

Financing and Capital Markets Transactions

•In February 2025, we repaid our $450 million of 4.000% Senior Notes due 2025 at maturity (Note 11).

•On March 31, 2025, we refinanced our €500.0 million Unsecured Term Loan due 2029, extending the maturity date by three years to April 2029. In conjunction with this refinancing, we executed variable-to-fixed interest rate swaps that fix the floating rate component of the per annum interest rate at 2.00% through the end of 2027, for a total annual interest rate of approximately 2.80% as of December 31, 2025 (inclusive of the current spread) (Note 11).

•On March 31, 2025, we executed variable-to-fixed interest rate swaps that fix the floating rate component of the per annum interest rate on our £270.0 million GBP Term Loan due 2028 at 3.92% through the end of 2027, for a total annual interest rate of approximately 4.72% as of December 31, 2025 (inclusive of the current spread) (Note 11).

•On July 10, 2025, we completed an underwritten public offering of $400.0 million of 4.650% Senior Notes due 2030, at a price of 99.088% of par value. These 4.650% Senior Notes due 2030 have a five-year term and are scheduled to mature on July 15, 2030 (Note 11).

•We sold 6,258,496 shares of common stock during the year ended December 31, 2025 through our ATM Forwards at a weighted-average gross price of $67.53 per share, for anticipated gross proceeds of approximately $422.6 million as of December 31, 2025. As of the date of this Report, all of these shares of common stock sold through our ATM Forwards remain unsettled (Note 13).

•We repaid non-recourse mortgage debt outstanding totaling $265.1 million with a weighted-average interest rate of 4.5% (Note 11).

[[GREPCENT_TABLE]]
[["","W. P. Carey 2025 10-K \u2013 24"]]
[[/GREPCENT_TABLE]]

Dividends to Stockholders

We declared cash dividends totaling $3.620 per share, comprised of four quarterly dividends per share of $0.890, $0.900, $0.910, and $0.920.

Consolidated Results

(in thousands, except shares)

[[GREPCENT_TABLE]]
[["","Years Ended December 31,"],["","2025","","2024"],["Total revenues","$","1,716,485","","","$","1,583,018"],["Net income attributable to W. P. Carey","466,359","","","460,839"],["Dividends declared","799,907","","","770,426"],["Net cash provided by operating activities (a)","1,282,319","","","1,833,112"],["Net cash used in investing activities","(960,140)","","","(1,133,892)"],["Net cash used in financing activities","(761,710)","","","(688,468)"],["Supplemental financial measures (b):"],["Adjusted funds from operations attributable to W. P. Carey (AFFO)","1,098,243","","","1,035,945"],["Diluted weighted-average shares outstanding","221,112,343","","","220,520,457"]]
[[/GREPCENT_TABLE]]

__________

(a)Amounts for the years ended December 31, 2025 and 2024 include $200.2 million and $806.8 million, respectively, of proceeds from the sales of net investments in sales-type leases (primarily the Grupo Memora portfolio sold during 2025 and the U-Haul and State of Andalusia portfolios sold during 2024) (Note 6). Such proceeds are included within Net cash provided by operating activities in accordance with Accounting Standards Codification (“ASC”) 842, Leases.

(b)We consider Adjusted funds from operations (“AFFO”), a supplemental measure that is not defined by U.S. generally accepted accounting principles (“GAAP”) (a “non-GAAP measure”), to be an important measure in the evaluation of our operating performance. See Supplemental Financial Measures below for our definition of this non-GAAP measure and a reconciliation to its most directly comparable GAAP measure.

Revenues

Total revenues increased in 2025 as compared to 2024, primarily due to net investment activity and rent escalations, partially offset by lower operating property revenues as a result of self-storage operating property dispositions (Note 16).

Net Income Attributable to W. P. Carey

Net income attributable to W. P. Carey increased in 2025 as compared to 2024, primarily due to a higher gain on sale of real estate, lower unrealized losses recognized on our investment in shares of Lineage (Note 9), and the accretive impact of net investment activity, partially offset by higher losses from remeasurement of foreign debt, a gain on change in control of interests recognized in connection with the purchase of the remaining interest in a jointly owned investment during 2024 (Note 8), and higher impairment charges (Note 9).

AFFO

AFFO increased in 2025 as compared to 2024, primarily due to the impact of net investment activity and rent escalations.

[[GREPCENT_TABLE]]
[["","W. P. Carey 2025 10-K \u2013 25"]]
[[/GREPCENT_TABLE]]

Portfolio Overview

Our portfolio is comprised of operationally-critical, commercial real estate assets net leased to tenants located primarily in the United States and Europe. We invest in high-quality single tenant industrial, warehouse, and retail properties subject to long-term net leases with built-in rent escalators. Portfolio information is provided on a pro rata basis, unless otherwise noted below, to better illustrate the economic impact of our various net-leased jointly owned investments. See Terms and Definitions below for a description of pro rata amounts.

Portfolio Summary

[[GREPCENT_TABLE]]
[["","As of December 31,"],["Net-leased Properties","2025","","2024"],["ABR (in thousands)","$","1,553,312","","","$","1,337,172"],["Number of net-leased properties","1,682","","","1,555"],["Number of tenants","371","","","355"],["Total square footage (in thousands)","183,498","","","176,420"],["Occupancy","98.0","%","","98.6","%"],["Weighted-average lease term (in years)","12.0","","","12.3"],["Operating Properties"],["Number of operating properties:","16","","","84"],["Number of self-storage operating properties","11","","","78"],["Number of hotel operating properties","4","","","4"],["Number of student housing operating properties","1","","","2"],["Occupancy (self-storage operating properties)","87.6","%","","89.6","%"],["Number of countries (a)","25","","","26"],["Total assets (in thousands)","$","17,990,232","","","$","17,535,024"],["Net investments in real estate (in thousands)","15,469,174","","","14,580,475"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","Years Ended December 31,"],["","2025","","2024"],["Acquisition volume (in millions) (b)","$","2,038.5","","","$","1,477.0"],["Construction projects completed (in millions)","68.9","","","87.0"],["Average U.S. dollar/euro exchange rate","1.1295","","","1.0820"],["Average U.S. dollar/British pound sterling exchange rate","1.3178","","","1.2781"]]
[[/GREPCENT_TABLE]]

__________

(a)We sold all of our investments in Norway during 2025 (Note 16).

(b)Amounts for the years ended December 31, 2025 and 2024 include $3.2 million and $16.3 million, respectively, of funding for a construction loan accounted for as an equity method investment (Note 8). Amount for the year ended December 31, 2025 includes $5.0 million to acquire a 47.5% ownership interest in that equity investment (Note 8). Amounts for the years ended December 31, 2025 and 2024 include $3.9 million and $31.9 million, respectively, of funding for two construction loans accounted for as secured loans receivable (Note 6). Amounts for the year ended December 31, 2025 and 2024 include $370.0 million and $238.6 million, respectively, of sale-leasebacks classified as loans receivable (Note 6). Amount for the year ended December 31, 2024 includes the purchase of the remaining interest in a jointly owned investment for $10.5 million (Note 8).

[[GREPCENT_TABLE]]
[["","W. P. Carey 2025 10-K \u2013 26"]]
[[/GREPCENT_TABLE]]

Net-Leased Portfolio

The tables below represent information about our net-leased portfolio at December 31, 2025 on a pro rata basis and, accordingly, exclude all operating properties. See Terms and Definitions below for a description of pro rata amounts and ABR.

Top Ten Tenants by ABR

(dollars in thousands)

[[GREPCENT_TABLE]]
[["Tenant","","Description","","Number of Properties","","ABR","","ABR Percent","","Weighted-Average Lease Term (Years)"],["Extra Space Storage","","Net lease self-storage properties in the U.S. leased to publicly traded self-storage REIT","","43","","","$","41,332","","","2.7","%","","23.7"],["Apotex (a)","","Pharmaceutical R&D and manufacturing properties in the Greater Toronto Area leased to generic drug manufacturer","","11","","","33,448","","","2.2","%","","17.2"],["Life Time Fitness","","Health and fitness facilities in the U.S. leased to premium athletic club operator","","12","","","32,450","","","2.1","%","","7.9"],["Metro Italia (b)","","Business-to-business retail stores in Italy leased to cash and carry wholesaler","","19","","","30,893","","","2.0","%","","4.4"],["Fortenova (b)","","Grocery stores and one warehouse in Croatia leased to European food retailer","","19","","","28,404","","","1.8","%","","8.3"],["OBI (b)","","Retail properties in Poland leased to German DIY retailer","","26","","","27,524","","","1.8","%","","5.3"],["Fedrigoni (b)","","Industrial and warehouse facilities in Germany, Italy and Spain leased to global manufacturer of premium packaging and labels","","16","","","25,517","","","1.6","%","","17.9"],["TI Automotive (formerly ABC Technologies) (a) (c)","","Automotive parts manufacturing properties in the U.S., Canada and Mexico leased to OEM supplier","","21","","","25,313","","","1.6","%","","19.2"],["Eroski (b)","","Grocery stores and warehouses in Spain leased to Spanish food retailer","","63","","","24,104","","","1.5","%","","10.2"],["Nord Anglia","","K-12 private schools in Orlando, Miami and Houston leased to international day and boarding school operator","","3","","","23,599","","","1.5","%","","18.7"],["Total","","","","233","","","$","292,584","","","18.8","%","","13.5"]]
[[/GREPCENT_TABLE]]

__________

(a)ABR from these prop

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/WPC/mda/fy2025/
All MD&A years: /company/WPC/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/WPC/mda/fy2024/): filed 2025-02-12; accession 0001025378-25-000031 (https://www.sec.gov/Archives/edgar/data/1025378/000102537825000031/wpc-20241231.htm)
- [FY 2023 MD&A](/company/WPC/mda/fy2023/): filed 2024-02-09; accession 0001025378-24-000037 (https://www.sec.gov/Archives/edgar/data/1025378/000102537824000037/wpc-20231231.htm)
- [FY 2022 MD&A](/company/WPC/mda/fy2022/): filed 2023-02-10; accession 0001025378-23-000035 (https://www.sec.gov/Archives/edgar/data/1025378/000102537823000035/wpc-20221231.htm)
- [FY 2021 MD&A](/company/WPC/mda/fy2021/): filed 2022-02-11; accession 0001025378-22-000041 (https://www.sec.gov/Archives/edgar/data/1025378/000102537822000041/wpc-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6798 Real Estate Investment Trusts) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units
- [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/WPC.md · JSON record: /company/WPC.json · verified financials: /company/WPC/financials.json / /company/WPC/financials.csv · machine TOC for the whole site: /llms.txt