W. P. Carey (WPC) investor relations material

Executive summary

• Achieved strong investment activity and capital markets execution in the first half of 2026, with investment activity pre-funded well into 2027.

• Raised full-year AFFO guidance and investment volume assumptions, reflecting improved rent loss outlook and inflationary benefits from CPI-linked leases.

• Specializes in single-tenant net lease commercial real estate, with a highly diversified portfolio across tenant, industry, property type, and geography, primarily in the U.S. and Europe.

• Maintains stable cash flows from long-term leases with strong contractual rent escalations and proactive asset management.

• Demonstrates a successful track record through multiple economic cycles since 1973, led by an experienced management team.

Financial highlights

• AFFO per share for Q2 2026 was $1.34, up 4.7% year-over-year.

• Net income attributable to shareholders was $185.4 million for Q2 2026, up 262.1% year-over-year, driven by mark-to-market gains, foreign debt remeasurement, and gains from joint investments.

• Year-to-date investment volume reached $1.3 billion at a 7.4% weighted average initial cash cap rate.

• Portfolio includes 1,748 properties, 384 tenants, and 188 million square feet, generating $1.64 billion in annualized base rent (ABR) as of June 30, 2026.

• Portfolio occupancy at quarter-end was 98.5%, with a weighted average lease term of 12.2 years.

Outlook and guidance

• Full-year AFFO per share guidance raised and narrowed to $5.19–$5.27, implying 5.2% year-over-year growth.

• Investment volume guidance increased to $1.7–$2.1 billion for 2026.

• Disposition volume guidance narrowed to $350–$550 million for the year.

• Management expects to fund future cash requirements through operations, property dispositions, available credit, and further equity or debt issuances.

• Contractual same-store rent growth expected to reach 2.6% for 2026 and trend higher in 2027.