W. P. Carey
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W. P. Carey (WPC) investor relations material

W. P. Carey Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary11 Feb, 2026

Executive summary

  • Achieved 5.7% year-over-year AFFO growth in 2025, driven by record $2.1 billion investment activity and sector-leading rent growth, with a 25% total shareholder return.

  • 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 contractual rent escalations and a proven track record through multiple economic cycles.

  • Proactive asset management and disciplined investment strategy focused on mission-critical assets and value creation through rent escalations and tenant relationships.

  • Entered 2026 with strong investment momentum, a fully funded acquisition pipeline, and confidence in sustaining high deal volumes.

Financial highlights

  • 2025 revenues totaled $1.72 billion, up 8.9% from 2024; Q4 revenues were $444.5 million, up 9.4% year-over-year.

  • Fourth quarter AFFO per share was $1.27, up 5% year-over-year; full year AFFO was $4.97 per share, up 5.7%.

  • Portfolio includes 1,682 properties, 371 tenants, and 183.5 million square feet, generating $1.55 billion in ABR as of December 31, 2025.

  • Portfolio occupancy increased to 98% at year-end, up 100 basis points from Q3, with a weighted average lease term of 12 years.

  • Record annual investment volume of $2.1 billion at a weighted average initial cash cap rate of 7.6%.

Outlook and guidance

  • 2026 AFFO guidance of $5.13–$5.23 per share, implying 4.2% growth at the midpoint.

  • Initial 2026 investment volume guidance of $1.25–$1.75 billion, with potential to raise as the year progresses.

  • Dispositions expected between $250–$750 million, including remaining self-storage assets.

  • Portfolio occupancy expected to remain above 98% in 2026.

  • G&A expenses projected at $103–$106 million, with increased investment in AI and technology.

Why is 2026 investment volume guidance lower?
Detail the components of internal AFFO growth.
What is the strategy behind self-storage dispositions?
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Q1 202629 Apr, 2026
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Frequently asked questions

W. P. Carey Inc. operates as a self-administered and self-managed net lease real estate investment trust (REIT). The Company's business strategy is to acquire, finance, develop, manage and operate operating properties which it leases to tenants, who are typically Fortune 1000 or other large multinational companies. W. P. Carey researches, acquires and manages its portfolio of properties in the United States and in Canada.

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