W. P. Carey Announces Third Quarter 2026 Financial Results

NEW YORK, Oct. 27, 2026 /PRNewswire/ -- W. P. Carey Inc. (NYSE: WPC) (W. P. Carey or the Company), a net lease real estate investment trust, today reported its financial results for the third quarter ended September 30, 2026.

Financial Highlights

• Raising and narrowing 2026 AFFO guidance range to between $5.23 and $5.29 per diluted share, implying 5.8% year-over-year growth at the midpoint
  
  
• Raising the low end of the range for the full-year investment volume assumption by $100 million, narrowing it to between $1.8 billion and $2.1 billion
  
  
• Third quarter cash dividend of $0.950 per share, equivalent to an annualized dividend rate of $3.80 per share 
  

Real Estate Portfolio

• Investment volume of $1.6 billion completed year to date, including $181.9 million during the third quarter and $143.2 million subsequent to quarter end
  
  
• Active capital investments and commitments of $95.2 million scheduled to be completed in the 2026 fourth quarter
  
  
• Gross disposition proceeds of $273.2 million during the first nine months of 2026, including $27.0 million during the third quarter
  
  
• Contractual same-store rent growth of 2.6% year over year

Balance Sheet and Capitalization

• Equity –
  
  
  • Settled a portion of outstanding forward sale agreements during the third quarter for net proceeds totaling approximately $150 million
    
    
  • At the end of the third quarter approximately $538 million of equity subject to forward sale agreements remained available for settlement
    
    
• Debt –
  
  
  • Issued $350 million of 5.200% Senior Unsecured Notes due 2036, with proceeds used to prepay $350 million of 4.250% Senior Unsecured Notes due October 2026

MANAGEMENT COMMENTARY

"We've executed at a high level over the first nine months, with investment activity near record levels, strong portfolio performance and best-in-class rent growth all supporting our expectation that AFFO per share growth will approach 6% this year," said Jason Fox, Chief Executive Officer. "Even though sharply higher interest rates have added some uncertainty to the transaction market, we're confident full-year investment volume will remain well within our guidance range. We're raising the bottom end of that range and continue to see a path to the top half. 

"As we look ahead to next year, we're encouraged by the repricing we're starting to see. If that trend continues, we would expect to see increasingly attractive opportunities to put the substantial capital we've raised to work. Combined with the strength of our internal growth and current dividend yield, we believe we're well positioned to continue delivering attractive total returns to our shareholders."

QUARTERLY FINANCIAL RESULTS

Revenues

• Revenues, including reimbursable costs, for the 2026 third quarter totaled $468.3 million, up 8.6% from $431.3 million for the 2025 third quarter.
  
  
  • Lease revenues increased due primarily to net investment activity.
    
    
  • Operating property revenues decreased due primarily to the sale of the Company's self-storage operating portfolio, comprising the sale of 63 properties in 2025 and 11 during the 2026 first quarter.

Net Income Attributable to W. P. Carey

• Net income attributable to W. P. Carey for the 2026 third quarter was $141.0 million, unchanged from the 2025 third quarter. A lower gain on sale of real estate was substantially offset by the accretive impact of net investment activity and lower impairment charges.

Adjusted Funds from Operations (AFFO)

• AFFO for the 2026 third quarter was $1.33 per diluted share, up 6.4% from $1.25 per diluted share for the 2025 third quarter, primarily reflecting accretive net investment activity and rent escalations, partly offset by the settlement of forward equity.

Note: Further information concerning AFFO, which is a non-GAAP supplemental performance metric, is presented in the accompanying tables and related notes.

Dividend

• On September 18, 2026, the Company reported that its Board of Directors increased its quarterly cash dividend to $0.950 per share, equivalent to an annualized dividend rate of $3.80 per share, representing a 4.4% increase compared to the 2025 third quarter. The dividend was paid on October 15, 2026 to shareholders of record as of September 30, 2026.

AFFO GUIDANCE

• The Company's AFFO per diluted share guidance and key underlying assumptions have been updated as follows:

• The Company has raised and narrowed its AFFO per diluted share guidance range for the 2026 full year, primarily reflecting a more favorable outlook for potential rent loss, together with lower projected tax expense, partly offset by one-time rent abatements expected mainly in the fourth quarter associated with releasing activity.

Note: The Company does not provide guidance on net income. The Company only provides guidance on AFFO and does not provide a reconciliation of this forward-looking non-GAAP guidance to net income due to the inherent difficulty in quantifying certain items necessary to provide such reconciliation as a result of their unknown effect, timing and potential significance. Examples of such items include impairments of assets, gains and losses from sales of assets, and depreciation and amortization from new acquisitions.

REAL ESTATE

Investments

• Year to date, the Company completed investments totaling $1.6 billion, including $181.9 million during the 2026 third quarter and $143.2 million subsequent to quarter end.
  
  
• The Company currently has three capital investments and commitments totaling $95.2 million scheduled to be completed during the 2026 fourth quarter. In addition, the Company has seven capital investments and commitments totaling $204.8 million scheduled to be completed over the course of 2027 and one capital investment and commitment of $25.2 million scheduled to be completed in 2028.

Dispositions

• During the first nine months of 2026, the Company disposed of 33 properties for gross proceeds totaling $273.2 million, including five properties during the 2026 third quarter for gross proceeds totaling $27.0 million.

Contractual Same-Store Rent Growth

• As of September 30, 2026, contractual same-store rent growth was 2.6% year over year on a constant currency basis.

Composition

• As of September 30, 2026, the Company's net lease portfolio consisted of 1,755 properties, comprising 189 million square feet leased to 383 tenants, with a weighted-average lease term of 12.0 years and an occupancy rate of 98.6%.

BALANCE SHEET AND CAPITALIZATION

Liquidity

• As of September 30, 2026, the Company had total liquidity of $2.6 billion, primarily comprising $1.9 billion of available capacity under its Senior Unsecured Credit Facility (net of amounts reserved for standby letters of credit), in addition to cash and cash equivalents and available net proceeds under unsettled forward equity sale agreements.

Forward Equity

• During the 2026 third quarter, the Company settled a portion of its outstanding forward sale agreements, issuing 2,301,613 shares of common stock for net proceeds totaling approximately $150 million.
  
  
• As of September 30, 2026, the Company had a total of 7,612,418 shares available for settlement under forward sale agreements, representing anticipated net proceeds totaling approximately $538 million.

Senior Unsecured Notes

• As previously announced, on July 2, 2026, the Company completed an underwritten public offering of $350 million aggregate principal amount of 5.200% Senior Notes due September 15, 2036.
  
  
• The Company used the offering proceeds on July 29, 2026 to prepay the $350 million of 4.250% Senior Unsecured Notes due October 2026, with no associated prepayment costs.

*     *     *     *     *

Supplemental Information

The Company has provided supplemental unaudited financial and operating information regarding the 2026 third quarter and certain prior quarters, including a description of non-GAAP financial measures and reconciliations to GAAP measures, in a Current Report on Form 8-K filed with the Securities and Exchange Commission (SEC) on October 27, 2026, and made available on the Company's website at ir.wpcarey.com/investor-relations.

*     *     *     *     *

Live Conference Call and Audio Webcast Scheduled for Wednesday, October 28, 2026 at 11:00 a.m. Eastern Time 
Please dial in at least 10 minutes prior to the start time.

Date/Time: Wednesday, October 28, 2026 at 11:00 a.m. Eastern Time
Call-in Number: 1 (877) 465-1289 (U.S.) or +1 (201) 689-8762 (international)

Live Audio Webcast and Replay: www.wpcarey.com/earnings

*     *     *     *     *

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 1,755 net lease properties covering approximately 189 million square feet as of September 30, 2026. With offices in New York, Dallas, London, Amsterdam and Krakow, 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

*     *     *     *     *

Cautionary Statement Concerning Forward-Looking Statements

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 by Mr. Jason Fox regarding expectations for 2026 AFFO per share growth, full-year investment volume and future total returns. 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
[email protected]

Individual Investors:
W. P. Carey Inc.
1 (212) 492-8920
[email protected]

Press Contact:
Anna McGrath
1 (212) 492-1166
[email protected]

*     *     *     *     *

Non-GAAP Financial Disclosure

Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO)

Due to certain unique operating characteristics of real estate companies, as discussed below, the National Association of Real Estate Investment Trusts (NAREIT), an industry trade group, has promulgated a non-GAAP measure known as FFO, which we believe to be an appropriate supplemental measure, when used in addition to and in conjunction with results presented in accordance with GAAP, to reflect the operating performance of a REIT. The use of FFO is recommended by the REIT industry as a supplemental non-GAAP measure. FFO is not equivalent to, nor a substitute for, net income or loss as determined under GAAP.

We define FFO, a non-GAAP measure, consistent with the standards established by the White Paper on FFO approved by the Board of Governors of NAREIT, as restated in December 2018. The White Paper defines FFO as net income or loss computed in accordance with GAAP, excluding gains or losses from the sale of certain real estate, impairment charges on real estate or other assets incidental to the company's main business, gains or losses on changes in control of interests in real estate and depreciation and amortization from real estate assets; and after adjustments for unconsolidated partnerships and jointly owned investments. Adjustments for unconsolidated partnerships and jointly owned investments are calculated to reflect FFO on the same basis.

We also modify the NAREIT computation of FFO to adjust GAAP net income for certain non-cash charges, such as amortization of real estate-related intangibles, deferred income tax benefits and expenses, straight-line rent and related reserves, other non-cash rent adjustments, non-cash allowance for credit losses on loans receivable and finance leases, stock-based compensation, non-cash environmental accretion expense, amortization of discounts and premiums on debt and amortization of deferred financing costs. Our assessment of our operations is focused on long-term sustainability and not on such non-cash items, which may cause short-term fluctuations in net income but have no impact on cash flows. Additionally, we exclude non-core income and expenses, such as gains or losses from extinguishment of debt, gains or losses on the mark-to-market fair value of equity securities, merger and acquisition expenses, spin-off expenses, and income and expenses associated with our captive insurance company. We also exclude realized and unrealized gains/losses on foreign currency exchange rate movements (other than those realized on the settlement of foreign currency derivatives), which are not considered fundamental attributes of our business plan and do not affect our overall long-term operating performance. We refer to our modified definition of FFO as AFFO. We exclude these items from GAAP net income to arrive at AFFO because they are not the primary drivers in our decision-making process and excluding these items provides investors with a view of our portfolio performance over time and makes it more comparable to other REITs. AFFO also reflects adjustments for unconsolidated partnerships and jointly owned investments. We use AFFO as one measure of our operating performance when we formulate corporate goals, evaluate the effectiveness of our strategies and determine executive compensation.

We believe that AFFO is a useful supplemental measure for investors to consider because we believe it will help them better assess the sustainability of our operating performance without the potentially distorting impact of these short-term fluctuations. However, there are limits on the usefulness of AFFO to investors. For example, impairment charges and unrealized foreign currency exchange rate losses that we exclude may become actual realized losses upon the ultimate disposition of the properties in the form of lower cash proceeds or other considerations. We use our FFO and AFFO measures as supplemental financial measures of operating performance. We do not use our FFO and AFFO measures as, nor should they be considered to be, alternatives to net income computed under GAAP, alternatives to net cash provided by operating activities computed under GAAP, or indicators of our ability to fund our cash needs.

SOURCE W. P. Carey Inc.