W. P. Carey Announces Fourth Quarter and Full Year 2025 Financial Results
NEW YORK, Feb. 10, 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 fourth quarter and full year ended December 31, 2025.
Financial Highlights
2025
Fourth Quarter
Full Year
Net income attributable to W. P. Carey (millions)
$148.3
$466.4
Diluted earnings per share
$0.67
$2.11
AFFO (millions)
$281.1
$1,098.2
AFFO per diluted share
$1.27
$4.97
Real Estate Portfolio
Balance Sheet and Capitalization
MANAGEMENT COMMENTARY
"2025 was a year of meaningful progress for W. P. Carey, as execution of our business model translated into strong performance and laid the foundation for attractive, sustainable growth," said Jason Fox, Chief Executive Officer.
"The momentum we built throughout the year has carried into 2026. Healthy year‑to‑date investment volume and an active pipeline are supported by our ability to draw on multiple sources of accretive equity capital — with the vast majority of our anticipated 2026 equity needs already accounted for. Furthermore, we expect to maintain an internal growth rate that's among the best in the net lease sector, contributing a meaningful proportion of our overall AFFO growth.
"At the midpoint, our initial AFFO guidance implies growth in the low-to-mid 4% range, even as we maintain a conservative stance toward both investment volume and potential credit-related rent loss."
QUARTERLY FINANCIAL RESULTS
Revenues
Net Income Attributable to W. P. Carey
Adjusted Funds from Operations (AFFO)
Note: Further information concerning AFFO, which is a non-GAAP supplemental performance metric, is presented in the accompanying tables and related notes.
Dividend
FULL YEAR FINANCIAL RESULTS
Revenues
Net Income Attributable to W. P. Carey
AFFO
Note: Further information concerning AFFO, which is a non-GAAP supplemental performance metric, is presented in the accompanying tables and related notes.
Dividend
AFFO GUIDANCE
(i) investment volume of between $1.25 billion and $1.75 billion;
(ii) disposition volume of between $250 million and $750 million;
(iii) total general and administrative expenses of between $103 million and $106 million;
(iv) property expenses, excluding reimbursable tenant costs, of between $56 million and $60 million; and
(v) tax expense (on an AFFO basis) of between $45 million and $49 million.
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 PORTFOLIO
Investments
Dispositions
Contractual Same-Store Rent Growth
Rent Loss from Tenant Credit Events
Composition
BALANCE SHEET AND CAPITALIZATION
Liquidity
Forward Equity
* * * * *
Supplemental Information
The Company has provided supplemental unaudited financial and operating information regarding the 2025 fourth 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 February 10, 2026, and made available on the Company's website at ir.wpcarey.com/investor-relations.
* * * * *
Live Conference Call and Audio Webcast Scheduled for Wednesday, February 11, 2026 at 12:00 p.m. Eastern Time
Please dial in at least 10 minutes prior to the start time.
Date/Time: Wednesday, February 11, 2026 at 12:00 p.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
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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 1,682 net lease properties covering approximately 183 million square feet as of December 31, 2025. 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
* * * * *
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 investment pipeline, access to capital, internal growth and expectations for future AFFO growth. 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]
* * * * *
W. P. CAREY INC.
Consolidated Balance Sheets
(in thousands, except share and per share amounts)
December 31,
2025
2024
Assets
Investments in real estate:
Land, buildings and improvements — net lease and other
$ 14,451,306
$ 12,842,869
Land, buildings and improvements — operating properties
286,079
1,198,676
Net investments in finance leases and loans receivable
1,171,886
798,259
In-place lease intangible assets and other
2,466,199
2,297,572
Above-market rent intangible assets
668,707
665,495
Investments in real estate
19,044,177
17,802,871
Accumulated depreciation and amortization (a)
(3,578,330)
(3,222,396)
Assets held for sale, net
3,327
—
Net investments in real estate
15,469,174
14,580,475
Equity method investments
310,178
301,115
Cash and cash equivalents
155,329
640,373
Other assets, net
1,068,480
1,045,218
Goodwill
987,071
967,843
Total assets
$ 17,990,232
$ 17,535,024
Liabilities and Equity
Debt:
Senior unsecured notes, net
$ 6,950,261
$ 6,505,907
Unsecured term loans, net
1,196,366
1,075,826
Unsecured revolving credit facility
435,417
55,448
Non-recourse mortgages, net
140,646
401,821
Debt, net
8,722,690
8,039,002
Accounts payable, accrued expenses and other liabilities
670,038
596,994
Below-market rent and other intangible liabilities, net
104,055
119,831
Deferred income taxes
151,820
147,461
Dividends payable
207,487
197,612
Total liabilities
9,856,090
9,100,900
Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued
—
—
Common stock, $0.001 par value, 450,000,000 shares authorized; 219,145,876 and 218,848,844
shares, respectively, issued and outstanding
219
219
Additional paid-in capital
11,830,737
11,805,179
Distributions in excess of accumulated earnings
(3,539,592)
(3,203,974)
Deferred compensation obligation
80,239
78,503
Accumulated other comprehensive loss
(253,346)
(250,232)
Total stockholders' equity
8,118,257
8,429,695
Noncontrolling interests
15,885
4,429
Total equity
8,134,142
8,434,124
Total liabilities and equity
$ 17,990,232
$ 17,535,024
________
(a)
Includes $2.1 billion and $1.8 billion of accumulated depreciation on buildings and improvements as of December 31, 2025 and 2024, respectively, and $1.5 billion and $1.4 billion of accumulated amortization on lease intangibles as of December 31, 2025 and 2024, respectively.
W. P. CAREY INC.
Quarterly Consolidated Statements of Income
(in thousands, except share and per share amounts)
Three Months Ended
December 31, 2025
September 30, 2025
December 31, 2024
Revenues
Real Estate:
Lease revenues
$ 389,154
$ 372,087
$ 351,394
Income from finance leases and loans receivable
26,716
26,498
16,796
Operating property revenues
18,379
26,771
34,132
Other lease-related income
8,137
3,660
1,329
442,386
429,016
403,651
Investment Management:
Asset management revenue
1,085
1,218
1,461
Other advisory income and reimbursements
1,076
1,069
1,053
2,161
2,287
2,514
444,547
431,303
406,165
Operating Expenses
Depreciation and amortization
145,339
125,586
115,770
Impairment charges — real estate
39,690
19,474
27,843
General and administrative
25,899
23,656
24,254
Reimbursable tenant costs
19,371
14,562
15,661
Property expenses, excluding reimbursable tenant costs
13,859
14,637
12,580
Operating property expenses
11,863
15,049
16,586
Stock-based compensation expense
8,650
11,153
9,667
Merger and other expenses
478
1,021
(484)
265,149
225,138
221,877
Other Income and Expenses
Interest expense
(75,431)
(75,226)
(70,883)
Gain on sale of real estate, net
52,791
44,401
4,480
Other gains and (losses) (a)
(10,131)
(31,011)
(77,224)
Earnings from equity method investments
4,109
2,361
302
Non-operating income (b)
2,516
3,030
13,847
(26,146)
(56,445)
(129,478)
Income before income taxes
153,252
149,720
54,810
Benefit from (provision for) income taxes
1,310
(8,495)
(7,772)
Net Income
154,562
141,225
47,038
Net income attributable to noncontrolling interests (c)
(6,243)
(229)
(15)
Net Income Attributable to W. P. Carey
$ 148,319
$ 140,996
$ 47,023
Basic Earnings Per Share
$ 0.67
$ 0.64
$ 0.21
Diluted Earnings Per Share
$ 0.67
$ 0.64
$ 0.21
Weighted-Average Shares Outstanding
Basic
220,469,827
220,562,909
220,223,239
Diluted
221,169,776
221,087,833
220,577,900
Dividends Declared Per Share
$ 0.920
$ 0.910
$ 0.880
__________
(a)
Amount for the three months ended December 31, 2025 is primarily comprised of a mark-to-market unrealized loss for our investment in shares of Lineage of $11.7 million and non-cash unrealized gains on non-hedging derivatives of $1.1 million.
(b)
Amount for the three months ended December 31, 2025 is comprised of a dividend of $2.8 million from our investment in shares of Lineage, interest income on deposits of $1.0 million and realized losses on foreign currency exchange derivatives of $1.3 million.
(c)
Amount for the three months ended December 31, 2025 includes a noncontrolling interest's $6.0 million share of a gain on sale of real estate.
W. P. CAREY INC.
Full Year Consolidated Statements of Income
(in thousands, except share and per share amounts)
Years Ended December 31,
2025
2024
Revenues
Real Estate:
Lease revenues
$ 1,479,204
$ 1,331,788
Income from finance leases and loans receivable
90,948
73,262
Operating property revenues
112,531
146,813
Other lease-related income
24,561
20,334
1,707,244
1,572,197
Investment Management:
Asset management and other revenue
4,957
6,597
Other advisory income and reimbursements
4,284
4,224
9,241
10,821
1,716,485
1,583,018
Operating Expenses
Depreciation and amortization
521,127
487,724
General and administrative
100,672
98,969
Impairment charges — real estate
70,367
43,595
Reimbursable tenant costs
68,743
55,975
Operating property expenses
60,177
70,866
Property expenses, excluding reimbursable tenant costs
53,825
49,677
Stock-based compensation expense
39,894
40,894
Merger and other expenses
2,247
4,457
917,052
852,157
Other Income and Expenses
Interest expense
(291,256)
(277,367)
Other gains and (losses)
(232,107)
(137,988)
Gain on sale of real estate, net
193,793
74,822
Earnings from equity method investments
18,009
17,926
Non-operating income
16,951
52,236
Gain on change in control of interests
—
31,849
(294,610)
(238,522)
Income before income taxes
504,823
492,339
Provision for income taxes
(31,908)
(31,709)
Net Income
472,915
460,630
Net (income) loss attributable to noncontrolling interests
(6,556)
209
Net Income Attributable to W. P. Carey
$ 466,359
$ 460,839
Basic Earnings Per Share
$ 2.11
$ 2.09
Diluted Earnings Per Share
$ 2.11
$ 2.09
Weighted-Average Shares Outstanding
Basic
220,501,239
220,168,325
Diluted
221,112,343
220,520,457
Dividends Declared Per Share
$ 3.620
$ 3.490
W. P. CAREY INC.
Quarterly Reconciliation of Net Income to Adjusted Funds from Operations (AFFO) (Unaudited)
(in thousands, except share and per share amounts)
Three Months Ended
December 31, 2025
September 30, 2025
December 31, 2024
Net income attributable to W. P. Carey
$ 148,319
$ 140,996
$ 47,023
Adjustments:
Depreciation and amortization of real property
144,641
124,906
115,107
Gain on sale of real estate, net
(52,791)
(44,401)
(4,480)
Impairment charges — real estate
39,690
19,474
27,843
Proportionate share of adjustments to earnings from equity method investments (a)
2,255
2,271
2,879
Proportionate share of adjustments for noncontrolling interests (b) (c)
5,958
(82)
(79)
Total adjustments
139,753
102,168
141,270
FFO (as defined by NAREIT) Attributable to W. P. Carey (d)
288,072
243,164
188,293
Adjustments:
Straight-line and other leasing and financing adjustments
(20,758)
(20,424)
(24,849)
Tax (benefit) expense – deferred and other
(11,708)
(1,215)
96
Other (gains) and losses (e)
10,131
31,011
77,224
Stock-based compensation
8,650
11,153
9,667
Amortization of deferred financing costs
4,888
4,874
4,851
Above- and below-market rent intangible lease amortization, net
941
4,363
10,047
Other amortization and non-cash items
589
587
557
Merger and other expenses
478
1,021
(484)
Proportionate share of adjustments to earnings from equity method investments (a)
(43)
2,194
2,266
Proportionate share of adjustments for noncontrolling interests (b)
(116)
(99)
(62)
Total adjustments
(6,948)
33,465
79,313
AFFO Attributable to W. P. Carey (d)
$ 281,124
$ 276,629
$ 267,606
Summary
FFO (as defined by NAREIT) attributable to W. P. Carey (d)
$ 288,072
$ 243,164
$ 188,293
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share (d)
$ 1.30
$ 1.10
$ 0.85
AFFO attributable to W. P. Carey (d)
$ 281,124
$ 276,629
$ 267,606
AFFO attributable to W. P. Carey per diluted share (d)
$ 1.27
$ 1.25
$ 1.21
Diluted weighted-average shares outstanding
221,169,776
221,087,833
220,577,900
W. P. CAREY INC.
Full-Year Reconciliation of Net Income to Adjusted Funds from Operations (AFFO) (Unaudited)
(in thousands, except share and per share amounts)
Years Ended December 31,
2025
2024
Net income attributable to W. P. Carey
$ 466,359
$ 460,839
Adjustments:
Depreciation and amortization of real property
518,414
485,088
Gain on sale of real estate, net
(193,793)
(74,822)
Impairment charges — real estate
70,367
43,595
Gain on change in control of interests
—
(31,849)
Proportionate share of adjustments to earnings from equity method investments (a)
8,400
11,871
Proportionate share of adjustments for noncontrolling interests (b)
5,716
(379)
Total adjustments
409,104
433,504
FFO (as defined by NAREIT) Attributable to W. P. Carey (d)
875,463
894,343
Adjustments:
Other (gains) and losses
232,107
137,988
Straight-line and other leasing and financing adjustments
(75,589)
(80,899)
Stock-based compensation
39,894
40,894
Amortization of deferred financing costs
19,172
18,845
Above- and below-market rent intangible lease amortization, net
11,488
26,144
Tax benefit – deferred and other
(10,885)
(4,245)
Other amortization and non-cash items
2,315
2,303
Merger and other expenses
2,247
4,457
Proportionate share of adjustments to earnings from equity method investments (a)
2,374
(3,531)
Proportionate share of adjustments for noncontrolling interests (b)
(343)
(354)
Total adjustments
222,780
141,602
AFFO Attributable to W. P. Carey (d)
$ 1,098,243
$ 1,035,945
Summary
FFO (as defined by NAREIT) attributable to W. P. Carey (d)
$ 875,463
$ 894,343
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share (d)
$ 3.96
$ 4.06
AFFO attributable to W. P. Carey (d)
$ 1,098,243
$ 1,035,945
AFFO attributable to W. P. Carey per diluted share (d)
$ 4.97
$ 4.70
Diluted weighted-average shares outstanding
221,112,343
220,520,457
__________
(a)
Equity income, including amounts that are not typically recognized for FFO and AFFO, is recognized within Earnings from equity method investments on the consolidated statements of income. This represents adjustments to equity income to reflect FFO and AFFO on a pro rata basis.
(b)
Adjustments disclosed elsewhere in this reconciliation are on a consolidated basis. This adjustment reflects our FFO or AFFO on a pro rata basis.
(c)
Amount for the three months ended December 31, 2025 includes a noncontrolling interest's $6.0 million share of a gain on sale of real estate.
(d)
FFO and AFFO are non-GAAP measures. See below for a description of FFO and AFFO.
(e)
Amount for the three months ended December 31, 2025 is primarily comprised of a mark-to-market unrealized loss for our investment in shares of Lineage of $11.7 million and non-cash unrealized gains on non-hedging derivatives of $1.1 million.
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.