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WPC

W. P. Carey Inc.

WPC

W. P. Carey Inc. • NYSE
$67.37 ▼ -0.03% (-0.02)
Market Cap $14.76 B
52w High $69.79
52w Low $52.91
Dividend Yield 3.58%
P/E 40.83
Volume 510.67K
Outstanding Shares 219.08M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $656.441M ▲ $225.138M ▲ $140.996M ▲ 21.479% ▲ $0.64 ▲ $350.532M ▲
Q2-2025 $430.777M ▲ $155.688M ▲ $51.22M ▼ 11.89% ▼ $0.23 ▼ $266.186M ▼
Q1-2025 $411.048M ▲ $36.115M ▲ $125.824M ▲ 30.611% ▲ $0.57 ▲ $335.187M ▼
Q4-2024 $404.085M ▲ $33.921M ▼ $47.023M ▼ 11.637% ▼ $0.21 ▼ $338.112M ▲
Q3-2024 $394.755M $36.147M $111.698M 28.296% $0.51 $329.922M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $249.029M ▲ $17.985B ▼ $9.813B ▲ $8.156B ▼
Q2-2025 $244.959M ▲ $17.998B ▲ $9.773B ▲ $8.212B ▼
Q1-2025 $187.809M ▼ $17.307B ▼ $8.94B ▼ $8.362B ▼
Q4-2024 $640.373M ▼ $17.535B ▼ $9.101B ▲ $8.43B ▼
Q3-2024 $818.194M $17.632B $9.046B $8.579B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $140.996M ▲ $300.49M ▼ $-212.284M ▲ $-164.944M ▼ $4.198M ▼ $325.942M ▼
Q2-2025 $51.312M ▼ $403.983M ▲ $-367.976M ▼ $160.942M ▲ $208.52M ▲ $378.531M ▲
Q1-2025 $125.816M ▲ $273.213M ▼ $-173.87M ▲ $-581.194M ▼ $-473.072M ▼ $273.213M ▼
Q4-2024 $47.038M ▼ $296.347M ▲ $-697.87M ▼ $226.03M ▲ $-188.428M ▲ $296.347M ▲
Q3-2024 $111.652M $280.17M $-48.858M $-596.482M $-350.541M $280.17M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Investment Management
Investment Management
 $10.00M ▲$0 ▼$0 ▲$0 ▲
Management Service
Management Service
 $0 ▲$0 ▲$0 ▲$0 ▲
Owned Real Estate
Owned Real Estate
 $790.00M ▲$410.00M ▼$430.00M ▲$430.00M ▲

Five-Year Company Overview

Income Statement

Income Statement The income statement shows a business built around stable rental income with generally strong underlying profitability, but headline earnings have been bumpy. Revenue has grown over the longer term, yet recently stepped down as W. P. Carey sold non-core assets, especially offices. Operating margins remain healthy for a REIT, suggesting the core net-lease model is intact, but net income and per-share earnings have been volatile as portfolio reshaping, asset sales, and non-cash items flow through the results. Overall, the pattern is more “steady cash engine with accounting noise” than a straight-line earnings story.

Balance Sheet

Balance Sheet The balance sheet reflects a large, mostly steady real estate platform funded by a mix of equity and long-term debt, in line with typical REIT structures. Total assets and equity have trended upward over several years, indicating gradual growth and retained value despite portfolio pruning. Debt is meaningful but not extreme for the sector, and the rise in cash on hand in the most recent year gives the company more flexibility to manage investments and refinancing. The main balance-sheet risks are sensitivity to interest rates and the ongoing need to carefully match long-duration leases with long-duration funding.

Cash Flow

Cash Flow Cash flow is a relative strength. Operating cash generation has improved over time and looks solid compared with reported accounting earnings, which is what matters most for a net-lease landlord. Capital spending needs are low because tenants typically handle most property costs, so a large share of operating cash can be used for dividends, debt service, and new investments. The key watch point is whether cash flow remains as strong once the portfolio transition away from offices is largely complete and new industrial and warehouse deals fully replace sold assets.

Competitive Edge

Competitive Edge W. P. Carey holds a strong position among net-lease REITs, supported by broad diversification, long lease terms, and deep expertise in sale-leaseback and build-to-suit structures. Its portfolio is spread across many industries and across North America and Europe, which helps cushion shocks in any one area. A very high share of leases are long-term triple-net agreements with built-in rent increases, supporting visibility and inflation protection. Strategic emphasis on industrial and warehouse properties, plus an ability to source off-market, customized deals for corporate tenants, reinforces its competitive edge, though it remains exposed to tenant credit quality, real estate cycles, and European economic and currency conditions.

Innovation and R&D

Innovation and R&D The company is not an R&D-heavy technology player, but it is innovating in how it manages and protects its real estate platform. Key efforts include tracking tenant emissions and sustainability data, integrating ESG considerations into asset management, and using a structured internal rating system to monitor tenant and asset risk. It has also invested in secure payment and treasury systems to reduce fraud and operational risk. Looking forward, its push into growth-oriented property types such as logistics assets and potentially data centers shows a willingness to adapt its business model to evolving tenant needs and the broader digital economy.

Summary

Overall, W. P. Carey looks like a mature, cash-generative REIT that has been deliberately reshaping itself for the future. The core net-lease model continues to support strong operating margins and cash flows, even as reported earnings move around during a multi-year portfolio transition. The balance sheet appears reasonably solid for the sector, with sizable real estate backing, moderate leverage, and improved liquidity. Strategically, the shift toward industrial and warehouse assets, combined with a long history in sale-leasebacks and build-to-suits, positions the company to benefit from supply-chain and e-commerce trends. The main things to monitor are execution on asset recycling, how quickly new growth properties offset disposed assets, the interest-rate backdrop, and the resilience of key tenants across economic cycles.

NEWS

October 28, 2025 · 4:05 PM UTC

W. P. Carey Announces Third Quarter 2025 Financial Results

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October 7, 2025 · 7:30 AM UTC

W. P. Carey to Release Third Quarter 2025 Financial Results on Tuesday, October 28, 2025

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September 18, 2025 · 4:30 PM UTC

W. P. Carey Increases Quarterly Dividend to $0.910 per Share

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September 4, 2025 · 7:30 AM UTC

W. P. Carey Announces Year-to-Date Investment Volume Totaling Approximately $1.3 Billion

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