WPC

Research · Sep 3, 2026

[WPC] W. P. Carey Thesis 2026: Industrial Net Lease Deployment Reaches Record Invested Capital

W. P. Carey Inc. FY25 revenue $1.72B (+9%); AFFO Q4 $1.27 (+5%) / FY $4.97 (+5.7%). Record FY25 investment volume $2.1B at 7.6% weighted-average cap rate (vs FY24 $1.6B at 7.5%). Warehouse + industrial properties = 68% of ABR; retail 22%. Geographic mix: 74% North America / 26% Europe. Q4 same-store rent growth +2.4%; portfolio occupancy 98%. Dividend raised +4.5% to $0.92/quarter ($3.68 annualized). FY26 guide: AFFO/share $5.13-$5.23 (+4.2% midpoint); investment volume $1.25-$1.75B; net debt/EBITDA 5.6x; liquidity $2.2B. Risks: Europe FX volatility, tenant credit, refinancing rate environment, retail sub-segment dispositions, residual office, cap rate compression, ATM equity dilution, industrial supply dynamics.