W. P. Carey Announces Third Quarter 2025 Financial Results

NEW YORK, Oct. 28, 2025 -- 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, 2025.

Financial Highlights

• Raising and narrowing 2025 AFFO guidance range to between $4.93 and $4.99 per diluted share, which is based on higher anticipated full-year investment volume of between $1.8 billion and $2.1 billion
    
• Third quarter cash dividend of $0.910 per share, equivalent to an annualized dividend rate of $3.64 per share, representing a 4.0% increase compared to the 2024 third quarter

Real Estate Portfolio

• Investment volume of $1.6 billion completed year to date, including $656.4 million during the third quarter and $169.7 million subsequent to quarter end
    
• Active capital investments and commitments of $67.1 million scheduled to be completed in 2025
    
• Gross disposition proceeds of $1.0 billion year to date, including $495.2 million during the third quarter and $58.3 million subsequent to quarter end
    
  
  • Year-to-date dispositions include 37 self-storage operating properties for $513.3 million, including 22 properties sold during the third quarter and five subsequent to quarter end
    
    
• Contractual same-store rent growth of 2.4%

Balance Sheet and Capitalization

• Issued $400 million of 4.650% Senior Unsecured Notes due 2030
    
• Sold $230 million of equity under the Company's ATM program subject to forward sale agreements during and subsequent to the third quarter, all of which is currently unsettled

 

MANAGEMENT COMMENTARY

"Strong investment activity, an active deal pipeline, and lower anticipated rent loss have enabled us to further raise our full-year outlook for both investment volume and AFFO — continuing the momentum we built in the first half of the year," said Jason Fox, Chief Executive Officer. "We've also made excellent progress executing our strategy of funding investments through asset sales this year, achieving better-than-expected disposition cap rates and favorable reinvestment spreads. And our recent forward equity sales provide additional flexibility for funding deals.

"Looking ahead, our portfolio performance, sector-leading rent growth, strong near-term pipeline and access to well-priced capital, all support our ability to continue delivering attractive AFFO growth in 2026."

 

QUARTERLY FINANCIAL RESULTS

Revenues

• Revenues, including reimbursable costs, for the 2025 third quarter totaled $431.3 million, up 8.5% from $397.4 million for the 2024 third quarter.
    
  
  • Lease revenues increased primarily due to net investment activity and rent escalations.
    
    
  • Income from finance leases and loans receivable increased primarily as a result of net investment activity.
    
    
  • Operating property revenues decreased primarily as a result of the sale of 10 self-storage operating properties during the 2025 second quarter and 22 during the 2025 third quarter, as well as the conversion of three self-storage operating properties to net leases during the 2024 third quarter and four during the first nine months of 2025.

Net Income Attributable to W. P. Carey

• Net income attributable to W. P. Carey for the 2025 third quarter was $141.0 million, up 26.2% from $111.7 million for the 2024 third quarter, due primarily to a higher gain on sale of real estate, lower mark-to-market losses recognized on the Company's shares of Lineage and the accretive impact of net investment activity, partly offset by a gain on change in control of interests recognized in connection with our acquisition of a third party joint venture partner's interest in nine self-storage operating properties during the prior-year period.

Adjusted Funds from Operations (AFFO)

• AFFO for the 2025 third quarter was $1.25 per diluted share, up 5.9% from $1.18 per diluted share for the 2024 third quarter, primarily reflecting the accretive impact of net investment activity.

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, 2025, the Company reported that its Board of Directors increased its quarterly cash dividend to $0.910 per share, equivalent to an annualized dividend rate of $3.64 per share, representing a 4.0% increase compared to the 2024 third quarter. The dividend was paid on October 15, 2025 to shareholders of record as of September 30, 2025.

 

AFFO GUIDANCE

• The Company has raised and narrowed its guidance range for the 2025 full year, primarily reflecting higher expected investment volume and a lower estimate of potential rent loss from tenant credit events, and currently expects to report AFFO of between $4.93 and $4.99 per diluted share, based on the following key assumptions:

(i)   investment volume of between $1.8 billion and $2.1 billion, which is revised higher;

(ii)   disposition volume of between $1.3 billion and $1.5 billion, which is revised higher;

(iii)  total general and administrative expenses of between $99 million and $102 million, which is unchanged;

(iv)  property expenses, excluding reimbursable tenant costs, of between $51 million and $54 million, which is revised higher at the bottom end of the range; and

(v)  tax expense (on an AFFO basis) of between $41 million and $44 million, which is revised lower.

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 $656.4 million during the 2025 third quarter and $169.7 million subsequent to quarter end.
    
• The Company currently has five capital investments and commitments totaling $67.1 million scheduled to be completed during 2025.
    
• In addition, the Company has six capital investments and commitments totaling $181.0 million scheduled to be completed by the first quarter of 2027.

Dispositions

• Year to date, the Company disposed of 91 properties for gross proceeds totaling $1.0 billion, including 29 properties during the 2025 third quarter for gross proceeds totaling $495.2 million and seven properties subsequent to quarter end for gross proceeds totaling $58.3 million.
    
• Year to date dispositions include the sale of 37 self-storage operating properties for gross proceeds totaling $513.3 million, including 22 properties sold during the 2025 third quarter for gross proceeds totaling $349.2 million, and five properties subsequent to quarter end for gross proceeds totaling $52.5 million.

Contractual Same-Store Rent Growth

• As of September 30, 2025, contractual same-store rent growth was 2.4% year over year, on a constant currency basis.

Composition

• As of September 30, 2025, the Company's net lease portfolio consisted of 1,662 properties, comprising 183 million square feet leased to 373 tenants, with a weighted-average lease term of 12.1 years and an occupancy rate of 97.0%. In addition, the Company owned 42 self-storage operating properties, four hotel operating properties and one student housing operating property, totaling approximately 3.4 million square feet.

 

BALANCE SHEET AND CAPITALIZATION

Liquidity

• As of September 30, 2025, the Company had total liquidity of $2.1 billion, primarily comprising approximately $1.6 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, cash held at qualified intermediaries and available net proceeds under unsettled forward equity sale agreements.

Forward Equity and "At-The-Market" (ATM) Program

• The Company currently has 3,385,460 shares of common stock available for settlement subject to forward sale agreements, sold under its ATM program at a weighted-average gross price of $68.05 per share, representing total gross proceeds of approximately $230.4 million, comprising:
    
  
  • 2,757,370 shares of common stock available for settlement subject to forward sale agreements, sold during the 2025 third quarter under its ATM program at a weighted-average gross price of $67.91 per share, representing total gross proceeds of approximately $187.3 million as of September 30, 2025; and
      
  • 628,090 shares of common stock available for settlement subject to forward sale agreements, sold subsequent to the 2025 third quarter under its ATM program at a weighted-average gross price of $68.66 per share, representing total gross proceeds of approximately $43.1 million as of the date of this press release.

Senior Unsecured Notes

• As previously announced, on July 10, 2025, the Company completed an underwritten public offering of $400 million aggregate principal amount of 4.650% Senior Notes due July 15, 2030.

 

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Supplemental Information

The Company has provided supplemental unaudited financial and operating information regarding the 2025 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 28, 2025, and made available on the Company's website at ir.wpcarey.com/investor-relations. 

 

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Live Conference Call and Audio Webcast Scheduled for Wednesday, October 29, 2025 at 11:00 a.m. Eastern Time
Please dial in at least 10 minutes prior to the start time.

Date/Time: Wednesday, October 29, 2025 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 

 

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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 1,662 net lease properties covering approximately 183 million square feet as of September 30, 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 

 

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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 portfolio performance, rent growth, investment pipeline, access to capital 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, 2024. 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
institutionalir@wpcarey.com 

Individual Investors:
W. P. Carey Inc.
1 (212) 492-8920
ir@wpcarey.com 

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