W. P. Carey Inc. (WPC) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

Apr 24, 2026

Before Open (Confirmed)

Period Ending

2026 (Q1)

Consensus EPS Forecast

0.67

Last Year’s EPS

0.6

Same Quarter Last Year

Analyst Consensus

Hold

Based on 10 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Feb 10, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call presents a broadly positive operational and financial picture driven by record investment activity ($2.1B), strong internal rent growth (contractual same-store +2.4% and comprehensive +2.8%), solid liquidity ($2.2B) and low-cost financing (2025 weighted average debt 3.2%), leading to healthy AFFO growth in 2025 (+5.7%) and continued AFFO growth guidance for 2026 (~4.2% at midpoint). Management highlights multiple sources of capital, attractive spreads (~150 bps on average) from recycling non-core assets, and strategic initiatives (carry tenant solutions, retail expansion) that support future growth. Offsetting factors include expected cap-rate compression to mid/low 7% in 2026, conservative guidance assumptions including a credit-loss cushion ($10–$15M), some near-term declines in non-operating income, and concentration risks from sizable tenant additions (Lifetime Fitness). Overall the positives (strong execution, balance sheet strength, and accretive pipeline) materially outweigh the headwinds, though management is taking a conservative stance in initial guidance.

Company Guidance

W. P. Carey opened 2026 with initial AFFO guidance of $5.13–$5.23 per share (implying ~4.2% y/y growth at the midpoint) alongside acquisition guidance of $1.25–$1.75 billion (expected cash cap rates mid‑to‑low 7% vs. a 7.6% weighted average in 2025) and disposition guidance of $250–$750 million; the plan assumes ~ $300 million of retained cash flow, more than $400 million of unsettled forward equity available (6.3M shares sold via ATM for $423M at a $67.53 weighted avg), and flexibility to fund incremental deals. Key operating assumptions include contractual same‑store rent growth in the mid‑2% range (2025 contractual growth was 2.4%, comprehensive 2.8%), VPI‑linked escalations averaging 2.6% and fixed escalations 2.1% (each ~50% of ABR), portfolio occupancy >98%, and a conservative rent‑loss reserve of $10–$15 million (60–90 bps) for 2026. Expense and other guidance: G&A $103–$106 million, non‑reimbursed property expenses $56–$60 million (including ~$6 million demolition costs), other lease‑related income low‑to‑mid $30s million (≈$20M expected in H1), tax on AFFO $45–$49 million, investment management fees ≈$5 million, and non‑operating income $7–$11 million. Balance sheet and capital metrics assume a 2026 weighted average debt rate in the low‑ to‑mid‑3% range (3.2% in 2025), net debt/adjusted EBITDA targeted in the mid‑to‑high‑5x range (5.6x incl. unsettled forwards), liquidity of ~$2.2 billion, and a quarterly dividend of $0.92 (annualized yield >5%, payout ratio ≈73%), with continued emphasis on accretive spreads (historical ~150 bps to dispositions, yields just above 9% and average lease durations ~17 years) and a sizable near‑term pipeline (≈$312M closed YTD, several $100M at various stages).

Strong AFFO Growth

AFFO per share for full year 2025 was $4.97, representing 5.7% year-over-year growth; Q4 AFFO per share was $1.27, up 5% YoY.

Record Investment Activity

Closed $2.1 billion of investments in 2025 (at the top end of guidance), including $625 million in Q4 and a $322 million portfolio purchase from Lifetime Fitness; investments carried a weighted average initial cash cap rate of 7.6% for the year.

Attractive Yield and Spread Creation

Investments translated to an average yield just above 9% over long-term leases (avg 17-year term); occupied assets sold averaged 6% cap rates, delivering an average spread of ~150 basis points as capital was recycled.

Portfolio Mix and Allocation

2025 investment allocation: 68% warehouse/industrial and 22% retail; geographically 26% Europe and 74% North America (vast majority U.S.), indicating targeted sector/geography focus.

Sector-Leading Internal Rent Growth

Contractual same-store rent growth averaged 2.4% for Q4 and full year 2025; VPI-linked escalations averaged 2.6% (about half of ABR) and fixed increases averaged 2.1%; comprehensive same-store growth for full year was 2.8%.

High Occupancy and Low Credit Impact

Portfolio occupancy rose to 98% at year-end (up 100 basis points from Q3); rent loss from tenant credit events was minimal in 2025 (reported $0.4 million), well below earlier conservative assumptions.

Strong Liquidity and Capital Position

Liquidity of $2.2 billion at year-end (credit facility, cash, unsettled forward equity); sold 6.3 million shares through ATM for gross proceeds of $423 million (forward equity remains available) and more than $400 million of forward equity available for settlement.

Low Cost of Debt and Manageable Leverage

Weighted average interest rate on debt was 3.2% in 2025; euro term loan refinanced at an all-in rate below 3%; net debt to adjusted EBITDA was 5.6x inclusive of unsettled forward equity (5.9x excl.), within target mid-to-high 5x leverage range; 2026 expected weighted average rate remains in low-to-mid 3% range.

Dividend and Shareholder Returns

Quarterly dividend increased 4.5% to $0.92 per share; shareholders received total return of 25% in 2025; full year payout ratio ~73% and annualized dividend yield over 5% based on current stock price.

2026 Initial Guidance and Optionality

2026 AFFO guidance $5.13–$5.23 per share (midpoint implies ~4.2% YoY growth); investment guidance $1.25–$1.75 billion with the Company noting ample funding optionality (retained cash flow ~ $300M expected, forward equity, ATM, and opportunistic dispositions).

Portfolio Simplification & Non-Core Sales Execution

Executed disciplined dispositions totaling $1.5 billion in 2025, including sale of 63 operating self-storage properties for ~$785M, materially exiting the operating self-storage business and simplifying portfolio mix.

W. P. Carey Inc. (WPC) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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WPC Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 24, 2026	2026 (Q1)	0.67 / -	0.601	―	―	―
Feb 10, 2026	2025 (Q4)	0.68 / 0.85	0.336	152.68% (+0.51)
Oct 28, 2025	2025 (Q3)	0.65 / 0.73	0.51	42.75% (+0.22)
Jul 30, 2025	2025 (Q2)	0.63 / 0.25	0.65	-61.54% (-0.40)
Apr 29, 2025	2025 (Q1)	0.64 / 0.60	0.72	-16.53% (-0.12)
Feb 11, 2025	2024 (Q4)	0.59 / 0.34	0.985	-65.89% (-0.65)
Oct 29, 2024	2024 (Q3)	0.54 / 0.51	0.58	-12.07% (-0.07)
Jul 30, 2024	2024 (Q2)	0.58 / 0.65	0.656	-0.91% (>-0.01)
Apr 30, 2024	2024 (Q1)	0.53 / 0.72	1.361	-47.10% (-0.64)
Feb 09, 2024	2023 (Q4)	0.53 / 0.98	1.038	-5.11% (-0.05)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

WPC Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 10, 2026	$72.59	$72.28	-0.43%
Oct 28, 2025	$66.11	$66.28	+0.26%
Jul 30, 2025	$62.82	$63.30	+0.77%
Apr 29, 2025	$59.46	$60.72	+2.13%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does W. P. Carey Inc. (WPC) report earnings?

W. P. Carey Inc. (WPC) is schdueled to report earning on Apr 24, 2026, Before Open (Confirmed).

What is W. P. Carey Inc. (WPC) earnings time?

W. P. Carey Inc. (WPC) earnings time is at Apr 24, 2026, Before Open (Confirmed).

Where can I see when companies are reporting earnings?

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What is WPC EPS forecast?

WPC EPS forecast for the fiscal quarter 2026 (Q1) is 0.67.