W. P. Carey Inc. (WPC) AI Stock Analysis

• Market Cap: $15.64B
• Dividend Yield: 5.51%
• Average Volume (3M): 1.38M
• Price to Earnings (P/E): 33.8
• Beta (1Y): 0.21
• Revenue Growth: 5.59%
• EPS Growth: -34.75%
• Country: US
• Employees: 203
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Diversified
• EPS (TTM): 0.85
• Shares Outstanding: 219,145,870
• 10 Day Avg. Volume: 1,707,210
• 30 Day Avg. Volume: 1,376,276
• PEG Ratio: 31.80
• Price to Book (P/B): 1.75
• Price to Sales (P/S): 8.27
• P/FCF Ratio: 11.07
• Enterprise Value/Market Cap: 1.56
• Enterprise Value/Revenue: 12.57
• Enterprise Value/Gross Profit: 18.44
• Enterprise Value/Ebitda: 18.42
• 1Y Price Target: $71.56
• Price Target Upside: -1.13% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 10
• EPS Forecast (FY): 2.81
• Revenue Forecast (FY): $1.73B

• Rating: 72 Outperform
• Price Target: $80.00 ▲(10.53% Upside)

The score is driven primarily by solid financial performance (strong profitability and cash generation despite recent revenue contraction and modestly higher leverage) and a positive earnings outlook (AFFO growth guidance, high occupancy, and strong liquidity). Technicals add support with an upward trend and moderate momentum, while valuation is the main offset due to a relatively high P/E despite the attractive dividend yield.

Positive Factors

Cash Generation & AFFO Growth

Consistent AFFO growth and robust operating/free cash flow underpin dividend sustainability and reinvestment capacity. Reliable cash generation supports W. P. Carey’s ability to fund acquisitions, repay debt, and maintain payouts while preserving optionality for accretive capital recycling over the medium term.

High Occupancy & Long Leases

Extremely high occupancy and long average lease terms provide durable, predictable rent streams and lower turnover risk. Multi-decade lease lengths reduce exposure to cyclical leasing markets and support stable cash flow, aiding forecasting and long-term dividend coverage.

Diversified Capital & Low-Cost Financing

Large liquidity reserves, diverse equity access (ATM/forward sales) and sub-3.5% average funding costs give the company durable financing flexibility. This supports pipeline funding, refinancing of maturities and preserves ability to pursue accretive deals without stressing liquidity or forcing asset sales in adverse markets.

Negative Factors

Rising Leverage & Near-Term Refinancings

Leverage has increased toward sector-elevated levels, reducing balance-sheet flexibility. Material 2026 maturities and higher net-debt/EBITDA create refinancing execution risk and raise sensitivity to market-rate moves, potentially constraining opportunistic investment or increasing funding costs if markets tighten.

Top-line Contraction

Recent revenue declines signal weaker top-line momentum which can curb AFFO expansion over time. Slower or negative revenue trends limit organic growth, reduce scale benefits and make the company more reliant on accretive transactions to sustain per-share cash flow growth and dividend coverage.

Cap-Rate Compression & Competitive Pressure

Anticipated cap-rate compression narrows the spread between disposition and acquisition yields, challenging the firm’s historical ability to recycle capital accretively. Persistent competition for prime net-lease assets could reduce future going-in yields and temper long-term AFFO accretion from new investments.

W. P. Carey Inc. Business Overview & Revenue Model

Company Description

W. P. Carey ranks among the largest net lease REITs with an enterprise value of approximately $18 billion and a diversified portfolio of operationally-critical commercial real estate that includes 1,215 net lease properties covering approximately 142 million square feet as of September 30, 2020. For nearly five decades, the company has invested in high-quality single-tenant industrial, warehouse, office, retail and self-storage properties subject to long-term net leases with built-in rent escalators. Its portfolio is located primarily in the U.S. and Northern and Western Europe and is well-diversified by tenant, property type, geographic location and tenant industry.

How the Company Makes Money

W. P. Carey generates revenue primarily through rental income from its extensive portfolio of properties leased to tenants under long-term net lease agreements. These leases typically require tenants to cover property expenses such as maintenance, taxes, and insurance, allowing W. P. Carey to maintain a steady stream of income with reduced operational costs. The company also benefits from a diverse tenant base across various industries, which helps mitigate risks associated with tenant defaults. Additionally, W. P. Carey engages in property acquisitions and dispositions, which can contribute to revenue through capital gains. The company has established strategic partnerships with various businesses and has a robust track record of managing properties, further enhancing its earning potential.

W. P. Carey Inc. Financial Statement Overview

Summary

Overall fundamentals are solid, supported by strong profitability for a diversified REIT and robust operating/free cash flow. Offsetting this, revenue has contracted recently (2024–2025) and leverage has edged higher (debt-to-equity rising to ~1.10), reducing flexibility if conditions soften.

Income Statement

Profitability is strong for a diversified REIT, with consistently high gross and operating margins and solid net margins across the period. However, the top line has turned negative recently: revenue declined slightly in 2024 and fell more meaningfully in 2025, following healthier growth in 2021–2023. Net income has also stepped down from the 2023 peak, signaling some earnings normalization alongside the weaker revenue trend.

Balance Sheet

The balance sheet shows moderate-to-elevated leverage typical for the sector, with debt roughly around equity and edging higher in 2025 (debt-to-equity rising to ~1.10 from sub-1.0 levels in prior years). Equity remains sizable relative to assets, which supports stability, but the upward leverage trend adds risk. Returns on equity are steady but not high, generally in the mid-single digits, with a noticeable dip from 2023 levels.

Cash Flow

Cash generation is a clear strength: operating cash flow and free cash flow are robust and generally growing, including a strong rebound in 2024 and continued growth in 2025. Free cash flow is consistently in line with (or close to) reported earnings, supporting earnings quality. The main watch-out is volatility in operating cash flow year-to-year (notably the 2024 spike versus 2023), which can affect perceived consistency.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.72B	1.58B	1.74B	1.47B	1.26B
Gross Profit	491.49M	1.46B	1.60B	1.40B	1.21B
EBITDA	1.32B	1.31B	1.44B	1.29B	1.16B
Net Income	466.36M	460.84M	708.33M	599.14M	409.99M
Balance Sheet
Total Assets	17.99B	17.54B	17.98B	18.10B	15.48B
Cash, Cash Equivalents and Short-Term Investments	155.33M	640.62M	634.86M	168.00M	165.43M
Total Debt	8.72B	8.18B	8.28B	7.88B	6.94B
Total Liabilities	9.86B	9.10B	9.27B	9.09B	7.90B
Stockholders Equity	8.12B	8.43B	8.70B	8.99B	7.58B
Cash Flow
Free Cash Flow	1.28B	1.83B	1.07B	1.00B	926.48M
Operating Cash Flow	1.28B	1.83B	1.07B	1.00B	926.48M
Investing Cash Flow	-960.14M	-1.13B	-905.88M	-1.05B	-1.57B
Financing Cash Flow	-761.71M	-688.47M	292.56M	57.89M	557.05M

W. P. Carey Inc. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 72.38
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For WPC, the sentiment is Positive. The current price of 72.38 is above the 20-day moving average (MA) of 70.88, above the 50-day MA of 67.98, and above the 200-day MA of 65.29, indicating a bullish trend. The MACD of 1.34 indicates Positive momentum. The RSI at 58.97 is Neutral, neither overbought nor oversold. The STOCH value of 33.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for WPC.

W. P. Carey Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
EPRT	80 Outperform	$6.80B	25.33	6.52%	3.88%	24.60%	8.05%
UE	73 Outperform	$2.74B	27.79	8.71%	3.99%	5.29%	-60.36%
WPC	72 Outperform	$15.64B	33.85	5.64%	5.51%	5.59%	-34.75%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
ESRT	65 Neutral	$1.06B	24.16	―	2.16%	0.45%	-24.85%
BNL	63 Neutral	$3.69B	39.02	3.14%	6.72%	3.87%	-37.59%
GNL	59 Neutral	$2.10B	-7.94	-12.53%	10.29%	-28.94%	-28.24%

W. P. Carey Inc. Corporate Events

W. P. Carey Announces Forward Equity Offering for Growth

On February 17, 2026, W. P. Carey Inc. entered into an underwriting agreement tied to an underwritten public offering of 6,000,000 common shares on a forward basis at $71.38 per share, with gross proceeds of $432 million and a 30-day option for underwriters to buy up to 900,000 additional shares. The offering, which closed on February 19, 2026, is structured through forward sale agreements that the company expects to physically settle within about 24 months, giving it flexibility to opt for cash or net share settlement instead.

W. P. Carey plans to use any net proceeds from settlement of the forward sale agreements and related share sales to fund potential future investments, repay certain indebtedness including amounts under its unsecured revolving credit facility, and for general corporate purposes. The capital raise and associated agreements are designed to support the REIT’s growth pipeline and balance sheet management while preserving optionality around the timing and form of equity issuance over the next two years.

The most recent analyst rating on (WPC) stock is a Hold with a $74.00 price target. To see the full list of analyst forecasts on W. P. Carey Inc. stock, see the WPC Stock Forecast page.

W. P. Carey Announces €1 Billion Senior Notes Offering

On February 12, 2026, W. P. Carey Inc. priced an underwritten public offering of €1.0 billion of senior unsecured notes, split between €500 million of 3.250% notes due 2031 and €500 million of 3.750% notes due 2035, with a weighted-average coupon of 3.500% and term of 7.4 years. The notes, for which listing is being sought on Euronext Dublin, are expected to settle on February 24, 2026, with J.P. Morgan Securities plc, Barclays Bank PLC, BNP Paribas and Wells Fargo Securities International Limited acting as joint bookrunners.

The company plans to use the proceeds to repay its €500 million 2.250% senior notes maturing in April 2026 and to fund general corporate purposes, including potential future investments and repayment of other debt such as borrowings under its unsecured revolving credit facility and a €215 million term loan due 2028. This refinancing extends W. P. Carey’s debt maturity profile and supports its capacity to pursue additional net-lease real estate investments in its core U.S. and European markets while managing near-term funding pressures.

The most recent analyst rating on (WPC) stock is a Buy with a $80.00 price target. To see the full list of analyst forecasts on W. P. Carey Inc. stock, see the WPC Stock Forecast page.

W. P. Carey Posts Strong Q4 Results, Raises Outlook

W. P. Carey reported on February 10, 2026 that fourth-quarter 2025 net income surged to $148.3 million and AFFO rose to $1.27 per share, while full-year 2025 net income reached $466.4 million and AFFO climbed 5.7% to $4.97 per share. The REIT lifted its quarterly dividend in December 2025 to $0.920 per share, capping a year of record $2.1 billion investment volume, $1.5 billion of property dispositions and 2.4% same-store rent growth.

Management highlighted that strong 2025 execution and active capital recycling have set up sustainable growth, supported by multiple equity capital sources and significant committed projects into 2026 and 2027. For 2026, W. P. Carey issued AFFO guidance of $5.13 to $5.23 per share, implying low-to-mid single-digit growth as it targets $1.25 billion to $1.75 billion of investments and maintains a cautious stance on credit risk and transaction volumes.

The most recent analyst rating on (WPC) stock is a Hold with a $72.00 price target. To see the full list of analyst forecasts on W. P. Carey Inc. stock, see the WPC Stock Forecast page.

W. P. Carey Reports Record 2025 Investment Activity

On January 7, 2026, W. P. Carey reported a record $2.1 billion of investment volume for full-year 2025 at a weighted-average initial cash cap rate of about 7.6% and an estimated average yield of 9.2%, driven largely by single-tenant warehouse and industrial assets (68% of volume) and supplemented by retail properties (22%), with roughly two-thirds of capital deployed in the U.S. and just over a quarter in Europe. In the fourth quarter alone, the REIT invested about $625 million, including a $322 million acquisition of 10 Life Time Fitness facilities that helped make the operator its third-largest tenant by annualized base rent, while simultaneously disposing of $500 million of assets and reaching $1.5 billion of dispositions for 2025—most notably the sale of 63 self-storage operating properties for $785 million, effectively exiting that operating niche and sharpening its net lease focus. The company’s disposition program, centered on non-core assets sold at yields roughly 150 basis points lower than the cap rates on reinvested capital, enabled accretive funding of new deals, supplemented by the sale of 6.3 million shares under its ATM program via forward equity agreements for $423 million in gross proceeds that remain available for settlement. Operationally, W. P. Carey reported lower-than-anticipated rent loss from tenant credit events at about $6 million for 2025 and confirmed that former top tenant Hellweg stayed current on rent and ended the year as its 17th-largest tenant, underscoring portfolio resilience and supporting management’s positioning of the company for continued adjusted funds from operations (AFFO) growth.

The most recent analyst rating on (WPC) stock is a Hold with a $71.00 price target. To see the full list of analyst forecasts on W. P. Carey Inc. stock, see the WPC Stock Forecast page.

W. P. Carey Inc. Board Member Resigns for Health Reasons

Mark A. Alexander, a board member of W. P. Carey Inc., announced his resignation effective December 12, 2025, due to personal health reasons. His departure is not due to any disagreements with the company’s operations, policies, or practices, ensuring stability in the company’s governance and operations.

The most recent analyst rating on (WPC) stock is a Buy with a $74.00 price target. To see the full list of analyst forecasts on W. P. Carey Inc. stock, see the WPC Stock Forecast page.