W. P. Carey Inc. (WPC)
NYSE:WPC
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W. P. Carey Inc.
(NYSE:WPC)
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Rating:76Outperform
Price Target:
$84.00
▲(13.54% Upside)
Action:Reiterated
Date:05/12/26
The score is driven primarily by solid fundamentals (profitability and free-cash-flow generation) plus a constructive technical uptrend. The latest earnings call adds meaningful support via raised investment and AFFO guidance and high occupancy, while the main offsets are financial statement data inconsistencies/volatility and a valuation that looks fair rather than clearly cheap despite a strong dividend yield.
Positive Factors
High Occupancy & Long Lease Durations
A 98.1% occupancy rate combined with a 12.1-year weighted-average lease term supports highly predictable, long-duration contractual cash flows. This reduces short-term rollover risk and underpins stable rental income and dividend coverage over the coming years.
Negative Factors
Material Leverage
Net leverage in the mid-5x range is typical for growth-oriented REITs but leaves sensitivity to interest-rate moves and limits balance sheet flexibility. Sustained elevated leverage can constrain capital return optionality and increase refinancing exposure during adverse credit cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
High Occupancy & Long Lease Durations
A 98.1% occupancy rate combined with a 12.1-year weighted-average lease term supports highly predictable, long-duration contractual cash flows. This reduces short-term rollover risk and underpins stable rental income and dividend coverage over the coming years.
Read all positive factors
W. P. Carey Inc. (WPC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$16.46B
Dividend Yield5.51%
Average Volume (3M)1.23M
Price to Earnings (P/E)21.3
Beta (1Y)0.32
Revenue Growth9.86%
EPS Growth20.75%
CountryUS
Employees203
SectorReal Estate
Sector Strength53
IndustryREIT - Diversified
Share Statistics
EPS (TTM)2.34
Shares Outstanding222,739,100
10 Day Avg. Volume1,197,347
30 Day Avg. Volume1,226,808
Financial Highlights & Ratios
PEG Ratio31.80
Price to Book (P/B)1.75
Price to Sales (P/S)8.27
P/FCF Ratio13.01
Enterprise Value/Market Cap1.54
Enterprise Value/Revenue12.75
Enterprise Value/Gross Profit18.70
Enterprise Value/Ebitda19.09
Forecast
1Y Price Target
$76.70Price Target Upside3.68% Upside
Rating ConsensusHold
Number of Analyst Covering10
EPS Forecast (FY)2.67
Revenue Forecast (FY)$1.81B
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 ...
How the Company Makes Money
W. P. Carey makes money primarily by owning real estate and collecting rent under long-term net leases. Its key revenue streams and economics are: (1) Base rental income: The largest source of recurring revenue comes from contractual rent paid by ...
W. P. Carey Inc. Earnings Call Summary
Earnings Call Date:Apr 28, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 24, 2026
Earnings Call Sentiment Positive
The call conveyed strong positive momentum: significant investment activity (≈$680M closed YTD), a materially increased full‑year investment guidance ($1.5–$2.0B), AFFO per share growth (+11.1% YoY) with upgraded full‑year AFFO guidance, robust capital markets execution (≈$2B accessed, liquidity ≈$2.8B), high occupancy (98.1%), and an increased dividend. Challenges were present but generally manageable: comprehensive same‑store growth lagged contractual growth due to vacancy, near‑term redevelopment and demolition costs, a modest watchlist of tenants (Hellweg, Cornerstone), disposition timing uncertainty, and continued elevated but targeted leverage (net debt/EBITDA ~5.3–5.7x). Overall positives — growth, balance sheet actions, and capital deployment visibility — materially outweighed the near‑term operational and modest credit/headline risks.Positive Updates
Raised Investment Volume Guidance
Full-year investment volume guidance increased from an initial $250 million to a new range of $1.5 billion to $2.0 billion, driven by ~ $680 million of investments completed year-to-date and a pipeline of over $5 billion with clear visibility into well over $1 billion.
Negative Updates
Comprehensive Same-Store Rent Growth Lagging Contractual Growth
Comprehensive same-store rent growth was 1.0% in Q1 versus contractual growth of 2.4%, a gap of ~1.4 percentage points largely driven by vacancy impacts; management notes comprehensive growth can vary quarter-to-quarter and historically trails contractual by ~100 bps on average.
Read all updates
Q1-2026 Updates
Positive
Negative
Raised Investment Volume Guidance
Full-year investment volume guidance increased from an initial $250 million to a new range of $1.5 billion to $2.0 billion, driven by ~ $680 million of investments completed year-to-date and a pipeline of over $5 billion with clear visibility into well over $1 billion.
Read all positive updates
Company Guidance
The company raised full‑year investment guidance to $1.5–$2.0 billion (up from a prior $250M baseline), increased AFFO per share guidance to $5.16–$5.26 (a $0.03 midpoint bump implying ~4.8% growth) after Q1 AFFO of $1.30 (+11.1% YoY), and lowered its estimated potential rent loss to $8–$12 million (≈50–75 bps of ABR, down from $10–$15M). Q1 metrics included contractual same‑store rent growth of 2.4% (full‑year contractual expected in the mid‑2% range) and comprehensive same‑store growth of 1.0% (historically ~100 bps below contractual; full‑year comprehensive ~1–2%), portfolio occupancy of 98.1%, non‑reimbursed property expense guidance of $56–$60M (Q1 $14.6M), G&A guidance of $103–$106M (Q1 $27.3M), and other lease‑related income Q1 $10.5M (full‑year low‑ to mid‑$30M). Capital deployment to date is ≈$680M with a deal pipeline >$5B and “visibility” to well over $1B; closed deals averaged a 7.2% cap rate while management expects a full‑year average cap rate near 7.5% and average yields of ~9% over long lease terms; 60% of Q1 investment volume was industrial and 40% retail, with 11 capital projects totaling ≈$280M delivering over 12 months (four projects, $68M, completed YTD). Balance sheet and capital metrics include liquidity of ≈$2.8B (cash, revolver, unsettled forwards), weighted average debt cost ~3.1% (expected low‑ to mid‑3% for the year), net debt/adjusted EBITDA 5.3x incl. unsettled forward equity (5.7x ex), €1.0B of Eurobonds issued (two €500M tranches at 3.25% and 3.75%), a Canadian term loan ~3.1%, forward equity sales of 6.9M shares (gross $497M) with 3.45M shares settled for net $247M and 9.7M remaining (anticipated net $653M), expected retained cash flow of ~$300M, Q1 dispositions $163M (including $75M for remaining self‑storage; aggregate self‑storage proceeds ≈$860M at ~<6% cap), minimal near‑term maturities (notably $350M U.S. bonds in October), and a raised quarterly dividend of $0.93 (72% payout ratio, >5% yield) with dividend growth expected to track AFFO.W. P. Carey Inc. Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
64
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.99B | 1.72B | 1.58B | 1.74B | 1.47B | 1.26B |
| Gross Profit | 1.35B | 491.49M | 1.46B | 1.60B | 1.40B | 1.21B |
| EBITDA | 1.33B | 1.32B | 1.31B | 1.44B | 1.29B | 1.16B |
| Net Income | 516.84M | 466.36M | 460.84M | 708.33M | 599.14M | 409.99M |
Balance Sheet | ||||||
| Total Assets | 18.20B | 17.99B | 17.54B | 17.98B | 18.10B | 15.48B |
| Cash, Cash Equivalents and Short-Term Investments | 239.27M | 155.33M | 640.62M | 634.86M | 168.00M | 165.43M |
| Total Debt | 8.85B | 8.72B | 8.18B | 8.28B | 7.88B | 6.94B |
| Total Liabilities | 9.84B | 9.86B | 9.10B | 9.27B | 9.09B | 7.90B |
| Stockholders Equity | 8.34B | 8.12B | 8.43B | 8.70B | 8.99B | 7.58B |
Cash Flow | ||||||
| Free Cash Flow | 1.10B | 1.09B | 1.70B | 951.81M | 899.12M | 812.86M |
| Operating Cash Flow | 1.29B | 1.28B | 1.83B | 1.07B | 1.00B | 926.48M |
| Investing Cash Flow | -1.25B | -960.14M | -1.13B | -905.88M | -1.05B | -1.57B |
| Financing Cash Flow | 30.47M | -761.71M | -688.47M | 292.56M | 57.89M | 557.05M |
W. P. Carey Inc. Technical Analysis
Positive
73.98
Price Trends
71.36
Positive
70.08
Positive
67.33
Positive
Market Momentum
0.67
Positive
60.89
Neutral
54.47
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 73.98 is above the 20-day moving average (MA) of 73.38, above the 50-day MA of 71.36, and above the 200-day MA of 67.33, indicating a bullish trend. The MACD of 0.67 indicates Positive momentum. The RSI at 60.89 is Neutral, neither overbought nor oversold. The STOCH value of 54.47 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. Risk Analysis
W. P. Carey Inc. disclosed 84 risk factors in its most recent earnings report. W. P. Carey Inc. reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
W. P. Carey Inc. Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $16.46B | 21.26 | 6.30% | 5.51% | 9.86% | 20.75% | |
71 Outperform | $3.88B | 18.76 | 4.43% | 6.72% | 6.10% | 9.74% | |
70 Outperform | $6.68B | 26.68 | 6.32% | 3.88% | 24.20% | 7.66% | |
69 Neutral | $2.89B | 27.77 | 8.34% | 3.99% | 7.25% | 34.47% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
59 Neutral | $953.54M | 97.10 | 3.77% | 2.16% | 1.53% | -31.93% | |
56 Neutral | $1.98B | -98.63 | -2.44% | 10.29% | -35.44% | 50.75% |
* Real Estate Sector Average
WPC
W. P. Carey Inc.
75.01
17.93
31.41%
ESRT
Empire State Realty
5.58
-1.66
-22.95%
UE
Urban Edge Properties
21.97
4.95
29.08%
GNL
Global Net Lease
9.44
2.47
35.38%
EPRT
Essential Properties Realty
31.31
0.69
2.26%
BNL
Broadstone Net Lease
20.43
5.87
40.32%
W. P. Carey Inc. Corporate Events
Business Operations and StrategyFinancial Disclosures
W. P. Carey Highlights 2026 Investment Growth Pipeline
Positive
May 12, 2026
In a May 12, 2026 announcement, W. P. Carey reported year-to-date investment volume of approximately $1.1 billion, including about $400 million deployed since it released first-quarter 2026 results on April 28, 2026. The company said it now has vi...
Business Operations and StrategyDividendsFinancial DisclosuresPrivate Placements and Financing
W. P. Carey Lifts 2026 Guidance After Strong Quarter
Positive
Apr 28, 2026
W. P. Carey reported strong first-quarter 2026 results on April 28, 2026, with net income rising 40.1% year on year to $176.3 million and AFFO per diluted share up 11.1% to $1.30, driven by accretive net investment activity, rent escalations and g...
Business Operations and StrategyPrivate Placements and Financing
W. P. Carey Completes Major Euro Notes and Equity Offering
Positive
Feb 24, 2026
On February 24, 2026, W. P. Carey Inc. completed a €1.0 billion public offering of senior unsecured notes, split evenly into 3.250% notes due 2031 and 3.750% notes due 2035, ranking pari passu with its other unsecured debt and governed by ex...
Business Operations and StrategyPrivate Placements and Financing
W. P. Carey Announces Forward Equity Offering for Growth
Positive
Feb 19, 2026
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 un...
Business Operations and StrategyPrivate Placements and Financing
W. P. Carey Announces €1 Billion Senior Notes Offering
Positive
Feb 13, 2026
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 weight...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.