W.P. Carey Inc. reported its financial results for the fourth quarter (Q4) and full year (FY) ended December 31, 2025. For Q4 2025, net income attributable to shareholders was USD 148.3 million, with diluted earnings per share at USD 0.67. For FY 2025, net income attributable to shareholders reached USD 466.4 million and diluted earnings per share was USD 2.11. Adjusted funds from operations (AFFO) for Q4 2025 totaled USD 281.1 million, representing AFFO per diluted share of USD 1.27. For the full year, AFFO amounted to USD 1.10 billion, with AFFO per diluted share at USD 4.97. Total revenues for FY 2025, including reimbursable costs, were USD 1.72 billion, increasing 8.9% compared to the previous year. Lease revenues rose due to net investment activity and rent escalations, while income from finance leases and loans receivable increased, partly offset by the disposition of the U-Haul portfolio in Q1 2024. Operating property revenues decreased, primarily due to the sale of 63 self-storage operating properties and a student housing operating property during 2025, as well as the conversion of several self-storage properties to net leases. The company announced a 2026 AFFO guidance range of USD 5.13 to USD 5.23 per diluted share, based on anticipated full-year investment volume of between USD 1.25 billion and USD 1.75 billion. Contractual same-store rent growth was 2.4% year-over-year, and year-to-date gross disposition proceeds reached USD 60.2 million. Management highlighted strong performance in 2025 and noted that momentum has carried into 2026, supported by active investment volume, an active pipeline, and multiple sources of accretive equity capital. The company reported USD 422.6 million of equity sold under its ATM program during 2025, which currently remains available for settlement.

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