NEW YORK, Feb. 10, 2026 /PRNewswire/ -- 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 fourth quarter and full year ended December 31, 2025.
Financial Highlights
2025
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Fourth Quarter Full Year
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Net income attributable to W. P. Carey (millions) $148.3 $466.4
Diluted earnings per share $0.67 $2.11
AFFO (millions) $281.1 $1,098.2
AFFO per diluted share $1.27 $4.97
-- 2026 AFFO guidance range of between $5.13 and $5.23 per diluted share
announced, based on anticipated full-year investment volume of between
$1.25 billion and $1.75 billion
-- Fourth quarter cash dividend of $0.920 per share, equivalent to an
annualized dividend rate of $3.68 per share, up 4.5% year over year
Real Estate Portfolio
-- Record annual investment volume of $2.1 billion for 2025, including
$625.1 million completed during the fourth quarter
-- Year-to-date investment volume of $312.4 million
-- Active capital investments and commitments of $238.3 million scheduled to
be completed in 2026, including three projects totaling $50.0 million
completed year to date
-- Gross disposition proceeds of $1.5 billion for 2025, including $507.0
million completed during the fourth quarter
-- Year-to-date gross disposition proceeds of $60.2 million
-- Contractual same-store rent growth of 2.4% year over year
Balance Sheet and Capitalization
-- $422.6 million of equity sold under the Company's ATM program subject to
forward sale agreements during 2025, all of which currently remains
available for settlement
MANAGEMENT COMMENTARY
"2025 was a year of meaningful progress for W. P. Carey, as execution of our business model translated into strong performance and laid the foundation for attractive, sustainable growth," said Jason Fox, Chief Executive Officer.
"The momentum we built throughout the year has carried into 2026. Healthy year--to--date investment volume and an active pipeline are supported by our ability to draw on multiple sources of accretive equity capital -- with the vast majority of our anticipated 2026 equity needs already accounted for. Furthermore, we expect to maintain an internal growth rate that's among the best in the net lease sector, contributing a meaningful proportion of our overall AFFO growth.
"At the midpoint, our initial AFFO guidance implies growth in the low-to-mid 4% range, even as we maintain a conservative stance toward both investment volume and potential credit-related rent loss."
QUARTERLY FINANCIAL RESULTS
Revenues
-- Revenues, including reimbursable costs, for the 2025 fourth quarter
totaled $444.5 million, up 9.4% from $406.2 million for the 2024 fourth
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 due to the sale of
63 self-storage operating properties and a student housing
operating property, as well as the conversion of four self-storage
operating properties to net leases during 2025.
Net Income Attributable to W. P. Carey
-- Net income attributable to W. P. Carey for the 2025 fourth quarter was
$148.3 million, up 215.5% from $47.0 million for the 2024 fourth quarter,
due primarily to lower mark-to-market losses recognized on the Company's
shares of Lineage, a higher gain on sale of real estate and the accretive
impact of net investment activity, partly offset by lower gains from
remeasurement of foreign debt.
Adjusted Funds from Operations (AFFO)
-- AFFO for the 2025 fourth quarter was $1.27 per diluted share, up 5.0%
from $1.21 per diluted share for the 2024 fourth quarter, primarily
reflecting the accretive impact of net investment activity and rent
escalations, partly offset by outstanding rents collected during the 2024
fourth quarter in connection with a disposition during that period.
Note: Further information concerning AFFO, which is a non-GAAP supplemental performance metric, is presented in the accompanying tables and related notes.
Dividend
-- On December 15, 2025, the Company reported that its Board of Directors
increased its quarterly cash dividend to $0.920 per share, equivalent to
an annualized dividend rate of $3.68 per share, representing a 4.5%
increase compared to the 2024 fourth quarter. The dividend was paid on
January 15, 2026 to shareholders of record as of December 31, 2025.
FULL YEAR FINANCIAL RESULTS
Revenues
-- Revenues, including reimbursable costs, for the 2025 full year totaled
$1.72 billion, up 8.9% from $1.58 billion for the 2024 full year.
-- 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 investment activity, partly offset by the
disposition of the U-Haul portfolio during the 2024 first
quarter.
-- 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 three
self-storage operating properties to net leases during 2024 and
four during 2025.
Net Income Attributable to W. P. Carey
-- Net income attributable to W. P. Carey for the 2025 full year totaled
$466.4 million, up 1.2% from $460.8 million for the 2024 full year, 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 higher losses from
remeasurement of foreign debt, a gain on change in control of interests
recognized in connection with the Company's acquisition of a third-party
joint venture partner's interest in nine self-storage operating
properties during 2024 and higher impairment charges.
AFFO
-- AFFO for the 2025 full year was $4.97 per diluted share, up 5.7% from
$4.70 per diluted share for the 2024 full year, primarily reflecting the
accretive impact of net investment activity and rent escalations.
Note: Further information concerning AFFO, which is a non-GAAP supplemental performance metric, is presented in the accompanying tables and related notes.
Dividend
-- Dividends declared during 2025 totaled $3.620 per share, an increase of
3.7% compared to total dividends declared during 2024 of $3.490 per
share.
AFFO GUIDANCE
-- For the 2026 full year, the Company expects to report AFFO of between
$5.13 and $5.23 per diluted share, based on the following key
assumptions:
(i) investment volume of between $1.25 billion and $1.75 billion;
(ii) disposition volume of between $250 million and $750 million;
(iii) total general and administrative expenses of between $103 million and $106 million;
(iv) property expenses, excluding reimbursable tenant costs, of between $56 million and $60 million; and
(v) tax expense (on an AFFO basis) of between $45 million and $49 million.
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 PORTFOLIO
Investments
-- During the 2025 fourth quarter, the company completed investments
totaling $625.1 million, bringing total investment volume for the year
ended December 31, 2025 to a record $2.1 billion.
-- Year to date through February 10, 2026, the Company completed investments
totaling $312.4 million, comprising sale-leasebacks and acquisitions
totaling $262.4 million and the completion of capital investments and
commitments totaling $50.0 million.
-- As of December 31, 2025, the Company had 13 capital investments and
commitments totaling $238.3 million scheduled to be completed during 2026
(including three projects totaling $50.0 million completed year to date,
as noted above). In addition, the Company has two capital investments and
commitments totaling $101.5 million scheduled to be completed during
2027.
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