W. P. Carey Inc. (WPC) Q2 2026 Earnings Report

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Previous Report: Q1 2026

WPC Q2 2026 EPS Results

Actual EPS$0.82

Consensus EPS$0.71

Beat/MissBeat by +$0.11

One Year Ago EPS$0.25

WPC Q2 2026 Revenue Results

Actual Revenue$461.06M

Expected Revenue$452.80M

Beat/MissBeat by +$8.27M

YoY Revenue Growth+7.03%

Earnings Announcement Details

QuarterQ2 2026

Date07/28/2026

TimeAfter Close

Conference CallTuesday, July 28, 2026

WPC Upcoming Earnings

W. P. Carey Inc.'s next earnings date is estimated for October 27, 2026, based on past reporting schedules.

Q2 2026 Earnings Call Audio

WPC Q2 2026 Earnings Call

0:00 / 0:00

Q2 2026 Earnings Slide Deck

Q2 2026 Earnings Call Summary

Q2 2026

Earnings Call Date:Jul 28, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call emphasized strong operational execution: raised AFFO and investment-volume guidance, robust liquidity and capital-market execution, high occupancy, and compelling yields on new investments. Notable challenges were concentrated and manageable — Hellweg exposure has been materially reduced and rent-loss guidance was lowered; impairments were limited and described as non-AFFO impacting. Interest-rate and refinancing pressure and some timing-related same-store variability are the principal risks cited. Overall the positives (growth, balance-sheet strength, and capitalization) outweigh the contained negatives.

Company Guidance

W. P. Carey raised and tightened 2026 guidance, increasing full‑year investment volume to $1.7–$2.1 billion (up from $1.5–$2.0B) after completing just over $700M in Q2 and $1.3B YTD at a weighted average initial cash cap rate of 7.4% (expected full‑year cap rates mid‑ to low‑7s) and an average yield over 9% on new deals (average lease term ~18 years); AFFO per share guidance was raised to $5.19–$5.27 (midpoint +$0.02, implying ~5.2% YoY growth), contractual same‑store rent growth raised to 2.6% (comprehensive same‑store expected 1.0–1.5% for the year), and potential rent loss cut to $7–$10M (≈40–60 bps of ABR) including an expected $3M net Hellweg loss in 2026 (Hellweg unpaid June ≈$1.2M; YTD rent loss $1.7M); capital markets activity leaves liquidity of ≈$2.7B, nearly $900M of forward equity sold (≈$691M available to settle, 9.9M shares), ~$1.5B of bonds issued YTD and a $350M 10‑yr bond at 5.2% closed in July, no 2026 maturities and next large maturity EUR 500M in Apr‑2027; balance sheet metrics include a weighted average debt cost of 3.2% (up marginally expected) and net debt/adjusted EBITDA of 5.1x inclusive (5.5x excl.) at the low end of its mid‑to‑high 5x target; other guidance highlights: dispositions narrowed to $350–$550M (H1 proceeds $246M), other lease‑related income expected low‑to‑mid $30M (H1 $21.7M, Q2 $11.2M), G&A $103–$106M, property expenses $54–$58M, tax expense $43–$47M, and the quarterly dividend was raised 4.4% to $0.94 (payout ~70%, annualized yield ≈5%).

AFFO Per Share Growth and Raised Guidance

Q2 AFFO per share was $1.34, up $0.06 or 4.7% YoY. Full-year AFFO guidance was raised and narrowed to $5.19–$5.27 (midpoint up $0.02), implying ~5.2% YoY growth.

Strong Investment Activity and Upgraded Investment Volume Guidance

Completed just over $700M of investments in Q2 and $1.3B YTD at a weighted average initial cash cap rate of 7.4%; factoring escalations and ~18-year average lease term yields an average yield above 9%. Full-year investment-volume guidance increased to $1.7B–$2.1B (from $1.5B–$2.0B).

Robust Capital Markets Execution and Liquidity

Nearly $900M of forward equity sold and ~ $1.5B of bonds issued YTD; ended the quarter with ~$2.7B liquidity and ~ $691M of unsettled forward-equity proceeds available for settlement.

Balance Sheet & Leverage

No remaining 2026 debt maturities after July issuance; issued $350M 10-year bonds at 5.2%. Weighted-average interest rate on debt was low at 3.2% in Q2; net debt / adjusted EBITDA was 5.1x inclusive of unsettled forward equity (5.5x ex).

High Portfolio Occupancy and Strong Same-Store Contractual Rent Growth

Portfolio occupancy was 98.5% at quarter end (up 40 bps QoQ). Contractual same-store rent growth was 2.6% YoY, supported by CPI-linked increases (2.7%) and fixed escalations (2.5%).

Dividend Increase and Attractive Yield

Quarterly dividend raised 4.4% YoY to $0.94, sustaining a payout ratio just over 70% and delivering an annualized dividend yield close to 5% at the then-current share price.

Reduced Rent-Loss Reserve and Minimal Year-to-Date Losses

Lowered full-year estimated rent-loss from tenant credit events to $7M–$10M (40–60 bps of ABR) from $8M–$12M. Through June rent loss across the portfolio was minimal at $1.7M.

Operational Wins — Large Accretive Transactions and Pipeline

Completed a $400M GardenCore sale-leaseback (20-year triple-net lease) making it the 4th largest tenant; near-term pipeline includes several hundred million of opportunities plus $133M of cap projects delivering in H2 and ~10 projects adding ~$300M over 18 months.

WPC Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Oct 27, 2026	2026 (Q3)	0.70 / -	0.728	―
Jul 28, 2026	2026 (Q2)	0.71 / 0.82	0.25	228.00% (+0.57)
Apr 28, 2026	2026 (Q1)	0.61 / 0.98	0.601	63.23% (+0.38)
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)

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