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:
$87.00
▲(17.60% Upside)
Action:Reiterated
Date:06/13/26
The score is driven primarily by strong earnings-call momentum (raised AFFO and investment guidance, high occupancy, strong liquidity) and supportive technicals (uptrend across key moving averages with positive MACD). Financial performance is solid but tempered by volatility and data consistency flags, while valuation remains the main drag due to a high P/E despite a healthy dividend yield.
Positive Factors
Raised investment guidance
A materially higher investment guidance (to $1.5–$2.0B) reflects scalable origination and deployment capacity and a deep pipeline. Durable benefit: higher volume, if executed, compounds contractual rent rolls and long-term AFFO via accretive sale-leasebacks and build-to-suit financings.
Negative Factors
Material leverage
Elevated net leverage in the mid‑5x range constrains financial flexibility and heightens sensitivity to interest costs and macro shocks. Over a multi‑month horizon, leverage limits the pace of opportunistic deployment and raises default/ refinancing risk on sizeable maturity stacks.
Read all positive and negative factors
Positive Factors
Negative Factors
Raised investment guidance
A materially higher investment guidance (to $1.5–$2.0B) reflects scalable origination and deployment capacity and a deep pipeline. Durable benefit: higher volume, if executed, compounds contractual rent rolls and long-term AFFO via accretive sale-leasebacks and build-to-suit financings.
Read all positive factors
W. P. Carey Inc. (WPC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$17.09B
Dividend Yield5.51%
Average Volume (3M)1.37M
Price to Earnings (P/E)32.7
Beta (1Y)0.31
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. Volume1,490,996
30 Day Avg. Volume1,370,435
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 Cap1.47
Enterprise Value/Revenue12.68
Enterprise Value/Gross Profit18.61
Enterprise Value/Ebitda18.04
Forecast
1Y Price Target
$76.89Price Target Upside3.93% Upside
Rating ConsensusHold
Number of Analyst Covering9
EPS Forecast (FY)2.81
Revenue Forecast (FY)$1.84B
W. P. Carey Inc. Business Overview & Revenue Model
Company Description
W. P. Carey is recognized as a leading net lease Real Estate Investment Trust (REIT), boasting an enterprise value of approximately $18 billion. As of September 30, 2020, its extensive portfolio comprises 1,215 essential net lease properties, span...
How the Company Makes Money
W. P. Carey primarily makes money by acquiring and owning income-producing real estate and leasing it to tenants under long-term, predominantly triple-net (NNN) lease structures. Under NNN leases, tenants generally pay most property-level operatin...
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 | 1.40B | 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
73.41
Positive
71.68
Positive
68.31
Positive
Market Momentum
0.66
Negative
65.63
Neutral
81.14
Negative
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 below the 20-day moving average (MA) of 74.49, above the 50-day MA of 73.41, and above the 200-day MA of 68.31, indicating a bullish trend. The MACD of 0.66 indicates Negative momentum. The RSI at 65.63 is Neutral, neither overbought nor oversold. The STOCH value of 81.14 is Negative, 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 | $17.09B | 32.74 | 6.30% | 5.51% | 9.86% | 20.75% | |
72 Outperform | $6.68B | 25.28 | 6.32% | 3.88% | 24.20% | 7.66% | |
70 Outperform | $4.04B | 31.29 | 4.43% | 6.72% | 6.10% | 9.74% | |
69 Neutral | $3.19B | 27.88 | 8.34% | 3.99% | 7.25% | 34.47% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
60 Neutral | $2.00B | -49.09 | -2.44% | 10.29% | -35.44% | 50.75% | |
59 Neutral | $938.02M | 23.44 | 3.77% | 2.16% | 1.53% | -31.93% |
* Real Estate Sector Average
WPC
W. P. Carey Inc.
75.47
16.09
27.10%
ESRT
Empire State Realty
5.30
-3.15
-37.25%
UE
Urban Edge Properties
22.92
5.24
29.65%
GNL
Global Net Lease
9.33
2.60
38.69%
EPRT
Essential Properties Realty
30.26
-0.51
-1.66%
BNL
Broadstone Net Lease
20.79
5.81
38.78%
W. P. Carey Inc. Corporate Events
Executive/Board ChangesShareholder Meetings
W. P. Carey Stockholders Approve Directors, Pay, Auditor
Positive
Jun 12, 2026
W. P. Carey Inc. held its annual meeting of stockholders on June 11, 2026, where shareholders elected nine directors to serve until the next annual meeting, with all nominees receiving sufficient support despite varying levels of opposition. Stock...
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...
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.