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W. P. Carey Inc.
(NYSE:WPC)
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Rating:69Neutral
Price Target:
$77.00
â–²(7.27% Upside)
Action:Reiterated
Date:09/10/26
The score is driven primarily by solid financial performance (strong profitability and reliable cash generation) and a positive earnings update with raised 2026 guidance and strong liquidity. These strengths are moderated by weakening technical momentum (negative MACD, RSI below 40, and price below key moving averages) and a valuation profile that is supported by the ~5.3% yield but tempered by a ~23.9 P/E.
Positive Factors
Diversified, high-occupancy net-lease portfolio
High occupancy and contractual rent escalations support predictable rental income across W. P. Carey’s diversified net-lease portfolio. CPI-linked increases can help preserve cash-flow purchasing power, while long leases and tenant-paid property costs reinforce operating stability over the next several quarters.
Negative Factors
Revenue decline and slower cash-flow growth
The notable TTM revenue decline and weaker free-cash-flow growth point to a less favorable near-term growth trajectory than W. P. Carey’s underlying profitability suggests. If sustained, slower cash expansion could constrain investment capacity and make per-share growth more dependent on acquisitions.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified, high-occupancy net-lease portfolio
High occupancy and contractual rent escalations support predictable rental income across W. P. Carey’s diversified net-lease portfolio. CPI-linked increases can help preserve cash-flow purchasing power, while long leases and tenant-paid property costs reinforce operating stability over the next several quarters.
Read all positive factors
W. P. Carey Inc. (WPC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$15.24B
Dividend Yield5.56%
Average Volume (3M)1.25M
Price to Earnings (P/E)22.7
Beta (1Y)0.21
Revenue Growth8.96%
EPS Growth92.38%
CountryUS
Employees199
SectorReal Estate
Sector Strength53
IndustryREIT - Diversified
Share Statistics
EPS (TTM)2.93
Shares Outstanding227,816,880
10 Day Avg. Volume1,670,905
30 Day Avg. Volume1,247,479
Financial Highlights & Ratios
PEG Ratio31.87
Price to Book (P/B)1.75
Price to Sales (P/S)8.27
P/FCF Ratio13.01
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$78.20Price Target Upside8.94% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)3.12
Revenue Forecast (FY)$1.83B
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 makes money primarily by acquiring and owning income-producing real estate and leasing it to tenants under long-term net-lease agreements. Under the net-lease structure, tenants typically pay rent and are generally responsible for many...
W. P. Carey Inc. Earnings Call Summary
Earnings Call Date:Jul 28, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 30, 2026
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.Positive Updates
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.
Negative Updates
Tenant Stress — Hellweg Insolvency and Rent Uncertainty
Hellweg filed for insolvency and missed June rent (~$1.2M) though paid July; remaining gross exposure reduced to ~90 bps of ABR and not a top-20 tenant, but company assumes a conservative net Hellweg loss of ~$3M in 2026 if no further payments are received.
Read all updates
Q2-2026 Updates
Positive
Negative
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.
Read all positive updates
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%).W. P. Carey Inc. Financial Statement Overview
Summary
Income Statement
70
Positive
Balance Sheet
63
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.90B | 1.72B | 1.58B | 1.74B | 1.47B | 1.26B |
| Gross Profit | 1.00B | 491.49M | 1.46B | 1.60B | 1.40B | 1.21B |
| EBITDA | 1.38B | 1.32B | 1.31B | 1.44B | 1.29B | 1.16B |
| Net Income | 651.55M | 466.36M | 460.84M | 708.33M | 599.14M | 409.99M |
Balance Sheet | ||||||
| Total Assets | 18.63B | 17.99B | 17.54B | 17.98B | 18.10B | 15.48B |
| Cash, Cash Equivalents and Short-Term Investments | 163.54M | 155.33M | 640.62M | 634.86M | 168.00M | 165.43M |
| Total Debt | 8.95B | 8.72B | 8.18B | 8.28B | 7.88B | 6.94B |
| Total Liabilities | 9.95B | 9.86B | 9.10B | 9.27B | 9.09B | 7.90B |
| Stockholders Equity | 8.67B | 8.12B | 8.43B | 8.70B | 8.99B | 7.58B |
Cash Flow | ||||||
| Free Cash Flow | 1.08B | 1.09B | 1.70B | 951.81M | 899.12M | 812.86M |
| Operating Cash Flow | 1.22B | 1.28B | 1.83B | 1.07B | 1.00B | 926.48M |
| Investing Cash Flow | -1.49B | -960.14M | -1.13B | -905.88M | -1.05B | -1.57B |
| Financing Cash Flow | 675.50M | -761.71M | -688.47M | 292.56M | 57.89M | 557.05M |
W. P. Carey Inc. Technical Analysis
Negative
71.78
Price Trends
71.41
Negative
72.04
Negative
69.95
Negative
Market Momentum
-1.38
Positive
28.16
Positive
10.51
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For WPC, the sentiment is Negative. The current price of 71.78 is above the 20-day moving average (MA) of 68.95, above the 50-day MA of 71.41, and above the 200-day MA of 69.95, indicating a bearish trend. The MACD of -1.38 indicates Positive momentum. The RSI at 28.16 is Positive, neither overbought nor oversold. The STOCH value of 10.51 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for WPC.
W. P. Carey Inc. Risk Analysis
W. P. Carey Inc. disclosed 42 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 |
|---|---|---|---|---|---|---|---|
69 Neutral | $15.24B | 22.69 | 7.83% | 5.56% | 8.96% | 92.38% | |
69 Neutral | $3.67B | 24.88 | 5.00% | 6.16% | 6.71% | 46.35% | |
68 Neutral | $5.90B | 20.83 | 6.37% | 4.61% | 22.73% | 7.26% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
59 Neutral | $622.90M | 23.68 | 11.69% | 9.55% | 10.78% | -30.46% | |
58 Neutral | $501.76M | 15.41 | 10.50% | 7.95% | 9.52% | 21.63% | |
53 Neutral | $2.01B | -32.11 | -0.84% | 8.77% | -29.60% | 77.14% |
* Real Estate Sector Average
WPC
W. P. Carey Inc.
65.95
2.11
3.31%
GOOD
Gladstone Commercial
12.56
1.32
11.78%
OLP
One Liberty Properties
22.48
2.03
9.95%
GNL
Global Net Lease
8.63
1.22
16.53%
EPRT
Essential Properties Realty
26.47
-1.80
-6.37%
BNL
Broadstone Net Lease
18.90
2.08
12.37%
W. P. Carey Inc. Corporate Events
Business Operations and StrategyFinancial Disclosures
W. P. Carey Highlights Strong 2026 Investment Momentum
Positive
Sep 10, 2026
On Sept. 10, 2026, W. P. Carey reported strong investment activity, with visibility into more than $1.9 billion of investment volume for full-year 2026, including approximately $1.4 billion already completed, deals expected to close this year and ...
Business Operations and StrategyDividendsFinancial DisclosuresPrivate Placements and Financing
W. P. Carey Raises 2026 AFFO Guidance, Dividend
Positive
Jul 28, 2026
W. P. Carey reported second-quarter 2026 net income of $185.4 million, a 262.1% increase from a year earlier, and diluted EPS of $0.82, driven by mark-to-market gains on Lineage shares, foreign debt remeasurement gains, a sizable gain from a joint...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
W. P. Carey Prices $350 Million Senior Notes Offering
Positive
Jul 2, 2026
On July 2, 2026, W. P. Carey Inc. completed a public offering of $350 million of 5.200% Senior Notes due 2036, issued under its shelf registration and governed by an existing indenture as supplemented on the same date. The notes are unsecured, uns...
Business Operations and StrategyPrivate Placements and Financing
W. P. Carey Announces New Senior Notes Offering
Positive
Jun 30, 2026
W. P. Carey Inc., a major net lease REIT with a global footprint across the U.S. and Europe, owns a large portfolio of single-tenant industrial, warehouse and retail properties under long-term net leases designed to provide stable, escalating rent...
Business Operations and StrategyFinancial DisclosuresLegal Proceedings
W. P. Carey Addresses Tenant Insolvency, Affirms 2026 Guidance
Negative
Jun 17, 2026
On June 16, 2026, W. P. Carey disclosed that its tenant Hellweg Die Profi-Baumärkte GmbH Co. KG had filed for insolvency under self-administration, affecting 16 net-leased properties that generate approximately $15.2 million in annualized ba...
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...
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.