W. P. Carey Inc. WPC
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, spanning an estimated 142 million square feet of commercial real estate. For nearly five decades, the company has strategically invested in high-quality, single-tenant industrial, warehouse, office, retail, and self-storage assets. These properties are secured by long-term net leases, which incorporate built-in rent increases. The portfolio's primary geographical footprint is in the United States, along with Northern and Western Europe, and it exhibits strong diversification across tenant profiles, property categories, locations, and the industries of its occupants.
Snapshot
Reported FFO / AFFO / leverage are from the Q1 2026 earnings release (filed 2026-04-28) — 8-K, EX-99.1.
Yield uses the latest declared dividend, annualized (latest regular payout × frequency; special/liquidating distributions excluded) — an announced-but-not-yet-declared change isn't reflected until it has an ex-date. FFO, AFFO and Net debt / Adj. EBITDA are the company's reported figures from its latest earnings 8-K. Price/OCF and payout use GAAP operating cash flow. NAV premium and credit ratings have no free source yet. See Methodology.
Dividends
| Ex-date | Record | Payment | Declared | Amount | Freq. |
|---|---|---|---|---|---|
| 2026-06-30 | 2026-06-30 | 2026-07-15 | 2026-06-11 | $0.94 | Quarterly |
| 2026-03-31 | 2026-03-31 | 2026-04-15 | 2026-03-12 | $0.93 | Quarterly |
| 2025-12-31 | 2025-12-31 | 2026-01-15 | 2025-12-15 | $0.92 | Quarterly |
| 2025-09-30 | 2025-09-30 | 2025-10-15 | 2025-09-18 | $0.91 | Quarterly |
| 2025-06-30 | 2025-06-30 | 2025-07-15 | 2025-06-12 | $0.90 | Quarterly |
| 2025-03-31 | 2025-03-31 | 2025-04-15 | 2025-03-13 | $0.89 | Quarterly |
| 2024-12-31 | 2024-12-31 | 2025-01-15 | 2024-12-12 | $0.88 | Quarterly |
| 2024-09-30 | 2024-09-30 | 2024-10-15 | 2024-09-19 | $0.88 | Quarterly |
| 2024-06-28 | 2024-06-28 | 2024-07-15 | 2024-06-13 | $0.87 | Quarterly |
| 2024-03-27 | 2024-03-28 | 2024-04-15 | 2024-03-14 | $0.86 | Quarterly |
| 2023-12-28 | 2023-12-29 | 2024-01-16 | 2023-12-07 | $0.86 | Quarterly |
| 2023-09-28 | 2023-09-29 | 2023-10-16 | 2023-09-14 | $1.07 | Quarterly |
| 2023-06-29 | 2023-06-30 | 2023-07-14 | 2023-06-15 | $1.07 | Quarterly |
| 2023-03-30 | 2023-03-31 | 2023-04-14 | 2023-03-09 | $1.07 | Quarterly |
| 2022-12-29 | 2022-12-30 | 2023-01-13 | 2022-12-08 | $1.06 | Quarterly |
| 2022-09-29 | 2022-09-30 | 2022-10-14 | 2022-09-15 | $1.06 | Quarterly |
| 2022-06-29 | 2022-06-30 | 2022-07-15 | 2022-06-16 | $1.06 | Quarterly |
| 2022-03-30 | 2022-03-31 | 2022-04-14 | 2022-03-10 | $1.06 | Quarterly |
| 2021-12-30 | 2021-12-31 | 2022-01-14 | 2021-12-08 | $1.05 | Quarterly |
| 2021-09-29 | 2021-09-30 | 2021-10-15 | 2021-09-16 | $1.05 | Quarterly |
| 2021-06-29 | 2021-06-30 | 2021-07-15 | 2021-06-17 | $1.05 | Quarterly |
| 2021-03-30 | 2021-03-31 | 2021-04-15 | 2021-03-11 | $1.05 | Quarterly |
| 2020-12-30 | 2020-12-31 | 2021-01-15 | 2020-12-09 | $1.05 | Quarterly |
| 2020-09-29 | 2020-09-30 | 2020-10-15 | 2020-09-17 | $1.04 | Quarterly |
Coverage (payout of operating cash flow): 64.83%. Tax-character split (ordinary / 199A / capital gain / return of capital) — not disclosed (requires the annual allocation release).
Balance sheet (latest FY: 2025)
Debt-maturity ladder, fixed/floating split, secured/unsecured and coverage ratios come from the supplemental — not yet ingested.
Financial history
| FY | Revenue | Net income | D&A | EBITDA | Op. cash flow |
|---|---|---|---|---|---|
| 2025 | $1.72B | $466.36M | $521.13M | $1.32B | $1.28B |
| 2024 | $1.58B | $460.84M | $512.73M | $1.31B | $1.83B |
| 2023 | $1.74B | $708.33M | $607.58M | $1.44B | $1.07B |
| 2022 | $1.47B | $599.14M | $562.99M | $1.29B | $1.00B |
| 2021 | $1.26B | $409.99M | $547.63M | $1.16B | $926.48M |
| 2020 | $1.17B | $455.36M | $508.95M | $1.04B | $801.54M |
Same-store NOI, occupancy, leasing/WALT, top tenants, external-manager fees, development pipeline and (for non-traded vehicles) share-class fees, redemption/gating and NAV methodology are planned modules sourced from supplementals and prospectuses.