W. P. Carey Inc. (WPC) 10-Year Financial Performance & Capital Metrics

WPC • • REIT / Real Estate

Real EstateDiversified REITsSingle-Tenant Net Lease REITsDiversified Net Lease Operators

AboutW. P. Carey ranks among the largest net lease REITs with an enterprise value of approximately $18 billion and a diversified portfolio of operationally-critical commercial real estate that includes 1,215 net lease properties covering approximately 142 million square feet as of September 30, 2020. For nearly five decades, the company has invested in high-quality single-tenant industrial, warehouse, office, retail and self-storage properties subject to long-term net leases with built-in rent escalators. Its portfolio is located primarily in the U.S. and Northern and Western Europe and is well-diversified by tenant, property type, geographic location and tenant industry.Show more

Revenue $1.58B -9.2%
FFO $974M -26.0%
FFO/Share 4.41 -27.6%
FFO Payout 78.59% +12.8%
FFO per Share 4.41 -27.6%
NOI Margin 92.35% +0.4%
FFO Margin 61.76% -18.5%
ROE 5.38% -32.8%
ROA 2.6% -33.9%
Debt/Assets 46.67% +1.3%
Net Debt/EBITDA 4.12 +11.8%
Book Value/Share 38.25 -5.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Sustainable FFO payout ratio of 78.6%
✓High NOI margin of 92.4%
✓Healthy dividend yield of 5.0%
✓Trading near 52-week high

✗Weaknesses

✗FFO declining 18.7% TTM
✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.89%

5Y5.39%

3Y7.67%

TTM19.91%

Profit (Net Income) CAGR

10Y6.87%

5Y8.59%

3Y3.97%

TTM-34.59%

EPS CAGR

10Y-1.37%

5Y3.26%

3Y-2.28%

TTM-35.04%

ROCE

10Y Avg8.07%

5Y Avg7.85%

3Y Avg8.08%

Latest7.85%

Peer Comparison

Diversified Net Lease Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
WPCW. P. Carey Inc.	15.1B	68.92	32.98	-9.22%	19.19%	4.47%	11.24%	0.97
BNLBroadstone Net Lease, Inc.	3.51B	18.54	21.56	-2.5%	20.04%	2.98%	7.4%	0.61
OLPOne Liberty Properties, Inc.	462.56M	21.37	15.26	-0.09%	34.51%	10.99%	8.44%	1.36
NLOPNet Lease Office Properties	288.87M	19.50	-3.16	-18.7%	-156.16%	-41.68%	24.88%	0.29
GNLGlobal Net Lease, Inc.	2.03B	9.25	-12.17	56.29%	-48.52%	-16.47%	12.52%	2.12

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	915.61M	908.73M	860.58M	923.34M	1.21B	1.17B	1.26B	1.47B	1.74B	1.58B
Revenue Growth %	0.13%	-0.01%	-0.05%	0.07%	0.31%	-0.03%	0.08%	0.17%	0.18%	-0.09%
Property Operating Expenses	63.6M	62.24M	47.3M	42.92M	77.56M	53.97M	57.75M	77.81M	139.59M	120.54M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	135.3M	114.01M	103.41M	95.87M	101.66M	93.36M	106.77M	124.31M	130.9M	139.86M
G&A Expenses	136.1M	114.51M	103.41M	95.87M	101.66M	93.36M	106.77M	124.31M	130.9M	139.86M
EBITDA+	1.03B	1.03B	1.02B	1.13B	1.58B	1.53B	1.65B	1.83B	2.07B	1.83B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	314.59M	296.52M	308.3M	343.11M	544.91M	508.95M	547.63M	562.99M	607.58M	512.73M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	716.71M	732.48M	709.87M	784.55M	1.03B	1.02B	1.1B	1.27B	1.47B	1.32B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	194.33M	183.41M	165.78M	178.38M	233.32M	210.09M	196.83M	219.16M	291.85M	277.37M
Interest Coverage	3.69x	3.99x	4.28x	4.40x	4.43x	4.87x	5.58x	5.80x	5.02x	4.74x
Non-Operating Income	286.44M	288.33M	270.31M	312.59M	473.16M	488.26M	484.75M	541.52M	631.78M	519.14M
Pretax Income+	216.36M	206.78M	253.92M	438.75M	332.75M	445.2M	438.61M	626.21M	752.32M	492.34M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	37.62M	3.29M	2.71M	14.41M	26.21M	-20.76M	28.49M	27.72M	44.05M	31.71M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	172.26M	267.75M	277.29M	411.57M	305.24M	455.36M	409.99M	599.14M	708.33M	460.84M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.27%	0.55%	0.04%	0.48%	-0.26%	0.49%	-0.1%	0.46%	0.18%	-0.35%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	-0.07%	0.16%	0.04%	0.29%	0.13%	0.13%	-0.01%	0.21%	0.13%	-0.26%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	1.61	2.49	2.56	3.50	1.78	2.60	2.24	2.99	3.28	2.09
EPS Growth %	-0.33%	0.55%	0.03%	0.37%	-0.49%	0.46%	-0.14%	0.33%	0.1%	-0.36%
EPS (Basic)	1.62	2.50	2.56	3.50	1.78	2.61	2.25	3.00	3.29	2.09
Diluted Shares Outstanding	106.51M	107.07M	108.04M	117.71M	171.3M	174.84M	183.13M	200.43M	215.76M	220.52M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	8.75B	8.45B	8.23B	14.18B	14.06B	14.71B	15.48B	18.1B	17.98B	17.54B
Asset Growth %	0.01%	-0.03%	-0.03%	0.72%	-0.01%	0.05%	0.05%	0.17%	-0.01%	-0.02%
Real Estate & Other Assets+	6.09B	7.02B	6.98B	12.64B	325.3M	347.16M	444.47M	16.51B	560.28M	646.3M
PP&E (Net)	0	0	0	0	9.02B	9.9B	10.58B	0	11.96B	12.43B
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	278.03M	480.56M	267.53M	292.49M	1.39B	1.13B	1.07B	225.94M	2.26B	1.51B
Cash & Equivalents	157.23M	155.48M	162.31M	217.64M	196.03M	248.66M	165.43M	168M	633.86M	640.37M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	919K	1000K	1000K
Other Current Assets	-708.01M	-430.6M	0	0	284.07M	136.24M	84.88M	57.02M	109.39M	73.65M
Intangible Assets	1.42B	17.48M	1.85B	2.94B	1.92B	1.8B	1.7B	3.49B	1.46B	1.4B
Total Liabilities	5.19B	5.03B	4.82B	7.35B	7.11B	7.83B	7.9B	9.09B	9.27B	9.1B
Total Debt+	4.48B	4.44B	4.27B	6.38B	6.15B	6.85B	6.94B	7.88B	8.28B	8.18B
Net Debt	4.34B	4.29B	4.1B	6.16B	5.95B	6.6B	6.77B	7.71B	7.65B	7.54B
Long-Term Debt	4.48B	4.44B	4.27B	6.38B	6.05B	6.7B	6.79B	7.88B	8.14B	7.37B
Short-Term Borrowings	0	0	0	0	1000K	1000K	908K	0	1000K	1000K
Capital Lease Obligations	154.31M	122.2M	113.96M	225.13M	87.66M	151.47M	146.44M	330.89M	138.73M	143.27M
Total Current Liabilities+	445.09M	374.01M	372.82M	576.05M	575.34M	632.4M	624.27M	852.1M	664.24M	1.33B
Accounts Payable	342.37M	266.92M	263.05M	403.9M	387.82M	424.9M	418.2M	623.84M	465.98M	449.91M
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Liabilities	169.26M	123.17M	114.92M	225.13M	395.81M	349.4M	334.85M	184.58M	322.63M	270.2M
Total Equity+	3.56B	3.43B	3.41B	6.83B	6.95B	6.88B	7.58B	9.01B	8.71B	8.43B
Equity Growth %	-0.08%	-0.04%	-0%	1%	0.02%	-0.01%	0.1%	0.19%	-0.03%	-0.03%
Shareholders Equity	3.43B	3.3B	3.19B	6.82B	6.94B	6.88B	7.58B	8.99B	8.7B	8.43B
Minority Interest	134.19M	123.47M	219.12M	5.78M	6.24M	1.66M	1.67M	15M	6.56M	4.43M
Common Stock	104K	106K	107K	165K	172K	175K	190K	211K	219K	219K
Additional Paid-in Capital	4.28B	4.4B	4.43B	8.19B	8.72B	8.93B	9.98B	11.71B	11.78B	11.81B
Retained Earnings	-738.65M	-894.14M	-1.05B	-1.14B	0	0	0	-2.49B	0	0
Preferred Stock	0	0	0	0	0	0	0	0	0	0
Return on Assets (ROA)	0.02%	0.03%	0.03%	0.04%	0.02%	0.03%	0.03%	0.04%	0.04%	0.03%
Return on Equity (ROE)	0.05%	0.08%	0.08%	0.08%	0.04%	0.07%	0.06%	0.07%	0.08%	0.05%
Debt / Assets	0.51%	0.53%	0.52%	0.45%	0.44%	0.47%	0.45%	0.44%	0.46%	0.47%
Debt / Equity	1.26x	1.30x	1.25x	0.93x	0.88x	1.00x	0.92x	0.87x	0.95x	0.97x
Net Debt / EBITDA	4.20x	4.16x	4.03x	5.46x	3.77x	4.31x	4.11x	4.20x	3.69x	4.12x
Book Value per Share	33.44	31.99	31.58	58.03	40.56	39.34	41.41	44.95	40.36	38.25

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	508.54M	546.8M	516.07M	509.17M	812.08M	801.54M	926.48M	1B	1.07B	1.83B
Operating CF Growth %	0.27%	0.08%	-0.06%	-0.01%	0.59%	-0.01%	0.16%	0.08%	0.07%	0.71%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	185.23M	274.81M	285.08M	424.34M	306.54M	465.95M	410.12M	598.48M	708.26M	460.63M
Depreciation & Amortization	317.25M	283.01M	316.47M	349.3M	544.91M	508.95M	547.63M	562.99M	628.12M	531.58M
Stock-Based Compensation	21.63M	21.22M	18.92M	18.29M	18.79M	15.94M	24.88M	32.84M	34.5M	40.89M
Other Non-Cash Items	17.46M	-29.49M	-82.65M	-240.42M	-50.93M	-146.06M	-37.2M	-168.42M	-267.86M	801.72M
Working Capital Changes	-34.5M	18.69M	2.86M	-36.07M	-16.49M	5.83M	-14.25M	-14.27M	-29.4M	2.53M
Cash from Investing+	-645.18M	-284.74M	225.9M	-266.13M	-522.77M	-539.93M	-1.57B	-1.05B	-905.88M	-1.13B
Acquisitions (Net)	-8.03M	-9.73M	8.79M	110.16M	31.77M	15.23M	-93.6M	-509.75M	-27.73M	-15.73M
Purchase of Investments	0	0	0	0	0	-95.51M	0	0	0	0
Sale of Investments	0	0	0	0	0	0	0	0	0	0
Other Investing	-628.42M	-266.11M	220.56M	-376.29M	-554.54M	-459.65M	-1.47B	-542.78M	-878.15M	-1.12B
Cash from Financing+	121.27M	-282.02M	-745.47M	-24.29M	-457.78M	-210.71M	557.05M	57.89M	292.56M	-688.47M
Dividends Paid	-403.56M	-416.65M	-431.18M	-440.43M	-704.4M	-726.96M	-764.28M	-835.26M	-916.53M	-765.15M
Common Dividends	-403.56M	-416.65M	-431.18M	-440.43M	-704.4M	-726.96M	-764.28M	-835.26M	-916.53M	-765.15M
Debt Issuance (Net)	1000K	1000K	-1000K	1000K	-1000K	1000K	1000K	1000K	1000K	1000K
Share Repurchases	0	0	0	-1.18M	0	0	0	0	0	-6.95M
Other Financing	-52.9M	-33.95M	43.96M	-40.8M	-17.77M	183.73M	686.39M	283.73M	951.67M	-29M
Net Change in Cash+	-41.46M	-27.3M	-1.05M	214.39M	-172.54M	60.26M	-93.83M	6.19M	467.83M	-1.27M
Exchange Rate Effect	-1000K	-1000K	1000K	-1000K	-1000K	1000K	-1000K	-1000K	1000K	-1000K
Cash at Beginning	198.68M	238.03M	210.73M	209.68M	424.06M	251.52M	311.78M	217.95M	224.14M	691.97M
Cash at End	157.23M	210.73M	209.68M	424.06M	251.52M	311.78M	217.95M	224.14M	691.97M	690.7M
Free Cash Flow+	499.81M	546.8M	520.66M	509.17M	812.08M	801.54M	926.48M	1B	1.07B	1.7B
FCF Growth %	0.33%	0.09%	-0.05%	-0.02%	0.59%	-0.01%	0.16%	0.08%	0.07%	0.58%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	4.57	5.27	5.42	6.41	4.96	5.52	5.23	5.8	6.1	4.41
FFO Payout Ratio	82.89%	73.84%	73.63%	58.36%	82.86%	75.39%	79.81%	71.87%	69.65%	78.59%
NOI Margin	93.05%	93.15%	94.5%	95.35%	93.6%	95.39%	95.43%	94.72%	91.96%	92.35%
Net Debt / EBITDA	4.20x	4.16x	4.03x	5.46x	3.77x	4.31x	4.11x	4.20x	3.69x	4.12x
Debt / Assets	51.18%	52.53%	51.82%	44.97%	43.71%	46.6%	44.82%	43.52%	46.09%	46.67%
Interest Coverage	3.69x	3.99x	4.28x	4.40x	4.43x	4.87x	5.58x	5.80x	5.02x	4.74x
Book Value / Share	33.44	31.99	31.58	58.03	40.56	39.34	41.41	44.95	40.36	38.25
Revenue Growth	13.1%	-0.75%	-5.3%	7.29%	31.31%	-3.43%	7.88%	16.63%	17.89%	-9.22%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Owned Real Estate	-	-	-	-	-	-	-	-	-	1.57B
Owned Real Estate Growth	-	-	-	-	-	-	-	-	-	-
Investment Management	-	-	-	-	-	-	-	-	-	10.82M
Investment Management Growth	-	-	-	-	-	-	-	-	-	-
Management Service	-	-	-	-	-	-	-	-	-	6.6M
Management Service Growth	-	-	-	-	-	-	-	-	-	-
Owned Real Estate	-	-	1.37B	779.13M	1.17B	1.18B	1.31B	1.47B	1.74B	-
Owned Real Estate Growth	-	-	-	-43.31%	50.54%	0.44%	11.39%	11.89%	18.39%	-
Investment Management	-	-	282.66M	106.61M	59.9M	31.32M	19.4M	10.98M	3.22M	-
Investment Management Growth	-	-	-	-62.28%	-43.81%	-47.71%	-38.07%	-43.37%	-70.70%	-
Real Estate Investment	-	1.51B	-	-	-	-	-	-	-	-
Real Estate Investment Growth	-	-	-	-	-	-	-	-	-	-
Asset Management Income	202.94M	314.57M	-	-	-	-	-	-	-	-
Asset Management Income Growth	-	55.01%	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	468.7M	490.13M	451.31M	-	-	-	-	-	-	-
UNITED STATES Growth	-	4.57%	-7.92%	-	-	-	-	-	-	-
GERMANY	65.78M	68.37M	60.91M	-	-	-	-	-	-	-
GERMANY Growth	-	3.95%	-10.92%	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

W. P. Carey Inc. (WPC) has a price-to-earnings (P/E) ratio of 33.0x. This suggests investors expect higher future growth.

Growth & Financials

W. P. Carey Inc. (WPC) reported $1.90B in revenue for fiscal year 2024. This represents a 514% increase from $309.7M in 2011.

W. P. Carey Inc. (WPC) saw revenue decline by 9.2% over the past year.

Yes, W. P. Carey Inc. (WPC) is profitable, generating $365.1M in net income for fiscal year 2024 (29.2% net margin).

Dividend & Returns

Yes, W. P. Carey Inc. (WPC) pays a dividend with a yield of 5.03%. This makes it attractive for income-focused investors.

W. P. Carey Inc. (WPC) has a return on equity (ROE) of 5.4%. This is below average, suggesting room for improvement.

Industry Metrics

W. P. Carey Inc. (WPC) generated Funds From Operations (FFO) of $877.8M in the trailing twelve months. FFO is the primary profitability metric for REITs.

W. P. Carey Inc. (WPC) offers a 5.03% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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