W. P. Carey is emerging from a structural reset following the NLOP office spin-off, which drove reported revenue down 20.6% to $342.2 million in Q2 2026 and produced a distorted negative $928.7 million AFFO figure alongside $1.2 billion of non-recurring capital outflows.
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Reported revenue declined 20.6% sequentially to $342.2 million in Q2 2026 on the office spin-off, while FFO per share swung across a 78% range from $0.79 to $1.41 over eight quarters and reported NOI margins ranged erratically from 8.8% to 93.1%, underscoring both transition distortion and questionable disclosure comparability.
W. P. Carey specializes in owning high-quality commercial real estate across North America and Europe, leased to tenants on long-term, net leases. This model provides stable and predictable cash flows, as tenants are responsible for most property operating expenses.
The company has a long-standing reputation for consistent dividend payments, which is a primary driver for many investors in WPC stock. Despite a strategic dividend adjustment after spinning off office properties, W. P. Carey remains focused on maintaining a competitive payout ratio.
W. P. Carey has shown revenue growth, with an increase of 8.20% in 2025 compared to the previous year. The company has provided guidance for continued AFFO growth in 2026, supported by ample liquidity and disciplined capital allocation.
Trailing total returns as of 11/8/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).
Check whether operating performance supports the current valuation.
Recent results and news deserve attention only when they alter the forward view.
| Quarter | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|
Q4 2026Latest Oct 27, 2026 | $0.61-12.9% vs $0.70 | $468M+2.3% vs $458M |
Q3 2026 Jul 28, 2026 | $0.82+15.3% vs $0.71 | $461M+1.8% vs $453M |
Q2 2026 Apr 28, 2026 | $0.98+61.3% vs $0.61 | $455M+5.5% vs $431M |
Q1 2026 Feb 10, 2026 | $0.85+25.4% vs $0.68 | $445M+6.9% vs $416M |
Most of what a REIT or business development company pays you is taxed as ordinary income. In the top 37% federal bracket, that means the IRS takes more than a third of each payout.
W.P. Carey NYSE: WPC raised and narrowed its full-year 2026 adjusted funds from operations, or AFFO, outlook after reporting third-quarter AFFO per share of $1.33, up 6.4% from a year earlier. The net-lease real estate investment trust said its results were supported by investment activity, rent growth and improving portfolio performance.
W. P. Carey Inc. ( WPC ) Q3 2026 Earnings Call October 28, 2026 11:00 AM EDT Company Participants Peter Sands - Executive Director & Head of Investor Relations Jason Fox - CEO, President & Board Member ToniAnn Sanzone - MD & CFO Brooks Gordon - MD & Head of Asset Management Conference Call Participants Brad Heffern - RBC Capital Markets, Research Division John Kim - BMO Capital Markets Equity Research Greg McGinniss - Scotiabank Global Banking and Markets, Research Division Bennett Rose - Citigroup Inc., Research Division Jason Wayne - Barclays Bank PLC, Research Division Michael Goldsmith - UBS Investment Bank, Research Division Jana Galan - BofA Securities, Research Division James Feldman - Wells Fargo Securities, LLC, Research Division Anthony Paolone - JPMorgan Chase & Co, Research Division Spenser Allaway - Green Street Advisors, LLC, Research Division James Kammert - Evercore ISI Institutional Equities, Research Division Presentation Operator Hello, and welcome to W. P. Carey's Third Quarter 2026 Earnings Conference Call.
W. P. Carey is upgraded to a strong buy after a 17.6% price drop, improving its valuation to 12x 2026 AFFO. WPC projects 6% annual AFFO growth, supported by CPI-linked leases, high occupancy (98.6%), and a 5.9% dividend yield. Management's robust investment activity and guidance suggest AFFO per share growth will approach 6% this year.
Benchmark WPC against direct peers instead of judging its metrics in isolation.
Key metrics vs top competitors for W. P. Carey Inc. (WPC)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $65.05 | $14.82B | 23.13 | 8.89% | 38.11% | 7.67% | 5.49% | |
| $41.12 | $7.82B | 19.78 | 6.55% | 40.89% | 8.93% | 5.73% | |
| $27.97 | $6.05B | 23.35 | 24.97% | 38.17% | 5.95% | 4.15% | |
| $69.87 | $8.39B | 36.08 | 16.42% | 29.78% | 3.72% | 4.38% | |
| $59.04 | $55.05B | 39.76 | 9.07% | 23.15% | 3.4% | 5.47% | |
| $24.79 | $27.3B | 11.63 | 4.08% | 56.46% | 8.1% | 7.04% |
W. P. Carey Inc. (WPC) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
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W. P. Carey Inc. (WPC) SEC filings — annual & quarterly reports (10-K, 10-Q)
Oct 27, 2026·SEC
Jul 28, 2026·SEC
Jul 2, 2026·SEC
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W. P. Carey Inc. (WPC) stock FAQ — growth, dividends, profitability & financials explained
W. P. Carey Inc. (WPC) reported $1.72B in revenue in fiscal year 2025, which is also its trailing twelve months. That is 1618% more than the $99.9M of fiscal year 1997.
W. P. Carey Inc. (WPC) revenue fell by 10.1% over the trailing twelve months, compared with the twelve months before.
Yes. W. P. Carey Inc. (WPC) earned $651.5M in net income over the trailing twelve months (a 38.1% net margin).
Yes. W. P. Carey Inc. (WPC) pays a dividend that yields 5.49% at the current price, a high yield.
W. P. Carey Inc. (WPC) had a return on equity (ROE) of 7.7% over the trailing twelve months. That is below the market's typical 10-15%.
W. P. Carey Inc. (WPC) generated Funds From Operations (FFO) of $1.20B in the trailing twelve months. FFO is the primary profitability metric for REITs.
W. P. Carey Inc. (WPC) offers a 5.49% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.
