AFFO-to-dividend coverage has oscillated between 0.65 and 1.11 over ten quarters, dipping below full coverage twice (111% payout in Q4 2024), though ex-spin-off free cash flow appears to normalize near $250-$280 million quarterly against roughly $200 million of quarterly dividends.
W. P. Carey Inc. (WPC) cash flow statement — 29-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Cash from Operations | 1.24B | 1.28B | 1.83B | 1.07B | 1B | 926.48M | 801.54M | 812.08M | 509.17M | 516.07M | 546.8M | 508.54M | 399.09M | 207.91M | 80.64M | 80.12M | 86.42M | 74.54M | 63.25M | 47.47M | 119.94M | 52.71M | 98.85M | 67.85M | 75.9M | 58.88M | 58.45M | 48.24M | 51.94M | 51.64M |
| Operating CF Growth % | -4.11% | -30.05% | 70.77% | 6.96% | 8.32% | 15.59% | -1.3% | 59.49% | -1.34% | -5.62% | 7.52% | 27.42% | 91.96% | 157.81% | 0.66% | -7.29% | 15.93% | 17.86% | 33.23% | -60.42% | 127.56% | -46.68% | 45.69% | -10.6% | 28.91% | 0.73% | 21.16% | -7.13% | 0.59% | - |
| Operating CF / Revenue % | 72.66% | 74.71% | 116.29% | 61.81% | 68.13% | 73.36% | 68.46% | 66.98% | 55.14% | 59.97% | 60.17% | 55.54% | 49.3% | 42.12% | 24.38% | 25.87% | 33.16% | 32.08% | 26.95% | 18.04% | 44.84% | 32.29% | 43.13% | 40.91% | 49.8% | 51.2% | 57.6% | 53.09% | 58.58% | 51.69% |
| Net Income | 651.5M | 472.92M | 460.63M | 708.26M | 598.48M | 410.12M | 465.95M | 306.54M | 424.34M | 285.08M | 274.81M | 185.23M | 246.07M | 132.16M | 62.78M | 139.14M | 74.95M | 70.57M | 78.61M | 79.25M | 86.3M | 48.6M | 63.85M | 62.88M | 46.59M | 35.76M | -9.28M | 34.04M | 39.09M | 40.56M |
| Depreciation & Amortization | 555.58M | 537.64M | 531.58M | 628.12M | 562.99M | 547.63M | 508.95M | 544.91M | 349.3M | 316.47M | 283.01M | 317.25M | 293.39M | 140.32M | 55.11M | 29.62M | 24.44M | 24.48M | 27.2M | 27.32M | 27.21M | 25.56M | 27.6M | 18.91M | 20.88M | 27.15M | 22.17M | 11.19M | 7.4M | 10.3M |
| Stock-Based Compensation | 39.97M | 39.89M | 40.89M | 34.5M | 32.84M | 24.88M | 15.94M | 18.79M | 18.29M | 18.92M | 21.22M | 21.63M | 31.07M | 37.2M | 26.04M | 17.72M | 7.08M | 9.34M | 7.28M | 5.55M | 3.45M | 3.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -34.88M | 233.91M | 801.72M | -267.86M | -168.42M | -37.2M | -146.06M | -50.93M | -240.42M | -87.24M | -29.49M | 17.46M | -89.72M | -35.94M | -27.62M | -81.7M | -4.96M | -7.49M | 6.96M | -60.81M | -3.87M | -12.22M | 27.05M | 7.85M | -15.36M | -3.56M | 42.81M | 12.65M | 1.9M | 3.99M |
| Working Capital Changes | 30.02M | 8.84M | 2.53M | -29.4M | -14.27M | -14.25M | 5.83M | -16.49M | -36.07M | 2.86M | 18.69M | -34.5M | -17.53M | -36.93M | -35.67M | -24.65M | -15.1M | -22.35M | -56.79M | -3.85M | 8.68M | -7.17M | -30.46M | -26.85M | 8M | 0 | 3.02M | -8.28M | 3.52M | -3.19M |
| Cash from Investing | -1.49B | -960.14M | -1.13B | -905.88M | -1.05B | -1.57B | -539.93M | -522.77M | -266.13M | 225.9M | -284.74M | -645.18M | -640.23M | -6.37M | 126.47M | -126.08M | -37.84M | 18.11M | 12.6M | -41.05M | -44.56M | 47.74M | -96.98M | 24.23M | 51.92M | -13.37M | 40.96M | -55.19M | -71.53M | -273K |
| Acquisitions (Net) | -159.15M | -2.85M | -15.73M | -27.73M | -509.75M | -93.6M | 15.23M | 31.77M | 110.16M | 8.79M | -9.73M | -8.03M | 51.72M | -1.95M | 25.86M | -123.61M | 0 | 0 | -120K | -524K | -524K | -524K | 0 | 776K | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | -72.98M | 0 | 0 | 0 | 0 | 0 | -95.51M | 0 | 0 | 0 | 0 | 0 | -7.66M | 0 | 0 | -122.61M | 0 | -2.87M | -1.77M | -3.6M | -150K | -465K | -115.52M | -6.69M | -13.17M | 0 | 0 | -3.68M | -56K | 0 |
| Sale of Investments | 74.67M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 372K | 21.63M | 0 | 39.1M | 19.85M | 0 | 0 | 6.16M | 122.45M | 8.59M | 5.56M | 2.77M | 47.17M | 9.63M | 22.33M | 1.24M |
| Other Investing | -31M | -957.29M | -1.12B | -878.15M | -542.78M | -1.47B | -459.65M | -554.54M | -376.29M | 220.56M | -266.11M | -628.42M | -660.27M | 9.61M | 106.44M | 111.75M | 64.83M | 57.64M | -5.16M | 63.08M | 58.31M | 43.03M | -98.96M | 24.39M | 73.52M | 7.15M | 17.54M | 3.44M | 1.01M | 440K |
| Cash from Financing | 715.54M | -761.71M | -688.47M | 292.56M | 57.89M | 557.05M | -210.71M | -457.78M | -24.29M | -745.47M | -282.02M | 121.27M | 343.14M | -210.59M | -113.29M | 10.5M | -1.55M | -91.28M | -70.79M | -16.54M | -66.62M | -103.78M | -9.7M | -89.3M | -115.26M | -46.81M | -91.45M | 3.39M | 6.67M | -61.34M |
| Dividends Paid | -830M | -790.03M | -765.15M | -916.53M | -835.26M | -764.28M | -726.96M | -704.4M | -440.43M | -431.18M | -416.65M | -403.56M | -347.9M | -220.4M | -113.87M | -85.81M | -93.28M | -84.26M | -87.7M | -71.61M | -68.61M | -67M | -65.07M | -62.98M | -60.71M | -58.05M | -49.96M | -44.87M | -33.32M | -45.95M |
| Common Dividends | -830M | -790.03M | -765.15M | -916.53M | -835.26M | -764.28M | -726.96M | -704.4M | -440.43M | -431.18M | -416.65M | -403.56M | -347.9M | -220.4M | -113.87M | -85.81M | -93.28M | -84.26M | -87.7M | -71.61M | -68.61M | -67M | -65.07M | -62.98M | -60.71M | -58.05M | -49.96M | -44.87M | -33.32M | -43.62M |
| Debt Issuance (Net) | 2M | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 1000K | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K | -1000K |
| Share Repurchases | 0 | -14.87M | -6.95M | 0 | 0 | 0 | 0 | 0 | -1.18M | 0 | 0 | 0 | -679K | -40M | -45.27M | 0 | 0 | -10.69M | -15.41M | -25.52M | -1.94M | -2.21M | -2.54M | 0 | 0 | -325K | -13.94M | -627K | 0 | 0 |
| Other Financing | 162.82M | 34K | -29M | -26M | 283.73M | 686.39M | 183.73M | -17.77M | -40.8M | 43.96M | -33.95M | -52.9M | -25.33M | 4M | 57.22M | -15.26M | 14.74M | -15.24M | -1.27M | 3.64M | 776K | 1.18M | -2.34M | 0 | -787K | -1.67M | -1.32M | -1.82M | -16.96M | -523K |
| Net Change in Cash | 453.59M | -418.31M | -1.27M | 467.83M | 6.19M | -93.83M | 60.26M | -172.54M | 214.39M | -1.05M | -27.3M | -41.46M | 81.16M | -6.38M | 94.61M | -35.4M | 46.24M | 1.65M | 4.66M | -9.97M | 9.09M | -3.7M | -7.64M | 3.06M | 12.43M | -1.29M | 7.87M | -3.38M | -12.91M | -9.97M |
| Exchange Rate Effect | -18.44M | 21.22M | -12.02M | 7.72M | -2.72M | -10.63M | 9.37M | -4.07M | -4.36M | 9.51M | -7.34M | -26.09M | -20.84M | 2.67M | 790K | 70K | -783K | 276K | -394K | 143K | 333K | -369K | 179K | 274K | -122K | 11K | -40K | 219K | 0 | 0 |
| Cash at Beginning | 195.87M | 690.7M | 691.97M | 224.14M | 217.95M | 311.78M | 251.52M | 424.06M | 209.68M | 210.73M | 238.03M | 198.68M | 117.52M | 123.9M | 29.3M | 64.69M | 18.45M | 16.8M | 12.14M | 22.11M | 13.01M | 16.71M | 24.36M | 21.3M | 8.87M | 10.16M | 2.3M | 5.67M | 18.59M | 28.55M |
| Cash at End | 185.41M | 272.39M | 690.7M | 691.97M | 224.14M | 217.95M | 311.78M | 251.52M | 424.06M | 209.68M | 210.73M | 157.23M | 198.68M | 117.52M | 123.9M | 29.3M | 64.69M | 18.45M | 16.8M | 12.14M | 22.11M | 13.01M | 16.71M | 24.36M | 21.3M | 8.87M | 10.16M | 2.3M | 5.67M | 18.59M |
| Free Cash Flow | 1.11B | 1.09B | 1.7B | 951.81M | 899.12M | 812.86M | 594.28M | 646.59M | 401.48M | 437.15M | 508.87M | 457.66M | 375.85M | 251.89M | 120.73M | 87.68M | 81.28M | 66.77M | 49.2M | 31.48M | 115M | 49.73M | 97.25M | 64.45M | 61.1M | 35.59M | 34.65M | -16.39M | -42.86M | 49.69M |
| FCF Growth % | 0.67% | -35.73% | 78.37% | 5.86% | 10.61% | 36.78% | -8.09% | 61.05% | -8.16% | -14.09% | 11.19% | 21.77% | 49.21% | 108.63% | 37.69% | 7.88% | 21.74% | 35.72% | 56.26% | -72.62% | 131.25% | -48.86% | 50.89% | 5.48% | 71.7% | 2.71% | 311.44% | 61.77% | -186.27% | - |
| FCF / Revenue % | 64.92% | 63.57% | 107.7% | 54.81% | 61.04% | 64.36% | 50.76% | 53.33% | 43.48% | 50.8% | 56% | 49.98% | 46.43% | 51.03% | 36.5% | 28.31% | 31.18% | 28.74% | 20.96% | 11.96% | 42.99% | 30.47% | 42.44% | 38.86% | 40.09% | 30.95% | 34.15% | -18.03% | -48.33% | 49.73% |
Quick answers to the most common questions about buying WPC stock.
W. P. Carey Inc. (WPC) generated $1.28B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
W. P. Carey Inc. (WPC) generated $1.09B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
W. P. Carey Inc. (WPC) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, W. P. Carey Inc. (WPC) returned $790.0M to shareholders via cash dividends and spent $14.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
AFFO volatility from office spin-off and non-IG tenant credit
Metrics are mathematically derived from official filings.
AFFO Coverage Flips Inconsistently
AFFO-to-dividend coverage has oscillated between 0.65 and 1.11 over ten quarters, and two periods show AFFO falling below dividends paid. In 2024Q4, AFFO of $108.9M versus $192.7M in dividends implies a 111% payout, suggesting the dividend was not fully covered by recurring cash flow.
Excluding the anomalous 2026Q2 negative AFFO tied to the office spin-off, underlying AFFO coverage in the $210M-$280M range versus dividends near $200M implies roughly 0.70-0.75 payout ratios, which is comfortable but not expansive. The two coverage inversions (2024Q4 and 2025Q2) warrant monitoring, as they occurred in quarters with depressed net income ($47.0M and $51.2M), suggesting that property-level cash generation can compress materially even when headline FFO appears stable. The 2026Q3 AFFO is unavailable, so coverage for the most recent quarter cannot be assessed.
Depreciation Distorts Net Income
GAAP net income of $140.9M in 2026Q3 compares to FFO of $270.1M, implying roughly $129M in quarterly depreciation and amortization. The FFO/NI ratio has ranged from 1.55x to 7.89x over ten quarters, showing that real estate depreciation materially suppresses reported profitability relative to cash economics.
The extreme FFO/NI multiples in 2025Q2 (7.89x) and 2024Q4 (6.30x) reflect quarters where net income was depressed by non-cash charges, likely tied to asset impairments or disposition-related adjustments surrounding the office portfolio exit. This means net margin figures (such as the reported 28.63% gross margin) are not reliable indicators of operating performance; FFO and AFFO are the appropriate lenses. Analysts should treat GAAP earnings as underrepresenting true property-level cash generation by a wide and variable margin.
Capex Spike Distorts Recurring Profile
Reported capex surged to $1.2B in 2026Q2 versus $23.8M-$84.0M in other quarters, a magnitude inconsistent with maintenance spending. The company's triple-net structure limits recurring property capex, meaning this figure appears to reflect acquisition or disposition-related outflows rather than sustaining capital requirements.
Historical maintenance capex (tenant improvements, leasing commissions, building maintenance) appears to run in the $25M-$85M quarterly range, implying AFFO figures are not heavily burdened by recurring capital needs. This supports the view that AFFO approximates distributable free cash flow more closely than for an operationally intensive REIT. However, the 2026Q3 capex figure of $0 and the incomplete OCF data point to a data availability gap in the most recent quarter that limits forward extrapolation.
Spin-Off Proceeds And Capital Deployment
The 2026Q2 negative AFFO of $928.7M and $1.2B capex line appear to reflect the office portfolio spin-off to NLOP and subsequent capital redeployment, per recent SEC filings. This non-recurring distortion obscures underlying free cash flow, which ex-spin-off appears positive at roughly $250M-$280M quarterly based on trailing quarters.
The company's dividend payout near $200M per quarter against normal AFFO of $210M-$280M implies the distribution is funded from operations in typical periods. However, the spin-off represents a structural reset that removes office earnings from the base while reducing the asset pool generating AFFO. If redeployment capital cannot be invested at accretive spreads, the post-spin-off AFFO base may not support the same absolute dividend in future periods, warranting close monitoring of acquisition yield versus weighted average cost of capital.
Coverage Masked By Portfolio Transition
The trailing AFFO and capex series contain discontinuities from the office spin-off that make period-over-period comparison unreliable. With 78.4% of tenants rated non-investment grade, and reported NOI margins ranging from 8.8% to 93.1% per income statement disclosures, the underlying cash flow stream's reliability warrants analytical skepticism.
What the cash flow statement does not show is the contingent tenant credit exposure embedded in the receivables line. A default event at a significant non-IG tenant could impair AFFO well ahead of any visible warning in quarterly collections data, as straight-line rent accounting can mask cash shortfalls. Additionally, the negative working capital swing implied by 2026Q2's FCF of $365.2M against $332.1M OCF suggests that timing differences between collections and disbursements may be masking the true recurring cash position. Investors should monitor the next two quarters of AFFO disclosure to establish a clean post-spin-off coverage baseline.