W. P. Carey Inc. WPC
W. P. Carey Inc. ("W. P. Carey" or the "Company") is an internally-managed diversified REIT that, together with our consolidated subsidiaries and predecessors, is a leading owner of commercial real estate, net-leased to companies located primarily in the United States and Europe on a long-term basis. The vast majority of our revenues originate from lease revenue provided by our real estate portfolio, which is comprised primarily of single-tenant industrial, warehouse, and retail facilities that are critical to our tenants' operations. Our portfolio is comprised of 1,682 properties, net-leased to 371 tenants in 25 countries. As of December 31, 2025, approximately 61% of our contractual minimum annualized base rent ("ABR") was generated by properties located in the United States and approximately 33% was generated by properties located in Europe. As of that same date, our portfolio included 16 operating properties, comprised of 11 self-storage properties, four hotels, and one student housing property. During the year ended December 31, 2025, we sold 63 self-storage operating properties.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.72B | $1.58B | $1.74B | $1.48B | $1.33B | $1.21B | $1.23B | $885.7M | $848.3M | $941.5M |
| Cost of revenue | — | — | $368.0K | $2.5M | $4.0M | $8.9M | $16.5M | $21.9M | $51.4M | $91.9M |
| Gross profit | — | — | $1.74B | $1.48B | $1.33B | $1.20B | $1.22B | $863.8M | $796.9M | $849.7M |
| SG&A | $100.7M | $99.0M | $96.4M | $91.5M | $81.9M | $76.0M | $75.3M | $68.3M | $70.9M | $82.4M |
| Total operating expenses | $917.1M | $852.2M | $1.02B | $867.0M | $726.7M | $691.6M | $731.1M | $526.5M | $489.7M | $621.7M |
| Interest expense | $291.3M | $277.4M | $291.9M | $219.2M | $196.8M | $210.1M | $233.3M | $178.4M | $165.8M | $183.4M |
| Pre-tax income | $504.8M | $492.3M | $752.3M | $626.2M | $438.6M | $445.2M | $332.8M | $438.8M | $287.8M | $278.1M |
| Income tax | $31.9M | $31.7M | $44.1M | $27.7M | $28.5M | $20.8M | $26.2M | $14.4M | $2.7M | $3.3M |
| Net income | $466.4M | $460.8M | $708.3M | $599.1M | $410.0M | $455.4M | $305.2M | $411.6M | $277.3M | $267.7M |
| EPS, basic | — | — | — | — | — | — | — | — | — | 2.50 |
| EPS, diluted | — | — | — | — | — | — | — | — | — | 2.49 |
| Shares, diluted (wtd. avg.) | $221.1M | $220.5M | $215.8M | $200.4M | $183.1M | $174.8M | $171.3M | $117.7M | $108.0M | $107.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $155.3M | $640.4M | $633.9M | $224.1M | $217.9M | $311.8M | $251.5M | $424.1M | $209.7M | $210.7M |
| Goodwill | $987.1M | $967.8M | $978.3M | $1.04B | $901.5M | $910.8M | $934.7M | $920.9M | $644.0M | $635.9M |
| Total assets | $17.99B | $17.54B | $17.98B | $18.10B | $15.48B | $14.71B | $14.06B | $14.18B | $8.23B | $8.45B |
| Long-term debt | $8.72B | $8.04B | $8.14B | $7.88B | $6.79B | $6.70B | $6.05B | $6.38B | $4.27B | $4.44B |
| Total liabilities | $9.86B | $9.10B | $9.27B | $9.09B | $7.90B | $7.83B | $7.11B | $7.35B | $4.82B | $5.03B |
| Total equity | $8.12B | $8.43B | $8.71B | $9.01B | $7.58B | $6.88B | $6.95B | $6.83B | $3.41B | $3.43B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.28B | $1.83B | $1.07B | $1.00B | $926.5M | $801.5M | $812.1M | $509.2M | $520.7M | $546.8M |
| Depreciation and amortisation | $537.6M | $507.1M | $594.2M | $519.7M | $490.7M | $456.2M | $460.0M | $298.2M | $261.4M | $279.7M |
| Investing cash flow | -$960.1M | -$1.13B | -$905.9M | -$1.05B | -$1.57B | -$539.9M | -$522.8M | -$266.1M | $214.2M | -$284.7M |
| Financing cash flow | -$761.7M | -$688.5M | $292.6M | $57.9M | $557.0M | -$210.7M | -$457.8M | -$24.3M | -$745.5M | -$282.0M |
| Dividends paid | $790.0M | $765.1M | $916.5M | $835.3M | $764.3M | $727.0M | $704.4M | $440.4M | $431.2M | $416.7M |
| Buybacks | — | — | — | — | — | $0 | $0 | $1.2M | $0 | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001025378-26-000036.
Others in SIC 6798
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| WELL | WELLTOWER INC. | $166.72B | 169.9x | 40.2% |
| PLD | Prologis, Inc. | $128.05B | 38.6x | 7.2% |
| EQIX | EQUINIX INC | $102.22B | 75.3x | 5.4% |
| AMT | AMERICAN TOWER CORP /MA/ | $81.93B | 32.6x | 20.8% |
| SPG | SIMON PROPERTY GROUP INC. | $67.86B | 14.8x | 6.7% |
| DLR | DIGITAL REALTY TRUST, INC. | $66.20B | 52.6x | 10.0% |
| O | REALTY INCOME CORP | $57.96B | 52.4x | 9.1% |
| PSA | Public Storage | $53.04B | 33.5x | 2.7% |