W. P. Carey Inc. WPC

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

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.

Last close 63.90 2026-10-23
Market cap $14.56B 2026-06-30 share count
52-week range 62.24 - 77.22

Valuation FY2025 figures against the last close

P/S8.5x
P/E—
P/FCF11.4x
EV/EBITDA—
Dividend yield5.4%
Diluted EPS—

Where the revenue comes from as reported in the latest 10-K

Revenue by segment

  • Owned Real Estate - Domestic
  • Owned Real Estate - International
Revenue by segment, 2 categories over 3 years. The same figures are in the table below. FY2025 Owned Real Estate - Domestic, FY2025: 1.1B (63.7%) 64% Owned Real Estate - Domestic Owned Real Estate - International, FY2025: 623.9M (36.3%) 36% Owned Real Estate - International FY2024 Owned Real Estate - Domestic, FY2024: 1B (64.0%) 64% Owned Real Estate - International, FY2024: 569.8M (36.0%) 36% FY2023 Owned Real Estate - Domestic, FY2023: 1.2B (66.3%) 66% Owned Real Estate - International, FY2023: 586.5M (33.7%) 34%
Segment FY2025FY2024FY2023
Owned Real Estate - Domestic $1.09B $1.01B $1.15B
Owned Real Estate - International $623.9M $569.8M $586.5M

As the company reported it, from the “Segment Information - Income by Geography (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.) 221.1M220.5M215.8M200.4M183.1M174.8M171.3M117.7M108.0M107.1M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 500M 1B 1.5B 2B Revenue, FY2016: 941.5M Gross profit, FY2016: 849.7M Net income, FY2016: 267.7M Revenue, FY2017: 848.3M Gross profit, FY2017: 796.9M Net income, FY2017: 277.3M Revenue, FY2018: 885.7M Gross profit, FY2018: 863.8M Net income, FY2018: 411.6M Revenue, FY2019: 1.2B Gross profit, FY2019: 1.2B Net income, FY2019: 305.2M Revenue, FY2020: 1.2B Gross profit, FY2020: 1.2B Net income, FY2020: 455.4M Revenue, FY2021: 1.3B Gross profit, FY2021: 1.3B Net income, FY2021: 410M Revenue, FY2022: 1.5B Gross profit, FY2022: 1.5B Net income, FY2022: 599.1M Revenue, FY2023: 1.7B Gross profit, FY2023: 1.7B Net income, FY2023: 708.3M Revenue, FY2024: 1.6B Net income, FY2024: 460.8M Revenue, FY2025: 1.7B Net income, FY2025: 466.4M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $941.5M $848.3M $885.7M $1.23B $1.21B $1.33B $1.48B $1.74B $1.58B $1.72B
Gross profit $849.7M $796.9M $863.8M $1.22B $1.20B $1.33B $1.48B $1.74B — —
Net income $267.7M $277.3M $411.6M $305.2M $455.4M $410.0M $599.1M $708.3M $460.8M $466.4M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Material agreement signed Item 1.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Regulation FD disclosure Item 7.01
  • Other event Item 8.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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