W. P. Carey Reports Q3 2026 Results and Raises Full-Year AFFO Guidance

Executive Summary

On October 27, 2026, W. P. Carey Inc. (NYSE: WPC) filed a Form 8-K under Items 2.02 and 7.01 furnishing its financial results for the third quarter ended September 30, 2026.

Financial & Operating Performance

• Revenues: Total third-quarter revenues (including reimbursable costs) reached $468.3 million, an 8.6% increase compared to $431.3 million in Q3 2025. Growth was driven primarily by net investment activity, offset by lower operating property revenue following dispositions in its self-storage portfolio.
• Net Income: Attributable net income was $141.0 million ($0.61 per diluted share), flat compared to Q3 2025 as accretive net investments and lower impairment charges offset lower gains on real estate sales.
• Adjusted Funds from Operations (AFFO): AFFO increased to $308.2 million, or $1.33 per diluted share, reflecting a 6.4% year-over-year increase supported by contractual rent growth and accretive investments.
• Portfolio Metrics: As of September 30, 2026, WPC's net lease portfolio comprised 1,755 properties (189 million sq. ft.) across 383 tenants, maintaining a 98.6% occupancy rate, a weighted-average lease term of 12.0 years, and contractual same-store rent growth of 2.6% YoY on a constant currency basis.

Updated Full-Year 2026 Guidance

Management raised and narrowed several operational and earnings targets:

• AFFO per Diluted Share: Raised to $5.23 – $5.29 (up from $5.19 – $5.27), implying 5.8% YoY growth at the midpoint.
• Investment Volume: Increased low end to $1.8 – $2.1 billion (up from $1.7 – $2.1 billion).
• Disposition Volume: Adjusted to $350 – $450 million (tightened from $350 – $550 million).
• Tax Expense (AFFO basis): Reduced to $40 – $43 million (down from $43 – $47 million).

Balance Sheet & Capital Activity

• Liquidity: Total available liquidity stood at $2.6 billion, including $1.9 billion on its revolving credit facility.
• Forward Equity Settlement: Settled 2.30 million forward shares in Q3 for approximately $150 million; 7.61 million forward shares (~$538 million) remain available for future settlement.
• Debt Refinancing: Issued $350 million of 5.200% Senior Unsecured Notes due 2036 to refinance $350 million of maturing 4.250% Senior Notes with zero prepayment penalties.