W. P. Carey
Owns single-tenant industrial, warehouse, and retail properties under long-term net leases.
Something off on this page? Send us feedback.
Profile
Owns industrial, warehouse, and retail properties leased mainly to single tenants under long-term agreements. Lease revenue drives the business, with triple-net terms shifting most property costs to tenants and a portfolio concentrated in the United States and Europe.
Owns and leases single-tenant commercial properties under long-term agreements, with industrial, warehouse, and retail facilities forming the core portfolio. Lease revenue supplies the vast majority of earnings, while triple-net terms generally place property operating and maintenance costs with tenants.
Operates as an internally managed REIT with one reportable segment, drawing most rent from the United States and a substantial share from Europe. Sale-leaseback underwriting focuses on tenant credit, industry position, the operational importance of each building, and long-term business prospects.
Execution centers on acquiring operationally important real estate, structuring contractual rent increases, and managing tenant and property diversification across hundreds of tenants. Rent collection depends on tenant payment capacity, while renewals, vacancies, interest rates, access to capital, currency exposure, and continued REIT qualification shape the business.
Company facts
Key statistics
Year to date +8.7% · Average volume (30d) 1.1M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 13, 2026 | Scotiabank | Reiterate | Sector Perform | $79 | $77 | |
| Jul 30, 2026 | Evercore ISI | Target | $74 | $77 | ||
| Jul 29, 2026 | Exane BNP Paribas | Upgrade | Neutral | Outperform | ||
| Jul 29, 2026 | BNP Paribas | Upgrade | Neutral | Outperform | $66 | $88 |
| Jul 22, 2026 | Barclays | Reiterate | Underweight | $78 | $80 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 28, 2026Q2 FY26 | $0.71 | $1.17 | +64.6% | $452.8M | $461.1M | +1.8% | −1.19% |
| Apr 28, 2026Q1 FY26 | $0.65 | $1.30 | +101.6% | $430.6M | $454.5M | +5.5% | −0.83% |
| Feb 10, 2026Q4 FY25 | $0.68 | $1.27 | +87.6% | $415.8M | $444.5M | +6.9% | −0.43% |
| Oct 28, 2025Q3 FY25 | $1.23 | $1.25 | +1.6% | $433.3M | $656.4M | +51.5% | +0.26% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $411.0M | $430.8M | $656.4M | $444.5M | $454.5M | $342.2M | |
| Gross profit | $382.8M | $382.7M | $450.8M | $108.8M | $411.6M | $30.2M | |
| Operating income | $346.7M | $227.0M | $225.6M | $208.7M | $199.4M | $4.2M | |
| Net income | $125.8M | $51.2M | $141.0M | $148.3M | $176.3M | $185.9M | |
| Diluted EPS | $0.57 | $0.23 | $0.64 | $0.67 | $0.80 | $0.82 | |
| Gross margin | 93.1% | 88.8% | 68.7% | 24.5% | 90.6% | 8.8% | |
| Operating margin | 84.3% | 52.7% | 34.4% | 46.9% | 43.9% | 1.2% |
Fiscal years (4-quarter sums)FY21 $1.28B · FY22 $1.47B · FY23 $1.74B · FY24 $1.58B · FY25 $1.94B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $163.5M · Total debt $8.95B · Total assets $18.63B · Shareholders' equity $8.67B
Dividends
Last raised to $0.94 from $0.93 in Jun 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 30, 2026 | Jun 30 | Jul 15 | $0.94 | raised from $0.93 |
| Mar 31, 2026 | Mar 31 | Apr 15 | $0.93 | raised from $0.92 |
| Dec 31, 2025 | Dec 31 | Jan 15 | $0.92 | raised from $0.91 |
| Sep 30, 2025 | Sep 30 | Oct 15 | $0.91 | raised from $0.90 |
| Jun 30, 2025 | Jun 30 | Jul 15 | $0.90 | raised from $0.89 |
| Mar 31, 2025 | Mar 31 | Apr 15 | $0.89 | raised from $0.88 |
| Dec 31, 2024 | Dec 31 | Jan 15 | $0.88 | raised from $0.875 |
| Sep 30, 2024 | Sep 30 | Oct 15 | $0.875 | raised from $0.87 |
Ownership
Shares outstanding 227.81M · Float 225.23M · 98.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 33.17M | 14.56% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 19.24M | 8.45% | 13F | Aug 13, 2026 |
| State Street Corp | 12.36M | 5.42% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 10.03M | 4.40% | 13F | Aug 13, 2026 |
| Geode Capital Management, LLC | 5.03M | 2.21% | 13F | Aug 12, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 6, 2026 | Brian H. Zander | officer: Chief Accounting Officer | −433 | $74.00 |
Peers
- Realty Income
Global net-lease REIT spanning retail, industrial and European assets
- Broadstone Net Lease
Industrial-focused net-lease REIT spanning U.S. and Canadian assets
- Global Net Lease
Diversified single-tenant net-lease REIT across the U.S. and Europe
- STAG Industrial
U.S. industrial REIT focused on warehouses and light manufacturing
- Agree Realty
U.S. retail net-lease REIT with acquisition and development platforms
- NNN REIT
U.S. single-tenant retail net-lease acquisition rival
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| W. P. Carey | $70.51 | 0.00% | $16.06B | 24.1 | 23.7 | 8.5 | +7.0% |
| Realty Income | $62.13 | +0.22% | $57.80B | 45.2 | 38.4 | 9.7 | +1.1% |
| Broadstone Net Lease | $21.09 | 0.00% | $4.04B | 28.5 | 27.9 | 8.5 | +8.3% |
| Global Net Lease | $9.16 | −0.05% | $1.94B | — | — | 4.2 | −10.0% |
| STAG Industrial | $37.18 | +0.01% | $7.17B | 28.6 | 74.1 | 8.1 | +7.7% |
| Agree Realty | $73.20 | −0.05% | $8.79B | 39.4 | 37.7 | 11.3 | +16.9% |
| NNN REIT | $45.67 | −0.01% | $8.69B | 22.4 | 21.9 | 9.1 | +7.0% |
| Median | 28.6 | 37.7 | 8.8 | +7.3% |