#United States #New York #W. P. Carey #AFFO #net lease REIT

W. P. Carey 2025 Third Quarter Financial Results

On October 28, 2025, W. P. Carey Inc. (NYSE: WPC), a prominent net lease real estate investment trust, announced its financial performance for the third quarter ended September 30, 2025. The results reflect the company's strategic initiatives and robust market positioning.

Financial Highlights

In the third quarter of 2025, W. P. Carey generated a net income of $141.0 million, translating to $0.64 diluted earnings per share. This marks a 26.2% increase from the previous year’s third quarter, driven primarily by gains from real estate sales and effective investment activities. The company reported an Adjusted Funds from Operations (AFFO) of $276.6 million, or $1.25 per diluted share, signifying a 5.9% increase year-over-year.

Adjusted Funds from Operations (AFFO) Guidance

W. P. Carey raised its AFFO guidance for the full year 2025 to a range of $4.93 to $4.99 per diluted share. This revision arises from improved expectations surrounding investment volumes, projected at between $1.8 billion and $2.1 billion. The forecast also accounts for a reduced anticipated rent loss.

Dividend Increase

Further underscoring its commitment to shareholder returns, W. P. Carey announced a quarterly cash dividend of $0.910 per share, reflecting a 4.0% increase from the same period last year. This annualizes to a rate of $3.64 per share, emphasizing the company's strong financial footing and intent to reward its investors.

Real Estate Portfolio Insights

As of September 30, 2025, the company completed $1.6 billion in investment transactions year-to-date, including $656.4 million in the third quarter alone. The firm has also been active in divestitures, recording proceeds of $1.0 billion from the sale of 91 properties. Notably, among these, 37 self-storage properties were sold for $513.3 million within the year.

The portfolio, encompassing 1,662 properties occupying 183 million square feet, maintains a robust occupancy rate of 97.0%. As of this reporting, W. P. Carey has realized a 2.4% growth in its same-store rent, reflecting effective management strategies deployed across its property holdings.

Management Perspective

Jason Fox, Chief Executive Officer of W. P. Carey, shared insights into the company’s performance: “Strong investment activity, a robust deal pipeline, and lower anticipated rent loss have allowed us to adjust our full-year expectations positively. This performance continues the momentum we established earlier in the year.”

He further remarked on the energetic progress in their asset sale strategy, achieving advantageous disposition cap rates and offering additional flexibility for funding upcoming investments.

Looking Forward

The company expects sustained growth as it heads into 2026. With a strong near-term pipeline and continued access to well-priced capital, W. P. Carey is positioned well to deliver consistent AFFO growth going forward.

Conclusion

W. P. Carey’s Q3 2025 financial results showcase a solid performance amid a dynamic market environment. With increasing dividend payouts, expanded investment activity, and forward-looking growth strategies, the company remains a prominent player in the net lease real estate sector. Investors and stakeholders can look forward to the upcoming conference call scheduled for October 29, 2025, for further insights into the company’s strategy and operational outlook.