NYSE : WPC
W. P. Carey Inc. — Financial statements
Real Estate · REIT - Diversified · United States
Last price 64.875 USD (Oct 30, 2026, 9:37 AM EDT) · Market cap 14.93B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 1.62B | 1.48B | 1.33B | 1.43B | 1.30B | 1.18B |
| Property Management Fees | 2.34M | 4.96M | 6.60M | 2.18M | 8.47M | 15.36M |
| Other Revenue | 122.13M | 130.54M | 164.74M | 199.83M | 88.74M | 2.65M |
| Total Revenue | 1.86B | 1.71B | 1.58B | 1.74B | 1.47B | 1.26B |
| Property Expenses | 94.00M | 114.00M | 120.54M | 139.59M | 77.81M | 57.75M |
| Selling, General & Administrative | 104.50M | 100.67M | 98.97M | 96.39M | 91.47M | 81.89M |
| Depreciation & Amortization | 545.04M | 521.13M | 487.72M | 574.21M | 503.40M | 475.99M |
| Other Operating Expenses | 37.10M | 39.90M | 31.42M | 57.57M | 38.12M | 8.76M |
| Total Operating Expenses | 820.60M | 815.59M | 779.55M | 902.27M | 743.64M | 649.27M |
| Operating Income | 1.04B | 890.06M | 796.84M | 834.29M | 729.45M | 613.74M |
| Interest Expense | -313.26M | -291.26M | -277.37M | -291.85M | -219.16M | -196.83M |
| Interest & Investment Income | 16.51M | 17.64M | 39.72M | 120.00K | ||
| Currency Exchange Gain (Loss) | 29.39M | -98.41M | 24.01M | 14.91M | 6.33M | 2.36M |
| Other Non-Operating Income | -9.81M | -30.99M | -26.13M | -29.65M | 120.02M | 26.70M |
| EBT Excluding Unusual Items | 759.37M | 487.04M | 557.07M | 527.70M | 636.64M | 446.08M |
| Merger & Restructuring Charges | -2.81M | -2.25M | -4.46M | 146.00K | -14.49M | 4.55M |
| Impairment of Goodwill | -29.33M | |||||
| Gain (Loss) on Sale of Investments | -16.25M | -103.39M | -102.15M | 33.93M | ||
| Gain (Loss) on Sale of Assets | 119.71M | 193.79M | 74.82M | 315.98M | 43.48M | 40.42M |
| Asset Writedown | -165.25M | -70.37M | -43.59M | -86.41M | -39.12M | -24.25M |
| Other Unusual Items | 10.65M | -5.10M | -4.90M | -28.20M | ||
| Pretax Income | 694.78M | 504.82M | 492.34M | 752.32M | 626.21M | 438.61M |
| Income Tax Expense | 36.93M | 31.91M | 31.71M | 44.05M | 27.72M | 28.49M |
| Earnings From Continuing Operations | 657.85M | 472.92M | 460.63M | 708.26M | 598.48M | 410.12M |
| Minority Interest in Earnings | -6.89M | -6.56M | 209.00K | 70.00K | 657.00K | -134.00K |
| Net Income | 650.96M | 466.36M | 460.84M | 708.33M | 599.14M | 409.99M |
| Net Income to Common | 650.96M | 466.36M | 460.84M | 708.33M | 599.14M | 409.99M |
| Basic Shares Outstanding | 224.50M | 220.50M | 220.17M | 215.37M | 199.63M | 182.49M |
| Diluted Shares Outstanding | 225.63M | 221.11M | 220.52M | 215.76M | 200.43M | 183.13M |
| EPS (Basic) | 2.90 | 2.11 | 2.09 | 3.29 | 3.00 | 2.25 |
| EPS (Diluted) | 2.88 | 2.11 | 2.09 | 3.28 | 2.99 | 2.24 |
| Dividend Per Share | 3.74 | 3.62 | 3.49 | 4.07 | 4.24 | 4.21 |
| Operating Margin | 55.81% | 52.18% | 50.55% | 48.04% | 49.52% | 48.59% |
| Profit Margin | 35.05% | 27.34% | 29.23% | 40.79% | 40.67% | 32.46% |
| EBITDA | 1.56B | 1.41B | 1.31B | 1.46B | 1.29B | 1.16B |
| EBITDA Margin | 84.19% | 82.93% | 83.07% | 84.21% | 87.74% | 91.95% |
| D&A For Ebitda | 527.02M | 524.46M | 512.73M | 628.12M | 562.99M | 547.63M |
| EBIT | 1.04B | 890.06M | 796.84M | 834.29M | 729.45M | 613.74M |
| EBIT Margin | 55.81% | 52.18% | 50.55% | 48.04% | 49.52% | 48.59% |
| Funds From Operations (FFO) | 1.20B | 875.46M | 894.34M | 1.06B | 1.11B | 896.56M |
| FFO Per Share | 5.32 | 3.96 | 4.06 | 4.92 | 5.52 | 4.90 |
| Adjusted Funds From Operations (AFFO) | 1.18B | 1.10B | 1.04B | 1.12B | 1.06B | 921.49M |
| AFFO Per Share | 5.24 | 4.97 | 4.70 | 5.18 | 5.29 | 5.03 |
| FFO Payout Ratio | 69.19% | 90.24% | 85.55% | 86.37% | 75.55% | 85.25% |
| Effective Tax Rate | 5.32% | 6.32% | 6.44% | 5.86% | 4.43% | 6.49% |
| Revenue as Reported | 1.83B | 1.72B | 1.58B | 1.74B | 2.95B | 1.33B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 13.46B | 12.85B | 12.43B | 11.96B | 12.93B | 10.58B |
| Cash & Equivalents | 143.39M | 155.33M | 640.37M | 633.86M | 168.00M | 165.43M |
| Accounts Receivable | 1.18B | 1.17B | 799.27M | 1.52B | 772.48M | 815.40M |
| Other Receivables | 70.00K | 73.00K | 59.00K | 204.00K | ||
| Investment In Debt and Equity Securities | 163.00M | 167.50M | 270.90M | 404.90M | 406.60M | 435.60M |
| Goodwill | 982.12M | 987.07M | 967.84M | 978.29M | 1.04B | 901.53M |
| Other Intangible Assets | 1.57B | 1.50B | 1.40B | 1.46B | 1.79B | 1.70B |
| Restricted Cash | 42.02M | 117.06M | 50.33M | 58.11M | 56.15M | 52.52M |
| Other Current Assets | 14.31M | 4.93M | 23.25M | 51.23M | 94.53M | 32.35M |
| Trading Asset Securities | 9.80M | 244.00K | 250.00K | 995.00K | 2.69M | 1.00K |
| Deferred Long-Term Tax Assets | 33.20M | 17.60M | 18.50M | 20.50M | 16.30M | |
| Other Long-Term Assets | 1.10B | 1.01B | 929.82M | 896.04M | 826.95M | 784.80M |
| Total Assets | 18.66B | 17.99B | 17.54B | 17.98B | 18.10B | 15.48B |
| Current Portion of Long-Term Debt | 1.79M | 983.78M | 450.85M | 1.68M | 908.00K | |
| Current Portion of Leases | 15.36M | |||||
| Long-Term Debt | 8.78B | 7.74B | 7.59B | 8.14B | 7.88B | 6.79B |
| Long-Term Leases | 128.89M | 143.27M | 138.73M | 146.30M | 146.44M | |
| Accounts Payable | 619.17M | 505.12M | 449.91M | 465.98M | 469.63M | 418.20M |
| Other Current Liabilities | 226.80M | 221.90M | 197.66M | 196.58M | 229.95M | 205.17M |
| Long-Term Deferred Tax Liabilities | 158.82M | 151.82M | 147.46M | 180.65M | 185.18M | 151.57M |
| Other Long-Term Liabilities | 94.18M | 106.29M | 122.74M | 141.98M | 184.58M | 183.29M |
| Total Liabilities | 9.88B | 9.86B | 9.10B | 9.27B | 9.09B | 7.90B |
| Common Stock | 230.00K | 219.00K | 219.00K | 219.00K | 211.00K | 190.00K |
| Additional Paid-In Capital | 12.58B | 11.83B | 11.81B | 11.78B | 11.71B | 9.98B |
| Distributions in Excess of Earnings | -3.68B | -3.54B | -3.20B | -2.89B | -2.49B | -2.22B |
| Comprehensive Income & Other | -129.13M | -173.11M | -171.73M | -192.82M | -226.77M | -171.86M |
| Total Common Equity | 8.76B | 8.12B | 8.43B | 8.70B | 8.99B | 7.58B |
| Minority Interest | 16.36M | 15.88M | 4.43M | 6.56M | 15.00M | 1.67M |
| Shareholders' Equity | 8.78B | 8.13B | 8.43B | 8.71B | 9.01B | 7.58B |
| Total Liabilities & Equity | 18.66B | 17.99B | 17.54B | 17.98B | 18.10B | 15.48B |
| Total Debt | 8.78B | 8.87B | 8.18B | 8.28B | 8.02B | 6.94B |
| Net Cash (Debt) | -8.63B | -8.72B | -7.54B | -7.65B | -7.85B | -6.77B |
| Net Cash Per Share | -38.25 | -39.42 | -34.20 | -35.45 | -39.18 | -36.99 |
| Filing Date Shares Outstanding | 230.12M | 219.15M | 218.85M | 218.67M | 210.62M | 190.61M |
| Total Common Shares Outstanding | 230.12M | 219.15M | 218.85M | 218.67M | 210.62M | 190.01M |
| Book Value Per Share | 38.09 | 37.04 | 38.52 | 39.79 | 42.70 | 39.90 |
| Tangible Book Value | 6.21B | 5.64B | 6.06B | 6.26B | 6.17B | 4.98B |
| Tangible Book Value Per Share | 27.00 | 25.72 | 27.68 | 28.63 | 29.28 | 26.21 |
| Land | 16.41M | 25.66M | 144.87M | 150.08M | 122.32M | 10.45M |
| Buildings | 165.78M | 260.41M | 1.05B | 1.10B | 955.01M | 73.22M |
| Construction In Progress | 47.73M | 79.92M | 56.04M | 47.09M | 40.79M | 114.55M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 650.96M | 466.36M | 460.84M | 708.33M | 599.14M | 409.99M |
| Depreciation & Amortization | 527.02M | 524.46M | 512.73M | 628.12M | 562.99M | 547.63M |
| Other Amortization | 20.64M | 19.17M | 18.84M | |||
| Gain (Loss) on Sale of Assets | -119.71M | -193.79M | -85.47M | -315.98M | -54.09M | -40.42M |
| Gain (Loss) on Sale of Investments | -409.30M | -31.85M | -33.93M | |||
| Asset Writedown | 165.25M | 70.37M | 43.59M | 86.41M | 68.45M | 24.25M |
| Stock-Based Compensation | 39.97M | 39.89M | 40.89M | 34.50M | 32.84M | 24.88M |
| Income (Loss) on Equity Investments | -361.00K | -2.07M | 3.14M | -987.00K | 727.00K | 26.30M |
| Change in Other Net Operating Assets | 30.02M | 8.84M | 2.53M | -29.40M | -14.27M | -14.25M |
| Other Operating Activities | 125.11M | 121.74M | 33.41M | -66.64M | -143.94M | -52.16M |
| Operating Cash Flow | 1.24B | 1.28B | 1.83B | 1.07B | 1.00B | 926.48M |
| Acquisition of Real Estate Assets | -2.19B | -1.85B | -1.26B | -1.33B | -1.25B | -1.42B |
| Sale of Real Estate Assets | 757.80M | 1.28B | 409.49M | 446.40M | 234.65M | 163.64M |
| Net Sale / Acq. of Real Estate Assets | -1.43B | -568.37M | -854.65M | -886.62M | -1.02B | -1.26B |
| Cash Acquisition | -92.37M | |||||
| Investment in Marketable & Equity Securities | 31.66M | -2.85M | -15.73M | -27.73M | 61.31M | -93.60M |
| Other Investing Activities | 10.47M | 10.90M | -17.13M | -19.53M | -19.77M | 1.42M |
| Investing Cash Flow | -1.49B | -960.14M | -1.13B | -905.88M | -1.05B | -1.57B |
| Long-Term Debt Issued | 3.60B | 2.96B | 3.09B | 2.70B | 3.39B | |
| Long-Term Debt Repaid | -3.55B | -2.84B | -2.84B | -2.31B | -3.09B | |
| Net Debt Issued (Repaid) | 210.71M | 43.16M | 112.63M | 257.42M | 391.33M | 294.97M |
| Issuance of Common Stock | 742.38M | 633.78M | 502.34M | 1.04B | ||
| Repurchase of Common Stock | -7.62M | -14.87M | -6.95M | -13.68M | -6.61M | -3.82M |
| Common Dividends Paid | -830.00M | -790.03M | -765.15M | -916.53M | -835.26M | -764.28M |
| Other Financing Activities | -18.74M | 34.00K | -29.00M | 331.56M | 6.08M | -6.83M |
| Foreign Exchange Rate Adjustments | -18.44M | 21.22M | -12.02M | 7.72M | -2.72M | -10.63M |
| Net Cash Flow | -164.16M | -418.31M | -1.27M | 467.83M | 6.19M | -93.83M |
| Levered Free Cash Flow | 1.07B | 615.27M | 1.64B | 261.55M | 967.91M | 807.10M |
| Unlevered Free Cash Flow | 1.24B | 778.13M | 1.79B | 443.95M | 1.10B | 930.12M |
| Cash Interest Paid | 267.50M | 267.50M | 256.60M | 269.70M | 191.00M | 190.80M |
| Cash Income Tax Paid | 40.09M | 40.09M | 36.30M | 38.60M | 42.60M | 44.30M |
| Change in Working Capital | 30.02M | 8.84M | 2.53M | -29.40M | -14.27M | -14.25M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 14.84B | 14.10B | 11.92B | 14.17B | 16.26B | 15.28B |
| Enterprise Value | 23.47B | 22.56B | 19.09B | 22.33B | 23.87B | 21.83B |
| Last Close Price | 64.10 | 61.76 | 49.42 | 55.27 | 61.29 | 61.00 |
| Price/FFO Ratio | 12.16 | 15.60 | 12.17 | 11.23 | 11.10 | 12.46 |
| Price/AFFO Ratio | 12.33 | 12.43 | 10.51 | 10.67 | 11.59 | 12.12 |
| PE Ratio | 22.38 | 30.24 | 25.87 | 20.01 | 27.14 | 37.28 |
| PS Ratio | 7.92 | 8.27 | 7.56 | 8.16 | 11.04 | 12.10 |
| PB Ratio | 1.68 | 1.73 | 1.41 | 1.63 | 1.80 | 2.02 |
| P/OCF Ratio | 11.83 | 11.00 | 6.50 | 13.20 | 16.20 | 16.50 |
| EV/Sales Ratio | 12.57 | 13.23 | 12.11 | 12.86 | 16.20 | 17.29 |
| EV/EBITDA Ratio | 14.93 | 15.95 | 14.57 | 15.27 | 18.47 | 18.80 |
| EV/EBIT Ratio | 22.51 | 25.35 | 23.95 | 26.77 | 32.72 | 35.57 |
| Debt / Equity Ratio | 1.00 | 1.09 | 0.97 | 0.95 | 0.89 | 0.92 |
| Debt / EBITDA Ratio | 5.62 | 6.21 | 6.19 | 5.62 | 6.15 | 5.91 |
| Net Debt / Equity Ratio | 0.98 | 1.07 | 0.89 | 0.88 | 0.87 | 0.89 |
| Net Debt / EBITDA Ratio | 5.52 | 6.16 | 5.76 | 5.23 | 6.08 | 5.83 |
| Asset Turnover | 0.10 | 0.10 | 0.09 | 0.10 | 0.09 | 0.08 |
| Quick Ratio | 1.57 | 0.77 | 1.31 | 3.24 | 1.35 | 1.57 |
| Current Ratio | 1.64 | 0.84 | 1.38 | 3.40 | 1.56 | 1.71 |
| Return on Equity (ROE) | 7.76% | 5.71% | 5.38% | 8.00% | 7.21% | 5.67% |
| Return on Assets (ROA) | 3.54% | 3.13% | 2.80% | 2.89% | 2.71% | 2.54% |
| Return on Invested Capital (ROIC) | 5.59% | 4.96% | 4.44% | 4.62% | 4.42% | 4.06% |
| Earnings Yield | 4.47% | 3.31% | 3.86% | 5.00% | 3.69% | 2.68% |
| Dividend Yield | 5.89% | 5.62% | 6.41% | 6.28% | 5.50% | 5.23% |
| Payout Ratio | 129.81% | 169.40% | 166.03% | 129.39% | 139.41% | 186.41% |
| Buyback Yield / Dilution | -2.11% | -0.27% | -2.21% | -7.65% | -9.45% | -4.74% |
| Total Shareholder Return | 3.85% | 5.36% | 4.20% | -1.38% | -3.95% | 0.49% |