Jun 2026 (Q2 FY26) — Jul 29, 2026
W. P. Carey Inc. Q2 FY26 — Strong Investment Pace and Raised Full-Year Outlook
Read the full callW. P. Carey (WPC) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
W. P. Carey earnings: last reported Wed, 29 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 461 | +7.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 185 | +261.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
14 of 16 judged targets kept · 18 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Hellweg exposure reduced out of top 25 tenants | out of top 25 tenants next year (FY26) | Jun 2025 | Our remaining gross exposure is now just 90 basis points of ABR, with Hellweg no longer a top 20 tenant | Achieved |
| Full-year AFFO per share | $5.13 to $5.23 per share | Dec 2025 | we've raised and narrowed our guidance range for full year AFFO per share to between $5.19 and $5.27, which increases the midpoint by $0.02 and implies 5.2% year-over-year growth | Revised Up |
| Full-year G&A expense | $103 million to $106 million | Dec 2025 | For the full year, we continue to expect G&A to total between $103 million and $106 million, unchanged from our previous range | On Track |
2 of W. P. Carey Inc.'s 34 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 31 more targets are in the full ledger.
Claimed
- Investment volume year-to-date reached $1.3 billion at a weighted average initial cash cap rate of 7.4%, translating to an average yield of over 9%.
- Full-year investment volume guidance raised to between $1.7 billion and $2.1 billion, up from $1.5 billion to $2 billion.
- AFFO per share for Q2 FY26 was $1.34, up 4.7% year-over-year, leading to a raised full-year AFFO per share guidance to $5.19-$5.27.
- Balance sheet in excellent shape with $2.7 billion in liquidity, net debt to adjusted EBITDA at 5.1x (inclusive of unsettled forward equity), and no debt maturities remaining in 2026.
- Contractual same-store rent growth was 2.6% year-over-year, with CPI-linked increases averaging 2.7% and fixed rent escalations averaging 2.5%.
Qualified
- Hellweg's insolvency filing led to uncollected June rent of $1.2 million, with an updated rent loss assumption of approximately $3 million from Hellweg in 2026.
- Comprehensive same-store rent growth was 20 basis points, with 90 basis points of variance to contractual growth due to a prior-year rent recovery and impact from Hellweg and vacancy.
- Other lease-related income is expected to decline over the remaining two quarters, with the first half totaling $21.7 million and full-year guidance in the low to mid-$30 million range.
Price
$63.77 −2.10% · −$1.37
Performance −6.9% 1Y
1Y: $68.46 on 17 Oct 2025 → $63.77. High $76.71 (12 Jun 2026), low $62.73 (7 Oct 2026).
- Previous close
- $65.14
- 52-week range
- $62.73 – $76.71
- One year
- −7.15%
Overview
- Symbol
- WPC
- Sector
- Real Estate
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
14 of 16 judged targets kept · 18 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Hellweg exposure reduced out of top 25 tenants | out of top 25 tenants next year (FY26) | Jun 2025 | Our remaining gross exposure is now just 90 basis points of ABR, with Hellweg no longer a top 20 tenant | Achieved |
| Full-year AFFO per share | $5.13 to $5.23 per share | Dec 2025 | we've raised and narrowed our guidance range for full year AFFO per share to between $5.19 and $5.27, which increases the midpoint by $0.02 and implies 5.2% year-over-year growth | Revised Up |
| Full-year G&A expense | $103 million to $106 million | Dec 2025 | For the full year, we continue to expect G&A to total between $103 million and $106 million, unchanged from our previous range | On Track |
Claimed
- Investment volume year-to-date reached $1.3 billion at a weighted average initial cash cap rate of 7.4%, translating to an average yield of over 9%.
- Full-year investment volume guidance raised to between $1.7 billion and $2.1 billion, up from $1.5 billion to $2 billion.
- AFFO per share for Q2 FY26 was $1.34, up 4.7% year-over-year, leading to a raised full-year AFFO per share guidance to $5.19-$5.27.
- Balance sheet in excellent shape with $2.7 billion in liquidity, net debt to adjusted EBITDA at 5.1x (inclusive of unsettled forward equity), and no debt maturities remaining in 2026.
- Contractual same-store rent growth was 2.6% year-over-year, with CPI-linked increases averaging 2.7% and fixed rent escalations averaging 2.5%.
Qualified
- Hellweg's insolvency filing led to uncollected June rent of $1.2 million, with an updated rent loss assumption of approximately $3 million from Hellweg in 2026.
- Comprehensive same-store rent growth was 20 basis points, with 90 basis points of variance to contractual growth due to a prior-year rent recovery and impact from Hellweg and vacancy.
- Other lease-related income is expected to decline over the remaining two quarters, with the first half totaling $21.7 million and full-year guidance in the low to mid-$30 million range.
The full ledger
Open W. P. Carey Inc.’s full ledger
A free account opens 5 company ledgers a month. All 34 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 29, 2026
W. P. Carey Inc. Q1 FY26 — Strong Investment Activity and Raised Guidance
Read the full callEvery analysed call
W. P. Carey earnings calls (WPC)
Financials
What the filings say
Net profit, year on year: +262% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 397 | 406 | 410 | 431 | 431 | 445 | 455 | 461 |
| Expenses | 194 | 222 | 218 | 208 | 225 | 265 | 255 | 298 |
| Other income | -82 | -129 | -54 | -158 | -56 | -26 | -8 | 35 |
| Interest | 73 | 71 | 69 | 72 | 75 | 75 | 78 | 79 |
| Profit before tax | 121 | 55 | 137 | 64 | 150 | 153 | 191 | 199 |
| Tax rate | 7.5% | 14.2% | 8.5% | 20.3% | 5.7% | −0.8% | 7.7% | 6.6% |
| Net profit | 112 | 47 | 126 | 51 | 141 | 148 | 176 | 185 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total liabilities | 7,353 | 7,113 | 7,829 | 7,897 | 9,093 | 9,270 | 9,101 | 9,856 |
| Total assets | 14,183 | 14,061 | 14,708 | 15,481 | 18,102 | 17,977 | 17,535 | 17,990 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 509 | 812 | 802 | 926 | 1,004 | 1,073 | 1,833 | 1,282 |
| Cash from investing | -266 | -523 | -540 | -1,567 | -1,053 | -906 | -1,134 | -960 |
| Cash from financing | -24 | -458 | -211 | 557 | 58 | 293 | -688 | -762 |
| Net cash flow | 214 | -173 | 60 | -94 | 6 | 468 | -1 | -418 |
| Capital expenditure | -720 | -718 | -656 | -1,307 | -1,146 | -1,211 | -1,129 | -1,657 |
| Free cash flow | -210 | 94 | 145 | -380 | -142 | -138 | 704 | -375 |
WPC revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Owned Real Estate | 99% | 102% | 99% | 99% | 99% | 102% | 100% | 100% | +7.3% |
| Investment Management | 1% | — | 1% | 1% | 1% | — | <1% | <1% | -41.3% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
WPC operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Occupancy rate | 98.1%Portfolio occupancy at the end of the first quarter was 98.1%, up slightly from the fourth quarter and is expected to improve further as we continue to retenant or dispose of vacant assets.Source: earnings call transcript | 98.5%Overall, our portfolio continues to perform well, and portfolio occupancy at the end of the second quarter was 98.5%, up 40 basis points from the first quarter, driven mainly by the disposition of vacant properties.Source: earnings call transcript | +0.4 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
50 filings between Nov 3, 2025 and Oct 1, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$32.0K
1 sale by 1 insider
Compensation
not trading decisions- 27
- Award — granted as compensation
- 20
- Tax withheld — shares kept back by the company to cover tax
Also filed: 2 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Zander Brian H | — | $32.0K | May 6, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 1, 2026 | GASS RHONDA Director | Award | 469 | $29.9K |
| Jul 1, 2026 | GASS RHONDA Director | Award | 2,824 | $0 |
| Jul 1, 2026 | GASS RHONDA Director | Award | 423 | $30.0K |
| Jul 1, 2026 | CALAWAY TONIT M Director | Award | 2,824 | $0 |
| Jul 1, 2026 | Beier Constantin H. Director | Award | 2,824 | $0 |
| Jul 1, 2026 | Beier Constantin H. Director | Tax withheld | 834 | $59.1K |
| Jul 1, 2026 | Talma Stheeman Mechthild Elisabeth Director | Award | 2,824 | $0 |
| Jul 1, 2026 | Talma Stheeman Mechthild Elisabeth Director | Tax withheld | 834 | $59.1K |
| Jul 1, 2026 | LEWIS MARGARET G Director | Award | 2,824 | $0 |
| Jul 1, 2026 | Farrell Peter Director | Award | 2,824 | $0 |
| Jul 1, 2026 | FLANAGAN ROBERT J Director | Award | 2,824 | $0 |
| Jul 1, 2026 | Niehaus Christopher Director | Award | 2,824 | $0 |
| May 6, 2026 | Zander Brian H Chief Accounting Officer | Sale | 433 | $32.0K |
| Apr 1, 2026 | GASS RHONDA Director | Award | 396 | $27.5K |
| Feb 15, 2026 | Zander Brian H Chief Accounting Officer | Tax withheld | 159 | $11.8K |
| Feb 15, 2026 | Zander Brian H Chief Accounting Officer | Tax withheld | 476 | $35.3K |
| Feb 15, 2026 | Gregory Jeremiah Managing Director | Tax withheld | 771 | $57.2K |
| Feb 15, 2026 | Sanzone ToniAnn CFO | Tax withheld | 1,076 | $79.8K |
| Feb 15, 2026 | Sanzone ToniAnn CFO | Tax withheld | 13 | $965 |
| Feb 15, 2026 | Sanzone ToniAnn CFO | Tax withheld | 555 | $41.2K |
| Feb 15, 2026 | Sanzone ToniAnn CFO | Tax withheld | 1,441 | $106.9K |
| Feb 15, 2026 | Sanzone ToniAnn CFO | Tax withheld | 2,236 | $165.9K |
| Feb 15, 2026 | Sabatini Gino M. Managing Director | Tax withheld | 1 | $74 |
| Feb 15, 2026 | Gregory Jeremiah Managing Director | Tax withheld | 14 | $1.0K |
| Feb 15, 2026 | Gregory Jeremiah Managing Director | Tax withheld | 362 | $26.9K |
| Feb 15, 2026 | Gregory Jeremiah Managing Director | Tax withheld | 1,239 | $91.9K |
| Feb 15, 2026 | Gordon Brooks G. Managing Director | Tax withheld | 648 | $48.1K |
| Feb 15, 2026 | Gordon Brooks G. Managing Director | Tax withheld | 517 | $38.4K |
| Feb 15, 2026 | Gordon Brooks G. Managing Director | Tax withheld | 868 | $64.4K |
| Feb 15, 2026 | Gordon Brooks G. Managing Director | Tax withheld | 992 | $73.6K |
| Feb 6, 2026 | Sanzone ToniAnn CFO | Award | 11,401 | $0 |
| Feb 6, 2026 | Sabatini Gino M. Managing Director | Award | 7,893 | $0 |
| Feb 6, 2026 | Gordon Brooks G. Managing Director | Award | 6,139 | $0 |
| Feb 6, 2026 | Gordon Brooks G. Managing Director | Tax withheld | 2,558 | $182.2K |
| Feb 6, 2026 | Gregory Jeremiah Managing Director | Award | 5,846 | $0 |
| Feb 6, 2026 | Gregory Jeremiah Managing Director | Tax withheld | 2,440 | $173.8K |
| Feb 6, 2026 | Fox Jason E. CEO | Award | 38,006 | $0 |
| Jan 21, 2026 | Fox Jason E. CEO | Award | 45,983 | $0 |
| Jan 21, 2026 | Sabatini Gino M. Managing Director | Award | 2,873 | $0 |
| Jan 21, 2026 | Zander Brian H Chief Accounting Officer | Award | 3,448 | $0 |
| Jan 21, 2026 | Zander Brian H Chief Accounting Officer | Award | 1,077 | $0 |
| Jan 21, 2026 | Sanzone ToniAnn CFO | Award | 13,795 | $0 |
| Jan 21, 2026 | Gordon Brooks G. Managing Director | Award | 7,184 | $0 |
| Jan 21, 2026 | Gordon Brooks G. Managing Director | Award | 2,873 | $0 |
| Jan 21, 2026 | Gregory Jeremiah Managing Director | Award | 10,058 | $0 |
| Jan 21, 2026 | Sabatini Gino M. Managing Director | Award | 8,190 | $0 |
| Jan 2, 2026 | GASS RHONDA Director | Award | 423 | $27.4K |
| Dec 3, 2025 | Fox Jason E. CEO | Gift | 3,000 | $0 |
| Nov 5, 2025 | Sabatini Gino M. Managing Director | Award | 100 | $0 |
| Nov 3, 2025 | Fox Jason E. CEO | Gift | 1,124 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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