Ruling out bonds entirely forces every dollar of retirement income to come from equities, and the yield you chase determines whether you need $828,000 or nearly three times that amount to hit the same monthly target.
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A 64-year-old who wants $6,900 a month needs a portfolio that can generate $82,800 a year. If you rule out bonds, every dollar must come from dividend stocks, REITs, business development companies, and option-income funds. It also means beating a 10-year Treasury yield of about 5.1%, so every equity holding must justify its risk.
One equation drives the whole plan: income target divided by yield equals capital required.
Conservative Tier: The $2.4 Million Foundation Schwab US Dividend Equity ETF (NYSEARCA:SCHD) pays a forward $1.07 a share. With shares near $35, that’s a yield of about 3.0%. $82,800 divided by 0.03 equals $2,760,000. At 3.5%, a typical yield for a dividend growth blend, $82,800 divided by 0.035 equals about $2,366,000.
This tier requires the most upfront capital and carries the lowest risk of an income cut. Quality dividend stocks grow their payouts, and the principal tends to appreciate. SCHD’s adjusted share price rose about 257% over the past decade.
Real Estate and Tobacco Cut the Bill to $1.4 Million W. P. Carey (NYSE:WPC) yields about 5.9%, and Altria (NYSE:MO | MO Price Prediction) yields about 5.8%. At 6%, $82,800 divided by 0.06 equals $1,380,000. W. P. Carey reports 99% occupancy, and 48% of its rent is tied to CPI adjustments. Its history also shows the risk. The quarterly payout fell from $1.07 in 2023 to $0.86, then climbed back slowly to $0.95.
Altria just raised its quarterly dividend to $1.11, but its 2026 earnings guidance implies only 3.5% to 5.5% growth, and domestic cigarette volume fell 3%. Payouts in this tier grow slower than inflation over long periods.
Aggressive Tier: $828,000 With Strings Attached JPMorgan Nasdaq Equity Premium Income ETF (NASDAQ:JEPQ) yields about 11.6%. Capital Southwest (NASDAQ:CSWC) yields about 11.4%, and the Global X S&P 500 Covered Call ETF (NYSEARCA:XYLD) yields about 9.2% on a forward basis. At 10%, $82,800 divided by 0.10 equals $828,000.
Income in this aggressive tier fluctuates, often considerably. JEPQ’s monthly payout slipped from about $0.70 in August to about $0.57 in October. Covered call funds sell away much of the upside in a rally, which is why XYLD’s adjusted price gained 127% over ten years while SCHD gained more than twice that. Capital Southwest lends to smaller companies at floating rates, and management estimates that a 75-basis-point cut in base rates would reduce net investment income by $0.19 per share.
What a Six-Fund Blend Actually Costs Consider a mix of 20% SCHD, 20% JEPQ, and 15% each in WPC, CSWC, XYLD, and MO. That blend yields about 7.8%, so $82,800 divided by 0.078 equals roughly $1,062,000. Half the portfolio sits in the aggressive tier, and that half produces most of the income.
Why the Smallest Yield Can Pay the Most Suppose the conservative tier starts at $82,800 and its dividends grow at a hypothetical 8% a year. After nine raises, income reaches about $165,500. After 20 raises, it reaches about $385,900. A 10% yield that never grows still pays $82,800 two decades from now, and inflation eats away at it every year. A 64-year-old can easily need income for another 25 years, which is plenty of time for growth to win (we laid out how to build a dividend ladder that lives off the checks without selling a share in a free guide here).
Three Questions to Research Before Retiring on Dividends Subtract Social Security first. Your portfolio only has to cover the gap between your spending and your benefit. Delaying your claim raises the benefit and reduces every capital figure above. Many retirees hold high-yielders in an IRA. REIT, BDC, and covered call distributions are usually taxed as ordinary income. Last year, the 22% bracket covered single filers’ taxable income from $48,476 to $103,350. Inside a tax-deferred account, those payouts stop adding to your annual tax bill. Some retired people combine growth and yield. Some retirees use high-yield funds to bridge the early years while a growing SCHD-style core takes over income over time. Before you set the mix, compare each fund’s 10-year total return alongside its yield. Contact [email protected] for any questions or corrections.
A 13% yield sounds like a windfall until you trace where the cash actually comes from. Four popular income stocks are paying dividends that their own financials struggle to justify, and the warning signs hiding in plain sight could cost…
A dividend check is only as reliable as the cash behind it. The screen used here is simple: compare what a company actually brings in (free cash flow for ordinary businesses, funds from operations for REITs) with what it pays out, then check whether debt is filling the gap. That matters most to retired people who spend the income. Hospital landlord Medical Properties Trust (NYSE: MPT) now yields about 13.7% after its shares fell 44.05% this year. A yield that high often means the market is pricing in risk, and the stock may not be a bargain.
The quick test: a dividend starts to look unsustainable when the right cash measure only covers it, when free cash flow is shrinking, or when rising debt is quietly paying for the dividend alongside buybacks and deals (we laid out the full set of signals that a high yield is about to be cut in a free report on dividend traps).
Medical Properties Trust: A 13% Yield Built on a Collapsing Share Price
Medical Properties Trust owns hospitals and rents them to operators in the U.S., the U.K. and Europe. It now trades under the ticker MPT. It pays $0.09 per quarter, or $0.36 per year, while the stock trades at $2.63.
That yield is high because the price collapsed. The payout itself has not grown much. Shares are down 27.95% in a month and 80.22% over five years. For a REIT, normalized FFO is the right coverage test, and second-quarter NFFO of $0.15 per share puts the payout ratio near 60%. The balance sheet shows the stress.
Adjusted net debt runs 8.9x EBITDAre, interest coverage is just 1.9x, and the company refinanced with $2.4 billion of secured notes at 9.25%. Its weighted-average debt rate is 5.369%. Recovery from the Prospect Medical bankruptcy is still uncertain. This REIT already cut its dividend from $0.29 in 2023 to $0.08 in 2024.
Management raised the payout to $0.09 and says it is focused on debt. At the time of the filing, chief executive Edward K. Aldag, Jr., said, “We continue to take decisive steps to strengthen our balance sheet through our refinancing transactions and strategic asset sales.” For the dividend to hold, transition tenants need to lift annualized cash rent to $1 billion by year-end, and the asset sales need to close.
AT&T: Buybacks and Spectrum Eat Most of the Free Cash Flow
AT&T (NYSE: T | T Price Prediction) pays $0.2775 per share quarterly, which works out to a yield of about 5.0% at $22.08. The dividend has stayed flat since April 2022, when it was cut from $0.52.
On earnings, coverage is comfortable: the dividend is roughly 46% of the raised adjusted EPS guidance of about $2.40. The cash picture is tighter. Third-quarter free cash flow of $4.95 billion fell 5.9% year over year. The dividend costs about $7.6 billion a year, and adding the roughly $10 billion in planned 2026 buybacks brings shareholder payouts to about $17.6 billion. Full-year free cash flow guidance is $18 billion+, so almost nothing is left over. Meanwhile, net debt to adjusted EBITDA rose to 3.13x from 2.68x after the EchoStar spectrum deal. Shares fell 12.17% over the past month as fears about Starlink overshadowed earnings.
Management guides for the dividend to stay at its current level through 2028, with free cash flow climbing to $21 billion+ by then. Buybacks are the flexible piece, so the board can slow them before it has to touch the dividend.
Verizon: Frontier Deal Pushes Leverage Higher Behind a 6% Yield
Telecom giant Verizon (NYSE: VZ) pays $0.7075 quarterly, up from $0.69 earlier this year, for a yield of about 6.4%. Its dividend records show a long run of step-up increases.
On paper, coverage is solid. The dividend costs about $11.76 billion a year, against 2026 free cash flow guidance of $21.94 billion to $22.14 billion, and it takes about 57% of the low end of adjusted EPS guidance. Leverage is the warning sign. Net unsecured debt to adjusted EBITDA rose to 2.5x from 2.2x at year-end 2025 after the Frontier Communications deal closed, and unsecured debt totals $136.5 billion. Add buybacks of up to $4.5 billion, and cash going to shareholders reaches about $16.26 billion before paying down any debt. Second-quarter revenue fell 0.7%.
The counter-case is strong. Second-quarter free cash flow grew 27.1%, and the stock is up 15.12% this year, so this yield comes from the payout, not from a falling price.
W. P. Carey: A Reset Dividend Still Exposed to Tenant Credit
W. P. Carey (NYSE: WPC), a diversified net-lease REIT, pays $0.95 quarterly. That is a forward yield of about 6.1% at $62.57.
For a REIT, AFFO is the right measure, because EPS is distorted by depreciation. Full-year AFFO guidance of $5.19 to $5.27 per share means a payout of about 73% at the low end. The warning signs are history and credit. The dividend was cut from $1.14 to $0.86 in late 2023 after the office spinoff. Second-quarter impairments reached $79.4 million, and European same-store rents fell 2.6% in constant currency.
This is the best bull case on the list: occupancy is 98.5%, and 95% of debt is fixed-rate at a weighted 3.2%.
What Income Investors Holding These Should Watch
Each quarter, check the coverage measure that fits each company: NFFO for Medical Properties Trust, AFFO for W. P. Carey, and free cash flow after buybacks for AT&T and Verizon. Track leverage against what each company has promised. A missed deleveraging target is usually the first crack. When a cut does come, it usually drags the share price down, so a high yield alone isn’t enough reason to invest.
Contact [email protected] for any questions or corrections.
Seritage Growth Properties (NYSE:SRG – Get Free Report) and W.P. Carey (NYSE:WPC – Get Free Report) are both real estate companies, but which is the superior business? We will contrast the two businesses based on the strength of their risk, valuation, institutional ownership, analyst recommendations, profitability, dividends and earnings.
Earnings and Valuation This table compares Seritage Growth Properties and W.P. Carey”s top-line revenue, earnings per share (EPS) and valuation.
Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Seritage Growth Properties $18.20 million 5.06 -$68.21 million ($1.04) -1.57 W.P. Carey $1.79 billion 8.28 $466.36 million $2.93 22.22 W.P. Carey has higher revenue and earnings than Seritage Growth Properties. Seritage Growth Properties is trading at a lower price-to-earnings ratio than W.P. Carey, indicating that it is currently the more affordable of the two stocks. Analyst Recommendations This is a summary of current ratings and recommmendations for Seritage Growth Properties and W.P. Carey, as provided by MarketBeat.com.
Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Seritage Growth Properties 1 0 0 0 1.00 W.P. Carey 0 7 9 0 2.56 W.P. Carey has a consensus target price of $78.14, suggesting a potential upside of 20.02%. Given W.P. Carey’s stronger consensus rating and higher probable upside, analysts plainly believe W.P. Carey is more favorable than Seritage Growth Properties.
Risk & Volatility Seritage Growth Properties has a beta of 2.24, suggesting that its share price is 124% more volatile than the S&P 500. Comparatively, W.P. Carey has a beta of 0.75, suggesting that its share price is 25% less volatile than the S&P 500.
Institutional and Insider Ownership 78.9% of Seritage Growth Properties shares are held by institutional investors. Comparatively, 73.7% of W.P. Carey shares are held by institutional investors. 0.2% of Seritage Growth Properties shares are held by insiders. Comparatively, 1.0% of W.P. Carey shares are held by insiders. Strong institutional ownership is an indication that hedge funds, large money managers and endowments believe a company will outperform the market over the long term.
Profitability This table compares Seritage Growth Properties and W.P. Carey’s net margins, return on equity and return on assets.
Net Margins Return on Equity Return on Assets Seritage Growth Properties -419.02% -17.06% -12.94% W.P. Carey 36.34% 7.81% 3.58% Summary W.P. Carey beats Seritage Growth Properties on 12 of the 14 factors compared between the two stocks.
(Get Free Report)
Seritage Growth Properties operates as a real estate investment trust. The firm engages in the acquisition, ownership, development, redevelopment, management, and leasing of retail properties throughout the United States. Its property portfolio includes mall, shopping centers and freestanding locations. The company was founded on June 3, 2015 and is headquartered in New York, NY.
About W.P. Carey (Get Free Report)
W. P. Carey ranks among the largest net lease REITs with a well-diversified portfolio of high-quality, operationally critical commercial real estate, which includes 1,424 net lease properties covering approximately 173 million square feet and a portfolio of 89 self-storage operating properties as of December 31, 2023. With offices in New York, London, Amsterdam and Dallas, the company remains focused on investing primarily in single-tenant, industrial, warehouse and retail properties located in the U.S. and Northern and Western Europe, under long-term net leases with built-in rent escalations.
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Farther Finance Advisors LLC trimmed its holdings in shares of W.P. Carey Inc. (NYSE:WPC – Free Report) by 48.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 16,683 shares of the real estate investment trust’s stock after selling 15,460 shares during the period. Farther Finance Advisors LLC’s holdings in W.P. Carey were worth $1,078,000 at the end of the most recent quarter.
Several other large investors have also made changes to their positions in WPC. BlackRock Inc. acquired a new position in W.P. Carey during the second quarter valued at $2,371,801,000. Legal & General Group Plc purchased a new stake in W.P. Carey in the second quarter valued at $189,315,000. Bank of New York Mellon Corp purchased a new stake in W.P. Carey in the second quarter valued at $164,853,000. Bank of America Corp DE acquired a new stake in W.P. Carey during the 2nd quarter worth about $128,034,000. Finally, Deutsche Bank AG acquired a new stake in W.P. Carey during the 2nd quarter worth about $127,824,000. 73.73% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes A number of research firms have weighed in on WPC. Barclays upgraded W.P. Carey from an “underweight” rating to an “equal weight” rating and set a $80.00 price objective for the company in a research note on Friday, September 4th. Citigroup restated a “market perform” rating on shares of W.P. Carey in a research note on Friday, September 25th. UBS Group restated a “neutral” rating on shares of W.P. Carey in a research note on Wednesday, July 29th. Jefferies Financial Group initiated coverage on W.P. Carey in a report on Tuesday, September 22nd. They set a “buy” rating and a $73.00 target price on the stock. Finally, Weiss Ratings raised W.P. Carey from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, October 6th. Nine analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $78.14.
Read Our Latest Stock Analysis on W.P. Carey W.P. Carey Stock Performance Shares of NYSE WPC opened at $65.11 on Friday. The company has a market capitalization of $14.83 billion, a PE ratio of 22.22, a price-to-earnings-growth ratio of 3.26 and a beta of 0.75. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.22 and a current ratio of 0.22. The company’s fifty day moving average price is $68.01 and its 200 day moving average price is $71.32. W.P. Carey Inc. has a 1 year low of $62.24 and a 1 year high of $77.22.
W.P. Carey Increases Dividend The firm also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were given a dividend of $0.95 per share. This is a boost from W.P. Carey’s previous quarterly dividend of $0.94. The ex-dividend date was Wednesday, September 30th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.8%. W.P. Carey’s payout ratio is 129.69%.
W.P. Carey Company Profile (Free Report)
W.P. Carey Inc (NYSE: WPC) is a real estate investment trust that owns and manages a diversified portfolio of commercial properties. The company primarily invests in single-tenant, operationally critical properties that are leased to companies under long-term, net lease agreements. These arrangements generally require tenants to pay property taxes, insurance and maintenance costs, subject to the terms of each lease.
Its portfolio has historically included industrial, warehouse, retail, office and self-storage properties, with a focus on assets leased to established businesses across a range of industries.
Further Reading Five stocks we like better than W.P. Carey Bank of America Stock Sell-Off Looks Like a Buying Opportunity AST SpaceMobile Is Down 67%—Could SpaceX’s Mobile Push Deepen the Selloff? GlobalFoundries’ $21 Billion Deal Could Change the Economics of Chipmaking Fundamental and Technicals Signals Align for Costco: Is the Stock Finally Breaking Out?
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First Citizens Bank & Trust Co. bought a new position in shares of W.P. Carey Inc. (NYSE:WPC – Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 10,283 shares of the real estate investment trust’s stock, valued at approximately $665,000.
Several other hedge funds have also modified their holdings of the company. Osbon Capital Management LLC purchased a new position in W.P. Carey during the fourth quarter worth approximately $29,000. GoalVest Advisory LLC lifted its position in shares of W.P. Carey by 102.3% during the 3rd quarter. GoalVest Advisory LLC now owns 449 shares of the real estate investment trust’s stock valued at $29,000 after buying an additional 227 shares in the last quarter. Avalon Trust Co purchased a new position in shares of W.P. Carey during the 2nd quarter valued at approximately $36,000. Ancora Advisors LLC acquired a new stake in W.P. Carey in the 2nd quarter valued at $41,000. Finally, Frazier Financial Advisors LLC acquired a new stake in W.P. Carey in the 1st quarter valued at $40,000. 73.73% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades Several equities research analysts recently commented on the stock. Jefferies Financial Group assumed coverage on shares of W.P. Carey in a report on Tuesday, September 22nd. They issued a “buy” rating and a $73.00 price target for the company. BNP Paribas Exane raised shares of W.P. Carey from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $73.00 to $88.00 in a report on Wednesday, July 29th. UBS Group reaffirmed a “neutral” rating on shares of W.P. Carey in a research note on Wednesday, July 29th. Citigroup reiterated a “market perform” rating on shares of W.P. Carey in a report on Friday, September 25th. Finally, Scotiabank lowered their price objective on W.P. Carey from $76.00 to $68.00 and set a “sector perform” rating on the stock in a report on Thursday, September 24th. Nine equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat, W.P. Carey has an average rating of “Moderate Buy” and a consensus target price of $78.14.
View Our Latest Report on W.P. Carey W.P. Carey Trading Up 1.0% Shares of WPC opened at $65.11 on Friday. W.P. Carey Inc. has a 52-week low of $62.24 and a 52-week high of $77.22. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 1.01. The firm’s fifty day moving average is $68.01 and its two-hundred day moving average is $71.32. The stock has a market cap of $14.83 billion, a PE ratio of 22.22, a price-to-earnings-growth ratio of 3.26 and a beta of 0.75.
W.P. Carey Increases Dividend The firm also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were paid a $0.95 dividend. This is an increase from W.P. Carey’s previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a dividend yield of 5.8%. The ex-dividend date of this dividend was Wednesday, September 30th. W.P. Carey’s payout ratio is 129.69%.
About W.P. Carey (Free Report)
W.P. Carey Inc (NYSE: WPC) is a real estate investment trust that owns and manages a diversified portfolio of commercial properties. The company primarily invests in single-tenant, operationally critical properties that are leased to companies under long-term, net lease agreements. These arrangements generally require tenants to pay property taxes, insurance and maintenance costs, subject to the terms of each lease.
Its portfolio has historically included industrial, warehouse, retail, office and self-storage properties, with a focus on assets leased to established businesses across a range of industries.
Read More Five stocks we like better than W.P. Carey Bank of America Stock Sell-Off Looks Like a Buying Opportunity AST SpaceMobile Is Down 67%—Could SpaceX’s Mobile Push Deepen the Selloff? GlobalFoundries’ $21 Billion Deal Could Change the Economics of Chipmaking Fundamental and Technicals Signals Align for Costco: Is the Stock Finally Breaking Out? Want to see what other hedge funds are holding WPC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for W.P. Carey Inc. (NYSE:WPC – Free Report).
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SummaryW. P. Carey has completed its office exit, resulting in a cleaner portfolio, a dividend reset, and a 6% yield at 12x AFFO.Despite a 2023 dividend cut and tenant issues, WPC has raised dividends 11 quarters in a row and recaptured most lost rent.With AFFO guidance at $5.23 and a payout ratio in the low 70s, WPC’s balance sheet and capital recycling position it for stable growth.I view WPC as undervalued, targeting 13x–14x AFFO ($68–$73) once rates settle, with covered calls supplementing returns. Cineberg/iStock Editorial via Getty Images
We own W. P. Carey (WPC), and I've followed it through the whole office exit. Three years ago the company announced it was getting out of office buildings, and a few months later it cut
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Analyst’s Disclosure: I/we have a beneficial long position in the shares of WPC either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Some dividend stocks yield more today than at any point in their recent history, yet the payouts remain fully covered. Five names have quietly slipped into that rare window where a historically cheap price and a protected income check arrive…
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A high yield only helps your income if you aren’t overpaying for it and the payout can survive a close look. Each of the five names below passes a fairly simple test against its own record: today’s yield, or today’s earnings multiple, is at or near the best level in the stock’s recent history, and payout coverage still protects the check. The clearest case is VICI Properties (NYSE:VICI), whose forward yield of 8.05% is higher than at any of its previous five September closes. Here is how each one measures up, with dividend safety checked first.
VICI Properties: An Ultra-High Yield Below Book Value VICI is the only ultra-high-yield name in this group. Shares trade at $22.86, down 25.05% over the past year. The forward dividend of $1.84 now yields 8.05%. Run the same math at each September close from 2021 through 2025 and you get yields between 5.07% and 5.70%. The stock also trades at 0.895 times book value and a forward P/E of 8.
On safety, management guides 2026 AFFO to $2.45 to $2.47 per share, so the forward payout uses about 74.8% of the center. Occupancy is 100%, the weighted average lease term is 39.6 years, and VICI holds investment-grade ratings from S&P, Fitch and Moody’s. The quarterly dividend has climbed from $0.16 in 2018 to $0.46, and the record shows no cuts. Second-quarter GAAP EPS of $0.48 missed expectations because of a $271.1 million non-cash credit-loss charge, while AFFO per share rose 4.6%.
Built-in growth supports the thesis: most leases carry 2.0% annual increases with CPI-linked boosts, and the tenant roster grew to 16 after the company added Clairvest, Golden Entertainment and Club Med. One catch: Caesars supplies 38% of rent and MGM 32%, so most of the income depends on two casino operators.
Realty Income: A Monthly Payer Sitting Near Its 52-Week Low Realty Income (NYSE:O) fell 11.03% over the past month to $54.22. That’s close to its 52-week low of $53.28 and well under its 200-day average of $61.82. The forward dividend of $3.258 yields 6.01%. At each October close from 2021 through 2025, the yield ran from 3.96% to 6.48%, and only the 2023 low paid more per dollar invested than today’s price. The stock trades at 13.17 times free cash flow, a 7.59% free cash flow yield.
Coverage is solid. With 2026 AFFO guidance raised to $4.44 to $4.45 per share, the dividend uses about 73.3% of AFFO. Fitch rates the company A with a stable outlook, net debt to EBITDAre is 5.4x, and occupancy is 98.8%. Realty Income has paid a dividend every month since at least January 1999, and the latest monthly payment rose to $0.2715 from $0.271.
For income investors, the appeal is scale: 2026 investment volume guidance rose to $10 billion at a 7.3% initial cash yield, and re-leased properties retained 102.7% of prior rent. One catch: only 34.3% of rent comes from investment-grade clients, and second-quarter results included $54.2 million of impairment charges.
NNN REIT: A Fresh Dividend Raise on a Marked-Down Stock NNN REIT (NYSE:NNN) closed at $40.68, down from $45.20 at the end of August and below its 200-day average of $44.21. After a quarterly raise to $0.62 from $0.60, the forward payout of $2.48 yields 6.10%. At each September close from 2021 through 2025, the yield ran from 4.78% to 6.40%, and only 2023 offered more.
NNN has the most conservative payout of the four REITs here. Full-year AFFO guidance of $3.55 to $3.59 per share puts the dividend at about 69.5% of the center. Occupancy improved to 99.1% across 3,774 properties, with a 10.1-year average remaining lease term. The quarterly dividend has grown from $0.31 in 1999 to today’s level, and second-quarter AFFO per share rose 5.9%.
Management raised acquisition guidance to $700 million to $800 million and closed second-quarter deals at a 7.3% initial cash cap rate with a 17.9-year lease term. One catch: much of the rent comes from consumer-sensitive tenants, including automotive service at 18.6% of rent, restaurants at 14.0% and entertainment at 7.3%.
T. Rowe Price: A 5% Yield at a Lower Multiple Than Any Year-End Since 2018 T. Rowe Price (NASDAQ:TROW | TROW Price Prediction) trades at $103.74, 32.93% below its price five years ago, even with assets under management at a record $1.89 trillion. On trailing adjusted EPS of $10.34, the stock trades at 10 times earnings. At each year-end from 2018 through 2025, that multiple ran from 11 to 16. The forward dividend of $5.20 yields 5.01%.
This dividend has the largest margin in the group, using about 50.3% of trailing adjusted EPS. First-quarter operating cash flow rose 52.7% to $966.3 million, and buybacks have exceeded $497 million year to date on top of the dividend. Enterprise value to revenue of 2.617 sits below price to sales of 2.92, which means the company holds more cash than debt. The quarterly dividend rose to $1.30 from $1.27 this year, up from $0.57 in 2017, with special payouts such as $3 in 2021 along the way.
Momentum is improving: adjusted EPS of $2.57 beat the $2.52 estimate, flows turned positive in May and June, and ETFs pulled in $4.4 billion of net inflows. One catch remains. Management expects second-half flows to be “meaningfully more challenging than the first half,” and the effective fee rate fell to 38.1 basis points.
W. P. Carey: A Rebuilt Dividend That Rises Every Quarter W. P. Carey (NYSE:WPC) slid 7.12% over the past month to $64.42, below its 50-day average of $70.07 and its 200-day average of $71.01. The forward dividend of $3.80 yields 5.90%. The fair comparison starts after the late-2023 dividend cut that followed the office spin-off. Since then, quarter-end yields have ran from 5.26% to 6.46%. Today’s yield beats all four quarter-ends of the past year, the highest of which was 5.72%.
On safety, 2026 AFFO guidance was raised to $5.19 to $5.27 per share, putting the payout at about 72.7%. Second-quarter AFFO of $1.34 per share beat the $1.24 estimate. Net debt to EBITDA is 5.5x, and 95% of debt is fixed-rate at a 3.2% weighted average. Since the cut, the quarterly dividend has risen with every payment, from $0.86 to $0.95.
Inflation protection is the draw. 47.8% of base rent is CPI-linked, and the company has invested $1.3 billion this year at cap rates in the mid-7s. One catch remains. Tenant Hellweg’s bankruptcy, $79.4 million of second-quarter impairments and a 2.6% drop in European same-store rent show where the portfolio is under pressure.
Five Discounts, One Common Thread All five stocks are cheaper today than their own recent history, and all five still cover their dividends, with payout ratios between 50.3% and 74.8%. VICI has the largest discount, T. Rowe Price the biggest margin, Realty Income the longest monthly record, and NNN and W. P. Carey the most recent raises. Keep an eye on AFFO and earnings guidance in the next round of reports, because coverage is what keeps a cheap yield from turning into a value trap (we outlined the seven signals that a big yield is about to be cut in a free report you can grab here).
Contact [email protected] for any questions or corrections.
Analyst’s Disclosure: I/we have a beneficial long position in the shares of WPC either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Conference Call Scheduled for Wednesday, October 28, 2026 at 11:00 a.m. Eastern Time
, /PRNewswire/ -- W. P. Carey Inc. (W. P. Carey, NYSE: WPC), a leading net lease REIT, announced today that it will release its financial results for the third quarter ended September 30, 2026 after the market closes on Tuesday, October 27, 2026.
The company will host a conference call and live audio webcast to discuss its financial results on Wednesday, October 28, 2026 at 11:00 a.m. Eastern Time, details of which are provided below.
Live Conference Call and Audio Webcast
Date/Time: Wednesday, October 28, 2026 at 11:00 a.m. Eastern Time
Call-in Number: 1 (877) 465-1289 (U.S.) or +1 (201) 689-8762 (international)
Please dial in at least 10 minutes prior to the start time.
Live Audio Webcast and Replay: www.wpcarey.com/earnings
W. P. Carey Inc.
W. P. Carey ranks among the largest net lease REITs with a well-diversified portfolio of high-quality, operationally critical commercial real estate, which includes 1,748 net lease properties covering approximately 188 million square feet as of June 30, 2026. With offices in New York, London, Amsterdam and Dallas, the company remains focused on investing primarily in single-tenant industrial, warehouse and retail properties located in the U.S. and Europe, under long-term net leases with built-in rent escalations.
www.wpcarey.com
Institutional Investors:
Peter Sands
1 (212) 492-1110
[email protected]
Individual Investors:
W. P. Carey Inc.
1 (212) 492-8920
[email protected]
Press Contact:
Anna McGrath
1 (212) 492-1166
[email protected]
Three income buckets and eight holdings can close the gap between your current savings and a five-figure monthly paycheck, but the math behind each yield level reveals a trade-off most investors never think to calculate.
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Replacing $12,100 a month means generating $145,200 a year from a portfolio. This strategy uses three income buckets and eight holdings, with each yield requiring different capital and carrying its own trade-offs.
Capital Required at Three Yield Levels One equation drives every number here: income target divided by yield equals capital required.
Conservative (3.5%): $145,200 divided by 0.035 equals about $4,149,000. Blended three-bucket portfolio (6.2%): $145,200 divided by 0.062 equals roughly $2.34 million. Aggressive (12%): $145,200 divided by 0.12 equals $1,210,000. The blended plan needs about $1.8 million less than the conservative route, which is hardly insignificant. With the 10-year Treasury at 5.2%, the blend earns about one percentage point more than the Treasury in exchange for equity and credit risk (we laid out the full mix, payment calendar, and withdrawal order in a free guide here: The Paycheck Portfolio Method).
Dividend Growers That Raise Your Pay This sleeve gets 40% of the portfolio, about $934,500. It holds Vanguard Dividend Appreciation ETF (NYSEARCA:VIG) at 15%, iShares Core High Dividend ETF (NYSEARCA:HDV) at 15%, and Fidelity High Dividend ETF (NYSEARCA:FDVV) at 10%.
VIG yields about 1.6%, and its annual per-share payout nearly doubled between 2016 and 2025. FDVV yields around 2.8% on trailing payouts. HDV typically yields 3.5% to 4% and charges a 0.08% expense ratio. You get less income today in exchange for payouts that tend to rise along with corporate earnings.
Bucket Two: Rent Checks and Option Premiums About $817,700 goes to W. P. Carey (NYSE:WPC), Agree Realty (NYSE:ADC), and JPMorgan Equity Premium Income ETF (NYSEARCA:JEPI).
W. P. Carey yields roughly 5.9% and recently raised its quarterly dividend to $0.95. Leases with CPI escalators account for 48% of its base rent, so some income rises with inflation. Agree Realty pays $0.267 monthly, a yield near 4.9%. Its occupancy stands at 99.8%, and the dividend uses 70% of AFFO (adjusted funds from operations).
JEPI paid about 8.1% over the trailing 12 months. Monthly checks in 2026 ranged from $0.34 to $0.45 per share, and its covered calls limit gains during strong rallies.
Leveraged Credit Brings Higher Income With Bigger Swings The last 25%, about $584,100, goes to PIMCO Dynamic Income Fund (NYSE:PDI) and Golub Capital BDC (NASDAQ:GBDC). PDI is a leveraged bond fund that has historically paid a 12% to 14% distribution rate. It has held its monthly payout at $0.2205 for years, while its share price fell 15% over the past year.
Golub Capital BDC yields about 10.5% after cutting its base distribution from $0.39 to $0.33 per quarter, a 15% reduction. Adjusted net investment income of $0.34 now covers that payout. On the August earnings call, the company’s chief executive said: “GBDC’s performance was much better than last quarter, not as good as we’d like, and better than it looks.”
Why a 3.5% Yield Can Outearn 12% Suppose a portfolio of about $4.15 million yields 3.5% and its dividends grow 8% a year. By year nine it would pay roughly $290,000, double the starting income. A $1.21 million portfolio yielding 12% starts at the same $145,200 but has no built-in growth. One cut like Golub’s resets that income to a lower level.
Principal follows the same pattern. Over 10 years, VIG’s adjusted price rose 242%, compared with 74% for PDI. The blended portfolio aims for the middle: enough current income to cover the target and enough growth to keep up with rising costs.
Steps to Pressure-Test This Plan Model taxes for each bucket separately. Qualified dividends from VIG, HDV, and FDVV are taxed at lower rates. Most REIT, BDC, and bond fund income is taxed as ordinary income, so where you hold the second and third buckets (taxable account or IRA) changes how much you keep. Separate regular payouts from one-time specials. PDI paid a $0.65 special distribution in December 2022, so budget only from the regular monthly amount. Check net asset value in the high-yield bucket every year. If it keeps falling, one option is to redirect part of those distributions into the dividend growth bucket, where payouts have historically grown. Contact [email protected] for any questions or corrections.
W.P. Carey faces significant headwinds from rising interest rates, compressing acquisition spreads, and refinancing risks, earning a Hold rating. WPC's CPI-linked leases, covering 49% of same-store leases, offer some insulation, but many are capped, limiting upside from inflation-driven rent growth. Acquisition cap rates have compressed to just below 7.5% while WPC's cost of capital rises, reducing the accretiveness of new deals.
W.P. Carey Inc. (NYSE:WPC – Get Free Report) announced a quarterly dividend on Friday, September 18th. Shareholders of record on Wednesday, September 30th will be paid a dividend of $0.95 per share by the real estate investment trust on Thursday, October 15th. This represents a $3.80 annualized dividend and a yield of 5.8%. The ex-dividend date is Wednesday, September 30th. This is a 1.1% increase from W.P. Carey’s previous quarterly dividend of $0.94.
W.P. Carey has decreased its dividend by an average of 0.0%annually over the last three years and has raised its dividend annually for the last 2 consecutive years. W.P. Carey has a payout ratio of 141.3% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect W.P. Carey to earn $5.27 per share next year, which means the company should continue to be able to cover its $3.80 annual dividend with an expected future payout ratio of 72.1%.
W.P. Carey Stock Performance Shares of WPC opened at $66.06 on Monday. The firm has a fifty day moving average of $71.00 and a 200-day moving average of $71.90. The company has a market cap of $15.05 billion, a price-to-earnings ratio of 22.55, a price-to-earnings-growth ratio of 3.28 and a beta of 0.75. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.22 and a current ratio of 0.22. W.P. Carey has a 1 year low of $63.08 and a 1 year high of $77.22.
W.P. Carey Company Profile (Get Free Report) W.P. Carey Inc (NYSE: WPC) is a diversified real estate investment trust that owns and manages a portfolio of commercial properties leased to companies under long-term, primarily net lease agreements. Under these arrangements, tenants generally assume responsibility for property taxes, insurance and maintenance, allowing W.P. Carey to generate contractual rental income.
The company invests in and provides sale-leaseback and build-to-suit financing solutions for businesses. Its portfolio has historically included industrial and warehouse facilities, retail properties, office buildings, self-storage facilities and other commercial real estate.
Further Reading Five stocks we like better than W.P. Carey Why 3 Struggling Stocks Are Suddenly Spending Big on Buybacks 3 Niche Growth Stocks With an Edge Their Rivals Can’t Ignore 3 Dividend Stocks With Higher Yields and Room for More Payout Growth Data Centers Got the AI Hype—But Office REITs May Get the Rent Hikes
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Key Takeaways WPC raised its quarterly dividend 1.1% to 95 cents per share, signaling continued payout growth.Investment volume reached $1.3 billion through July 28, with 2026 guidance raised to $1.7-$2.1 billion.W.P. Carey had $2.7 billion of liquidity and no remaining 2026 debt maturities after issuing new notes. W.P. Carey (WPC - Free Report) is supported by a diversified portfolio of mission-critical net-lease assets, long lease terms and contractual rent escalations that provide durable internal growth. Investment activity remains a key driver, supported by an active pipeline, improved rent-loss expectations and ample pre-funded capital. Portfolio occupancy has also been high, while the dividend continues to rise with a manageable payout ratio.
In mid-September, this Zacks Rank #2 (Buy) company announced a 1.1% hike in its dividend. WPC will now pay a quarterly cash dividend of 95 cents per share, up from 94 cents paid in the prior quarter.
Factors That Make W.P. Carey Stock a Solid PickHigh-Quality, Mission-Critical Portfolio: W. P. Carey has one of the largest portfolios of single-tenant net lease commercial real estate in the United States and Europe. The company targets mission-critical assets and generally uses long-term, triple-net leases that shift most operating costs to tenants. This model supports recurring lease revenues with limited property-level spending, ensuring high occupancy.
Diverse Tenant Base and Contractual Rent Escalators: WPC’s portfolio is diversified by tenant, industry, property type and geography, which helps reduce reliance on any single cash flow stream. As of June 30, 2026, the top 10 tenants represented 18.1% of ABR, and investment-grade tenants accounted for 22.7%. Nearly all leases carry contractual rent increases, with 48% of the net-lease portfolio CPI-linked and 49% fixed.
Expansionary Efforts: W.P. Carey has been capitalizing on growth opportunities. Investment volume from the beginning of the year through July 28, 2026 reached $1.3 billion at a 7.4% weighted-average initial cash cap rate. Management raised 2026 investment volume guidance to $1.7-$2.1 billion.
Balance Sheet Strength: W. P. Carey ended the second quarter of 2026 with about $2.7 billion of liquidity, including revolver capacity, cash and proceeds available under forward equity agreements. Net debt to adjusted EBITDA was 5.5X. The company also issued $350 million of 5.2% notes due 2036 after quarter-end to prepay its October 2026 notes, leaving no remaining 2026 debt maturities. Investment-grade ratings of BBB+ and Baa1 continue to support unsecured market access. The weighted-average interest rate remained 3.2% at quarter-end.
Steady Dividend Payouts: Solid dividend payouts are arguably the biggest enticement for investment in REIT stocks, and W.P. Carey remains committed to them. The payout ratio for the first half of 2026 was 70.6% of AFFO, supporting continued reinvestment. Management raised 2026 AFFO guidance to $5.19-$5.27 per share, implying 5.2% year-over-year growth at the midpoint. This supports dividend sustainability and leaves room for continued growth alongside rising AFFO.
However, over the past six months, WPC shares have declined 2.7%, underperforming the industry’s growth of 6.2%.
Image Source: Zacks Investment Research
Other Stocks to ConsiderSome other top-ranked stocks from the broader REIT sector are Four Corners Property Trust (FCPT - Free Report) and OUTFRONT Media (OUT - Free Report) , each carrying a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for FCPT’s 2026 FFO per share is pegged at $1.86, up 4.5% year over year.
The consensus estimate for OUT’s 2026 FFO per share stands at $2.32, up 16.6% year over year.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
The yield you choose determines whether you need $900,000 or over $3 million to hit the same income target, and picking the wrong tier can leave your purchasing power shrinking every year even while the checks keep arriving.
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Building $9,150 a month in dividend income means earning $109,800 a year while leaving every share in place. For a married couple filing jointly, that much taxable income falls in the 22% federal bracket, which starts at $100,800 for 2026. How much capital it takes depends on the yield you accept, and each yield level comes with its own risks. Divide the income target by the yield to find the capital needed.
Paying for Safety With Over $3 Million A conservative portfolio yields about 3% to 4%, which is typical for dividend growth funds and broad high-dividend baskets. At 3.5%, $109,800 divided by 0.035 equals roughly $3,137,000. At 4%, the figure falls to $2,745,000. At 3%, it grows to $3,660,000.
One strong holding at this level is the iShares Core High Dividend ETF (NYSEARCA:HDV), which charges a 0.08% expense ratio and is up about 150% over 10 years. Its quarterly payouts vary, so check the current yield before planning around it. This level requires the most capital but carries the lowest risk of income loss.
Cutting the Capital Bill Nearly in Half at 5% to 7% REITs, preferred shares, covered call funds, and high-dividend equity funds usually yield 5% to 7%. At 6%, $109,800 divided by 0.06 equals $1,830,000. For example, W. P. Carey (NYSE:WPC) pays a forward dividend of $3.80 on a stock near $66, a yield of about 5.7%. At that rate, you would need roughly $1,910,000. Since late 2023, the quarterly payout has grown from $0.86 to $0.95. Occupancy is 99%, and 48% of base rent is linked to CPI increases.
That history includes a cut. Quarterly payments ranged from $1.055 to $1.065 in 2022 before the reset. REIT dividends are mostly taxed as ordinary income.
Reaching Six-Figure Income on Under $1 Million At 12%, $109,800 divided by 0.12 equals $915,000. Business development companies, mortgage REITs, and leveraged covered call funds sit in the 8% to 14% range.
Hercules Capital (NYSE:HTGC) pays $1.88 a year on a price near $17, about 11.1% yield, requiring roughly $989,000 in capital. Net investment income covered 125% of the base distribution last quarter. Non-accrual loans rose from 1 to 2, and the stock trades about 40% above its $12.15 net asset value. The payout has held at $0.47 for seven straight quarters.
Why the Smaller Yield Can Overtake the Bigger One Say the $3,137,000 portfolio yielding 3.5% raises its dividends 8% a year. By year 10, it pays about $219,500, while a $915,000 portfolio yielding 12% with no dividend growth still pays $109,800, and inflation reduces what that money buys every year.
The lower-yield investor needs more capital upfront but gets income that roughly doubles over time, plus principal growth. That is the whole case for a dividend ladder built to never touch the shares, which we walked through step by step in a free guide here.
A Six-Fund Blend That Mixes All Three Tiers One model breaks $1,830,000 this way:
20% in HDV and 20% in JPMorgan Nasdaq Equity Premium Income ETF (NASDAQ:JEPQ), about $366,000 each. HDV adds dividend growth, and JEPQ earns option premium by selling calls on Nasdaq stocks. 15% each in WPC and HTGC, about $274,500 apiece. WPC provides rent that is linked to inflation, and HTGC provides floating-rate venture debt income. 15% in Global X S&P 500 Covered Call ETF (NYSEARCA:XYLD), which trades away most of its upside for monthly premium income. 15% in Janus Henderson AAA CLO ETF (NYSEARCA:JAAA), which holds AAA-rated floating-rate loan securities and steadies the rest of the mix. The blended yield shifts as each fund’s distribution rate changes. Check current rates before sizing positions.
Three Moves Before You Commit Capital Start with what you actually spend after taxes. Most REIT and BDC income is taxed at ordinary rates, while qualified dividends from funds like HDV are taxed at lower rates. Joint filers also get a $32,200 standard deduction for 2026. Before buying HTGC or any BDC, look up its net investment income coverage, non-accrual loans, and premium to net asset value in the latest quarterly report. Put the 10-year total returns of a 3.5% dividend growth fund and an 11% BDC side by side, including reinvested payouts and price changes. That shows how much principal each level kept. Contact [email protected] for any questions or corrections.
W. P. Carey is attractively valued, offering a 5.7% dividend yield and trading at 12.4x forward P/FFO, below its historical average. WPC's portfolio boasts 98.5% occupancy, long-duration CPI-linked leases, and robust acquisition momentum with attractive cap rates. Management guides for 5.2% AFFO per share growth in 2026, supported by contractual rent escalations, high-quality tenants, and a $300 million development pipeline.
Investors might want to bet on W.P. Carey (WPC - Free Report) , as it has been recently upgraded to a Zacks Rank #2 (Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.
A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.
The power of a changing earnings picture in determining near-term stock price movements makes the Zacks rating system highly useful for individual investors, since it can be difficult to make decisions based on rating upgrades by Wall Street analysts. These are mostly driven by subjective factors that are hard to see and measure in real time.
As such, the Zacks rating upgrade for W.P. Carey is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price.
Most Powerful Force Impacting Stock PricesThe change in a company's future earnings potential, as reflected in earnings estimate revisions, and the near-term price movement of its stock are proven to be strongly correlated. That's partly because of the influence of institutional investors that use earnings and earnings estimates for calculating the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their transaction of large amounts of shares then leads to price movement for the stock.
Fundamentally speaking, rising earnings estimates and the consequent rating upgrade for W.P. Carey imply an improvement in the company's underlying business. Investors should show their appreciation for this improving business trend by pushing the stock higher.
Harnessing the Power of Earnings Estimate RevisionsEmpirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, so it could be truly rewarding if such revisions are tracked for making an investment decision. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.
The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .
Earnings Estimate Revisions for W.P. CareyThis real estate investment trust is expected to earn $5.24 per share for the fiscal year ending December 2026, which represents no year-over-year change.
Analysts have been steadily raising their estimates for W.P. Carey. Over the past three months, the Zacks Consensus Estimate for the company has increased 0.6%.
Bottom LineUnlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.
You can learn more about the Zacks Rank here >>>
The upgrade of W.P. Carey to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.
Net lease REITs promise bond-like income without the credit risk, but not every triple-net landlord is built the same way. These five stand apart on balance sheet strength, tenant quality, and dividend durability in ways the yield alone will not…
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A net lease is a rental structure where the tenant, not the landlord, pays for property taxes, insurance and maintenance in addition to base rent. That arrangement, often called triple-net or NNN, strips most operating volatility out of the landlord’s cash flow and turns a building into something closer to a long-duration bond with contractual escalators. It is the reason net lease REITs are pitched as retirement-income vehicles: initial cash cap rates across this roster currently sit in a 7.0% to 7.8% range, with lease terms often stretching well past a decade. For dividend safety we use adjusted funds from operations (AFFO) coverage, not an earnings payout ratio, because REIT net income is distorted by non-cash depreciation. Every name below is an equity REIT that owns real property. Mortgage REITs, which finance real estate with borrowed money and carry a very different interest-rate and credit-risk profile, are excluded from this roster.
Realty Income: Monthly Payer With Global Reach Realty Income (NYSE:O | O Price Prediction) owns a diversified global net lease portfolio spanning retail, industrial, gaming and, increasingly, data centers, with a market cap of roughly $56.2 billion. Investment-grade clients accounted for 34% of annualized rent, up from 32% in the first quarter, and Q2 2026 portfolio occupancy was 98.8% with a blended rent recapture rate of 102.7%.
The monthly dividend was most recently $0.2715 per share, with an annualized forward rate of $3.258. At a current price of $59.43, that is a high-yield payout that management raised for the 115th consecutive quarter. Monthly checks are the whole reason retirees gravitate here, and we rounded up seven other payers on that same 30-day schedule in a free report you can grab here. AFFO per share grew 3.8% to $1.09 in the quarter, and full-year 2026 AFFO guidance was raised to $4.44 to $4.45, comfortably covering the annualized dividend.
The bull case is scale and capital access: Realty Income sourced more than $62 billion year-to-date, closed a $6 billion hyperscale data center joint venture with Cloud Capital, and carries a Fitch A rating with Stable Outlook. CEO Sumit Roy said, “We are pleased to raise our 2026 AFFO per share guidance to $4.44 to $4.45.” The main risk is credit concentration lower down the rent roll: 65.7% of ABR comes from non-investment-grade tenants, and leverage ticked up to 5.4x net debt/EBITDAre.
Agree Realty: Investment-Grade Retail With a Fortress Balance Sheet Agree Realty (NYSE:ADC) is a pure retail net lease REIT that ended Q2 2026 with 2,825 properties spread across all 50 states and the District of Columbia. Tenants skew heavily toward the largest, most creditworthy chains: ~73.2% of ABR comes from investment-grade retailers, and the roster includes recent additions such as Walmart Supercenter ground leases and a $75 million BP-branded travel-center portfolio guaranteed by A-rated BP North America.
Portfolio occupancy hit a company-record 99.8% with fully loaded credit and occupancy loss of just 10 basis points year to date. The monthly dividend was raised to $0.267, an annualized forward of $3.204, or a mid-single-digit yield at the current $71.15 share price. Management pegged the AFFO payout ratio at 70% of AFFO per share for the second quarter and called the dividend “very well covered.”
The bull case rests on underwriting discipline and liquidity. CEO Joey Agree cited “a fortress balance sheet backed by $1.9 billion of liquidity,” with net debt to recurring EBITDA of 5.2 times, or 3.7 times pro forma for settling all outstanding forward equity. The risk is interest expense: it rose to $40.3M vs $32.3M year over year, and the company still faces the cost of a contemplated 10-year unsecured debt issuance against a 4.7% 10-year Treasury.
NNN REIT: 37 Consecutive Years of Dividend Increases NNN REIT (NYSE:NNN) is a pure-play triple-net retail REIT with 3,774 freestanding single-tenant properties concentrated in auto service, convenience, discount retail and early childhood education. What makes it distinctive for retirement income is duration: weighted average lease term is 10.1 years, matched by a weighted average debt maturity of approximately 10.1 years, described by management as nearly double the nearest peer.
Occupancy was 99.1%, and Q2 acquisitions closed at a 7.3% initial cash cap rate with an average lease duration of just shy of 18 years. The quarterly dividend was raised to $0.62, an annualized $2.48, marking the 37th consecutive annual dividend increase. Management cited an AFFO payout ratio of 69% against Q2 AFFO of $0.90 per share and raised full-year AFFO guidance to $3.55 to $3.59.
The bull case is a self-funded model with a granular, resilient tenant base and near-immaterial credit watch list. The risk is refinancing: NNN has a $350 million debt maturity in December 2026, and management estimated 10-year debt pricing in the mid-5% to 5.6% range, well above legacy coupons.
W. P. Carey: Industrial Tilt With CPI-Linked Rent Growth W. P. Carey (NYSE:WPC) is a diversified global net lease REIT with a heavy industrial and warehouse tilt and meaningful European exposure. Roughly 47.8% of ABR is linked to CPI escalators, and over 99% of ABR has contractual rent increases. Same-store rent growth was 2.6% constant currency in Q2 2026, ahead of peers on the roster.
The largest quarterly deal was a $400 million sale-leaseback with Garden Corps covering 43 manufacturing, packaging and industrial outdoor storage facilities across 24 states on a 20-year triple-net master lease. The quarterly dividend was raised to $0.94, an annualized forward of $3.76, at a payout ratio management described as just over 70%. AFFO per share reached $1.34 in Q2, and full-year guidance was raised to $5.19 to $5.27. At the current $69.07 price, the forward yield sits in high-yield territory.
CEO Jason Fox said “AFFO growth now above 5% at the midpoint.” The balance sheet is conservative, with 95% fixed-rate debt at a weighted average of 3.2% and net debt to adjusted EBITDA of 5.1 times including unsettled forward equity. The risks are real: a $79.4M Q2 impairment, European same-store rent of -2.6% constant currency, FX exposure and lingering fallout from the Hellweg tenant, whose exposure has been reduced to 90 basis points of ABR and which missed its June rent payment.
Essential Properties: Middle-Market Sale-Leasebacks With Low Leverage Essential Properties Realty Trust (NYSE:EPRT) focuses on middle-market, service-oriented tenants, including car washes, medical and dental, early childhood education, quick-service restaurants, auto service and convenience. The portfolio spans 2,493 properties leased to over 500 tenants, with a weighted average lease term of 14.3 years and weighted average rent coverage of 3.5x.
Q2 investments totaled $332.4M at a 7.8% weighted-average cash cap rate, with 84% sale-leasebacks and 72% involving existing tenants. Occupancy was 99.6%. The quarterly dividend was raised to $0.32, an annualized forward of $1.28. AFFO per share grew 9% to $0.50, and the AFFO payout ratio was a conservative 64%, generating retained free cash flow of $43 million in the quarter, or roughly $170M annualized.
The bull case is the strongest balance sheet on the roster: pro forma net debt to EBITDAre of 3.5x and $1.7B of liquidity, layered on a highly granular portfolio with average investment size of $3.1 million per property. The risk is the $430M term loan maturing Feb 2027, currently priced at approximately 2.3%, which will refinance into a materially higher coupon.
Committed View All five names are equity net lease REITs with occupancy at or near 99%, AFFO payout ratios in the mid-60s to low-70s, and raised 2026 guidance. For retirement-income buyers, that combination is what matters most, ahead of the headline yield. Realty Income offers monthly checks and unmatched scale; Agree Realty offers the cleanest investment-grade retail tenant base; NNN offers the longest dividend-increase streak; W. P. Carey offers CPI-linked industrial growth; Essential Properties offers the lowest leverage and highest coverage. Each stands on operating durability rather than yield alone, and that is the correct order of priorities.
Contact [email protected] for any questions or corrections.
Current Visibility into Over $1.9 Billion of 2026 Investment Volume Improved Outlook for 2026 Tenant Credit-Related Rent Loss NEW YORK, Sept. 10, 2026 /PRNewswire/ -- W.
Collecting $8,900 a month in retirement without selling shares sounds clean until you see what the biggest position in this seven-ticker setup actually pays when markets go quiet.
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A 74-year-old collecting $8,900 a month, or $106,800 a year, needs roughly $1.5 million invested at a blended yield near 7% without selling shares. The design uses seven US-listed positions that push cash into the account almost every week of the month, including two diversified equity funds for ballast, two mature large-caps bought for their payouts, a covered-call fund as the yield engine, a REIT and a business development company for credit-like income, and a utility closed-end fund for defensive monthly cash. This is an illustration only.
How the Sleeves Fit Together Ballast comes from iShares Core High Dividend ETF (NYSEARCA:HDV), a quality dividend fund with a 0.08% expense ratio, and Reaves Utility Income Fund (NYSE:UTG), a closed-end fund holding utility and infrastructure equities. The mature large-caps are Verizon (NYSE:VZ | VZ Price Prediction), near $50 and yielding 5.5%, and Pfizer (NYSE:PFE), around $28 and yielding 6%. The yield engine is Global X S&P 500 Covered Call ETF (NYSEARCA:XYLD), which sells index calls for a monthly premium. The credit sleeve pairs W. P. Carey (NYSE:WPC), a net-lease REIT paying $3.76 annualized, with Capital Southwest (NASDAQ:CSWC), a middle-market business development company earning a 10.8% weighted yield on floating-rate senior secured loans.
What This Income Is Actually Doing Blended yield moves and different sleeves pull in different directions, and the largest weight is shrinking. XYLD’s forward annualized distribution of $3.73 sits well below its trailing twelve-month total of $4.33, and the latest monthly payment of $0.31 came in below the prior $0.41. That cash is an option premium, compensation for volatility. Calm markets pay less. The biggest position is the least reliable payer.
W. P. Carey cut its dividend a few years back, resetting from $1.07 quarterly to $0.86 after exiting office. It has since climbed sequentially back to $0.94, a real recovery, and a retiree deserves both facts. Capital Southwest restructured its payout partway through the trailing window, moving from a quarterly check to a $0.1934 monthly base plus a periodic $0.2534 supplemental. As a result, its forward annualized $3.04 runs above the trailing $2.56. The base is the commitment; the supplemental depends on earnings. Management flags that a 75-basis-point drop in base rates would trim annual NII by roughly $0.19 per share.
UTG is the best-behaved holding: a monthly payment stepped up from $0.20 to $0.21, with a forward rate above the trailing rate. Closed-end funds do carry quirks. They trade at premiums or discounts to the value of what they hold, so entry price matters separately from the quoted yield, and part of a distribution can be a return of capital, meaning your own money coming back rather than investment income.
The two individual companies concentrate risk. Verizon has run 30% year-to-date, compressing the income a new buyer receives. Pfizer is down 21% over five years while paying above market, the classic case of a yield flattered by a falling share price. A rising yield can mean the dividend grew or the price fell; those are opposite situations.
Where the No-Selling Promise Breaks This holder is past the age at which required minimum distributions begin. The nuance matters: distributions from a traditional IRA do not, by themselves, satisfy the RMD unless the holder actually withdraws the cash. If dividend income falls short in a given year, the holder has to sell something to make up the difference. That is one scenario where the no-selling promise breaks. Starting age depends on year of birth.
Income at this level can also lift Medicare premiums through the income-related surcharge, assessed on income from two years prior. Tax character matters too. Covered-call premium, BDC income, and REIT distributions are largely ordinary income taxed at regular rates rather than qualified-dividend rates, so those sleeves belong in tax-advantaged space when possible; the equity funds and blue-chip payers are fine in a taxable account. Seven tickers also share heavy overlap. HDV, XYLD, VZ, and PFE all draw from large-cap US equity, and in a broad sell-off most of this falls together.
One Change Worth Making The one change worth making is right-sizing XYLD. Trimming it lowers exposure to the sleeve most sensitive to market volatility. Shifting the freed capital into UTG and HDV would lower the headline yield slightly and raise the odds that the monthly checks keep arriving. That is the whole point of a portfolio built to spin off income without touching the share price: the structure we walked through step by step in a free dividend ladder guide.
Contact [email protected] for any questions or corrections.
Hsbc Holdings PLC increased its position in shares of W.P. Carey Inc. (NYSE:WPC – Free Report) by 1.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 938,424 shares of the real estate investment trust’s stock after buying an additional 9,986 shares during the period. Hsbc Holdings PLC owned about 0.41% of W.P. Carey worth $67,142,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in WPC. Commonwealth Retirement Investments LLC acquired a new position in shares of W.P. Carey in the fourth quarter worth about $26,000. Osbon Capital Management LLC purchased a new position in W.P. Carey in the fourth quarter valued at about $29,000. Headlands Technologies LLC acquired a new stake in W.P. Carey during the 2nd quarter valued at approximately $30,000. Wealth Watch Advisors INC acquired a new stake in W.P. Carey during the 3rd quarter valued at approximately $33,000. Finally, Avalon Trust Co purchased a new stake in W.P. Carey during the 2nd quarter worth approximately $36,000. Institutional investors and hedge funds own 73.73% of the company’s stock.
W.P. Carey Trading Down 0.1% NYSE:WPC opened at $70.33 on Tuesday. The firm has a market capitalization of $16.02 billion, a P/E ratio of 24.00, a P/E/G ratio of 3.51 and a beta of 0.75. The business has a 50 day simple moving average of $72.18 and a 200 day simple moving average of $72.43. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.22 and a quick ratio of 0.22. W.P. Carey Inc. has a 12-month low of $63.08 and a 12-month high of $77.22.
W.P. Carey Increases Dividend The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were given a dividend of $0.94 per share. This is a positive change from W.P. Carey’s previous quarterly dividend of $0.93. The ex-dividend date was Tuesday, June 30th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 5.3%. W.P. Carey’s payout ratio is presently 128.33%. Analyst Ratings Changes A number of equities analysts have issued reports on the company. Citigroup reaffirmed a “market perform” rating on shares of W.P. Carey in a research report on Thursday, June 18th. Weiss Ratings raised shares of W.P. Carey from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, August 24th. Bank of America upgraded shares of W.P. Carey from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $73.00 to $83.00 in a research note on Tuesday, June 16th. Royal Bank Of Canada upped their price target on shares of W.P. Carey from $73.00 to $77.00 and gave the company a “sector perform” rating in a report on Thursday, July 30th. Finally, Scotiabank increased their price objective on shares of W.P. Carey from $76.00 to $77.00 and gave the company a “sector perform” rating in a research note on Thursday, August 13th. Seven investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $79.38.
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W.P. Carey Company Profile (Free Report)
W. P. Carey Inc is a diversified net-lease real estate investment trust specializing in single-tenant commercial properties. The company structures sale-leaseback and build-to-suit transactions to provide long-term net lease financing across a variety of asset classes, including industrial facilities, office buildings, retail centers and self-storage facilities. By employing triple net leases, W. P. Carey transfers property operating expenses, taxes and maintenance responsibility to tenants, creating a stable, predictable income stream for investors.
Founded in 1973 by William Polk Carey, the firm has expanded organically and through strategic mergers and acquisitions.
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Most retirement spreadsheets quietly collapse at exactly this income target, and the yield number printed on the fund page is usually the first thing that breaks them.
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Ten thousand eight hundred dollars a month comes to $129,600 a year in dividend income, which is roughly what a top-quartile professional household brings in before payroll taxes. Figuring out how to replace that from a quality-tilted dividend portfolio is exactly where most spreadsheet retirement plans tend to quietly fall apart.
Building the Lineup With VYM, DIVO, and WPC Start with a portfolio weighted 30% in Vanguard High Dividend Yield ETF (NYSEARCA:VYM), 40% in Amplify CWP Enhanced Dividend Income ETF (NYSEARCA:DIVO), and 30% in W. P. Carey (NYSE:WPC | WPC Price Prediction).
The high-dividend ETF VYM trades near $164 with a forward annualized distribution of $3.918 per share, putting its forward yield in the mid-2% range. The net-lease REIT WPC pays a $0.94 quarterly dividend, or $3.76 annualized, against a share price near $70, for a yield in the low-5% range. The covered-call fund DIVO is where the accounting really starts to matter.
Reading DIVO’s Yield Correctly The covered-call fund DIVO shows a trailing 12-month distribution total of $3.005025 per share, but its regular forward annualized rate is only $2.33616. That gap comes from an oversized $0.95339676 distribution paid out on December 30, 2025, which dwarfed the typical $0.18 to $0.19 monthly payments running through 2026. Anyone building a portfolio around that trailing figure is setting themselves up for a shortfall by design.
Use the forward rate. Against DIVO’s share price around $48, the forward yield lands in the high-4% range, not the low-6% range the trailing number implies.
What the Blend Actually Costs With those forward yields, the blended portfolio yield sits roughly in the 4% neighborhood. Producing $129,600 a year at that yield requires capital in the low-$3 million range. That is what the headline is pointing at. A retiree who saw an 8% yield fund advertisement and assumed a $1.6 million portfolio would clear the bar is looking at nearly double the capital requirement once the math settles (the mix, the payment calendar, and the withdrawal order are all laid out in our free guide to turning savings into a monthly paycheck).
Costs the Yield Number Hides The covered-call fund DIVO combines equity positions with short call contracts on names like Caterpillar and JPMorgan. The option premium boosts the distribution, but the strategy limits your upside in strong markets, and part of what gets paid out may be classified as a return of capital. That return of capital lowers your cost basis rather than counting as qualified dividend income. A retiree who treats the entire distribution as dividends will misstate both the tax bill and the long-term sustainability of the payout.
The net-lease REIT WPC comes with its own warning label. After spinning off its office portfolio in 2023, the quarterly dividend was reset from $1.14 on November 2, 2023, to $0.86 on December 28, 2023. It has since climbed back to $0.94, and second-quarter 2026 AFFO of $1.34 beat the $1.24 consensus on 99% occupancy. That reset is a direct reminder that even a quality-tilted lineup carries real cut risk.
Taxes compound the gap. WPC is a REIT, so most of its distribution is taxed as ordinary income at your marginal rate rather than the qualified dividend rate that applies to most of VYM. In a taxable account, the after-tax income from the WPC sleeve is meaningfully lower than the headline yield suggests. Holding the REIT and covered-call sleeves inside an IRA or Roth changes the calculation.
Tilting Higher Yield to Shrink the Check The alternative is to swap part of the VYM sleeve for higher-distribution categories: business development companies, mortgage REITs, and leveraged covered-call funds that regularly print 10% to 14% rates. That tilt can cut the required capital by roughly a third at the same income target. The 10-year Treasury yielding roughly 5% is the risk-free floor those categories have to clear.
What you give up: credit quality falls, dividend durability weakens (BDC and mREIT payouts are cut in every credit cycle), a larger share of the distribution can be a return of capital, and sector concentration rises because these categories cluster in financials and real estate. The income prints. The principal often does not.
Three Steps Before Committing Capital Recompute the target against your actual annual spending, not your gross salary. Payroll taxes, retirement contributions, and mortgage principal that disappears in retirement can pull the replacement number down meaningfully. Model DIVO’s forward rate, not its trailing rate. Sizing the sleeve off $3.005025 underfunds the plan the year the outsized December distribution fails to repeat. Run the WPC sleeve through your marginal tax rate in a taxable account. If the after-tax yield falls below what VYM produces on qualified terms, the REIT allocation belongs in an IRA. Contact [email protected] for any questions or corrections.
WPC is upgraded to a buy, driven by strong portfolio metrics and a more attractive 13.1x P/FFO valuation. WPC boasts 98.5% occupancy, a 12-year lease schedule, and a 71.1% AFFO payout, supporting predictable cash flows and a 5.3%+ dividend yield. Geographic and tenant diversification, with 33% ABR outside the U.S. and top 10 tenants at 18.1% ABR, enhance risk-adjusted returns.
Turning a house sale into a permanent monthly paycheck sounds straightforward until you realize most income strategies require capital you no longer have. Three tickers solve that gap, but the tradeoffs between them could make or break the plan.
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A couple closes on their house for $810,000 in net proceeds and wants that lump sum to replace a paycheck. The target: $4,900 a month, or $58,800 a year, without touching principal. That works out to a blended yield of roughly 7.3% on the whole account, which is the exact level the three-ticker mix in the headline is built to deliver.
Here is the math and tradeoffs behind each yield tier, followed by a sample allocation across JPMorgan Nasdaq Equity Premium Income ETF (NASDAQ:JEPQ), W. P. Carey (NYSE:WPC | WPC Price Prediction), and Verizon (NYSE:VZ).
What $58,800 Costs at Each Yield Tier Conservative tier: 3% to 4% yield. Dividend growth funds, broad market payers, and blue-chip stalwarts. $58,800 divided by 0.035 equals $1,680,000 in capital. This couple does not have that. The trade-off is durability: the portfolio grows the payout faster than inflation, and the principal appreciates.
Moderate tier: 5% to 7% yield. Net lease REITs, preferred shares, blue-chip telecoms, and select dividend stocks. $58,800 divided by 0.06 equals $980,000. Still $170,000 more than the house netted. Dividend growth slows here, and total return depends more on the coupon than on capital gains.
Aggressive tier: 8% to 14% yield. Covered call ETFs on high-beta indexes, business development companies, and mortgage REITs. $58,800 divided by 0.10 equals $588,000. The $810,000 clears this bar easily, but distributions can drift lower in flat markets, and principal often erodes over long stretches.
The couple’s $810,000 sits between the moderate and aggressive tiers, so a blended sleeve makes sense.
Building the $4,900 Monthly Paycheck The first fund sells call options against a Nasdaq-100 basket and pays monthly distributions that tend to vary. It paid $0.70497 in August 2026 and $0.46572 in February 2026. On a $60 share price and an annualized forward distribution of $8.46, the trailing yield lands near 14%. Its top holdings include NVIDIA at 7% of assets, Apple at 6%, and Micron at 6%, so this sleeve is essentially tech beta with a premium overlay.
The net lease REIT is the moderate ballast in this mix. It raised its quarterly dividend to $0.94 in June 2026, a 4% year-over-year increase. On the $70 share price, that works out to roughly a 5.3% yield, backed by 99% occupancy and leases where 49% of same-store rents are tied to CPI escalators. Second-quarter AFFO of $1.34 beat consensus, and management guided full-year AFFO to $5.19 to $5.27.
The telecom name anchors the conservative sleeve. Its $0.7075 quarterly dividend works out to $2.83 annualized, which is roughly 5.6% on shares near $50. Second-quarter free cash flow of $6.43 billion grew 27%, adjusted EBITDA margin expanded to 40%, and management raised full-year adjusted EPS guidance to $4.99 to $5.04. The Frontier integration is targeting more than $1 billion in run-rate synergies by 2028.
A workable split: roughly $180,000 in JEPQ, $315,000 in WPC, and $315,000 in VZ. That produces about $25,200, $16,700, and $17,640, respectively, or $59,535 a year, which is $4,961 a month before taxes. WPC and VZ pay qualified dividends taxed at long-term capital gains rates, friendlier than ordinary-income treatment on JEPQ’s option premiums or BDC distributions.
Why a Lower Yield Sometimes Wins JEPQ’s 20% one-year total return looks great next to WPC’s 12%, but the distribution drifted from $0.70 down to $0.44 and back inside two years. WPC’s dividend has climbed every quarter since 2023. A payout growing 4% to 5% annually doubles income in about 15 years. A 14% yield that stays flat or slips 10% in a bad market does not. That is the trade the couple makes by tilting toward WPC and VZ, and it is the same income-first case we made against the classic 4% withdrawal rule in a free report on why that rule wobbles now.
Three Moves Before Funding the Account Recalculate the actual monthly need, not the old paycheck. Property taxes, commuting, and mortgage principal likely disappeared with the house sale, which can drop required income below $58,800. Model the tax hit by sleeve. Verizon and WPC dividends are largely qualified or 199A-eligible, while JEPQ’s monthly distribution is mostly ordinary income. In a high state, that gap alone can move the after-tax yield by more than a full point. Stress-test the aggressive sleeve. Pull JEPQ’s trailing 12-month payout of $6.52 and rerun the paycheck math assuming distributions drop by 20%. If the monthly number still covers essentials, the allocation holds up. Contact [email protected] for any questions or corrections.
B. Metzler seel. Sohn and Co. AG purchased a new position in W.P. Carey Inc. (NYSE: WPC) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 7,944 shares of the real estate investment trust's stock, valued at approximately $568,000. Several other
Advisors Capital Management LLC acquired a new stake in shares of W.P. Carey Inc. (NYSE:WPC – Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 1,031,277 shares of the real estate investment trust’s stock, valued at approximately $73,736,000. Advisors Capital Management LLC owned approximately 0.45% of W.P. Carey as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in shares of W.P. Carey by 22.1% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 153,462 shares of the real estate investment trust’s stock worth $10,429,000 after purchasing an additional 27,734 shares during the last quarter. Swedbank AB grew its position in W.P. Carey by 124.2% during the 4th quarter. Swedbank AB now owns 135,849 shares of the real estate investment trust’s stock valued at $8,743,000 after purchasing an additional 75,253 shares during the last quarter. Jupiter Asset Management Ltd. purchased a new stake in W.P. Carey during the 4th quarter valued at about $41,638,000. Principal Financial Group Inc. increased its stake in W.P. Carey by 3.8% during the 1st quarter. Principal Financial Group Inc. now owns 488,973 shares of the real estate investment trust’s stock valued at $33,231,000 after purchasing an additional 17,812 shares in the last quarter. Finally, Hsbc Holdings PLC increased its stake in W.P. Carey by 8.4% during the 4th quarter. Hsbc Holdings PLC now owns 922,540 shares of the real estate investment trust’s stock valued at $59,370,000 after purchasing an additional 71,463 shares in the last quarter. Hedge funds and other institutional investors own 73.73% of the company’s stock.
Analysts Set New Price Targets Several brokerages have recently issued reports on WPC. Wolfe Research upgraded shares of W.P. Carey from a “peer perform” rating to an “outperform” rating and set a $85.00 target price on the stock in a research note on Monday, June 8th. BNP Paribas Exane raised shares of W.P. Carey from a “neutral” rating to an “outperform” rating and raised their price target for the company from $73.00 to $88.00 in a research report on Wednesday, July 29th. Barclays boosted their price objective on shares of W.P. Carey from $78.00 to $80.00 and gave the stock an “underweight” rating in a report on Wednesday, July 22nd. UBS Group reaffirmed a “neutral” rating on shares of W.P. Carey in a research report on Wednesday, July 29th. Finally, Bank of America upgraded W.P. Carey from an “underperform” rating to a “neutral” rating and increased their target price for the company from $73.00 to $83.00 in a research note on Tuesday, June 16th. Seven research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $79.38.
Read Our Latest Analysis on W.P. Carey W.P. Carey Stock Performance Shares of NYSE WPC opened at $72.12 on Friday. The firm has a 50 day moving average of $72.82 and a 200 day moving average of $72.53. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 1.01. The firm has a market capitalization of $16.43 billion, a price-to-earnings ratio of 24.61, a price-to-earnings-growth ratio of 3.59 and a beta of 0.75. W.P. Carey Inc. has a 12-month low of $63.08 and a 12-month high of $77.22.
W.P. Carey Increases Dividend The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were issued a dividend of $0.94 per share. This is an increase from W.P. Carey’s previous quarterly dividend of $0.93. This represents a $3.76 annualized dividend and a yield of 5.2%. The ex-dividend date of this dividend was Tuesday, June 30th. W.P. Carey’s payout ratio is presently 128.33%.
W.P. Carey Profile (Free Report)
W. P. Carey Inc is a diversified net-lease real estate investment trust specializing in single-tenant commercial properties. The company structures sale-leaseback and build-to-suit transactions to provide long-term net lease financing across a variety of asset classes, including industrial facilities, office buildings, retail centers and self-storage facilities. By employing triple net leases, W. P. Carey transfers property operating expenses, taxes and maintenance responsibility to tenants, creating a stable, predictable income stream for investors.
Founded in 1973 by William Polk Carey, the firm has expanded organically and through strategic mergers and acquisitions.
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Analyst’s Disclosure: I/we have a beneficial long position in the shares of WPC, O either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
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WP Carey (WPC) delivered a steady dividend raise, maintaining a 5.1% yield and demonstrating resilient income performance. Four BDCs—PFLT, CCAP, CGBD, OBDC—implemented double-digit dividend cuts, reflecting sector volatility and recent price declines near 52-week lows. Despite dividend reductions, all BDCs remain in the RIG portfolio, with recommendations to hold as dividend coverage stabilizes and recovery potential emerges.
W.P. Carey NYSE: WPC raised its 2026 outlook for investment volume and adjusted funds from operations, citing continued acquisition activity, higher lease revenue and a balance sheet it said is positioned to fund investments into 2027.
Chief Executive Officer Jason Fox said the company completed more than $700 million of investments during the second quarter, bringing first-half investment volume to $1.3 billion. The investments carried a weighted average initial cash cap rate of 7.4%, and Fox said rent escalations and an average 18-year lease term translate to an average yield above 9%.
The company increased its full-year investment-volume guidance to $1.7 billion to $2.1 billion, from a prior range of $1.5 billion to $2 billion. Fox said W.P. Carey’s near-term pipeline includes several hundred million dollars of prospective investments, while 10 capital projects under its Carey Tenant Solutions initiative are expected to add roughly $300 million of investment volume over the next 18 months.
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GardenCore transaction leads second-quarter activity The largest investment completed in the quarter was a $400 million sale-leaseback transaction with GardenCore, a U.S. manufacturer of lawn and garden consumables. The portfolio includes 43 manufacturing, packaging and industrial outdoor storage facilities in 24 states, leased under a 20-year triple-net master lease with fixed rent escalations.
Fox said GardenCore is now W.P. Carey’s fourth-largest tenant. He described the transaction as attractive because of the defensive nature of the tenant’s business, the mission-critical properties and the rent-growth structure.
Warehouse and industrial properties accounted for the majority of second-quarter investment activity. Fox said the split between U.S. and European investments was broadly consistent with the company’s long-term average. He said cap rates on deals closed in the second quarter were somewhat higher than in the first quarter because of the timing of individual closings, rather than a broader market shift.
For the full year, the company expects cap rates to average in the mid- to low-7% range. Fox said the company has not experienced a noticeable effect on transaction activity from tensions in the Middle East.
AFFO guidance raised as rent growth accelerates Chief Financial Officer Toni Sanzone said second-quarter AFFO per share was $1.34, up 4.7% from a year earlier. W.P. Carey raised and narrowed its full-year AFFO guidance to $5.19 to $5.27 per share, increasing the midpoint by $0.02 and implying 5.2% year-over-year growth.
Sanzone said the updated outlook reflects stronger investment activity, rising lease revenues, higher CPI-linked rent increases, a more favorable outlook for rent loss, and lower expected property and tax expenses. Those benefits are partly offset by the effect of forward equity settled during the second quarter.
Contractual same-store rent growth was 2.6% year over year in the quarter. CPI-linked escalations, representing 49% of same-store leases, averaged 2.7%, while fixed escalations, representing 48%, averaged 2.5%. The company expects full-year contractual same-store rent growth of 2.6%, with growth trending modestly higher in the second half and potentially moving toward the mid- to high-2% range in 2027 based on current inflation expectations.
W.P. Carey lowered its expected rent loss from tenant credit events to $7 million to $10 million, from $8 million to $12 million previously. Through June, rent loss across the portfolio, including Hellweg, totaled $1.7 million after certain rent recoveries, according to Sanzone.
Hellweg exposure reduced Fox said the company has reduced its Hellweg exposure over the past two years to 16 stores from 35 through lease terminations, re-leasing and asset sales. Hellweg recently filed for insolvency, but W.P. Carey said its remaining gross exposure is only 90 basis points of annualized base rent and the tenant is no longer among its top 20 tenants.
Hellweg did not make its June rent payment of about $1.2 million but paid July rent in full, Sanzone said. W.P. Carey’s guidance assumes it receives no additional Hellweg rent during the rest of 2026, while recognizing three months of bank guarantees. That results in an assumed net rent loss of about $3 million from Hellweg this year.
The company has springing leases on half of the remaining Hellweg stores at rents comparable to Hellweg’s prior rents. Fox said management is in discussions with prospective tenants and buyers for the remaining locations and expects lease agreements or asset sales to be arranged by year-end.
Capital markets activity supports investment plans W.P. Carey said it has sold nearly $900 million of forward equity and issued approximately $1.5 billion of bonds so far this year. During the second quarter, it sold 5.3 million shares on a forward basis for gross proceeds of $392 million and settled 5.1 million forward shares for net proceeds of $345 million.
At quarter-end, the company had 9.9 million shares remaining to settle, representing anticipated net proceeds of $691 million. Together with its largely undrawn $2 billion credit facility, W.P. Carey reported approximately $2.7 billion of liquidity.
The company also issued $350 million of 10-year U.S. dollar bonds at a 5.2% coupon rate, with the transaction settling in early July. Proceeds are intended to prepay an October bond maturity without prepayment costs. W.P. Carey said it has no remaining debt maturities in 2026, with its next maturity a €500 million bond due in April 2027.
Net debt to adjusted EBITDA was 5.1 times including unsettled forward equity, or 5.5 times excluding it, at the low end of the company’s target range. In June, W.P. Carey increased its quarterly dividend 4.4% year over year to $0.94 per share.
About W.P. Carey (NYSE:WPC)W. P. Carey Inc is a diversified net-lease real estate investment trust specializing in single-tenant commercial properties. The company structures sale-leaseback and build-to-suit transactions to provide long-term net lease financing across a variety of asset classes, including industrial facilities, office buildings, retail centers and self-storage facilities. By employing triple net leases, W. P. Carey transfers property operating expenses, taxes and maintenance responsibility to tenants, creating a stable, predictable income stream for investors.
Founded in 1973 by William Polk Carey, the firm has expanded organically and through strategic mergers and acquisitions.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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W. P. Carey Inc. (WPC) Q2 2026 Earnings Call July 29, 2026 11:00 AM EDT
Company Participants
Peter Sands - Executive Director & Head of Investor Relations
Jason Fox - CEO, President & Board Member
ToniAnn Sanzone - MD & CFO
Brooks Gordon - MD & Head of Asset Management
Conference Call Participants
Spenser Allaway - Green Street Advisors, LLC, Research Division
James Feldman - Wells Fargo Securities, LLC, Research Division
Mitch Germain - Citizens JMP Securities, LLC, Research Division
Jana Galan - BofA Securities, Research Division
Jason Wayne - Barclays Bank PLC, Research Division
Bennett Rose - Citigroup Inc., Research Division
John Kim - BMO Capital Markets Equity Research
Anthony Paolone - JPMorgan Chase & Co, Research Division
Greg McGinniss - Scotiabank Global Banking and Markets, Research Division
James Kammert - Evercore ISI Institutional Equities, Research Division
Brad Heffern - RBC Capital Markets, Research Division
Michael Goldsmith - UBS Investment Bank, Research Division
Presentation
Operator
Hello, and welcome to W. P. Carey's Second Quarter 2026 Earnings Conference Call. My name is Diego, and I will be your operator today. [Operator Instructions] Please note that today's event is being recorded. [Operator Instructions]
I will now turn today's program over to Peter Sands, Head of Investor Relations. Mr. Sands, please go ahead.
Peter Sands
Executive Director & Head of Investor Relations
Good morning, everyone, and thank you for joining us for our 2026 Second Quarter Earnings Call. Before we begin, I need to remind everyone that some of the statements made on this call are not historic facts and may be deemed forward-looking statements. Factors that could cause actual results to differ materially from W. P. Carey's expectations are provided in our SEC filings. An online replay of this conference call will be made available in the Investor Relations section of our website at wpcarey.com, where it will be archived for approximately 1 year and where you can also find copies of
Key Takeaways WPC completed $706.5M of investments in Q2, bringing year-to-date investment volume to $1.3B.W. P. Carey maintained 98.5% occupancy with a weighted-average remaining lease term of 12.2 years.WPC raised its 2026 AFFO guidance and increased its investment-volume assumption to $1.7B-$2.1B. W. P. Carey Inc. (WPC - Free Report) reported second-quarter 2026 adjusted funds from operations (AFFO) of $1.34 per share, beating the Zacks Consensus Estimate by 2.3%. The metric increased 4.7% from the year-ago quarter.
Revenues of $461.06 million surpassed the consensus mark of $454.11 million and rose 7% year over year. The results reflected accretive net investment activity and contractual rent increases, with same-store rent growth reaching 2.6% on a constant-currency basis.
WPC's Lease Revenues Rise on InvestmentsLease revenues increased 12.5% year over year to $409.66 million, primarily driven by net investment activity. Income from finance leases and loans receivable advanced 34% to $27.16 million.
Other lease-related income rose to $11.21 million from $9.64 million. In contrast, operating property revenues declined to $11.64 million from $34.29 million, mainly reflecting the sale of the company’s self-storage operating portfolio.
WPC Accelerates Real Estate Investment ActivityThe net-lease REIT completed $706.5 million of investments during the second quarter, taking year-to-date volume to $1.3 billion. The company also had $132.7 million of active capital investments and commitments scheduled for completion during the second half of 2026.
WPC disposed of nine properties for gross proceeds of $83.7 million during the quarter. First-half disposition proceeds reached $246.2 million from the sale of 28 properties, supporting its ongoing capital recycling strategy.
W. P. Carey Maintains Strong Portfolio MetricsThe net-lease portfolio comprised 1,748 properties spanning about 188.5 million square feet and leased to 384 tenants. Occupancy remained high at 98.5%, while the weighted-average remaining lease term was 12.2 years.
Annualized base rent totaled $1.64 billion. The top 10 tenants represented 18.1% of net-lease annualized base rent, while tenants with investment-grade ratings or investment-grade parent companies accounted for 22.7%.
WPC Retains Ample Liquidity for GrowthWPC ended the quarter with liquidity of $2.74 billion, including $1.9 billion of available capacity under its senior unsecured credit facility. Cash and cash equivalents stood at $163.54 million.
Net debt to annualized adjusted EBITDA was 5.5X, or 5.1X, including unsettled forward equity. During the quarter, the company settled forward agreements for approximately $345 million in net proceeds and retained access to about $691 million from remaining unsettled agreements.
W. P. Carey Raises 2026 AFFO GuidanceManagement raised its full-year 2026 AFFO guidance range to $5.19-$5.27 per share from $5.16-$5.26. The revised range implies 5.2% year-over-year growth at the midpoint. The Zacks Consensus Estimate is pegged at $5.28, which lies above the projected range.
WPC also increased its investment-volume assumption to $1.7-$2.1 billion from $1.5-$2.0 billion. The updated outlook reflects higher anticipated lease revenues, improved expectations for potential rent losses and lower projected expenses, partly offset by the impact of settling forward equity.
WPC’s Zacks RankWPC currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other REITsDigital Realty Trust (DLR - Free Report) reported second-quarter 2026 core FFO per share, excluding net promote, of $2.13, up 13.9% from a year ago. The figure surpassed the Zacks Consensus Estimate by 7.6%. Strong bookings, a record backlog and sharp renewal rent increases supported the quarter.
Prologis Inc. (PLD - Free Report) reported second-quarter 2026 core FFO per share of $1.63, outpacing the Zacks Consensus Estimate of $1.53. Results reflected strengthening demand, disciplined execution and expanding capabilities across logistics, data centers and energy.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
SummaryW. P. Carey remains a Buy, supported by robust AFFO growth, high occupancy, and an attractive, sustainable dividend yield.WPC raised its AFFO guidance, boosted investment targets, and executed another dividend hike, maintaining a solid payout ratio and flexibility for future increases.Despite macro headwinds and refinancing risks, WPC's CPI-linked leases and portfolio pivot toward retail and industrial assets position it for long-term re-rating potential.Valuation implies a significant discount to intrinsic value, offering compelling risk-reward for long-term investors even under conservative growth assumptions. Richard Drury/DigitalVision via Getty Images
Introduction The last time I covered W. P. Carey (WPC), I reiterated its Buy rating, supported by its strong AFFO growth, high occupancy rate, and attractive and sustainable dividend yield while the REIT accelerated its
3.29K Followers
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in WPC over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
SummaryW. P. Carey Inc. benefits from nearly half its leases being CPI-linked, driving robust revenue in an inflationary environment.WPC's payout ratio dropped to 70.6% and AFFO grew 4.7% annualized, supporting conservative, reliable dividends attractive for risk-averse investors.Management increased FY 2026 AFFO growth outlook to 5.2% and investment volumes are up, reflecting strong operational execution and shareholder alignment.Despite strong performance, WPC trades at a premium P/AFFO (~15x vs. 12.6x historical), justifying a Hold for valuation-conscious investors. EMS-FORSTER-PRODUCTIONS/DigitalVision via Getty Images
One of the core reasons why W. P. Carey Inc. (WPC) is doing so well stems from the fact that almost halve of its leases are CPI-linked in one way or the other. Around 30% of
1.64K Followers
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
W.P. Carey (WPC - Free Report) came out with quarterly funds from operations (FFO) of $1.34 per share, beating the Zacks Consensus Estimate of $1.31 per share. This compares to FFO of $1.28 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an FFO surprise of +2.29%. A quarter ago, it was expected that this real estate investment trust would post FFO of $1.28 per share when it actually produced FFO of $1.3, delivering a surprise of +1.56%.
Over the last four quarters, the company has surpassed consensus FFO estimates four times.
W.P. Carey, which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $459.67 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.22%. This compares to year-ago revenues of $384.47 million. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.
W.P. Carey shares have added about 18.4% since the beginning of the year versus the S&P 500's gain of 8.3%.
What's Next for W.P. Carey?While W.P. Carey has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.
Ahead of this earnings release, the estimate revisions trend for W.P. Carey was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $1.33 on $461.74 million in revenues for the coming quarter and $5.28 on $1.84 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Other is currently in the top 23% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, AH REALTY TRUST (AHRT - Free Report) , is yet to report results for the quarter ended June 2026.
This real estate company is expected to post quarterly earnings of $0.13 per share in its upcoming report, which represents a year-over-year change of -48%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
AH REALTY TRUST's revenues are expected to be $52.86 million, down 18.9% from the year-ago quarter.
, /PRNewswire/ -- W. P. Carey Inc. (NYSE: WPC) (W. P. Carey or the Company), a net lease real estate investment trust, today reported its financial results for the second quarter ended June 30, 2026.
Financial Highlights
2026 Second Quarter
Net income attributable to W. P. Carey (millions)
$185.4
Diluted earnings per share
$0.82
AFFO (millions)
$305.4
AFFO per diluted share
$1.34
Raising and narrowing 2026 AFFO guidance range to between $5.19 and $5.27 per diluted share, implying 5.2% year-over-year growth at the midpoint Full-year investment volume assumption raised to between $1.7 billion and $2.1 billion Second quarter cash dividend of $0.940 per share, equivalent to an annualized dividend rate of $3.76 per share Real Estate Portfolio
Investment volume of $1.3 billion completed year to date, including $706.5 million during the second quarter Active capital investments and commitments of $132.7 million scheduled to be completed during the second half of 2026 Gross disposition proceeds of $246.2 million during the first half of 2026, including $83.7 million during the second quarter Contractual same-store rent growth of 2.6% year over year Balance Sheet and Capitalization
Equity – Sold 5.3 million shares of common stock subject to forward sale agreements during the second quarter, representing total gross proceeds of approximately $392 million Settled a portion of outstanding forward sale agreements during the second quarter for net proceeds totaling approximately $345 million At the end of the second quarter approximately $691 million of equity subject to forward sale agreements remained available for settlement Debt – Subsequent to quarter end, issued $350 million of 5.200% Senior Unsecured Notes due 2036, with proceeds scheduled to be used to prepay $350 million of 4.250% Senior Unsecured Notes due October 2026 MANAGEMENT COMMENTARY
"The momentum we established last year continued through the first half of 2026, with a strong pace of investment activity and successful capital markets execution," said Jason Fox, Chief Executive Officer. "We continue to see compelling acquisition opportunities at attractive spreads and with our anticipated investment activity pre-funded well into 2027, we have ample capacity to continue investing.
"Our outlook for potential rent loss has also improved and we expect to increasingly benefit from inflationary tailwinds flowing through our CPI-linked leases. Reflecting our performance to date and outlook for the remainder of the year, I'm pleased to say we're again raising our expectations for both full-year investment volume and AFFO per share, with AFFO growth now above 5% at the midpoint."
QUARTERLY FINANCIAL RESULTS
Revenues
Revenues, including reimbursable costs, for the 2026 second quarter totaled $461.1 million, up 7.0% from $430.8 million for the 2025 second quarter. Lease revenues increased due primarily to net investment activity. Income from finance leases and loans receivable increased primarily as a result of net investment activity. Operating property revenues decreased due primarily to the sale of the Company's self-storage operating portfolio, comprising the sale of 63 properties in 2025 and 11 during the 2026 first quarter. Net Income Attributable to W. P. Carey
Net income attributable to W. P. Carey for the 2026 second quarter was $185.4 million, up 262.1% from $51.2 million for the 2025 second quarter, due primarily to a mark-to-market gain of $41.6 million recognized on the Company's shares of Lineage during the current-year period (as compared to a loss of $69.0 million recognized during the prior-year period), higher gains from remeasurement of foreign debt, the Company's $49.9 million proportionate share of a gain on sale recognized by a jointly-owned investment during the current-year period, and the accretive impact of net investment activity, partly offset by higher impairment charges and lower gain on sale of real estate. Adjusted Funds from Operations (AFFO)
AFFO for the 2026 second quarter was $1.34 per diluted share, up 4.7% from $1.28 per diluted share for the 2025 second quarter, primarily reflecting accretive net investment activity, partly offset by the impact of higher interest rates from debt refinancings on interest expense and the settlement of forward equity. Note: Further information concerning AFFO, which is a non-GAAP supplemental performance metric, is presented in the accompanying tables and related notes.
Dividend
On June 11, 2026, the Company reported that its Board of Directors increased its quarterly cash dividend to $0.940 per share, equivalent to an annualized dividend rate of $3.76 per share, representing a 4.4% increase compared to the 2025 second quarter. The dividend was paid on July 15, 2026 to shareholders of record as of June 30, 2026. AFFO GUIDANCE
The Company's AFFO per diluted share guidance and key underlying assumptions have been updated as follows:
Prior
The Company has raised and narrowed its AFFO per diluted share guidance range for the 2026 full year, primarily reflecting higher expected lease revenues (including the impacts of higher anticipated investment volume and a more favorable outlook for potential rent loss), together with certain lower projected expenses, partly offset by the impact of settling forward equity. Note: The Company does not provide guidance on net income. The Company only provides guidance on AFFO and does not provide a reconciliation of this forward-looking non-GAAP guidance to net income due to the inherent difficulty in quantifying certain items necessary to provide such reconciliation as a result of their unknown effect, timing and potential significance. Examples of such items include impairments of assets, gains and losses from sales of assets, and depreciation and amortization from new acquisitions.
REAL ESTATE
Investments
Year to date, the Company completed investments totaling $1.3 billion, including $706.5 million during the 2026 second quarter. The Company currently has five capital investments and commitments totaling $132.7 million scheduled to be completed during the second half of 2026. In addition, the Company has five capital investments and commitments totaling $165.9 million scheduled to be completed over the course of 2027. Dispositions
During the first half of 2026, the Company disposed of 28 properties for gross proceeds totaling $246.2 million, including nine properties during the 2026 second quarter for gross proceeds totaling $83.7 million. Contractual Same-Store Rent Growth
As of June 30, 2026, contractual same-store rent growth was 2.6% year over year on a constant currency basis. Composition
As of June 30, 2026, the Company's net lease portfolio consisted of 1,748 properties, comprising 188 million square feet leased to 384 tenants, with a weighted-average lease term of 12.2 years and an occupancy rate of 98.5%. BALANCE SHEET AND CAPITALIZATION
Liquidity
As of June 30, 2026, the Company had total liquidity of $2.7 billion, primarily comprising $1.9 billion of available capacity under its Senior Unsecured Credit Facility (net of amounts reserved for standby letters of credit), in addition to cash and cash equivalents and available net proceeds under unsettled forward equity sale agreements. Forward Equity
During the 2026 second quarter, the Company sold 5,271,817 shares of common stock under its ATM program pursuant to forward sale agreements at a weighted-average gross price of $74.32 per share, representing total gross proceeds of approximately $392 million. During the 2026 second quarter, the Company settled a portion of its outstanding forward sale agreements, issuing 5,066,282 shares of common stock for net proceeds of approximately $345 million. As of June 30, 2026, the Company had a total of 9,914,031 shares available for settlement under forward sale agreements, representing anticipated net proceeds totaling approximately $691 million. Senior Unsecured Notes – Subsequent to Quarter End
As previously announced, on July 2, 2026, the Company completed an underwritten public offering of $350 million aggregate principal amount of 5.200% Senior Notes due September 15, 2036. The Company is scheduled to use the offering proceeds on July 29, 2026 to prepay the $350 million of 4.250% Senior Unsecured Notes due October 2026, with no associated prepayment costs. * * * * *
Supplemental Information
The Company has provided supplemental unaudited financial and operating information regarding the 2026 second quarter and certain prior quarters, including a description of non-GAAP financial measures and reconciliations to GAAP measures, in a Current Report on Form 8-K filed with the Securities and Exchange Commission (SEC) on July 28, 2026, and made available on the Company's website at ir.wpcarey.com/investor-relations.
* * * * *
Live Conference Call and Audio Webcast Scheduled for Wednesday, July 29, 2026 at 11:00 a.m. Eastern Time
Please dial in at least 10 minutes prior to the start time.
Date/Time: Wednesday, July 29, 2026 at 11:00 a.m. Eastern Time
Call-in Number: 1 (877) 465-1289 (U.S.) or +1 (201) 689-8762 (international)
Live Audio Webcast and Replay: www.wpcarey.com/earnings
* * * * *
W. P. Carey Inc.
W. P. Carey ranks among the largest net lease REITs with a well-diversified portfolio of high-quality, operationally critical commercial real estate, which includes 1,748 net lease properties covering approximately 188 million square feet as of June 30, 2026. With offices in New York, London, Amsterdam and Dallas, the company remains focused on investing primarily in single-tenant industrial, warehouse and retail properties located in the U.S. and Europe, under long-term net leases with built-in rent escalations.
Certain of the matters discussed in this communication constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, both as amended by the Private Securities Litigation Reform Act of 1995. The forward-looking statements include, among other things, statements regarding the intent, belief or expectations of W. P. Carey and can be identified by the use of words such as "may," "will," "should," "would," "will be," "goals," "believe," "project," "expect," "anticipate," "intend," "estimate," "opportunities," "possibility," "strategy," "maintain" or the negative version of these words and other comparable terms. These forward-looking statements include, but are not limited to, statements made by Mr. Jason Fox regarding future acquisition opportunities, outlook for potential rent loss, anticipated benefits from CPI-linked rent escalations and expectations for both full-year 2026 investment volume and AFFO per share. These statements are based on the current expectations of our management, and it is important to note that our actual results could be materially different from those projected in such forward-looking statements. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Other unknown or unpredictable risks or uncertainties, like the risks related to fluctuating interest rates, the impact of inflation and tariffs on our tenants and us, the effects of pandemics and global outbreaks of contagious diseases, and domestic or geopolitical crises (such as terrorism, military conflict, war or the perception that hostilities may be imminent), political instability or civil unrest, or other conflict, and those additional risk factors discussed in reports that we have filed with the SEC, could also have material adverse effects on our future results, performance or achievements. Discussions of some of these other important factors and assumptions are contained in W. P. Carey's filings with the SEC and are available at the SEC's website at http://www.sec.gov, including Part I, Item 1A. Risk Factors in W. P. Carey's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this communication, unless noted otherwise. Except as required under the federal securities laws and the rules and regulations of the SEC, W. P. Carey does not undertake any obligation to release publicly any revisions to the forward-looking statements to reflect events or circumstances after the date of this communication or to reflect the occurrence of unanticipated events.
Institutional Investors:
Peter Sands
1 (212) 492-1110
[email protected]
Individual Investors:
W. P. Carey Inc.
1 (212) 492-8920
[email protected]
(in thousands, except share and per share amounts)
June 30, 2026
December 31, 2025
Assets
Investments in real estate:
Land, buildings and improvements — net lease and other
$ 15,222,867
$ 14,451,306
Land, buildings and improvements — operating properties
181,694
286,079
Net investments in finance leases and loans receivable
1,174,274
1,171,886
In-place lease intangible assets and other
2,581,342
2,466,199
Above-market rent intangible assets
653,281
668,707
Investments in real estate
19,813,458
19,044,177
Accumulated depreciation and amortization (a)
(3,656,944)
(3,578,330)
Assets held for sale, net
10,441
3,327
Net investments in real estate
16,166,955
15,469,174
Equity method investments
279,503
310,178
Cash and cash equivalents
163,538
155,329
Other assets, net
1,042,026
1,068,480
Goodwill
982,611
987,071
Total assets
$ 18,634,633
$ 17,990,232
Liabilities and Equity
Debt:
Senior unsecured notes, net
$ 7,376,851
$ 6,950,261
Unsecured term loans, net
1,164,524
1,196,366
Unsecured revolving credit facility
116,230
435,417
Non-recourse mortgages, net
194,246
140,646
Debt, net
8,851,851
8,722,690
Accounts payable, accrued expenses and other liabilities
621,068
670,038
Below-market rent and other intangible liabilities, net
97,192
104,055
Deferred income taxes
157,117
151,820
Dividends payable
218,789
207,487
Total liabilities
9,946,017
9,856,090
Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued
—
—
Common stock, $0.001 par value, 450,000,000 shares authorized; 227,807,251 and 219,145,876
shares, respectively, issued and outstanding
228
219
Additional paid-in capital
12,418,948
11,830,737
Distributions in excess of accumulated earnings
(3,605,214)
(3,539,592)
Deferred compensation obligation
100,172
80,239
Accumulated other comprehensive loss
(241,737)
(253,346)
Total stockholders' equity
8,672,397
8,118,257
Noncontrolling interests
16,219
15,885
Total equity
8,688,616
8,134,142
Total liabilities and equity
$ 18,634,633
$ 17,990,232
________
(a)
Includes $2.2 billion and $2.1 billion of accumulated depreciation on buildings and improvements as of June 30, 2026 and December 31, 2025, respectively, and $1.5 billion of accumulated amortization on lease intangibles as of both June 30, 2026 and December 31, 2025.
W. P. CAREY INC.
Quarterly Consolidated Statements of Income (Unaudited)
(in thousands, except share and per share amounts)
Net income attributable to noncontrolling interests
(270)
(194)
(92)
Net Income Attributable to W. P. Carey
$ 185,389
$ 176,302
$ 51,220
Basic Earnings Per Share
$ 0.82
$ 0.80
$ 0.23
Diluted Earnings Per Share
$ 0.82
$ 0.80
$ 0.23
Weighted-Average Shares Outstanding
Basic
225,971,719
220,620,496
220,569,259
Diluted
227,215,203
221,618,296
220,874,935
Dividends Declared Per Share
$ 0.940
$ 0.930
$ 0.900
__________
(a)
Amount for the three months ended June 30, 2026 includes our $49.9 million proportionate share of a gain recognized on the sale of a portfolio by a jointly owned investment.
(b)
Amount for the three months ended June 30, 2026 primarily comprises a mark-to-market unrealized gain for our investment in shares of Lineage of $41.6 million, net gains on foreign currency exchange rate movements of $10.8 million and a non-cash allowance for credit losses of $6.4 million.
(c)
Amount for the three months ended June 30, 2026 comprises a dividend of $2.9 million from our investment in shares of Lineage, interest income on deposits of $0.8 million and realized gains on foreign currency exchange derivatives of $0.5 million.
W. P. CAREY INC.
Year-to-Date Consolidated Statements of Income (Unaudited)
(in thousands, except share and per share amounts)
Net income attributable to noncontrolling interests
(464)
(84)
Net Income Attributable to W. P. Carey
$ 361,691
$ 177,044
Basic Earnings Per Share
$ 1.62
$ 0.80
Diluted Earnings Per Share
$ 1.61
$ 0.80
Weighted-Average Shares Outstanding
Basic
223,310,890
220,485,859
Diluted
224,609,380
220,913,225
Dividends Declared Per Share
$ 1.870
$ 1.790
W. P. CAREY INC.
Quarterly Reconciliation of Net Income to Adjusted Funds from Operations (AFFO) (Unaudited)
(in thousands, except share and per share amounts)
Three Months Ended
June 30, 2026
March 31, 2026
June 30, 2025
Net income attributable to W. P. Carey
$ 185,389
$ 176,302
$ 51,220
Adjustments:
Depreciation and amortization of real property
133,663
135,480
119,930
Impairment charges — real estate
79,421
40,008
4,349
Gain on sale of real estate, net
(5,819)
(54,141)
(52,824)
Proportionate share of adjustments to earnings from equity method investments (a) (b)
(50,133)
2,263
2,231
Proportionate share of adjustments for noncontrolling interests (c)
(26)
(25)
(82)
Total adjustments
157,106
123,585
73,604
FFO (as defined by NAREIT) Attributable to W. P. Carey (d)
342,495
299,887
124,824
Adjustments:
Other (gains) and losses (e)
(48,558)
(6,791)
148,768
Straight-line and other leasing and financing adjustments
(15,459)
(24,178)
(15,374)
Stock-based compensation
13,909
7,441
10,943
Amortization of deferred financing costs
5,292
5,139
4,628
Above- and below-market rent intangible lease amortization, net
3,706
2,498
5,061
Tax expense – deferred and other
2,617
2,727
2,820
Merger and other expenses
613
1,180
192
Other amortization and non-cash items
548
593
579
Proportionate share of adjustments to earnings from equity method investments (a)
303
213
309
Proportionate share of adjustments for noncontrolling interests (b)
(22)
(52)
(80)
Total adjustments
(37,051)
(11,230)
157,846
AFFO Attributable to W. P. Carey (d)
$ 305,444
$ 288,657
$ 282,670
Summary
FFO (as defined by NAREIT) attributable to W. P. Carey (d)
$ 342,495
$ 299,887
$ 124,824
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share (d)
$ 1.51
$ 1.35
$ 0.57
AFFO attributable to W. P. Carey (d)
$ 305,444
$ 288,657
$ 282,670
AFFO attributable to W. P. Carey per diluted share (d)
$ 1.34
$ 1.30
$ 1.28
Diluted weighted-average shares outstanding
227,215,203
221,618,296
220,874,935
W. P. CAREY INC.
Year-to-Date Reconciliation of Net Income to Adjusted Funds from Operations (AFFO) (Unaudited)
(in thousands, except share and per share amounts)
Six Months Ended June 30,
2026
2025
Net income attributable to W. P. Carey
$ 361,691
$ 177,044
Adjustments:
Depreciation and amortization of real property
269,143
248,867
Impairment charges — real estate
119,429
11,203
Gain on sale of real estate, net
(59,960)
(96,601)
Proportionate share of adjustments to earnings from equity method investments (a)
(47,870)
3,874
Proportionate share of adjustments for noncontrolling interests (c)
(51)
(160)
Total adjustments
280,691
167,183
FFO (as defined by NAREIT) Attributable to W. P. Carey (d)
642,382
344,227
Adjustments:
Other (gains) and losses
(55,349)
190,965
Straight-line and other leasing and financing adjustments
(39,637)
(34,407)
Stock-based compensation
21,350
20,091
Amortization of deferred financing costs
10,431
9,410
Above- and below-market rent intangible lease amortization, net
6,204
6,184
Tax expense – deferred and other
5,344
2,038
Merger and other expenses
1,793
748
Other amortization and non-cash items
1,141
1,139
Proportionate share of adjustments to earnings from equity method investments (a)
516
223
Proportionate share of adjustments for noncontrolling interests (b)
(74)
(128)
Total adjustments
(48,281)
196,263
AFFO Attributable to W. P. Carey (d)
$ 594,101
$ 540,490
Summary
FFO (as defined by NAREIT) attributable to W. P. Carey (d)
$ 642,382
$ 344,227
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share (d)
$ 2.86
$ 1.56
AFFO attributable to W. P. Carey (d)
$ 594,101
$ 540,490
AFFO attributable to W. P. Carey per diluted share (d)
$ 2.65
$ 2.45
Diluted weighted-average shares outstanding
224,609,380
220,913,225
__________
(a)
Equity income, including amounts that are not typically recognized for FFO and AFFO, is recognized within Earnings from equity method investments on the consolidated statements of income. This represents adjustments to equity income to reflect FFO and AFFO on a pro rata basis.
(b)
Amount for the three months ended June 30, 2026 includes our $49.9 million proportionate share of a gain recognized on the sale of a portfolio by a jointly owned investment.
(c)
Adjustments disclosed elsewhere in this reconciliation are on a consolidated basis. This adjustment reflects our FFO or AFFO on a pro rata basis.
(d)
FFO and AFFO are non-GAAP measures. See below for a description of FFO and AFFO.
(e)
Amount for the three months ended June 30, 2026 primarily comprises a mark-to-market unrealized gain for our investment in shares of Lineage of $41.6 million, net gains on foreign currency exchange rate movements of $10.8 million and a non-cash allowance for credit losses of $6.4 million.
Non-GAAP Financial Disclosure
Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO)
Due to certain unique operating characteristics of real estate companies, as discussed below, the National Association of Real Estate Investment Trusts (NAREIT), an industry trade group, has promulgated a non-GAAP measure known as FFO, which we believe to be an appropriate supplemental measure, when used in addition to and in conjunction with results presented in accordance with GAAP, to reflect the operating performance of a REIT. The use of FFO is recommended by the REIT industry as a supplemental non-GAAP measure. FFO is not equivalent to, nor a substitute for, net income or loss as determined under GAAP.
We define FFO, a non-GAAP measure, consistent with the standards established by the White Paper on FFO approved by the Board of Governors of NAREIT, as restated in December 2018. The White Paper defines FFO as net income or loss computed in accordance with GAAP, excluding gains or losses from the sale of certain real estate, impairment charges on real estate or other assets incidental to the company's main business, gains or losses on changes in control of interests in real estate and depreciation and amortization from real estate assets; and after adjustments for unconsolidated partnerships and jointly owned investments. Adjustments for unconsolidated partnerships and jointly owned investments are calculated to reflect FFO on the same basis.
We also modify the NAREIT computation of FFO to adjust GAAP net income for certain non-cash charges, such as amortization of real estate-related intangibles, deferred income tax benefits and expenses, straight-line rent and related reserves, other non-cash rent adjustments, non-cash allowance for credit losses on loans receivable and finance leases, stock-based compensation, non-cash environmental accretion expense, amortization of discounts and premiums on debt and amortization of deferred financing costs. Our assessment of our operations is focused on long-term sustainability and not on such non-cash items, which may cause short-term fluctuations in net income but have no impact on cash flows. Additionally, we exclude non-core income and expenses, such as gains or losses from extinguishment of debt, gains or losses on the mark-to-market fair value of equity securities, merger and acquisition expenses, spin-off expenses, and income and expenses associated with our captive insurance company. We also exclude realized and unrealized gains/losses on foreign currency exchange rate movements (other than those realized on the settlement of foreign currency derivatives), which are not considered fundamental attributes of our business plan and do not affect our overall long-term operating performance. We refer to our modified definition of FFO as AFFO. We exclude these items from GAAP net income to arrive at AFFO because they are not the primary drivers in our decision-making process and excluding these items provides investors with a view of our portfolio performance over time and makes it more comparable to other REITs. AFFO also reflects adjustments for unconsolidated partnerships and jointly owned investments. We use AFFO as one measure of our operating performance when we formulate corporate goals, evaluate the effectiveness of our strategies and determine executive compensation.
We believe that AFFO is a useful supplemental measure for investors to consider because we believe it will help them better assess the sustainability of our operating performance without the potentially distorting impact of these short-term fluctuations. However, there are limits on the usefulness of AFFO to investors. For example, impairment charges and unrealized foreign currency exchange rate losses that we exclude may become actual realized losses upon the ultimate disposition of the properties in the form of lower cash proceeds or other considerations. We use our FFO and AFFO measures as supplemental financial measures of operating performance. We do not use our FFO and AFFO measures as, nor should they be considered to be, alternatives to net income computed under GAAP, alternatives to net cash provided by operating activities computed under GAAP, or indicators of our ability to fund our cash needs.
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
W.P. Carey benefits from stable triple-net leases, strong occupancy and disciplined investments, but debt, competition and tenant risks remain challenges.
Also Named One of Fortune's Best Workplaces in New York™ for the Third Consecutive Year
, /PRNewswire/ -- W. P. Carey Inc. (W. P. Carey, NYSE: WPC), a leading net lease REIT specializing in corporate sale-leasebacks, build-to-suits and the acquisition of single-tenant net lease properties, is proud to announce it has been Certified™ by Great Place to Work® in the U.S., the Netherlands and the U.K.
W. P. Carey Earns 2026 Great Place to Work Certification™ in the U.S., the Netherlands and the U.K. In addition, W. P. Carey was selected as one of the Best Small and Medium Workplaces in New York by Fortune for the third consecutive year. The Fortune Best Workplaces in New York™ list is highly competitive and determined by an analysis of over 155,000 survey responses from employees at eligible Great Place to Work Certified™ companies.
"These recognitions belong to our employees, whose dedication and enthusiasm make W. P. Carey a truly special place to work," said Jason Fox, Chief Executive Officer and President, W. P. Carey. "Earning Great Place to Work Certification in all three countries in which we have offices —the U.S., the Netherlands and the U.K.—is especially meaningful, as it underscores our commitment to fostering an environment where employees feel valued, supported and connected to our culture, no matter where they are."
Results from the 2026 certification survey highlight that 96% of global respondents said W. P. Carey is a great place to work—significantly higher than the average company benchmark. 96% of global respondents are also proud to tell others they work at W. P. Carey and feel they work in an inclusive environment that welcomes differences.
For more information on W. P. Carey's culture, employee programs and benefits, read our 2025 Corporate Responsibility Report.
W. P. Carey Inc.
W. P. Carey ranks among the largest net lease REITs with a well-diversified portfolio of high-quality, operationally critical commercial real estate, which includes 1,703 net lease properties covering approximately 185 million square feet as of March 31, 2026. With offices in New York, London, Amsterdam and Dallas, the company remains focused on investing primarily in single-tenant industrial, warehouse and retail properties located in the U.S. and Europe, under long-term net leases with built-in rent escalations.
www.wpcarey.com
Institutional Investors:
Peter Sands
1 (212) 492-1110
[email protected]
Individual Investors:
W. P. Carey Inc.
1 (212) 492-8920
[email protected]
Conference Call Scheduled for Wednesday, July 29, 2026 at 11:00 a.m. Eastern Time
, /PRNewswire/ -- W. P. Carey Inc. (W. P. Carey, NYSE: WPC), a leading net lease REIT, announced today that it will release its financial results for the second quarter ended June 30, 2026 after the market closes on Tuesday, July 28, 2026.
The company will host a conference call and live audio webcast to discuss its financial results on Wednesday, July 29, 2026 at 11:00 a.m. Eastern Time, details of which are provided below.
Live Conference Call and Audio Webcast
Date/Time: Wednesday, July 29, 2026 at 11:00 a.m. Eastern Time
Call-in Number: 1 (877) 465-1289 (U.S.) or +1 (201) 689-8762 (international)
Please dial in at least 10 minutes prior to the start time.
Live Audio Webcast and Replay: www.wpcarey.com/earnings
W. P. Carey Inc.
W. P. Carey ranks among the largest net lease REITs with a well-diversified portfolio of high-quality, operationally critical commercial real estate, which includes 1,703 net lease properties covering approximately 185 million square feet as of March 31, 2026. With offices in New York, London, Amsterdam and Dallas, the company remains focused on investing primarily in single-tenant industrial, warehouse and retail properties located in the U.S. and Europe, under long-term net leases with built-in rent escalations.
www.wpcarey.com
Institutional Investors:
Peter Sands
1 (212) 492-1110
[email protected]
Individual Investors:
W. P. Carey Inc.
1 (212) 492-8920
[email protected]
, /PRNewswire/ -- W. P. Carey (W. P. Carey, NYSE: WPC), a leading net lease REIT specializing in corporate sale-leasebacks, build-to-suits and the acquisition of single-tenant net lease properties, today announced the release of its 2025 Corporate Responsibility Report.
W. P. Carey Releases 2025 Corporate Responsibility Report Prepared in reference to disclosure standards established by the Task Force on Climate-related Financial Disclosures (TCFD) and Global Reporting Initiative (GRI), the report summarizes W. P. Carey's progress and achievements across corporate responsibility initiatives, focused on the company's environmental, social and governance objectives. It can be viewed and downloaded from W. P. Carey's website at www.wpcarey.com/corporate-responsibility.
Jason Fox, Chief Executive Officer and President, W. P. Carey, said: "Our Corporate Responsibility Report reflects the continued integration of sustainability, social impact and strong governance across our business. We remain focused on initiatives that strengthen our portfolio and drive long-term value for our shareholders, guided by our dual commitments to Investing for the Long Run and Doing Good While Doing Well."
W. P. Carey Inc.
W. P. Carey ranks among the largest net lease REITs with a well-diversified portfolio of high-quality, operationally critical commercial real estate, which includes 1,703 net lease properties covering approximately 185 million square feet as of March 31, 2026. With offices in New York, London, Amsterdam and Dallas, the company remains focused on investing primarily in single-tenant industrial, warehouse and retail properties located in the U.S. and Europe, under long-term net leases with built-in rent escalations.
www.wpcarey.com
This press release may contain forward-looking statements within the meaning of U.S. Federal securities laws. The comments of Mr. Fox are examples of forward-looking statements. A number of factors could cause W. P. Carey's actual results, performance or achievement to differ materially from those anticipated. Other unknown or unpredictable risks or uncertainties, like the risks related to fluctuating interest rates, the impact of inflation on our tenants and us, the effects of pandemics and global outbreaks of contagious diseases, and domestic or geopolitical crises (such as terrorism, military conflict, war or the perception that hostilities may be imminent), political instability or civil unrest, or other conflict, and those additional risk factors discussed in reports that we have filed with the Securities and Exchange Commission (SEC), could also have material adverse effects on our future results, performance or achievements. Discussions of some of these other important factors and assumptions are contained in W. P. Carey's filings with the SEC and are available at the SEC's website at http://www.sec.gov, including Part I, Item 1A. Risk Factors in W. P. Carey's Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
Institutional Investors:
Peter Sands
1 (212) 492-1110
[email protected]
Individual Investors:
W. P. Carey Inc.
1 (212) 492-8920
[email protected]
, /PRNewswire/ -- W. P. Carey Inc. (NYSE: WPC, the "Company") announced today that it has priced an underwritten public offering of $350 million aggregate principal amount of 5.200% Senior Notes due 2036 (the "Notes"). The Notes were offered at 99.015% of the principal amount.
Interest on the Notes will be paid semi-annually on March 15 and September 15 of each year, beginning on March 15, 2027. The offering of the Notes is expected to settle on July 2, 2026, subject to customary closing conditions. The Company intends to use the net proceeds from the offering to repay the $350 million in aggregate principal amount outstanding of its 4.250% Senior Notes due October 2026 and for other general corporate purposes, including to fund potential future investments and to repay certain other indebtedness, including amounts outstanding under its unsecured revolving credit facility.
Wells Fargo Securities, LLC, RBC Capital Markets, LLC, U.S. Bancorp Investments, Inc. and BBVA Securities Inc. acted as joint book-running managers for the Notes offering.
A registration statement relating to the Notes has been filed with the Securities and Exchange Commission (the "SEC") and has become effective under the Securities Act of 1933, as amended (the "Securities Act"). The offering is being made by means of a prospectus supplement and prospectus. Before making an investment in the Notes, potential investors should read the prospectus supplement and the accompanying prospectus for more complete information about the Company and the offering. Potential investors may obtain these documents for free by visiting EDGAR on the SEC's website at www.sec.gov. Alternatively, potential investors may obtain copies, when available, by contacting: Wells Fargo Securities, LLC toll-free at 1-800-645-3751, RBC Capital Markets, LLC toll-free at 1-866-375-6829 or U.S. Bancorp Investments, Inc. toll free at 1-877-558-2607.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any offer or sale of the Notes will be made only by means of a prospectus supplement relating to the offering and the accompanying prospectus.
W. P. Carey Inc.
W. P. Carey ranks among the largest net lease REITs with a well-diversified portfolio of high-quality, operationally critical commercial real estate, which includes 1,703 net lease properties covering approximately 185 million square feet as of March 31, 2026. With offices in New York, London, Amsterdam and Dallas, the company remains focused on investing primarily in single-tenant industrial, warehouse and retail properties located in the U.S. and Europe, under long-term net leases with built-in rent escalations.
Forward-Looking Statements
Certain of the matters discussed in this communication constitute forward-looking statements within the meaning of the Securities Act and the Securities Exchange Act of 1934, both as amended by the Private Securities Litigation Reform Act of 1995. The forward-looking statements include, among other things, statements regarding: expectations regarding the use of proceeds of this offering and the settlement date. Forward looking statements are generally identified by the use of words such as "may," "will," "should," "would," "will be," "will continue," "will likely result," "believe," "project," "expect," "anticipate," "intend," "estimate," "opportunities," "possibility," "strategy," "plan," "maintain" or the negative version of these words and other comparable terms. These forward-looking statements include, but are not limited to, statements that are not historical facts.
These statements are based on the current expectations of the Company's management, and it is important to note that the Company's actual results could be materially different from those projected in such forward-looking statements. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Other unknown or unpredictable risks or uncertainties which include, among others, the risks related to fluctuating interest rates, the impact of inflation and tariffs on our tenants and us, the effects of pandemics and global outbreaks of contagious diseases, and domestic or geopolitical crises (such as terrorism, military conflict, war or the perception that hostilities may be imminent), political instability or civil unrest, or other conflict, and those additional risk factors discussed in reports that we have filed with the SEC, could also have material adverse effects on our business, financial condition, liquidity, results of operations, and prospects. You should exercise caution in relying on forward-looking statements as they involve known and unknown risks, uncertainties, and other factors that may materially affect our future results, performance, achievements, or transactions. Information on factors that could impact actual results and cause them to differ from what is anticipated in the forward-looking statements contained herein is included in the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026, as filed with the SEC on April 29, 2026, as well as in the Company's filings with the SEC, including but not limited to those described in Part I, Item 1A. Risk Factors in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as filed with the SEC on February 11, 2026. Moreover, because the Company operates in a very competitive and rapidly changing environment, new risks are likely to emerge from time to time. Given these risks and uncertainties, potential investors are cautioned not to place undue reliance on these forward-looking statements as a prediction of future results, which speak only as of the date of this communication, unless noted otherwise. Except as required under the federal securities laws and the rules and regulations of the SEC, the Company does not undertake any obligation to release publicly any revisions to the forward-looking statements to reflect events or circumstances after the date of this communication or to reflect the occurrence of unanticipated events.
Institutional Investors:
Peter Sands
212-492-1110
[email protected]
SummaryW. P. Carey offers a 5.1% yield and consistent dividend growth, supported by a diversified, industrial-focused portfolio.WPC's industrial-focused, diversified portfolio and disciplined acquisition pipeline support continued AFFO/share growth and dividend increases.Management raised full-year investment pipeline guidance to $1.5–$2.0 billion, reflecting confidence in ongoing accretive acquisitions.I maintain a 'Buy' rating on WPC for its attractive yield, strong balance sheet, and reasonable valuation versus peers.Looking for a portfolio of ideas like this one? Members of iREIT®+HOYA Capital get exclusive access to our subscriber-only portfolios. Learn More »Sitewide Sale 2026: Get 20% Off Deagreez/iStock via Getty Images
The 4% rule is often cited as a guideline for income during retirement, in which one cashes out 4% of the stock portfolio per year. That can be a tricky endeavor for an index investor, as the S&P 500 (
23.32K Followers
Analyst’s Disclosure: I/we have a beneficial long position in the shares of WPC either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
I am not an investment advisor. This article is for informational purposes and does not constitute as financial advice. Readers are encouraged and expected to perform due diligence and draw their own conclusions prior to making any investment decisions.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Inflation has surged this year due to the Strait of Hormuz closure, which has disrupted global trade. The Consumer Price Index (CPI) rose 4.2% over the last 12 months through May. That's up from a 2.4% annualized rate in January and its highest level in three years. A 23.5% boost in energy costs fueled the resurgence.
While inflation is bad for consumers, it can be a boon for some real estate investment trusts (REITs). Here are three built to thrive during inflationary markets.
Image source: Getty Images.
Gladstone Land Gladstone Land (LAND +0.88%) focuses on investing in farmland and farm-related properties. The farmland REIT owns 144 farms totaling 99,000 acres across 14 states, as well as more than 55,000 acre-feet of water assets in California. It leases its farms to high-quality tenant farmers, primarily under triple-net (NNN) leases, in which the tenant farmers pay for routine maintenance, property insurance, and real estate taxes. The long-term leases typically feature annual rate escalators, upward market resets, and participation rent features (a percentage of the farm's revenues). Its leases insulate the REIT from inflationary cost pressures while providing it with inflation-driven rent growth.
The REIT primarily invests in farms that grow fresh produce (fruits and vegetables). Since 1980, fresh produce prices have increased 386%, 1.3 times the increase in the overall CPI rate during that period. That higher inflation rate should benefit Gladstone, as it should earn higher participation rents from these farms, which should also appreciate faster than other farms.
Today's Change
(
0.88
%) $
0.07
Current Price
$
8.57
Gladstone Land's farm leases support its steadily rising monthly dividend. The REIT has increased its dividend, which currently yields nearly 6.5%, by 35 times over the past 45 quarters, for a total increase of 55.7%. Its goal is to grow its payout consistent with long-term inflation trends, providing investors with an inflation-protected income stream.
Vici Properties Vici Properties (VICI +1.05%) focuses on investing in experiential real estate, including gaming, hospitality, wellness, entertainment, and leisure destinations. It owns 101 properties across the U.S. and Canada, including 61 gaming properties and 40 other experiential properties. The REIT also invests in loans secured by experiential properties.
Today's Change
(
1.05
%) $
0.28
Current Price
$
26.81
The company leases its owned real estate under long-term NNN leases with high-quality operating tenants. Its portfolio currently has a nearly 40-year weighted average remaining lease term. Those leases increasingly protect Vici's rent from inflation, with 45% of its rent coming from CPI-linked leases this year, rising to 87% by 2035.
Vici's increasingly inflation-linked leases provide it with steadily rising cash flow to support its growing dividend (current yield of more than 6.5%). It has grown its dividend at a 7% compound annual rate over its eight years as a public company, well ahead of the 2.4% average of other REITs focused on NNN real estate.
W.P. Carey W.P. Carey (WPC +0.95%) owns a well-diversified portfolio of operationally critical real estate. It owns over 1,700 industrial, warehouse, retail, and other properties across North America and Europe secured by long-term NNN leases with built-in rent escalations.
Today's Change
(
0.95
%) $
0.70
Current Price
$
74.05
About 49% of its rent comes from leases with CPI-linked escalators. That high concentration of inflation-protected leases has enabled W.P. Carey to deliver best-in-class same-store rental growth rates in recent years (between 2.3% and 4.3%).
That steadily rising cash flow provides a solid foundation for the REIT's dividend yield of more than 5%. W.P. Carey has raised its payout every quarter since resetting it in late 2023, following its strategic decision to exit the office sector. The REIT has increased its dividend by 4.5% over the past year and should continue delivering mid-single-digit dividend growth as it expands its portfolio of inflation-linked properties.
Built to capitalize on inflation Gladstone Land, Vici Properties, and W.P. Carey receive a meaningful share of their rent from leases with rent escalators tied to inflation. That positions them to thrive when inflation is on the rise, as they'll deliver higher rental growth rates to support their rising dividends. Given the recent inflation uptick, these REITs are good buys right now for those seeking to position their portfolios to thrive in the current environment.
W.P. Carey (WPC - Free Report) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #2 (Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.
The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.
Individual investors often find it hard to make decisions based on rating upgrades by Wall Street analysts, since these are mostly driven by subjective factors that are hard to see and measure in real time. In these situations, the Zacks rating system comes in handy because of the power of a changing earnings picture in determining near-term stock price movements.
Therefore, the Zacks rating upgrade for W.P. Carey basically reflects positivity about its earnings outlook that could translate into buying pressure and an increase in its stock price.
Most Powerful Force Impacting Stock PricesThe change in a company's future earnings potential, as reflected in earnings estimate revisions, has proven to be strongly correlated with the near-term price movement of its stock. The influence of institutional investors has a partial contribution to this relationship, as these big professionals use earnings and earnings estimates to calculate the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their transaction of large amounts of shares then leads to price movement for the stock.
Fundamentally speaking, rising earnings estimates and the consequent rating upgrade for W.P. Carey imply an improvement in the company's underlying business. Investors should show their appreciation for this improving business trend by pushing the stock higher.
Harnessing the Power of Earnings Estimate RevisionsEmpirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, so it could be truly rewarding if such revisions are tracked for making an investment decision. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.
The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .
Earnings Estimate Revisions for W.P. CareyFor the fiscal year ending December 2026, this real estate investment trust is expected to earn $5.28 per share, which is unchanged compared with the year-ago reported number.
Analysts have been steadily raising their estimates for W.P. Carey. Over the past three months, the Zacks Consensus Estimate for the company has increased 1.1%.
Bottom LineUnlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.
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The upgrade of W.P. Carey to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.
Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our analyst ratings page.
Considering buying WPC stock? Here’s what analysts think:
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W. P. Carey is rated Buy, supported by strong AFFO growth, high occupancy, and a sustainable ~5.14% dividend yield. WPC raised 2026 AFFO guidance to $5.16–$5.26 per share, with an accelerated investment target of $1.5–$2 billion, backed by their ample liquidity available, essentially prefunding it already. Despite slightly elevated leverage and growing macro headwinds, WPC's portfolio pivot from office to industrial/retail and international expansion offers long-term upside.
W. P. Carey projects FY2026 AFFO per share of $5.21 (+4.8% YoY) and investment volumes of $1.75B, driven by high-yield investments and cheap borrowing costs from the EU/Canada. Given their robust long-term investment yields at over 9% and the weighted average interest rate of 3.1%, the REIT may deliver rich investment spreads at over 5% ahead. WPC remains discounted at Price/AFFO of 13.90x, with it triggering the rich dividend yield of 5.14% and the excellent upside potential to my LTPT of $90.30.
Key Takeaways W. P. Carey posted first-quarter 2026 AFFO of $1.30 per share, topping estimates by 1.6%.WPC reported 98.1% occupancy across 1,703 net-leased properties as of March 31, 2026.W. P. Carey raised 2026 investment guidance to $1.5-$2.0 billion after $682 million in deals. W.P. Carey (WPC - Free Report) is supported by a large, mission-critical net-lease portfolio in the United States and Europe, with most leases carrying contractual rent escalators and a long average term. Portfolio simplification is progressing as the company exits operating self-storage and recycles proceeds into higher-yielding deals, while liquidity remains ample and the dividend continues to edge higher.
Last month, W. P. Carey delivered first-quarter 2026 AFFO per share of $1.30, topping the Zacks Consensus Estimate by 1.6%. The quarter reflected the accretive impact of net investment activity and contractual rent escalations across the net-lease portfolio.
Analysts seem bullish about this Zacks Rank #2 (Buy) company, with the Zacks Consensus Estimate for its 2026 AFFO per share being revised northward marginally over the past week to $5.26.
Over the past six months, WPC shares have gained 10%, outperforming the industry’s growth of 8.8%.
Image Source: Zacks Investment Research
Factors That Make W.P. Carey Stock a Solid PickHigh-Quality, Mission-Critical Portfolio: W.P. Carey focuses on assets that are mission-critical for tenants and typically structures leases on a long-term, triple-net basis, which shifts most operating costs to the tenant. This model supports steady lease revenues with limited recurring property-level spend. As of March 31, 2026, occupancy stood at 98.1% across 1,703 net-leased properties, reflecting the operational importance of the portfolio to tenants.
Diverse Tenant Base and Contractual Rent Escalators: WPC’s portfolio is diversified by tenant, industry, property type and geography, which helps reduce reliance on any single cash flow stream. As of March 31, 2026, the top 10 tenants represented 18.3% of ABR. The portfolio’s weighted average lease term was 12.1 years, and nearly all ABR carried contractual rent increases, with 49% CPI-linked and 48% fixed increases.
Expansionary Efforts: W.P. Carey has been capitalizing on growth opportunities. From the beginning of the year through April 28, 2026, the company completed $682.0 million of investments. Management raised 2026 investment volume guidance to $1.5-$2.0 billion while keeping disposition guidance at $250-$750 million. Such match-funding efforts indicate the company’s prudent capital management practices and will relieve pressure from its balance sheet, which is encouraging.
Balance Sheet Strength: W.P. Carey has a healthy balance sheet position with ample liquidity. W.P. Carey ended first-quarter 2026 with $2.8 billion of total liquidity. The company’s share of net debt to adjusted EBITDA was 5.7X. It also enjoys investment-grade ratings of BBB+ from S&P Global Ratings and Baa1 from Moody’s, rendering it favorable access to the debt market.
Steady Dividend Payouts: Solid dividend payouts are arguably the biggest enticement for investment in REIT stocks, and W.P. Carey remains committed to them. In March 2026, the company’s board announced a regular quarterly dividend of 93 cents per share, indicating a 1.1% hike from 92 cents paid a quarter ago. Looking at the company’s operating environment and financial position compared to that of the industry, its current dividend is expected to be sustainable in the upcoming period.
Other Stocks to ConsiderSome better-ranked stocks from the REIT sector are Lamar Advertising (LAMR - Free Report) and Prologis (PLD - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Lamar Advertising’s 2026 FFO per share is pegged at $8.63, up 4.48% year over year.
The consensus estimate for Prologis’ 2026 FFO per share is pegged at $6.17, up 6.20% year over year.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
Adds $400 Million of Investment Volume Since Announcing First Quarter Results
, /PRNewswire/ -- W. P. Carey Inc. (NYSE: WPC) (W. P. Carey or the Company), a leading net lease REIT specializing in corporate sale-leasebacks, build-to-suits and the acquisition of single-tenant net lease properties, today announced year-to-date investment volume totaling approximately $1.1 billion, including investment volume totaling approximately $400 million completed since the Company reported its first quarter 2026 financial results on April 28, 2026.
GardenCore Sale-leaseback
On May 8, 2026, the Company closed the sale-leaseback of a 43-property manufacturing portfolio with newly branded GardenCore (formerly Oldcastle Lawn & Garden), a leading U.S. manufacturer of lawn and garden consumables, offering a broad portfolio of mulch, soil, stone and lime products. GardenCore has deep, long-standing partnerships with major home improvement retailers and garden centers, and delivers consistent, high-quality execution across large-scale private label and branded programs.
Located in 24 states across the U.S., the portfolio is triple-net master leased for a term of 20 years with fixed annual rent escalations. It represents the entirety of GardenCore's owned real estate, contributing a significant portion of its overall revenue. Pacific Avenue Capital Partners, a leading private equity firm, recently acquired GardenCore as part of a corporate carve-out from CRH's packaged mulch, soil and stone business.
At the time of investment, GardenCore ranked among W. P. Carey's top 10 largest tenants by annualized base rent (ABR).
Investment Volume Outlook
Based on the investment volume it has completed year-to-date, the capital investments and commitments it has scheduled to deliver over the remainder of 2026, and its investment pipeline, W. P. Carey currently has visibility into investment volume totaling approximately $1.5 billion.
W. P. Carey Inc.
W. P. Carey ranks among the largest net lease REITs with a well-diversified portfolio of high-quality, operationally critical commercial real estate, which includes 1,703 net lease properties covering approximately 185 million square feet as of March 31, 2026. With offices in New York, London, Amsterdam and Dallas, the company remains focused on investing primarily in single-tenant industrial, warehouse and retail properties located in the U.S. and Europe, under long-term net leases with built-in rent escalations.
www.wpcarey.com
Certain of the matters discussed in this communication constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, both as amended by the Private Securities Litigation Reform Act of 1995. The forward-looking statements include, among other things, statements regarding the intent, belief or expectations of W. P. Carey and can be identified by the use of words such as "may," "will," "should," "would," "will be," "goals," "believe," "project," "expect," "anticipate," "intend," "estimate," "opportunities," "possibility," "strategy," "maintain" or the negative version of these words and other comparable terms. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Other unknown or unpredictable risks or uncertainties, like the risks related to fluctuating interest rates, the impact of inflation and tariffs on our tenants and us, the effects of pandemics and global outbreaks of contagious diseases, and domestic or geopolitical crises, such as terrorism, military conflict, war or the perception that hostilities may be imminent, political instability or civil unrest, or other conflict, and those additional risk factors discussed in reports that we have filed with the SEC, could also have material adverse effects on our future results, performance or achievements. Discussions of some of these other important factors and assumptions are contained in W. P. Carey's filings with the SEC and are available at the SEC's website at http://www.sec.gov, including Part I, Item 1A. Risk Factors in W. P. Carey's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this communication, unless noted otherwise. Except as required under the federal securities laws and the rules and regulations of the SEC, W. P. Carey does not undertake any obligation to release publicly any revisions to the forward-looking statements to reflect events or circumstances after the date of this communication or to reflect the occurrence of unanticipated events.
Institutional Investors:
Peter Sands
1 (212) 492-1110
[email protected]
Individual Investors:
W. P. Carey Inc.
1 (212) 492-8920
[email protected]
