MARKETS / NYSE / WPC

NYSE · REAL ESTATE INVESTMENT TRUSTS · LARGE CAP

W. P. Carey Inc. WPC

18 fiscal years on record · USD · FY2025 reported · SEC filings only

Revenue

$1.7B

▲ 8.4% YoY

Net income

$466.4M

▲ 1.2% YoY

Free cash flow

$-375.0M

▼ 153.2% YoY

In brief

What this company does

W. P. Carey owns commercial real estate that is net-leased on a long-term basis to companies located primarily in the United States and Europe. Its portfolio comprises 1,682 properties net-leased to 371 tenants in 25 countries. The vast majority of its revenues originate from lease revenue provided by that portfolio, which consists primarily of single-tenant industrial, warehouse, and retail facilities. In sale-leaseback transactions, it acquires a company's real estate and then leases it back to that company on a long-term, triple-net basis. The portfolio also included 16 operating properties: 11 self-storage properties, four hotels, and one student housing property. The company is headquartered in New York and also has offices in Dallas, London, and Amsterdam. At the end of 2025 it had 199 employees, 145 of them located in the United States and 54 in Europe. Founded in 1973, it became a publicly traded company listed on the New York Stock Exchange in 1998 and reorganized as a REIT in 2012.

Written from the business description in W. P. Carey Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 11 February 2026. Every sentence was checked against that document before publication.

Growth

USD 1.7B

Revenue, FY2025 · full 18-year series below

Revenue $B Net income $B

FY2025 · Revenue 1.7 · Net income 0.5

Compound annual growth

Revenue

+5.1%

+7.3%

+6.2%

+13.4%

Net income

−8.0%

+0.5%

+10.5%

+13.1%

Dividend / share

−5.1%

−2.8%

Returned to shareholders

−1.8%

+1.7%

+6.9%

+15.4%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +7.3% a year over five years — but profit grew slower: net income at +0.5%.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

28 cents

of every revenue dollar became profit

Operating margin Net margin

FY2025 · Operating 29.4% · Net 27.6%

ROE

FY2025 · ROE 5.6%

Gross margin—

Operating margin29.4%

Net margin27.6%

Return on assets2.7%

EBITDAUSD 1.0B

Each USD of equity produced 6 cents of profit this year.

Cash & shareholders

USD 790.0M

returned in FY2025 · dividends + net buybacks

Free cash flow $M

FY2025 · FCF -375.0

Net buybacks $M Dividends $M

FY2025 · Dividends 790.0 · Net buybacks —

Dividends paidUSD 790.0M

Net buybacks—

Share of profit169.4%

Consecutive raises1 years

USD 790.0M in dividends — 169% of the year's profit, so the payout drew on cash built up earlier.

Total assetsUSD 18.0B

EquityUSD 8.1B

CashUSD 155.3M

Gross debtUSD 8.7B

Net debtUSD 8.6B

Net debt stands at 106% of equity.

The 18-year record

18 fiscal years

Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Revenue $B	1.7	1.6	1.7	1.5	1.3	1.2	1.2	0.9	0.8	0.9	0.9	0.9	0.5	0.4	0.3	0.3	0.2	0.2
Operating income $B	0.5	0.5	0.8	0.6	0.4	0.4	0.3	0.4	0.3	0.3	0.2	0.2	0.1	0.1	0.2	0.1	·	·
EBITDA $B	1.0	1.0	1.3	1.1	0.9	0.9	0.8	0.7	0.5	0.6	0.5	0.5	0.2	0.1	0.2	·	·	·
Income tax $B	0.0	0.0	0.0	0.0	0.0	−0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net income $B	0.5	0.5	0.7	0.6	0.4	0.5	0.3	0.4	0.3	0.3	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.1
Free cash flow $B	−0.4	0.7	−0.1	−0.1	−0.4	0.1	0.1	−0.2	0.5	0.0	−0.2	−0.5	−0.1	0.1	0.1	−0.0	0.0	0.1
EPS, diluted $	·	·	·	·	·	·	·	·	·	2.49	1.61	2.39	1.41	1.28	3.42	1.86	1.74	1.95
Dividend / sh $	3.62	3.49	4.07	4.24	4.21	4.17	4.14	4.09	4.01	3.93	3.83	3.69	3.39	2.44	2.19	2.03	2.00	1.96
Payout %	169	166	129	139	186	160	231	107	155	156	234	145	223	183	62	125	114	112
ROE %	5.6	5.4	8.0	7.2	5.7	6.6	4.4	8.2	8.5	8.0	4.8	8.5	5.1	4.7	21.3	11.8	11.0	·
Shares out B	0.22	0.22	0.22	0.21	0.19	0.18	0.17	0.17	0.11	0.11	0.10	0.10	0.07	0.07	0.04	0.04	0.04	·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance

Company facts, as filed

How we verify · 0 failures in 44 reconciliationsAUDITED

Reconciled in 18 of 19 fiscal years. 24 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivityReal Estate Investment Trusts

Listed onNYSE

Incorporated inMaryland

Fiscal year endsDecember 31

Data on record since2008