W. P. Carey Inc.
WPCFinancial Snapshot
ticker: WPC step: 04 generated: 2026-05-13 source: quick-research
W. P. Carey Inc. (WPC) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue | $1.48B | $1.74B | $1.58B | -9.1% |
| Gross Margin | ~78% | ~76% | ~77% | |
| Operating Margin | ~35% | ~30% | ~35% | |
| Net Income | ~$420M | ~$300M | ~$500M | |
| AFFO/Share (adj.) | ~$5.25 | ~$5.35 | ~$4.70 | -12% |
FY2024 revenue and AFFO/share decline reflects the November 2023 spin-off of Net Lease Office Properties (NLOP), which removed the office portfolio from WPC's rental income base. The underlying industrial and retail portfolio showed modest organic growth; the decline is a portfolio reduction, not an operational deterioration.
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$950M |
| Free Cash Flow (AFFO) | ~$1.0B |
| Cash & Equivalents | ~$200M |
| Total Debt | ~$8.5B |
| Net Debt / EBITDA | ~6.0x |
Key Ratios (approximate)
- P/AFFO: ~15x | EV/EBITDA: ~18x | Dividend Yield: ~5.5%
- Revenue Growth (FY2024): -9.1% (office portfolio removal); underlying organic ~+2%
- Contractual Same-Store Rent Growth: +2.6% (FY2024, best-in-class for net lease)
Growth Profile
WPC delivered strong revenue growth in FY2022–FY2023 through acquisitions and European expansion. The November 2023 office spin-off (NLOP) reduced the portfolio and revenue base, causing an apparent decline in FY2024 that overstates operational weakness. The company redeployed capital from office dispositions into industrial and retail at 7.5% cap rates in 2024 ($1.6B deployed). Q1 2026 showed momentum: revenue of $454M, a 4.5% dividend increase, $680M of new investments closed, and raised full-year guidance. The fixed-bump lease structure and 2.6% same-store rent growth provide a reliable organic growth floor.
Forward Estimates
- FY2025 AFFO/share guidance: ~$4.82–$4.92 (raised mid-year)
- FY2026 investment volume target: $1.0–$1.5B
- Q1 2026 raised guidance: full-year AFFO increase expected from $680M Q1 investments + $500M+ pipeline
- Analyst consensus: Hold; 9 analysts covering; 12-month target ~$72.67 (flat to current)
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $WPC.