Revenue: As of FY2026 Q2, the actual value is USD 461.06 M.

EPS: As of FY2026 Q2, the actual value is USD 0.82, beating the estimate of USD 0.7038.

EBIT: As of FY2026 Q2, the actual value is USD 276.93 M.

Financial Highlights (Q2 2026)

Net Income Attributable to W. P. Carey

Net income attributable to W. P. Carey Inc. was $185.4 million for the second quarter ended June 30, 2026, an increase of 262.1% from $51.2 million for the 2025 second quarter, primarily driven by a $41.6 million mark-to-market gain on Lineage shares, higher gains from foreign debt remeasurement, and a $49.9 million proportionate share of a gain on sale from a jointly-owned investment.

Adjusted Funds from Operations (AFFO)

Adjusted Funds from Operations (AFFO) was $305.4 million for the second quarter of 2026. AFFO per diluted share was $1.34, up 4.7% from $1.28 per diluted share for the 2025 second quarter, mainly due to accretive net investment activity, partially offset by higher interest rates from debt refinancings and the settlement of forward equity.

Revenues

Total revenues, including reimbursable costs, for the 2026 second quarter were $461.1 million, a 7.0% increase from $430.8 million for the 2025 second quarter. Lease revenues were $409,661 thousand in Q2 2026, up from $364,195 thousand in Q2 2025. Income from finance leases and loans receivable increased to $27,162 thousand in Q2 2026 from $20,276 thousand in Q2 2025. Operating property revenues decreased to $11,638 thousand in Q2 2026 from $34,287 thousand in Q2 2025, primarily due to the sale of the Company’s self-storage operating portfolio. Total Real Estate Revenues were $459,670 thousand for Q2 2026, up from $428,401 thousand for Q2 2025. Investment Management revenues were $1,394 thousand for Q2 2026, down from $2,376 thousand for Q2 2025.

Operating Expenses

Operating expenses totaled $297,536 thousand for Q2 2026, up from $208,291 thousand for Q2 2025. Depreciation and amortization totaled $134,378 thousand in Q2 2026, up from $120,595 thousand for Q2 2025. Impairment charges on real estate were $79,421 thousand in Q2 2026, significantly higher than $4,349 thousand in Q2 2025. General and administrative expenses were $25,934 thousand in Q2 2026, up from $24,150 thousand for Q2 2025. Property expenses, excluding reimbursable tenant costs, were $15,206 thousand. Stock-based compensation expense was $13,909 thousand for Q2 2026, up from $10,943 thousand for Q2 2025.

Interest Expense

Interest expense was - $78,979 thousand for Q2 2026, up from - $71,795 thousand for Q2 2025.

Earnings from Equity Method Investments

Earnings from equity method investments were $55,579 thousand in Q2 2026, up from $6,161 thousand for Q2 2025, including a $49.9 million proportionate share of a gain recognized on the sale of a portfolio by a jointly owned investment.

Other Gains and Losses

Other gains and losses were $48,558 thousand for Q2 2026, primarily comprising a mark-to-market unrealized gain on Lineage shares 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, compared to - $148,768 thousand for Q2 2025.

Gain on Sale of Real Estate, Net

Gain on sale of real estate, net, was $5,819 thousand for Q2 2026, down from $52,824 thousand for Q2 2025.

Dividends

The quarterly cash dividend was increased 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 payout ratio for the six months ended June 30, 2026, was 70.6%.

Financial Highlights (Six Months Ended June 30, 2026)

Net Income Attributable to W. P. Carey

Net income attributable to W. P. Carey Inc. was $361,691 thousand for the six months ended June 30, 2026, compared to $177,044 thousand for the same period in 2025.

Adjusted Funds from Operations (AFFO)

Adjusted Funds from Operations (AFFO) was $594,101 thousand for the six months ended June 30, 2026, compared to $540,490 thousand for the same period in 2025. AFFO per diluted share was $2.65 for the six months ended June 30, 2026, compared to $2.45 for the same period in 2025.

Revenues

Total revenues for the six months ended June 30, 2026, were $915,573 thousand, compared to $840,635 thousand for the same period in 2025. Lease revenues were $812,492 thousand, up from $717,963 thousand in the prior year.

Operating Expenses

Impairment charges on real estate were $119,429 thousand for the six months ended June 30, 2026, significantly higher than $11,203 thousand in the prior year.

Interest Expense

Interest expense was - $157,439 thousand for the six months ended June 30, 2026, compared to - $140,599 thousand in the prior year.

Operational Metrics

Investment Volume

Investment volume totaled $1.3 billion year to date, with $706.5 million occurring during the second quarter. The investment volume for the current quarter was $706,463 thousand, and year-to-date total investment volume was $1,291,813 thousand. W. P. Carey Inc. also has $132.7 million in capital investments and commitments scheduled for completion in the second half of 2026, and $165.9 million for 2027.

Dispositions

Gross disposition proceeds totaled $246.2 million during the first half of 2026, including $83.7 million during the second quarter from the sale of nine properties. Dispositions for the current quarter were $83,651 thousand, and year-to-date total dispositions were $246,217 thousand.

Contractual Same-Store Rent Growth

Contractual same-store rent growth was 2.6% year over year on a constant currency basis as of June 30, 2026, increasing from $1,277,912 thousand to $1,310,802 thousand. Comprehensive Same-Store Growth (Same-Store Pro Rata Rental Income) showed a 0.2% increase, from $335,395 thousand to $335,974 thousand for the three months ended June 30, 2025 and June 30, 2026, respectively.

Portfolio Composition (as of June 30, 2026)

The 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%. The total portfolio’s Annualized Base Rent (ABR) was $1,642,915 thousand.

Liquidity

Total liquidity was $2.7 billion as of June 30, 2026, primarily consisting of $1.9 billion available under its Senior Unsecured Credit Facility. Key financial position metrics show liquidity at $2,735,877 thousand.

Forward Equity

W. P. Carey Inc. sold 5.3 million shares of common stock under forward sale agreements during the second quarter for gross proceeds of approximately $392 million and settled a portion of outstanding agreements for net proceeds of approximately $345 million. Approximately $691 million of equity remained available for settlement under forward sale agreements at quarter-end.

Debt

Subsequent to quarter-end, W. P. Carey Inc. issued $350 million of 5.200% Senior Unsecured Notes due 2036, with proceeds earmarked to prepay $350 million of 4.250% Senior Unsecured Notes due October 2026. Net debt was $8,791,374 thousand, and total consolidated debt was $8,851,851 thousand as of June 30, 2026. The weighted-average interest rate was 3.2%, and the weighted-average debt maturity was 4.5 years.

Balance Sheet (as of June 30, 2026)

Net investments in real estate were $16,166,955 thousand, up from $15,469,174 thousand as of December 31, 2025. Total assets were $18,634,633 thousand, compared to $17,990,232 thousand at the end of 2025. Debt, net, was $8,851,851 thousand, up from $8,722,690 thousand as of December 31, 2025. Total equity was $8,688,616 thousand, compared to $8,134,142 thousand as of December 31, 2025.

Capital Expenditures (Q2 2026)

Total turnover costs were $2,546 thousand, including $1,160 thousand for tenant improvements and $959 thousand for leasing costs. Total maintenance capital expenditures were $8,484 thousand, with $8,188 thousand for net-lease properties.

Outlook / Guidance

W. P. Carey Inc. raised and narrowed its 2026 AFFO guidance range to between $5.19 and $5.27 per diluted share, implying 5.2% year-over-year growth at the midpoint. The full-year investment volume assumption was also raised to between $1.7 billion and $2.1 billion. The company has a maximum commitment of $132,694 thousand for capital investments expected to be completed during 2026 and $165,900 thousand for 2027, with future investments including build-to-suit, expansion, redevelopment, and purchase commitments across various property types.