| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 35 | 23.6x | 17.8x | Bottom tier | |
Growth | 53 | 9.0% | 7.1% | Around median | |
Quality | 41 | 2.1% | 4.5% | Around median | |
Safety | 41 | 7.0x | 2.6x | Around median | |
Capital Return | 44 | 5.35% | 2.12% | Around median | |
Momentum | 55 | 9.1% | 2.9% | Around median | |
Sentiment | 76 | 2 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
W. P. Carey is a real estate investment company focused on net lease properties, funding its growth through property acquisitions, sale-leaseback transactions, build-to-suit projects, and expansions. Revenue primarily depends on long-term leases with contractual rent increases that are linked to inflation or predetermined; in Q2 FY2026, CPI-linked leases represented 49% of same-store leases, while fixed increases represented 48%. The vast majority of the quarter's investments were in warehouse and industrial properties, while retail transactions accounted for approximately 24% of investment volume since the beginning of FY2026.
In Q2 FY2026, revenue reached $461.1 million and net income was $185.4 million, equivalent to a calculated net income margin of approximately 40.2%. AFFO per share was $1.34, up 4.7% year over year, driven primarily by cumulative investments exceeding $3 billion since Q1 FY2025, along with rent growth, limited collection disruption, and a nonrecurring tax benefit. Based on the latest trailing-twelve-month EDGAR data, the company recorded revenue of $1.8 billion, net income of $651 million, and earnings per share of approximately $2.87.
The company ended Q2 FY2026 with occupancy of 98.5%, up 40 basis points from the previous quarter, and contractual same-store rent growth of 2.6%. It also generated $11.2 million in other lease-related revenue during the quarter and $21.7 million during the first half, in addition to $4.2 million in non-operating income, including $2.9 million as a quarterly distribution from its Lineage stake. In contrast, comprehensive same-store rent growth was only 0.2%, primarily affected by a comparison that included a rent recovery in the prior period, the non-collection of Hellweg's June rent, vacancies, and re-leasing activity.
The analyst consensus on WPC is "Neutral," with an average price target of $80, within a wide range of $73 to $88. The average target and the high end are above the 52-week range peak of $77.22, while the lowest target falls within the 52-week range of $63.08–$77.22, reflecting meaningful divergence in assessments of AFFO growth versus tenant and refinancing risks. The available data do not provide a usable price-to-earnings ratio, so the available valuation is based on the target range, the 52-week range, and the Neutral consensus rather than a specific earnings multiple.
Figures in the text are as of 2026-08-29; the live price is shown at the top of the page.
The largest driver is investment, as the company completed $1.3 billion since the beginning of FY2026 at a weighted-average initial cash capitalization rate of 7.4%. Management expects investment volume to reach $1.7–$2.1 billion during the year and the average yield on new transactions to exceed 9% after including rent increases. Growth is also supported by contractual rent growth of 2.6% and the beginning of inflation flowing through to CPI-linked leases.
The GardenCore transaction was valued at approximately $400 million and was the largest investment in Q2 FY2026. The transaction includes 43 manufacturing, packaging, and outdoor storage facilities across 24 states, leased under a 20-year triple-net master lease with fixed increases. After the transaction was completed, GardenCore became W. P. Carey's fourth-largest tenant, giving the transaction meaningful weight within the portfolio.
The company reduced its exposure to Hellweg from 35 stores to 16 over two years, and the tenant now represents only 0.9% of annualized base rent and is no longer among the 20 largest tenants. Hellweg did not pay its June 2026 rent of approximately $1.2 million, but it paid July rent in full, and the company assumes a net loss of approximately $3 million in FY2026 after benefiting from bank guarantees. Alternative leases are available for activation for half of the remaining stores, while management is targeting leases or sales for the remaining assets by the end of 2026.
Automated analysis for informational purposes only — not investment advice.
The company's liquidity was approximately $2.7 billion at the end of Q2 FY2026 and included a $2 billion credit facility that was largely undrawn. It also had 9.9 million unsettled forward shares, representing expected net proceeds of $691 million. After issuing $350 million of bonds with a 5.2% coupon in July 2026 to address the October maturity, there were no remaining maturities during FY2026, and the next maturity became €500 million of euro bonds in April 2027.
49% of same-store leases are linked to the CPI, and their average increase was 2.7% in Q2 FY2026. Fixed increases represent 48% of leases, with an average of 2.5%, while the average fixed increase in new FY2026 investments was approximately 2.6%. Management expects the impact to flow through more substantially during the second half of FY2026, followed by contractual growth trending toward the mid-to-high 2% range and possibly close to 3% in FY2027.
W. P. Carey increased its quarterly dividend in June 2026 by 4.4% year over year to $0.94 per share. The payout ratio was slightly above 70%, while AFFO per share reached $1.34 in Q2 FY2026, up 4.7% year over year. The dividend is also supported by annual AFFO guidance of $5.19–$5.27 and approximately $300 million of annual retained cash flow, while rent-loss and refinancing risks remain factors to monitor.
