W. P. Carey Inc.

Listed Company

WPCCIK 0001025378NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$1.72B

Net Income

$466.36M

Total Assets

$17.99B

Equity

$8.12B

Shares Out

222.74M

Op. Cash Flow

$1.28B

Business

W. P. Carey Inc. is an internally-managed, diversified REIT that owns and actively manages commercial real estate leased on a long-term, net-lease basis to corporate tenants. It provides stable lease revenue through ownership and sale-leaseback acquisitions of mission-critical properties, specializing in single-tenant industrial, warehouse, retail, self-storage and other operating properties such as hotels and student housing. The business operates as a single reportable segment focused on net-leased real estate and related asset management activities. Its properties are primarily located and leased in the United States and Northern and Western Europe.

Summary from filing dated 2025-02-12

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Lease revenues	1,479	1,332	1,427	1,302	1,177
Income from finance leases and loans receivable	91	73	107	74	68
Total revenues	1,716	1,583	1,741	1,479	1,332
Depreciation and amortization	521	488	574	503	476
General and administrative	101	99	96	91	82
Impairment charges real estate	70	44	86	39	24
Reimbursable tenant costs	69	56	82	74	62
Operating property expenses	60	71	95	27	10
Property expenses, excluding reimbursable tenant costs	54	50	44	51	48
Stock-based compensation expense	40	41	35	33	25
Merger and other expenses	2	4	5	19	−5
Total operating expenses	917	852	1,018	867	727
Interest expense	−291	−277	−292	−219	—
Other gains and (losses)	−232	−138	−36	96	−13
Gain on sale of real estate, net	194	75	316	43	40
Earnings from equity method investments	18	18	20	30	−11
Non-operating income	17	52	21	30	14
Gain on change in control of interests	0	32	0	34	0
Total other income and expenses	−295	−239	29	14	−166
Income before income taxes	505	492	752	626	439
Provision for income taxes	−32	−32	−44	−28	−28
Net Income	473	461	708	598	410
Net (income) loss attributable to noncontrolling interests	−7	209,000	70,000	657,000	−134,000
Net Income Attributable to W. P. Carey	466	461	708	599	410
Basic Earnings Per Share (usd per share)	2.11	2.09	3.29	3	2.25
Diluted Earnings Per Share (usd per share)	2.11	2.09	3.28	2.99	2.24
Basic (in shares)	221	220	215	200	182
Diluted (in shares)	221	221	216	200	183

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Land, buildings and improvements net lease and other	14,451	12,843	12,095	13,339	11,792
Land, buildings and improvements operating properties	286	1,199	1,256	1,096	84
Net investments in finance leases and loans receivable	1,172	798	1,515	772	814
In-place lease intangible assets and other	2,466	2,298	2,309	2,660	2,386
Above-market rent intangible assets	669	665	707	834	843
Investments in real estate	19,044	17,803	17,882	18,700	15,918
Accumulated depreciation and amortization	−3,578	−3,222	−3,005	−3,269	−2,889
Assets held for sale, net	3	0	37	58	8
Net investments in real estate	15,469	14,580	14,914	15,489	13,037
Equity method investments	310	301	354	328	357
Cash and cash equivalents	155	640	634	168	165
Other assets, net	1,068	1,045	1,096	1,080	1,018
Goodwill	987	968	978	1,037	902
Total assets	17,990	17,535	17,977	18,102	15,481
Senior unsecured notes, net	6,950	6,506	6,036	5,916	5,702
Unsecured term loans, net	1,196	1,076	1,126	553	311
Unsecured revolving credit facility	435	55	404	276	411
Non-recourse mortgages, net	141	402	579	1,132	369
Debt, net	8,723	8,039	8,144	7,878	6,792
Accounts payable, accrued expenses and other liabilities	670	597	616	624	573
Below-market rent intangible liabilities, net	104	120	137	185	183
Deferred income taxes	152	148	181	179	146
Dividends payable	207	198	192	228	204
Total liabilities	9,856	9,101	9,270	9,093	7,897
Commitments and contingencies (Note 12)	—	—	—	—	—
Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued	0	0	0	0	0
Common stock, $0.001 par value, 450,000,000 shares authorized; 219,145,876 and 218,848,844 shares, respectively, issued and outstanding	219,000	219,000	219,000	211,000	190,000
Additional paid-in capital	11,831	11,805	11,784	11,707	9,978
Distributions in excess of accumulated earnings	−3,540	−3,204	−2,891	−2,487	−2,224
Deferred compensation obligation	80	79	62	57	50
Accumulated other comprehensive loss	−253	−250	−255	−284	−222
Total stockholders equity	8,118	8,430	8,700	8,994	7,582
Noncontrolling interests	16	4	7	15	2
Total equity	8,134	8,434	8,707	9,009	7,583
Total liabilities and equity	17,990	17,535	17,977	18,102	15,481

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization, including intangible assets and deferred financing costs	538	507	594	520	491
Net realized and unrealized losses on equity securities, foreign currency exchange rate movements, extinguishment of debt, and other	204	121	9	−76	16
Straight-line rent adjustments	−78	−83	−75	−58	−51
Stock-based compensation expense	40	41	35	33	25
Increase in allowance for credit losses	27	28	29	−14	266,000
Distributions of earnings from equity method investments	16	21	19	30	15
Deferred income tax benefit	−11	−4	−199,000	−8	−5
Amortization of rent-related intangibles and deferred rental revenue	6	24	34	43	57
Gain on repayment of secured loan receivable	0	−11	0	−11	—
Proceeds from sales of net investments in sales-type leases	200	807	0	0	—
Net changes in other operating assets and liabilities	9	3	−29	−14	−14
Net Cash Provided by Operating Activities	1,282	1,833	1,073	1,004	926
Purchases of real estate	−1,657	−1,129	−1,211	−1,146	−1,307
Proceeds from sales of real estate	1,280	409	446	235	164
Investments in loans receivable	−400	−270	0	−20	−218
Funding for real estate construction, redevelopments, and other capital expenditures on real estate	−191	−135	−122	−104	−114
Value added taxes refunded in connection with acquisition of real estate	48	35	14	—	—
Value added taxes paid in connection with acquisition of real estate	−46	−57	−21	—	—
Other investing activities, net	9	5	−13	−20	−20
Return of capital from equity method investments	5	1	10	7	14
Purchase of equity investment	−5	0	0	−93	−108
Capital contributions to equity method investments	−3	−17	−38	—	—
Proceeds from repayment of loans receivable	0	24	28	34	0
Net Cash Used in Investing Activities	−960	−1,134	−906	−1,053	−1,567
Proceeds from Unsecured Revolving Credit Facility	3,115	1,229	2,552	2,079	2,001
Repayments of Unsecured Revolving Credit Facility	−2,740	−1,566	−2,440	−2,168	−1,664
Dividends paid	−790	−765	−917	−835	−764
Repayment of Senior Unsecured Notes	−450	−1,045	0	0	−617
Proceeds from issuance of Senior Unsecured Notes	396	1,726	0	335	1,385
Payments of mortgage principal	−275	−232	−397	−138	−64
Repayments of Unsecured Term Loans	−90	0	0	—	—
Proceeds from Unsecured Term Loans	86	0	542	283	0
Payments for withholding taxes upon delivery of equity-based awards	−15	−7	−14	−7	−4
Contributions from noncontrolling interests	9	623,000	3	30,000	0
Distributions to noncontrolling interests	−8	−2	−3	−413,000	−145,000
Payment of financing costs	−4	−15	−14	−2	−11
Other financing activities, net	3	−13	2	9	5
Proceeds from shares issued under forward equity, net of selling costs	0	0	634	284	697
Proceeds in connection with the Spin-Off	0	0	344	0	0
Net Cash (Used in) Provided by Financing Activities	−762	−688	293	58	557
Effect of exchange rate changes on cash and cash equivalents and restricted cash	21	−12	8	−3	−11
Net (decrease) increase in cash and cash equivalents and restricted cash	−418	−1	468	6	−94

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