$WPC · W. P. Carey Inc.
W. P. Carey reported Q3 2026 results with revenue of $468.3M (+8.6% YoY), net income of $141.0M ($0.61 EPS), and AFFO of $1.33 per diluted share (+6.4% YoY). The company raised and narrowed its full-year 2026 AFFO guidance to $5.23–$5.29 per share and lifted the low end of its investment volume range by $100M to $1.8B–$2.1B.
- Q3 2026 AFFO of $1.33 per diluted share, up 6.4% YoY from $1.25
- Revenue of $468.3M, up 8.6% YoY from $431.3M, driven by net investment activity
- 2026 AFFO guidance raised and narrowed to $5.23–$5.29, implying ~5.8% YoY growth at midpoint
- Year-to-date investment volume of $1.6B; full-year range raised to $1.8B–$2.1B
- Quarterly dividend increased 4.4% to $0.950/share, annualized $3.80/share
Extended-hours trading shows WPC at $63.56, up 0.08% from the regular close of $63.51. The modest after-hours move suggests the guidance raise and AFFO beat were largely anticipated or priced in during the regular session's 1.37% decline.
AFFO per share grew 6.4% YoY with guidance raised across the board — rare among REITs navigating sharply higher rates — while the dividend increased 4.4%.
WPC's 2.6% contractual same-store rent growth and 98.6% occupancy across 1,755 properties underscore net-lease REIT resilience. The $350M 5.200% notes issuance refinancing 4.250% notes reflects proactive liability management in a rising-rate environment.
$35.8M mark-to-market unrealized loss on Lineage (LINE) shares and $7.5M non-cash credit loss allowance weighed on Q3 other gains/losses. Sharply higher interest rates cited by CEO as adding transaction-market uncertainty.