W. P. Carey Inc.
For the period ended Mar 31, 2026. Filed Apr 29, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed Apr 29, 2026
WPC$65.05-0.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-10-29.
0001025378-25-000144
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsSupplemental Financial MeasuresCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-04-29.
0001025378-26-000078
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsSupplemental Financial MeasuresThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 201 previous paragraphs and 180 current paragraphs.
105 unchanged; 56 reworded; 19 added; 39 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 15 previous and 15 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (19)
Current report
•We acquired seven investments totaling $514.7 million (Note 4, Note 5).
Current report
•On February 17, 2026, we offered 6,900,000 shares of common stock through our Equity Forwards, for gross proceeds of approximately $496.8 million. During the three months ended March 31, 2026, we settled a portion of our Equity Forwards by delivering 3,450,000 shares of common stock to certain forward purchasers for net proceeds of $247.1 million. As of March 31, 2026, 3,450,000 shares remained outstanding under our Equity Forwards for available proceeds of approximately $243.9 million (Note 12).
Current report
•At March 31, 2026, 6,258,496 shares remained outstanding under our ATM Forwards for available proceeds of approximately $409.6 million (Note 12).
Current report
•On February 24, 2026, we completed an underwritten public offering of €1.0 billion in aggregate principal amount of senior notes, comprising the following tranches (Note 10):
Current report
◦€500 million aggregate principal amount of 3.250% Senior Notes due 2031, at a price of 99.249% of par value; and
Current report
◦€500 million aggregate principal amount of 3.750% Senior Notes due 2035, at a price of 98.500% of par value.
Current report
•On March 11, 2026, we amended our Senior Unsecured Credit Facility to replace the €215.0 million EUR Term Loan due 2028, which was repaid in February 2026, with a new C$347.3 million term loan maturing on February 14, 2028 (our “CAD Term Loan due 2028”) of an equivalent notional amount and under the same terms, definitions, and extension options (Note 10).
Current report
In March 2026, we declared cash dividends totaling $0.930 per share (Note 12).
Current report
W. P. Carey 3/31/2026 10-Q – 33
Current report
W. P. Carey 3/31/2026 10-Q – 34
Current report
(a)During the three months ended March 31, 2026, we sold our 11 remaining self-storage operating properties (Note 14).
Current report
W. P. Carey 3/31/2026 10-Q – 35
Current report
W. P. Carey 3/31/2026 10-Q – 36
Current report
(a)Primarily comprises write-offs of straight-line rent adjustments.
Current report
(b)Includes higher lease revenues of $1.0 million for the three months ended March 31, 2026 as compared to the same period in 2025 from four self-storage operating properties that were converted to net leases during 2025.
Current report
•63 self-storage operating properties sold during 2025;
Current report
•four self-storage operating properties that were reclassified to net-leased properties during 2025; and
Current report
•available proceeds under our ATM Forwards of approximately $409.6 million (Note 12);
Current report
•available proceeds under our Equity Forwards of approximately $243.9 million (Note 12); and
Removed paragraphs (39)
Previous report
•We acquired 21 investments totaling $1.4 billion (Note 4, Note 5).
Previous report
•We committed to fund five new construction projects totaling $168.0 million (on a consolidated basis). We currently expect to complete these projects in 2026 and 2027 (Note 4, Note 5).
Previous report
•On March 31, 2025, we refinanced our €500.0 million term loan, extending the maturity date by three years to April 2029 (our Unsecured Term Loan due 2029). In conjunction with this refinancing, we executed variable-to-fixed interest rate swaps that fix the floating rate component of the per annum interest rate at 2.00% through the end of 2027, for a total annual interest rate of approximately 2.80% as of September 30, 2025 (inclusive of the current spread) (Note 10).
Previous report
•On March 31, 2025, we executed variable-to-fixed interest rate swaps that fix the floating rate component of the per annum interest rate on our £270.0 million GBP Term Loan due 2028 at 3.92% through the end of 2027, for a total annual interest rate of approximately 4.72% as of September 30, 2025 (inclusive of the current spread) (Note 10).
Previous report
•We repaid non-recourse mortgage debt outstanding totaling $215.8 million with a weighted-average interest rate of 4.4% (Note 10).
Previous report
•On July 10, 2025, we completed an underwritten public offering of $400.0 million of 4.650% Senior Notes due 2030, at a price of 99.088% of par value. These 4.650% Senior Notes due 2030 have a five-year term and are scheduled to mature on July 15, 2030 (Note 10).
Previous report
•We sold 2,757,370 shares of common stock during the third quarter of 2025 through our ATM Forwards at a weighted-average gross price of $67.91 per share, for anticipated gross proceeds of approximately $187.3 million as of September 30, 2025 (Note 12). In October 2025, we sold 628,090 additional shares of common stock through our ATM Forwards at a weighted-average price of $68.66 per share for anticipated gross proceeds of approximately $43.1 million (Note 15). As of the date of this Report, all of these shares of common stock sold through our ATM Forwards remain unsettled.
Previous report
We declared cash dividends totaling $2.700 per share during the nine months ended September 30, 2025, comprised of three quarterly dividends per share of $0.910, $0.900, and $0.890 (Note 12).
Previous report
Net income attributable to W. P. Carey decreased for the nine months ended September 30, 2025 as compared to the same period in 2024, primarily due to higher losses from remeasurement of foreign debt, higher unrealized losses recognized on our investment in shares of Lineage (Note 8), and a gain on change in control of interests recognized in connection with the purchase of the remaining interest in a jointly owned investment during the prior-year period, partially offset by higher gain on sale of real estate and the accretive impact of net investment activity.
Previous report
(b)Includes (i) higher lease revenues of $2.7 million and $8.7 million for the three and nine months ended September 30, 2025 as compared to the same periods in 2024, respectively, from 16 self-storage operating properties that were converted to net leases on September 1, 2024, April 1, 2025, July 1, 2025, or August 1, 2025, and (ii) higher lease revenues of $0.2 million and $1.5 million during the three and nine months ended September 30, 2025 as compared to the same periods in 2024, respectively, as a result of a lease restructuring for 27 existing net-leased self-storage properties that was executed on September 1, 2024.
Previous report
(c)During the first quarter of 2024, we entered into a lease restructuring with our tenant Hellweg, which included (i) abated rent from January 1, 2024 to March 31, 2024 and (ii) a reduction in annual base rent. In addition, these amounts reflect a decrease in lease revenues of $0.6 million related to lease terminations during the third quarter of 2025 at certain properties leased to Hellweg.
Previous report
(a)We sold our U-Haul and State of Andalusia portfolios during the first quarter of 2024. Such investments were previously reclassified to net investments in sales-type leases during 2023.
Previous report
“Recently acquired operating properties” include one self-storage operating property acquired during the third quarter of 2024.
Previous report
•one hotel operating property sold during the second quarter of 2024;
Previous report
•three self-storage operating properties that were reclassified to net-leased properties during the third quarter of 2024;
Previous report
•two self-storage operating properties that were reclassified to net-leased properties during the second quarter of 2025;
Previous report
•two self-storage operating properties that were reclassified to net-leased properties during the third quarter of 2025;
Previous report
•22 self-storage operating properties sold during the third quarter of 2025; and
Previous report
Merger and Other Expenses
Previous report
For the nine months ended September 30, 2024, merger and other expenses are primarily comprised of the write-off of a value added tax receivable that was previously recorded in connection with an international investment.
Previous report
W. P. Carey 9/30/2025 10-Q – 50
Previous report
(b)We acquired a secured loan receivable with a fair value of $13.3 million in our merger with a former affiliate, Corporate Property Associates 17 – Global Incorporated, in October 2018, for which the outstanding principal of $24.0 million was fully repaid to us in March 2024 (Note 5). Therefore, we recorded a $10.7 million gain on repayment of this secured loan receivable during the nine months ended September 30, 2024.
Previous report
(a)Decreases for the three and nine months ended September 30, 2025 as compared to the same periods in 2024 are due to lower cash deposit balances as a result of investment activity and debt repayments.
Previous report
(a)Decrease is primarily due to rent collections from a tenant at the complex and the write-off of the related straight-line rent receivable balance (since we began recognizing lease revenue from the tenant on a cash basis).
Previous report
(b)Increase is primarily due to higher rent collections at these retail properties, where certain rents were previously disputed and subsequently collected.
Previous report
(c)On September 1, 2024, we acquired the remaining 10% controlling interest in the Johnson Self Storage jointly owned investment, bringing our ownership interest to 100%. Following this acquisition, we no longer recognize equity income from this consolidated investment (Note 7).
Previous report
W. P. Carey 9/30/2025 10-Q – 51
Previous report
Gain on Change in Control of Interests
Previous report
On September 1, 2024, we acquired the remaining interest in an investment in which we already had a joint interest and accounted for under the equity method. Due to the change in control of this jointly owned investment, we recorded a gain on change in control of interests of $31.8 million reflecting the difference between our carrying value and the fair value of our previously held equity interest. Subsequent to this acquisition, we consolidated this wholly owned investment (Note 7).
Previous report
W. P. Carey 9/30/2025 10-Q – 52
Previous report
•funds totaling $64.1 million that are held by an intermediary and have been designated for future tax-deferred like-kind exchanges under 1031 Exchange transactions (Note 2);
Previous report
W. P. Carey 9/30/2025 10-Q – 53
Previous report
New Tax Legislation
Previous report
Effective July 4, 2025, certain changes to U.S. tax law were approved that may impact us and our stockholders. Among other changes, this legislation (i) permanently extended the 20% deduction for “qualified REIT dividends” for individuals and other non-corporate taxpayers under Section 199A of the Code, (ii) increased the percentage limit under the REIT asset test applicable to TRSs from 20% to 25% for taxable years beginning after December 31, 2025, and (iii) increases the base on which the 30% interest deduction limit under Section 163(j) of the Code applies by excluding depreciation, amortization, and depletion from the definition of “adjusted taxable income” (i.e. based on EBITDA rather than EBIT) for taxable years beginning after December 31, 2024.
Previous report
(a)Amounts for the three and nine months ended September 30, 2024 represent a gain recognized on the remaining interest in an investment acquired during the third quarter of 2024, which we had previously accounted for under the equity method (Note 7).
Previous report
(e)Amount for the nine months ended September 30, 2024 is primarily comprised of the write-off of a value added tax receivable that was previously recorded in connection with an international investment.
Reworded paragraphs (56)
Previous wording
During the nine months ended September 30, 2025, we completed the following (as further described in the consolidated financial statements):
Current wording
During the three months ended March 31, 2026, we completed the following (as further described in the consolidated financial statements):
Previous wording
•We completed two construction projects totaling $46.9 million (Note 4).
Current wording
•We completed two construction projects totaling $30.6 million (Note 4).
Previous wording
•We acquired a 47.50% ownership interest in the partnership that owns the Las Vegas Retail Complex for $5.0 million (Note 7). In addition, we funded approximately $6.0 million for construction loans for projects in Las Vegas, Nevada, during the nine months ended September 30, 2025 (Note 5, Note 7).
Current wording
•We funded approximately $2.5 million for construction loans for projects in Las Vegas, Nevada, during the three months ended March 31, 2026 (Note 5, Note 7).
Previous wording
•We disposed of 84 properties for total proceeds, net of selling costs, of $970.3 million, including (i) 32 self-storage operating properties for total proceeds, net of selling costs, of $451.2 million, and (ii) one student housing operating property for proceeds, net of selling costs, of $77.8 million (Note 14).
Current wording
•We disposed of 19 properties for total proceeds, net of selling costs, of $156.7 million, including our 11 remaining self-storage operating properties for total proceeds, net of selling costs, of $73.0 million (Note 14).
Previous wording
•In February 2025, we repaid our $450 million of 4.000% Senior Notes due 2025 at maturity (Note 10).
Current wording
•In March 2026, we repaid our €500 million of 2.250% Senior Notes due 2026 (Note 10).
Previous wording
(a)Amounts for the nine months ended September 30, 2025 and 2024 include $200.2 million and $807.0 million, respectively, of proceeds from the sales of net investments in sales-type leases (primarily the Grupo Memora portfolio sold during the current-year period and the U-Haul and State of Andalusia portfolios sold during the prior-year period) (Note 5). Such proceeds are included within Net cash provided by operating activities in accordance with ASC 842, Leases.
Current wording
(a)Amounts for the three months ended March 31, 2026 and 2025 include $10.2 million and $16.3 million, respectively, of proceeds from the sales of net investments in sales-type leases (Note 5). Such proceeds are included within Net cash provided by operating activities in accordance with ASC 842, Leases.
Previous wording
Total revenues increased for the three and nine months ended September 30, 2025 as compared to the same periods in 2024, primarily due to net investment activity and rent escalations, partially offset by lower operating property revenues as a result of self-storage operating property dispositions (Note 14).
Current wording
Total revenues increased for the three months ended March 31, 2026 as compared to the same period in 2025, primarily due to net investment activity and rent escalations, partially offset by lower operating property revenues as a result of self-storage operating property dispositions (Note 14).
Previous wording
Net income attributable to W. P. Carey increased for the three months ended September 30, 2025 as compared to the same period in 2024, primarily due to higher gain on sale of real estate, lower unrealized losses recognized on our investment in shares of Lineage (Note 8), and the accretive impact of net investment activity, partially offset by a gain on change in control of interests recognized in connection with the purchase of the remaining interest in a jointly owned investment during the prior-year period (Note 7).
Current wording
Net income attributable to W. P. Carey increased for the three months ended March 31, 2026 as compared to the same period in 2025, primarily due to higher gains from remeasurement of foreign debt, a lower non-cash allowance for credit loss on finance leases, higher gain on sale of real estate (Note 14), and the accretive impact of net investment activity, partially offset by higher impairment charges (Note 8).
Previous wording
AFFO increased for the three and nine months ended September 30, 2025 as compared to the same periods in 2024, primarily due to the accretive impact of net investment activity and rent escalations.
Current wording
AFFO increased for the three months ended March 31, 2026 as compared to the same period in 2025, primarily due to the accretive impact of net investment activity, rent escalations, and higher other-leased related income, partially offset by higher interest expense.
Previous wording
Our portfolio is comprised of operationally-critical, commercial real estate assets net leased to tenants located primarily in the United States and Europe. We invest in high-quality single tenant industrial, warehouse, and retail properties subject to long-term net leases with built-in rent escalators. Portfolio information is provided on a pro rata basis, unless otherwise noted below, to better illustrate the economic impact of our various net-leased jointly owned investments. See Terms and Definitions below for a description of pro rata amounts.
Current wording
Our portfolio comprises operationally-critical, commercial real estate assets net leased to tenants located primarily in the United States and Europe. We invest in high-quality single tenant industrial, warehouse, and retail properties subject to long-term net leases with built-in rent escalators. Portfolio information is provided on a pro rata basis, unless otherwise noted below, to better illustrate the economic impact of our various net-leased jointly owned investments. See Terms and Definitions below for a description of pro rata amounts.
Previous wording
(a)Amounts for the nine months ended September 30, 2025 and 2024 include $3.2 million and $8.8 million, respectively, of funding for a construction loan accounted for as an equity investment (Note 7). Amount for the nine months ended September 30, 2025 includes $5.0 million to acquire a 47.50% ownership interest in that equity investment (Note 7). Amount for the nine months ended September 30, 2025 includes $2.8 million of funding for two construction loans accounted for as secured loans receivable (Note 5). Amounts for the nine months ended September 30, 2025 and 2024 include $361.4 million and $83.9 million, respectively, of sale-leasebacks classified as loans receivable (Note 5).
Current wording
(b)Amount for the three months ended March 31, 2025 includes $1.2 million of funding for a construction loan accounted for as an equity investment (Note 7). Amount for the three months ended March 31, 2025 includes $5.0 million to acquire a 47.50% ownership interest in that equity investment (Note 7). Amounts for the three months ended March 31, 2026 and 2025 include $2.5 million and $0.8 million, respectively, of funding for two construction loans accounted for as secured loans receivable (Note 5). Amounts for the three months ended March 31, 2026 and 2025 include $22.3 million and $91.9 million, respectively, of sale-leasebacks classified as loans receivable (Note 5).
Previous wording
(c)Of the 22 properties leased to TI Automotive, nine are located in Canada, seven are located in the United States, and six are located in Mexico.
Current wording
(c)Of the 20 properties leased to TI Automotive, nine are located in Canada, six are located in Mexico, and five are located in the United States.
Previous wording
(b)Other properties within South include assets in Arkansas, Louisiana, Oklahoma, and Mississippi. Other properties within Midwest include assets in Iowa, Minnesota, Kansas, Missouri, Nebraska, South Dakota, and North Dakota. Other properties within East include assets in Virginia, Maryland, Connecticut, West Virginia, New Hampshire, and Maine. Other properties within West include assets in Utah, Oregon, Colorado, Washington, Montana, Hawaii, Idaho, Wyoming, and New Mexico.
Current wording
(b)Other properties within Midwest include assets in Minnesota, Kansas, Iowa, Missouri, Nebraska, South Dakota, and North Dakota. Other properties within South include assets in Arkansas, Louisiana, Oklahoma, and Mississippi. Other properties within East include assets in Virginia, Maryland, Connecticut, West Virginia, New Hampshire, and Maine. Other properties within West include assets in Utah, Oregon, Colorado, Washington, Hawaii, Montana, Idaho, Wyoming, and New Mexico.
Previous wording
(c)$50.4 million (85%) of ABR from properties in Canada is denominated in U.S. dollars, with the balance denominated in Canadian dollars.
Current wording
(c)$50.4 million (68%) of ABR from properties in Canada is denominated in U.S. dollars, with the balance denominated in Canadian dollars.
Previous wording
(e)Includes assets in Slovakia, Belgium, the Czech Republic, Norway, Mauritius, Portugal, Austria, Latvia, Sweden, Finland, Japan, Estonia, and Hungary.
Current wording
(e)Includes assets in Lithuania, Slovakia, Belgium, the Czech Republic, Mauritius, Portugal, Sweden, Austria, Latvia, Finland, Japan, Estonia, and Hungary.
Previous wording
(g)Includes ABR from tenants within the following property types: education facility, self-storage (net lease), specialty, laboratory, research and development, hotel (net lease), office, and land.
Current wording
(g)Includes ABR from tenants within the following property types: education facility, specialty, self-storage (net lease), laboratory, research and development, hotel (net lease), office, and land.
Previous wording
“Existing net-leased properties” are those that we acquired or placed into service prior to January 1, 2024 and that were not sold or held for sale during the periods presented. For the periods presented, there were 1,131 existing net-leased properties.
Current wording
“Existing net-leased properties” are those that we acquired or placed into service prior to January 1, 2025 and that were not sold or held for sale during the periods presented. For the periods presented, there were 1,379 existing net-leased properties.
Previous wording
For the three and nine months ended September 30, 2025 as compared to the same periods in 2024, lease revenues from existing net-leased properties increased due to the following items (in millions):
Current wording
For the three months ended March 31, 2026 as compared to the same period in 2025, lease revenues from existing net-leased properties increased due to the following items (in millions):
Previous wording
(a)Excludes fixed minimum rent increases, which are reflected as straight-line rent adjustments within lease revenues.
Current wording
(c)Excludes fixed minimum rent increases, which are reflected as straight-line rent adjustments within lease revenues.
Previous wording
“Recently acquired net-leased properties” are those that we acquired or placed into service subsequent to December 31, 2023 and that were not sold or held for sale during the periods presented. Since January 1, 2024, we acquired 43 investments (comprised of 412 properties).
Current wording
“Recently acquired net-leased properties” are those that we acquired or placed into service subsequent to December 31, 2024 and that were not sold or held for sale during the periods presented. Since January 1, 2025, we acquired 33 investments (comprising 199 properties) and placed three properties into service.
Previous wording
•51 net-leased properties disposed of during the nine months ended September 30, 2025;
Current wording
•Eight net-leased properties disposed of during the three months ended March 31, 2026;
Previous wording
•three net-leased properties classified as held for sale at September 30, 2025, two of which were sold in October 2025 (Note 15); and
Current wording
•one net-leased property classified as held for sale at March 31, 2026; and
Previous wording
•175 net-leased properties disposed of during the year ended December 31, 2024.
Current wording
•64 net-leased properties disposed of during the year ended December 31, 2025.
Previous wording
For the three and nine months ended September 30, 2025 as compared to the same periods in 2024, income from finance leases and loans receivable increased due to the following items (in millions):
Current wording
For the three months ended March 31, 2026 as compared to the same period in 2025, income from finance leases and loans receivable increased due to the following items (in millions):
Previous wording
“Existing operating properties” are those that we acquired or placed into service prior to January 1, 2024 and that were not sold, held for sale, or reclassified to net-leased properties during the periods presented. For the periods presented, we recorded operating property revenues from 46 existing operating properties, comprised of 41 self-storage operating properties, four hotel operating properties, and one student housing operating property.
Current wording
“Existing operating properties” are those that we acquired or placed into service prior to January 1, 2025 and that were not sold, held for sale, or reclassified to net-leased properties during the periods presented. For the periods presented, we recorded operating property revenues from five existing operating properties, comprising four hotel operating properties and one student housing operating property.
Previous wording
“Operating properties sold, held for sale, or reclassified to net-leased properties” include:
Current wording
“Operating properties sold or reclassified to net-leased properties” include:
Previous wording
•ten self-storage operating properties sold during the second quarter of 2025;
Current wording
•11 self-storage operating properties sold during the three months ended March 31, 2026;
Previous wording
•one student housing operating property sold during the third quarter of 2025.
Current wording
•one student housing operating property sold during 2025.
Previous wording
Other advisory income and reimbursements are comprised of (i) fixed administrative fees earned from NLOP and (ii) reimbursable costs from CESH (Note 3).
Current wording
Other advisory income and reimbursements comprise fixed administrative fees earned from NLOP (Note 3).
Previous wording
During the periods presented, we earned asset management revenue from (i) NLOP and (ii) CESH (Note 3). Asset management revenues from NLOP and CESH are expected to decline as assets are sold (CESH owns one remaining build-to-suit project).
Current wording
During the periods presented, we earned asset management revenue from (i) NLOP and (ii) CESH (Note 3). Asset management revenues from NLOP and CESH are expected to decline as assets are sold (CESH sold its last property in the first quarter of 2026).
Previous wording
For the three and nine months ended September 30, 2025 as compared to the same periods in 2024, depreciation and amortization expense increased by $9.9 million and $3.8 million, respectively, primarily due to the impact of net investment activity, partially offset by accelerated amortization of intangible assets in connection with certain lease restructurings during the nine months ended September 30, 2024.
Current wording
For the three months ended March 31, 2026 as compared to the same period in 2025, depreciation and amortization expense increased by $6.6 million, primarily due to accelerated depreciation and amortization at certain properties that were demolished in connection with redevelopment projects and the impact of investment activity, partially offset by the impact of disposition activity.
Previous wording
For the three and nine months ended September 30, 2025 as compared to the same periods in 2024, property expenses, excluding reimbursable tenant costs, increased by $3.6 million and $2.9 million, respectively, primarily due to higher real estate taxes at certain properties and tenant vacancies (which resulted in property expenses no longer being reimbursable).
Current wording
For the three months ended March 31, 2026 as compared to the same period in 2025, property expenses, excluding reimbursable tenant costs, increased by $2.8 million, primarily due to (i) expenses related to tenant vacancies (which resulted in property expenses no longer being reimbursable) and (ii) demolition costs incurred at certain construction projects.
Previous wording
For the three and nine months ended September 30, 2025 as compared to the same periods in 2024, operating property expenses decreased by $2.7 million and $6.0 million, respectively, primarily due to the self-storage operating property dispositions and reclassifications to net leases during the reporting period, as described above and in Note 14.
Current wording
For the three months ended March 31, 2026 as compared to the same period in 2025, operating property expenses decreased by $7.9 million, primarily due to the disposal of all of our self-storage operating properties during 2025 and 2026, as described above and in Note 14.
Previous wording
For the three months ended September 30, 2025 as compared to the same period in 2024, stock-based compensation expense decreased by $2.3 million primarily due to changes in estimated future PSU payouts.
Current wording
For the three months ended March 31, 2026 as compared to the same period in 2025, stock-based compensation expense decreased by $1.7 million, primarily due to changes in projected PSU payouts.
Previous wording
For the three and nine months ended September 30, 2025 as compared to the same periods in 2024, interest expense increased by $2.7 million and $9.3 million, respectively, primarily due to higher outstanding balances and interest rates on our Senior Unsecured Notes and Unsecured Revolving Credit Facility, partially offset by lower interest rates on our Unsecured Term Loans and the reduction of our mortgage debt outstanding by prepaying or repaying at or close to maturity a total of $430.9 million of non-recourse mortgage loans with a weighted-average interest rate of 4.4% since January 1, 2024 (Note 10).
Current wording
For the three months ended March 31, 2026 as compared to the same period in 2025, interest expense increased by $9.7 million, primarily due to higher outstanding balances and interest rates on our Senior Unsecured Notes and Unsecured Revolving Credit Facility, partially offset by lower interest rates on our Unsecured Term Loans and the reduction of our mortgage debt outstanding by prepaying or repaying at or close to maturity a total of $302.0 million of non-recourse mortgage loans with a weighted-average interest rate of 4.6% since January 1, 2025 (Note 10).
Previous wording
Gain on sale of real estate, net, consists of gains and losses on the sale of properties that were (i) disposed of, (ii) subject to the exercise of a purchase option, or (iii) subject to a purchase agreement resulting in a lease modification during the reporting period, as more fully described in Note 4, Note 5 and Note 14.
Current wording
Gain on sale of real estate, net, consists of gains and losses on (i) the sale of properties that were disposed of, net of taxes, (ii) properties subject to the exercise of a purchase option, or (iii) properties subject to a purchase agreement resulting in a lease modification during the reporting period, as more fully described in Note 4, Note 5 and Note 14.
Previous wording
(a)Remeasurement of certain monetary assets and liabilities that are held by our subsidiaries in currencies other than their functional currency are included in other gains and (losses), including certain foreign currency-denominated unsecured debt instruments that are not designated as net investment hedges. This includes foreign currency-denominated intercompany loans to our foreign subsidiaries that are scheduled for settlement. Beginning in the first quarter of 2023, our intercompany loans subject to remeasurement were hedged by certain of our foreign currency-denominated unsecured debt that we de-designated as net investment hedges.
Current wording
(a)Remeasurement of certain monetary assets and liabilities that are held by our subsidiaries in currencies other than their functional currency are included in other gains and (losses), including certain foreign currency-denominated unsecured debt instruments that are not designated as net investment hedges. This includes foreign currency-denominated intercompany loans to our foreign subsidiaries that are scheduled for settlement.
Previous wording
For the nine months ended September 30, 2025 as compared to the same period in 2024, provision for income taxes increased by $9.3 million, primarily due to the impact of (i) international lease restructurings, (ii) strengthening foreign currencies, and (iii) international property acquisitions.
Current wording
For the three months ended March 31, 2026 as compared to the same period in 2025, provision for income taxes increased by $3.0 million, primarily due to the impact of a deferred tax benefit recognized during the prior year period as a result of an allowance for credit loss recognized on an international property.
Previous wording
We use the cash flow generated from our investments primarily to meet our operating expenses, service debt, and fund dividends to stockholders. Our cash flows fluctuate periodically due to a number of factors, which may include, among other things: the timing of our equity and debt offerings; the timing of purchases and sales of real estate; the timing of the repayment of mortgage loans, our Senior Unsecured Notes, and our Unsecured Term Loans; the timing of our receipt of lease revenues; the timing and amount of other lease-related payments; the timing of settlement of foreign currency transactions; changes in foreign currency exchange rates; and the timing of distributions from equity method investments. Despite these fluctuations, we believe that we will generate sufficient cash from operations to meet our normal recurring short-term liquidity needs. We may also use existing cash resources, available capacity under our Senior Unsecured Credit Facility, proceeds from term loans or other bank debt, proceeds from dispositions of properties, and the issuance of additional debt or equity securities, such as issuances of common stock through our ATM Program (Note 12), in order to meet our short-term and long-term liquidity needs. We assess our ability to access capital on an ongoing basis. Our sources and uses of cash during the period are described below.
Current wording
We use the cash flow generated from our investments primarily to meet our operating expenses, service debt, and fund dividends to stockholders. Our cash flows fluctuate periodically due to a number of factors, which may include, among other things: the timing of our equity and debt offerings; the timing of purchases and sales of real estate; the timing of the repayment of mortgage loans, our Senior Unsecured Notes, and our Unsecured Term Loans; the timing of our receipt of lease revenues; the timing and amount of other lease-related payments; the timing of settlement of foreign currency transactions; changes in foreign currency exchange rates; and the timing of distributions from equity method investments. Despite these fluctuations, we believe that we will generate sufficient cash from operations to meet our normal recurring short-term liquidity needs. We may also use existing cash resources, available capacity under our Senior Unsecured Credit Facility, proceeds from term loans or other bank debt, proceeds from dispositions of properties, and the issuance of additional debt or equity securities, such as issuances of common stock through our ATM Program and Equity Forwards (Note 12), in order to meet our short-term and long-term liquidity needs. We assess our ability to access capital on an ongoing basis. Our sources and uses of cash during the period are described below.
Previous wording
Operating Activities— Net cash provided by operating activities decreased by $559.1 million during the nine months ended September 30, 2025 as compared to the same period in 2024, primarily due to significantly lower proceeds received from the sales of net investments in sales-type leases (Note 5), partially offset by an increase in cash flow generated from net investment activity, scheduled rent increases at existing properties, and leasing activity.
Current wording
Operating Activities— Net cash provided by operating activities increased by $10.0 million during the three months ended March 31, 2026 as compared to the same period in 2025, primarily due to an increase in cash flow generated from net investment activity and scheduled rent increases at existing properties, partially offset by higher interest expense.
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Previous report — wording carried elsewhere
•available proceeds under our ATM Forwards of approximately $182.8 million (Note 12); and