W. P. Carey Inc.
For the period ended Sep 30, 2026. Filed Oct 28, 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.
Sep 30, 2026 · Filed Oct 28, 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 2026-06-30; filed 2026-07-29.
0001025378-26-000119
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsSupplemental Financial MeasuresCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-28.
0001025378-26-000132
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 196 previous paragraphs and 196 current paragraphs.
135 unchanged; 54 reworded; 6 added; 7 removed; 0 previous and 1 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 (6)
Current report
•We completed six construction projects totaling $91.3 million (Note 4).
Current report
Net income attributable to W. P. Carey for the three months ended September 30, 2026 was unchanged as compared to the same period in 2025. A lower gain on sale of real estate (Note 14) was substantially offset by the accretive impact of net investment activity and lower impairment charges (Note 8).
Current report
(a)Increase for the three months ended September 30, 2026 as compared to the same period in 2025 primarily comprises (i) the collection of overdue rent during the third quarter of 2026 from a tenant that filed for insolvency in June 2026 and (ii) the collection of overdue reimbursable real estate taxes from a tenant (which are recorded in lease revenues). Increase for the nine months ended September 30, 2026 as compared to the same period in 2025 primarily comprises (i) write-offs of straight-line rent adjustments and (ii) the collection of overdue reimbursable real estate taxes from a tenant (which are recorded in lease revenues).
Current report
For the three months ended September 30, 2026 as compared to the same period in 2025, property expenses, excluding reimbursable tenant costs, decreased by $2.6 million, primarily due to the collection of overdue real estate taxes from certain tenants during the current year period (which were previously recorded as property expenses).
Current report
For the nine months ended September 30, 2026 as compared to the same period in 2025, property expenses, excluding reimbursable tenant costs, increased by $1.8 million, primarily due to demolition costs incurred at certain construction projects, partially offset by the impact of dispositions of certain vacant properties (for which we previously recorded non-reimbursable property expenses) and the collection of overdue real estate taxes from certain tenants during the current year period (which were previously recorded as property expenses).
Current report
For the three months ended September 30, 2026 as compared to the same period in 2025, provision for income taxes increased by $2.0 million, primarily due to the impact of certain international lease restructurings.
Removed paragraphs (7)
Previous report
Significant Developments
Previous report
Issuance of Senior Unsecured Notes
Previous report
Prepayment of Senior Unsecured Notes
Previous report
•We completed four construction projects totaling $66.4 million (Note 4).
Previous report
(b)(Decreases) increases for the three and six months ended June 30, 2026 as compared to the same periods in 2025 reflect $1.2 million of uncollected rent for June 2026 from a tenant that filed for insolvency during that month. Write-offs of straight-line rent adjustments more than offset the decrease for the six months ended June 30, 2026 as compared to the same period in 2025.
Previous report
For the three and six months ended June 30, 2026 as compared to the same periods in 2025, property expenses, excluding reimbursable tenant costs, increased by $1.6 million and $4.4 million, respectively, primarily due to (i) demolition costs incurred at certain construction projects and (ii) expenses related to tenant vacancies (which resulted in property expenses no longer being reimbursable).
Reworded paragraphs (54)
Previous wording
During the six months ended June 30, 2026, we completed the following (as further described in the consolidated financial statements):
Current wording
During the nine months ended September 30, 2026, we completed the following (as further described in the consolidated financial statements):
Previous wording
•We acquired 15 investments totaling $1.3 billion (Note 4, Note 5), including a portfolio of 19 properties previously owned by one of our unconsolidated equity method investments (Note 7).
Current wording
•We acquired 19 investments totaling $1.5 billion (Note 4, Note 5), including a portfolio of 19 properties previously owned by one of our unconsolidated equity method investments (Note 7).
Previous wording
•We committed to fund one new construction project for approximately $13.3 million. We currently expect to complete this project in 2027 (Note 4).
Current wording
•We committed to fund three new construction projects totaling approximately $50.0 million. We currently expect to complete these projects in 2027 and 2028 (Note 4).
Previous wording
•We entered into a purchase agreement to acquire one industrial facility located in Noblejas, Spain, for approximately $37.5 million, which is expected to be completed in 2027 (Note 4).
Current wording
•We entered into a purchase agreement to acquire one industrial facility located in Noblejas, Spain, for approximately $37.4 million, which is expected to be completed in 2027 (Note 4).
Previous wording
•We funded approximately $3.1 million for construction loans for projects in Las Vegas, Nevada, during the six months ended June 30, 2026 (Note 5).
Current wording
•We funded approximately $3.6 million for construction loans for projects in Las Vegas, Nevada, during the nine months ended September 30, 2026 (Note 5).
Previous wording
•We disposed of 28 properties for total proceeds, net of selling costs, of $232.7 million, including our 11 remaining self-storage operating properties for total proceeds, net of selling costs, of $73.0 million (Note 14).
Current wording
•We disposed of 33 properties for total proceeds, net of selling costs, of $259.2 million, including our 11 remaining self-storage operating properties for total proceeds, net of selling costs, of $73.0 million (Note 14).
Previous wording
•During the six months ended June 30, 2026, we sold 6,900,000 shares of common stock through our Equity Forwards and 5,271,817 shares of common stock through our ATM Forwards, for gross proceeds totaling approximately $496.8 million and $391.8 million, respectively (Note 12).
Current wording
•During the nine months ended September 30, 2026, we sold 6,900,000 shares of common stock through our Equity Forwards and 5,271,817 shares of common stock through our ATM Forwards, for gross proceeds totaling approximately $496.8 million and $391.8 million, respectively (Note 12).
Previous wording
•During the six months ended June 30, 2026, we settled a portion of our Equity Forwards and ATM Forwards by delivering 5,950,000 and 2,566,282 shares of common stock, respectively, to certain forward purchasers for net proceeds totaling $592.0 million (Note 12).
Current wording
•During the nine months ended September 30, 2026, we settled a portion of our Equity Forwards and ATM Forwards by delivering 5,950,000 and 4,867,895 shares of common stock, respectively, to certain forward purchasers for net proceeds totaling $742.4 million (Note 12).
Previous wording
•As of June 30, 2026, we have 950,000 and 8,964,031 shares outstanding under our Equity Forwards and ATM Forwards, respectively, for available proceeds totaling approximately $690.8 million (Note 12).
Current wording
•As of September 30, 2026, we have 950,000 and 6,662,418 shares outstanding under our Equity Forwards and ATM Forwards, respectively, for available proceeds totaling approximately $537.5 million (Note 12).
Previous wording
On July 2, 2026, we completed an underwritten public offering of $350 million of 5.200% Senior Notes due 2036, at a price of 99.015% of par value. These 5.200% Senior Notes due 2036 have a 10.2-year term and are scheduled to mature on September 15, 2036 (Note 10, Note 15).
Current wording
•On July 2, 2026, we completed an underwritten public offering of $350 million of 5.200% Senior Notes due 2036, at a price of 99.015% of par value (Note 10).
Previous wording
On July 29, 2026, we prepaid our $350 million of 4.250% Senior Notes with no associated prepayment costs (Note 10, Note 15).
Current wording
•In July 2026, we prepaid our $350 million of 4.250% Senior Notes due 2026 with no associated prepayment costs (Note 10).
Previous wording
We declared cash dividends totaling $1.870 per share during the six months ended June 30, 2026, comprised of two quarterly dividends per share of $0.940 and $0.930 (Note 12).
Current wording
We declared cash dividends totaling $2.820 per share during the nine months ended September 30, 2026, comprising three quarterly dividends per share of $0.950, $0.940, and $0.930 (Note 12).
Previous wording
(a)Amounts for the six months ended June 30, 2026 and 2025 include $11.9 million and $178.2 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.
Current wording
(a)Amounts for the nine months ended September 30, 2026 and 2025 include $11.5 million and $200.2 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 six months ended June 30, 2026 as compared to the same periods 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).
Current wording
Total revenues increased for the three and nine months ended September 30, 2026 as compared to the same periods in 2025, primarily due to net investment activity and rent escalations, partly 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 and six months ended June 30, 2026 as compared to the same periods in 2025, primarily due to non-cash unrealized gains recognized on our investment in shares of Lineage during the current-year periods as compared to losses recognized during the prior-year periods, (Note 8), higher gains from remeasurement of foreign debt, our proportionate share of a gain on sale of real estate recognized by a jointly owned investment during the current year periods (Note 7), and the accretive impact of net investment activity, partially offset by higher impairment charges (Note 8) and lower gain on sale of real estate (Note 14).
Current wording
Net income attributable to W. P. Carey increased for the nine months ended September 30, 2026 as compared to the same period in 2025, primarily due to higher gains from remeasurement of foreign debt, lower non-cash unrealized losses recognized on our investment in shares of Lineage, (Note 8), our proportionate share of a gain on sale of real estate recognized by a jointly
Previous wording
AFFO increased for the three and six months ended June 30, 2026 as compared to the same periods in 2025, primarily reflecting accretive net investment activity, partly offset by the impact of higher interest rates from debt refinancings on interest expense and the settlement of forward equity.
Current wording
AFFO increased for the three and nine months ended September 30, 2026 as compared to the same periods in 2025, primarily reflecting accretive net investment activity and rent escalations, partially offset by the settlement of forward equity.
Previous wording
(a)During the six months ended June 30, 2026, we sold our 11 remaining self-storage operating properties (Note 14).
Current wording
(a)During the nine months ended September 30, 2026, we sold our 11 remaining self-storage operating properties (Note 14).
Previous wording
(b)We sold our final investment in Japan during the six months ended June 30, 2026 (Note 14).
Current wording
(b)We sold our final investment in Japan during the nine months ended September 30, 2026 (Note 14).
Previous wording
(c)Amount for the six months ended June 30, 2025 includes $3.2 million of funding for a construction loan accounted for as an equity investment (Note 7). Amount for the six months ended June 30, 2025 includes $5.0 million to acquire a 47.50% ownership interest in that equity investment (Note 7). Amounts for the six months ended June 30, 2026 and 2025 include $3.1 million and $2.0 million, respectively, of funding for two construction loans accounted for as secured loans receivable (Note 5). Amounts for the six months ended June 30, 2026 and 2025 include $22.3 million and $258.0 million, respectively, of sale-leasebacks classified as loans receivable (Note 5).
Current wording
(c)Amount for the nine months ended September 30, 2025 includes $3.2 million 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). Amounts for the nine months ended September 30, 2026 and 2025 include $3.6 million and $2.8 million, respectively, of funding for two construction loans accounted for as secured loans receivable (Note 5). Amounts for the nine months ended September 30, 2026 and 2025 include $22.3 million and $361.4 million, respectively, of sale-leasebacks classified as loans receivable (Note 5).
Previous wording
(c)Of the 19 properties leased to TI Automotive, eight are located in Canada, six are located in Mexico, and five are located in the United States.
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 Kansas, Minnesota, Iowa, Missouri, Nebraska, South Dakota, and North Dakota. Other properties within East include assets in Virginia, Maryland, West Virginia, Connecticut, New Hampshire, and Maine. Other properties within West include assets in Utah, Oregon, Colorado, Montana, Hawaii, Idaho, Washington, Wyoming, and New Mexico.
Current wording
(b)Other properties within South include assets in Arkansas, Louisiana, Oklahoma, and Mississippi. Other properties within Midwest include assets in Kansas, Minnesota, Iowa, Missouri, Nebraska, South Dakota, and North Dakota. Other properties within East include assets in Virginia, Maryland, West Virginia, Connecticut, New Hampshire, and Maine. Other properties within West include assets in Utah, Oregon, Colorado, Montana, Idaho, Hawaii, Washington, Wyoming, and New Mexico.
Previous wording
(c)$50.9 million (69%) of ABR from properties in Canada is denominated in U.S. dollars, with the balance denominated in Canadian dollars.
Current wording
(c)$52.6 million (70%) of ABR from properties in Canada is denominated in U.S. dollars, with the balance denominated in Canadian dollars.
Previous wording
(g)Includes ABR from tenants within the following property types: education facility, specialty, self-storage (net lease), laboratory, research and development, office, hotel (net lease), 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, 2025 and that were not sold or held for sale during the periods presented. For the periods presented, there were 1,374 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 1,369 existing net-leased properties.
Previous wording
For the three and six months ended June 30, 2026 as compared to the same periods in 2025, lease revenues from existing net-leased properties (decreased) increased due to the following items (in millions):
Current wording
For the three and nine months ended September 30, 2026 as compared to the same periods 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
(b)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, 2024 and that were not sold or held for sale during the periods presented. Since January 1, 2025, we acquired 41 investments (comprising 272 properties) and placed four properties into service.
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 45 investments (comprising 283 properties) and placed four properties into service.
Previous wording
•17 net-leased properties disposed of during the six months ended June 30, 2026;
Current wording
•22 net-leased properties disposed of during the nine months ended September 30, 2026;
Previous wording
•one net-leased property classified as held for sale at June 30, 2026; and
Current wording
•three net-leased properties classified as held for sale at September 30, 2026 (one of which was sold in October 2026); and
Previous wording
For the three and six months ended June 30, 2026 as compared to the same periods in 2025, income from finance leases and loans receivable increased due to the following items (in millions):
Current wording
For the three and nine months ended September 30, 2026 as compared to the same periods in 2025, income from finance leases and loans receivable increased due to the following items (in millions):
Previous wording
•11 self-storage operating properties sold during the six months ended June 30, 2026;
Current wording
•11 self-storage operating properties sold during the nine months ended September 30, 2026;
Previous wording
For the three and six months ended June 30, 2026 as compared to the same periods in 2025, depreciation and amortization expense increased by $13.8 million and $20.4 million, respectively, primarily due to accelerated depreciation and amortization related to (i) lease amendments at certain properties and (ii) the demolition of certain properties in connection with redevelopment projects, as well as the impact of net investment activity.
Current wording
For the three and nine months ended September 30, 2026 as compared to the same periods in 2025, depreciation and amortization expense increased by $3.6 million and $23.9 million, respectively, primarily due to the net impact of accelerated depreciation and amortization related to (i) lease amendments at certain properties and (ii) the demolition of certain properties in connection with redevelopment projects, as well as the impact of net investment activity.
Previous wording
For the three and six months ended June 30, 2026 as compared to the same periods in 2025, general and administrative expense increased by $1.8 million and $2.2 million, respectively, primarily due to higher employee compensation expense.
Current wording
For the three and nine months ended September 30, 2026 as compared to the same periods in 2025, general and administrative expense increased by $1.7 million and $3.8 million, respectively, primarily due to higher professional fees and employee compensation expense.
Previous wording
For the three and six months ended June 30, 2026 as compared to the same periods in 2025, stock-based compensation expense increased by $3.0 million and $1.3 million, respectively, primarily due to changes in projected PSU payouts.
Current wording
For the three months ended September 30, 2026 as compared to the same period in 2025, stock-based compensation expense decreased by $1.2 million, primarily due to changes in projected PSU payouts.
Previous wording
For the three and six months ended June 30, 2026 as compared to the same periods in 2025, operating property expenses decreased by $8.1 million and $16.0 million, respectively, primarily due to the disposal of all of our self-storage operating properties during 2025 and 2026, as described above and in Note 14.
Current wording
For the three and nine months ended September 30, 2026 as compared to the same periods in 2025, operating property expenses decreased by $5.8 million and $21.8 million, respectively, 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 six months ended June 30, 2026 as compared to the same period in 2025, interest expense increased by $16.8 million, primarily due to higher outstanding balances and interest rates on our Senior Unsecured Notes, partially offset by the reduction of our mortgage debt outstanding (as described above) (Note 10).
Current wording
For the three months ended September 30, 2026 as compared to the same period in 2025, interest expense increased by $5.2 million, primarily due to higher outstanding balances and interest rates on our Senior Unsecured Notes, partially offset by lower outstanding balances on our Unsecured Revolving Credit Facility.
Previous wording
For the three months ended June 30, 2026 as compared to the same period in 2025, interest expense increased by $7.2 million, primarily due to higher outstanding balances and interest rates on our Senior Unsecured Notes, partially offset by lower outstanding balances on our Unsecured Revolving Credit Facility 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).
Current wording
For the nine months ended September 30, 2026 as compared to the same period in 2025, interest expense increased by $22.0 million, primarily due to higher outstanding balances and interest rates on our Senior Unsecured Notes, partially offset by lower outstanding balances on our Unsecured Revolving Credit Facility 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 (i) the sale of properties that were disposed of, net of taxes, (ii) properties subject to the exercise of a purchase option, (iii) properties subject to a purchase agreement resulting in a lease modification during the reporting period, and (iv) the reclassification of foreign currency translation adjustments from accumulated other comprehensive loss to net income since we exited all investments denominated in a currency (which totaled losses of $5.5 million for the three and six months ended June 30, 2026), 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, (iii) properties subject to a purchase agreement resulting in a lease modification during the reporting period, and (iv) the reclassification of foreign currency translation adjustments from accumulated other comprehensive loss to net income since we exited all investments denominated in a currency (which totaled losses of $5.5 million for the nine months ended September 30, 2026), as more fully described in Note 4, Note 5, and Note 14.
Previous wording
(a)Increases for the three and six months ended June 30, 2026 as compared to the same periods in 2025 are due to our $49.9 million proportionate share of a gain recognized on the sale of a portfolio of properties by this investment during the second quarter of 2026 (Note 7).
Current wording
(a)Increase for the nine months ended September 30, 2026 as compared to the same period in 2025 is due to our $49.9 million proportionate share of a gain recognized on the sale of a portfolio of properties by this investment during the second quarter of 2026 (Note 7).
Previous wording
For the six months ended June 30, 2026 as compared to the same period in 2025, provision for income taxes increased by $3.0 million, primarily due to (i) deferred tax expense recognized during the current year period related to the establishment of valuation allowances on certain international properties, and (ii) 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.
Current wording
For the nine months ended September 30, 2026 as compared to the same period in 2025, provision for income taxes increased by $5.0 million, primarily due to (i) the impact of certain international lease restructurings, (ii) the impact of a deferred tax benefit recorded during the prior year period as a result of an allowance for credit loss recognized on an international property, and (iii) deferred tax expense recognized during the current year period related to the establishment of valuation allowances on certain international properties.
Showing the first 40 of 54 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
owned investment during the current year periods (Note 7), and the accretive impact of net investment activity, partially offset by higher impairment charges (Note 8) and lower gain on sale of real estate (Note 14).