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Net-lease REIT that owns diversified industrial, warehouse and retail properties leased on long-term contracts globally.
Net-lease REIT that owns diversified industrial, warehouse and retail properties leased on long-term contracts globally.
Owns properties leased to single corporate tenants on long leases in which the tenant pays taxes, insurance and upkeep, with rent rising by fixed steps or with inflation. It often buys a company's building and leases it straight back. In 2023 it spun its office properties into a separate company, Net Lease Office Properties.
Moat: narrow (scale, distribution). Decades of sale-leaseback deal-making experience and a diversified global portfolio give scale advantages.
Headquarters: New York, New York, United States · Founded: 1973 · Employees: 199
Size W. P. Carey (WPC) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $15.0B, the 600th largest of 3,117 United States companies the cockpit tracks. Shares closed at $65.05 on 6 Nov 2026.
Performance Over six months the shares fell 12.2%, against +0.6% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 9.0% over the last twelve months (peer median +4.4%); the operating margin is 52.2% (peer median 30.6%).
Valuation It trades at 1.71× book value against a peer median of 1.93× (8th cheapest of 21).
Price implies The share price implies a return on equity of about 12.9%; W. P. Carey delivers 7.7%, so the price asks more than the business earns today.
Credit W. P. Carey has 11 bonds outstanding ($5.26B), rated BBB+ by the agencies and trading like BBB at a weighted spread of 118 bp.
Short interest Short interest is 4.2% of the free float (15 Oct 2026).
Next results Next results expected around 5 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.83B | $1.72B | $1.58B | $1.74B | $1.48B |
| Revenue growth | — | +8% | -9% | +18% | — |
| Gross profit | $1.11B | $1.01B | $919M | $945M | $822M |
| EBITDA | $1.50B | $1.28B | $1.13B | $1.38B | $1.29B |
| Net income | $651M | $466M | $461M | $708M | $599M |
| Free cash flow | $1.04B | $1.09B | $1.70B | $952M | $899M |
| Capital expenditure | $203M | $191M | $135M | $122M | $104M |
| Total debt | $8.88B | $8.97B | $8.30B | $8.42B | $8.21B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| W. P. Carey WPC | $15.0B | -12% | +9% | 8% | 1.71× | 12.9% |
| Realty Income O | $56.1B | -4% | +11% | 3% | 1.42× | 10.3% |
| STAG Industrial STAG | $7.06B | -6% | +9% | 8% | 1.93× | 15.5% |
| NNN REIT NNN | $7.89B | -7% | +7% | 9% | 1.75× | 12.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | WPC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.0% | +7.3% | 7th lowest of 21 |
| 6-month return | -12.2% | +0.6% | 2nd lowest of 21 |
| Return on equity | 7.7% | 7.2% | 8th highest of 21 |
| Price / book | 1.71× | 1.93× | 8th cheapest of 21 |
| Trailing P/E | 22.5× | 28.5× | 6th cheapest of 18 |
| ROE the price implies | 12.9% | 15.1% | 5th least demanding of 21 |
| ROE delivered | 7.7% | 7.2% | 8th highest of 21 |
| Bond spread | 118 bp | 90 bp | widest of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| W. P. Carey WPC | United States | $15.0B | -12% | +9% | 8% | 1.71× | 12.9% | 7.7% |
| Weyerhaeuser WY | United States | $15.1B | -10% | -1% | 5% | 1.61× | 13.6% | 4.8% |
| Annaly Capital Management NLY | United States | $14.8B | -17% | +23% | 7% | 1.05× | 11.8% | 7.3% |
| CapitaLand Integrated Commercial Trust C38U.SI | Singapore | $14.6B | +2% | +5% | 8% | 1.09× | 6.1% | 7.6% |
| Omega Healthcare Investors OHI | United States | $14.6B | +2% | +14% | 14% | 2.66× | 15.3% | 14.2% |
| Sun Communities SUI | United States | $14.4B | -4% | -19% | 5% | 2.76× | 18.4% | 5.3% |
| Invitation Homes INVH | United States | $15.6B | -5% | +5% | 7% | 1.79× | 13.6% | 7.4% |
| Healthpeak Properties DOC | United States | $14.3B | +4% | +9% | 5% | 1.78× | 15.1% | 4.9% |
| Lamar Advertising LAMR | United States | $15.8B | -1% | +4% | 59% | 16.13× | 134.1% | 58.9% |
| Link REIT 0823.HK | Hong Kong | $13.8B | +3% | -3% | -5% | 0.71× | 5.9% | -4.7% |
| Mid-America Apartment Communities MAA | United States | $13.8B | -8% | +1% | 7% | 2.45× | 16.1% | 7.0% |
| Regency Centers REG | United States | $13.7B | -3% | +8% | 8% | 2.06× | 15.2% | 8.2% |
| SEGRO SGRO.L | United Kingdom | $16.6B | +33% | +7% | 2% | 1.03× | 14.8% | 2.5% |
| Camden Property Trust CPT | United States | $13.4B | -3% | +1% | 8% | 2.68× | 18.2% | 7.8% |
| Host Hotels & Resorts HST | United States | $16.9B | +15% | +5% | 16% | 2.64× | 22.6% | 15.8% |
| Kimco Realty KIM | United States | $17.0B | +10% | +3% | 7% | 1.67× | 13.9% | 7.2% |
| Scentre SCG.AX | Australia | $13.1B | -1% | -4% | 10% | 0.97× | 11.6% | 10.4% |
| Essex Property Trust ESS | United States | $17.5B | +4% | +5% | 6% | 3.30× | 20.8% | 6.4% |
| American Healthcare REIT AHR | United States | $12.7B | +12% | +16% | 4% | 3.05× | 20.7% | 4.0% |
| Equity LifeStyle Properties ELS | United States | $12.3B | 0% | +3% | 22% | 6.99× | 37.4% | 22.3% |
| American Homes 4 Rent AMH | United States | $11.8B | +2% | +4% | 7% | 1.73× | 12.9% | 6.8% |
W. P. Carey has 11 bonds outstanding with $5.26B face value. The agencies rate it BBB+; its bonds trade like BBB. Weighted yield 5.11%, a spread of 118 bp over government bonds.