W. P. Carey Inc. reported its financial results for the third quarter of 2025, revealing a total revenue of $431.3 million, a 8.5% increase from $397.4 million in the same period last year. For the nine months ended September 30, 2025, total revenue reached $1.27 billion, up from $1.18 billion in 2024. The company’s net income attributable to W. P. Carey for the third quarter was $141.0 million, compared to $111.7 million in the prior year, while net income for the nine-month period was $318.0 million, down from $413.8 million in 2024. The decline in year-to-date net income was attributed to higher losses from foreign debt remeasurement and unrealized losses on investments.
The company experienced significant operational changes, including the acquisition of 21 properties totaling approximately $1.4 billion during the nine months ended September 30, 2025. This included a notable investment in a Las Vegas retail complex, where W. P. Carey acquired a 47.5% ownership interest. Additionally, the company completed two construction projects totaling $46.9 million and committed to five new construction projects expected to cost $168 million. However, W. P. Carey also disposed of 84 properties during the same period, generating net proceeds of $970.3 million, which included 32 self-storage properties.
W. P. Carey’s portfolio as of September 30, 2025, comprised 1,662 properties with a total square footage of approximately 183 million, leased to 373 tenants. The occupancy rate stood at 97.0%, with a weighted-average lease term of 12.1 years. The company reported an increase in annualized base rent (ABR) to $1.51 billion, up from $1.34 billion at the end of 2024. The company’s cash and cash equivalents decreased to $249.0 million from $640.4 million at the end of 2024, reflecting its active investment and acquisition strategy.
In terms of debt, W. P. Carey reported total liabilities of $9.81 billion, an increase from $9.10 billion at the end of 2024. The company refinanced its €500 million term loan, extending its maturity to April 2029, and issued $400 million in new senior unsecured notes due 2030. The weighted-average interest rate on total debt was 3.1% as of September 30, 2025. The company also declared a quarterly dividend of $0.910 per share, totaling $2.700 per share for the nine months ended September 30, 2025.
Looking ahead, W. P. Carey anticipates continued growth driven by its strategic acquisitions and investments in operationally critical properties. The company remains focused on enhancing its portfolio quality and maintaining its status as a leading real estate investment trust (REIT). However, management cautioned that macroeconomic factors, including interest rate fluctuations and foreign currency exchange risks, could impact future performance.
About W. P. Carey Inc.
W. P. Carey Inc. is a diversified real estate investment trust (REIT) specializing in owning and managing long-term, net-leased commercial properties across the U.S. and Europe. Its portfolio includes industrial, retail, self-storage, hotel, and student housing assets leased to creditworthy tenants. The company focuses on stable cash flow generation, portfolio diversification, and active asset management within a conservative capital structure.
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