WPC

W. P. Carey is a large, diversified net-lease REIT that has spent FY2025 reshaping its portfolio. Total revenue grew 8.4% to $1.72B on net investment activity and contractual rent escalations, while AFFO — the metric that matters for a REIT — rose to $1,098.2M from $1,035.9M. Net income was essentially flat at $466M, but reported earnings are noisy for a REIT given depreciation ($538M) and gains on sale; the AFFO growth is the cleaner signal of the underlying cash-earning power.

The year was defined by active capital recycling. WPC acquired 31 investments totaling $2.0 billion and committed to 11 construction projects worth $277.3 million for 2026-2027, while disposing of 128 properties for $1.5 billion of net proceeds — notably exiting 63 self-storage operating properties for $772.2 million, simplifying the portfolio back toward its core net-lease model. On the financing side it termed-out maturities (repaying $450M of 4.000% notes, issuing $400.0M of 4.650% notes due 2030, refinancing term loans with swaps fixing rates near 2.80%-4.72%), keeping leverage manageable at $8.72B long-term debt against $8.12B equity (liabilities/equity 1.21x).