--- title: "WP Carey | 8-K: FY2026 Q2 Revenue: USD 461.06 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/294107683.md" datetime: "2026-07-28T20:13:14.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/294107683.md) - [en](https://longbridge.com/en/news/294107683.md) - [zh-HK](https://longbridge.com/zh-HK/news/294107683.md) --- # WP Carey | 8-K: FY2026 Q2 Revenue: USD 461.06 M Revenue: As of FY2026 Q2, the actual value is USD 461.06 M. EPS: As of FY2026 Q2, the actual value is USD 0.82, beating the estimate of USD 0.7038. EBIT: As of FY2026 Q2, the actual value is USD 276.93 M. ### Financial Highlights (Q2 2026) #### Net Income Attributable to W. P. Carey Net income attributable to W. P. Carey Inc. was $185.4 million for the second quarter ended June 30, 2026, an increase of 262.1% from $51.2 million for the 2025 second quarter, primarily driven by a $41.6 million mark-to-market gain on Lineage shares, higher gains from foreign debt remeasurement, and a $49.9 million proportionate share of a gain on sale from a jointly-owned investment. #### Adjusted Funds from Operations (AFFO) Adjusted Funds from Operations (AFFO) was $305.4 million for the second quarter of 2026. AFFO per diluted share was $1.34, up 4.7% from $1.28 per diluted share for the 2025 second quarter, mainly due to accretive net investment activity, partially offset by higher interest rates from debt refinancings and the settlement of forward equity. #### Revenues Total revenues, including reimbursable costs, for the 2026 second quarter were $461.1 million, a 7.0% increase from $430.8 million for the 2025 second quarter. Lease revenues were $409,661 thousand in Q2 2026, up from $364,195 thousand in Q2 2025. Income from finance leases and loans receivable increased to $27,162 thousand in Q2 2026 from $20,276 thousand in Q2 2025. Operating property revenues decreased to $11,638 thousand in Q2 2026 from $34,287 thousand in Q2 2025, primarily due to the sale of the Company’s self-storage operating portfolio. Total Real Estate Revenues were $459,670 thousand for Q2 2026, up from $428,401 thousand for Q2 2025. Investment Management revenues were $1,394 thousand for Q2 2026, down from $2,376 thousand for Q2 2025. #### Operating Expenses Operating expenses totaled $297,536 thousand for Q2 2026, up from $208,291 thousand for Q2 2025. Depreciation and amortization totaled $134,378 thousand in Q2 2026, up from $120,595 thousand for Q2 2025. Impairment charges on real estate were $79,421 thousand in Q2 2026, significantly higher than $4,349 thousand in Q2 2025. General and administrative expenses were $25,934 thousand in Q2 2026, up from $24,150 thousand for Q2 2025. Property expenses, excluding reimbursable tenant costs, were $15,206 thousand. Stock-based compensation expense was $13,909 thousand for Q2 2026, up from $10,943 thousand for Q2 2025. #### Interest Expense Interest expense was - $78,979 thousand for Q2 2026, up from - $71,795 thousand for Q2 2025. #### Earnings from Equity Method Investments Earnings from equity method investments were $55,579 thousand in Q2 2026, up from $6,161 thousand for Q2 2025, including a $49.9 million proportionate share of a gain recognized on the sale of a portfolio by a jointly owned investment. #### Other Gains and Losses Other gains and losses were $48,558 thousand for Q2 2026, primarily comprising a mark-to-market unrealized gain on Lineage shares of $41.6 million, net gains on foreign currency exchange rate movements of $10.8 million, and a non-cash allowance for credit losses of $6.4 million, compared to - $148,768 thousand for Q2 2025. #### Gain on Sale of Real Estate, Net Gain on sale of real estate, net, was $5,819 thousand for Q2 2026, down from $52,824 thousand for Q2 2025. #### Dividends The quarterly cash dividend was increased to $0.940 per share, equivalent to an annualized dividend rate of $3.76 per share, representing a 4.4% increase compared to the 2025 second quarter. The dividend payout ratio for the six months ended June 30, 2026, was 70.6%. ### Financial Highlights (Six Months Ended June 30, 2026) #### Net Income Attributable to W. P. Carey Net income attributable to W. P. Carey Inc. was $361,691 thousand for the six months ended June 30, 2026, compared to $177,044 thousand for the same period in 2025. #### Adjusted Funds from Operations (AFFO) Adjusted Funds from Operations (AFFO) was $594,101 thousand for the six months ended June 30, 2026, compared to $540,490 thousand for the same period in 2025. AFFO per diluted share was $2.65 for the six months ended June 30, 2026, compared to $2.45 for the same period in 2025. #### Revenues Total revenues for the six months ended June 30, 2026, were $915,573 thousand, compared to $840,635 thousand for the same period in 2025. Lease revenues were $812,492 thousand, up from $717,963 thousand in the prior year. #### Operating Expenses Impairment charges on real estate were $119,429 thousand for the six months ended June 30, 2026, significantly higher than $11,203 thousand in the prior year. #### Interest Expense Interest expense was - $157,439 thousand for the six months ended June 30, 2026, compared to - $140,599 thousand in the prior year. ### Operational Metrics #### Investment Volume Investment volume totaled $1.3 billion year to date, with $706.5 million occurring during the second quarter. The investment volume for the current quarter was $706,463 thousand, and year-to-date total investment volume was $1,291,813 thousand. W. P. Carey Inc. also has $132.7 million in capital investments and commitments scheduled for completion in the second half of 2026, and $165.9 million for 2027. #### Dispositions Gross disposition proceeds totaled $246.2 million during the first half of 2026, including $83.7 million during the second quarter from the sale of nine properties. Dispositions for the current quarter were $83,651 thousand, and year-to-date total dispositions were $246,217 thousand. #### Contractual Same-Store Rent Growth Contractual same-store rent growth was 2.6% year over year on a constant currency basis as of June 30, 2026, increasing from $1,277,912 thousand to $1,310,802 thousand. Comprehensive Same-Store Growth (Same-Store Pro Rata Rental Income) showed a 0.2% increase, from $335,395 thousand to $335,974 thousand for the three months ended June 30, 2025 and June 30, 2026, respectively. #### Portfolio Composition (as of June 30, 2026) The net lease portfolio consisted of 1,748 properties, comprising 188 million square feet leased to 384 tenants, with a weighted-average lease term of 12.2 years and an occupancy rate of 98.5%. The total portfolio’s Annualized Base Rent (ABR) was $1,642,915 thousand. #### Liquidity Total liquidity was $2.7 billion as of June 30, 2026, primarily consisting of $1.9 billion available under its Senior Unsecured Credit Facility. Key financial position metrics show liquidity at $2,735,877 thousand. #### Forward Equity W. P. Carey Inc. sold 5.3 million shares of common stock under forward sale agreements during the second quarter for gross proceeds of approximately $392 million and settled a portion of outstanding agreements for net proceeds of approximately $345 million. Approximately $691 million of equity remained available for settlement under forward sale agreements at quarter-end. #### Debt Subsequent to quarter-end, W. P. Carey Inc. issued $350 million of 5.200% Senior Unsecured Notes due 2036, with proceeds earmarked to prepay $350 million of 4.250% Senior Unsecured Notes due October 2026. Net debt was $8,791,374 thousand, and total consolidated debt was $8,851,851 thousand as of June 30, 2026. The weighted-average interest rate was 3.2%, and the weighted-average debt maturity was 4.5 years. #### Balance Sheet (as of June 30, 2026) Net investments in real estate were $16,166,955 thousand, up from $15,469,174 thousand as of December 31, 2025. Total assets were $18,634,633 thousand, compared to $17,990,232 thousand at the end of 2025. Debt, net, was $8,851,851 thousand, up from $8,722,690 thousand as of December 31, 2025. Total equity was $8,688,616 thousand, compared to $8,134,142 thousand as of December 31, 2025. #### Capital Expenditures (Q2 2026) Total turnover costs were $2,546 thousand, including $1,160 thousand for tenant improvements and $959 thousand for leasing costs. Total maintenance capital expenditures were $8,484 thousand, with $8,188 thousand for net-lease properties. ### Outlook / Guidance W. P. Carey Inc. raised and narrowed its 2026 AFFO guidance range to between $5.19 and $5.27 per diluted share, implying 5.2% year-over-year growth at the midpoint. The full-year investment volume assumption was also raised to between $1.7 billion and $2.1 billion. The company has a maximum commitment of $132,694 thousand for capital investments expected to be completed during 2026 and $165,900 thousand for 2027, with future investments including build-to-suit, expansion, redevelopment, and purchase commitments across various property types. ### Related Stocks - [WPC.US](https://longbridge.com/en/quote/WPC.US.md) ## Related News & Research - [WPC Q2 earnings on deck: What to expect](https://longbridge.com/en/news/293962940.md) - [W. P. Carey (WPC) Stock Looks Cheap On Fair Value But Rich On Earnings](https://longbridge.com/en/news/294353571.md) - [Ascopiave announces filing of H1 2026 interim financial report](https://longbridge.com/en/news/294500822.md) - [International Paper Q2 2026 Earnings Preview](https://longbridge.com/en/news/294266740.md) - [Vale updates financial events calendar for 2026](https://longbridge.com/en/news/294418484.md)