What is the revenue and EPS growth rate for W. P. Carey year over year?

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What were the key takeaways from W. P. Carey’s earnings call?

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What factors drove the changes in W. P. Carey's revenue and profit?

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- **AFFO Growth**: 5.5% YoY growth (midpoint) driven by $1.8-2.1 billion in investments. 
- **Industrial Focus**: 75% of investments in industrial/warehouse, with 2.7% fixed escalations on new deals. 
- **Hellweg Progress**: Reduced to 14th tenant, 7/12 stores re-leased, exiting top 25 by 2026. 
- **Liquidity**: $2.1 billion liquidity, including $230 million forward equity sales. 
- **Dividend Yield**: 5.4% with 73% payout ratio, supported by 5.9% Q3 AFFO growth.

**【CEO Summary Section】**
- **Revenue Growth and Investment**: Raised full-year AFFO guidance to $4.93-$4.99 per share (5.5% YoY growth at midpoint), driven by $1.65 billion in investments year-to-date. Raised 2025 investment volume guidance to $1.8-2.1 billion, with a focus on industrial and warehouse properties (75% of investments). 
- **Same-Store Rent Growth**: Mid-2% contractual growth, supported by 2.7% fixed escalations on new deals. Expect 2026 growth to remain strong, likely exceeding 2.5%. 
- **Hellweg Progress**: Reduced Hellweg to 14th largest tenant (from 6th), with 7 of 12 stores taken back and 3 re-leased. Expect to exit top 25 by 2026. 
- **Capital Strategy**: Funded $1.3-1.5 billion in asset sales, generating 150bps spread on investments. Forward equity sales ($230 million) provide flexibility for 2026. 

**【CFO Financial Commentary】**
- **AFFO Performance**: Q3 AFFO of $1.25 per share (5.9% YoY growth). Full-year AFFO guidance raised to 5.5% YoY. 
- **Balance Sheet Strength**: $2.1 billion liquidity, including $230 million in forward equity sales. Net debt/EBITDA at 5.8x, within target range. 
- **Expense Management**: G&A tracking at $99-102 million, property expenses at $51-54 million. 
- **Dividend Growth**: 4% dividend increase to $0.91 per share (5.4% yield), supported by 73% payout ratio. 

**【Q&A Highlights】**
- **Self-Storage Sales**: Completed 37 operating self-storage sales year-to-date, with remaining sales expected to close at ~6% cap rate. 
- **Competition**: Noted incremental private equity competition in U.S., but W. P. Carey's execution expertise and relationships provide an edge. 
- **2026 Outlook**: Expect to maintain $2+ billion annual investment pace, with Europe contributing more deal flow. Capital projects (e.g., build-to-suits) could expand to 10-15% of investment volume. 
- **Credit Quality**: Watch list reduced, with Hellweg the primary remaining credit concern. 
- **Debt Pricing**: U.S. debt at ~4.65%, Euro debt at 3.2%, with 2026 maturities refinanced at similar rates.

W. P. Carey Inc. (WPC) Q3 2025 Earnings Call Transcript

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