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

What is W. P. Carey's gross profit margin?

What is W. P. Carey's latest dividend and current dividend yield?

What guidance did W. P. Carey's management provide for the next earnings period?

What is the market's earnings forecast for W. P. Carey next quarter?

Did W. P. Carey beat or miss consensus estimates last quarter?

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

What does W. P. Carey do and what are its main business segments?

- **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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

WPC

WPC fundamentals

You can ask Aime