$WPC

W. P. Carey Inc.

CIK:0001025378|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Real Estate:
Lease revenues	$ 409,661	$ 364,195	$ 812,492	$ 717,963
Income from finance leases and loans receivable	27,162	20,276	54,848	37,734
Investment Management:
Revenues	461,064	430,777	915,573	840,635
Operating Expenses
Depreciation and amortization	134,378	120,595	270,561	250,202
Impairment charges — real estate	79,421	4,349	119,429	11,203
General and administrative	25,934	24,150	53,282	51,117
Reimbursable tenant costs	19,472	17,718	39,164	34,810
Property expenses, excluding reimbursable tenant costs	15,206	13,623	29,758	25,329
Stock-based compensation expense	13,909	10,943	21,350	20,091
Operating property expenses	8,603	16,721	17,297	33,265
Merger and other expenses	613	192	1,793	748
Total operating expenses	297,536	208,291	552,634	426,765
Other Income and Expenses
Interest expense	(78,979)	(71,795)	(157,439)	(140,599)
Earnings from equity method investments	55,579	6,161	60,122	11,539
Other gains and (losses)	48,558	(148,768)	55,349	(190,965)
Gain on sale of real estate, net	5,819	52,824	59,960	96,601
Non-operating income	4,245	3,495	8,949	11,405
Total other income and expenses	35,222	(158,083)	26,941	(212,019)
Income before income taxes	198,750	64,403	389,880	201,851
Provision for income taxes	(13,091)	(13,091)	(27,725)	(24,723)
Net Income	185,659	51,312	362,155	177,128
Net income attributable to noncontrolling interests	(270)	(92)	(464)	(84)
Net Income Attributable to W. P. Carey	$ 185,389	$ 51,220	$ 361,691	$ 177,044
Basic Earnings Per Share (in dollars per share)	$ 0.82	$ 0.23	$ 1.62	$ 0.80
Diluted Earnings Per Share (in dollars per share)	$ 0.82	$ 0.23	$ 1.61	$ 0.80
Weighted-Average Shares Outstanding
Basic (in shares)	225,971,719	220,569,259	223,310,890	220,485,859
Diluted (in shares)	227,215,203	220,874,935	224,609,380	220,913,225
Owned Real Estate
Real Estate:
Lease revenues	$ 409,661	$ 364,195	$ 812,492	$ 717,963
Income from finance leases and loans receivable	27,162	20,276	54,848	37,734
Operating property revenues	11,638	34,287	23,688	67,381
Other lease-related income	11,209	9,643	21,661	12,764
Investment Management:
Operating property revenues	11,638	34,287	23,688	67,381
Revenues	459,670	428,401	912,689	835,842
Investment Management
Investment Management:
Revenues	1,394	2,376	2,884	4,793
Other advisory income and reimbursements
Real Estate:
Operating property revenues	1,000	1,072	2,000	2,139
Investment Management:
Operating property revenues	1,000	1,072	2,000	2,139
Asset management revenue
Real Estate:
Operating property revenues	394	1,304	884	2,654
Investment Management:
Operating property revenues	$ 394	$ 1,304	$ 884	$ 2,654

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows — Operating Activities
Net income	$ 362,155	$ 177,128
Adjustments to net income:
Depreciation and amortization, including intangible assets and deferred financing costs	278,050	259,558
Impairment charges — real estate	119,429	11,203
Distributions of earnings from equity method investments	60,365	10,416
Earnings from equity method investments	(60,122)	(11,539)
Gain on sale of real estate, net	(59,960)	(96,601)
Net realized and unrealized (gains) losses on equity securities, foreign currency exchange rate movements, extinguishment of debt, and other	(59,634)	168,823
Straight-line rent adjustments	(37,835)	(37,256)
Stock-based compensation expense	21,350	20,091
Amortization of rent-related intangibles and deferred rental revenue	(7,674)	6,227
Increase in allowance for credit losses	5,697	22,202
Deferred income tax expense	5,000	2,037
Net changes in other operating assets and liabilities	(22,392)	(33,327)
Proceeds from sales of net investments in sales-type leases	11,941	178,234
Net Cash Provided by Operating Activities	616,370	677,196
Cash Flows — Investing Activities
Purchases of real estate	(1,210,921)	(542,216)
Proceeds from sales of real estate	220,779	309,062
Funding for real estate construction, redevelopments, and other capital expenditures on real estate	(71,233)	(52,645)
Value added taxes refunded in connection with acquisition of real estate	68,763	32,001
Investments in loans receivable	(55,902)	(268,876)
Value added taxes paid in connection with acquisition of real estate	(51,729)	(16,652)
Return of capital from equity investments	29,428	2,723
Other investing activities, net	(1,879)	2,927
Purchase of equity investment	0	(5,000)
Capital contributions to equity method investments	0	(3,170)
Net Cash Used in Investing Activities	(1,072,694)	(541,846)
Cash Flows — Financing Activities
Repayments of Unsecured Revolving Credit Facility	(2,089,691)	(865,010)
Proceeds from Unsecured Revolving Credit Facility	1,772,588	1,466,069
Proceeds from issuance of Senior Unsecured Notes	1,164,445	0
Proceeds from shares issued under forward equity, net of selling costs	592,013	0
Repayment of Senior Unsecured Notes	(573,800)	(450,000)
Dividends paid	(413,839)	(391,095)
Proceeds from term loans	255,281	86,224
Repayments of term loans	(253,384)	(90,224)
Payments of mortgage principal	(41,157)	(178,858)
Payment of financing costs	(9,294)	(834)
Payments for withholding taxes upon delivery of equity-based awards	(7,506)	(5,207)
Other financing activities, net	2,547	4,002
Distributions to noncontrolling interests	(50)	(120)
Contributions from noncontrolling interests	0	4,801
Net Cash Provided by (Used in) Financing Activities	398,153	(420,252)
Change in Cash and Cash Equivalents and Restricted Cash During the Period
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(18,349)	20,350
Net decrease in cash and cash equivalents and restricted cash	(76,520)	(264,552)
Cash and cash equivalents and restricted cash, beginning of period	272,392	690,701
Cash and cash equivalents and restricted cash, end of period	$ 195,872	$ 426,149