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W. P. Carey

W. P. Carey (WPC) Q2 2026 Earnings

Reported Jul 28, 2026 at 4:08 PM ET · SEC Source

Q2 26 EPS

$1.34

BEAT +8.06%

Est. $1.24

Q2 26 Revenue

$461.1M

vs S&P Since Q2 26

-11.3%

TRAILING MARKET

WPC -5.2% vs S&P +6.0%

Market Reaction

Did WPC Beat Earnings? Q2 2026 Results

W. P. Carey Inc. Delivered a strong second quarter for 2026, posting adjusted funds from operations of $1.34 per diluted share and beating the $1.24 consensus estimate by 8.06%, while revenue climbed 7.0% year over year to $461.06 million on the back… Read more W. P. Carey Inc. Delivered a strong second quarter for 2026, posting adjusted funds from operations of $1.34 per diluted share and beating the $1.24 consensus estimate by 8.06%, while revenue climbed 7.0% year over year to $461.06 million on the back of accretive net investment activity. The net lease REIT put $706.50 million to work during the quarter, including a $400.19 million sale-leaseback with GardenCore spanning 43 U.S. Industrial properties, pushing year-to-date investment volume to $1.30 billion and demonstrating the kind of deployment momentum that has kept some analysts constructive on the name even as tenant credit concerns lingered following Hellweg's bankruptcy. AFFO per share rose 4.7% from $1.28 a year ago, with Adjusted EBITDA advancing to $397.54 million from $364.59 million. Looking ahead, management raised and narrowed its full-year 2026 AFFO guidance to $5.19 to $5.27 per diluted share, implying roughly 5.2% growth at the midpoint, while lifting its full-year investment volume target to $1.70 billion to $2.10 billion.

Key Takeaways

  • • Accretive net investment activity driving lease revenue growth
  • • Contractual same-store rent growth of 2.6% year over year on a constant currency basis
  • • $706.5 million of investment volume completed during Q2 2026
  • • $41.6 million mark-to-market gain on Lineage shares
  • • $49.9 million proportionate share of gain on sale from a jointly owned investment
  • • 47.8% of ABR linked to CPI escalators providing inflationary tailwinds
  • • 98.5% occupancy rate across net lease portfolio
  • • 101.0% rent recapture on lease renewals and extensions
  • • Adjusted EBITDA of $397.5 million for Q2, up from $364.6 million year ago
  • • Net debt to adjusted EBITDA of 5.5x (5.1x inclusive of unsettled forward equity)
  • • 95% fixed-rate debt with weighted-average interest rate of 3.2%

WPC Forward Guidance & Outlook

W. P. Carey raised and narrowed its full-year 2026 AFFO per diluted share guidance to $5.19–$5.27 (from $5.16–$5.26), implying 5.2% year-over-year growth at the midpoint. The updated guidance reflects higher expected lease revenues (including higher anticipated investment volume and a more favorable outlook for potential rent loss), together with certain lower projected expenses, partly offset by the impact of settling forward equity. Full-year investment volume assumption was raised to $1.7–$2.1 billion (from $1.5–$2.0 billion). Disposition volume guidance was narrowed to $350–$550 million (from $250–$750 million). Property expenses excluding reimbursable tenant costs were lowered to $54–$58 million (from $56–$60 million). Tax expense on an AFFO basis was lowered to $43–$47 million (from $45–$49 million). The company has $132.7 million of capital investments scheduled for H2 2026 and $165.9 million scheduled for 2027.

24/7 Wall St

WPC YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

WPC Revenue by Segment

Business unit performance breakdown

“The momentum we established last year continued through the first half of 2026, with a strong pace of investment activity and successful capital markets execution. We continue to see compelling acquisition opportunities at attractive spreads and with our anticipated investment activity pre-funded well into 2027, we have ample capacity to continue investing.”

— Jason Fox, Q2 2026 Earnings Press Release

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