W. P. Carey (WPC) investor relations material

Executive summary

• Net income attributable to shareholders rose 40.1% year-over-year to $176.3 million in Q1 2026, driven by gains from foreign debt remeasurement, lower credit loss allowance, and higher gains on real estate sales.

• AFFO per diluted share increased 11.1% year-over-year to $1.30, reflecting accretive investment activity and rent escalations.

• Quarterly revenues grew 10.9% year-over-year to $454.5 million, primarily from net investment activity and rent escalations.

• Strong start to 2026 with robust investment activity and capital raising, supporting sustainable growth.

• Portfolio simplification continues with the exit from operating self-storage assets.

Financial highlights

• AFFO per share for Q1 was $1.30, up 11.1% year-over-year.

• Portfolio includes 1,703 properties, 374 tenants, and 185 million square feet, generating $1.58 billion in ABR as of March 31, 2026.

• Portfolio occupancy at quarter-end was 98.1%, up from the previous quarter.

• Contractual same-store rent growth was 2.4% year-over-year; comprehensive same-store rent growth was 1%.

• Quarterly dividend increased 4.5% year-over-year to $0.93 per share, with a payout ratio of 72%.

Outlook and guidance

• Full-year investment volume guidance raised by $250 million to $1.5–$2 billion.

• AFFO per share guidance for 2026 increased to $5.16–$5.26, implying 4.8% growth at the midpoint.

• Contractual same-store rent growth expected to average in the mid-2% range for the year.

• Non-reimbursed property expenses expected between $56 million and $60 million for the year.

• G&A expense guidance for the year is $103–$106 million.