W. P. Carey (WPC) investor relations material

Executive summary

• Achieved strong investment activity and capital markets execution in the first half of 2026, with investment activity pre-funded well into 2027.

• Specializes in single-tenant net lease commercial real estate, with a highly diversified portfolio across tenant, industry, property type, and geography, primarily in the U.S. and Europe.

• Raised full-year AFFO guidance and investment volume assumptions, reflecting improved rent loss outlook and inflationary benefits from CPI-linked leases.

• Demonstrates a successful track record through multiple economic cycles since 1973, led by an experienced management team.

• Risks associated with Hellweg have been substantially mitigated, with minimal impact expected on 2026 earnings.

Financial highlights

• AFFO per share for Q2 2026 was $1.34, up 4.7% year-over-year.

• Net income attributable to shareholders was $185.4 million for Q2 2026, up 262.1% year-over-year.

• Portfolio at June 30, 2026: 1,748 properties, 188 million sq. ft., 384 tenants, 98.5% occupancy, 12.2-year weighted average lease term.

• Year-to-date investment volume reached $1.3 billion at a 7.4% weighted average initial cash cap rate.

• Quarterly dividend raised 4.4% year-over-year to $0.94 per share, with a payout ratio just over 70%.

Outlook and guidance

• Full-year AFFO per share guidance raised and narrowed to $5.19–$5.27, implying 5.2% year-over-year growth.

• Investment volume guidance increased to $1.7–$2.1 billion for 2026.

• Disposition volume guidance narrowed to $350–$550 million for the year.

• Management expects to fund future cash requirements through operations, property dispositions, available credit, and further equity or debt issuances.

• Contractual same-store rent growth expected to reach 2.6% for 2026 and trend higher in 2027.