W. P. Carey Raises 2026 AFFO Guidance After Q1 AFFO Rises 11.1%
W. P. Carey reported Q1 net income of $176.3M (up 40.1%) and AFFO of $288.7M ($1.30/share, +11.1%), raising its 2026 AFFO guidance to $5.16–$5.26 per share on projected investment volume of $1.5–$2.0B. Q1 real estate investments totaled $585.3M with $178.8M in commitments scheduled for the remainder of 2026 and a quarterly dividend of $0.93 per share.
1. Q1 2026 Financial Results
W. P. Carey posted net income attributable of $176.3 million for the quarter ended March 31, 2026, up 40.1% year over year. Revenue grew 10.9% to $454.5 million, while AFFO amounted to $288.7 million or $1.30 per diluted share, an 11.1% increase driven by net investment activity and rent escalations.
2. Raised 2026 AFFO Guidance
The company raised its full-year AFFO per share outlook to $5.16–$5.26 from prior guidance, based on expected investment volume of $1.5–$2.0 billion. Disposition volume guidance remains at $250–$750 million, with general administrative, property, and tax expense estimates unchanged.
3. Investment Activity and Portfolio
Year to date, W. P. Carey completed $682.0 million in real estate investments, including $585.3 million during the quarter and $96.7 million post quarter-end. It has nine scheduled capital investments and commitments totaling $178.8 million for the remainder of 2026 and realized $162.6 million in dispositions during Q1.
4. Capital Markets and Balance Sheet
The company raised $496.8 million through a public equity offering and settled $247.1 million of forward sales, leaving $653.5 million available. It issued €500 million of 3.25% notes due 2031 and €500 million of 3.75% notes due 2035, repaid €500 million of 2.25% notes due 2026, and replaced a €215 million term loan with a CAD$347 million term loan at a 3.1% rate.