W. P. Carey Reports $148.3M Q4 Net Income, Guides $5.13–$5.23 AFFO
Q4 2025 net income rose to $148.3M ($0.67 EPS) and full-year net income totalled $466.4M ($2.11 EPS), with record $2.1B investments in 2025 including $625.1M in Q4. It set 2026 AFFO guidance of $5.13–$5.23 per share and lifted its dividend 4.5% to $3.68.
1. Strong Q4 and Full-Year Earnings
W. P. Carey delivered Q4 2025 net income of $148.3 million, or $0.67 per share, versus $47.0 million the prior year, driven by lower mark-to-market losses and higher gains on real estate sales. Full-year net income reached $466.4 million, or $2.11 per share, alongside AFFO of $4.97 per share, up 5% year over year.
2. Record Investment and Disposition Activity
The company achieved a record $2.1 billion in total investments for 2025, including $625.1 million in the fourth quarter, and realized $1.5 billion in gross disposition proceeds, with $507.0 million in Q4. Contractual same-store rent grew 2.4% year over year, and active commitments of $238.3 million are slated for completion in 2026.
3. 2026 Outlook and Dividend Increase
Management set 2026 AFFO guidance at $5.13 to $5.23 per share, based on anticipated investment volume of $1.25 billion to $1.75 billion and an active capital pipeline. The board approved a quarterly cash dividend of $0.920 per share, equating to an annualized rate of $3.68, up 4.5% from the prior year.