W. P. Carey Inc.

WPC 10-K · FY 2025

WPC FY 2025 request

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Income Statement

Income Statement
Metric FY 2025 FY 2024 YoY
Operating Lease Lease Income 1,479,204 1,331,788 +11.1%
Show Product Lines breakouts
Owned Real Estate [Member] 1,479,204 1,331,788 +11.1%
Income From Direct Financing Leases And Loans Receivables 90,948 73,262 +24.1%
Show Product Lines breakouts
Owned Real Estate [Member] 90,948 73,262 +24.1%
Revenue (FY) — — —
Show Product Lines breakouts
Food And Beverage · Owned Real Estate [Member] 8.6 10.3 -16.5%
Hotel · Owned Real Estate [Member] 37.6 43 -12.6%
Management Service 4,957 6,597 -24.9%
Management Service · Affiliated Entity 4,957 6,597 -24.9%
Occupancy · Owned Real Estate [Member] 103.9 136.5 -23.9%
Other advisory income and reimbursements 4,284 4,224 +1.4%
Other advisory income and reimbursements · Affiliated Entity 4,000 4,000 0.0%
Owned Real Estate [Member] 112,531 146,813 -23.4%
Revenue From Reimbursements [Member] · Affiliated Entity 284 224 +26.8%
Show Business Segments breakouts
Owned Real Estate [Member] 112.5 146.8 -23.4%
Show Counterparty Name breakouts
CESH · Affiliated Entity 663 578 +14.7%
NLOP · Affiliated Entity 8,578 10,243 -16.3%
Show Related Party Transactions By Related Party breakouts
Affiliated Entity 9,241 10,821 -14.6%
Other Lease Related Income (FY) — — —
Show Product Lines breakouts
Owned Real Estate [Member] 24,561 20,334 +20.8%
Revenue 1,716,485 1,583,018 +8.4%
Show Product Lines breakouts
Investment Management 9,241 10,821 -14.6%
Owned Real Estate [Member] 1,707,244 1,572,197 +8.6%
Show Business Segments breakouts
Owned Real Estate [Member] 1,716,485 1,583,018 +8.4%
Owned Real Estate [Member] · Non Us 623,873 569,801 +9.5%
Owned Real Estate [Member] · US 1,092,612 1,013,217 +7.8%
Depreciation And Amortization 521,127 487,724 +6.8%
General & Administrative 100,672 98,969 +1.7%
Impairment Of Real Estate 70,367 43,595 +61.4%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level3 · Fair Value Measurements Nonrecurring 70,367 43,595 +61.4%
Fair Value Inputs Level3 · Fifteen Impaired Properties 70.4 — —
Reimbursable Tenant Expense 68,743 55,975 +22.8%
Operating Property Expenses 60,177 70,866 -15.1%
Occupancy Net 53,825 49,677 +8.3%
Allocated Stock Based Compensation Expense Excluding Restructuring Expense 39,894 40,894 -2.4%
Merger And Other Expenses Operating 2,247 4,457 -49.6%
Total Costs & Expenses 917,052 852,157 +7.6%
Interest Expense -291,256 -277,367 -5.0%
Show Equity Components breakouts
Accumulated Gain Loss Cash Flow Hedge Including Noncontrolling Interest · Reclassification Out Of Accumulated Other Comprehensive Income -453 -1,582 +71.4%
Show Reclassification Out Of Accumulated Other Comprehensive Income breakouts
Reclassification Out Of Accumulated Other Comprehensive Income -453 -1,582 +71.4%
Other Nonoperating Gains Losses -232,107 -137,988 -68.2%
Gain Loss On Sale Of Properties 193,793 74,822 +159.0%
Show Equity Components breakouts
Accumulated Foreign Currency Adjustment Including Portion Attributable To Noncontrolling Interest · Reclassification Out Of Accumulated Other Comprehensive Income -7,854 — —
Show Real Estate And Accumulated Depreciation Description Of Property breakouts
Properties Located in Netherlands 6.4 — —
Properties Located in Spain 19 — —
Properties Located In Windsor 2.8 — —
Show Reclassification Out Of Accumulated Other Comprehensive Income breakouts
Reclassification Out Of Accumulated Other Comprehensive Income -7,854 — —
Income Loss From Equity Method Investments 18,009 17,926 +0.5%
Other Non-Operating Income (Expense) 16,951 52,236 -67.5%
Show Equity Components breakouts
Accumulated Gain Loss Cash Flow Hedge Including Noncontrolling Interest · Reclassification Out Of Accumulated Other Comprehensive Income 4,352 8,695 -49.9%
Show Reclassification Out Of Accumulated Other Comprehensive Income breakouts
Reclassification Out Of Accumulated Other Comprehensive Income 4,352 8,695 -49.9%
Non-Operating Income (Expense) -294,610 -238,522 -23.5%
Income Before Taxes 504,823 492,339 +2.5%
Income Tax Expense (Benefit) -31,908 -31,709 -0.6%
Net Income 472,915 460,630 +2.7%
Show Equity Components breakouts
Accumulated Distributions In Excess Of Net Income 466,359 460,839 +1.2%
Noncontrolling Interest 6,556 -209 +3236.8%
Parent 466,359 460,839 +1.2%
Net Income Loss Attributable To Noncontrolling Interest -6,556 209 -3236.8%
Net Income 466,359 460,839 +1.2%
Income Loss From Continuing Operations Per Basic Share 2.11 2.09 +1.0%
Income Loss From Continuing Operations Per Diluted Share 2.11 2.09 +1.0%
Wtd Avg Shares (Basic) 220,501,239 220,168,325 +0.2%
Wtd Avg Shares (Diluted) 221,112,343 220,520,457 +0.3%
Interest Income (FY) — — —
Show Fair Value By Asset Class breakouts
Equity Method Investments 13.3 13.2 +0.8%
Comprehensive Income 463,245 465,474 -0.5%
Net Income Loss Available To Common Stockholders Basic 466,359 460,839 +1.2%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 155,329 640,373 -75.7%
Non-Current Assets
Goodwill 987,071 967,843 +2.0%
Total Assets 17,990,232 17,535,024 +2.6%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 207,985 671,402 -69.0%
Operating Lease Right-of-Use Assets (INSTANT) — — —
Show Property Plant And Equipment By Type breakouts
Building 47,719 51,319 -7.0%
Land 123,242 115,156 +7.0%
Intangible Assets (INSTANT) — — —
Show Finite Lived Intangible Assets By Major Class breakouts
Above Market Leases 170,569 184,140 -7.4%
Contracts Including Internal Software Development [Member] 2,418 1,779 +35.9%
Lease Agreements 1,492,929 1,402,729 +6.4%
Leases Acquired In Place 1,322,360 1,218,589 +8.5%
Software Development 2,418 1,779 +35.9%
Other Assets
Real Estate Investment Property At Cost Real Estate Leased 14,451,306 12,842,869 +12.5%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 31,861 468,484 -93.2%
Real Estate Investment Property At Cost Operating Real Estate 286,079 1,198,676 -76.1%
Show Property Plant And Equipment By Type breakouts
Building And Building Improvements · Real estate operating business 260,414 1,053,805 -75.3%
Land · Real estate operating business 25,665 144,871 -82.3%
Net Investments In Direct Financing Leases And Loans Receivable 1,171,886 798,259 +46.8%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 178,076 144,103 +23.6%
Show Real Estate And Accumulated Depreciation Description Of Property breakouts
Concert Venue Located in Austin Texas And Portland Oregon 33.8 — —
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
Retail Complex In Las Vegas, Nevada [Member] · Construction Commitment 245.9 — —
Finite Lived Intangible Asset Acquired In Place Leases Net 2,466,199 2,297,572 +7.3%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 3,620 67,764 -94.7%
Finite Lived Intangible Asset Off Market Lease Favorable Net 668,707 665,495 +0.5%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 1,685 3,757 -55.2%
Real Estate Investment Property At Cost 19,044,177 17,802,871 +7.0%
Real Estate Investment Property Accumulated Depreciation -3,578,330 -3,222,396 -11.0%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary -11,637 -19,391 +40.0%
Show Real Estate Properties breakouts
Real estate operating business -59,626 -100,575 +40.7%
Real Estate Investments Net Including Real Estate Held For Sale 3,327 — —
Show Disposal Group Classification breakouts
Disposal Group Heldforsale Not Discontinued Operations 3.3 — —
Show Property Plant And Equipment By Type breakouts
Land Buildings And Improvements 3,327 — —
Real Estate Investments 15,469,174 14,580,475 +6.1%
Equity Method Investments 310,178 301,115 +3.0%
Show Business Segments breakouts
Owned Real Estate [Member] · Non Us 35,970 27,974 +28.6%
Owned Real Estate [Member] · Operating Segments 310,178 301,115 +3.0%
Owned Real Estate [Member] · US 274,208 273,141 +0.4%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 477.5 576.2 -17.1%
Show Counterparty Name breakouts
Third Party · Retail Complex In Las Vegas, Nevada [Member] 250.9 — —
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
CESH · Affiliated Entity 1,238 1,201 +3.1%
Harmon Retail Corner · Affiliated Entity 23,641 24,169 -2.2%
Kesko Senukai · Affiliated Entity 34,732 26,773 +29.7%
Retail Complex In Las Vegas, Nevada [Member] · Affiliated Entity 250,567 248,972 +0.6%
Show Related Party Transaction breakouts
Affiliated Entity · Owned Real Estate [Member] 310,178 301,115 +3.0%
Other Assets 1,068,480 1,045,218 +2.2%
Show Related Party Transactions By Related Party breakouts
Affiliated Entity 996 1,089 -8.5%
Non-Current Liabilities
Long-Term Debt 8,722,690 8,039,002 +8.5%
Accounts Payable And Accrued Liabilities Current And Noncurrent 670,038 596,994 +12.2%
Deferred Tax Liabilities 151,820 147,461 +3.0%
Show Balance Sheet Location breakouts
Other Assets 33.2 17.6 +88.6%
Dividends Payable Current And Noncurrent 207,487 197,612 +5.0%
Total Liabilities 9,856,090 9,100,900 +8.3%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 946 72,521 -98.7%
Other Liabilities
Senior Notes 6,950,261 6,505,907 +6.8%
Show Long-Term Debt Type breakouts
Senior Notes 6,950,261 6,505,907 +6.8%
Unsecured Debt 1,196,366 1,075,826 +11.2%
Line Of Credit 435,417 55,448 +685.3%
Show Currency breakouts
EUR · Unsecured Term Loans 215 215 0.0%
GBP · Unsecured Term Loans 270 270 0.0%
USD · Unsecured Revolving Credit Facility: 2 2 0.0%
Secured Debt 140,646 401,821 -65.0%
Show Mortgage Loans On Real Estate Loan Type breakouts
Non-Recourse Mortgage Loan 66 — —
Below Market Lease Net 104,055 119,831 -13.2%
Accumulated Distributions In Excess Of Net Income -3,539,592 -3,203,974 -10.5%
Minority Interest 15,885 4,429 +258.7%
Stockholders' Equity
Common Stock 219 219 0.0%
Additional Paid-In Capital 11,830,737 11,805,179 +0.2%
Treasury Stock Deferred Employee Stock Ownership Plan 80,239 78,503 +2.2%
Show Award Type breakouts
Long Term Incentive Plan 80.2 78.5 +2.2%
Accumulated Other Comprehensive Income -253,346 -250,232 -1.2%
Total Stockholders' Equity 8,118,257 8,429,695 -3.7%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 8,134,142 8,434,124 -3.6%
Show Equity Components breakouts
Accumulated Distributions In Excess Of Net Income -3,539,592 -3,203,974 -10.5%
Accumulated Foreign Currency Adjustment Including Portion Attributable To Noncontrolling Interest -237,892 -270,506 +12.1%
Accumulated Gain Loss Cash Flow Hedge Including Noncontrolling Interest -15,454 20,274 -176.2%
Accumulated Other Comprehensive Income -253,346 -250,232 -1.2%
Additional Paid In Capital 11,830,737 11,805,179 +0.2%
Common Stock 219 219 0.0%
Deferred Compensation Obligation [Member] 80,239 78,503 +2.2%
Noncontrolling Interest 15,885 4,429 +258.7%
Parent 8,118,257 8,429,695 -3.7%
Total Liabilities & Equity 17,990,232 17,535,024 +2.6%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Depreciation Amortization And Accretion Net 537,645 507,101 +6.0%
Realized Gain Loss On Foreign Currency Transactions And Other 204,439 120,962 +69.0%
Straight Line Rent Adjustments -78,374 -83,094 +5.7%
Allocated Share Based Compensation Expense 39,894 40,894 -2.4%
Show Award Type breakouts
Employee Stock 0.1 0.1 0.0%
Provision For Loan Lease And Other Losses 27,186 27,629 -1.6%
Show Accounts Notes Loans And Financing Receivable By Receivable Type breakouts
Finance Receivables 2.3 16.2 -85.8%
Equity Method Investment Dividends Or Distributions 15,942 21,066 -24.3%
Show Real Estate Properties breakouts
Unconsolidated Properties · Owned Real Estate [Member] 21.3 22.1 -3.6%
Deferred Income Taxes -10,885 -4,245 -156.4%
Amortization Of Rent Related Intangibles And Deferred Rental Revenue 5,986 24,477 -75.5%
Proceeds From Sales Of Net Investments In Sales Type Leases Operating 200,168 806,812 -75.2%
Increase Decrease In Other Operating Capital Net 8,838 2,532 +249.1%
Net Cash from Operations 1,282,319 1,833,112 -30.0%
Investing Activities
Payments To Acquire Real Estate -1,657,339 -1,128,809 -46.8%
Show Mortgage Loans On Real Estate Description Type Of Property breakouts
Build to Suit · Delphos, Ohio -36 — —
Expansion at Facility · Delphos, Ohio -2 — —
Show Real Estate And Accumulated Depreciation Description Of Property breakouts
Blytheville, Arkansas · Operating lease liabilities -1.5 — —
Blytheville, Arkansas · Use Rights -1.5 — —
Show Finite Lived Intangible Assets By Major Class breakouts
Above Market Leases · Real Estate Subject to Operating Leases -14,059 -7.1 -197914.1%
Below-market rent · Real Estate Subject to Operating Leases -3,061 — —
Leases Acquired In Place · Real Estate Subject to Operating Leases -252,165 -166.1 -151715.2%
Operating lease liabilities · Real Estate Subject to Operating Leases -2,296 — —
Prepaid rent liabilities · Real Estate Subject to Operating Leases -23,715 — —
Use Rights · Land -2,296 -4.3 -53295.3%
Show Property Plant And Equipment By Type breakouts
Below-market ground lease intangibles · Real Estate Subject to Operating Leases -1,495 -3.5 -42614.3%
Building And Building Improvements · Real Estate Subject to Operating Leases -995,255 — —
Land · Real Estate Subject to Operating Leases -420,119 -219.4 -191385.4%
Show Real Estate Properties breakouts
Real Estate Subject to Operating Leases -1,656,317 -1.2 -138026316.7%
Proceeds From Sale Of Real Estate Heldforinvestment 1,280,180 409,487 +212.6%
Show Disposal Group Classification breakouts
Disposal Group Disposed Of By Sale Not Discontinued Operations 1.5 1.2 +25.0%
Disposal Group Disposed Of By Sale Not Discontinued Operations · Self Storage 772.2 — —
Disposal Group Disposed Of By Sale Not Discontinued Operations · Student Housing 77.8 — —
Payments To Acquire Loans Receivable -399,819 -270,380 -47.9%
Payments To Acquire Real Estate Under Construction -191,213 -135,327 -41.3%
Proceeds To V A T Refunded Connection With Acquisition Of Real Estate 47,731 34,801 +37.2%
Payment Of V A T Connection With Acquisition Of Real Estate -45,647 -56,509 +19.2%
Other Investing Activities 8,820 4,579 +92.6%
Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital 5,317 1,026 +418.2%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
Retail Complex In Las Vegas, Nevada [Member] · Construction Commitment 5 — —
Payments To Acquire Equity Method Investments -5,000 — —
Show Counterparty Name breakouts
Third Party · Retail Complex In Las Vegas, Nevada [Member] -3.2 — —
Capital Contributions To Equity Method Investments -3,170 -16,760 +81.1%
Net Cash from Investing -960,140 -1,133,892 +15.3%
Financing Activities
Proceeds From Unsecured Lines Of Credit 3,115,158 1,229,189 +153.4%
Repayments Of Lines Of Credit -2,739,777 -1,566,439 -74.9%
Payments Of Dividends Common Stock -790,032 -765,146 -3.3%
Repayments Of Unsecured Debt -450,000 -1,044,500 +56.9%
Proceeds From Issuance Of Senior Long Term Debt 396,352 1,725,886 -77.0%
Repayments Of Secured Debt -274,572 -231,506 -18.6%
Show Long-Term Debt Type breakouts
Non-Recourse Debt -265.1 -181.3 -46.2%
Repayments Of Senior Debt -90,224 — —
Proceeds From Issuance Of Unsecured Debt 86,224 — —
Tax Withholding for Share Compensation -14,873 -6,950 -114.0%
Proceeds From Minority Shareholders 8,767 623 +1307.2%
Payments Of Dividends Minority Interest -7,563 -2,255 -235.4%
Payments Of Financing Costs -4,278 -14,559 +70.6%
Proceeds From Payments For Other Financing Activities 3,108 -12,811 +124.3%
Net Cash from Financing -761,710 -688,468 -10.6%
Supplemental
Income Taxes Paid 40,095 36.3 +110354.5%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 21,222 -12,022 +276.5%
Net Change in Cash -418,309 -1,270 -32837.7%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 272,392 690,701 -60.6%

Values in thousands USD. Source: SEC EDGAR 10-K filing.

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