W.P. Carey (WPC) Financials

$69.15 +0.71 (+1.03%)

Closing price 10/3/2025 03:59 PM Eastern

Extended Trading

$69.10 -0.05 (-0.07%)

As of 10/3/2025 07:54 PM Eastern

Annual Income Statements for W.P. Carey

This table shows W.P. Carey's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	172	268	277	412	305	455	410	599	708	461
Consolidated Net Income / (Loss)	185	275	285	424	307	466	410	598	708	461
Net Income / (Loss) Continuing Operations	179	275	285	363	315	466	410	598	689	443
Total Pre-Tax Income	216	278	288	377	333	445	439	626	752	492
Total Revenue	938	942	683	826	1,008	1,036	1,122	1,575	1,705	1,445
Net Interest Income / (Expense)	0.00	0.00	-166	-178	-233	-210	-197	0.00	0.00	0.00
Total Interest Income	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Interest Expense	0.00	0.00	166	178	233	210	197	0.00	0.00	0.00
Total Non-Interest Income	938	942	848	1,004	1,242	1,246	1,319	1,575	1,705	1,445
Net Realized & Unrealized Capital Gains on Investments	-	-	-	119	8.92	37	-13	96	-36	-138
Other Non-Interest Income	833	942	848	886	1,233	1,209	1,332	1,479	1,741	1,583
Total Non-Interest Expense	581	622	456	526	731	692	727	867	1,018	852
Salaries and Employee Benefits	22	18	19	87	94	92	107	124	131	140
Net Occupancy & Equipment Expense	52	49	41	43	78	54	58	78	140	121
Other Operating Expenses	197	207	130	59	80	67	66	74	82	56
Depreciation Expense	280	277	253	291	447	443	476	503	574	488
Impairment Charge	30	59	2.77	4.79	33	36	24	39	86	44
Other Special Charges	-	-	-	41	0.10	0.25	-4.55	19	4.95	4.46
Nonoperating Income / (Expense), net	-141	-42	61	78	64	100	43	-111	46	-118
Income Tax Expense	38	3.29	2.71	14	26	-21	28	28	44	32
Other Adjustments to Consolidated Net Income / (Loss)	6.49	-	-	62	-	-	-	30	20	18
Net Income / (Loss) Attributable to Noncontrolling Interest	13	7.06	7.79	13	1.30	11	0.13	-0.66	-0.07	-0.21
Basic Earnings per Share	$1.62	$2.50	-	$3.50	$1.78	$2.61	$2.25	$3.00	$3.29	$2.09
Weighted Average Basic Shares Outstanding	105.68M	106.74M	107.82M	117.49M	171.00M	174.50M	182.49M	199.63M	215.37M	220.17M
Diluted Earnings per Share	$1.61	$2.49	-	$3.49	$1.78	$2.60	$2.24	$2.99	$3.28	$2.09
Weighted Average Diluted Shares Outstanding	106.51M	107.07M	108.04M	117.71M	171.30M	174.84M	183.13M	200.43M	215.76M	220.52M
Weighted Average Basic & Diluted Shares Outstanding	106.30M	107.10M	106.93M	-	172.28M	175.40M	190.61M	210.62M	218.67M	218.85M
Cash Dividends to Common per Share	$3.81	$3.90	$3.99	$4.07	$4.13	$4.16	$4.20	$4.23	$5.03	$3.47

This table shows W.P. Carey's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	105	210	294	145	125	144	159	143	112	47	126
Consolidated Net Income / (Loss)	104	210	294	145	125	144	159	143	112	47	126
Net Income / (Loss) Continuing Operations	104	210	294	145	125	125	159	136	112	36	126
Total Pre-Tax Income	113	216	310	155	130	158	168	149	121	55	137
Total Revenue	379	582	369	453	449	435	335	327	413	370	454
Net Interest Income / (Expense)	0.00	92	-67	0.00	0.00	67	-69	-65	0.00	134	0.00
Total Interest Income	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Interest Expense	0.00	-92	67	0.00	0.00	-67	69	65	0.00	-134	0.00
Total Non-Interest Income	379	489	436	453	449	367	404	392	413	236	454
Net Realized & Unrealized Capital Gains on Investments	-4.74	87	8.10	-	-	-	14	2.50	16	-170	44
Other Non-Interest Income	384	403	428	448	447	419	390	390	397	406	410
Total Non-Interest Expense	247	235	247	232	257	283	203	233	194	222	218
Salaries and Employee Benefits	5.51	57	34	9.00	9.05	79	37	33	13	57	9.15
Net Occupancy & Equipment Expense	21	26	34	32	40	34	30	32	29	29	28
Other Operating Expenses	42	-3.63	22	45	44	-29	13	14	36	-7.02	44
Depreciation Expense	132	141	156	144	145	129	119	137	116	116	130
Impairment Charge	29	-17	-	0.00	15	-	-	16	0.00	-	6.85
Restructuring Charge	18	-	-	1.42	4.15	-	-	-	0.28	-	0.56
Nonoperating Income / (Expense), net	-20	-161	188	-66	-62	-14	36	49	-98	-105	-98
Income Tax Expense	8.26	6.13	15	10	5.09	14	8.67	6.22	9.04	7.77	12
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.66	-0.04	0.06	-0.04	-0.04	-0.05	-0.14	-0.04	-0.05	0.02	-0.01
Weighted Average Basic Shares Outstanding	203.09M	199.63M	211.95M	215.08M	215.10M	215.37M	220.03M	220.20M	220.22M	220.17M	220.40M
Weighted Average Diluted Shares Outstanding	204.10M	200.43M	212.35M	215.18M	215.25M	215.76M	220.13M	220.21M	220.40M	220.52M	220.72M
Weighted Average Basic & Diluted Shares Outstanding	208.03M	210.62M	213.90M	213.93M	218.67M	218.67M	218.82M	218.85M	218.85M	218.85M	218.98M
Cash Dividends to Common per Share	$1.06	$1.06	$1.07	$1.07	$1.07	$1.83	$0.87	$0.87	$0.88	$0.86	$0.89

This table details how cash moves in and out of W.P. Carey's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-41	-27	-1.06	214	-173	60	-94	6.19	468	-1.27
Net Cash From Operating Activities	509	547	521	509	812	802	926	1,004	1,073	1,833
Net Cash From Continuing Operating Activities	509	547	521	509	812	802	926	1,004	1,073	1,833
Net Income / (Loss) Continuing Operations	185	275	285	424	307	466	410	598	708	461
Consolidated Net Income / (Loss)	185	275	285	424	307	466	410	598	708	461
Provision For Loan Losses	8.75	7.06	-	0.00	0.00	22	0.27	-14	29	28
Depreciation Expense	288	280	261	298	460	456	491	520	594	507
Amortization Expense	29	3.32	55	51	85	53	57	43	34	24
Non-Cash Adjustments to Reconcile Net Income	32	-26	-31	-182	7.67	-185	-4.76	-128	-263	811
Changes in Operating Assets and Liabilities, net	-34	7.60	-50	-82	-47	-11	-27	-15	-29	2.53
Net Cash From Investing Activities	-645	-285	214	-266	-523	-540	-1,567	-1,053	-906	-1,134
Net Cash From Continuing Investing Activities	-645	-285	214	-266	-523	-540	-1,567	-1,053	-906	-1,134
Purchase of Property, Leasehold Improvements and Equipment	-28	-64	-78	-108	-165	-207	-114	-104	-122	-135
Purchase of Investment Securities	-885	-820	-157	-749	-757	-781	-1,673	-1,729	-1,250	-1,416
Divestitures	-	0.00	0.00	114	-	0.00	0.00	331	0.00	0.00
Sale and/or Maturity of Investments	56	563	171	17	353	397	158	423	460	422
Other Investing Activities, net	212	37	278	29	47	52	62	26	4.96	-4.96
Net Cash From Financing Activities	121	-282	-745	-24	-458	-211	557	58	293	-688
Net Cash From Continuing Financing Activities	121	-282	-745	-24	-458	-211	557	58	293	-688
Issuance of Debt	2,090	1,537	1,837	2,587	2,207	1,814	3,386	2,697	3,094	2,955
Issuance of Common Equity	0.52	84	23	288	523	0.16	340	218	0.00	0.00
Repayment of Debt	-1,522	-1,452	-2,218	-2,425	-2,466	-1,481	-3,091	-2,306	-2,836	-2,842
Payment of Dividends	-418	-434	-452	-459	-706	-732	-764	-836	-920	-767
Other Financing Activities, Net	-29	-17	65	-14	-16	189	687	284	955	-34
Effect of Exchange Rate Changes	-26	-7.34	9.51	-4.36	-4.07	9.37	-11	-2.72	7.72	-12

This table details how cash moves in and out of W.P. Carey's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	50	-26	6.69	55	-72	478	412	126	-351	-188	-473
Net Cash From Operating Activities	256	301	283	248	282	261	1,036	221	280	296	273
Net Cash From Continuing Operating Activities	256	301	283	248	282	261	1,036	221	280	296	273
Net Income / (Loss) Continuing Operations	104	210	294	145	125	144	159	143	112	47	126
Consolidated Net Income / (Loss)	104	210	294	145	125	144	159	143	112	47	126
Provision For Loan Losses	-27	13	-3.42	-0.21	-2.48	35	-4.00	-1.09	16	17	12
Depreciation Expense	136	146	161	149	150	134	123	142	121	121	135
Amortization Expense	12	8.87	11	9.03	7.90	6.26	4.14	5.56	4.52	10	1.28
Non-Cash Adjustments to Reconcile Net Income	23	-116	-186	-13	-1.75	-62	768	-32	2.52	72	-3.38
Changes in Operating Assets and Liabilities, net	6.53	39	5.94	-42	3.84	2.70	-16	-37	25	30	2.65
Net Cash From Investing Activities	-459	-33	-587	-318	113	-113	-237	-150	-49	-698	-174
Net Cash From Continuing Investing Activities	-459	-33	-587	-318	113	-113	-237	-150	-49	-698	-174
Acquisitions	-	-	-2.62	-2.92	-1.57	-	-27	-1.90	-7.42	-	-6.70
Purchase of Investment Securities	-853	-176	-624	-294	-26	-305	-279	-258	-133	-746	-302
Divestitures	-	-	3.33	3.44	5.72	-12	4.50	4.22	9.54	-18	17
Sale and/or Maturity of Investments	74	229	42	2.33	171	245	85	138	106	94	119
Other Investing Activities, net	16	-65	30	-	-8.07	-17	0.00	-4.96	-	-	-1.17
Net Cash From Financing Activities	258	-306	307	128	-465	322	-379	61	-596	226	-581
Net Cash From Continuing Financing Activities	258	-306	307	128	-465	322	-379	61	-596	226	-581
Issuance of Debt	1,098	619	1,019	1,348	397	330	638	1,329	270	718	677
Repayment of Debt	-736	-887	-726	-990	-612	-509	-810	-1,067	-670	-296	-1,056
Payment of Dividends	-206	-222	-227	-230	-233	-231	-190	-191	-192	-195	-195
Other Financing Activities, Net	101	184	-9.00	0.46	-18	981	-17	-11	-4.45	-1.80	-7.57
Effect of Exchange Rate Changes	-4.75	12	4.06	-2.15	-2.87	8.68	-7.49	-6.23	15	-13	8.78

This table presents W.P. Carey's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	8,742	8,454	8,231	14,183	14,061	14,708	15,481	18,102	17,977	17,535
Cash and Due from Banks	157	155	162	218	196	249	165	168	634	640
Trading Account Securities	275	299	341	329	324	283	357	328	354	301
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	4,928	4,267	4,128	7,687	7,820	8,450	8,986	11,166	10,346	10,819
Goodwill	682	636	644	921	935	911	902	1,037	978	968
Intangible Assets	1,378	1,805	1,854	2,935	3,096	3,182	3,229	3,494	3,016	2,963
Other Assets	1,259	992	996	2,018	1,632	1,607	1,840	1,910	2,649	1,843
Total Liabilities & Shareholders' Equity	8,742	8,454	8,231	14,183	14,061	14,708	15,481	18,102	17,977	17,535
Total Liabilities	5,166	5,028	4,819	7,353	7,113	7,829	7,897	9,093	9,270	9,101
Short-Term Debt	485	677	217	92	201	82	411	276	404	55
Other Short-Term Payables	445	374	373	576	669	-	204	852	808	795
Long-Term Debt	3,995	3,764	4,048	6,287	5,853	6,614	6,381	7,601	7,740	7,984
Other Long-Term Liabilities	240	213	181	398	390	1,133	902	364	318	267
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	3,561	3,425	3,411	6,830	6,948	6,878	7,583	9,009	8,707	8,434
Total Preferred & Common Equity	3,427	3,302	3,192	6,824	6,942	6,877	7,582	8,994	8,700	8,430
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	3,427	3,302	3,192	6,824	6,942	6,877	7,582	8,994	8,700	8,430
Common Stock	4,282	4,400	4,434	8,188	8,718	8,926	9,978	11,707	11,785	11,805
Treasury Stock	56	50	47	36	37	42	50	57	62	79
Accumulated Other Comprehensive Income / (Loss)	-172	-254	-236	-255	-256	-240	-222	-284	-255	-250
Other Equity Adjustments	-739	-894	-1,052	-1,144	-1,557	-1,851	-2,224	-2,487	-2,891	-3,204
Noncontrolling Interest	134	123	219	5.78	6.24	1.66	1.67	15	6.56	4.43

This table presents W.P. Carey's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	17,775	18,832	19,076	18,630	17,612	17,769	17,632	17,307
Cash and Due from Banks	186	148	204	136	777	1,086	818	188
Trading Account Securities	298	341	340	352	356	356	299	305
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	10,882	11,032	11,520	11,175	10,450	10,484	10,755	10,950
Goodwill	1,023	1,038	1,037	1,034	974	973	979	974
Intangible Assets	3,419	3,420	3,555	3,467	2,972	2,933	2,970	3,011
Other Assets	1,966	2,853	2,420	2,466	2,083	1,937	1,809	1,880
Total Liabilities & Shareholders' Equity	17,775	18,832	19,076	18,630	17,612	17,769	17,632	17,307
Total Liabilities	8,961	9,513	9,829	9,485	8,932	9,130	9,046	8,940
Short-Term Debt	463	669	529	517	292	15	230	205
Other Short-Term Payables	-	911	876	872	769	743	786	805
Long-Term Debt	7,321	7,589	8,087	7,771	7,582	8,087	7,743	7,661
Other Long-Term Liabilities	1,178	344	337	325	290	284	286	269
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	8,814	9,319	9,247	9,145	8,679	8,639	8,586	8,367
Total Preferred & Common Equity	8,799	9,302	9,231	9,134	8,673	8,633	8,579	8,362
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	8,799	9,302	9,231	9,134	8,673	8,633	8,579	8,362
Common Stock	11,511	11,949	11,959	11,971	11,773	11,782	11,796	11,793
Treasury Stock	57	62	62	62	78	78	78	97
Accumulated Other Comprehensive Income / (Loss)	-298	-285	-280	-282	-253	-253	-238	-251
Other Equity Adjustments	-2,470	-2,425	-2,511	-2,617	-2,926	-2,975	-3,057	-3,276
Noncontrolling Interest	15	18	16	11	6.12	6.62	6.49	4.56

This table displays calculated financial ratios and metrics derived from W.P. Carey's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.30%	0.34%	-27.51%	21.02%	22.08%	2.78%	8.24%	40.41%	8.26%	-15.26%
EBITDA Growth	19.55%	-10.67%	-9.90%	19.46%	26.72%	3.84%	10.43%	34.83%	3.47%	-14.51%
EBIT Growth	31.91%	-10.56%	-29.13%	32.14%	-7.43%	24.36%	14.60%	79.21%	-2.96%	-13.72%
NOPAT Growth	18.06%	6.99%	-28.95%	28.30%	-14.03%	45.72%	2.39%	90.80%	-5.62%	-14.11%
Net Income Growth	-24.73%	48.36%	3.74%	48.85%	-27.76%	52.00%	-11.98%	45.93%	18.34%	-34.96%
EPS Growth	-32.64%	54.66%	0.00%	0.00%	-49.00%	46.07%	-13.85%	33.48%	9.70%	-36.28%
Operating Cash Flow Growth	27.42%	7.52%	-4.78%	-2.21%	59.49%	-1.30%	15.59%	8.32%	6.96%	70.77%
Free Cash Flow Firm Growth	106.48%	125.60%	-18.17%	-1,366.98%	108.66%	-146.53%	-104.00%	-318.90%	138.78%	35.53%
Invested Capital Growth	0.89%	-2.35%	-2.41%	72.04%	-1.56%	4.40%	5.90%	17.47%	-0.21%	-2.24%
Revenue Q/Q Growth	1.78%	-3.73%	-22.45%	28.35%	-11.17%	11.41%	10.46%	21.87%	-7.95%	-4.26%
EBITDA Q/Q Growth	7.21%	-4.94%	-18.43%	16.10%	-8.75%	12.28%	13.43%	24.25%	-13.73%	-1.13%
EBIT Q/Q Growth	13.22%	-8.61%	-36.60%	26.64%	-27.54%	43.15%	26.88%	54.03%	-22.14%	-0.55%
NOPAT Q/Q Growth	9.78%	-4.24%	-34.99%	22.67%	-31.73%	53.10%	27.79%	61.71%	-23.55%	-2.09%
Net Income Q/Q Growth	13.95%	-2.72%	10.04%	39.80%	-17.60%	1.05%	-7.86%	22.49%	-8.44%	-17.43%
EPS Q/Q Growth	20.15%	-1.58%	0.00%	0.00%	-29.08%	0.39%	-8.94%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	12.30%	-1.50%	-6.24%	0.93%	13.28%	1.31%	6.45%	-0.01%	-3.62%	1.98%
Free Cash Flow Firm Q/Q Growth	269.37%	-23.40%	-14.58%	-8,318.49%	109.54%	-221.83%	33.52%	13.97%	1,922.56%	-34.87%
Invested Capital Q/Q Growth	-2.17%	-0.48%	-1.13%	66.42%	-0.46%	3.43%	2.23%	1.74%	-3.34%	-0.52%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	71.91%	64.02%	79.58%	78.55%	81.53%	82.38%	84.04%	80.70%	77.14%	77.82%
EBIT Margin	38.10%	33.97%	33.21%	36.26%	27.49%	33.27%	35.22%	44.96%	40.30%	41.03%
Profit (Net Income) Margin	19.74%	29.19%	41.77%	51.38%	30.40%	44.96%	36.56%	38.00%	41.54%	31.88%
Tax Burden Percent	85.61%	98.82%	99.06%	112.49%	92.12%	104.66%	93.51%	95.57%	94.14%	93.56%
Interest Burden Percent	60.51%	86.96%	126.97%	125.95%	120.02%	129.12%	111.00%	88.43%	109.48%	83.04%
Effective Tax Rate	17.39%	1.18%	0.94%	3.82%	7.88%	-4.66%	6.49%	4.43%	5.86%	6.44%
Return on Invested Capital (ROIC)	3.68%	3.97%	2.89%	2.76%	1.89%	2.72%	2.64%	4.51%	3.94%	3.43%
ROIC Less NNEP Spread (ROIC-NNEP)	1.11%	3.05%	4.28%	5.32%	2.84%	4.36%	3.25%	3.06%	4.48%	2.06%
Return on Net Nonoperating Assets (RNNOA)	1.27%	3.88%	5.45%	5.53%	2.56%	4.02%	3.03%	2.70%	4.05%	1.94%
Return on Equity (ROE)	4.96%	7.85%	8.34%	8.29%	4.45%	6.74%	5.67%	7.21%	8.00%	5.37%
Cash Return on Invested Capital (CROIC)	2.79%	6.35%	5.32%	-50.21%	3.47%	-1.59%	-3.09%	-11.56%	4.15%	5.70%
Operating Return on Assets (OROA)	4.11%	3.72%	2.72%	2.67%	1.96%	2.40%	2.62%	4.22%	3.81%	3.34%
Return on Assets (ROA)	2.13%	3.20%	3.42%	3.79%	2.17%	3.24%	2.72%	3.56%	3.93%	2.59%
Return on Common Equity (ROCE)	4.76%	7.54%	7.92%	8.10%	4.45%	6.74%	5.67%	7.21%	7.99%	5.37%
Return on Equity Simple (ROE_SIMPLE)	5.40%	8.32%	8.93%	6.22%	4.42%	6.78%	5.41%	6.65%	8.14%	5.46%
Net Operating Profit after Tax (NOPAT)	295	316	225	288	248	361	369	705	665	571
NOPAT Margin	31.48%	33.56%	32.90%	34.88%	24.56%	34.82%	32.94%	44.76%	39.02%	39.55%
Net Nonoperating Expense Percent (NNEP)	2.57%	0.92%	-1.39%	-2.56%	-0.95%	-1.65%	-0.60%	1.45%	-0.54%	1.37%
SG&A Expenses to Revenue	7.87%	7.16%	8.74%	15.69%	17.02%	14.07%	14.67%	12.83%	15.86%	18.02%
Operating Expenses to Revenue	61.90%	66.03%	66.79%	63.74%	72.51%	66.73%	64.78%	55.04%	59.70%	58.97%
Earnings before Interest and Taxes (EBIT)	358	320	227	300	277	345	395	708	687	593
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	675	603	543	649	822	854	943	1,271	1,315	1,124
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.02	1.15	1.48	1.06	1.43	1.38	1.64	1.57	1.53	1.41
Price to Tangible Book Value (P/TBV)	2.56	4.42	6.83	2.43	3.42	3.42	3.60	3.17	2.83	2.65
Price to Revenue (P/Rev)	3.73	4.04	6.94	8.74	9.86	9.18	11.07	8.98	7.81	8.25
Price to Earnings (P/E)	20.35	14.20	17.09	17.53	32.57	20.90	30.30	23.60	18.81	25.87
Dividend Yield	11.40%	10.98%	9.05%	9.13%	7.17%	7.69%	6.31%	6.24%	6.67%	6.41%
Earnings Yield	4.92%	7.04%	5.85%	5.70%	3.07%	4.78%	3.30%	4.24%	5.32%	3.87%
Enterprise Value to Invested Capital (EV/IC)	0.99	1.04	1.18	1.01	1.22	1.18	1.33	1.29	1.24	1.17
Enterprise Value to Revenue (EV/Rev)	8.50	8.72	13.28	16.20	15.68	15.41	16.98	13.88	12.22	13.37
Enterprise Value to EBITDA (EV/EBITDA)	11.82	13.62	16.68	20.63	19.23	18.70	20.20	17.20	15.84	17.19
Enterprise Value to EBIT (EV/EBIT)	22.31	25.68	39.98	44.68	57.01	46.31	48.21	30.87	30.33	32.60
Enterprise Value to NOPAT (EV/NOPAT)	27.01	25.99	40.36	46.45	63.83	44.24	51.55	31.01	31.32	33.82
Enterprise Value to Operating Cash Flow (EV/OCF)	15.69	15.02	17.40	26.28	19.47	19.92	20.56	21.78	19.42	10.54
Enterprise Value to Free Cash Flow (EV/FCFF)	35.59	16.24	21.90	0.00	34.80	0.00	0.00	0.00	29.75	20.35
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.25	1.30	1.25	0.93	0.87	0.97	0.90	0.87	0.94	0.95
Long-Term Debt to Equity	1.12	1.10	1.19	0.92	0.84	0.96	0.84	0.84	0.89	0.95
Financial Leverage	1.15	1.27	1.27	1.04	0.90	0.92	0.93	0.88	0.90	0.94
Leverage Ratio	2.33	2.46	2.44	2.19	2.05	2.08	2.09	2.02	2.04	2.07
Compound Leverage Factor	1.41	2.14	3.10	2.76	2.46	2.69	2.32	1.79	2.23	1.72
Debt to Total Capital	55.61%	56.45%	55.55%	48.29%	46.56%	49.33%	47.25%	46.65%	48.33%	48.80%
Short-Term Debt to Total Capital	6.02%	8.60%	2.82%	0.69%	1.55%	0.61%	2.86%	1.64%	2.40%	0.34%
Long-Term Debt to Total Capital	49.59%	47.85%	52.73%	47.60%	45.01%	48.72%	44.39%	45.01%	45.93%	48.46%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.85%	1.58%	2.87%	0.04%	0.05%	0.01%	0.01%	0.09%	0.04%	0.03%
Common Equity to Total Capital	42.54%	41.97%	41.58%	51.66%	53.39%	50.66%	52.74%	53.26%	51.63%	51.17%
Debt to EBITDA	6.64	7.37	7.85	9.83	7.36	7.84	7.20	6.20	6.19	7.15
Net Debt to EBITDA	6.41	7.11	7.55	9.50	7.13	7.55	7.03	6.07	5.71	6.58
Long-Term Debt to EBITDA	5.92	6.24	7.45	9.69	7.12	7.75	6.77	5.98	5.88	7.10
Debt to NOPAT	15.17	14.05	19.00	22.14	24.44	18.56	18.38	11.17	12.24	14.07
Net Debt to NOPAT	14.64	13.56	18.27	21.39	23.65	17.87	17.93	10.94	11.29	12.95
Long-Term Debt to NOPAT	13.53	11.91	18.03	21.83	23.63	18.33	17.27	10.78	11.63	13.97
Noncontrolling Interest Sharing Ratio	3.95%	3.91%	5.04%	2.21%	0.09%	0.06%	0.02%	0.10%	0.12%	0.06%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	224	506	414	-5,243	454	-211	-431	-1,806	701	950
Operating Cash Flow to CapEx	1,813.63%	848.52%	664.39%	0.00%	490.71%	386.74%	815.45%	960.88%	882.58%	1,354.58%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	2.50	-29.39	1.95	-1.01	-2.19	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	3.14	2.85	3.48	3.82	4.71	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	2.67	4.67	2.77	2.83	4.13	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.11	0.11	0.08	0.07	0.07	0.07	0.07	0.09	0.09	0.08
Fixed Asset Turnover	0.19	0.20	0.16	0.14	0.13	0.13	0.13	0.16	0.16	0.14
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	8,057	7,867	7,678	13,209	13,002	13,574	14,375	16,886	16,851	16,473
Invested Capital Turnover	0.12	0.12	0.09	0.08	0.08	0.08	0.08	0.10	0.10	0.09
Increase / (Decrease) in Invested Capital	71	-190	-189	5,531	-207	572	801	2,511	-35	-378
Enterprise Value (EV)	7,977	8,212	9,061	13,382	15,807	15,966	19,049	21,861	20,841	19,326
Market Capitalization	3,505	3,802	4,738	7,215	9,943	9,517	12,421	14,137	13,324	11,923
Book Value per Share	$32.83	$31.07	$29.86	$42.37	$40.30	$39.21	$40.70	$43.23	$39.79	$38.52
Tangible Book Value per Share	$13.10	$8.10	$6.49	$18.43	$16.90	$15.87	$18.52	$21.45	$21.52	$20.56
Total Capital	8,057	7,867	7,678	13,209	13,002	13,574	14,375	16,886	16,851	16,473
Total Debt	4,480	4,441	4,265	6,379	6,054	6,696	6,792	7,878	8,144	8,039
Total Long-Term Debt	3,995	3,764	4,048	6,287	5,853	6,614	6,381	7,601	7,740	7,984
Net Debt	4,323	4,285	4,103	6,161	5,858	6,447	6,626	7,710	7,510	7,399
Capital Expenditures (CapEx)	28	64	78	-324	165	207	114	104	122	135
Net Nonoperating Expense (NNE)	110	41	-61	-136	-59	-105	-41	107	-43	111
Net Nonoperating Obligations (NNO)	4,480	4,441	4,265	6,379	6,054	6,696	6,792	7,878	8,144	8,039
Total Depreciation and Amortization (D&A)	317	283	316	349	545	509	548	563	628	532
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.62	$2.50	$2.56	$0.00	$1.78	$2.61	$2.25	$3.00	$3.29	$2.09
Adjusted Weighted Average Basic Shares Outstanding	105.68M	106.74M	107.82M	117.49M	171.00M	174.50M	182.49M	199.63M	215.37M	220.17M
Adjusted Diluted Earnings per Share	$1.61	$2.49	$2.56	$0.00	$1.78	$2.60	$2.24	$2.99	$3.28	$2.09
Adjusted Weighted Average Diluted Shares Outstanding	106.51M	107.07M	108.04M	117.71M	171.30M	174.84M	183.13M	200.43M	215.76M	220.52M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	104.53M	106.32M	106.93M	0.00	172.28M	175.40M	190.61M	210.62M	218.67M	218.85M
Normalized Net Operating Profit after Tax (NOPAT)	320	386	237	333	278	267	388	761	751	616
Normalized NOPAT Margin	34.11%	41.04%	34.74%	40.26%	27.54%	25.72%	34.58%	48.31%	44.06%	42.66%
Pre Tax Income Margin	23.06%	29.54%	42.17%	45.67%	33.00%	42.96%	39.10%	39.76%	44.12%	34.07%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	1.37	1.68	1.19	1.64	2.01	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	1.35	1.62	1.06	1.72	1.88	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.89	3.50	0.48	0.65	1.43	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.88	3.43	0.35	0.73	1.30	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	225.81%	157.81%	158.49%	108.08%	230.34%	157.16%	186.39%	139.63%	129.87%	166.60%
Augmented Payout Ratio	225.81%	157.81%	158.49%	108.36%	230.34%	157.16%	186.39%	139.63%	129.87%	166.60%

This table displays calculated financial ratios and metrics derived from W.P. Carey's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	16.14%	94.47%	9.04%	63.99%	18.46%	-25.31%	-9.14%	-27.84%	-8.00%	-14.81%	11.94%
EBITDA Growth	3.64%	97.88%	8.78%	73.01%	24.89%	-41.73%	-11.72%	-36.26%	-1.74%	-4.40%	12.47%
EBIT Growth	-4.44%	251.75%	-12.59%	147.35%	45.56%	-56.31%	8.20%	-57.59%	13.75%	-2.15%	16.30%
NOPAT Growth	-6.12%	289.62%	-13.11%	142.00%	50.72%	-57.09%	7.87%	-53.35%	9.68%	-12.73%	12.26%
Net Income Growth	-24.76%	110.32%	87.55%	13.20%	19.88%	-31.15%	-45.97%	-1.19%	-10.68%	-67.39%	-20.91%
EPS Growth	0.00%	0.00%	69.51%	1.52%	0.00%	0.00%	-48.20%	-2.99%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	12.79%	-0.02%	19.86%	17.35%	10.45%	-13.38%	266.27%	-10.73%	-0.77%	13.65%	-73.62%
Free Cash Flow Firm Growth	-198.88%	-203.55%	-221.86%	-1,483.69%	73.01%	108.96%	138.49%	137.46%	265.29%	167.96%	-56.09%
Invested Capital Growth	18.03%	17.47%	21.45%	23.99%	5.04%	-0.21%	-5.83%	-6.28%	-5.01%	-2.24%	-1.93%
Revenue Q/Q Growth	37.16%	53.58%	-36.64%	22.87%	-0.92%	-3.17%	-22.93%	-2.42%	26.32%	-10.33%	22.52%
EBITDA Q/Q Growth	27.92%	78.96%	-41.37%	28.91%	-7.66%	-16.50%	-11.18%	-6.93%	42.35%	-18.76%	32.77%
EBIT Q/Q Growth	47.61%	162.79%	-64.86%	81.48%	-13.13%	-21.12%	-12.99%	-28.87%	133.00%	-32.15%	58.48%
NOPAT Q/Q Growth	43.47%	198.99%	-68.30%	77.97%	-10.65%	-14.88%	-20.31%	-23.03%	110.07%	-32.26%	57.09%
Net Income Q/Q Growth	-18.36%	100.93%	40.54%	-50.90%	-13.54%	15.40%	10.29%	-10.20%	-21.84%	-57.87%	167.48%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-51.80%	-13.43%	10.34%	12.50%	-9.72%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	21.16%	17.75%	-6.08%	-12.42%	14.03%	-7.65%	297.15%	-78.65%	26.75%	5.77%	-7.81%
Free Cash Flow Firm Q/Q Growth	-1,076.19%	11.10%	-39.31%	-8.72%	79.96%	129.52%	498.44%	5.81%	-11.56%	-52.15%	3.76%
Invested Capital Q/Q Growth	15.20%	1.74%	4.09%	1.62%	-2.41%	-3.34%	-1.77%	1.15%	-1.09%	-0.52%	-1.46%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	73.97%	86.19%	79.75%	83.67%	77.98%	67.24%	77.49%	73.91%	83.29%	75.46%	81.77%
EBIT Margin	34.86%	59.65%	33.08%	48.86%	42.83%	34.89%	39.39%	28.71%	52.96%	40.08%	51.84%
Profit (Net Income) Margin	27.52%	36.00%	79.86%	31.92%	27.85%	33.19%	47.49%	43.70%	27.04%	12.70%	27.74%
Tax Burden Percent	92.66%	97.16%	95.12%	93.45%	96.09%	91.32%	94.83%	95.83%	92.51%	85.82%	91.54%
Interest Burden Percent	85.20%	62.13%	253.84%	69.90%	67.67%	104.16%	127.14%	158.83%	55.19%	36.94%	58.45%
Effective Tax Rate	7.34%	2.84%	4.88%	6.55%	3.91%	8.68%	5.17%	4.17%	7.49%	14.18%	8.46%
Return on Invested Capital (ROIC)	2.72%	6.34%	3.15%	5.03%	4.47%	3.65%	3.66%	2.63%	4.35%	3.21%	4.32%
ROIC Less NNEP Spread (ROIC-NNEP)	2.47%	4.20%	5.53%	4.23%	3.73%	3.49%	4.08%	3.19%	3.24%	2.10%	3.19%
Return on Net Nonoperating Assets (RNNOA)	2.21%	3.72%	4.88%	3.85%	3.34%	3.16%	3.66%	2.98%	2.97%	1.98%	2.94%
Return on Equity (ROE)	4.93%	10.05%	8.04%	8.89%	7.82%	6.81%	7.31%	5.61%	7.32%	5.19%	7.27%
Cash Return on Invested Capital (CROIC)	-13.70%	-11.56%	-15.09%	-16.40%	0.20%	4.15%	9.95%	9.73%	8.58%	5.70%	5.58%
Operating Return on Assets (OROA)	2.74%	5.60%	3.09%	5.04%	4.36%	3.30%	3.61%	2.41%	4.41%	3.26%	4.43%
Return on Assets (ROA)	2.16%	3.38%	7.45%	3.30%	2.83%	3.14%	4.36%	3.67%	2.25%	1.03%	2.37%
Return on Common Equity (ROCE)	4.93%	10.04%	8.03%	8.88%	7.80%	6.80%	7.31%	5.60%	7.31%	5.19%	7.26%
Return on Equity Simple (ROE_SIMPLE)	5.55%	0.00%	7.91%	8.16%	8.47%	0.00%	6.61%	6.62%	6.50%	0.00%	5.11%
Net Operating Profit after Tax (NOPAT)	122	366	116	206	184	157	125	96	202	137	215
NOPAT Margin	32.30%	62.88%	31.46%	45.57%	41.09%	36.13%	37.35%	29.46%	48.99%	37.01%	47.45%
Net Nonoperating Expense Percent (NNEP)	0.25%	2.13%	-2.37%	0.80%	0.74%	0.16%	-0.42%	-0.56%	1.11%	1.11%	1.14%
SG&A Expenses to Revenue	6.89%	14.24%	18.53%	9.11%	10.84%	25.82%	19.96%	20.06%	10.23%	23.16%	8.24%
Operating Expenses to Revenue	65.14%	40.35%	66.92%	51.14%	57.17%	65.11%	60.61%	71.29%	47.04%	59.93%	48.16%
Earnings before Interest and Taxes (EBIT)	132	347	122	221	192	152	132	94	219	148	235
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	280	502	294	379	350	292	260	242	344	279	371
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.31	1.57	1.55	1.40	1.16	1.53	1.36	1.35	1.56	1.41	1.65
Price to Tangible Book Value (P/TBV)	2.65	3.17	2.97	2.79	2.28	2.83	2.49	2.47	2.90	2.65	3.16
Price to Revenue (P/Rev)	8.94	8.98	8.96	7.26	5.71	7.81	7.05	7.56	8.89	8.25	9.25
Price to Earnings (P/E)	23.61	23.60	19.53	17.18	13.66	18.81	20.56	20.45	24.04	25.87	32.31
Dividend Yield	7.07%	6.24%	6.23%	7.04%	8.65%	6.67%	7.17%	6.86%	5.66%	6.41%	5.57%
Earnings Yield	4.24%	4.24%	5.12%	5.82%	7.32%	5.32%	4.86%	4.89%	4.16%	3.87%	3.09%
Enterprise Value to Invested Capital (EV/IC)	1.15	1.29	1.28	1.20	1.07	1.24	1.14	1.12	1.24	1.17	1.32
Enterprise Value to Revenue (EV/Rev)	14.83	13.88	14.02	11.99	10.11	12.22	11.30	12.11	13.63	13.37	14.39
Enterprise Value to EBITDA (EV/EBITDA)	18.73	17.20	17.38	14.69	12.29	15.84	14.75	16.36	18.09	17.19	18.44
Enterprise Value to EBIT (EV/EBIT)	41.68	30.87	32.59	25.99	21.22	30.33	27.09	32.84	34.51	32.60	34.35
Enterprise Value to NOPAT (EV/NOPAT)	43.95	31.01	32.78	26.42	21.52	31.32	28.08	33.23	35.25	33.82	36.10
Enterprise Value to Operating Cash Flow (EV/OCF)	19.09	21.78	21.43	19.66	16.82	19.42	10.34	10.40	11.45	10.54	20.07
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	540.77	29.75	11.13	11.11	14.11	20.35	23.50
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.88	0.87	0.89	0.93	0.91	0.94	0.91	0.94	0.93	0.95	0.94
Long-Term Debt to Equity	0.83	0.84	0.81	0.87	0.85	0.89	0.87	0.94	0.90	0.95	0.92
Financial Leverage	0.89	0.88	0.88	0.91	0.89	0.90	0.90	0.93	0.92	0.94	0.92
Leverage Ratio	2.03	2.02	2.02	2.04	2.03	2.04	2.02	2.06	2.05	2.07	2.05
Compound Leverage Factor	1.73	1.26	5.13	1.43	1.37	2.12	2.57	3.27	1.13	0.77	1.20
Debt to Total Capital	46.90%	46.65%	46.98%	48.23%	47.54%	48.33%	47.57%	48.40%	48.15%	48.80%	48.46%
Short-Term Debt to Total Capital	2.79%	1.64%	3.81%	2.96%	2.96%	2.40%	1.76%	0.09%	1.39%	0.34%	1.26%
Long-Term Debt to Total Capital	44.11%	45.01%	43.17%	45.27%	44.58%	45.93%	45.80%	48.31%	46.76%	48.46%	47.19%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.09%	0.09%	0.10%	0.09%	0.06%	0.04%	0.04%	0.04%	0.04%	0.03%	0.03%
Common Equity to Total Capital	53.02%	53.26%	52.92%	51.67%	52.40%	51.63%	52.40%	51.56%	51.81%	51.17%	51.51%
Debt to EBITDA	7.61	6.20	6.38	5.92	5.44	6.19	6.15	7.09	7.01	7.15	6.75
Net Debt to EBITDA	7.43	6.07	6.26	5.78	5.35	5.71	5.54	6.14	6.29	6.58	6.59
Long-Term Debt to EBITDA	7.16	5.98	5.86	5.56	5.10	5.88	5.92	7.07	6.81	7.10	6.57
Debt to NOPAT	17.85	11.17	12.03	10.65	9.52	12.24	11.71	14.39	13.66	14.07	13.21
Net Debt to NOPAT	17.43	10.94	11.81	10.40	9.37	11.29	10.55	12.46	12.26	12.95	12.90
Long-Term Debt to NOPAT	16.79	10.78	11.05	10.00	8.93	11.63	11.27	14.36	13.27	13.97	12.87
Noncontrolling Interest Sharing Ratio	0.10%	0.10%	0.11%	0.11%	0.14%	0.12%	0.13%	0.13%	0.10%	0.06%	0.06%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2,413	-2,145	-2,989	-3,249	-651	192	1,150	1,217	1,076	515	534
Operating Cash Flow to CapEx	947.54%	1,452.84%	802.72%	919.99%	1,007.90%	828.39%	5,295.02%	799.45%	1,176.54%	460.83%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	-44.48	0.00	0.00	0.00	16.76	18.64	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	4.21	0.00	0.00	0.00	15.08	3.38	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	3.68	0.00	0.00	0.00	14.80	2.96	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.08	0.09	0.09	0.10	0.10	0.09	0.09	0.08	0.08	0.08	0.09
Fixed Asset Turnover	0.13	0.16	0.16	0.17	0.17	0.16	0.16	0.14	0.14	0.14	0.14
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	16,597	16,886	17,578	17,863	17,433	16,851	16,552	16,742	16,559	16,473	16,233
Invested Capital Turnover	0.08	0.10	0.10	0.11	0.11	0.10	0.10	0.09	0.09	0.09	0.09
Increase / (Decrease) in Invested Capital	2,536	2,511	3,105	3,456	836	-35	-1,025	-1,121	-874	-378	-319
Enterprise Value (EV)	19,161	21,861	22,509	21,371	18,731	20,841	18,889	18,710	20,576	19,326	21,495
Market Capitalization	11,550	14,137	14,381	12,943	10,569	13,324	11,786	11,687	13,414	11,923	13,812
Book Value per Share	$45.61	$43.23	$44.16	$43.15	$42.70	$39.79	$39.42	$39.45	$39.20	$38.52	$38.21
Tangible Book Value per Share	$22.59	$21.45	$23.00	$21.69	$21.66	$21.52	$21.48	$21.60	$21.16	$20.56	$20.00
Total Capital	16,597	16,886	17,578	17,863	17,433	16,851	16,552	16,742	16,559	16,473	16,233
Total Debt	7,783	7,878	8,258	8,616	8,288	8,144	7,873	8,102	7,973	8,039	7,866
Total Long-Term Debt	7,321	7,601	7,589	8,087	7,771	7,740	7,582	8,087	7,743	7,984	7,661
Net Debt	7,597	7,710	8,110	8,412	8,151	7,510	7,096	7,016	7,155	7,399	7,678
Capital Expenditures (CapEx)	27	21	35	27	28	31	20	28	24	64	0.00
Net Nonoperating Expense (NNE)	18	156	-178	62	59	13	-34	-47	91	90	89
Net Nonoperating Obligations (NNO)	7,783	7,878	8,258	8,616	8,288	8,144	7,873	8,102	7,973	8,039	7,866
Total Depreciation and Amortization (D&A)	148	154	172	158	158	141	128	148	125	131	136
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.52	$0.00	$1.39	$0.67	$0.58	$0.65	$0.72	$0.65	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	203.09M	199.63M	211.95M	215.08M	215.10M	215.37M	220.03M	220.20M	220.22M	220.17M	220.40M
Adjusted Diluted Earnings per Share	$0.51	$0.00	$1.39	$0.67	$0.58	$0.64	$0.72	$0.65	$0.00	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	204.10M	200.43M	212.35M	215.18M	215.25M	215.76M	220.13M	220.21M	220.40M	220.52M	220.72M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	208.03M	210.62M	213.90M	213.93M	218.67M	218.67M	218.82M	218.85M	218.85M	218.85M	218.98M
Normalized Net Operating Profit after Tax (NOPAT)	166	350	116	208	203	157	129	112	203	137	222
Normalized NOPAT Margin	43.79%	60.11%	31.47%	45.86%	45.23%	36.13%	38.61%	34.14%	49.06%	37.01%	48.95%
Pre Tax Income Margin	29.70%	37.06%	83.96%	34.15%	28.98%	36.34%	50.08%	45.61%	29.23%	14.80%	30.30%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	1.81	0.00	0.00	0.00	1.92	1.44	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	1.73	0.00	0.00	0.00	1.82	1.47	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	1.29	0.00	0.00	0.00	1.64	1.01	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	1.20	0.00	0.00	0.00	1.54	1.05	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	165.90%	139.63%	116.77%	117.47%	117.83%	129.87%	154.19%	147.81%	144.03%	166.60%	180.67%
Augmented Payout Ratio	165.90%	139.63%	116.77%	117.47%	117.83%	129.87%	154.19%	147.81%	144.03%	166.60%	180.67%

Financials Breakdown Chart

Key Financial Trends

W. P. Carey Inc. (NYSE: WPC) has demonstrated several financial trends and notable changes over the last four years through the analysis of its quarterly financial statements up to Q1 2025.

Positive Trends:

Strong net income growth seen with consolidated net income of $125.8 million in Q1 2025, up significantly from $47.0 million in Q4 2024 and continuing higher than many quarters in the prior years.
Operating cash flow remains robust, generating $273.2 million in Q1 2025, supporting the company’s operational strength and liquidity.
Consistent dividend payments with quarterly dividends gradually increasing from $0.865 per share in Q2 2024 to $0.89 per share in Q1 2025, demonstrating a shareholder-friendly capital return policy.
Total non-interest income showed healthy contributions, increasing to $453.6 million in Q1 2025, driven largely by $409.9 million in other non-interest income and $43.8 million in capital gains.
Total assets have remained relatively stable, around $17.3 billion in Q1 2025, reflecting steady asset base supporting business operations.

Neutral Observations:

W. P. Carey reported zero net interest income/expense in Q1 2025, indicating the company's main income is generated from other sources rather than interest spreads.
Weighted average diluted shares outstanding have remained stable around 220 million shares, signaling no significant share dilution or buybacks during these periods.
The company holds significant long-term debt (~$7.7 billion in Q1 2025) which is typical for real estate investment trusts (REITs) like WPC to finance property acquisitions and operations.
Cash and equivalents fluctuate quarter to quarter, with $187.8 million at Q1 2025 compared to $818.2 million in Q3 2024, reflecting operational and investment cash flow uses.

Negative Concerns:

Non-interest expenses remain substantial and somewhat volatile; $218.5 million in Q1 2025, mainly driven by high depreciation expense ($129.6 million) and other operating expenses.
Net non-operating expense impact is significant with losses of $97.7 million in Q1 2025, hurting pre-tax income and indicating potential challenges or losses in non-core operations.
Impairment charges and restructuring charges appear intermittently, such as $6.85 million impairment and $0.56 million restructuring in Q1 2025, which can weigh on profitability.
Fluctuations in net realized and unrealized capital gains/losses show volatility in investment income, with notable swings from positive $43.8 million in Q1 2025 to negative $169.9 million in Q4 2024, which can introduce earnings variability.
Significant repayments of debt notably exceeded issuances in several quarters including Q1 2025 (repayment of $1.06 billion vs issuance of $677 million), which may impact liquidity in the short term but can improve long-term debt structure.
Other equity adjustments and accumulated other comprehensive income negatively affect total equity, with a large negative balance (over $3.2 billion in other equity adjustments at Q1 2025), which may reflect impairment or valuation losses affecting book equity.

Overall, W. P. Carey shows resilience with solid profits, operating cash flows, and steady dividends while facing typical REIT challenges like large depreciation, debt management, and capital gains volatility. Investors should monitor the company's non-operating results and non-interest expenses, as well as its debt strategy in coming quarters.

10/05/25 03:09 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About W.P. Carey's Financials

When does W.P. Carey's fiscal year end?

According to the most recent income statement we have on file, W.P. Carey's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has W.P. Carey's net income changed over the last 9 years?

W.P. Carey's net income appears to be on an upward trend, with a most recent value of $460.63 million in 2024, rising from $185.23 million in 2015. The previous period was $708.26 million in 2023. See W.P. Carey's forecast for analyst expectations on what’s next for the company.

How has W.P. Carey's revenue changed over the last 9 years?

Over the last 9 years, W.P. Carey's total revenue changed from $938.38 million in 2015 to $1.45 billion in 2024, a change of 54.0%.

How much debt does W.P. Carey have?

W.P. Carey's total liabilities were at $9.10 billion at the end of 2024, a 1.8% decrease from 2023, and a 76.2% increase since 2015.

How much cash does W.P. Carey have?

In the past 9 years, W.P. Carey's cash and equivalents has ranged from $155.48 million in 2016 to $640.37 million in 2024, and is currently $640.37 million as of their latest financial filing in 2024.

How has W.P. Carey's book value per share changed over the last 9 years?

Over the last 9 years, W.P. Carey's book value per share changed from 32.83 in 2015 to 38.52 in 2024, a change of 17.3%.

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This page (NYSE:WPC) was last updated on 10/5/2025 by MarketBeat.com Staff

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W.P. Carey (WPC) Financials

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W.P. Carey (WPC) Financials

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