W. P. Carey Inc. REIT (WPC)

FairStock Score: 61/100 — STEADY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

W. P. Carey is a net-lease landlord: 1,748 properties, roughly 188 million square feet, mostly industrial, warehouse and retail assets in the U.S. and Europe. Long-term net leases can create a modest moat, because tenants typically pay taxes, insurance and maintenance, and a diversified portfolio reduces single-tenant risk. The business is not shrinking. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $461.1 million versus $430.8 million in fiscal Q2 2025, up about 7%. Net income was $185.4 million in fiscal Q2 2026 versus $51.2 million in fiscal Q2 2025. Fiscal 2025 revenue was $1.7 billion and net income $466.4 million, similar to fiscal 2024's $1.6 billion and $460.8 million. That fits the FairStock Lynch category: SLOW GROWER, with profit 0.5% a year over five years and revenue 7.3%. I will not lean on P/E here. Depreciation distorts REIT earnings, and FFO/AFFO—the better measures—are not in the data. Instead, look at the 5.67% dividend yield, price-to-book of 1.67, and leverage. Debt-to-equity is 1.02, and the FairStock Altman Z-Score of 0.63 is uncomfortably low, though that model is not designed for REITs. Trailing free cash flow of $1.2 billion gives an 8.4% FCF yield, which helps cover the dividend. At $63.73 on 2026-10-13, the shares sit near the bottom of their 52-week range of $62.24 to $77.22, but P/B is still above book and the FairStock Piotroski F-Score is 6/9. I see a fair, income-oriented REIT, not a fat bargain; the balance sheet and missing FFO data are the reasons for caution.

In plain English: W. P. Carey owns a large mix of commercial buildings—mostly warehouses, industrial sites, and stores—leased to tenants in the U.S. and Europe. The business is producing more revenue and net income than a year ago, and it pays a high dividend, but it carries a lot of debt. At $63.73 on 2026-10-13, the shares look fair rather than cheap: they sell near the low end of their yearly range, and the numbers do not show an obvious bargain.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer