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Sep 30
WP Carey Q3 2025 Earnings Report
W. P. Carey posted solid Q3 2025 results with year-over-year growth in revenue and net income, driven by strong net investment activity and efficient capital recycling.
Key Takeaways
W. P. Carey delivered strong financial performance in Q3 2025, with revenue up 8.5% YoY and a 26% rise in net income. The company executed $656 million in investments and raised its full-year AFFO guidance. Dispositions of self-storage properties significantly contributed to capital recycling efforts.
Q3 2025 revenue was $431.3 million, up from $397.4 million in Q3 2024:contentReference[oaicite:0]{index=0}.
Net income rose 26.2% YoY to $141 million:contentReference[oaicite:1]{index=1}.
AFFO per diluted share increased to $1.25, up from $1.18 YoY:contentReference[oaicite:2]{index=2}.
22 self-storage properties were sold during Q3 for $349.2 million:contentReference[oaicite:3]{index=3}.
WP Carey
WP Carey
WP Carey Revenue by Segment
Revenue by Segment
Lease Revenue
CapyFin.comOperating Property Revenue
CapyFin.comOther Lease Income Revenue
CapyFin.comAsset Management Revenue
CapyFin.com Forward Guidance
W. P. Carey raised and narrowed its 2025 AFFO guidance to $4.93–$4.99 per share, reflecting stronger-than-expected investment volume and lower anticipated rent loss from tenant credit events.
Positive Outlook
- AFFO guidance raised due to strong Q3 performance
- Investment volume target increased to $2.1 billion
- Dispositions surpassed $1.0 billion YTD
- Rent growth remains strong at 2.4% same-store
- Reduced expected rent loss from tenant credit events
Challenges Ahead
- Operating property revenue declined due to asset sales
- Continued impairment charges from real estate
- Decreased income from other lease-related segments
- Higher property expenses YoY
- Losses on foreign currency exchange impacted earnings