WPC NYSE Russell 1000 Earnings call
W. P. Carey (WPC) · Q2 2026 results and valuation
Share price: $64.84 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 29 Jul 2026 and 29 Apr 2026
Net income up 5.2% on the previous quarter, guidance raised. Management sounded restrained, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+5.2%
Net income vs Q1 2026
Guidance raised
Net income 185.4M vs 176.3M
Revenue +1.4%
2 · How management spoke
Restrained
Less upbeat than 78% of company calls
Answers to analysts: cautious, in line with the script.
Similar to last call.
3 · What stood out
Figure
WPC completed over $700 million in investments during the second quarter, bringing the year-to-date investment volume to $1.3 billion.
Valuation
Is W. P. Carey undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
The projected cash flow doesn't cover the debt, so the price is far above the model's fair value.
Current price
$64.84
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+20.3% for 10 yrs
Fair value / share
$-4.36
Buy below
$-3.27
Price vs fair value
n/a
Price vs buy-below price
n/a
Read between the lines
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Key theme
Full-year rent loss is now $7 million to $10 million, including Hellweg’s June payment and second-quarter recoveries, with the majority expected in the third quarter.
Source quote
“We have lowered our overall rent loss range [ to ] $7 million to $10 million for the full year. That includes Hellweg's June rent payment and some recoveries in the second quarter. So that implies that our guidance assumes we see the majority of that being used in the third and fourth quarters.”
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Guidance ↑
WPC raised its full-year outlook for both investment volume and AFFO per share.
Source quote
“And I'm pleased to say we're once again raising our full year outlook for both investment volume and AFFO per share.”
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Guidance ↑
The bottom line is that Hellweg has a negligible impact on W. P. Carey's 2026 earnings outlook, which is clearly reflected in its decision to raise AFFO guidance this quarter.
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Fading
A U.S. industrial portfolio sale-leaseback of over $0.5 billion is in advanced stages and should close within weeks.
Source quote
“And it includes 1 larger sale leaseback of a sizable industrial portfolio in the U.S. I mentioned earlier that includes kind of over $0.5 billion of identified transactions, some of which are in advanced stages. that should close over the next couple of weeks.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Our overall AFFO growth continues to benefit from our sector-leading rent growth.”
“I think maybe I'll just start by saying that really despite there being some variability in certain of the items from quarter-to-quarter, we are expecting strong overall AFFO growth for...”
“I think the rent loss in general, maybe just to recap here, I highlighted our expected losses from Hellweg or really maximum loss we expect this year could be around...”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 461.1M | 454.5M | +1.4% | 430.8M | +7.0% |
| Operating income | 198.8M | 191.1M | +4.0% | 64.4M | +208.6% |
| Net income | 185.4M | 176.3M | +5.2% | 51.2M | +261.9% |
| P/E today 20.4 | — | — | — | — | — |
Topics
Most discussed now
- The transaction environment during the second quarter remained largely unchanged from the first, both in the U.S.
- To higher lease revenues, reflecting stronger net investment activity, the beginning of higher CPI flowing through W. P. Carey's leases...
- W. P. Carey's expectations for earnings in 2026 continue to trend higher despite the headlines from Hellweg.
- W. P. Carey doesn't believe the recent stock performance relative to peers is fully reflecting how well it has executed.
- W. P. Carey does have some smaller retail deals in its pipeline right now.
Faded since Q1 2026
- Dropped What W. P. Carey found in its outreach to tenants and when it can offer them various development services and other solutions...
- Fading W. P. Carey's pipeline remains very strong with over $0.5 billion of deals currently at advanced stages, including the sale leaseback of...
- Fading Accretive investment activity continues to drive W. P. Carey's year-over-year growth, having closed $2.8 billion of investments since the…
- Fading Quarter asset sales generated gross proceeds totaling $163 million.
Latest announcements
Official filings, newest first.
- Regulation FD disclosure · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Material agreement · SEC 8-K
- Material agreement; Other events · SEC 8-K
- Regulation FD disclosure; Other events · SEC 8-K
- Shareholder vote results · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K