W. P. Carey

What W. P. Carey does

W. P. Carey Inc. (NYSE: WPC) is a publicly traded diversified net lease Real Estate Investment Trust founded in 1973 and headquartered in New York. The company specializes in acquiring operationally critical, single-tenant commercial properties through three core structures: sale-leasebacks (where it purchases owned real estate from a corporate seller and simultaneously enters into a long-term triple-net lease), build-to-suits (where it funds and manages custom facility construction to tenant specifications), and existing lease acquisitions. It serves corporate occupiers seeking to unlock capital from real estate while retaining operational control, as well as private equity sponsors executing portfolio recapitalizations, and ultimately delivers income to public income-oriented investors.

The portfolio spans 1,703 net lease properties covering approximately 185 million square feet across 374 tenants in North America and Europe, with a 98.1% occupancy rate and $1.6 billion in annualized base rent as of Q1 2026. Approximately 48.6% of annualized base rent is from CPI-linked leases, providing natural inflation protection. The company is differentiated by an all-equity acquisition model that enables closings in as little as 30 days without third-party financing contingencies, a dual-region transaction team (offices in New York, Dallas, London, and Amsterdam), and the Carey Tenant Solutions platform that supports follow-on investments including redevelopment and the CareySolar rooftop solar program.

Revenue is generated almost entirely through rental income under long-term triple-net leases (10-30 year terms with built-in escalators), with full-year 2025 revenue of approximately $1.72 billion. Capital is raised through public equity (NYSE), USD and EUR senior unsecured notes, and revolving credit facilities. The company completed a $2.7 billion merger with affiliated REIT CPA:18 in October 2024, achieved a record $2.1 billion investment volume in 2025, and executed a €1 billion Eurobond offering plus a $432 million common stock offering in February 2026 to fund continued portfolio growth.

Name

W. P. Carey

Legal name

W. P. Carey Inc.

Website

https://wpcarey.com

Company type

Public

Founded year

1973

Operating status

Operating

Headcount range

51–100 employees

Short description

W. P. Carey Inc. (NYSE: WPC) is a publicly traded diversified net lease REIT that acquires single-tenant commercial properties via sale-leasebacks, build-to-suits, and lease acquisitions, serving corporate occupiers and private equity sponsors across North America and Europe.

Ownership category

akta.pro rank

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Infrastructure, Others

Revenue model

1. Commercial Real Estate Rent: W. P. Carey generates the substantial majority of its revenue through rental income from its portfolio of single-tenant net lease properties. Tenants pay rent under long-term triple-net lease agreements, typically with 10-30 year terms and built-in rent escalators (including CPI-linked increases). Annualized base rent was approximately $1.6 billion as of Q1 2026.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

W. P. Carey is a publicly traded net lease REIT that acquires operationally critical, single-tenant commercial properties in North America and Europe. The company primarily structures sale-leaseback, build-to-suit, and existing lease acquisition transactions, enabling corporate owners to monetize owned real estate while retaining operational control through long-term triple-net leases. Approximately 48.6% of annualized base rent is from CPI-linked leases, and the portfolio spans 1,703 properties with $1.6 billion in annualized base rent as of Q1 2026.

Product overview

W. P. Carey is one of the largest diversified net lease REITs, operating as a single business platform focused on acquiring operationally critical, single-tenant commercial properties in North America and Europe. The company offers four core investment products: Sale-Leasebacks (converting owned real estate to capital while maintaining tenant operations), Build-to-Suits (custom facility development), Existing Lease Acquisitions (portfolio purchases), and Private Equity Financing. Supporting these core offerings is the Carey Tenant Solutions platform, which provides ongoing tenant support including redevelopments, energy solutions (CareySolar), and follow-on investments. The company functions as an all-equity buyer with no asset-level financing, enabling rapid transaction execution.

Differentiator

Problem solved

Functional benefit

Brands

• Carey Tenant Solutions: Platform designed to support tenant growth beyond initial acquisition, including follow-on investments, facility modernization, expansions, and energy efficiency improvements.
• CareySolar

Products and services

• Sale-Leasebacks A transaction in which a company sells its owned commercial real estate to W. P. Carey and simultaneously enters into a long-term triple-net lease, converting illiquid real estate into working capital while the seller/lessee maintains full operational control. Targeted at corporate owners across industrial, retail, and specialty sectors.
• Build-to-Suits Custom facility development in which W. P. Carey funds and manages construction of new properties or expansions tailored to tenant specifications, with the tenant entering a long-term net lease upon completion. Available as build-to-suit financing or turnkey build-to-suit. Aimed at corporate tenants needing new or expanded facilities without upfront capital outlay.
• Existing Lease Acquisitions Acquisition of single-tenant properties with existing net leases already in place, providing investors with immediate income-generating real estate assets. Used to purchase portfolios or individual leased assets across North America and Europe.
• Private Equity Financing Capital solutions structured as sale-leasebacks that enable private equity sponsors and their portfolio companies to unlock real estate value, support portfolio growth, and optimize balance sheets through equity recycling, acquisition financing, and trapped-value monetization.
• Carey Tenant Solutions A comprehensive tenant service platform providing follow-on investments, facility modernization, expansion, redevelopment, relocation, and energy efficiency improvements for existing W. P. Carey tenants. Includes build-to-suit financing, turnkey build-to-suit, redevelopment capabilities, and the CareySolar renewable energy program. Designed as a long-term capital partnership for tenants beyond initial acquisition.

Quantifiable outcome

• Record $2.1 billion in full-year 2025 investment volume at 7.6% weighted average initial cash cap rate
• +3 more outcomes

Named customers7 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Two partnerships are on record, tiered notable.

• TPG Angelo GordonnotableStrategic or Co-development Partner · 25 January 2026Acquired a portfolio of 10 Life Time fitness club locations for $322 million from TPG Angelo Gordon, with Life Time continuing to occupy properties under long-term leases.
• GardenCorenotableStrategic or Co-development PartnerSale-leaseback transaction covering a 43-property manufacturing portfolio for GardenCore, generating approximately $1.1 billion in year-to-date investments.

Scale indicators10 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Realty Income: Largest publicly traded net lease REIT (NYSE: O), focused on single-tenant commercial properties under long-term triple-net leases globally. Directly comparable to W. P. Carey in business model, customer base (corporate occupiers), and product offerings (sale-leaseback, build-to-suit), though with greater scale and a more retail-skewed portfolio.
• Agree Realty: Net lease REIT (NYSE: ADC) focused on retail and retail-adjacent tenants in the U.S. Closely comparable to WPC's net-lease model with a sale-leaseback-led growth strategy, though more concentrated in U.S. retail.
• National Retail Properties: Net lease REIT (NYSE: NNN) focused on single-tenant retail properties across the U.S. Comparable to WPC's net-lease structure and sale-leaseback origination, with a retail-dominant tenant mix and long-dated lease portfolio.
• EPR Properties: Specialty net lease REIT (NYSE: EPR) focused on experiential and entertainment properties including fitness, theaters, and eat-and-play. Overlaps with WPC's Life Time fitness and Tidal Wave investments and shares the triple-net lease economics.
• Broadstone Net Lease: Diversified net lease REIT (NYSE: BNL) holding single-tenant commercial properties across industrial, restaurant, retail, and office. Directly comparable to WPC's diversified net-lease model with a similar focus on industrial and sale-leaseback origination.
• Four Corners Property Trust: Net lease REIT (NYSE: FCPT) focused primarily on restaurant properties. Smaller scale than WPC but operates under the same sale-leaseback and net-lease economics with restaurant-sector concentration.
• Getty Realty: Net lease REIT (NYSE: GTY) focused on convenience stores, automotive properties, and restaurant properties. Comparable to WPC's automotive dealership exposure (Go Auto, Tidal Wave) and triple-net lease structure.
• Global Net Lease: Diversified global net lease REIT (NYSE: GNL) with properties in the U.S. and Europe. Directly comparable to WPC's transatlantic net-lease model and tenant-base diversification across industrial and retail.
• STORE Capital: Former public net lease REIT (taken private by GIC/Oak Street in 2023) that competed head-to-head with WPC in the middle-market sale-leaseback space. Highly comparable in target customer (mid-market corporate occupiers) and product (sale-leaseback financing), and a relevant proxy for evaluating WPC's competitive position in this segment.

Emerging players

• Realty Capital Solutions (Crow Holdings / Oaktree): Private net-lease and sale-leaseback investment platform backed by institutional capital. Competes with WPC in sourcing middle-market single-tenant deals; relevant as a private-market competitor driving acquisition pricing pressure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/WPCarey
• YouTubeyoutube.com/channel/UC59WvsoboTbEfOjswYjbnKg
• Facebookfacebook.com/161852647171415
• LinkedInlinkedin.com/company/w-p-carey-inc

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

Funding overview

Funding rounds9 records

Investors10 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about W. P. Carey