W. P. Carey(WPC) - 2025 Q4 - Annual Results

Financial Performance - For the three months ended December 31, 2025, W. P. Carey reported a total revenue of $X million, reflecting a year-over-year increase of Y%[7] - The company's funds from operations (FFO) for the quarter were $X million, representing a Y% increase compared to the same period last year[4] - Adjusted funds from operations (AFFO) reached $X million, with a year-over-year growth of Y%[4] - Consolidated revenues for the fourth quarter of 2025 reached $444,547,000[8] - Net income attributable to W. P. Carey was $148,319,000, translating to $0.67 per diluted share[8] - Adjusted EBITDA for the quarter was $366,674,000, while AFFO attributable to W. P. Carey was $281,124,000, or $1.27 per diluted share[8] - The company declared a dividend of $0.920 per share for the current quarter, resulting in an annualized dividend yield of 5.7%[8] - Net income attributable to W. P. Carey for the same period was $148.3 million, compared to $141.0 million in the prior quarter, reflecting a growth of 4.6%[23] - Funds from operations (FFO) attributable to W. P. Carey for Q4 2025 was $288.1 million, up from $243.2 million in Q3 2025, representing a 18.5% increase[27] - Adjusted funds from operations (AFFO) for Q4 2025 was $281.1 million, slightly up from $276.6 million in the previous quarter[27] Portfolio and Asset Management - The annualized base rent (ABR) increased to $X million, indicating a Y% rise from the previous quarter[4] - W. P. Carey expanded its portfolio with $X million in new investments during the quarter, contributing to a Y% increase in total assets[7] - The real estate portfolio's annualized base rent (ABR) was $1,553,312,000, with 98.0% occupancy across 1,682 net-leased properties[8] - Total assets increased to $17,990,232 million in Q4 2025, up from $17,535,024 million in Q4 2024, reflecting a growth of approximately 2.6%[44] - Net investments in real estate reached $15,469,174 million, compared to $14,580,475 million in the previous year, indicating a year-over-year increase of about 6.1%[44] - The company has diversified its portfolio across 64 industries, with "Other" industries contributing 22.6% of the total ABR[100] - The total square footage of the net-lease portfolio is 183,498 thousand square feet, with U.S. properties comprising 63.4% of this total[104] Debt and Capital Structure - W. P. Carey reported a debt-to-adjusted EBITDA ratio of X, indicating a stable capital structure[4] - Total consolidated debt amounted to $8,722,690,000, with a net debt to enterprise value ratio of 38.0%[8] - Total outstanding debt as of December 31, 2025, is $8,883.77 million, with a weighted average interest rate of 3.1%[50] - The company has approximately $1.6 billion available under its unsecured revolving credit facility as of December 31, 2025[53] - Total recourse debt amounts to $8,648.486 million, with a weighted average interest rate of 3.1%[50] - The company has a total debt to total assets ratio of 42.1%, well below the 60% covenant limit[62] - The company maintained a consolidated EBITDA to annual debt service charge ratio of 5.0x, exceeding the required minimum of 1.5x[62] Investment Activity - The company achieved a same-store rental income growth of Y% for the quarter, demonstrating strong tenant demand[7] - The company expects a maximum commitment of $238,269,000 for capital investments and commitments to be completed during 2026[8] - The total investment volume for Q1 2025 reached $273,168 million across various properties, with a gross lease term averaging 16 years[67] - In Q2 2025, total investment volume increased to $545,460 million, with significant acquisitions in industrial and warehouse sectors[67] - The company completed a total investment of $655,545 million in Q3 2025, focusing on industrial and retail properties[68] - In Q4 2025, total investment volume reached $624.019 million, contributing to a year-to-date total of $2.098192 billion[69] - The company acquired 10 properties from Life Time Fitness for $321.826 million, with a total gross square footage of 1,254,645[69] Future Outlook and Strategic Plans - W. P. Carey plans to focus on market expansion in Europe, targeting a Y% increase in its European portfolio by the end of 2026[7] - The company anticipates a revenue growth of Y% for the upcoming fiscal year, driven by strategic acquisitions and market expansion efforts[7] - The company has committed to future capital investments totaling $1.422133 billion, with expected completion dates extending into 2027[75] - The average lease term for new investments is approximately 23 years, reflecting a strategic focus on long-term stability[75] Operational Efficiency and Technology - The company is investing in new technology to enhance operational efficiency, with an expected budget of $X million allocated for 2026[7] - Cash NOI, a non-GAAP measure, is defined as cash rents from leased properties less non-reimbursable property expenses, providing insight into property performance[155] - The cash interest expense coverage ratio is calculated as Adjusted EBITDA divided by cash interest expense, providing insight into the company's ability to meet fixed interest obligations[159]