W. P. Carey Inc. announced that its 2025 fiscal year saw a record $2.1 billion in investment activity, the largest in the company’s history. The company also completed a $1.5 billion disposition of properties, including a $785 million sale of 63 self‑storage sites, and raised $423 million through its at‑the‑market equity program.
The investment mix was heavily weighted toward industrial and warehouse assets, which accounted for 68 % of the new acquisitions, while retail properties made up 22 %. Geographic focus remained domestic, with 69 % of the acquisitions in the United States and 26 % in Europe, reflecting the REIT’s strategy to capture high‑yield, long‑term net‑lease assets in markets with strong demand for industrial space.
Fourth‑quarter activity was a key driver of the record volume. The company invested $625 million in Q4, including a $322 million purchase of a 10‑property Life Time Fitness portfolio that expands tenant diversification. The sale of 63 self‑storage sites generated $785 million in proceeds, while rent loss from tenant credit events was $6 million, well below the $10 million assumption, indicating effective risk management.
Capital markets activity complemented the investment strategy. W. P. Carey sold 6.3 million shares under its ATM program at an average gross price of $67.53, raising $423 million that remains available for settlement. The company’s forward equity plan, combined with asset sales, provides a disciplined, accretive source of capital that supports future growth without diluting existing shareholders.
CEO Jason Fox emphasized the company’s disciplined approach, noting that the record investment volume was funded primarily through accretive sales of non‑core assets. He also highlighted the company’s confidence in 2026, stating that a strong pipeline of high‑quality opportunities and a robust capital structure position W. P. Carey to continue delivering attractive AFFO growth.
The results reinforce W. P. Carey’s strategic shift toward core net‑lease assets and away from legacy businesses such as self‑storage. The combination of high‑yield industrial holdings, a diversified tenant base, and a strong balance sheet suggests that the REIT is well positioned to sustain growth, manage headwinds, and deliver shareholder value over the long term.
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