W. P. Carey reported third‑quarter 2025 results with net income of $141.0 million, up from $111.7 million in the same quarter of 2024, and diluted earnings per share of $0.64 versus $0.51 a year earlier. Revenue reached $431.3 million, an 8.5% increase from $397.4 million in Q3 2024, while adjusted funds from operations (AFFO) totaled $276.6 million, or $1.25 per diluted share, a 5.9% rise from the prior year.
The growth in revenue and AFFO was driven by strong net investment activity, contractual rent escalations averaging 2.4% year‑over‑year, and the sale of self‑storage operating properties, which reduced operating‑property revenue but increased lease‑income concentration. Portfolio occupancy stood at 97% at quarter‑end, a temporary dip that management views as short‑term.
Management raised its full‑year outlook, projecting investment volume of $1.8 billion to $2.1 billion and disposition volume of $1.3 billion to $1.5 billion. The company also revised its AFFO guidance to $4.93 to $4.99 per share for 2025, citing higher anticipated investment volumes, lower expected rent losses, and sustained operational momentum.
Additional context shows the company increased its quarterly cash dividend by 4.0% to $0.910 per share, maintains liquidity above $2 billion, and recently issued $400 million of senior unsecured notes and sold $230 million of equity under its ATM program. Management highlighted temporary occupancy dips and tenant exposures as headwinds, while noting opportunities in its European portfolio and continued sector‑leading rent growth.
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