# W. P. Carey Inc. (WPC)

> Source: Nexqual · https://nexqual.com/WPC · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, W. P. Carey Inc. (WPC), nexqual.com/WPC" · informational, not investment advice.

**Price:** USD 64.54 (+3.15% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 62.57 · day 62.57–64.55 · 52w 62.24–77.22 · market cap $14.7B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.79B, net income $651M (36.3% margin) (SEC filings).
- Valuation: P/E 22.6x (avg 25.4x at the last 3 fiscal year-ends), net debt $8.69B.
- 1 of 80 tracked superinvestors hold WPC (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $32K; 1 not under a Rule 10b5-1 plan ($32K); 1 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.20 on a 1–5 scale) (15 analysts), mean target USD 76.5 (range 67–88).
- Total return with dividends: 1Y +0.5% vs S&P 500 +14.9%; 5Y +13.4% vs S&P 500 +80.3%.
- Next earnings: 2026-10-27, EPS estimate USD 0.66, revenue estimate $460M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.33B | $1.48B | $1.74B | $1.58B | $1.72B | $1.79B |
| Gross profit | $1.33B | $1.48B | $1.74B | — | — | — |
| Net income | $410M | $599M | $708M | $461M | $466M | $651M |
| Gross margin | 99.7% | 99.8% | 100.0% | — | — | — |
| Net margin | 30.8% | 40.5% | 40.7% | 29.1% | 27.2% | 36.3% |
| Revenue growth | +10.1% | +11.1% | +17.7% | -9.1% | +8.4% | — |
| Cash + short-term investments | $165M | $168M | $634M | $640M | $155M | — |
| Total debt | $6.79B | $7.88B | $8.14B | $8.04B | $8.72B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 22.6x · P/S 8.2x · EV/Sales 13.1x · P/B 1.7x · Earnings yield 4.43% · Dividend yield (paid, TTM) 5.53% · Net debt $8.69B · EV $23.4B
P/E at fiscal year-ends: Dec 2025 30.5x, Dec 2024 26.1x, Dec 2023 19.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold WPC. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | <0.01% | $19K | Added +359.3% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-06 | Zander Brian H | Chief Accounting Officer | 433 | $32K | 3% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.20 on a 1–5 scale), 15 analysts; mean target USD 76.5 (low 67, high 88).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | Barclays | Target lowered | Equal-Weight | $80 → $76 |
| 2026-10-19 | Wells Fargo | Target lowered | Overweight | $80 → $73 |
| 2026-09-24 | Scotiabank | Target lowered | Sector Perform | $76 → $68 |
| 2026-09-22 | Jefferies | Initiated | Buy | $73 |
| 2026-09-21 | Evercore ISI Group | Target lowered | In-Line | $77 → $75 |
| 2026-09-17 | Scotiabank | Target lowered | Sector Perform | $77 → $76 |
| 2026-09-04 | Barclays | Upgrade | Underweight → Equal-Weight | $80 |
| 2026-08-13 | Scotiabank | Target raised | Sector Perform | $76 → $77 |
| 2026-07-30 | RBC Capital | Target raised | Sector Perform | $73 → $77 |
| 2026-07-30 | Evercore ISI Group | Target raised | In-Line | $75 → $77 |
| 2026-07-29 | BNP Paribas | Upgrade | Neutral → Outperform | $73 → $88 |
| 2026-07-22 | Barclays | Target raised | Underweight | $78 → $80 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +0.5% | +13.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +0.5% | +2.5% |
| Volatility (annualized) | 17.7% | 21.0% |
| Max drawdown | -17.2% (Jul 2026→Oct 2026) | -36.4% (Jul 2022→Oct 2023) |

## Peers (REIT - Diversified)
VICI (VICI Properties Inc.) USD 24.02 +3.76% · BNL (Broadstone Net Lease, Inc.) USD 17.55 +1.86% · GNL (Global Net Lease, Inc.) USD 7.28 +2.25% · AAT (American Assets Trust, Inc.) USD 21.29 +4.01% · ESRT (Empire State Realty Trust, Inc.) USD 4.93 +5.57% · JBGS (JBG SMITH Properties) USD 11.39 +6.35%

## More
Full page: https://nexqual.com/WPC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Owned Real Estate | $11.6M | 2.5% | -66.1% |
| Investment Management | $1.4M | 0.3% | -41.3% |
| Other Advisory Income & Reimbursements | $1.0M | 0.2% | -6.7% |
| Management Service | $394,000 | 0.1% | -69.8% |
| Total revenue | $461.1M | 100% | — |
The lines above cover 3.1% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.66 | $0.72 | -8.5% | $459.7M | 1 |
| Next quarter (ends 2026-12-31) | $0.76 | $0.84 | -9.7% | $466.3M | 1 |
| Current fiscal year (ends 2026-12-31) | $3.29 | $3.02 | +9.0% | $1.85B | 1 |
| Next fiscal year (ends 2027-12-31) | $3.15 | $3.46 | -9.1% | $1.98B | 1 |