W. P. Carey raises AFFO outlook after $1.6 billion of investments this year

W. P. Carey raised and narrowed its 2026 guidance for adjusted funds from operations after reporting third-quarter AFFO of $1.33 per share, according to its earnings release filed with an 8-K.

The net lease real estate investment trust reported net income attributable to the company of $141.0 million, or $0.61 per diluted share. AFFO, the main measure of cash earnings for net lease REITs, totaled $308.2 million.

Guidance moves up

W. P. Carey now expects 2026 AFFO of $5.23 to $5.29 per diluted share, implying 5.8% growth at the midpoint, the release said. It raised the low end of its full-year investment volume assumption by $100 million to a range of $1.8 billion to $2.1 billion.

Investments and dispositions

The company has completed $1.6 billion of investments so far this year, including $181.9 million in the third quarter and $143.2 million after the quarter ended. Another $95.2 million of capital investments and commitments is scheduled for the fourth quarter.

Gross disposition proceeds totaled $273.2 million over the first nine months, including $27.0 million in the third quarter. Contractual same-store rent growth was 2.6% from a year earlier.

Dividend and funding

W. P. Carey declared a quarterly cash dividend of $0.950 per share, an annualized rate of $3.80. It settled part of its outstanding forward equity sales for net proceeds of about $150 million and had about $538 million of equity under forward sale agreements at quarter's end.

Why it matters

Net lease REITs own single-tenant properties under long leases with built-in rent increases, so their growth depends heavily on how much new property they can buy at attractive yields. A higher investment target and a raised AFFO outlook indicate W. P. Carey is finding deals it likes, and its forward equity gives it pre-arranged funding to close them.

Sources

1. W. P. Carey Inc. Form 8-K with third-quarter 2026 results, filed Oct. 27, 2026 (accession 0001025378-26-000129)

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