W. P. Carey Inc. (NYSE: WPC)

W. P. Carey Inc. is an internally managed diversified real estate investment trust that owns and manages commercial real estate properties which are net leased to tenants primarily in the United States and Europe. The portfolio consists mainly of single tenant industrial and warehouse facilities and retail properties that are critical to the tenants' operations together with a smaller number of self storage hotels and student housing properties. As of December 31 2025 the company held 1 682 net leased properties spread across 25 countries and leased to 371 tenants.

The company generates the majority of its revenue from lease payments received from tenants occupying its net leased properties. Lease agreements typically provide for a base rent amount that increases over time either through fixed escalations or adjustments tied to the consumer price index or similar local inflation measures. In retail and hotel properties the lease may also include a provision for percentage rent based on the tenant's gross sales above a certain threshold. Additionally W. P. Carey earns advisory fees from its externally managed relationship with Net Lease Office Properties the REIT that was spun off from its former office portfolio.

W. P. Carey is regarded as a leading owner of net leased commercial real estate in the United States and Europe. It competes with other net lease REITs such as Realty Income National Retail Properties and STORE Capital. The company's competitive advantages stem from its internal management model its focus on sale leaseback transactions and its diversified portfolio across property types tenant industries and geographic locations. It also benefits from a conservative capital structure strong liquidity and access to multiple funding sources which support its ability to pursue acquisitions and maintain dividend growth.

The company's tenants span a variety of sectors including manufacturing distribution retail hospitality and self storage operators. These tenants are generally credit worthy companies with a portion rated investment grade or implied investment grade by the firm's internal credit assessment. The firm does not disclose individual tenant names in its public filings.