WPC on NYSE

W. P. Carey & Co.

Logo: W. P. Carey, Public domain, via Wikimedia Commons4

Real estate investment trust

W. P. Carey is a real estate investment trust that invests in properties leased to single tenants via NNN leases. The company is organized in Maryland, with its primary office in New York City.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 19, 2026.

Overview

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  • TickerWPC on NYSE1
  • Industryreal estate investment trust1
  • HeadquartersNew York City1
  • Websitewww.wpcarey.com

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W. P. Carey is a real estate investment trust that invests in properties leased to single tenants via NNN leases. The company is organized in Maryland, with its primary office in New York City.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

27.2%Net margin6
8.4%Revenue growth, 20256
5.7%Return on equity6
1.07×Debt to equity6

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Owned Real Estate brought in 86% of the revenue W. P. Carey & Co. broke down this way in fiscal 2025.

  1. Owned Real Estate$112.5M686%down 23% from 2024
  2. Investment Management$9.2M67%down 15% from 2024
  3. Management Service$5.0M64%down 25% from 2024
  4. Other Advisory Income and Reimbursements$4.3M63%up 1% from 2024
Products and services by year
Products and services202320242025
Owned Real Estate$180.3M$146.8M$112.5M
Investment Management$3.2M$10.8M$9.2M
Management Service$2.2M$6.6M$5.0M
Other Advisory Income and Reimbursements$1.0M$4.2M$4.3M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs71¢$1.2B
  • Income tax2¢$31.9M
  • Profit27¢$466.4M

Out of $1.7B in revenue.6

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid62¢$790.0M
  • Kept or used elsewhere38¢$492.3M

Out of $1.3B of cash from operations.6

Financial statements

Revenue789106$1.7B in 2025+39% since 2019
0$500.0M$1.0B$1.5B$2.0B2019: $1.2B$1.2B20192020: $1.2B$1.2B2020−2%2021: $1.3B$1.3B2021+10%2022: $1.5B$1.5B2022+11%2023: $1.7B$1.7B2023+18%2024: $1.6B$1.6B2024−9%2025: $1.7B$1.7B2025+8%
Net income789106$466.4M in 2025+53% since 2019
0$200.0M$400.0M$600.0M$800.0M2019: $305.2M$305.2M20192020: $455.4M$455.4M2020+49%2021: $410.0M$410.0M2021−10%2022: $599.1M$599.1M2022+46%2023: $708.3M$708.3M2023+18%2024: $460.8M$460.8M2024−35%2025: $466.4M$466.4M2025+1%

Every line of the income statement as filed: the last 3 fiscal years, latest first.6

Period ending2025-12-312024-12-312023-12-31
Lease revenues$1.5B$1.3B$1.4B
Income from finance leases and loans receivable$90.9M$73.3M$107.2M
Total revenues$1.7B$1.6B$1.7B
Depreciation and amortization$521.1M$487.7M$574.2M
General and administrative$100.7M$99.0M$96.4M
Impairment charges real estate$70.4M$43.6M$86.4M
Reimbursable tenant costs$68.7M$56.0M$81.9M
Operating property expenses$60.2M$70.9M$95.1M
Property expenses, excluding reimbursable tenant costs$53.8M$49.7M$44.5M
Stock-based compensation expense$39.9M$40.9M$34.5M
Merger and other expenses$2.2M$4.5M$5.0M
Total operating expenses$917.1M$852.2M$1.0B
Interest expense-$291.3M-$277.4M-$291.9M
Other gains and (losses)-$232.1M-$138.0M-$36.2M
Gain on sale of real estate, net$193.8M$74.8M$316.0M
Earnings from equity method investments$18.0M$17.9M$19.6M
Non-operating income$17.0M$52.2M$21.4M
Gain on change in control of interests$0$31.8M$0
Total other income and expenses-$294.6M-$238.5M$29.0M
Income before income taxes$504.8M$492.3M$752.3M
Provision for income taxes-$31.9M-$31.7M-$44.1M
Net Income$472.9M$460.6M$708.3M
Net (income) loss attributable to noncontrolling interests-$6.6M$209.0K$70.0K
Net Income Attributable to W. P. Carey$466.4M$460.8M$708.3M
Basic Earnings Per Share (usd per share)$2$2$3
Diluted Earnings Per Share (usd per share)$2$2$3
Basic (in shares)220.5M shares220.2M shares215.4M shares
Diluted (in shares)221.1M shares220.5M shares215.8M shares

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The story

Founded by William P. Carey.1

The company was founded in 1973 by William P. Carey.

In the early 1980s, the company was innovative in the use of leaseback transactions to acquire properties.

In 2012, company founder William P. Carey died. The company also merged with its non-traded real estate investment trust affiliate, Corporate Property Associates 15, and reorganized into a real estate investment trust.

In October 2018, the company merged with CPA:17 - Global.

In November 2023, the company completed the corporate spin-off of its office properties.

From Wikipedia’s article on W. P. Carey, shared under CC BY-SA 4.0.5

Leadership

Who has led W. P. Carey & Co., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Gordon F. Dugan2006–2010
  2. Trevor P. Bond2010–2016
  3. Mark J. Decesaris2016–2017
  4. Jason E. Fox2018–now

Chair

  1. William P. Carey2008–2012

President

  1. Gordon F. Dugan2006–2010
  2. Trevor P. Bond2010–2015
  3. Jason E. Fox2015–2017

Chief financial officer

  1. Mark J. Decesaris2006–2013
  2. Catherine Rice2013–2015
  3. Hisham A. Kader2016
  4. Toniann Sanzone2017–now

Chief operating officer

  1. Thomas E. Zacharias2008–2016
2010201520202025
Board members and other officers (41)

Timeline

  1. Jan 22, 2018New chief executive Jason E. Fox becomes CEO14
  2. Feb 18, 2016New chief executive Mark J. Decesaris becomes CEO15
  3. Jul 6, 2010New chief executive Trevor P. Bond becomes CEO16
  4. Dec 22, 2006New chief executive Gordon F. Dugan becomes CEO17

Filings

329 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 73 major events, 168 insider forms, 13 large holders, 55 other. The latest 20:

  1. Oct 2, 20264 EDGAR
  2. Sep 10, 20268-K EDGAR
  3. Jul 29, 202610-Q EDGAR
  4. Jul 28, 20268-K EDGAR
  5. Jul 2, 20268-K EDGAR
  6. Jul 2, 20264 EDGAR
  7. Jul 2, 20264 EDGAR
  8. Jul 2, 20264 EDGAR
  9. Jul 2, 20264 EDGAR
  10. Jul 2, 20264 EDGAR
  11. Jul 2, 20264 EDGAR
  12. Jul 2, 20264 EDGAR
  13. Jul 2, 20264 EDGAR
  14. Jun 30, 2026424B5 EDGAR
  15. Jun 30, 20268-K EDGAR
  16. Jun 29, 2026FWP EDGAR
  17. Jun 29, 2026424B5 EDGAR
  18. Jun 17, 20268-K EDGAR
  19. Jun 12, 20268-K EDGAR
  20. May 12, 20268-K EDGAR

The 329 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.33,172,035$2.4B0.0%+3,062,946
Vanguard Portfolio Management LLC19,241,915$1.4B0.1%+90,739
State Street Corp12,356,050$894.8M0.0%+17,455
Vanguard Capital Management LLC10,026,079$716.9M0.0%+32,889
Geode Capital Management, LLC5,029,277$358.8M0.0%+115,366
Massachusetts Financial Services Co /ma/4,467,099$325.2M0.1%+276,166
Invesco Ltd.4,535,606$324.3M0.0%+43,785
Northern Trust Corp3,404,655$243.4M0.0%+745,115
Dimensional Fund Advisors LP3,346,564$239.3M0.0%−1,568
Charles Schwab Investment Management Inc3,262,016$233.2M0.0%+215,790
Norges Bank2,847,221$203.6M0.0%New
Legal & General Group Plc2,647,763$189.3M0.0%−95,409
Bank of New York Mellon Corp2,305,639$164.9M0.0%−48,305
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC2,270,499$162.3M0.0%+65,284
Nuveen, LLC2,096,115$149.9M0.0%−30,030
Morgan Stanley2,047,971$146.4M0.0%+56,614
UBS Group AG2,019,951$144.4M0.0%+354,694
Bank Of America Corp /de/1,790,679$128.0M0.0%+424,955
Deutsche Bank Ag\1,787,749$127.8M0.0%+1,322,414
Jpmorgan Chase & Co1,481,307$108.9M0.0%−1,877,568
Equity Investment Corp1,512,565$108.1M2.1%−70,265
Vanguard Fiduciary Trust Co1,407,605$100.6M0.0%+45,660
Wellington Management Group Llp1,260,182$90.1M0.0%−165,811
Caisse de depot et placement du Quebec1,075,671$76.9M0.1%+589,938
Advisors Capital Management, LLC1,031,277$73.7M0.8%+14,666

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

7 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Jan 12, 2026Gary C. PetersDemocratic, SenateBuy$15,001 - $50,000−14.5%Report
Jul 16, 2025Lisa C. McClainRepublican, HouseSale$1,001 - $15,000+19.3%Report
Jul 10, 2025Lisa C. McClainRepublican, HouseBuy$1,001 - $15,000−20.2%Report
Mar 16, 2022John H. RutherfordRepublican, HouseSale$1,001 - $15,000+94.2%Report
Mar 23, 2020Zoe LofgrenDemocratic, HouseSale$1,001 - $15,000+196.1%Report
Jun 24, 2019Donna Shalala, HouseSale$1,001 - $15,000+186.0%Report
Apr 3, 2019Donna Shalala, HouseBuy$1,001 - $15,000−185.9%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

Sources

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