SweetValueLab
Write for us

W. P. Carey — REIT card

WPC
Net leaseMarket cap $14.8B4-quarter TTM
Close · Oct 16, 202665.14P/E 22.2 · EV yield 5.0%
P/Cash FFO12.3×Cash FFO/sh 5.28
Yield · spread to 10y5.7%+0.65 pt vs. the bond
−6% below 5y medianP/Cash FFO vs. its own five years
10-year Treasury · Oct 16, 20265.09%2-year 4.74%
Board median yield4.4%trailing dividends ÷ last close
Yield spread to the 10-year−0.71 ptREITs yield less than the bond: paying for growth
Board median P/Cash FFO15.6×five-year median 16.7× · −7%
Lights on1 of 3prices Oct 16, 2026 · TTM through Jun 30, 2026

Where it has traded

quarter-end P/Cash FFO · 20 quarters · Sep 30, 2021 → Jun 30, 2026
4×8×11×15×18×2021202220232024202520262021-09-30 · 15.4× (close 71.51 · Cash FFO/sh 4.65)2021-12-31 · 16.1× (close 80.33 · Cash FFO/sh 5.00)2022-03-31 · 15.4× (close 79.14 · Cash FFO/sh 5.13)2022-06-30 · 15.6× (close 81.12 · Cash FFO/sh 5.20)2022-09-30 · 13.5× (close 68.33 · Cash FFO/sh 5.08)2022-12-31 · 15.8× (close 76.51 · Cash FFO/sh 4.85)2023-03-31 · 15.5× (close 75.82 · Cash FFO/sh 4.89)2023-06-30 · 13.2× (close 66.14 · Cash FFO/sh 5.01)2023-09-30 · 10.3× (close 52.94 · Cash FFO/sh 5.14)2023-12-31 · 12.9× (close 64.81 · Cash FFO/sh 5.02)2024-03-31 · 6.6× (close 56.44 · Cash FFO/sh 8.53)2024-06-30 · 6.6× (close 55.05 · Cash FFO/sh 8.38)2024-09-30 · 7.5× (close 62.30 · Cash FFO/sh 8.27)2024-12-31 · 6.6× (close 54.48 · Cash FFO/sh 8.30)2025-03-31 · 13.3× (close 63.11 · Cash FFO/sh 4.76)2025-06-30 · 11.2× (close 62.38 · Cash FFO/sh 5.58)2025-09-30 · 11.8× (close 67.57 · Cash FFO/sh 5.74)2025-12-31 · 11.2× (close 64.36 · Cash FFO/sh 5.76)2026-03-31 · 11.7× (close 67.96 · Cash FFO/sh 5.82)2026-06-30 · 13.5× (close 71.50 · Cash FFO/sh 5.28)p75 15×med 13×p25 11×now 12.3×
Five-year median 13.1×, middle half 11.0–15.4×, range 6.6–16.1×. Now 12.3×: −6% below its own median, higher than 45% of those quarters.Each quarter priced at its own trailing Cash FFO per share · the band is the 25th–75th percentile

Where the cash goes

TTM through Jun 30, 2026 · $B
00.511.52Revenue: 1.9 $B1.9RevenueProperty & operating: −0.7 $B−0.7Property &operatingEBITDA: 1.2 $B1.2EBITDAInterest: −0.3 $B−0.3InterestD&A: −0.5 $B−0.5D&AOther items: 0.3 $B0.3OtheritemsNet income: 0.7 $B0.7NetincomeAdd back D&A: 0.5 $B0.5Add backD&ACash FFO: 1.2 $B1.2CashFFODividends: −0.8 $B−0.8DividendsRetained: 0.4 $B0.4Retained
Cash FFO 1.20B = net income 0.65B + depreciation 0.54B + 0.01B other non-cash items · dividends 0.85B · retained 0.35B

Against its type

WPC (blue) vs. the other Net lease REITs on the board (2), grey
P/Cash FFO12.3× vs. 11.4×
Dividend yield5.7% vs. 6.7%
Cash FFO payout71% vs. 75%
Net debt / EBITDA7.4× vs. 5.9×
Interest cover3.8× vs. 3.9×
EBITDA margin62% vs. 80%

Type averages are the plain mean of the other REITs of the same property type with a usable window.

Quarter by quarter

8 quarters · Sep 30, 2024 → Jun 30, 2026 · a gap is a dropped quarter
Revenue, $B0.34
Cash FFO / share, quarter1.55
EBITDA margin41%
Interest cover1.8×