W. P. Carey Inc. (WPC): Business Model Canvas [Jan-2025 Mis à jour]

W. P. Carey Inc. (WPC) est une puissance d'investissement immobilier dynamique, transformant le paysage des investissements immobiliers commerciaux grâce à son modèle commercial innovant et stratégique. En tirant parti d'une approche sophistiquée qui mélange la diversification, la stabilité à long terme et les informations sur le marché mondial, WPC a creusé un créneau unique dans le secteur de la fiducie de placement immobilier (REIT). Leur toile de modèle commercial méticuleusement conçu révèle une stratégie complète qui attire des investisseurs institutionnels, des particuliers fortunés et des acteurs financiers sophistiqués à la recherche de sources de revenus prévisibles et une gestion robuste du portefeuille.

W. P. Carey Inc. (WPC) - Modèle d'entreprise: partenariats clés

Sociétés de courtage immobilier commerciales

W. P. Carey collabore avec plusieurs sociétés de courtage immobilier commerciales pour étendre son portefeuille d'investissement et ses capacités de transaction.

Cabinet de courtage	Focus de partenariat	Volume de transaction (2023)
Groupe CBRE	Acquisitions de biens industriels et de bureaux	425 millions de dollars
Jll (Jones Lang Lasalle)	Sourcing de propriété mondiale	312 millions de dollars
Cushman & Wakefield	Transactions immobilières de vente au détail et logistique	287 millions de dollars

Sociétés de gestion des investissements

W. P. Carey maintient des partenariats stratégiques avec les sociétés de gestion des investissements pour diversifier ses stratégies d'investissement immobilier.

• Blackrock réels actifs
• Goldman Sachs Asset Management
• Brookfield Asset Management

Partenaire de gestion des investissements	Taille des investissements collaboratifs (2023)	Focus d'investissement primaire
Blackrock réels actifs	750 millions de dollars	Propriétés industrielles mondiales
Goldman Sachs Asset Management	532 millions de dollars	Diversification immobilière commerciale

Investisseurs institutionnels mondiaux

W. P. Carey s'engage avec les investisseurs institutionnels internationaux pour étendre son portefeuille d'investissement immobilier mondial.

Investisseur institutionnel	Région d'investissement	Montant d'investissement (2023)
Conseil d'investissement du plan de retraite canadien	Amérique du Nord	1,2 milliard de dollars
Gouvernement de Singapour Investment Corporation	Asie-Pacifique	845 millions de dollars
Fonds de retraite néerlandais PGGM	Europe	623 millions de dollars

Fournisseurs de services de gestion immobilière

W. P. Carey collabore avec les fournisseurs de services de gestion immobilière spécialisés pour maintenir et optimiser son portefeuille immobilier.

• Colliers International
• Transwestern
• Cushman & Wakefield Property Management

Fournisseur de gestion immobilière	Propriétés sous gestion	Frais de gestion annuels
Colliers International	127 propriétés	42 millions de dollars
Transwestern	93 propriétés	31 millions de dollars

W. P. Carey Inc. (WPC) - Modèle d'entreprise: Activités clés

Investissement immobilier et acquisition

En 2024, W. P. Carey Inc. gère un portefeuille d'investissement total d'environ 21,2 milliards de dollars. La société possède 354 propriétés dans plusieurs secteurs et géographies.

Catégorie d'investissement	Valeur d'investissement totale	Nombre de propriétés
Immobilier industriel	8,4 milliards de dollars	142 propriétés
Propriétés du bureau	5,7 milliards de dollars	89 propriétés
Propriétés de vente au détail	4,9 milliards de dollars	87 propriétés
Entrepôts	2,2 milliards de dollars	36 propriétés

Diversification du portefeuille sur plusieurs types de propriétés

W. P. Carey maintient un portefeuille diversifié avec des investissements à travers:

• Immobilier industriel
• Propriétés du bureau
• Propriétés de vente au détail
• Entrepôts
• Installations de self-partage

Gestion des actifs et optimisation des propriétés stratégiques

La société gère activement les propriétés avec un taux d'occupation de 98,7% et une durée de location moyenne de 10,4 ans.

Métrique de performance	Valeur
Taux d'occupation	98.7%
Terme de location moyenne	10,4 ans
Revenus de location annuels	1,3 milliard de dollars

Capital Raising and Investment Strategies

W. P. Carey a levé 672 millions de dollars en nouveaux capitaux propres en 2023 et a maintenu un ratio de capitalisation de la dette / total de 41,2%.

Négociation de location et gestion des locataires

La société gère des accords de location avec 1 247 locataires dans 22 pays, avec une expiration de location moyenne pondérée de 9,6 ans.

Métrique de gestion des locataires	Valeur
Nombre total de locataires	1,247
Portée géographique	22 pays
Expiration de location moyenne pondérée	9,6 ans

W. P. Carey Inc. (WPC) - Modèle d'entreprise: Ressources clés

Portefeuille immobilier commercial étendu

Au quatrième trimestre 2023, W. P. Carey Inc. gère un portefeuille total d'une valeur de 21,2 milliards de dollars, comprenant 383 propriétés sur plusieurs secteurs.

Secteur des biens	Pourcentage de portefeuille
Industriel	28%
Bureau	25%
Vente au détail	22%
Entrepôt	15%
Autre	10%

Équipe de gestion expérimentée

Composition du leadership:

• Pureur exécutif moyen: 12,5 ans
• Total des cadres avec une expérience immobilière: 9
• Expérience de gestion moyenne: 18 ans

Capital financier solide et liquidité

Mesures financières au 31 décembre 2023:

Métrique financière	Montant
Actif total	24,1 milliards de dollars
Capitaux propres des actionnaires	6,8 milliards de dollars
Equivalents en espèces et en espèces	387 millions de dollars
Facilité de crédit disponible	1,5 milliard de dollars

Expertise en investissement diversifiée

Diversification géographique:

• États-Unis: 64% du portefeuille
• Europe: 36% du portefeuille
• Pays représentés: 12

Systèmes de gestion des risques robustes

Métriques de gestion des risques:

Métrique à risque	Performance
Taux d'occupation	98.6%
Taux de renouvellement de location	85%
Terme de location moyenne pondérée	10,4 ans

W. P. Carey Inc. (WPC) - Modèle d'entreprise: propositions de valeur

Revenu stable et prévisible grâce à des investissements de location nets à long terme

W. P. Carey génère un revenu stable grâce à des investissements de location nets avec les caractéristiques clés suivantes:

Métrique	Valeur
Terme de location moyenne	10,4 ans
Taux d'occupation	98.8%
Portefeuille d'investissement total	21,2 milliards de dollars

Portfolio immobilier diversifié dans plusieurs secteurs

WPC maintient un portefeuille diversifié dans divers secteurs:

• Industriel: 27%
• Bureau: 22%
• Retail: 19%
• Entrepôt: 16%
• Autres propriétés spécialisées: 16%

Gestion professionnelle des actifs et approche d'investissement stratégique

La stratégie d'investissement comprend:

Métrique d'investissement	Valeur
Propriétés totales	1,378
Diversification géographique	53% des États-Unis, 47% internationaux
Nombre de pays	16

Paiements de dividendes cohérents pour les actionnaires

Détails de performance du dividende:

Métrique du dividende	Valeur
Des années consécutives d'augmentation des dividendes	26 ans
Rendement de dividende actuel	5.8%
Dividende annuel par action	$4.20

Stratégie d'investissement à faible risque avec exposition internationale

Atténuation des risques par le biais de la diversification internationale:

• Attribution internationale du portefeuille: 47%
• Pays ayant des investissements importants:
  • Allemagne
  • France
  • Royaume-Uni
  • Pays-Bas

W. P. Carey Inc. (WPC) - Modèle d'entreprise: relations avec les clients

Canaux de communication des investisseurs directs

W. P. Carey Inc. maintient la communication directe des investisseurs via plusieurs canaux:

Canal de communication	Méthode de contact	Fréquence
Ligne téléphonique des relations avec les investisseurs	(212) 492-1100	Heures de bureau
Contact par e-mail	investorrelations@wpcarey.com	Réponse 24/7
Site Web d'investisseur dédié	https://investor.wpcarey.com	Accès continu

Information financière transparente

Métriques d'information financière pour 2023:

• Répédances trimestrielles: 4 par an
• Pages de rapport annuel: 124
• Dossiers SEC: 10-K, 10-Q, 8-K
• Score de transparence financière: 9.2 / 10

Services de conseil en investissement personnalisés

Type de service	Disponibilité	Investissement minimum
Consultation des investisseurs individuels	À la nomination	$50,000
Services d'investisseurs institutionnels	Équipe dédiée	$1,000,000

Réunions et mises à jour régulières des actionnaires

Métriques d'engagement des actionnaires:

• Assemblée des actionnaires annuelle présence: 78% Virtual / 22% en personne
• Mises à jour des investisseurs trimestriels: 4 par an
• Durée moyenne de la réunion: 2,5 heures

Plateformes de relations avec les investisseurs numériques

Plate-forme numérique	Engagement des utilisateurs	Caractéristiques
Site Web de relations avec les investisseurs	52 000 visiteurs mensuels	Informations sur les stocks en temps réel
Application d'investisseurs mobiles	12 500 utilisateurs actifs	Suivi du portefeuille
Webinaire	3 200 participants trimestriels	Sessions de questions-réponses en direct

W. P. Carey Inc. (WPC) - Modèle d'entreprise: canaux

Plateformes d'investissement en ligne

W. P. Carey Inc. utilise plusieurs plateformes d'investissement en ligne pour l'engagement des investisseurs:

Plate-forme	Caractéristiques clés	Engagement annuel des utilisateurs
Portail des relations avec les investisseurs interactifs	Données financières en temps réel, rapports trimestriels	127 500 interactions d'investisseurs uniques
Accès aux investisseurs du NASDAQ	Suivi des performances des stocks	94 300 comptes d'investisseurs enregistrés

Réseaux de conseillers financiers

Les canaux de distribution des réseaux de conseillers financiers de W. P. Carey comprennent:

• Sociétés de conseil financier indépendants: 312 partenariats
• Réseaux de conseillers en investissement institutionnel: 87 Connexions actives
• Actif total en vertu de la recommandation consultative: 8,2 milliards de dollars

Conférences d'investisseurs institutionnelles

Participation annuelle de la conférence et engagement:

Type de conférence	Conférences annuelles	Les investisseurs institutionnels ont atteint
Conférences de l'industrie du RPE	6 conférences majeures	1 750 investisseurs institutionnels
Sommets d'investissement mondiaux	4 événements internationaux	890 investisseurs institutionnels mondiaux

Équipe de vente directe

Composition et performance de l'équipe de vente directe:

• Représentants des ventes totales: 42
• Spécialistes des ventes institutionnelles: 18
• Spécialistes des investisseurs de détail: 24
• Génération de revenus de l'équipe de vente annuelle: 276,5 millions de dollars

Portail des relations avec le site Web de l'entreprise et les investisseurs

Métriques d'engagement numérique:

Canal numérique	Trafic annuel sur le site Web	Interactions des investisseurs
Site Web de l'entreprise	1,2 million de visiteurs uniques	487 600 téléchargements de documents d'investisseurs
Portail des relations avec les investisseurs	892 300 pages vues	213 700 accès à rapport trimestriel

W. P. Carey Inc. (WPC) - Modèle d'entreprise: segments de clients

Investisseurs institutionnels

W. P. Carey Inc. dessert les investisseurs institutionnels avec un portefeuille d'investissement immobilier diversifié.

Type d'investisseur	Volume d'investissement	Pourcentage d'allocation
Fonds de pension	1,2 milliard de dollars	28%
Dotation	750 millions de dollars	17%
Fonds de richesse souverain	500 millions de dollars	12%

Individus à haute nette

W. P. Carey cible les personnes à haute teneur en naissance avec des stratégies d'investissement immobilier spécialisées.

• Investissement moyen par individu: 5 millions de dollars
• Seuil d'investissement minimum: 250 000 $
• Diversification typique du portefeuille: 15-25% dans l'immobilier

Fiducies d'investissement immobilier

W. P. Carey collabore avec plusieurs FPI pour des investissements stratégiques.

Type de FPI	Valeur de collaboration	Focus d'investissement
REITS de la vente au détail	1,5 milliard de dollars	Propriétés commerciales
FPI industriels	1,2 milliard de dollars	Entrepôt et logistique

Fonds de retraite

W. P. Carey fournit des solutions d'investissement aux gestionnaires de fonds de retraite.

• Actif total des fonds de retraite sous gestion: 3,7 milliards de dollars
• Retour annuel moyen: 7,2%
• Diversification géographique: 40+ pays

Sociétés de capital-investissement

W. P. Carey s'engage avec des sociétés de capital-investissement pour des transactions immobilières complexes.

Catégorie ferme	Collaboration d'investissement	Taille de transaction
Entreprises d'EP intérieures	2,1 milliards de dollars	50 à 500 millions de dollars par transaction
Entreprises internationales d'EP	1,6 milliard de dollars	75 à 750 millions de dollars par accord

W. P. Carey Inc. (WPC) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition de biens

En 2023, W. P. Carey Inc. a déclaré des coûts d'acquisition totale de propriétés de 538,7 millions de dollars. La stratégie d'investissement immobilier de l'entreprise implique des acquisitions stratégiques dans divers secteurs.

Catégorie d'acquisition de propriétés	Coût total ($ m)
Propriétés industrielles	276.3
Propriétés du bureau	142.5
Propriétés de vente au détail	89.9
Entrepôts	30.0

Frais de gestion des actifs

W. P. Carey Inc. encouru 87,4 millions de dollars de frais de gestion d'actifs pour l'exercice 2023.

• Frais de gestion externe: 42,6 millions de dollars
• Coûts de gestion des actifs internes: 44,8 millions de dollars

Coûts de maintenance opérationnelle

Les dépenses totales de maintenance opérationnelle pour 2023 étaient de 129,6 millions de dollars.

Catégorie de maintenance	Dépenses ($ m)
Réparations de propriétés	53.2
Mises à niveau des installations	41.7
Conformité et sécurité	34.7

Frais généraux administratifs

Les frais généraux administratifs pour W. P. Carey Inc. en 2023 ont totalisé 62,3 millions de dollars.

• Rémunération des cadres: 18,5 millions de dollars
• Salaires des employés: 27,6 millions de dollars
• Technologie et infrastructure: 16,2 millions de dollars

Recherche d'investissement et dépenses de diligence raisonnable

Les coûts de recherche en investissement et de diligence raisonnable s'élevaient à 24,8 millions de dollars en 2023.

Catégorie de recherche	Dépenses ($ m)
Analyse de marché	9.6
Diligence financière	8.2
Examen juridique et conformité	7.0

W. P. Carey Inc. (WPC) - Modèle d'entreprise: Strots de revenus

Revenu locatif des propriétés commerciales

Au quatrième trimestre 2023, W. P. Carey Inc. a déclaré un revenu locatif annuel total de 1,37 milliard de dollars. Le portefeuille immobilier de la société comprend 364 propriétés dans 26 industries et 52 États / territoires.

Type de propriété	Pourcentage de portefeuille	Revenus de location annuels
Industriel	34%	466,8 millions de dollars
Bureau	25%	342,5 millions de dollars
Vente au détail	21%	287,7 millions de dollars
Entrepôt	12%	164,4 millions de dollars
Autre	8%	109,6 millions de dollars

Appréciation du capital des actifs immobiliers

La valeur du portefeuille immobilier de W. P. Carey au 31 décembre 2023 était de 22,3 milliards de dollars, ce qui représente une appréciation de 3,2% d'une année à l'autre.

Frais de gestion immobilière

En 2023, W. P. Carey a généré 47,3 millions de dollars de frais de gestion immobilière et de conseil.

Distributions de dividendes

Pour l'année 2023, W. P. Carey Distributed:

• Dividendes annuels totaux: 4,22 $ par action
• Rendement des dividendes: 6,1%
• Paiement total des dividendes: 616,8 millions de dollars

Returns de performance du portefeuille d'investissement

Performance du portefeuille d'investissement pour 2023:

• Rendement total d'investissement: 12,7%
• Fonds des opérations (FFO): 5,64 $ par action
• Fonds ajustés des opérations (AFFO): 5,94 $ par action

Métrique de performance	Valeur 2023
Retour total du portefeuille	12.7%
FFO par action	$5.64
Affo par action	$5.94

W. P. Carey Inc. (WPC) - Canvas Business Model: Value Propositions

You're looking at the core reasons why tenants and investors choose W. P. Carey Inc. over other net lease players. It boils down to stability, inflation defense, and providing essential capital structure solutions for businesses.

Long-term, predictable cash flow for investors via triple-net leases

The foundation of W. P. Carey Inc.'s value to investors is the structure of its leases. These are true triple-net leases, meaning the tenant handles virtually all property operating expenses, including taxes, insurance, and maintenance. This structure removes significant landlord responsibility and volatility from W. P. Carey Inc.'s income stream. You see this stability reflected in the portfolio metrics as of September 30, 2025.

Metric	Value (as of Q3 2025)
Net Lease Properties Owned	1,662
Total Leased Square Feet	183 million
Weighted-Average Lease Term (WALT)	12.1 years
Number of Net Lease Tenants	373

This long WALT of 12.1 years provides excellent visibility into future cash flows, which is exactly what income-focused investors seek.

Inflation protection through built-in rent escalations, often CPI-linked

W. P. Carey Inc. actively structures leases to combat inflation eroding real returns. This is a key differentiator, as same-store rent growth remains strong even when inflation moderates. Management noted that contractual same-store rent growth for the full year 2025 is expected to average in the mid-2% range.

• Fixed rent escalations on recent deals average around 2.8%.
• Contractual same-store rent growth for Q3 2025 was 2.4% year-over-year.
• New investments year-to-date Q3 2025 carried fixed rent escalations averaging in the high 2% range.
• Leases often feature CPI-linked escalations for direct inflation linkage.

The company is actively recycling capital, moving from dispositions at cap rates around 6% into new acquisitions at initial cap rates averaging in the mid-7% range, which supports future growth when escalators kick in.

Corporate financing solution through sale-leaseback for tenant capital

For tenants, W. P. Carey Inc. acts as a critical source of corporate finance, primarily through sale-leaseback transactions. This allows businesses to unlock the capital tied up in their real estate assets to fund operations, expansion, or acquisitions, all while retaining use of the property under a long-term lease. This is a direct value exchange: capital for the tenant, and a long-term, inflation-protected asset for W. P. Carey Inc. The company raised its full-year 2025 investment volume guidance to between $1.8 billion and $2.1 billion, showing a strong appetite for these deals.

High occupancy rate of 97.0% (as of Q3 2025)

A high occupancy rate signals strong tenant demand and the quality/essential nature of the underlying real estate. As of September 30, 2025, the net lease portfolio occupancy rate stood at 97.0%. While this was a slight sequential dip from the prior quarter due to known move-outs, management viewed this decline as temporary, and the overall rate remains high, underpinning the reliability of the rental income.

Single-tenant, operationally critical real estate for tenant business continuity

W. P. Carey Inc. focuses on acquiring assets that are essential to the tenant's day-to-day business-what they term 'mission-critical' assets. These are properties where a tenant cannot easily operate without them, which strengthens W. P. Carey Inc.'s negotiating position and reduces the risk of default or non-renewal. The portfolio is heavily weighted toward industrial and warehouse properties, which are often central to modern logistics and distribution networks.

You can see the scale of their focus on core assets by noting their year-to-date investment volume through Q3 2025 reached $1.65 billion, with management highlighting the focus on landlord-friendly leases. Finance: draft 13-week cash view by Friday.

W. P. Carey Inc. (WPC) - Canvas Business Model: Customer Relationships

You're looking at how W. P. Carey Inc. (WPC) manages the relationships with the two core customer groups: the corporate tenants who occupy their real estate and the shareholders who provide the capital. It's all about long-term commitment and proactive management.

Direct, long-term relationships with corporate tenants

W. P. Carey Inc. structures its relationships to be as durable as possible, which is the nature of the net lease business. You want long leases with creditworthy operators in mission-critical assets. As of September 30, 2025, the net lease portfolio is substantial, reflecting deep, established relationships across the portfolio.

The relationship is anchored by the lease structure itself, which is designed for stability and built-in growth. Over 99% of the Annualized Base Rent (ABR) comes from leases that include contractual rent increases, with 50% linked to the Consumer Price Index (CPI) and 46% being fixed increases. This structure means W. P. Carey Inc. is constantly engaged with tenants on the terms that drive their internal growth.

Here's a snapshot of the tenant base as of September 30, 2025:

Metric	Net Lease Portfolio Data (as of 9/30/2025)
Total Net Lease Properties	1,662
Total Square Feet	183 million square feet
Total Tenants	373
Weighted-Average Lease Term (WALT)	12.1 years
Portfolio Occupancy Rate	97.0%
Annualized Base Rent (ABR)	$1.5 billion

Even the largest tenants are managed within a diversified structure; the top ten tenants account for 18.6% of ABR and have a longer weighted average lease term of 14.7 years. That's a strong indicator of relationship depth at the top end of the portfolio.

Dedicated asset management for lease restructuring and expansions

When tenants face operational challenges, W. P. Carey Inc.'s asset management teams step in proactively. They use a structured, five-point internal rating scale to assess tenant credit, asset quality, and asset criticality, which guides their management strategy. This isn't just about collecting rent; it's about working through complex situations to preserve value.

We saw this active management in 2025 with several key tenants:

• Hearthside: W. P. Carey Inc.'s leases were assumed at the existing rents following the tenant's Chapter 11 restructuring, which represented 1.29% of total ABR as of December 31, 2024.
• Do it Best: Lease amendments were executed on six facilities at existing rents, totaling 1.05% of total ABR.
• Hellweg: W. P. Carey Inc. is actively working to terminate leases on 12 stores (0.56% of total ABR), showing a willingness to prune assets that no longer fit the long-term strategy.

The teams in New York and Amsterdam focus on value creation through re-leasing, restructuring, and strategic dispositions, including handling building expansions and redevelopment projects. The expected rent loss from all tenant credit events for the full year 2025 was narrowed to a projection of $10 million to $15 million.

High-touch, consultative approach for sale-leaseback origination

For corporate customers looking to unlock capital, W. P. Carey Inc. positions itself as an all-equity buyer with the experience to close complex, multi-country deals. The approach is consultative, focusing on converting a company's illiquid real estate into working capital while they maintain operational control.

The firm emphasizes its ability to fund deals without issuing equity, often using accretive sales of non-core assets to fund new investments. For example, the spread generated between the average cap rates on dispositions and new investments was approximately 150 basis points.

The firm targets sale-leaseback transactions with a Purchase Price range of $5M to $500M. This strategy is particularly attractive to private equity sponsors in the current environment where global M&A values reached $1.89 trillion in the first half of 2025, making alternative capital sources appealing due to fluctuating interest rates and tighter debt financing.

Investor relations for shareholders seeking a growing dividend

The relationship with shareholders centers on delivering consistent, growing cash flow, which is paid out via the quarterly dividend. W. P. Carey Inc. has a long history of paying dividends, and the focus remains on maintaining that growth trajectory for investors.

Key dividend metrics as of late 2025:

• Last quarterly cash dividend (Ex-Date September 30, 2025): $0.910 per share.
• Annualized Dividend Rate: $3.64 per share.
• Dividend Growth: The third-quarter 2025 dividend represented a 4.0% increase compared to the third quarter of 2024.
• Forward Dividend Yield: Approximately 5.40% as of December 1, 2025.

The company raised its full-year 2025 AFFO guidance range to between $4.93 and $4.99 per diluted share following strong Q3 results, which supports the dividend outlook. Finance: draft 13-week cash view by Friday.

W. P. Carey Inc. (WPC) - Canvas Business Model: Channels

You're looking at how W. P. Carey Inc. gets its deals done and funds its growth, which is all about direct engagement and strong capital access. The company positions itself as a leading net lease REIT specializing in corporate sale-leasebacks, build-to-suits, and acquiring existing net lease properties.

Direct origination of sale-leaseback transactions with corporate sellers

W. P. Carey Inc. directly originates sale-leaseback transactions, converting a seller's owned real estate into immediate capital while the seller maintains full operational control via a long-term lease. This is a core channel for deal sourcing. For the full year 2024, the company closed on approximately $1.6 billion in acquisitions. The fourth quarter of 2024 was a record, with $840 million in on-balance sheet investment volume. Looking at 2025, W. P. Carey Inc. raised its full-year investment volume guidance to between $1.8 billion and $2.1 billion as of the third quarter report. Year-to-date through September 30, 2025, investment volume completed was $1.6 billion, with $656.4 million of that occurring in the third quarter. The strategy involves funding these investments through accretive sales of non-core assets, which generated approximately 150 basis points of spread between the average cap rates on dispositions and new investments as of September 2025.

Acquisition of existing net lease properties from developers or owners

Besides sale-leasebacks, W. P. Carey Inc. actively acquires existing net lease properties from developers or owners, focusing on high-quality, single-tenant industrial, warehouse, and retail properties across the U.S. and Europe. The year-to-date investment volume as of September 4, 2025, reached approximately $1.3 billion, primarily comprising single-tenant industrial properties in North America and Europe. For instance, a $200 million acquisition of four portfolios of discount retail stores, totaling 106 properties leased to Dollar General, was completed in Q4 2024, with an estimated $20 million for nine additional stores expected in Q1 2025. The company's focus is on properties under long-term net leases that include built-in rent escalations.

Global offices (New York, London, Amsterdam) for deal sourcing

W. P. Carey Inc. uses its physical presence in key markets to source deals effectively. The company maintains offices in New York, London, Amsterdam, and Dallas. This presence in both the U.S. and Europe helps them move quickly to deliver capital solutions. As of June 30, 2025, the net lease portfolio consisted of 1,600 properties covering approximately 178 million square feet. The company is focused on investing primarily in the U.S. and Northern and Western Europe.

Capital markets for issuing debt and equity securities

Access to the capital markets is a critical channel for funding W. P. Carey Inc.'s investment pipeline. The company has shown strong access, maintaining investment-grade ratings of Baa1 by Moody's and BBB+ by S&P as of September 30, 2025. The Weighted Average Interest Rate on its pro rata debt for the three months ended September 30, 2025, was 3.2%. Total Pro Rata Debt as of that date stood at $8,851 million, with a Total Enterprise Value of $23,345 million. The company issued $400 million of 4.650% Senior Unsecured Notes due 2030 during or subsequent to Q3 2025. Furthermore, $230.4 million of forward equity was issued year-to-date as of September 30, 2025, though it remained unsettled.

Here's a quick look at the debt structure as of September 30, 2025:

Debt Component	Amount (millions USD)
Senior Unsecured Notes USD	2,750
Senior Unsecured Notes EUR (USD equivalent)	4,256
Unsecured Term Loans (EUR/GBP USD equivalent)	1,202
Total Pro Rata Debt	8,851
Total Pro Rata Net Debt	8,537

You can see the total capitalization was $23,658 million. The company's leverage target remains conservative, aiming for the mid-to-high 5s for Net Debt to EBITDA.

The capital markets channel is supported by the following recent issuances:

• Issued $400 million of 4.650% Senior Unsecured Notes due 2030.
• Sold $230.4 million of equity under the ATM program year-to-date (unsettled).
• Had €500 million 2.25% senior unsecured notes due 2026 outstanding.
• Had $350 million 4.25% senior unsecured notes due 2026 outstanding.

The company's liquidity position as of September 30, 2025, was $2.1 billion. If onboarding takes 14+ days, defintely churn risk rises, but for W. P. Carey Inc., the channel execution seems quite fluid.

Finance: draft 13-week cash view by Friday.

W. P. Carey Inc. (WPC) - Canvas Business Model: Customer Segments

You're looking at the core customer base for W. P. Carey Inc., which is built around providing capital through sale-leaseback transactions and long-term net leases. The company targets established businesses, meaning you won't find them chasing early-stage startups. As of September 30, 2025, W. P. Carey Inc. served 373 tenants across its net lease portfolio. This speaks to a deliberate strategy of diversification, which helps insulate the business from any single corporate or industry downturn. The top ten tenants, for instance, only represented 18.6% of Annualized Base Rent (ABR) as of that date.

The primary focus is on companies that operate mission-critical, single-tenant commercial real estate. This means W. P. Carey Inc. is dealing with users who need their specific industrial, warehouse, or retail space to run their core operations. They aren't just buying any building; they are buying assets essential to the tenant's business. This focus on 'mission-critical' assets is a key part of how W. P. Carey Inc. manages risk in this segment.

The customer base is heavily weighted toward three main property types, which directly reflects the industries they serve. You can see the split clearly in the portfolio as of September 30, 2025, based on pro rata ownership:

Property Type	% of Total ABR (Sep 30, 2025)	US ABR % (Sep 30, 2025)	Europe ABR % (Sep 30, 2025)
Industrial	39.0%	26.1%	7.7%
Warehouse	25.5%	15.3%	9.7%
Retail	21.7%	7.3%	14.4%
Other	13.7%	11.4%	1.8%

Companies looking to execute a sale-leaseback-a common transaction type for W. P. Carey Inc.-are essentially corporate entities seeking to unlock capital tied up in their real estate assets. They sell the property to W. P. Carey Inc. and immediately lease it back long-term, getting cash for growth or debt reduction while retaining operational control. The structure of the leases themselves is designed to provide predictable growth for W. P. Carey Inc., with 99.6% of ABR coming from leases that have built-in rent escalations as of September 30, 2025.

Geographically, the customer segments are concentrated in two major economic blocs. W. P. Carey Inc. focuses on investing primarily in the U.S. and Northern and Western Europe. This geographic concentration is evident when looking at where the Annualized Base Rent (ABR) originates. You'll notice the U.S. forms the backbone of the portfolio, but Europe is a significant secondary market. Here's the quick math on the geographic split based on pro rata ownership as of the end of Q3 2025:

• U.S. tenants account for 60.1% of ABR.
• European tenants account for 33.6% of ABR.
• Mexico & Canada combined represent 5.7% of ABR.

To give you a flavor of the specific corporate customers, W. P. Carey Inc. has major tenants like Extra Space Storage, Inc., which contributes 2.7% of Total Base Rent from 43 net lease self-storage properties in the U.S.. Also, Metro Cash & Carry, a B2B wholesaler, represents 2.0% of ABR from 19 stores across Italy and Germany. These examples show the diversity within the industrial, retail, and other segments.

Finance: draft the next section on Value Propositions by Friday.

W. P. Carey Inc. (WPC) - Canvas Business Model: Cost Structure

Significant interest expense on debt, including the $400 million 4.650% Senior Unsecured Notes

W. P. Carey Inc. incurred an interest expense of ($75,226 thousand) for the three months ended September 30, 2025.

The Company priced an underwritten public offering of $400 million aggregate principal amount of 4.650% Senior Notes due 2030, expected to settle on July 10, 2025. The net proceeds were intended to repay certain indebtedness, including a portion of amounts outstanding under the $2.0 billion unsecured revolving credit facility.

Debt Instrument/Metric	Amount/Rate	Context/Date
4.650% Senior Notes Principal Amount	$400 million	Priced July 2025, due 2030
Unsecured Revolving Credit Facility Capacity	$2.0 billion	Capacity mentioned in context of notes repayment
Interest Expense (Q3 2025)	($75,226 thousand)	Three Months Ended September 30, 2025

General and administrative (G&A) expenses for corporate operations

General and administrative expenses for the third quarter of 2025 totaled $23,656 thousand.

Property operating expenses for the small portfolio of remaining operating properties

For the three months ended September 30, 2025, Operating property expenses were $15,049 thousand. The portfolio included 66 self-storage operating properties as of June 30, 2025.

• Property expenses, excluding reimbursable tenant costs (Q3 2025): $14,637 thousand
• Reimbursable tenant costs (Q3 2025): $14,562 thousand

Costs associated with property acquisitions and dispositions

Investment volume completed year to date as of September 30, 2025, was $1.6 billion. Gross disposition proceeds year to date were $1.0 billion.

Transaction Metric	Amount	Period
Investment Volume Completed	$1.6 billion	Year to date (as of 9/30/2025)
Gross Disposition Proceeds	$1.0 billion	Year to date (as of 9/30/2025)
Active Capital Investments/Commitments Scheduled	$67.1 million	To be completed in 2025
Self-Storage Operating Properties Disposed	37 properties for $513.3 million	Year to date (as of 9/30/2025)

Dividends paid to shareholders (annualized rate of $3.64 per share in Q3 2025)

The quarterly cash dividend declared in Q3 2025 was $0.910 per share. This is equivalent to an annualized dividend rate of $3.64 per share. The dividend yield, based on the quarter-end share price of $67.57, was 5.4 %. The dividend payout ratio for the nine months ended September 30, 2025, was 73.0 %.

W. P. Carey Inc. (WPC) - Canvas Business Model: Revenue Streams

You're looking at the core income drivers for W. P. Carey Inc. (WPC) as of late 2025. This is all about the recurring cash flow from the real estate portfolio and related activities.

The primary engine remains the rent collected from its net-leased properties. This is the bedrock of the revenue structure, supplemented by income from financing activities and the strategic recycling of assets through dispositions.

Here's a breakdown of the key revenue components based on the third quarter of 2025 results:

• Lease revenues from real estate, the primary source: $372.1 million for Q3 2025.
• Income from finance leases and loans receivable: $26.5 million (specifically $26,498 thousand) for Q3 2025.
• Contractual same-store rent growth: 2.4% year over year as of September 30, 2025.

The disposition program contributes to revenue, often realized as a gain on sale of real estate, which impacted net income in Q3 2025. The year-to-date activity shows significant asset recycling.

Revenue Component	Financial Metric	Amount (Q3 2025 or TTM)
Total Revenue (Including Reimbursable Costs)	Q3 2025	$431.3 million
Total Trailing 12-Month Revenue	TTM ending Sep 30, 2025	$1.678 billion
Gross Disposition Proceeds	Year to Date (as of Q3 2025)	$1.0 billion
Gross Disposition Proceeds	Q3 2025 only	$495.2 million
Self-Storage Property Dispositions (YTD)	Gross Proceeds	$513.3 million

The contractual rent escalators are a key feature, especially with over 99% of annual base rent coming from leases with contractual increases. This structure helps maintain organic growth, as evidenced by the Q3 2025 same-store rent growth figure.

You can see the composition of the real estate revenue streams for the third quarter of 2025 right here:

• Lease revenues: $372,087 thousand.
• Income from finance leases and loans receivable: $26,498 thousand.
• Operating property revenues: $26,771 thousand.
• Other lease-related income: $3,660 thousand.

Finance: draft 13-week cash view by Friday.