W. P. Carey Inc. (WPC): Business Model Canvas [Dec-2025 Updated]

You're looking to see exactly how W. P. Carey Inc. is structured for performance following their strategic office exit, and the core of their business is surprisingly simple: locking in long-term, predictable cash flow. Honestly, they anchor this stability with a diversified portfolio of 1,662 net lease properties, boasting a weighted-average lease term of 12.1 years and a 97.0% occupancy rate as of Q3 2025. What's interesting is their active capital recycling; they are selling assets-about $1.0 billion year-to-date in 2025-to fund new investments projected between $1.8 billion to $2.1 billion for the year, all while collecting primary lease revenues hitting $372.1 million in that third quarter. This whole engine runs on deep, direct relationships with corporations needing to unlock capital through sale-leaseback deals, so let's dive into the nine building blocks that make this model tick.

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

You're mapping out the ecosystem W. P. Carey Inc. (WPC) relies on to execute its net lease strategy. These aren't just vendors; they are crucial capital conduits and deal facilitators, especially for the cross-border elements of their portfolio.

Financial institutions for debt capital and refinancing

W. P. Carey Inc. actively manages its liabilities to maintain a conservative capital structure, often using capital markets partners to secure long-term, fixed-rate debt. This helps insulate cash flows from interest rate volatility. For instance, as of September 30, 2025, the Total Pro Rata Debt stood at $8,851 million. The weighted average debt maturity for this debt was 4.5 years, with a weighted average interest rate for the three months ended September 30, 2025, at 3.2%. This reflects proactive liability management, such as the March 31, 2025, amendment to extend a €500 million term loan maturity to April 24, 2029, at an all-in rate of 2.80%. Also, a $400 million offering of 4.650% Senior Notes due 2030 was completed in mid-2025. That's how you lock in favorable terms. Here's a snapshot of the debt components as of September 30, 2025:

Investment banks for asset disposition and securitization

W. P. Carey Inc. partners with capital markets intermediaries to execute its strategy of funding new investments through the accretive sale of non-core assets. The company's 2025 full-year disposition guidance was set between $900 million and $1.3 billion. By the end of Q3 2025, year-to-date gross disposition proceeds had reached $1.0 billion. The Head of Strategy and Capital Markets leads communication with investment banks regarding balance sheet strategy and execution for all capital markets transactions. Dispositions of self-storage operating properties year-to-date through Q3 2025 totaled $513.3 million, which represented approximately half of the self-storage operating portfolio NOI at the start of 2025. This disciplined approach aims to generate a spread of approximately 150 basis points between the cap rates on dispositions and new investments.

Joint venture partners for co-investment in real estate assets

While W. P. Carey Inc. primarily focuses on single-tenant net lease assets, it engages with partners on specific opportunities, particularly in its operating property segments. The company has a history of providing capital solutions to developers and private equity firms and their portfolio companies. A recent example of a partnership structure involved the acquisition of a third-party joint venture partner's interest in nine self-storage operating properties during the 2024 third quarter, which impacted Q3 2025 net income due to the prior-year gain recognition. The firm's investment strategy is built on direct origination, but this partnership activity shows flexibility in managing asset ownership structures.

Real estate brokers and intermediaries for deal sourcing

Sourcing high-quality, operationally critical assets in the U.S. and Europe is heavily reliant on a network of brokers and intermediaries, alongside direct origination. As of the first quarter of 2025, W. P. Carey Inc. had 'clear visibility into approximately $570 million of deals for 2025 in a solid near-term pipeline.' The company subsequently raised its full-year investment volume guidance to between $1.8 billion and $2.1 billion by the third quarter of 2025. The European Investments Team, led by the Managing Director and Head of European Investments, oversees the sourcing, underwriting, and structuring of all European transactions, including cross-border deals. You need these intermediaries to keep the pipeline full.

• Year-to-date investment volume through Q3 2025 reached $1.6 billion.
• The portfolio included 1,662 net lease properties as of September 30, 2025.
• The company has offices in New York, London, and Amsterdam to facilitate these relationships.

External legal and tax advisors for cross-border transactions

Executing complex, cross-border transactions, especially those involving European assets, requires reliance on external legal and tax expertise. The CFO oversees tax functions, but external counsel is vital for deal structuring and compliance. The ratification of PricewaterhouseCoopers LLP as the Independent Registered Public Accounting Firm for 2025 confirms a key external advisory relationship for financial reporting and likely tax matters. Furthermore, the company's operational presence, with certifications as a Great Place to Work in both the U.S. and the Netherlands in 2024, suggests established local legal and advisory relationships in key European jurisdictions. The Head of European Investments has specific experience structuring cross-border and multi-party transactions.

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

You're looking at the core engine of W. P. Carey Inc., the activities that drive their net lease real estate investment trust model. It's all about disciplined acquisition, active management, and smart capital deployment. Here's the quick math on what they've been doing to fund their growth as of late 2025.

Acquiring single-tenant, mission-critical industrial and warehouse properties

W. P. Carey Inc. focuses on acquiring operationally critical commercial real estate, with a primary emphasis on single-tenant industrial and warehouse properties across North America and Europe. This focus is evident in their investment execution, which is designed to secure long-term, stable cash flows. The company's strategy involves redeploying capital from sales into these higher-growth net lease assets.

• Year-to-date investment volume (through Q3 2025) reached $1.65 billion.
• These year-to-date investments were secured at an average initial cap rate of 7.6%.
• The full-year investment volume guidance was raised to between $1.8 billion and $2.1 billion for 2025.

Structuring long-term, triple-net sale-leaseback transactions

The lifeblood of W. P. Carey Inc.'s business model lies in its ability to adeptly navigate long-term lease agreements with creditworthy tenants. By focusing mostly on net lease agreements, where tenants are responsible for most property-related expenses, the company solidifies its cash flow, earning steady rental income while minimizing operational costs. The structure also involves partnering with companies looking to unlock capital from their owned assets through sale-leasebacks.

Proactive asset management and tenant credit monitoring

Maintaining a high-quality, stable portfolio requires constant oversight. W. P. Carey Inc. manages its assets to ensure long-term value and predictable income streams. This activity is supported by strong contractual rent growth embedded in the leases.

Capital recycling via strategic dispositions

W. P. Carey Inc. actively recycles capital by selling non-core assets, such as self-storage operating properties, to fund new, accretive net lease investments. This strategy is key to maintaining portfolio quality and generating favorable spreads between the sale and reinvestment. You see this in the updated guidance for the year.

• Gross disposition proceeds year-to-date (through Q3 2025) totaled $1.0 billion.
• The full-year disposition volume guidance was raised to between $1.3 billion and $1.5 billion.
• Self-storage operating property sales accounted for $513.3 million of the year-to-date proceeds.
• The spread between average disposition cap rates (right inside 6%) and new investment cap rates generated approximately 150 basis points.

Raising debt and equity capital to fund 2025 investments

To support the raised investment target of $1.8 billion to $2.1 billion, W. P. Carey Inc. utilized both debt and equity markets to maintain liquidity and fund accretive growth. The company ended the third quarter with significant financial flexibility.

• Liquidity stood at about $2.1 billion at the end of Q3 2025.
• Debt raised included issuing $400 million of 4.650% Senior Unsecured Notes due 2030.
• Equity raised involved selling $230 million of stock under the ATM program subject to forward sale agreements.
• The full-year 2025 Adjusted Funds from Operations (AFFO) guidance was raised to between $4.93 and $4.99 per diluted share.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets that drive W. P. Carey Inc.'s (WPC) predictable cash flow, the stuff that makes the business model tick. These aren't just line items; they are the real-world foundations of their net lease strategy.

The portfolio itself is massive and built for stability. As of September 30, 2025, W. P. Carey Inc. held a net lease portfolio consisting of exactly 1,662 properties, covering 183 million square feet. That real estate is leased to 373 tenants, generating $1.5 billion in Annualized Base Rent (ABR) pro rata. The occupancy rate was a very solid 97%.

The lease duration is a huge part of the stability story. The weighted-average lease term across the entire net lease portfolio stands at 12.1 years as of the end of Q3 2025. That long runway for cash flows is defintely a key resource. Furthermore, the company maintains a focus on internal growth, with contractual same-store rent growth reported at 2.4% year-over-year for the quarter.

W. P. Carey Inc.'s global reach is managed by dedicated teams. They operate with offices in key financial hubs, specifically New York, London, Amsterdam, and Dallas, supporting their investment focus primarily in the U.S. and Europe.

The balance sheet strength is another critical resource, giving them the capacity to act when opportunities arise. W. P. Carey Inc. is investment grade rated, holding Baa1 by Moody's and BBB+ by S&P. Their access to capital is supported by a low weighted-average interest rate on debt. For the three months ended September 30, 2025, the pro rata weighted average interest rate was 3.2%. Liquidity was robust, with $2.1 billion available at quarter end.

Here's a quick look at the scale and financial footing as of September 30, 2025:

The expertise in underwriting is what allows W. P. Carey Inc. to deploy capital effectively, generating attractive spreads. This is evidenced by their ability to recycle assets, for instance, redeploying capital from self-storage exits at approximately 6% cap rates into new net-lease assets with initial cap rates in the mid-7% range. These new investments often include fixed rent escalations averaging 2.7%.

The firm's key intellectual property and operational capabilities include:

• Global origination and asset management teams in the U.S. and Europe.
• Proprietary credit and real estate underwriting expertise.
• A focus on single-tenant, operationally critical industrial, warehouse, and retail properties.
• The ability to structure leases with built-in rent escalations.
• A pipeline supported by $230 million of unsettled forward equity as of September 30, 2025.

Finance: draft 13-week cash view by Friday.

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.

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:

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:

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:

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.

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.

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.

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.