W. P. Carey Inc. Announces Pricing of €1.0 Billion of Senior Unsecured Notes [Accessibility Statement] Skip NavigationNEW YORK, Feb. 12, 2026 /PRNewswire/ -- W. P. Carey Inc. (NYSE: WPC, the "Company") announced today that it has priced an underwritten public offering of €1.0 billion in aggregate principal amount of senior unsecured notes (the "Notes") with a weighted-average coupon of 3.500% and a weighted- average term of 7.4 years, comprising the following tranches:- €500 million aggregate principal amou ...

Portfolio Overview - As of December 31, 2025, W. P. Carey owned 1,682 properties net-leased to 371 tenants across 25 countries, with approximately 61% of annualized base rent generated from the U.S. and 33% from Europe[15] - The company's portfolio included 11 self-storage properties, four hotels, and one student housing property, with a total net-leased square footage of approximately 183 million and a net-lease occupancy rate of about 98.0%[35] - The weighted-average lease term for the portfolio was 12.0 years, with 99.7% of leases providing for rent adjustments, including 48.4% tied to CPI and similar indices[41] - As of December 31, 2025, 39% of the company's ABR is derived from properties located outside the United States, with 33% specifically from Europe[47] - The Industrial property type represents the largest segment of the portfolio, contributing $595,868,000 (38.3%) to the ABR and 83,756,000 square feet (45.6%) to the total square footage[174] Financial Performance - Total revenues for 2025 increased to $1.716 billion, up from $1.583 billion in 2024, primarily due to net investment activity and rent escalations[159] - Net income attributable to W. P. Carey rose to $466.4 million in 2025, compared to $460.8 million in 2024, driven by higher gains on real estate sales and lower unrealized losses[162] - Adjusted funds from operations (AFFO) increased to $1.098 billion in 2025, up from $1.036 billion in 2024, mainly due to net investment activity and rent escalations[163] - Total lease revenues increased to $1,479,204,000 in 2025 from $1,331,788,000 in 2024, representing a change of $147,416,000 or approximately 11.1%[187] - Lease revenues from existing net-leased properties rose by $61,057,000, totaling $1,301,431,000 in 2025 compared to $1,240,374,000 in 2024[187] Asset Management and Strategy - The company focuses on diversification across property types, tenants, and geographic locations to mitigate risks associated with underperforming investments[25] - W. P. Carey actively manages its real estate portfolio to monitor tenant credit quality and lease renewal risks, ensuring compliance with lease obligations[32] - The company emphasizes proactive asset management, including tenant engagement and property inspections, to enhance property values and maintain strong tenant relationships[31] - The company focuses on enhancing portfolio quality through re-leasing efforts and selective asset sales to increase value[185] - The company plans to expand its portfolio by increasing investments in existing businesses and pursuing new investment strategies, including new asset classes and geographic markets[111] Risks and Challenges - Inflation and high interest rates have negatively impacted the company's financial condition, increasing the cost of variable-rate debt and limiting investment opportunities[52] - The company faces significant risks due to tenant concentration, with 9.6% and 9.4% of ABR concentrated in the packaged foods & meats and food retail industries, respectively[46] - The company is exposed to foreign exchange rate fluctuations, particularly with the euro, which can adversely affect revenues and expenses[51] - The bankruptcy or insolvency of tenants could lead to a reduction in revenue and increased expenses, impacting overall financial stability[65] - The company may face challenges in generating sufficient cash flow to meet existing or future debt service obligations, refinance indebtedness, and fund operations[71] Debt and Financing - As of December 31, 2025, the company's consolidated indebtedness was approximately $8.7 billion, with a debt to gross assets ratio of about 43.4%[70] - The company has $140.6 million of property-level mortgage debt on a non-recourse basis, which limits exposure to the amount of equity invested in the property[75] - The company may be required to make balloon payments at maturity, which could depend on its ability to refinance or sell the underlying property[76] - The company may need to borrow funds, sell assets, or raise equity to meet REIT distribution requirements, which could increase total leverage and financing needs[88] - Average outstanding debt balance increased to $8,529,460,000 in 2025 from $7,948,034,000 in 2024[212] Compliance and Regulatory - The company is subject to compliance risks in international jurisdictions, which could result in operational failures or regulatory fines[49] - The company believes it is organized in conformity with REIT requirements but cannot guarantee continued qualification as a REIT[83] - To maintain REIT status, the company must generally distribute at least 90% of its REIT taxable income each year to stockholders[85] - Changes in federal and state income tax laws governing REITs could adversely affect the company and its stockholders[105] - The company may incur significant adverse consequences due to its level of indebtedness, including increased vulnerability to economic changes and limited operational flexibility[72] Cybersecurity - The company has implemented cybersecurity measures to protect against potential incidents, but there is no guarantee that these measures will be effective[117] - As of December 31, 2025, the company has not experienced any known material cybersecurity incidents in the last three fiscal years[137] Dividends - Cash dividends declared totaled $3.620 per share in 2025, compared to $3.410 per share in 2024[158] - The Board of Directors has discretion over the amount and timing of future dividend payments, which may fluctuate based on several factors[110] - The company intends to continue paying cash dividends consistent with historical practices, but future payments will depend on various factors determined by the Board[149]

Financial Data and Key Metrics Changes - The company achieved a 5.7% growth in AFFO for the year, which is among the best in the net lease industry, reflecting strong performance and record investment activity [4][14] - AFFO per share for Q4 was $1.27, a 5% increase year-over-year, while full-year AFFO totaled $4.97 per share [14] - The total return for shareholders was 25% for the year, placing the company in the top tier of publicly traded REITs [4] Business Line Data and Key Metrics Changes - The company allocated 68% of its investment volume to warehouse and industrial assets, with retail accounting for 22% [7] - The average cash cap rate for investments was 7.6%, translating into an average yield just above 9% over long-term leases averaging 17 years [6] - Contractual same-store rent growth averaged 2.4% for both Q4 and the full year, with CPI-linked rent escalations averaging 2.6% [15][16] Market Data and Key Metrics Changes - 26% of the investment volume was in Europe, while 74% was in North America, predominantly in the U.S. [7] - The company expects cap rates to be incrementally lower in 2026, anticipating going-in cap rates in the mid- to low-7% range compared to 2025's average of 7.6% [11] Company Strategy and Development Direction - The company aims to expand its retail presence, targeting 25%-30% of annual deal volume in retail, including both U.S. and European markets [34] - The Carey Tenant Solutions platform is expected to enhance the company's capabilities in build-to-suit and redevelopment projects, with a focus on increasing the volume of such projects [37][54] - The company plans to maintain a conservative approach to investment volume guidance, starting with a range of $1.25 billion to $1.75 billion for 2026 [11][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining high investment activity and delivering attractive AFFO growth in 2026, supported by a strong funding position [9][30] - The company anticipates a slight increase in contractual same-store rent growth for 2026, with expectations of maintaining portfolio occupancy over 98% [18][21] - Management noted that there are no significant disruptions in the market, and they expect to refine investment guidance as the year progresses [76] Other Important Information - The company successfully refinanced its euro-denominated term loan at an attractive rate below 3% and has a strong liquidity position of $2.2 billion [8][29] - The company has reduced its HELVIG exposure to 1.1% of total ABR by year-end and is actively engaged in transactions to further reduce this exposure [17] Q&A Session Summary Question: Expansion in U.S. retail and other targeted categories - Management indicated that retail accounted for about 22% of deal volume last year, with a goal to increase this to 25%-30% annually, focusing on tenant credit and lease structure [34][35] Question: Growth of Carey Tenant Solutions platform - Management expects the volume of projects under the Carey Tenant Solutions platform to increase, with $50 million completed and another $280 million in construction [36][37] Question: Industrial asset cap rates and competition - Management noted that industrial assets remain core to the business, with expectations of cap rates tightening slightly in 2026, while competition from Realty Income is more pronounced in Europe [41][44] Question: Credit loss estimates - Management set a conservative range for rent loss from tenant credit at $10-$15 million for 2026, with no specific concerns currently in the portfolio [86][90] Question: Debt refinancing strategy - Management plans to refinance upcoming bonds with unsecured debt in the same currencies, with current pricing expectations for euro bonds in the low 4% range [91][92]

Financial Data and Key Metrics Changes - The company achieved a 5.7% growth in AFFO for the year, which is among the best in the net lease industry, reflecting strong performance and record investment activity [4][14] - AFFO per share for Q4 was $1.27, a 5% increase year-over-year, while the full year AFFO totaled $4.97 per share [14] - The total return for shareholders was 25% for the year, placing the company in the top tier of publicly traded REITs [4] Business Line Data and Key Metrics Changes - The company allocated 68% of its investment volume to warehouse and industrial assets, with retail accounting for 22% [7] - The average cash cap rate for investments was 7.6%, translating into an average yield just above 9% over long-term leases averaging 17 years [6] - Contractual same-store rent growth averaged 2.4% for both Q4 and the full year, with CPI-linked rent escalations averaging 2.6% [15][16] Market Data and Key Metrics Changes - 26% of the investment volume was in Europe, while 74% was in North America, predominantly in the U.S. [7] - The company expects cap rates to trend lower in 2026, anticipating going-in cap rates in the mid- to low-7% range compared to 2025's average of 7.6% [11] Company Strategy and Development Direction - The company aims to expand its retail presence, targeting a mix of larger sale-leaseback opportunities and other retail categories [33] - The Carey Tenant Solutions platform is expected to enhance the company's capabilities in build-to-suit and redevelopment projects, with a goal to increase the volume of such projects [36][53] - The company plans to maintain a conservative investment volume guidance of $1.25 billion-$1.75 billion for 2026, with the potential to refine this as visibility improves [11][75] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining high investment activity and delivering attractive AFFO growth in 2026, supported by a strong funding position [9][30] - The company is mindful of potential credit losses, setting a conservative estimate for rent loss from tenant credit at $10 million-$15 million for 2026 [18][86] - Portfolio occupancy increased to 98% by year-end, with expectations to maintain this level through re-leasing and dispositions [18] Other Important Information - The company successfully refinanced its Euro-denominated term loan, locking in an attractive all-in rate below 3% [8] - The liquidity at year-end totaled $2.2 billion, providing ample flexibility for funding investment activities [29] - The quarterly dividend was increased by 4.5% year-over-year to $0.92 per share, supported by a payout ratio of approximately 73% [29] Q&A Session Summary Question: Expansion strategy in U.S. retail - Management indicated that retail accounted for about 22% of deal volume in 2025, with plans to increase this to 25%-30% in the future, focusing on tenant credit and lease structure [33][34] Question: Growth of Carey Tenant Solutions platform - Management noted that they completed about $50 million in projects year-to-date, with another $280 million in construction planned over the next 12-18 months [36] Question: Industrial asset cap rates and competition - Management stated that industrial assets remain a core part of the business, with expectations for cap rates to tighten slightly in 2026 [41][42] Question: Credit loss estimates - Management clarified that the $10 million-$15 million range for credit loss is a conservative estimate with no specific concerns currently in the portfolio [86] Question: Debt refinancing plans - Management confirmed plans to refinance upcoming bond maturities with unsecured debt in the same currencies, with current pricing expectations in the low 4% range for Eurobonds [87][88]

Financial Data and Key Metrics Changes - The company achieved a 5.7% growth in AFFO for 2025, which is among the best in the net lease industry, reflecting strong performance and record investment activity [3][12] - AFFO per share for Q4 was $1.27, a 5% increase year-over-year, while the full year AFFO totaled $4.97 per share [12][14] - The total return for shareholders was 25% for the year, placing the company in the top tier of publicly traded REITs [3] Business Line Data and Key Metrics Changes - The company allocated 68% of its investment volume to warehouse and industrial sectors, with retail accounting for 22% [6] - The average cash cap rate for investments was 7.6%, translating into an average yield just above 9% over long-term leases averaging 17 years [5][12] - Contractual same-store rent growth averaged 2.4% for both Q4 and the full year, with CPI-linked rent escalations averaging 2.6% [14][15] Market Data and Key Metrics Changes - 26% of the investment volume was in Europe, while 74% was in North America, predominantly in the U.S. [6] - The company expects cap rates to be incrementally lower in 2026, anticipating going-in cap rates in the mid- to low-7% range [10][41] Company Strategy and Development Direction - The company aims to continue generating higher investment volumes, with an initial investment volume guidance range of $1.25 billion to $1.75 billion for 2026 [10][19] - The Carey Tenant Solutions platform is expected to enhance the company's capabilities in build-to-suit and redevelopment projects, with a focus on increasing the volume of such projects [9][52] - The company is targeting to increase retail investments to 25%-30% of annual deal volume, focusing on tenant credit and lease structure [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining high levels of investment activity and delivering attractive AFFO growth in 2026, supported by strong funding positions and a sizable investment pipeline [8][29] - The company is taking a conservative approach to rent loss estimates, projecting $10-$15 million for 2026, while not seeing any material changes in credit quality across the portfolio [17][87] - The company anticipates portfolio occupancy to remain over 98% through a combination of releasing and dispositions [17] Other Important Information - The company successfully refinanced its euro-denominated term loan, locking in an attractive all-in rate below 3% [7] - The company ended the year with liquidity totaling $2.2 billion, including cash on hand and unsettled forward equity [27] - The quarterly dividend was increased by 4.5% year-over-year to $0.92 per share, supported by a payout ratio of approximately 73% [27] Q&A Session Summary Question: Expansion in U.S. retail and targeted categories - Management confirmed that retail accounted for about 22% of deal volume in 2025, with plans to increase this to 25%-30% [33] Question: Industrial asset types and competition - Management indicated that industrial remains a core part of the business, focusing on manufacturing and logistics, with expectations of cap rate tightening [40][41] Question: Development risks associated with Carey Tenant Solutions - Management explained that development risks are mitigated through fixed-price contracts and guaranteed rent start dates [52][53] Question: Credit loss estimates and portfolio management - Management stated that the $10-$15 million range for credit loss is a conservative estimate with no specific concerns in the portfolio at the moment [87] Question: Debt refinancing and overall debt composition - Management confirmed that they have flexibility in refinancing upcoming bonds and will likely replace them with unsecured debt in the same currencies [88][93]

4Q25 W. P. Carey Inc. Investor Presentation 50+ Years of Investing for the Long Run® Table of Contents | Overview | 3 | | --- | --- | | Real Estate Portfolio | 7 | | Balance Sheet | 20 | | Corporate Responsibility | 24 | Unless otherwise noted, all data in this presentation is as of December 31, 2025. Amounts may not sum to totals due to rounding. Overview 3 Company Highlights W. P. Carey (NYSE: WPC) is a REIT that specializes in investing in single-tenant net lease commercial real estate, primarily in the ...

Core Insights - W.P. Carey (WPC) reported Q4 2025 adjusted funds from operations (AFFO) per share of $1.27, exceeding the Zacks Consensus Estimate of $1.26, and reflecting a 5% year-over-year improvement [1][9] - The company's quarterly revenues reached $444.5 million, surpassing the Zacks Consensus Estimate of $428.8 million, marking a 9.4% increase year over year [1][9] Financial Performance - For the full year 2025, WPC's AFFO per share was $4.97, beating the Zacks Consensus Estimate of $4.94 and up from $4.70 in the previous year [2] - Total revenues for 2025 amounted to $1.71 billion, exceeding consensus estimates and representing an 8.6% year-over-year increase [2] Revenue Breakdown - In Q4, lease revenues increased by 10.7% year over year to $389.2 million, driven by net investment activity and rent escalations [3] - Income from finance leases and loans receivable saw significant year-over-year growth, primarily due to net investment activity [3] - Operating property revenues decreased significantly due to the sale of 63 self-storage properties and a student housing property, along with the conversion of four self-storage properties to net leases [4] Investment Activity - The total investment value for Q4 was $625.1 million, with 13 capital investments and commitments of $238.3 million scheduled for completion in 2026, and two commitments totaling $101.5 million for 2027 [5] - In Q4, WPC sold 44 properties for gross sale proceeds of $507 million [5] - Contractual same-store rent grew by 2.4% year over year on a constant-currency basis as of September 30, 2025 [5] Balance Sheet Position - As of December 31, 2025, WPC had total liquidity of $2.2 billion, which included approximately $1.6 billion of available capacity under its senior unsecured credit facility, $155.3 million in cash and cash equivalents, and $80.9 million in cash held at qualified intermediaries [6] 2026 Outlook - For 2026, W.P. Carey expects its AFFO to be between $5.13 and $5.23 per share, with the Zacks Consensus Estimate at $5.12 per share [7] - The company anticipates an investment volume of $1.25 billion to $1.75 billion and a disposition volume of $250 million to $750 million for 2026 [7] Zacks Rank - WPC currently holds a Zacks Rank 2 (Buy) [8]

Core Viewpoint - First Tellurium Corp. asserts that there is no negative news impacting its share price, despite shareholder concerns, and emphasizes ongoing positive developments in its thermoelectric technology [1][2] Company Developments - The company is making progress with its subsidiary PyroDelta Energy Corp. on thermoelectric technology and drone applications, which will be showcased at the DARPA Heavy Lift Challenge [2][3] - PyroDelta's proprietary Capillary Casting manufacturing process is expected to create new revenue streams [2] Technology and Competitive Edge - The drone design for the DARPA contest utilizes tellurium-based thermoelectric technology to capture waste heat from the engine for supplemental power, positioning the company competitively within the drone industry and U.S. government [3] - The company is exploring manufacturing opportunities in the thermoelectric sector and anticipates future announcements regarding these developments [3] Industry Engagement - First Tellurium is receiving inquiries from various sectors, including industry, media, and government, indicating growing awareness of its technology [3][4] - The company has engaged with Canadian government officials to discuss the potential of its technology for clean energy applications [4][5] Business Model - First Tellurium's business model focuses on generating revenue through mineral discovery, project development, and the advancement of tellurium-based technologies [5]

Group 1 - The article discusses the analysis of oil and gas companies, focusing on identifying undervalued names in the sector, including balance sheet evaluations, competitive positioning, and development prospects [1] - The industry is characterized as a boom-bust, cyclical market, requiring patience and experience for successful investment [2] - The investing group, Oil & Gas Value Research, seeks under-followed oil companies and out-of-favor midstream companies that present compelling investment opportunities [2] Group 2 - The article emphasizes the importance of community engagement among investors through an active chat room for sharing recent information and investment ideas [2]

Core Insights - Mithril Silver and Gold Limited has reported significant exploration progress at its Copalquin property in Mexico, confirming high-grade silver and gold mineralization across multiple targets [5][6][28] - The maiden drill program at Target 5 has outlined a large silver-rich target, with mineralization confirmed over a 9.6 km area [1][16] - The company plans to continue aggressive exploration in 2026, with up to 25,000 meters of drilling scheduled to expand known mineralized zones and test new high-priority targets [7][28] Exploration Progress - The maiden drill program at Target 5 confirmed high-grade silver and gold mineralization, with notable intercepts including 2.75 m at 660 g/t AgEq and 1.00 m at 1,714 g/t AgEq [3][24] - Drilling at the Apomal and Tasolera workings has defined mineralized zones, with significant alteration zones indicating extensive hydrothermal activity [1][4] - An aerial magnetic survey has been completed, providing data to refine the drill plan and target key structural 'feeder' targets [4][21] Resource Development - Resource drilling at Target 1 has commenced, with the resource extended 300 m to the west and open in both directions [4][6] - The company aims to advance Targets 3 and 5 to additional resources while testing district-defining targets [7][28] - The Copalquin district is identified as a large epithermal silver-gold system, with significant potential for resource growth [5][29] Future Plans - Mithril's strategy includes progressing Target 1 towards future development and expanding known mineralized zones [7][28] - Detailed work programs for 2026 are being finalized, utilizing data from recent surveys and geological studies [7][28] - The company has an exclusive option to purchase 100% interest in the Copalquin mining concessions by paying US$10 million before August 2028 [37]