REIT Report Card · August 15, 2026
W. P. Carey is the diversified net-lease REIT, $16.3B, with thinner trading than the giants (about $88.3 million on an average day). The 5.17% indicated yield and 84.1% EBITDA margins look strong. CapEx was about 208.2% of operating cash flow in this TTM period, so cash after capex is thin.
| Category | Grade | What It Means |
|---|---|---|
| Liquidity | B | Tradable at normal sizes. The tape is not deep |
| Balance Sheet | B | A lot of debt. Worth keeping an eye on |
| Debt Service | B+ | Interest is covered, without a huge cushion |
| Operating Quality | A+ | Outstanding profit margins on this measure |
| Cash Generation | A- | Good cash generation versus the current price |
| Dividend | A- | A useful yield with solid cash-flow coverage |
| Valuation | B+ | A moderate price. Not a bargain |
| Recent Performance | A- | A solid year for the share price |
| Overall | B+ | Net-lease income and fat margins. Capex was heavy this period |
1. Valuation
This is the price of WPC's operating earnings, counting both the equity and the debt.
At about 16.3x EV / EBITDA, WPC screens cheaper than a lot of large REITs.
Bottom line: The multiple leaves more room for disappointment than at the pricey peers.
2. Leverage
For every $1 of annual EBITDA WPC generates, it has about $5.67 of net debt.
For a REIT, this is usually the first leverage number worth reading.
Bottom line: WPC uses a fair amount of debt, but the load looks manageable relative to earnings.
3. Debt Exposure
About 35% of WPC's total enterprise value is net debt.
That gives equity investors a thinner equity cushion than lower-debt peers.
Bottom line: A large net-debt share of EV means equity holders have less of a cushion.
4. Interest Protection
WPC generates about 4.97x of EBITDA for every $1 of estimated interest.
Higher coverage usually means a REIT can absorb higher rates, refinancing costs, or a soft patch in the properties more easily.
Bottom line: Coverage is okay, but there's less spare room than at the strongest credits here.
5. Operating Profitability
WPC turns about 84 cents of every revenue dollar into EBITDA.
Bottom line: The properties and the platform make a lot of money on this measure.
6. Cash Generation
WPC generated operating cash flow equal to about 7.5% of its current equity value.
For every $100 of current equity value, the company generated about $7.48 of trailing operating cash flow.
Bottom line: You're getting a lot of cash relative to the price you're paying.
7. Cash Conversion
About 80% of WPC's EBITDA turned into operating cash flow.
Bottom line: Most of the reported operating earnings are showing up as actual cash.
8. Dividend Safety
On our standardized math, operating cash flow covers WPC's annualized dividend about 1.45x.
WPC generates roughly 1.45x of operating cash flow for every $1.00 of estimated dividends.
Bottom line: The dividend looks covered by operating cash flow, though the margin isn't huge under this conservative method.
9. Dividend Yield
WPC screens more as an income REIT.
Put $10,000 into WPC at the current indicated yield and you'd get about $517 a year if the dividend stays the same.
Bottom line: You can treat WPC as an income holding if you also accept the coverage and sector risks that come with it.
10. Market Liquidity
About $88.3 million of WPC stock changes hands on an average trading day.
Bottom line: Liquidity is fine for smaller positions, but large orders may take more time than they would in a mega-cap REIT.
If you put $10,000 into WPC today, based on the numbers in this report:
WPC has $8.85B of total debt against $0.17B of cash (5.67x net debt / EBITDA). Interest coverage of 5.0x only partly offsets that load.
At 16.3x EV / EBITDA, the multiple sits in the middle of this list. The shares are not a deep-value screen.
OCF dividend coverage is 1.45x and the indicated yield is 5.17%. The dividend looks supported, but the margin isn't huge, and capex definitions still matter.
Average daily dollar volume is $88.3M, adequate, but thinner than the mega-cap REITs here.
W. P. Carey still looks like a net-lease income name (5.17%, 84.1% margins). CapEx at 208.2% of OCF is why cash-after-capex screens go negative.
The 84.1% margin is the net-lease calling card. CapEx at 208.2% of OCF is the period-specific mess. Post-capex cash yield is -8.09%.
16.3x EV / EBITDA, 5.67x leverage, 1.45x coverage, 5.2% yield. The income case is intact if you can live with how much capex showed up in this TTM period.
| Metric | WPC |
|---|---|
| Market Capitalization | $16.32B |
| Enterprise Value | $25.00B |
| Share Price | $71.62 |
| Revenue (TTM) | $1.82B |
| EBITDA (TTM) | $1.53B |
| EBIT (TTM) | $1.00B |
| Operating Cash Flow (TTM) | $1.22B |
| CapEx (TTM) | $2.54B |
| Cash | $0.17B |
| Total Debt | $8.85B |
| Average Daily $ Volume | $88.3M |
| Daily Equity Turnover | 0.54% |
| EV / EBITDA | 16.34x |
| EBITDA Yield on EV | 6.12% |
| EBITDA Margin | 84.07% |
| Net Debt / EBITDA | 5.67x |
| Net Debt / Market Cap | 53.20% |
| Net Debt / Enterprise Value | 34.73% |
| Debt / Total Capital | 35.16% |
| Cash / Debt | 1.89% |
| EV Premium to Equity | 53.19% |
| Operating Cash Flow Yield | 7.48% |
| OCF / EBITDA Conversion | 79.74% |
| CapEx / Operating Cash Flow | 208.20% |
| CapEx / Revenue | 139.56% |
| Post-CapEx Cash Yield | -8.09% |
| Dividend / OCF Burden | 0.69x |
| OCF Dividend Coverage | 1.45x |
| Implied Interest / Revenue | 16.91% |
| EBITDA Interest Coverage | 4.97x |
| Reported Interest Coverage (source) | 3.24x |
| Dividend Yield | 5.17% |
| 52-Week Price Change | +8.96% |
| Approx. 1-Year Total Carry | +14.13% |
| Beta (5Y) | 0.78 |
We grade each REIT on several things at once. A cheap multiple next to heavy debt is a different story than a cheap multiple next to a light load.
Financial Strength looks at leverage, how much of the firm is debt, daily trading volume, and whether earnings cover interest.
Operating Quality looks at the EBITDA margin and how much of those earnings show up as cash.
Dividend Quality looks at the indicated yield, whether operating cash flow covers the payout, and how heavy the payout is versus cash.
Valuation is what you pay for the REIT's earnings: enterprise value over EBITDA.
Market Performance looks at last year's share-price change and how much stock trades on an ordinary day.
A hotel and a net-lease REIT will not look the same on these measures, and they should not. Read each name next to peers in the same property type.
Read the full methodology and the grading bands.
The numbers come from trailing financials and market data we pulled for this report. Some ratios we calculate ourselves. They are not always the figures the company highlights.
We use them so these 20 REITs can be lined up on the same math. That does not replace company-reported FFO, AFFO, same-store NOI, occupancy, lease schedules, or NAV.
Source: https://stockanalysis.com/stocks/wpc/statistics/
Report date: August 15, 2026
This is for information only. It isn't investment advice, a buy or sell recommendation, or a judgment about whether any of these REITs fit your situation.