It has been about a month since the last earnings report for W.P. Carey (WPC Quick QuoteWPC - Free Report) . Shares have added about 3.2% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is W.P. Carey due for a pullback? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent drivers for W.P. Carey Inc. before we dive into how investors and analysts have reacted as of late.

W. P. Carey Q1 AFFO Tops Estimates on Investment Activity and Rent Growth

W. P. Carey delivered first-quarter 2026 AFFO per share of $1.30, topping the Zacks Consensus Estimate by 1.6%. Revenues of $453.02 million also came ahead of the consensus mark of $451.06 million, a 0.4% surprise, and rose 11.2% year over year.

The quarter reflected the accretive impact of net investment activity and contractual rent escalations across the net-lease portfolio. Contractual same-store rent registered 2.4% growth year over year on a constant-currency basis.

W. P. Carey’s Revenues Climb on Net Investment Activity

Lease revenues advanced to $402.8 million, supported by acquisitions and rent escalations across W. P. Carey’s U.S. and European portfolios. Income from finance leases and loans receivable added $27.7 million, also benefiting from net investment activity.

Operating property revenues were $12.1 million, reflecting the smaller operating-property footprint after prior self-storage dispositions. Other lease-related income contributed $10.5 million, helping broaden real estate revenues beyond base rent.

Bottom-line performance improved meaningfully, with net income attributable to the company rising to $176.3 million from $125.8 million a year ago. The increase was aided by higher gains from remeasurement of foreign debt, a lower non-cash allowance for credit loss on finance leases, higher gains on sale of real estate and the accretive contribution from investment activity, partially offset by higher impairment charges.

W. P. Carey’s Investment Pipeline Expands With Build-to-Suits

W. P. Carey posted year-to-date investment volume of $682.0 million, including $585.3 million completed during the quarter, signaling a strong start to 2026 capital deployment. Management also pointed to continued pipeline depth with visibility into significant near-term investment opportunities.

Capital projects remain an additional lever. Active capital investments and commitments totaled $178.8 million, scheduled for completion during the remainder of 2026, supporting future rent commencements and embedded growth from development and expansion activity.

In the first quarter, the company sold 19 properties for gross sale proceeds of $162.6 million.

W. P. Carey’s Balance Sheet Stays Liquid and Flexible

Liquidity stood at $2.8 billion at quarter-end, providing capacity to fund the acquisition pipeline and capital commitments. Net debt to adjusted EBITDA was 5.7X, reflecting a leverage profile the company views as conservative within its targeted range.

Capital markets activity helped reinforce funding flexibility. The company issued €500 million of senior unsecured notes due 2031 and €500 million due 2035 while also repaying €500 million of notes due 2026, extending maturities as it scales investment volume.

W. P. Carey Lifts 2026 AFFO View, Keeps Disposition Plans

Reflecting the early-year momentum, W. P. Carey raised its full-year 2026 AFFO guidance range to $5.16-$5.26 per share, up from the prior guided range of $5.13-$5.23. The increase was tied to higher anticipated investment volume and a lower estimate for a potential rent loss from tenant credit events.

For 2026, W. P. Carey now expects investment volume of $1.5-$2.0 billion, up from $1.25-$1.75 billion, while maintaining its disposition volume outlook of $250-$750 million.

How Have Estimates Been Moving Since Then?

Estimates revision followed a upward path over the past two months.

VGM Scores

At this time, W.P. Carey has a poor Growth Score of F, however its Momentum Score is doing a bit better with a D. Following the exact same course, the stock has a score of D on the value side, putting it in the bottom 40% for this investment strategy.

Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

W.P. Carey has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.

Performance of an Industry Player

W.P. Carey is part of the Zacks REIT and Equity Trust - Other industry. Over the past month, Ventas (VTR Quick QuoteVTR - Free Report) , a stock from the same industry, has gained 0.8%. The company reported its results for the quarter ended March 2026 more than a month ago.

Ventas reported revenues of $1.66 billion in the last reported quarter, representing a year-over-year change of +22%. EPS of $0.11 for the same period compares with $0.84 a year ago.

Ventas is expected to post earnings of $0.96 per share for the current quarter, representing a year-over-year change of +10.3%. Over the last 30 days, the Zacks Consensus Estimate has changed +0.5%.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Ventas. Also, the stock has a VGM Score of C.