W. P. Carey: Trading At A Deep Discount While The Pivot Delivers

W. P. Carey is reaffirmed as a buy, supported by a successful pivot toward industrial and retail assets, record investment volumes, and robust AFFO growth. WPC's 2025 AFFO rose 5.7% to $4.97/share, with 2026 guidance targeting $5.13–$5.23/share, underpinned by portfolio recycling and European expansion. Despite elevated leverage (5.9x net debt/EBITDA), WPC maintains a strong occupancy, low dividend payout ratio, and a compelling ~5.5% yield.