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Screener / SEC EDGAR /CIK 0001025378 /10-K filed Feb 11, 2026, compared with Feb 12, 2025 /Numbers from the XBRL of the 10-Ks
NYSE Real estate · REIT

W. P. Carey Inc. WPC

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The 10-K against last year's

95 changes: 21 added, 18 removed, 56 reworded

10-K Feb 11, 2026 vs Feb 12, 2025
Risk Factors 7.0% of the text changed · 10,036 words now · 6 new paragraphs, 4 gone MD&A 21.1% of the text changed · 6,932 words now · 15 new paragraphs, 14 gone Accounting Policies 6.3% of the text changed · 6,795 words now

10-K 0001025378-26-000036 (Feb 11, 2026) vs 10-K 0001025378-25-000031 (Feb 12, 2025) Not compared: Legal Proceedings.

Every paragraph, and how much of it changed

One bar per paragraph, in the order of the 10-K. Height and colour show the share of its words not in the closest paragraph a year earlier; the tallest bars are new paragraphs.

Risk Factors

135 paragraphs · 6 new · 19 reworded · 4 gone · 10-K Feb 11, 2026 against Feb 12, 2025
New paragraph Reworded (5% of its words or more) Same or nearly
Paragraph 27 · 40% changed Every version of it
Our properties have historically been We may be directly and indirectly adversely impacted by severe weather, but the effects have been small or moderate in scope. In the future, the adverse impacts from weather events, such as hurricanes, water shortages, changing sea levels, flooding, wildfires drought, flooding and other severe weather conditions are likely to worsen as a result wildfires, some of which may be exacerbated by climate change. These events have resulted in and may in the future result in property damage and closures and may adversely impact the operations of our tenants and their ability to fulfill their obligations under their leases. Even if these events do not directly impact our properties, they have impacted and may continue to impact us and our tenants through increases in insurance, energy or other costs. In addition, the ongoing transition to non-carbon based energy presents certain risks for us and our tenants, including risks related to high energy costs and energy shortages, among other things. Changes in laws or regulations, including federal, state, or local laws, relating to climate change could result in increased capital expenditures to improve the energy efficiency of our properties.
Paragraph 43 · 31% changed Every version of it
The success of our business is dependent on the financial stability of the tenants occupying our properties. A default of a tenant on its lease payments may cause us to lose some of the anticipated revenue from an investment property. Even if our tenants are current on their rent obligations, if several of our tenants face significant financial instability, we may have to engage with such tenants to amend the terms of their existing agreements which could in turn materially affect our business and financial condition.
Paragraph 51 · 30% changed Every version of it
Our consolidated indebtedness as of December 31, 2024, 2025, was approximately $8.0 $8.7 billion, representing a consolidated debt to gross assets ratio of approximately 41.6%. This consolidated indebtedness was comprised of (i) $6.5 billion in Senior Unsecured Notes (as defined in Note 12), (ii) $55.4 million outstanding under our Unsecured Revolving Credit Facility (as defined in Note 12), (iii) $1.1 billion outstanding under our Unsecured Term Loans (as defined in Note 12), and (iv) $401.8 million in non-recourse mortgage loans on various properties. 43.4%. Our level of indebtedness could have significant adverse consequences on our business and operations, including the following:
Paragraph 26 · 29% changed Every version of it
The direct and indirect impact on us and our tenants from severe weather, flooding, and other effects of climate change, and the economic and reputational impacts of the transition to non-carbon based energy, weather could adversely affect our financial condition, operating results, and cash flows.
Paragraph 21 · 27% changed Every version of it
Approximately 20% of our leases, based on our ABR as of December 31, 2024, are due to expire within the next five years. If these leases are not renewed or if the properties cannot be re-leased on terms that yield comparable payments, our lease revenues could be substantially adversely affected. In addition, when attempting to re-lease such properties, we may incur significant costs and the terms of any new or renewed leases will depend on prevailing market conditions at that time. We may also seek to sell such properties and incur losses due to prevailing market conditions. Some of our properties are designed for the particular needs of a tenant; thus, we may be required to renovate or make rent concessions in order to lease the property to another tenant. If we need to sell such properties, we may have difficulty selling it to a third party due to the property’s unique design. Real estate investments are generally less liquid than many other financial assets, which may limit our ability to quickly adjust our portfolio in response to changes in economic or other conditions. These and other limitations may adversely affect returns to our stockholders.
Paragraph 20 · 25% changed Every version of it
Approximately 20% 19% of our leases, based on our ABR as of December 31, 2024, 2025, are due to expire within the next five years. If these leases are not renewed or if the properties cannot be re-leased on terms that yield comparable payments, our lease revenues could be substantially adversely affected. In addition, when attempting to re-lease such properties, we may incur significant costs and the terms of any new or renewed leases will depend on prevailing market conditions at that time. We may also seek to sell such properties and incur losses due to prevailing market conditions. Some of our properties are designed for the particular needs of a tenant; thus, we may be required to renovate or make rent concessions in order to lease the property to another tenant. If we need to sell such properties, we may have difficulty selling it to a third party due to the property’s unique design. Real estate investments are generally less liquid than many other financial assets, which may limit our ability to quickly adjust our portfolio in response to changes in economic or other conditions. These and other limitations may adversely affect returns to our stockholders.
Paragraph 60 · 20% changed Every version of it
The credit agreement for our Senior Unsecured Credit Facility and the indentures governing our Senior Unsecured Notes contain financial and operating covenants that, among other things, require us to meet specified financial ratios and may limit our ability to take specific actions, even if we believe them to be in our best interest (e.g., subject to certain exceptions, our ability to consummate a merger, consolidation, or a transfer of all or substantially all of our consolidated assets to another person is restricted). These covenants may restrict our ability to expand or fully pursue our business strategies. Our ability to comply with these and other provisions of our debt agreements may be affected by changes in our operating and financial performance, changes in general business and economic conditions, adverse regulatory developments, or other events beyond our control. The breach of any of these covenants could result in a default under our indebtedness, which could result in the acceleration of the maturity of such indebtedness and potentially other indebtedness. If any of our indebtedness is accelerated prior to maturity, we may not be able to repay such indebtedness or refinance such indebtedness on favorable terms, or at all.
Paragraph 11 · 16% changed Every version of it
•geopolitical and military conflict risk and adverse market conditions caused by changes in national or regional economic or political conditions, including the ongoing conflict between Russia and Ukraine, rising tensions between China and Taiwan and the conflict in the Middle East (which which may impact relative interest rates, the terms or availability of debt financing, customers’ ability and willingness to renew agreements, make payments, and enter into new agreements, and energy costs). costs; and

MD&A

121 paragraphs · 15 new · 61 reworded · 14 gone · 10-K Feb 11, 2026 against Feb 12, 2025
New paragraph Reworded (5% of its words or more) Same or nearly
Paragraph 64 · 46% changed
Years Ended December 31, 2024 2023 Change Other Gains and (Losses) Non-cash unrealized losses related to a decrease in the fair value of our investment in shares of Lineage (Note 10) 9) $ (103,394) $ (134,002) $ — $ (134,002) Change in allowance for credit losses on finance receivables (Note 7) (a) (27,629) (29,074) 1,445 Net realized and unrealized gains (losses) on foreign currency exchange rate movements (b) 11,491 (5,454) 16,945 Gain on repayment of secured loan receivable (c) 10,650 — 10,650 Non-cash unrealized gains (losses) on non-hedging derivatives 1,913 (3,918) 5,831 (Loss) gain on extinguishment of debt (205) 2,940 (3,145) Other (206) (678) 472 $ (137,988) $ (36,184) $ (101,804) 30,608
Paragraph 118 · 40% changed
(a)Amount (d)Amount for the year ended December 31, 2023 2025 includes (i) a noncontrolling interest’s $6.0 million share of a gain on sale of real estate of $176.2 million recognized upon the reclassification of a portfolio of 78 net-lease self-storage properties to net investments in sales-type leases and (ii) a gain on sale of real estate of $59.1 million recognized upon the reclassification of a portfolio of 70 office properties located in Spain to net investments in sales-type leases (Note 7). 16).
Paragraph 80 · 40% changed
(a)Amount for For the year ended December 31, 2023 2025, Net (income) loss attributable to noncontrolling interests includes (i) a noncontrolling interest’s $6.0 million share of a gain on sale of real estate of $176.2 million recognized upon in connection with the reclassification disposition of a portfolio of 78 net-lease self-storage properties to net investments in sales-type leases and (ii) a gain on sale of real estate of $59.1 million recognized upon the reclassification of a portfolio of 70 office properties located in Spain to net investments in sales-type leases consolidated joint venture (Note 7). 16).
Paragraph 79 · 39% changed
For the year ended December 31, 2024 2025 as compared to 2023, 2024, provision for income taxes decreased increased by $12.3 $0.2 million, primarily due to (i) the impact of strengthening foreign currencies and international property acquisitions, partially offset by the impact of international lease restructurings during 2024, (ii) the impact of international office property dispositions, and (iii) the release of deferred tax assets in connection with the tax restructuring of certain international properties during 2023, partially offset by a deferred tax benefit recognized during 2023 related to an impairment charge recorded on a foreign property. restructurings.
Paragraph 48 · 38% changed
“Net-leased “Operating properties sold, held for sale, derecognized, or reclassified to operating properties or sales-type leases” include: net-leased properties” includes:
Paragraph 55 · 38% changed
For the year ended December 31, 2024 2025 as compared to 2023, 2024, depreciation and amortization expense decreased increased primarily due to the impact of the Spin-Off (Note 3), the Office Sale Program, and other dispositions, net investment activity, partially offset by the impact of property acquisition activity and certain tenant vacancies (amortization accelerated amortization of intangible assets for such properties was accelerated upon vacancy). in connection with certain lease restructurings during the year ended December 31, 2024.
Paragraph 77 · 38% changed
(a)Increase (a)Decrease for the year ended December 31, 2024 2025 as compared to 2023 2024 is due to higher lower cash deposit balances as a result of proceeds from issuances of Senior Unsecured Notes (Note 12), the Spin-Off, the Office Sale Program, investment activity and other dispositions. debt repayments.
Paragraph 57 · 37% changed
For the year ended December 31, 2024 2025 as compared to 2023, 2024, property expenses, excluding reimbursable tenant costs, increased by $5.2 $4.1 million, primarily due to the release of tenant vacancies (which resulted in property expenses no longer being reimbursable) and higher real estate taxes accrued for a cash basis tenant during 2023. The tenant was previously not current on real estate taxes due, and repaid the outstanding amount in the second quarter of 2023. at certain properties.

A paragraph is matched with the one last year that shares the most of its words; under half in common makes it new. The paragraphs shown are the 8 reworded the most in each section.

The paragraph that changed most in each section

The redline

Marked against last year's 10-K: cut words struck through, new words highlighted.

MD&A156 words changed in this paragraph; it is 66% similar to last year's version.
Tenant/Lease Guarantor Tenant Description Number of Properties ABR ABR Percent Weighted-Average Lease Term (Years) Extra Space Storage, Inc. Storage Net lease self-storage properties in the U.S. leased to publicly traded self-storage REIT 39 43 $ 35,557 41,332 2.7% 24.7 23.7 Apotex Pharmaceutical Holdings Inc. (a) Pharmaceutical R&D and manufacturing properties in the Greater Toronto Area leased to generic drug manufacturer 11 32,473 2.4% 18.2 33,448 2.2% 17.2 Life Time Fitness Health and fitness facilities in the U.S. leased to premium athletic club operator 12 32,450 2.1% 7.9 Metro Cash & Carry Italia S.p.A. (b) Business-to-business retail stores in Italy leased to cash and carry wholesaler 19 27,045 30,893 2.0% 3.8 ABC Technologies Holdings Inc. (a) (c) Automotive parts manufacturing properties in the U.S., Canada and Mexico leased to OEM supplier 23 24,978 1.9% 18.3 Hellweg Die Profi-Baumärkte GmbH & Co. KG (b) (d) Retail properties in Germany leased to German DIY retailer 35 24,555 1.8% 19.2 4.4 Fortenova Grupa d.d. (b) Grocery stores and one warehouse in Croatia leased to European food retailer 19 23,861 28,404 1.8% 9.3 8.3 OBI Group (b) Retail properties in Poland leased to German DIY retailer 26 23,749 27,524 1.8% 6.4 Nord Anglia Education, Inc. K-12 private schools in Orlando, Miami and Houston leased to international day and boarding school operator 3 22,963 1.7% 18.7 5.3 Fedrigoni S.p.A (b) Industrial and warehouse facilities in Germany, Italy and Spain leased to global manufacturer of premium packaging and labels 16 22,190 1.7% 18.9 25,517 1.6% 17.9 TI Automotive (formerly ABC Technologies) (a) (c) Automotive parts manufacturing properties in the U.S., Canada and Mexico leased to OEM supplier 21 25,313 1.6% 19.2 Eroski Sociedad Cooperativa (b) Grocery stores and warehouses in Spain leased to Spanish food retailer 63 20,716 24,104 1.5% 11.2 10.2 Nord Anglia K-12 private schools in Orlando, Miami and Houston leased to international day and boarding school operator 3 23,599 1.5% 18.7 Total 254 233 $ 258,087 19.3% 15.3 292,584 18.8% 13.5

Source: Item 7, 10-K 0001025378-26-000036 vs Item 7, 10-K 0001025378-25-000031

Accounting Policies145 words changed in this paragraph; it is 48% similar to last year's version.
In November December 2023, the FASB issued ASU 2023-07, Segment Reporting 2023-09, Income Taxes (Topic 280): 740): Improvements to Reportable Segment Income Tax Disclosures. ASU 2023-07 2023-09 requires quarterly public companies to annually (i) disclose specific categories in the rate reconciliation disclosure and (ii) provide additional information for reconciling items that meet a quantitative threshold (if the effect of segment expenses if they are (i) significant those reconciling items is equal to the segment, (ii) regularly provided to the CODM, and (iii) included in each reported measure of a segment’s profit or loss. In addition, ASU 2023-07 requires an annual disclosure greater than five percent of the CODM’s title amount computed by multiplying pre-tax income or loss by the applicable statutory income tax rate). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state, and a description of how the CODM uses the segment’s profit/loss measure to assess segment performance and to allocate resources. local jurisdictions, among other changes. We adopted this guidance standard for our interim and annual periods period beginning January 1, 2024. 2025 on a prospective basis. The adoption of this standard did not have a material impact on our consolidated financial statements, but has resulted in incremental disclosures within the footnotes to our consolidated financial statements (Note 18). 15).

Source: Item 8, Note 2 – Summary of Significant Accounting Policies, 10-K 0001025378-26-000036 vs Item 8, Note 2 – Summary of Significant Accounting Policies, 10-K 0001025378-25-000031

Risk Factors120 words changed in this paragraph; it is 55% similar to last year's version.
Our properties have historically been We may be directly and indirectly adversely impacted by severe weather, but the effects have been small or moderate in scope. In the future, the adverse impacts from weather events, such as hurricanes, water shortages, changing sea levels, flooding, wildfires drought, flooding and other severe weather conditions are likely to worsen as a result wildfires, some of which may be exacerbated by climate change. These events have resulted in and may in the future result in property damage and closures and may adversely impact the operations of our tenants and their ability to fulfill their obligations under their leases. Even if these events do not directly impact our properties, they have impacted and may continue to impact us and our tenants through increases in insurance, energy or other costs. In addition, the ongoing transition to non-carbon based energy presents certain risks for us and our tenants, including risks related to high energy costs and energy shortages, among other things. Changes in laws or regulations, including federal, state, or local laws, relating to climate change could result in increased capital expenditures to improve the energy efficiency of our properties.

Source: Item 1A, 10-K 0001025378-26-000036 vs Item 1A, 10-K 0001025378-25-000031

Sentences and paragraphs added, removed or reworded

Every change, by type

Sentences and paragraphs of WPC's Risk Factors and MD&A, 10-K Feb 11, 2026 against 10-K Feb 12, 2025. Each links to the text at sec.gov.

All 95 Added 21Removed 18Reworded 56Quiet changes 0

Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.

The full word list

adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would

AddedRisk Factors
reorganization or the protection of a debtor’s rights as in the United States. In circumstances where the bankruptcy laws of the United States are considered to be more favorable to debtors and/or their reorganization, entities that are not ordinarily perceived as U.S. entities may seek to take advantage of U.S. bankruptcy laws.
Read it in 10-K Feb 11, 2026 at sec.gov
AddedRisk Factors
The credit agreement for our Senior Unsecured Credit Facility and the indentures governing our Senior Unsecured Notes contain financial and operating covenants that, among other things, require us to meet specified financial ratios and may limit
Read it in 10-K Feb 11, 2026 at sec.gov
AddedRisk Factors
other provisions that may delay, defer, or prevent a transaction or a change of control that might involve a premium price for our common stock or otherwise be in the best interests of our stockholders.
Read it in 10-K Feb 11, 2026 at sec.gov
AddedRisk Factors
Although the majority of our tenants are responsible for obtaining insurance on their properties, we maintain insurance coverage on some of our properties with third-party carriers who provide a portion of the coverage of potential losses and we maintain contingency coverage on all of our properties. We also currently self-insure a portion of our North American portfolio and NLOP’s North American portfolio through our captive insurance company and may be required to fund additional capital to our captive insurance company, or we may be required to bear that loss. As a result, our cash flows and operating results may be adversely affected.
Read it in 10-K Feb 11, 2026 at sec.gov
RemovedRisk Factors
We are subject to laws and regulations related to climate change. For example, the State of California has enacted climate change disclosure requirements, including emissions requirements. In addition, the European Union Corporate Sustainability Reporting Directive (CSRD) became effective in 2023 and requires expansive disclosures on various sustainability topics. Regulations and other expectations are not uniform, and may be inconsistently interpreted or applied, which can increase the complexity and costs of compliance as well as any associated litigation or enforcement risks.
Read it in 10-K Feb 12, 2025 at sec.gov
Show the other 46
RemovedRisk Factors
We are currently assessing our obligations under these laws and regulations but we expect that compliance with these laws and regulations could result in substantial compliance costs, retrofit costs and construction costs, including monitoring and reporting costs and capital expenditures for environmental control facilities and other new equipment. We also expect that over time we will likely need to be prepared to contend with overlapping, yet distinct, climate-related disclosure requirements in multiple jurisdictions. Noncompliance with these laws or regulations may result in potential cost increases, litigation, fines, penalties, brand or reputational damage, loss of tenants, lower valuation and higher investor activism activities. We cannot predict how future laws and regulations, or future interpretations of current laws and regulations related to climate change will affect our business, financial condition and results of operations.
Read it in 10-K Feb 12, 2025 at sec.gov
RemovedRisk Factors
could also result in adverse tax consequences and affect our ability to capitalize on acquisition opportunities and/or meet operational needs. Moreover, market turmoil could lead to decreased consumer confidence and widespread reduction of business activity, which may materially and adversely impact us, including our ability to acquire and dispose of properties.
Read it in 10-K Feb 12, 2025 at sec.gov
RewordedRisk Factors
For example, 22% 9.6% and 9.4% of our ABR as of December 31, 2024 2025 is concentrated by tenant industry in retail stores packaged foods & meats and 67% of our ABR as of December 31, 2024 is concentrated in properties located in North America. food retail, respectively.
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedRisk Factors
The direct and indirect impact on us and our tenants from severe weather, flooding, and other effects of climate change, and the economic and reputational impacts of the transition to non-carbon based energy, weather could adversely affect our financial condition, operating results, and cash flows.
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedRisk Factors
Since net-lease REITs must be able to deploy capital with agility and consistency, if we cannot access the capital markets upon favorable terms or at all, we may be required to liquidate one or more investments, including when an investment has not yet realized its maximum return, which could also result in adverse tax consequences and affect our ability to capitalize on acquisition opportunities and/or meet operational needs.
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedRisk Factors
In particular, if the accumulation of cash in our TRSs causes the fair market value of our TRS interests and certain other non-qualifying assets to exceed 20% for taxable years through December 31, 2025 and 25% for subsequent taxable years of the fair market value of our assets, we would lose tax efficiency and could potentially fail to qualify as a REIT.
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedRisk Factors
The breach of any of these covenants could result in a default under our indebtedness, which could result in the acceleration of the maturity of such indebtedness and potentially other indebtedness.
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedRisk Factors
Effective for taxable years beginning before January 1, 2026, certain Certain non-corporate U.S. stockholders may deduct 20% of their dividends from REITs (excluding qualified dividend income and capital gains dividends).
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedRisk Factors
Our consolidated indebtedness as of December 31, 2024, 2025, was approximately $8.0 $8.7 billion, representing a consolidated debt to gross assets ratio of approximately 41.6%. 43.4%.
Read it in 10-K Feb 11, 2026 at sec.gov
AddedMD&A
•On March 31, 2025, we refinanced our €500.0 million Unsecured Term Loan due 2029, extending the maturity date by three years to April 2029. In conjunction with this refinancing, we executed variable-to-fixed interest rate swaps that fix the floating rate component of the per annum interest rate at 2.00% through the end of 2027, for a total annual interest rate of approximately 2.80% as of December 31, 2025 (inclusive of the current spread) (Note 11).
Read it in 10-K Feb 11, 2026 at sec.gov
AddedMD&A
•On March 31, 2025, we executed variable-to-fixed interest rate swaps that fix the floating rate component of the per annum interest rate on our £270.0 million GBP Term Loan due 2028 at 3.92% through the end of 2027, for a total annual interest rate of approximately 4.72% as of December 31, 2025 (inclusive of the current spread) (Note 11).
Read it in 10-K Feb 11, 2026 at sec.gov
AddedMD&A
•We sold 6,258,496 shares of common stock during the year ended December 31, 2025 through our ATM Forwards at a weighted-average gross price of $67.53 per share, for anticipated gross proceeds of approximately $422.6 million as of December 31, 2025. As of the date of this Report, all of these shares of common stock sold through our ATM Forwards remain unsettled (Note 13).
Read it in 10-K Feb 11, 2026 at sec.gov
RemovedMD&A
•On September 1, 2024, we entered into net lease agreements with Extra Space Storage, Inc. (“Extra Space”) for certain self-storage properties previously classified as operating properties. As a result, on September 1, 2024, we converted 12 self-storage operating properties to net leases (Note 6, Note 9). In connection with these agreements, we also amended the terms of the existing net lease agreements with Extra Space on 27 properties, extending the term to 25 years and resetting ABR higher to a total of $26.2 million commencing on September 1, 2024. As a result of these transactions, Extra Space became our largest tenant by ABR, with 39 properties under net leases generating ABR totaling $35.6 million.
Read it in 10-K Feb 12, 2025 at sec.gov
RemovedMD&A
•In September 2024, we executed an amendment to our Senior Unsecured Credit Facility to incorporate a sustainability-linked feature that provides for interest rate and facility fee adjustments if certain key performance indicators, primarily related to emissions reduction targets, are met.
Read it in 10-K Feb 12, 2025 at sec.gov
RemovedMD&A
(a)During the third quarter of 2024, we entered into net lease agreements for certain self-storage properties previously classified as operating properties. As a result, during the third quarter of 2024, we reclassified 12 self-storage properties from operating properties to net leases (Note 6, Note 9). In addition, we acquired one self-storage operating property during 2024 (Note 6).
Read it in 10-K Feb 12, 2025 at sec.gov
RemovedMD&A
(b)Includes ABR from tenants in the following industries: aerospace and defense, insurance, telecommunications, sovereign and public finance, environmental industries, media: advertising, printing, and publishing, oil and gas, consumer transportation, forest products and paper, banking, and electricity. Also includes square footage for vacant properties.
Read it in 10-K Feb 12, 2025 at sec.gov
RemovedMD&A
Effective January 1, 2024, we no longer separately analyze our business between real estate operations and investment management operations, and instead view the business as one reportable segment. As a result of this change, we have conformed prior period segment information to reflect how we currently view our business (Note 1).
Read it in 10-K Feb 12, 2025 at sec.gov
RemovedMD&A
•a portfolio of 12 net-leased hotel properties that converted to operating properties in the first quarter of 2023 upon expiration of the master lease with the Marriott Corporation, after which we began recognizing operating property revenues and expenses from these properties (eight of these properties were sold during the third and fourth quarters of 2023 and one property was sold during the second quarter of 2024);
Read it in 10-K Feb 12, 2025 at sec.gov
RemovedMD&A
•two net-leased properties that were reclassified to net investments in sales-type leases in the third quarter of 2024, since we agreed to sell the properties to the tenant, resulting in a lease modification; following this transaction, we began recognizing earnings from these properties within Income from finance leases and loans receivable in the consolidated financial statements (these properties were sold in January 2025 (Note 19)); and
Read it in 10-K Feb 12, 2025 at sec.gov
RemovedMD&A
(c)Represents interest income from a secured loan receivable of $15.0 million that we provided in connection with a property disposition in June 2024, which was repaid in full in September 2024 (Note 7).
Read it in 10-K Feb 12, 2025 at sec.gov
RemovedMD&A
“Operating properties recently reclassified from net-leased properties or recently acquired” include (i) three net-leased hotel properties that converted to operating properties in the first quarter of 2023 (after which we began recognizing operating property revenues and expenses from these properties), (ii) five self-storage operating properties acquired during 2023, and (iii) one self-storage operating property acquired during 2024 (Note 6).
Read it in 10-K Feb 12, 2025 at sec.gov
RemovedMD&A
“Operating properties sold, held for sale, derecognized, or reclassified to net-leased properties” are comprised of (i) nine hotel operating properties sold during 2023 and 2024, (ii) a parking garage attached to a net-leased property that was derecognized in connection with the Spin-Off (Note 3), and (iii) three self-storage operating properties that were reclassified to net-leased properties during 2024 (Note 6).
Read it in 10-K Feb 12, 2025 at sec.gov
RemovedMD&A
(a)As a result of the declining financial position of one of our top ten tenants, we recognized a $28.8 million non-cash allowance for credit loss during the year ended December 31, 2023, based on our expectation of collecting lower rents going forward.
Read it in 10-K Feb 12, 2025 at sec.gov
RewordedMD&A
For the year ended December 31, 2024 2025 as compared to 2023, 2024, interest expense decreased increased by $14.5 $13.9 million, primarily due to (i) lower higher outstanding balances and interest rates on our Senior Unsecured Notes and Unsecured Revolving Credit Facility, (ii) partially offset by lower interest rates on our Unsecured Term Loans and the reduction of our mortgage debt outstanding by prepaying or repaying at or close to maturity a total of $583.0 $480.2 million of non-recourse mortgage loans with a weighted-average interest rate of 4.7% 4.5% since January 1, 2023, and (iii) the derecognition of non-recourse mortgage loans with an aggregate carrying value totaling $164.7 million in connection with the Spin-Off on November 1, 2023, partially offset by (i) our Unsecured Term Loan due 2026 that we entered into in April 2023 2024 (Note 12) and (ii) higher outstanding balances and interest rates on our Senior Unsecured Notes. 11).
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedMD&A
For the year ended December 31, 2024 2025 as compared to 2023, 2024, stock-based compensation expense increased decreased by $6.4 $1.0 million, primarily due to (i) changes in projected performance share units (“PSUs”) payouts of $4.4 million, (ii) the modification of restricted share units (“RSUs”) and PSUs performance share units (“PSUs”) in connection with an executive departure totaling $1.1 million, and (iii) the higher value of RSUs granted in 2024 compared to those RSUs that vested in 2024 totaling $1.0 $1.1 million and a reduction in expense of $0.3 million resulting from the separation of certain employees, partially offset by increases in expense from changes in projected PSU payouts of $0.4 million.
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedMD&A
Existing operating properties 111,170 111,545 (375) Operating properties recently reclassified from net-leased properties or recently acquired 29,696 24,690 5,006 Operating properties sold, held for sale, derecognized, or reclassified to net-leased properties 5,947 44,022 (38,075) 60,117 91,926 (31,809) Existing operating properties 51,751 54,635 (2,884) Recently acquired operating properties 663 252 411 Total operating property revenues 112,531 146,813 180,257 (33,444) (34,282) Other lease-related income 24,561 20,334 23,333 (2,999) 4,227 Investment Management Revenues Asset management revenue 4,957 6,597 2,184 4,413 (1,640) Other advisory income and reimbursements 4,284 4,224 1,035 3,189 60 $ 1,716,485 $ 1,583,018 $ 1,741,358 $ (158,340) 133,467
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedMD&A
For the year ended December 31, 2024 2025 as compared to 2023, 2024, depreciation and amortization expense decreased increased primarily due to the impact of the Spin-Off (Note 3), the Office Sale Program, and other dispositions, net investment activity, partially offset by the impact of property acquisition activity and certain tenant vacancies (amortization accelerated amortization of intangible assets for such properties was accelerated upon vacancy). in connection with certain lease restructurings during the year ended December 31, 2024.
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedMD&A
Years Ended December 31, 2025 2024 2023 Change Earnings from Equity Method Investments Earnings from Las Vegas Retail Complex $ 13,349 $ 13,168 $ 12,763 $ 405 181 Earnings from Kesko Senukai (a) 3,855 686 3,169 Earnings from Harmon Retail Center 805 855 (50) Earnings from Johnson Self Storage (a) (b) — 3,217 4,572 (1,355) Earnings from Harmon Retail Center 855 855 — Earnings from Kesko Senukai (b) 686 1,385 (699) (3,217) $ 18,009 $ 17,926 $ 19,575 $ (1,649) 83
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedMD&A
Other (gains) and losses (f) (e) 232,107 137,988 36,184 Straight-line and other leasing and financing adjustments (75,589) (80,899) (71,869) Stock-based compensation 39,894 40,894 34,504 Amortization of deferred financing costs 19,172 18,845 Above- and below-market rent intangible lease amortization, net 11,488 26,144 34,164 Amortization of deferred financing costs 18,845 20,544 Merger and other expenses (g) 4,457 4,954 Tax benefit — deferred and other (10,885) (4,245) (199) Other amortization and non-cash items 2,315 2,303 1,735 Merger and other expenses (f) 2,247 4,457 Proportionate share of adjustments to earnings from equity method investments (d) (b) 2,374 (3,531) (2,535) Proportionate share of adjustments for noncontrolling interests (e) (c) (343) (354) (441) Total adjustments 222,780 141,602 57,041 AFFO attributable to W.
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedMD&A
Carey decreased increased in 2024 2025 as compared to 2023, 2024, primarily due to lower a higher gain on sale of real estate, non-cash lower unrealized losses recognized on our investment in shares of Lineage (a cold storage REIT) during 2024 (Note 10), 9), and the accretive impact of the Spin-Off and the Office Sale Program, net investment activity, partially offset by lower impairment charges and higher losses from remeasurement of foreign debt, a gain on change in control of interests recognized in connection with the purchase of the remaining interest in a jointly owned investment during 2024 (Note 8), and higher impairment charges (Note 9).
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedMD&A
Years Ended December 31, 2025 2024 2023 Change Non-Operating Income Dividends from our investment in Lineage (Note 9) $ 11,294 $ 7,899 $ 3,395 Interest income on our cash deposits (a) $ 6,345 31,816 $ 6,957 $ 24,859 (25,471) Realized (losses) gains on foreign currency collars (Note 11) 10) (688) 12,521 14,485 (1,964) Dividends from our investment in Lineage (Note 10) 7,899 — 7,899 (13,209) $ 16,951 $ 52,236 $ 21,442 $ 30,794 (35,285)
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedMD&A
Operating Activities — Net cash provided by operating activities increased decreased by $759.7 $550.8 million during 2024 2025 as compared to 2023, 2024, primarily due to $806.8 million of significantly lower proceeds received from the sales of net investments in sales-type leases during 2024 (Note 7), 6), partially offset by the impact of the Spin-Off an increase in cash flow generated from net investment activity, scheduled rent increases at existing properties, and Office Sale Program (Note 1). leasing activity.
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedMD&A
As of December 31, Net-leased Properties 2025 2024 2023 ABR (in thousands) $ 1,553,312 $ 1,337,172 $ 1,339,352 Number of net-leased properties 1,682 1,555 1,424 Number of tenants 371 355 336 Total square footage (in thousands) 183,498 176,420 172,668 Occupancy 98.0 % 98.6 % 98.1 % Weighted-average lease term (in years) 12.0 12.3 11.7 Operating Properties Number of operating properties: 16 84 96 Number of self-storage operating properties (a) 11 78 89 Number of hotel operating properties (b) 4 5 4 Number of student housing operating properties 2 1 2 Occupancy (self-storage operating properties) 87.6 % 89.6 % 90.3 % Number of countries 26 (a) 25 26 Total assets (in thousands) $ 17,990,232 $ 17,535,024 $ 17,976,783 Net investments in real estate (in thousands) 15,469,174 14,580,475 14,913,899
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedMD&A
Existing net-leased properties $ 1,164,619 1,301,431 $ 1,129,414 1,240,374 $ 35,205 61,057 Recently acquired net-leased properties 152,243 65,201 87,042 159,994 39,998 119,996 Net-leased properties sold, sold or held for sale, derecognized, or reclassified to operating properties or sales-type leases 14,926 232,761 (217,835) sale 17,779 51,416 (33,637) Total lease revenues (including reimbursable tenant costs) 1,479,204 1,331,788 1,427,376 (95,588) 147,416 Income from finance leases and loans receivable 90,948 73,262 107,173 (33,911) 17,686 Operating property revenues from:
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedMD&A
(a)Amount (a)Amounts for the year years ended December 31, 2025 and 2024 includes include $200.2 million and $806.8 million million, respectively, of proceeds from the sales of net investments in sales-type leases (U-Haul (primarily the Grupo Memora portfolio sold during 2025 and the U-Haul and State of Andalusia portfolios) portfolios sold during 2024) (Note 7). 6).
Read it in 10-K Feb 11, 2026 at sec.gov

Sources

The two latest 10-Ks on EDGAR, section by section. Each change links to the text at sec.gov.

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