W. P. Carey
24 named things its latest annual report says its results depend on, each in the company's own words. 13 of them are also named by other companies we've read.
Customers
Packaged foods & meats industry
concentrated in · 9.6% of our ABRnamed as a riskFor example, 9.6% and 9.4% of our ABR as of December 31, 2025 is concentrated by tenant industry in packaged foods & meats and food retail, respectively.Risk factors (Item 1A)
Food retail industry
concentrated in · 9.4% of our ABRnamed as a riskFor example, 9.6% and 9.4% of our ABR as of December 31, 2025 is concentrated by tenant industry in packaged foods & meats and food retail, respectively.Risk factors (Item 1A)
Partners and platforms
Net Lease Office Properties (NLOP)
earns fromFollowing the closing of the Spin-Off, NLOP operates as a separate publicly-traded REIT, which we externally manage pursuant to certain advisory agreements (the “NLOP Advisory Agreements”).Business (Item 1)
Other companies
Lease expirations within five years
Approximately 19% of our leasesnamed as a riskApproximately 19% of our leases, based on our ABR as of December 31, 2025, are due to expire within the next five years.Risk factors (Item 1A)
Consumer Price Index (CPI)
exposed to its price · 48.4%These rent increases are either fixed (i.e., mandated on specific dates) or tied to increases in inflation indices (e.g., the Consumer Price Index (“CPI”) or similar indices in the jurisdiction where the property is located), but may contain caps or other limitations, either on an annual or overall basis.Business (Item 1)
Industrial facilities
concentrated in · 38% related to industrial facilities, 25% related to warehouse facilities, and 22% related to retail facilities•38% related to industrial facilities, 25% related to warehouse facilities, and 22% related to retail facilities.Market risk (Item 7A)
Captive insurance company
insures or lends tonamed as a riskWe 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.Risk factors (Item 1A)
Places
Europe
concentrated in · approximately 33% of our contractual minimum annualized base rentnamed as a riskAt December 31, 2025, our real estate properties located outside of the United States represented 39% of our ABR and our real estate properties located in Europe represented 33% of our ABR.Risk factors (Item 1A)
Also named by ADSK, AME, AMRC, ATR, BCSF, BKNG, BMI, BMY and 60 more
International operations
earns from · 36%named as a risk•36% related to international operations.Market risk (Item 7A)
Also named by APG, AXP, CARR, COP, COST, DD, ECL, EQIX and 14 more
United States
concentrated in · approximately 61% of our contractual minimum annualized base rentAs of December 31, 2025, approximately 61% of our contractual minimum annualized base rent (“ABR”) was generated by properties located in the United States and approximately 33% was generated by properties located in Europe.Business (Item 1)
Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more
Hazards
Russia-Ukraine conflict
operates innamed as a risk•political risks associated with our Eastern European assets as a result of the ongoing conflict between Russia and Ukraine.Risk factors (Item 1A)
Also named by ABT, ADM, ARWR, CAG, CDRE, DOW, EMN, FDX and 14 more
Severe weather (hurricanes, flooding, wildfires)
named as a riskThese 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.Risk factors (Item 1A)
Commodities and inputs
Euro
exposed to its price · $2.3 millionnamed as a riskWe are also subject to potential fluctuations in exchange rates between foreign currencies and the U.S. dollar because we translate revenue denominated in foreign currency into U.S. dollars for our financial statements (our principal exposure is to the euro).Risk factors (Item 1A)
Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more
British pound sterling
exposed to its price · $0.4 millionnamed as a riskWe estimate that, for a 1% increase or decrease in the exchange rate between the euro, British pound sterling, or Danish krone and the U.S. dollar, there would be a corresponding change in the projected estimated cash flow (scheduled future rental revenues, net of scheduled future debt service payments for the next 12 months) for our consolidated foreign operations at December 31, 2025 of $2.3 million, $0.4 million, and $0.3 million, respectively, excluding the impact of our derivative instruments.Market risk (Item 7A)
Also named by AMG, BGC, BKNG, CBRE, CTRE, FCFS, FDS, FIS and 31 more
Danish krone
exposed to its price · $0.3 millionnamed as a riskWe estimate that, for a 1% increase or decrease in the exchange rate between the euro, British pound sterling, or Danish krone and the U.S. dollar, there would be a corresponding change in the projected estimated cash flow (scheduled future rental revenues, net of scheduled future debt service payments for the next 12 months) for our consolidated foreign operations at December 31, 2025 of $2.3 million, $0.4 million, and $0.3 million, respectively, excluding the impact of our derivative instruments.Market risk (Item 7A)
Euro-denominated variable-rate debt
exposed to its price · $3.2 millionnamed as a riskAnnual interest expense on our unhedged variable-rate debt that does not bear interest at fixed rates at December 31, 2025 would increase or decrease by $3.2 million for our euro-denominated debt, $0.5 million for our Canadian dollar-denominated debt, $0.4 million for our British pound sterling-denominated debt, and by $0.2 million for our Japanese yen-denominated debt for each respective 1% change in annual interest rates.Market risk (Item 7A)
Europe energy and commodity prices
exposed to its pricenamed as a risk•increased energy and commodity prices in Europe;Risk factors (Item 1A)
Regulators
Laws and programs
Internal Revenue Code REIT requirements
subject to · at least 90% of our REIT taxable incomenamed as a riskTo continue to qualify and be taxed as a REIT, we will generally be required to distribute at least 90% of our REIT taxable income (determined without regard to the dividends-paid deduction and excluding net capital gain) each year to our stockholders.Risk factors (Item 1A)
Also named by WY
Senior Unsecured Notes
depends on · $8.7 billionnamed as a riskOur consolidated indebtedness as of December 31, 2025, was approximately $8.7 billion, representing a consolidated debt to gross assets ratio of approximately 43.4%.Risk factors (Item 1A)
Also named by CAG
Mortgage debt
depends on · $140.6 millionnamed as a riskAt December 31, 2025, we had $140.6 million of property-level mortgage debt on a non-recourse basis, which limits our exposure on any property to the amount of equity invested in the property.Risk factors (Item 1A)
Unsecured Revolving Credit Facility
depends on · $2.0 billionWe preserve balance sheet flexibility and liquidity by maintaining significant capacity on our $2.0 billion unsecured revolving credit facility (the “Unsecured Revolving Credit Facility”).Business (Item 1)
Pillar Two global minimum tax
subject tonamed as a risk•tax requirements vary by country and existing foreign tax laws and interpretations may change (e.g., the on-going implementation of the European Union’s Anti-Tax Avoidance Directives and the global minimum tax (“Pillar Two”)), which may result in additional taxes on our international investments or additional taxes as a result of Pillar Two;Risk factors (Item 1A)
Maryland General Corporation Law
subject tonamed as a riskCertain provisions of our charter and of the Maryland General Corporation Law (“MGCL”) may have the effect of inhibiting a third party from making a proposal to acquire us or impeding a change of control that could provide our stockholders with the opportunity to realize a premium over the then-prevailing market price of our common stock, including:Risk factors (Item 1A)