W. P. Carey Inc. REIT WPC

Competitive advantage analysis · real-estate

REIT Specialized
Overall moat score
71/100
Moderate

Ranked against 21 peers in REIT - Diversified

About W. P. Carey Inc. REIT

W. P. Carey Inc. ranks among the largest net lease REITs with a well-diversified portfolio of high-quality, operationally critical commercial real estate. It includes 1,682 net lease properties covering approximately 183 million square feet as of December 31, 2025. With offices in New York, London, Amsterdam and Dallas, the company remains focused on investing primarily in single-tenant, industrial, warehouse and … Full WPC analysis →

Key strengths

  • Strong AFFO Generation AFFO generation is strong (score 1.00), supporting dividend sustainability.
  • Dividend Well-Covered by AFFO Dividend coverage is healthy (score 1.00).

Key risks

  • Portfolio Quality Concerns Portfolio quality is concerning (occupancy stability 0.19).
  • Volatile Occupancy/NOI NOI volatility is high (stability 0.19), raising occupancy concerns.

The dashed ring is the peer median. Defense scores are percentile ranks against peers, so 50 is roughly the typical company in this group.

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Rent Pricing Power

Moderate
58
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Signals, strengths and risks for Rent Pricing Power

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Signals, strengths and risks for AFFO Strength

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Signals, strengths and risks for Balance Sheet & Cost of Capital

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Signals, strengths and risks for Capital Recycling & Growth

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Signals, strengths and risks for Operational Efficiency

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Signals, strengths and risks for Portfolio Quality & Diversification

Where WPC ranks in REIT - Diversified

W. P. Carey Inc. REIT ranks #5 of 20 scored companies in REIT - Diversified by moat score — the top 25%. The widest moat in the group is Gladstone Commercial Corporatio (GOOD) at 78/100.

# Company Moat score Rating
1 Gladstone Commercial Corporatio GOOD 78/100 Strong
2 Gladstone Commercial Corporatio GOODN 78/100 Strong
3 Broadstone Net Lease, Inc. BNL 77/100 Strong
4 One Liberty Properties, Inc. OLP 73/100 Moderate
5 W. P. Carey Inc. REIT WPC 71/100 Moderate
6 Empire State Realty Trust, Inc. ESRT 67/100 Moderate
7 American Assets Trust, Inc. AAT 66/100 Moderate
8 CTO Realty Growth, Inc. CTO 64/100 Moderate
9 VICI Properties Inc. VICI 64/100 Moderate

See every Real Estate Investment Trusts company ranked by moat score →

How WPC scores on the REIT Specialized defenses

Rent Pricing Power

Score 58 · 20% of the moat score

For a REIT, pricing power is the ability to raise rents at renewal and still keep the space occupied.

AFFO Strength

Score 100 · 18% of the moat score

AFFO — adjusted funds from operations — is the cash a REIT can actually distribute after the recurring capital spending buildings need in order to stay leasable.

Balance Sheet & Cost of Capital

Score 82 · 20% of the moat score

Real estate is bought with borrowed money, so a REIT's cost of capital is its competitive advantage.

Capital Recycling & Growth

Score 58 · 16% of the moat score

REITs grow by issuing shares and debt to buy more property, which creates value only when the yield on the asset exceeds the cost of the capital raised.

Operational Efficiency

Score 98 · 14% of the moat score

Running property — leasing, maintenance, taxes, management — is the part of the business a REIT genuinely controls.

Portfolio Quality & Diversification

Score 40 · 12% of the moat score

Portfolio quality is really a question about what happens when a tenant fails.

How each REIT Specialized defense is measured, in full →

Understanding WPC's moat

What is W. P. Carey Inc. REIT's moat score?

W. P. Carey Inc. REIT (WPC) scores 71 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as moderate. It ranks #5 of 20 scored companies in REIT - Diversified, the top 25%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 21 companies in REIT - Diversified. Its strongest defense is AFFO Strength (100/100) and its weakest is Portfolio Quality & Diversification (40/100).

How does W. P. Carey Inc. REIT compare with other REIT - Diversified companies?

W. P. Carey Inc. REIT ranks #5 of 20 scored companies in REIT - Diversified by moat score. The widest moat in REIT - Diversified is Gladstone Commercial Corporatio (GOOD) at 78/100. The companies ranked closest are One Liberty Properties, Inc. (OLP) at 73 just above it and Empire State Realty Trust, Inc. (ESRT) at 67 just below it.

How is the moat score calculated?

Each company is scored with an industry-specific template — REIT Specialized in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 21 companies in REIT - Diversified. The defenses are then weighted to produce the overall score out of 100.

Why is W. P. Carey Inc. REIT scored with the REIT Specialized template?

A REIT is a portfolio of buildings financed with debt and required to distribute most of its taxable income. Reported earnings are dominated by depreciation on assets that often appreciate, so net income says very little; the real question is how much cash the properties distribute, and how securely. The REIT template scores what determines that: rent pricing, distributable cash, cost of capital, and the discipline behind growth.

Which competitive defenses are measured for W. P. Carey Inc. REIT?

The REIT Specialized template measures 6 defenses, and WPC scores: Rent Pricing Power (58), AFFO Strength (100), Balance Sheet & Cost of Capital (82), Capital Recycling & Growth (58), Operational Efficiency (98), Portfolio Quality & Diversification (40). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.

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