The business behind the dividend
| Measure | WPC | Median | Formula |
|---|---|---|---|
| Return on equity | 5.7% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 3.0% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-669.85m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-375.02m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 29.4% | 15.0% | Operating income ÷ revenue |
| Net margin | 27.2% | 10.2% | Net income ÷ revenue |
| Debt to equity | 1.07x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 1.89x | 4.43x | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 2.75x | 1.78x | Operating cash flow ÷ net income |
Not computed here: Current ratio — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 5.7% | 5.5% | 8.1% | 6.7% | 5.4% | 6.6% | 4.4% | 6.0% | 8.7% | 8.1% | 6.0% |
| Return on capital employed | 3.0% | 3.0% | 4.5% | 3.7% | 3.1% | 3.3% | 2.6% | 3.3% | 3.9% | 3.6% | 3.3% |
| Operating margin | 29.4% | 31.1% | 43.2% | 42.3% | 32.9% | 36.8% | 27.0% | 49.5% | 33.9% | 29.5% | 32.9% |
| Net margin | 27.2% | 29.1% | 40.7% | 40.5% | 30.8% | 37.7% | 24.8% | 46.5% | 32.7% | 28.4% | 30.8% |
| Debt to equity | 1.07x | 0.95x | 0.94x | 0.88x | 0.90x | 0.97x | 0.87x | 0.93x | 1.34x | 1.35x | 0.94x |
| Cash conversion | 2.75x | 3.98x | 1.52x | 1.67x | 2.26x | 1.76x | 2.66x | 1.24x | 1.88x | 2.04x | 1.88x |
How it compares in real estate
Among the 46 real estate companies here measured on funds from operations, W. P. Carey pays out less than 2 of them. The median for that group is 65.5%, against this company’s 100.3%.
Closest on funds from operations
- Iron Mountain (IRM) 81.5%
- Realty Income (O) 85.8%
- Americold Realty Trust (COLD) 88.0%
- Omega Healthcare Investors (OHI) 96.4%
Same sector and same denominator, so the figures are comparable. All 50 in real estate →