W. P. Carey

Corporate brand

W. P. Carey is a real estate investment trust focused on owning and managing properties leased to single tenants under net lease arrangements.

Last updated August 31, 2026

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Overview

W. P. Carey is a United States real estate investment trust that owns and manages commercial properties leased primarily to single tenants through long-term net lease agreements. Under a net lease structure, tenants generally assume responsibility for significant property-level costs such as taxes, insurance, and maintenance, while the landlord receives contractual rental income. This model gives W. P. Carey exposure to recurring rent streams and places much of the day-to-day operating responsibility with its tenants. The company was founded in 1973 by William P. Carey. During the early 1980s, it became associated with the use of sale-leaseback transactions as a way to acquire real estate. In a sale-leaseback, a company sells a property to an investor and then leases the same property back, allowing the occupant to release capital while retaining operational use of the site. W. P. Carey built its business around this type of transaction and related forms of long-term real estate financing and ownership. A major structural change occurred in 2012. William P. Carey died that year, and the company merged with its non-traded real estate investment trust affiliate, Corporate Property Associates 15. It subsequently reorganized as a real estate investment trust, aligning the corporate structure more directly with its property ownership and income-distribution model. In October 2018, W. P. Carey expanded through a merger with CPA:17—Global, another affiliated non-traded real estate investment vehicle. In November 2023, the company completed a corporate spin-off of its office properties. The transaction represented a strategic separation of office assets from the broader portfolio and left W. P. Carey more focused on its remaining real estate activities. The company is organized in Maryland and maintains its primary office in New York City. As of December 31, 2024, W. P. Carey owned 1,555 properties across 26 countries and leased them to 355 tenants. Approximately 61 percent of its revenue came from the United States and 33 percent from Europe, indicating a predominantly North American and European operating footprint. Its portfolio and business model are centered on diversified commercial real estate ownership, long-term tenant relationships, and net lease arrangements rather than consumer-facing products. The W. P. Carey name therefore functions primarily as an institutional real estate and investment-management brand.

History

W. P. Carey was established in 1973 by William P. Carey. From its earliest years, the business developed around commercial real estate investment and transactions that connected property ownership with corporate finance. Its later identity as a real estate investment trust grew out of this focus on acquiring income-producing properties and leasing them to operating companies. During the early 1980s, W. P. Carey was an early user of sale-leaseback transactions. These transactions enabled companies to convert owned real estate into capital while continuing to occupy the properties as tenants. For W. P. Carey, the structure provided a method of acquiring real estate with an existing occupant and lease relationship. The approach became an important part of the company’s investment model and helped distinguish it from property businesses focused primarily on speculative development or short-term trading. William P. Carey died in 2012. That same year, W. P. Carey merged with Corporate Property Associates 15, a non-traded real estate investment trust affiliate. The combination was followed by a reorganization into a real estate investment trust, creating a more consolidated structure for the company’s property portfolio and investment operations. The company continued to expand its affiliated real estate platform in October 2018 through a merger with CPA:17—Global. The transaction brought together W. P. Carey and another non-traded real estate investment vehicle and formed part of the company’s broader effort to scale its diversified property holdings. In November 2023, W. P. Carey completed a corporate spin-off of its office properties. This was a significant portfolio and strategic development because it separated office assets from the remaining business. The post-spin-off company continued to emphasize diversified commercial real estate ownership and long-term net leasing. At December 31, 2024, the company’s portfolio comprised 1,555 properties in 26 countries, leased to 355 tenants. The United States accounted for approximately 61 percent of revenue and Europe for approximately 33 percent. These figures describe a business with an international portfolio but a concentration in two major regions. W. P. Carey’s continuing model is based on owning properties occupied by commercial tenants, using long-duration lease contracts, and generating rental income through net lease arrangements. Its principal office is in New York City, while the company is organized in Maryland.

2024
Portfolio reaches 1,555 properties
[1]W. P. Careyen.wikipedia.org
At December 31, 2024, the company owned 1,555 properties in 26 countries leased to 355 tenants.
2023
Office-property spin-off
[1]W. P. Careyen.wikipedia.org
W. P. Carey completed the corporate spin-off of its office properties in November 2023.
2018
Merger with CPA:17—Global
[1]W. P. Careyen.wikipedia.org
In October 2018, W. P. Carey merged with CPA:17—Global, an affiliated non-traded real estate investment vehicle.
2012
Affiliate merger and REIT reorganization
[1]W. P. Careyen.wikipedia.org
Following the death of founder William P. Carey, the company merged with Corporate Property Associates 15 and reorganized as a real estate investment trust.
1980
Early adoption of sale-leaseback transactions
[1]W. P. Careyen.wikipedia.org
During the early 1980s, W. P. Carey became an early participant in sale-leaseback transactions, acquiring properties while allowing sellers to remain as tenants.
1973
Company founded
[1]W. P. Careyen.wikipedia.org
William P. Carey founded the business that became W. P. Carey.

Products and positioning

An institutional real estate owner and investment platform focused on diversified commercial properties, long-term single-tenant net leases, and sale-leaseback transactions across the United States, Europe, and other international markets.

Commercial real estate
Single-tenant net-leased properties
W. P. Carey’s core assets are commercial properties leased to individual tenants under long-term net lease agreements. These arrangements are designed to provide contractual rental income while assigning many property-level expenses and responsibilities to tenants. The portfolio has included properties across multiple countries and commercial uses, with diversification by geography and tenant.
Real estate finance and investment
Sale-leaseback transactions
Sale-leaseback transactions allow an operating company to sell a property to W. P. Carey and lease it back for continued use. The seller receives capital from the property sale, while W. P. Carey acquires an occupied asset supported by a lease agreement. The company was an early user of this transaction format during the 1980s.
Real estate investment
Diversified international property portfolio
The company’s portfolio combines properties across the United States, Europe, and other international markets. As of the end of 2024, it included 1,555 properties in 26 countries and was leased to 355 tenants. The offering is institutional rather than consumer-facing and is built around diversified ownership of income-producing commercial real estate.

Brand decisions

2023
Spin-off of office propertiesStrategy
Background
W. P. Carey reviewed the composition of its commercial property portfolio following its long-term focus on diversified net-leased real estate.
Action taken
The company completed a corporate spin-off of its office properties in November 2023.
Aftermath
The transaction separated office assets from the company’s remaining portfolio and sharpened its post-spin-off property focus.
Source
2018
Merger with CPA:17—GlobalM&A
Background
CPA:17—Global was an affiliated non-traded real estate investment vehicle.
Action taken
W. P. Carey merged with CPA:17—Global in October 2018.
Aftermath
The merger expanded and consolidated the company’s real estate investment platform.
Source
2012
Merger with Corporate Property Associates 15M&A
Background
W. P. Carey operated alongside affiliated non-traded real estate investment vehicles as part of its broader property investment platform.
Action taken
The company merged with Corporate Property Associates 15 and reorganized into a real estate investment trust.
Aftermath
The transaction consolidated the affiliate relationship and established the company’s REIT structure.
Source

Recent events

2024
W. P. Carey reports a portfolio spanning 26 countries[1]W. P. Careyen.wikipedia.org
Other
At December 31, 2024, W. P. Carey owned 1,555 properties leased to 355 tenants, with the United States and Europe representing the largest geographic sources of revenue.
2023
W. P. Carey completes spin-off of office properties[1]W. P. Careyen.wikipedia.org
M&A
W. P. Carey completed a corporate spin-off of its office properties in November 2023, separating those assets from the company’s remaining real estate portfolio.

Sources15 sources

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