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W. P. Carey is one of the largest net-lease REITs — it owns ~1,700 warehouses, industrial plants, shops and self-storage sites across the US and Europe and rents them back to the companies that operate them on long (~12-year) leases where the tenant pays the taxes, insurance and upkeep. It exited the office sector in 2023 (spinning off NLOP) and lives on the rent, ~86% of which is contractually indexed to inflation.

A landlord, not an operator

WPC sits in the middle of the property chain: investors and lenders fund it, it buys buildings from businesses in sale-leasebacks, and it rents them straight back to those same businesses on long net leases. It never runs the factories or shops — it just owns the walls and collects the rent.

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Why this rating?