WP Carey Reaches $1.1 Billion in YTD Net Lease Investment Volume, Eyes $1.5 Billion for 2026

W. P. Carey Inc. (NYSE: WPC) announced year-to-date net lease investment volume totaling approximately $1.1 billion as of May 12, 2026, including approximately $400 million in investments completed since the company reported its first-quarter 2026 financial results on April 28, 2026.

The net lease REIT, which focuses on single-tenant industrial, warehouse and retail properties in the U.S. and Europe, said it currently has visibility into full-year 2026 investment volume of approximately $1.5 billion, based on completed deals, scheduled capital commitments and its existing pipeline.

GardenCore Sale-Leaseback: A 43-Property Manufacturing Portfolio

The most significant transaction announced was the May 8, 2026 closing of a sale-leaseback involving a 43-property manufacturing portfolio with GardenCore — formerly known as Oldcastle Lawn & Garden — a U.S. manufacturer of lawn and garden consumables including mulch, soil, stone and lime products. The portfolio spans 24 states and represents the entirety of GardenCore's owned real estate.

The properties are triple-net master leased for a term of 20 years with fixed annual rent escalations. WP Carey said the transaction contributed a significant portion of GardenCore's overall revenue and, at the time of investment, ranked GardenCore among the REIT's top 10 largest tenants by annualized base rent (ABR).

GardenCore was recently acquired by Pacific Avenue Capital Partners, a private equity firm, as part of a corporate carve-out from CRH's packaged mulch, soil and stone business. The sale-leaseback structure is consistent with WP Carey's stated focus on corporate sale-leasebacks, which allow operating companies to monetize owned real estate while retaining long-term occupancy under net lease agreements.

Portfolio Overview

As of March 31, 2026, WP Carey's portfolio comprised 1,703 net lease properties covering approximately 185 million square feet. The firm maintains offices in New York, London, Amsterdam and Dallas. The company remains focused on investing primarily in single-tenant industrial, warehouse and retail properties located in the U.S. and Europe, under long-term net leases with built-in rent escalations.

Investment Outlook and Pipeline

WP Carey said its $1.5 billion full-year investment visibility reflects completed transactions, scheduled capital deliveries and its current pipeline. The company did not disclose the specific purchase price for the GardenCore portfolio or individual cap rates for the transactions comprising its year-to-date volume.

The REIT's investment strategy continues to emphasize build-to-suits, corporate sale-leasebacks and single-tenant net lease acquisitions in the U.S. and Europe, with a stated focus on industrial, warehouse and retail property types. The company's $400 million in post-Q1 investment activity — announced alongside the GardenCore deal — reflects continued deployment heading into the second half of 2026.

WP Carey ranks among the largest net lease REITs. The company's shares trade on the New York Stock Exchange under the ticker WPC.