W. P. Carey Inc. REIT (WPC) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

WP Carey's third quarter 2025 earnings conference call. My name is Diego, and I will be your operator today. All lines have been placed on mute to prevent any background noise. Please note that today's event is being recorded. After today's prepared remarks, we will be taking questions via the phone line. Instructions on how to do so will be given at the appropriate time. I will now turn today's program over to Peter Sands, Head of Investor Relations. Mr. Sands, please go ahead. Good morning, everyone, and thank you for joining us this morning for our 2025 Third Quarter Earnings Call. Before we begin, I'd like to remind everyone that some of the statements made on this call are not historic facts and may be deemed forward-looking statements, and factors that could cause actual results to differ materially from W.P. Carey's expectations are provided in our SEC filings. An online replay of this conference call will be made available in the investor relations section of our website at wpcary.com, where it'll be archived for approximately one year and where you can also find copies of our investor presentations and other related materials. And with that, I'll pass the call over to Jason Fox, Chief Executive Officer. Good morning, everyone, and thank you for joining us. Strong momentum we established over the first half of the year has continued in the second half. and we remain ahead of our prior expectations. As a result, we're further raising our full-year AFFO guidance, resulting in mid-5% year-over-year growth, which we believe will be among the highest in the net lease sector this year. Our raise guidance is supported by several positive trends within our business. Year-to-date, we've completed $1.65 billion of investments at attractive initial cap rates averaging i...