v3.25.4
Equity
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Equity Equity
Common Stock

Dividends paid to stockholders consist of ordinary income, capital gains, return of capital or a combination thereof for income tax purposes. Our dividends per share are summarized as follows:
 Dividends Paid
During the Years Ended December 31,
 202520242023
Ordinary income$3.3754 $3.0709 $3.8233 
Capital gains0.2046 0.2363 0.3443 
Return of capital— 0.1628 0.8671 
Total dividends paid (a) (b)
$3.5800 $3.4700 $5.0347 
__________
(a)A portion of dividends paid during 2026 (as described below) has been applied to 2025 for income tax purposes.
(b)Amount for the year ended December 31, 2023 includes a distribution of $0.7627 per share representing the taxable distribution of shares of NLOP that occurred in conjunction with the Spin-Off on November 1, 2023 (Note 3). The per share distribution rate is based on the exchange ratio of one share of NLOP distributed for every 15 shares of WPC held and the fair market value of NLOP shares distributed in the Spin-Off, which was determined to be $11.44 per NLOP share, using a three-day volume weighted average price.

During the fourth quarter of 2025, our Board declared a quarterly dividend of $0.920 per share, which was paid on January 15, 2026 to stockholders of record as of December 31, 2025.

Earnings Per Share

The following table summarizes basic and diluted earnings (dollars in thousands):
 Years Ended December 31,
 202520242023
Net income – basic and diluted$466,359 $460,839 $708,334 
Weighted-average shares outstanding – basic220,501,239 220,168,325 215,369,777 
Effect of dilutive securities611,104 352,132 390,719 
Weighted-average shares outstanding – diluted221,112,343 220,520,457 215,760,496 
 
For the years ended December 31, 2025, 2024, and 2023, potentially dilutive securities excluded from the computation of diluted earnings per share were insignificant.

Acquisitions of Noncontrolling Interests

On May 30, 2023, we acquired the remaining 3% interest in an international jointly owned investment (which we already consolidated) from the noncontrolling interest holders for nominal consideration, bringing our ownership interest to 100%. No gain or loss was recognized on the transaction. We recorded an increase of approximately $1.2 million to Additional paid-in capital in our consolidated statements of equity for the year ended December 31, 2023 related to the difference between the consideration transferred and the carrying value of the noncontrolling interest related to this investment.

On July 18, 2023, we acquired the remaining 10% interest in a domestic jointly owned investment (which we already consolidated) from the noncontrolling interest holders for $2.4 million, bringing our ownership interest to 100%. No gain or loss was recognized on the transaction. We recorded an increase of approximately $2.5 million to Additional paid-in capital in our consolidated statements of equity for the year ended December 31, 2023 related to the difference between the consideration transferred and the carrying value of the noncontrolling interest related to this investment.
ATM Program and Forward Equity

On May 1, 2025, we established a continuous “at-the-market” offering program (“ATM Program”) with a syndicate of banks, pursuant to which shares of our common stock having an aggregate gross sales price of up to $1.25 billion may be sold (i) directly through or to the banks acting as sales agents or as principal for their own accounts or (ii) through or to participating banks or their affiliates acting as forward sellers on behalf of any forward purchasers pursuant to a forward sale agreement (our “ATM Forwards”). Effective as of that date, we terminated a prior ATM Program that was established on May 2, 2022, under which we were able to offer and sell shares of our common stock from time to time, up to an aggregate gross sales price of $1.0 billion, with a syndicate of banks.

We expect to settle the ATM Forwards in full on or prior to the maturity date of each ATM Forward via physical delivery of the outstanding shares of common stock in exchange for cash proceeds. However, subject to certain exceptions, we may also elect to cash settle or net share settle all or any portion of our obligations under any ATM Forwards. The forward sale price that we will receive upon physical settlement of the ATM Forwards will be (i) subject to adjustment on a daily basis based on a floating interest rate factor equal to a specified daily rate less a spread (i.e., if the specified daily rate is less than the spread on any day, the interest rate factor will result in a daily reduction of the applicable forward sale price) and (ii) decreased based on amounts related to expected dividends on shares of our common stock during the term of the ATM Forwards.

We determined that our ATM Forwards meet the criteria for equity classification and are therefore exempt from derivative accounting. We recorded the ATM Forwards at fair value at inception, which we determined to be zero. Subsequent changes to fair value are not required under equity classification.

Our ATM Forwards are presented below (gross offering proceeds at closing in thousands):
Shares OfferedAverage Gross Offering PriceAverage Gross Offering Proceeds at Closing
Outstanding Shares as of December 31, 2025
ATM Forwards (a)
6,258,496$67.53 $422,621 6,258,496
__________
(a)We sold shares under our ATM Forwards during the three months and year ended December 31, 2025. We did not settle any of the shares sold and therefore did not receive any proceeds from such sales.
Reclassifications Out of Accumulated Other Comprehensive Loss

The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands):
Gains and (Losses) on Derivative InstrumentsForeign Currency Translation AdjustmentsTotal
Balance at January 1, 2023
$36,079 $(319,859)$(283,780)
Other comprehensive income before reclassifications(9,599)19,758 10,159 
Other comprehensive income derecognized in connection with the Spin-Off (Note 3)
— 35,664 35,664 
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income(14,874)— (14,874)
Interest expense
(1,956)— (1,956)
Total(16,830)— (16,830)
Net current period other comprehensive income(26,429)55,422 28,993 
Net current period other comprehensive income attributable to noncontrolling interests— (80)(80)
Balance at December 31, 20239,650 (264,517)(254,867)
Other comprehensive income before reclassifications20,901 (6,281)14,620 
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income(8,695)— (8,695)
Interest expense(1,582)— (1,582)
Total(10,277)— (10,277)
Net current period other comprehensive income10,624 (6,281)4,343 
Net current period other comprehensive loss attributable to noncontrolling interests— 292 292 
Balance at December 31, 202420,274 (270,506)(250,232)
Other comprehensive loss before reclassifications(30,923)25,089 (5,834)
Amounts reclassified from accumulated other comprehensive loss to:
Loss on sale of real estate, net (Note 16)
— 7,854 7,854 
Non-operating income(4,352)— (4,352)
Interest expense(453)— (453)
Total(4,805)7,854 3,049 
Net current period other comprehensive loss(35,728)32,943 (2,785)
Net current period other comprehensive income attributable to noncontrolling interests— (329)(329)
Balance at December 31, 2025$(15,454)$(237,892)$(253,346)

See Note 10 for additional information on our derivatives activity recognized within Other comprehensive income (loss) for the periods presented.