W. P. Carey is an internally managed, diversified net lease REIT that owns single-tenant commercial real estate leased on a long-term basis to companies primarily in the U.S. and Europe. The portfolio spans 1,682 properties across 25 countries, with ~61% of annualized base rent (ABR) from U.S. assets and ~33% from Europe. Core property types are industrial, warehouse, and retail, with tenants spanning manufacturing, logistics, food production, grocery, healthcare, and other sectors. W. P. Carey's primary acquisition strategy is sale-leaseback transactions, where it buys real estate from a company and simultaneously signs a long-term net lease, allowing the seller to redeploy capital while W. P. Carey secures operationally critical property under an absolute net lease structure (tenant pays taxes, insurance, and maintenance). W. P. Carey also executes build-to-suit and expansion projects for existing tenants through its "Carey Tenant Solutions" platform. Nearly all leases include contractual rent escalators, roughly half CPI-linked and half fixed, generating mid-2% same-store rent growth annually. A key structural advantage is euro-denominated debt, which prices ~100–150 bps cheaper than U.S. dollar debt, widening investment spreads on European deals. W. P. Carey also manages Net Lease Office Properties, an office REIT it spun off in 2023, though this fee stream is small and declining.