Sale-leaseback
MIPIM 2026: Where Capital, Conviction and Opportunity Converge
As the industry gathers once again in Cannes for MIPIM 2026, the European real estate investment landscape appears to be at an important inflection point. After several years defined by volatility, repricing and constrained liquidity, there are growing signs of stabilisation — though the recovery remains uneven and market-specific. Against that backdrop, three questions are likely to dominate conversations at MIPIM this year: Are European transaction volumes expected to improve? How will the sale‑leaseback market evolve amid a significant wall of maturing debt? Which sectors appear best positioned as investors recalibrate their strategies? The Outlook for European Transaction Volumes Pricing expectations between buyers and sellers have adjusted meaningfully over the past 18–24 months, following one of the sharpest repricing cycles the European real estate market has experienced in decades. After a prolonged period of stalled activity, valuations across many markets now show clear signs of stabilisation, supported by greater transparency around interest‑rate policy and financing costs. While long‑term rates remain elevated relative to the pre‑2022 environment, the pace of change has slowed, allowing investors to underwrite returns with greater confidence and begin re‑engaging selectively with the market. This improved clarity around cost of capital is starting to translate into renewed deal momentum in several core European markets. Savills reports that European investment volumes are expected to rise by around 18% in 2026 as pricing firms up, macroeconomic conditions stabilise and institutional capital returns more consistently across the main sectors. That said, recovery is unlikely to be uniform. We continue to see divergence between markets and sectors, with liquidity gravitating toward assets where fundamentals are strongest and underwriting assumptions can be supported over the long term. Sale‑leasebacks and the Growing Need for Capital One of the most prominent themes we expect to discuss at MIPIM 2026 is the growing demand for alternative sources of capital — particularly as a significant amount of corporate and real estate debt comes due this year and next. Across Europe, many owner-occupiers are facing refinancing challenges in an environment where traditional bank lending remains selective and difficult to access. At the same time, businesses are contending with higher operating costs, investment requirements linked to competitiveness, and the need to preserve balance‑sheet flexibility. In this context, sale‑leasebacks are increasingly being viewed as a strategic financing tool. By unlocking capital tied up in real estate, owner-occupiers can redeploy funds toward growth initiatives, operational requirements and debt paydown, while retaining long‑term operational control of their assets. Sectors to Watch: Industrial and Retail When it comes to sector preferences, industrial and retail assets continue to stand out, provided they are underpinned by strong occupier fundamentals. In the industrial space, manufacturing and logistics assets that play a critical role in supply chains remain attractive. Structural trends such as nearshoring, supply‑chain resilience and e‑commerce continue to support demand in many European markets. Assets that are modern, well‑located and tailored to tenant needs are increasingly difficult to replace, reinforcing their long‑term importance. Retail also remains an area of opportunity — particularly for formats that serve non‑discretionary or value‑oriented consumer demand. Grocery‑anchored retail, DIY, and other essential retail categories have demonstrated resilience through economic cycles, supported by consistent foot traffic and defensive spending patterns. A Measured but Constructive Outlook MIPIM 2026 comes at a time when optimism is returning to European real estate markets. While challenges remain, there is growing evidence that capital is being deployed at more significant levels — particularly where opportunities are grounded in fundamentals rather than short-term trends. The conversations in Cannes this year are likely to reflect that balance: pragmatic, selective, but increasingly forward‑looking. For long‑term investors focused on durable cash flows and partnership‑driven transactions, the environment continues to present compelling opportunities.
2026 Net Lease Outlook
After several years marked by inflation, interest rate uncertainty and selective buyer activity, the U.S. net lease market enters 2026 with more clarity – and more momentum. As pricing resets work through the real estate sector and investors gain confidence in the direction of capital markets, we expect an increase in transaction volume in the year ahead. Below are three predictions set to shape the U.S. net lease landscape in 2026. Transaction Volume Will Rebound as Pricing Stabilizes The reset in valuations throughout 2024 and 2025 has narrowed bid‑ask spreads and revived buyer activity. As the sector digested Fed policy shifts and debt markets steadied, transaction activity began increasing meaningfully – particularly in industrial and logistics. As a result, we expect a measurable uptick in volume in 2026 as investors lean into improved cost‑of‑capital visibility. Colliers forecasts that U.S. CRE transaction volume will grow 15–20% in 2026. Industrial Will Continue to Dominate Industrial demand is positioned to remain strong in 2026. As trade‑policy uncertainty eased in late 2025, many companies who had paused expansion or relocation decisions finally moved forward, bringing a wave of leasing activity that is carrying into the new year. E‑commerce also continues to be a powerful structural driver, underpinning robust leasing demand as retailers and logistics operators expand fulfillment capacity to meet consumer needs. At the same time, development pipelines have slowed, allowing the market to work through new supply. As a result, vacancy is expected to stabilize in 2026, reinforcing a fundamentally balanced environment for investors and occupiers alike. Rising M&A Activity Will Drive New Sale‑Leaseback Opportunities An anticipated rise in M&A activity will likely fuel an increase in sale‑leaseback opportunities in 2026. Private equity firms often use sale-leasebacks to reduce upfront equity requirements and enhance returns when acquiring a new business, especially in deals where real estate represents a meaningful share of the purchase price. On the post-acquisition side, sale-leasebacks can offer PE firms considerable financial flexibility, supporting reinvestment into the portfolio company’s business or even future follow-on acquisitions. Altogether, the anticipated surge in M&A is expected to expand the pipeline of high‑quality real estate coming to market, providing ample opportunity for sale-leaseback investors. Final Thoughts As 2026 unfolds, the U.S. net lease market is entering a period of renewed stability and opportunity. With transaction volumes rebounding, industrial demand holding firm and sale-leaseback activity accelerating alongside M&A trends, investors have multiple avenues to deploy capital strategically. Staying attuned to these drivers will be essential for navigating the year ahead.
Sale-leaseback Activity Expected to Grow as Capital Conditions Improve in 2026
After a slow start, sale-leaseback activity saw a resurgence in the second half of 2025. Early in the year, activity was dampened by uncertain fundamentals and macroeconomic headwinds, but momentum returned as market conditions stabilized. “It was a year of growth, particularly for industrial middle-market sale-leasebacks, which are a large part of W. P. Carey’s business,” says Tyler Swann, managing director, investments, at W. P. Carey. With interest rates stabilizing and companies continuing to explore innovative ways to raise capital, sale-leaseback activity is expected to remain strong in the new year. Falling Rates Support a Strong Outlook For many businesses, changing capital conditions play a major role in decision-making. Swann notes that long-term rates, which directly impact sale-leaseback pricing, have been trending downward. He explains that the 10-year US Treasury rate started the year in the mid to high fours, before settling around 4%, improving the cost of capital and creating stronger incentives for companies to act. “Lower cost of debt and equity enabled us to offer lower cap rates to potential tenants,” says Swann. He adds that when interest rates decline, companies often feel more comfortable making longer-term capital commitments, including sale-leasebacks with 10-, 15- or 20-year terms. Improved Trade Clarity Continues to Strengthen Activity Uncertainty around trade policy has created pockets of hesitation among many companies as they weigh their decisions. “Some people didn’t want to make long-term commitments to facilities, not knowing exactly what the trade policy was going to look like,” says Swann. “However, the threat of tariffs has begun to temper and, as a result, activity is getting stronger.” He notes that trade uncertainty has also pushed some companies to double down on their commitments to domestic supply chains. Swann adds that industrial vacancy remains low in many markets and rental rates have generally held steady or increased, reinforcing investors’ appetite to acquire these types of assets through sale-leasebacks. Improving Capital Conditions Create a Tailwind for 2026 With long-term rates stabilizing or slightly declining over the past year, Swann expects these shifts to remain a positive influence on sale-leasebacks. “I anticipate this stability to be a tailwind for investment activity for the same reason it was in 2025,” he says. He also points to merger and acquisition activity as another area to watch. Swann believes a pickup in private equity transactions could further boost sale-leaseback volume in the coming year. As interest rates continue to inch lower, he notes that activity may resemble more active periods of previous cycles, setting the stage for a strong 2026.
Turning Real Estate into Opportunity: How Sale-leasebacks Fuel Business Growth
In today’s ever-changing macroeconomic landscape, companies are rethinking how they fund growth, maintain liquidity and improve balance sheet strength. One strategy that savvy companies are using is the sale-leaseback – a transaction where a business sells its real estate to an investor for cash and then leases it back on a long-term basis. This allows companies to convert an illiquid asset into working capital while maintaining operational control of their property. Below are three strategic ways businesses are using sale-leaseback proceeds to fuel growth. 1. Recapitalization and Paying Down Debt Many organizations use sale-leaseback capital to strengthen their financial foundation. By monetizing owned real estate, a company can retire or restructure high-interest debt, improve leverage ratios and enhance liquidity. This can result in better credit metrics and greater flexibility when seeking additional financing or investment. For private equity-backed firms, recapitalization through a sale-leaseback can also help unlock trapped equity without diluting ownership or taking on new debt. 2. Investing in Equipment, Automation and Sustainability Freeing up capital from real estate can enable major investments in operational improvements. Companies are using sale-leaseback proceeds to modernize production lines, invest in robotics and automation and upgrade facilities to meet sustainability goals. This might include installing solar panels, LED lighting or EV charging infrastructure – all upgrades that improve efficiency and help save on energy costs. These investments can increase profitability over time, create competitive advantages and satisfy corporate stakeholders focused on sustainability. 3. Funding Strategic Acquisitions and M&A Capital from a sale-leaseback can also serve as a catalyst for expansion. Businesses pursuing mergers, acquisitions or strategic partnerships often need significant capital quickly. Sale-leaseback transactions can help fund buyouts, target company integration or geographic expansion – without the delays or covenants associated with traditional debt financing. Because sale-leaseback proceeds are based on the value of owned property, companies can generate substantial, non-dilutive capital that supports growth. Conclusion A well-structured sale-leaseback can serve as a dynamic financial tool – offering immediate liquidity without the restrictions of other forms of traditional financing. For companies looking to recapitalize, innovate or grow through new acquisitions, this strategy offers a proven path to access capital efficiently in all market environments. Interested in pursuing a sale-leaseback? Contact W. P. Carey today!
Is a Sale-leaseback Right for Your Business?
Economic uncertainty and restricted debt markets are leading more corporate occupiers to explore alternative financing options such as sale-leasebacks to secure funds. In a sale-leaseback, a company sells its real estate to an investor for cash and simultaneously enters into a long-term lease thereby unlocking otherwise illiquid capital to redeploy into higher growth segments of its core business. A sale-leaseback is an innovative tool that can be especially advantageous in today’s market where debt financing may be less attractive but is your company and your real estate the right fit? Read on to determine if (and when) a sale-leaseback is right for your business. The Criteria for a Sale-leaseback Own your real estate The key criterion for a sale-leaseback is real estate ownership. One of the primary drivers for a company to undertake a sale-leaseback is to unlock 100% of the real estate’s value while maintaining long-term operational control of the asset. By selling your property and leasing it back, you remove a non-incoming producing, fixed asset (real estate) and unlock liquid capital to reinvest into your business. Own the right type of real estate While the mainstream commercial property sectors of industrial, retail and office are most common in a sale-leaseback transaction, other specialty assets like life sciences and data centers have expanded the pool of investable assets. Make sure it's critical to your operations Investors look for specific value-add characteristics before buying a property. For instance, it’s best if your asset is mission-critical—in other words, an essential revenue driver for your business. Potential investors will also likely consider the property’s condition and age (high-quality, modern assets with sustainable features will be more valuable), location (think proximity to transportation routes) and size. Desired size will depend on the investor and often vary by property type. Retail properties for example tend to be smaller (perhaps around 20,000 square feet), compared to an industrial asset that might be upwards of 250,000 square feet. Additional space to expand the facility is also a plus for investors. However, the criticality of the asset to your operations is often more important than the asset type or size itself. Have a strong underlying credit story (sub-IG credits welcome!) You’ll attract real estate investors if you have a strong underlying credit and revenue history. Due to the long length of leases typically associated with sale-leasebacks, the investor will want to be confident that you can consistently pay rent throughout the lease term. However, this doesn’t mean your company must be investment grade. Many investors can work with sellers that are sub-investment grade so long as the underlying fundamentals of the business are solid. Institutional investors with strong underwriting capabilities will be able to evaluate all credits and assess your financial statements in order to get comfortable with pursuing a sale-leaseback deal. Be willing to sign a long-term lease, but ask the right questions upfront The last criterion for a sale-leaseback is that you must be willing to sign a long-term lease with the investor, typically 10-30 years. Before signing a long-term lease, it’s important to consider some critical factors, including: Space requirements: Evaluate your current and future space requirements to ensure the leased property will accommodate your needs for the duration of the lease. If additional space is needed, it’s possible your sale-leaseback partner will work with you on an expansion or build-to-suit of a brand-new asset. Renewal options: Does the lease come with renewal options? Find out the renewal terms for which the lessor is willing to extend the lease period so that you can continue occupying the property once the initial period for the lease expires. Maintenance and repairs: Know who's responsible for any maintenance and repair needs of the leased commercial property. In a triple-net lease, for instance, the tenant is responsible for all insurance, taxes and maintenance expenses, which also means the tenant maintains full operational control. By considering all the above factors, you can make an informed decision and confidently enter into a long-term lease. When to Consider a Sale-leaseback? While sale-leaseback financing is an excellent alternative to loans and other debt financing, it's not ideal for every company in every circumstance. Here are a few examples of when it makes sense to consider a sale-leaseback for your business. When you need capital for growth Sale-leasebacks are an excellent tool to unlock cash for growth initiatives, particularly for companies with limited access to traditional forms of financing. Proceeds from sale-leasebacks can be channeled to investments in new equipment, technology, personnel or additional facilities. And the best part is that a sale-leaseback enables you to raise capital without losing control of your property. To support M&A If you're considering an M&A transaction, you may need to raise additional capital to fund the purchase of the target company—or to pay down debt following an acquisition—which may be the case for companies and private equity firms alike. Usually, the cost of capital for commercial real estate investors is quite competitive as a real estate investor will acquire your property at market rate, creating an immediate arbitrage between the real estate multiple and the acquired business EBITDA multiple. To strengthen your balance sheet A sale-leaseback can help strengthen your business’ balance sheet by shoring up much-needed cash. You can use the raised capital to pay off existing debt, boost your debt-to-equity ratio or invest in other revenue-driving areas of your business. Remember the composition of your business’ balance sheet determines how lenders, investors and shareholders view your company's risk profile. If you have less debt, your business will be more attractive to these parties. Final thoughts A sale-leaseback transaction is an excellent alternative for companies, especially during periods when traditional sources of financing are limited. When choosing a sale-leaseback partner, consider an experienced, long-term investor who can buy on an all-equity basis and who is willing to work with you throughout your lease (and beyond). W. P. Carey has been a leader in sale-leasebacks since 1973 and is well-positioned to continue helping companies unlock capital even in today’s challenging economic environment. Maximize your real estate and unlock immediate capital by contacting our team today!
Investor Confidence Returns
This year’s EXPO Real in Munich brought together real estate professionals from over 70 countries, eager to assess the market’s trajectory as we head into 2026. After a turbulent stretch marked by volatile interest rates and macroeconomic headwinds, signs of stabilization have surfaced, bringing optimism to the market. Amid this backdrop, three standout themes emerged: Investment Activity Stabilizing After several years of volatility, investment activity is finally stabilizing. According to Savills, European real estate investment volumes reached €130 billion for Q1-Q3 2025, a 1.5% year-over-year increase. This activity is being driven primarily by improving cap-rate spreads, a narrowing price gap between buyers and sellers and a steadier Eurozone backdrop. With a growing number of sizeable assets and portfolios hitting the market – and investor appetite rebounding – we anticipate an uptick in deal volume as we finish out the year and enter 2026. New Sectors Gaining Steam As Europe’s real estate market steadies amid rate cuts, investors are turning toward new growth sectors. At the forefront are data centers, which have surged in popularity due to the exponential rise of AI and cloud services. New energy infrastructure – including real estate tied to renewables and grid modernization – is also attracting capital, driven by the continent’s aggressive decarbonization goals. Meanwhile, student housing is experiencing a renaissance, buoyed by demographic shifts and urban migration patterns. These sectors not only offer strong fundamentals but also align with broader trends shaping the future. Private Equity Embracing Sale-Leasebacks Private equity firms are continuing to turn to sale-leasebacks as a strategic lever to unlock liquidity. By selling real estate assets owned by portfolio companies and leasing them back, PE sponsors can convert illiquid real estate into cash – fueling acquisitions, funding growth initiatives or deleveraging balance sheets. This approach is particularly effective in post-acquisition scenarios, where rapid access to capital is essential but traditional financing may be costly or restrictive. Sale-leasebacks also offer flexibility in structuring, allowing firms to tailor lease terms to match cash flow realities while avoiding equity dilution or covenant-heavy debt.
Corporate Capital Report - H1 2025
Written by Colliers Corporate Capital Solutions, the report outlines the biggest factors that impacted the corporate real estate market in H1 2025, including improving debt markets, a renewed focus on corporate agility and the accelerating impact of technological innovation. The report also features contributed content from Christopher Mertlitz, Head of European Investments at W. P. Carey, on sale-leasebacks playing a pivotal role in Europe’s real estate resurgence. Access the full report below.
The Ins and Outs of Sale-leasebacks
What Is a Sale-Leaseback? In a sale-leaseback (or sale and leaseback), a company sells its commercial real estate to an investor for cash and simultaneously enters into a long-term lease with the new property owner. In doing so, the company extracts 100% of the property's value and converts an otherwise illiquid asset into working capital, while maintaining full operational control of the facility. This is a great capital tool for companies not in the business of owning real estate, as their real estate assets represent a significant cash value that could be redeployed into higher-earning segments of their business to support growth. What Are the Benefits? Sale-leasebacks are an attractive capital raising tool for many companies and offer an alternative to traditional bank financing. Whether a company is looking to invest in R&D, expand into a new market, fund an M&A transaction, or simply de-lever, sale-leasebacks serve as a strategic capital allocation tool to fund both internal and external growth in all market conditions. Key Benefits Include: Immediate access to capital to reinvest in core business operations and growth initiatives with higher equity returns. 100% market value realization of otherwise illiquid assets compared to debt alternatives. Alternative capital source when conventional financing is unavailable or limited. Ability to retain operational control of real estate with no disruption to day-to-day operations. Potential to gain a long-term partner with the capital to fund future expansions, building renovations, energy retrofits and more. Who Qualifies for a Sale-Leaseback? There are several factors that determine whether a sale-leaseback is the right fit for a company. To be eligible, companies must meet the following criteria: Own Their Real Estate The first and most obvious criterion for qualification is that the company owns its real estate or have an option to purchase any existing leased space. Manufacturing facilities, corporate headquarters, retail locations, and other forms of real estate can be potential candidates for a sale-leaseback. Unlocking the value of these locations and redeploying that capital into higher yielding parts of the business is a key driver for companies pursuing sale-leasebacks. Be Willing to Commit to Operating in the Space While the term of the lease in a sale-leaseback can vary, most investors will want a commitment from a future tenant to occupy the space for a 10+ year term. Assets critical to a company’s operations are often good candidates for a sale-leaseback because a company is willing to sign a long-term lease for those locations. This makes it a more attractive investment for sale-leaseback investors as they have more security that the tenant will stay in the facility for the long term. Have a Strong Credit Profile Companies do not need to be investment-grade quality to pursue a sale-leaseback. However, some credit history is typically required so the sale-leaseback investor knows that the business can make rental payments over the course of the lease. Sub-investment-grade businesses are still eligible as long as they have a strong track record of revenue and cashflow from which to judge their creditworthiness; however, they may need to find an investor who has the underwriting capabilities to assess their business. Minimum revenue and profitability requirements will vary based firm to firm, so it’s best to ask about this upfront before engaging with any particular sale-leaseback partner. Qualities to Look for in a Sale-leaseback Investor When considering a sale-leaseback, finding the right buyer is critical in order to ensure a company is maximizing the value of their real estate. Here are some of the key qualities to look for in a sale-leaseback investor. Experience A knowledgeable investor can offer more flexibility and guide sellers through the process, creating customized deal structures to meet all of a company’s unique objectives and avoid potential pitfalls. Additionally, experienced investors can typically navigate all market cycles and offer certainty of close (some in as little as 30 days), ensuring the deal closes in a timeframe that works for the company and their fiscal requirements. An All-Equity Buyer When looking for a sale-leaseback partner, finding an all-equity buyer is important, particularly when dealing with timing constraints. All-equity buyers don't have to worry about third-party debt or financing contingencies, meaning there’s less likelihood of a re-trade in the late stages of negotiation. All-equity buyers can also typically close faster as they do not need to wait on approval from banks or lenders, providing a smoother process overall. A Long-Term Real Estate Holder Finding a long-term investor is vital. Sellers don’t want someone who is simply looking to flip a property for a quick profit. Instead, look for an investor who will remain a committed partner to you over the long run and one that can provide capital for future projects such as expansions, renovations, or energy retrofits. Diverse Knowledge and Experience Different industries, property types and locations require unique expertise to efficiently and effectively partner with sellers to structure a deal that address the needs of all parties. Working with an investor with experience in the company’s specific industry, property type and/or country ensures that all potential risks and opportunities are considered before entering into a sale-leaseback agreement. For example, if you are considering a cross-border, multi-country transaction it’s critical you look for an investor with local teams in those countries who speak the language and understand the local rules. What is a Build-to-Suit? When looking into a sale-leaseback, another term companies may encounter is a build-to-suit. In a build-to-suit, a company funds and manages the construction of a new facility or expansion of an existing one to meet the specifications of a prospective or existing tenant. Upon completion, the company enters into a long-term lease, similar to a sale-leaseback. For companies looking for a brand-new property, this is a great solution that requires no upfront capital. The Main Benefits of Build-to-Suits Include: Development of a custom-built facility in a location of the company’s choice. No upfront capital required, enabling the company to preserve capital for its business. Ability to retain operational control of the facility post construction. Potential to gain a long-term partner with the capital to fund future expansions, building renovations, energy retrofits and more. Conclusion While sale-leasebacks may seem intimidating for companies who have never pursued one, working with an experienced and well-capitalized investor can make the process easy. When working with an investor like W. P. Carey, sellers can ensure they are working with a partner that can understand the unique requirements of their business while having the added option of closing in as little as 30 days and the added advantage of gaining a long-term partner who can support its tenants through flexibility and additional capital should they wish to pursue follow-on projects such as expansions or energy retrofits as their business and real estate needs evolve. In all market conditions, sale-leasebacks are a great financing tool to unlock otherwise illiquid capital that can be reinvested into a company’s business to support future growth. Think a sale-leaseback is right for your company? Contact our team today!
Five Benefits of Sale-leasebacks Over Traditional Debt Financing
In today’s environment, having access to capital is crucial in order to maintain ongoing operations and invest in growth. However, traditional debt financing is becoming less attractive for companies in light of refinancing risks and the potential for balloon payments. As a result, some CFOs are investigating alternative sources of capital. For companies that own real estate, one method worth exploring is the sale-leaseback – where a company sells its real estate to an investor for cash and simultaneously enters into a long-term lease. For companies considering a sale-leaseback, here are five key benefits of this alternative capital solution: 1. Convert an illiquid asset into working capital The primary benefit of a sale-leaseback is the ability to immediately convert an illiquid asset into liquid capital to meet both short- and long-term needs, such as paying off debt, purchasing new equipment or investing in growth initiatives. From an accounting perspective, sale-leasebacks can also help boost a company’s balance sheet by putting them in a better cash position and improving their debt-to-equity ratio, enabling them to secure more attractive debt financing in the future should they need it. 2. Unlock 100% of the property's value Sale-leasebacks enable companies to extract 100% fair market value for their real estate, compared to about 80% or less for a mortgage loan. With real estate valuations on the rise, sale-leasebacks will likely yield more cash than traditional financing, enabling corporate sellers to maximize proceeds and invest more capital back into their business. 3. Benefit from long-term financing With traditional debt, companies typically have to refinance after three, five or ten years which can create interest rate and risk exposure to future economic downturns. Through sale-leasebacks, sellers sign a long-term lease – often 20 to 30 years – and lock in an attractive long-term rental rate that creates security and predictability for a company. The ability to lock in an attractive long-term rental rate today is especially advantageous in a volatile interest rate environment. 4. Maintain operational control and flexibility Compared to other types of financing, sale-leasebacks offer sellers more control over the structure and terms of the deal. Sale-leaseback financing typically does not include restrictive debt covenants or balloon payments and can include flexibility for future growth, such as capital for an expansion. When structured as a triple-net lease, the seller maintains full operational control of the property, avoiding disruption to the day-to-day operation of the business. 5. Gain a long-term capital partner One of the most overlooked benefits of a sale-leaseback is the potential to gain a long-term partner with the capital to support future real estate needs including, expansions, build-to-suits of new commercial properties, renovations, green energy installations and more. Long-term real estate investors like W. P. Carey are committed to owning the property for the duration of the lease and beyond, and are willing to invest capital into the building well after the lease is signed to ensure the property is meeting the tenant’s long-term needs.