W.P. Carey (WPC) has a 28% dividend buffer, which is expected to withstand moderate earnings pressure without threatening the distribution. The company's net debt to adjusted EBITDA is currently at 5.9x excluding unsettled forward equity, with management aiming for a mid-to-high 5x range. However, a sustained rise above 6x could potentially cause the company to compress the buffer through higher interest expense rather than any deterioration in rental income. WPC closed a record investment volume of $2.1 billion in 2025 and portfolio occupancy stands at 98%. The company also has a 98% occupied portfolio with a 12-year average lease term.