WPC — what changed in the latest 10-Q
A section-by-section comparison of WPC's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-10-28 vs the prior 10-Q · 2026-07-29
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +52 | −41 | ~36 | 55 |
| Market risk (Item 3) | Text added/removed | +1 | −1 | ~4 | 7 |
| Controls & procedures | Text added/removed | 0 | 0 | ~1 | 2 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Legal proceedings, Risk factors, Other information
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-10-28
During the nine months ended September 30, 2026, we completed the following (as further described in the consolidated financial statements):
•We acquired 19 investments totaling $1.5 billion (Note 4, Note 5), including a portfolio of 19 properties previously owned by one of our unconsolidated equity method investments (Note 7).
•We completed six construction projects totaling $91.3 million (Note 4).
•We committed to fund three new construction projects totaling approximately $50.0 million. We currently expect to complete these projects in 2027 and 2028 (Note 4).
•We entered into a purchase agreement to acquire one industrial facility located in Noblejas, Spain, for approximately $37.4 million, which is expected to be completed in 2027 (Note 4).
Text removed vs the prior filing · source: 10-Q · 2026-07-29
On July 2, 2026, we completed an underwritten public offering of $350 million of 5.200% Senior Notes due 2036, at a price of 99.015% of par value. These 5.200% Senior Notes due 2036 have a 10.2-year term and are scheduled to mature on September 15, 2036 (Note 10, Note 15).
On July 29, 2026, we prepaid our $350 million of 4.250% Senior Notes with no associated prepayment costs (Note 10, Note 15).
During the six months ended June 30, 2026, we completed the following (as further described in the consolidated financial statements):
•We acquired 15 investments totaling $1.3 billion (Note 4, Note 5), including a portfolio of 19 properties previously owned by one of our unconsolidated equity method investments (Note 7).
•We completed four construction projects totaling $66.4 million (Note 4).
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-10-28
(b)Amounts primarily comprise principal payments for our Senior Unsecured Notes. Amounts also include non-recourse mortgages and $926.5 million of unsecured term loans subject to variable-to-fixed interest rate swaps that expire on December 31, 2027 (Note 10).
Text removed vs the prior filing · source: 10-Q · 2026-07-29
(b)Amounts include non-recourse mortgages and unsecured term loans subject to variable-to-fixed interest rate swaps. Amounts primarily comprise principal payments for our Senior Unsecured Notes (Note 10).
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice