Form 8-K - Current report

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): February 11, 2025

W. P. Carey Inc.

(Exact Name of Registrant as Specified in its Charter)


Maryland		001-13779	45-4549771
(State or other jurisdiction of incorporation)		(Commission File Number)	(IRS Employer Identification No.)

One Manhattan West, 395 9th Avenue, 58th Floor
New York,	New York		10001
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: (212) 492-1100

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.001 Par Value

WPC

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On February 11, 2025, W. P. Carey Inc. (the “Company”) issued an earnings release announcing its financial results for the quarter ended December 31, 2024. A copy of the earnings release is attached as Exhibit 99.1.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that Section, and shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act.

Item 7.01 Regulation FD Disclosure.

On February 11, 2025, the Company made available certain unaudited supplemental financial information at December 31, 2024. A copy of this supplemental information is attached as Exhibit 99.2.

On February 11, 2025, the Company posted its fourth quarter investor presentation on its website at http://www.wpcarey.com. A copy of the investor presentation is also attached as Exhibit 99.3.

The information furnished pursuant to this Item 7.01, including Exhibits 99.2 and 99.3, shall not be deemed to be “filed” for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that Section, and shall not be incorporated by reference into any filing under the Securities Act or the Exchange Act.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits


Exhibit No.						Description
99.1						Earnings release of the Company for the quarter ended December 31, 2024.

99.2						Supplemental financial information of the Company at December 31, 2024.

99.3						Investor presentation by the Company.

104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.


			W. P. Carey Inc.

Date:	February 11, 2025	By:	/s/ ToniAnn Sanzone
			ToniAnn Sanzone
			Chief Financial Officer

Exhibit 99.1

W. P. Carey Announces Fourth Quarter and Full Year 2024 Financial Results

New York, NY – February 11, 2025 – W. P. Carey Inc. (NYSE: WPC) (W. P. Carey or the Company), a net lease real estate investment trust, today reported its financial results for the fourth quarter and full year ended December 31, 2024.

Financial Highlights


	2024
	Fourth Quarter	Full Year
Net income attributable to W. P. Carey (millions)	$47.0	$460.8
Diluted earnings per share	$0.21	$2.09

AFFO (millions)	$267.6	$1,035.9
AFFO per diluted share	$1.21	$4.70

•2025 AFFO guidance range of between $4.82 and $4.92 per diluted share announced, based on anticipated full year investment volume of between $1.0 billion and $1.5 billion

•Fourth quarter cash dividend of $0.880 per share, equivalent to an annualized dividend rate of $3.52 per share

Real Estate Portfolio

•Record investment volume for a quarter of $841.3 million completed during the fourth quarter, bringing total investment volume for 2024 to $1.6 billion

•Gross disposition proceeds of $118.8 million during the fourth quarter, bringing total dispositions for 2024 to $1.2 billion

•Contractual same-store rent growth of 2.6%

Balance Sheet and Capitalization

•Issued €600.0 million of 3.700% Senior Unsecured Notes due 2034

•Subsequent to quarter end, repaid $450 million of 4.0% Senior Unsecured Notes due February 2025

MANAGEMENT COMMENTARY

“The fourth quarter concluded a pivotal year for W. P. Carey during which we successfully exited the office sector, setting the foundation for future growth,” said Jason Fox, Chief Executive Officer. “We finished strongly with record investment volume for the quarter, and we’re well-positioned to capitalize on opportunities in 2025. We can fund our investments this year without needing to access the equity market, achieved through accretive sales of non-core assets — including self-storage operating properties — which should generate a meaningful spread to our net lease investments.

“Given the uncertainty in the broader market, however, particularly over the direction of interest rates and other macroeconomic factors, our guidance reflects a measured approach, which we hope proves conservative as the year progresses.”

W. P. Carey Inc. 12/31/2024 Earnings Release 8-K – 1

QUARTERLY FINANCIAL RESULTS

Note: Beginning January 1, 2024, the Company no longer separately analyzes its business between real estate operations and investment management operations, and instead views the business as one reportable segment. As a result of this change, the Company has conformed prior period segment information to reflect how it currently views its business.

Revenues

•Revenues, including reimbursable costs, for the 2024 fourth quarter totaled $406.2 million, down 1.5% from $412.4 million for the 2023 fourth quarter.

◦Lease revenues increased primarily due to net investment activity and rent escalations, as well as outstanding rents collected in connection with a disposition during the current-year period, partly offset by the Net Lease Office Properties (NLOP) Spin-Off in November 2023 and dispositions under the Office Sale Program during 2023 and 2024, the majority of which occurred during the first quarter of 2024.

◦Income from finance leases and loans receivable decreased primarily as a result of the disposition of the U-Haul portfolio during the 2024 first quarter.

◦Operating property revenues decreased primarily as a result of the sale of five hotel operating properties during the 2023 fourth quarter and one during the 2024 second quarter (out of 12 hotel properties that converted from net lease to operating upon lease expiration during the 2023 first quarter).

Net Income Attributable to W. P. Carey

•Net income attributable to W. P. Carey for the 2024 fourth quarter was $47.0 million, down 67.4% from $144.3 million for the 2023 fourth quarter, due primarily to lower gain on sale of real estate and a mark-to-market loss recognized on the Company’s shares of Lineage of $90.4 million during the current-year period, partly offset by lower impairment charges.

Adjusted Funds from Operations (AFFO)

•AFFO for the 2024 fourth quarter was $1.21 per diluted share, up 1.7% from $1.19 per diluted share for the 2023 fourth quarter, primarily reflecting outstanding rents collected in connection with a disposition during the current-year period, along with the impact of net investment activity and rent escalations, which were partly offset by the impact of the NLOP Spin-Off and dispositions under the Office Sale Program.

Note: Further information concerning AFFO, which is a non-GAAP supplemental performance metric, is presented in the accompanying tables and related notes.

Dividend

•On December 12, 2024, the Company reported that its Board of Directors increased its quarterly cash dividend to $0.880 per share, equivalent to an annualized dividend rate of $3.52 per share. The dividend was paid on January 15, 2025 to shareholders of record as of December 31, 2024.

FULL YEAR FINANCIAL RESULTS

Revenues

•Revenues, including reimbursable costs, for the 2024 full year totaled $1.58 billion, down 9.2% from $1.74 billion for the 2023 full year.

◦Lease revenues decreased primarily as a result of the NLOP Spin-Off in November 2023 and dispositions under the Office Sale Program during 2023 and 2024, partly offset by net investment activity and rent escalations.

W. P. Carey Inc. 12/31/2024 Earnings Release 8-K – 2

◦Income from finance leases and loans receivable decreased primarily as a result of the disposition of the U-Haul portfolio during the 2024 first quarter.

◦Operating property revenues decreased primarily as a result of the sale of eight hotel operating properties during 2023 and one during 2024 (out of 12 hotel properties that converted from net lease to operating upon lease expiration during the 2023 first quarter).

Net Income Attributable to W. P. Carey

•Net income attributable to W. P. Carey for the 2024 full year totaled $460.8 million, down 34.9% from $708.3 million for the 2023 full year, due primarily to lower gain on sale of real estate, the mark-to-market loss recognized on the Company’s shares of Lineage of $134.0 million during the current year and the impact of the NLOP Spin-Off and dispositions under the Office Sale Program. These declines were partly offset by lower impairment charges and a $31.8 million gain on change in control of interests recognized in connection with our acquisition of a third party joint venture partner’s interest in nine self-storage operating properties during the 2024 third quarter.

AFFO

•AFFO for the 2024 full year was $4.70 per diluted share, down 9.3% from $5.18 per diluted share for the 2023 full year, primarily reflecting the impact of the NLOP Spin-Off and dispositions under the Office Sale Program.

Note: Further information concerning AFFO, which is a non-GAAP supplemental performance metric, is presented in the accompanying tables and related notes.

Dividend

•Dividends declared during 2024 totaled $3.490 per share, a decrease of 14.2% compared to total dividends declared during 2023 of $4.067 per share, reflecting the impact on dividends declared since the 2023 fourth quarter of both the Company's strategic exit from the office assets within its portfolio and a lower payout ratio.

AFFO GUIDANCE

2025 AFFO Guidance

•For the 2025 full year, the Company expects to report AFFO of between $4.82 and $4.92 per diluted share, based on the following key assumptions:

(i) investment volume of between $1.0 billion and $1.5 billion;

(ii) disposition volume of between $500 million and $1.0 billion;

(iii) total general and administrative expenses of between $100 million and $103 million;

(iv) property expenses, excluding reimbursable tenant costs of between $49 million and $53 million; and

(v) tax expense (on an AFFO basis) of between $39 million and $43 million.

Note: The Company does not provide guidance on net income. The Company only provides guidance on AFFO and does not provide a reconciliation of this forward-looking non-GAAP guidance to net income due to the inherent difficulty in quantifying certain items necessary to provide such reconciliation as a result of their unknown effect, timing and potential significance. Examples of such items include impairments of assets, gains and losses from sales of assets, and depreciation and amortization from new acquisitions.

W. P. Carey Inc. 12/31/2024 Earnings Release 8-K – 3

REAL ESTATE

Investments

•During the 2024 fourth quarter, the Company completed investments totaling $841.3 million, bringing total investment volume for the year ended December 31, 2024 to $1.6 billion.

•The Company currently has six capital investments and commitments totaling $98.6 million scheduled to be completed during 2025.

Dispositions

•During the 2024 fourth quarter, the Company disposed of five properties for gross proceeds totaling $118.8 million (including the sale of the final property under the Office Sale Program for gross proceeds of $26.8 million, thereby concluding the program), bringing total disposition proceeds for the year ended December 31, 2024 to $1.2 billion.

Contractual Same-Store Rent Growth

•As of December 31, 2024, contractual same store rent growth was 2.6% year over year, on a constant currency basis.

Composition

•As of December 31, 2024, the Company’s net lease portfolio consisted of 1,555 properties, comprising 176 million square feet leased to 355 tenants, with a weighted-average lease term of 12.3 years and an occupancy rate of 98.6%. In addition, the Company owned 78 self-storage operating properties, four hotel operating properties and two student housing operating properties, totaling approximately 6.4 million square feet.

BALANCE SHEET AND CAPITALIZATION

Liquidity

•As of December 31, 2024, the Company had total liquidity of $2.6 billion, including approximately $1.9 billion of available capacity under its Senior Unsecured Credit Facility (net of amounts reserved for standby letters of credit) and $640.4 million of cash and cash equivalents.

Senior Unsecured Notes

•As previously announced, on November 19, 2024, the Company completed an underwritten public offering of €600 million aggregate principal amount of 3.700% Senior Notes due November 2034.

•Subsequent to quarter end, the Company repaid $450 million of 4.0% Senior Unsecured Notes due February 2025.

* * * * *

Supplemental Information

The Company has provided supplemental unaudited financial and operating information regarding the 2024 fourth quarter and certain prior quarters, including a description of non-GAAP financial measures and reconciliations to GAAP measures, in a Current Report on Form 8-K filed with the Securities and Exchange Commission (SEC) on February 11, 2025, and made available on the Company’s website at ir.wpcarey.com/investor-relations.

* * * * *

W. P. Carey Inc. 12/31/2024 Earnings Release 8-K – 4

Live Conference Call and Audio Webcast Scheduled for Wednesday, February 12, 2025 at 11:00 a.m. Eastern Time

Please dial in at least 10 minutes prior to the start time.

Date/Time: Wednesday, February 12, 2025 at 11:00 a.m. Eastern Time

Call-in Number: 1 (877) 465-1289 (U.S.) or +1 (201) 689-8762 (international)

Live Audio Webcast and Replay: www.wpcarey.com/earnings

* * * * *

W. P. Carey Inc.

W. P. Carey ranks among the largest net lease REITs with a well-diversified portfolio of high-quality, operationally critical commercial real estate, which includes 1,555 net lease properties covering approximately 176 million square feet and a portfolio of 78 self-storage operating properties as of December 31, 2024. With offices in New York, London, Amsterdam and Dallas, the company remains focused on investing primarily in single-tenant, industrial, warehouse and retail properties located in the U.S. and Northern and Western Europe, under long-term net leases with built-in rent escalations.

www.wpcarey.com

* * * * *

Cautionary Statement Concerning Forward-Looking Statements

Certain of the matters discussed in this communication constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, both as amended by the Private Securities Litigation Reform Act of 1995. The forward-looking statements include, among other things, statements regarding the intent, belief or expectations of W. P. Carey and can be identified by the use of words such as “may,” “will,” “should,” “would,” “will be,” “goals,” “believe,” “project,” “expect,” “anticipate,” “intend,” “estimate” “opportunities,” “possibility,” “strategy,” “maintain” or the negative version of these words and other comparable terms. These forward-looking statements include, but are not limited to, statements made by Mr. Jason Fox regarding acquisitions, dispositions, sources of capital, and expectations for future growth. These statements are based on the current expectations of our management, and it is important to note that our actual results could be materially different from those projected in such forward-looking statements. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Other unknown or unpredictable risks or uncertainties, like the risks related to fluctuating interest rates, the impact of inflation on our tenants and us, the effects of pandemics and global outbreaks of contagious diseases, and domestic or geopolitical crises, such as terrorism, military conflict, war or the perception that hostilities may be imminent, political instability or civil unrest, or other conflict, and those additional risk factors discussed in reports that we have filed with the SEC, could also have material adverse effects on our future results, performance or achievements. Discussions of some of these other important factors and assumptions are contained in W. P. Carey’s filings with the SEC and are available at the SEC’s website at http://www.sec.gov, including Part I, Item 1A. Risk Factors in W. P. Carey’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this communication, unless noted otherwise. Except as required under the federal securities laws and the rules and regulations of the SEC, W. P. Carey does not undertake any obligation to release publicly any revisions to the forward-looking statements to reflect events or circumstances after the date of this communication or to reflect the occurrence of unanticipated events.

Institutional Investors:

Peter Sands

1 (212) 492-1110

institutionalir@wpcarey.com

W. P. Carey Inc. 12/31/2024 Earnings Release 8-K – 5

Individual Investors:

W. P. Carey Inc.

1 (212) 492-8920

ir@wpcarey.com

Press Contact:

Anna McGrath

1 (212) 492-1166

amcgrath@wpcarey.com

* * * * *

W. P. Carey Inc. 12/31/2024 Earnings Release 8-K – 6

W. P. CAREY INC.

Consolidated Balance Sheets

(in thousands, except share and per share amounts)


	December 31,
	2024		2023
Assets
Investments in real estate:
Land, buildings and improvements — net lease and other	$	12,842,869	$	12,095,458
Land, buildings and improvements — operating properties	1,198,676		1,256,249
Net investments in finance leases and loans receivable	798,259		1,514,923
In-place lease intangible assets and other	2,297,572		2,308,853
Above-market rent intangible assets	665,495		706,773
Investments in real estate	17,802,871		17,882,256
Accumulated depreciation and amortization (a)	(3,222,396)		(3,005,479)
Assets held for sale, net	—		37,122
Net investments in real estate	14,580,475		14,913,899
Equity method investments	301,115		354,261
Cash and cash equivalents	640,373		633,860
Other assets, net	1,045,218		1,096,474
Goodwill	967,843		978,289
Total assets	$	17,535,024	$	17,976,783

Liabilities and Equity
Debt:
Senior unsecured notes, net	$	6,505,907	$	6,035,686
Unsecured term loans, net	1,075,826		1,125,564
Unsecured revolving credit facility	55,448		403,785
Non-recourse mortgages, net	401,821		579,147
Debt, net	8,039,002		8,144,182
Accounts payable, accrued expenses and other liabilities	596,994		615,750
Below-market rent and other intangible liabilities, net	119,831		136,872
Deferred income taxes	147,461		180,650
Dividends payable	197,612		192,332
Total liabilities	9,100,900		9,269,786

Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued	—		—
Common stock, $0.001 par value, 450,000,000 shares authorized; 218,848,844 and 218,671,874 shares, respectively, issued and outstanding	219		219
Additional paid-in capital	11,805,179		11,784,461
Distributions in excess of accumulated earnings	(3,203,974)		(2,891,424)
Deferred compensation obligation	78,503		62,046
Accumulated other comprehensive loss	(250,232)		(254,867)
Total stockholders’ equity	8,429,695		8,700,435
Noncontrolling interests	4,429		6,562
Total equity	8,434,124		8,706,997
Total liabilities and equity	$	17,535,024	$	17,976,783

________

(a)Includes $1.8 billion and $1.6 billion of accumulated depreciation on buildings and improvements as of December 31, 2024 and 2023, respectively, and $1.4 billion of accumulated amortization on lease intangibles as of both December 31, 2024 and 2023.

W. P. Carey Inc. 12/31/2024 Earnings Release 8-K – 7

W. P. CAREY INC.

Quarterly Consolidated Statements of Income

(in thousands, except share and per share amounts)


	Three Months Ended
	December 31, 2024		September 30, 2024		December 31, 2023
Revenues
Real Estate:
Lease revenues	$	351,394	$	334,039	$	336,757
Income from finance leases and loans receivable	16,796		15,712		31,532
Operating property revenues	34,132		37,323		39,477
Other lease-related income	1,329		7,701		2,610
	403,651		394,775		410,376
Investment Management:
Asset management revenue (a)	1,461		1,557		1,348
Other advisory income and reimbursements (b)	1,053		1,051		713
	2,514		2,608		2,061
	406,165		397,383		412,437
Operating Expenses
Depreciation and amortization	115,770		115,705		129,484
Impairment charges — real estate	27,843		—		71,238
General and administrative	24,254		22,679		21,579
Operating property expenses	16,586		17,765		20,403
Reimbursable tenant costs	15,661		13,337		18,942
Property expenses, excluding reimbursable tenant costs	12,580		10,993		13,287
Stock-based compensation expense	9,667		13,468		8,693
Merger and other expenses	(484)		283		(641)
	221,877		194,230		282,985
Other Income and Expenses
Other gains and (losses) (c)	(77,224)		(77,107)		(45,777)
Interest expense	(70,883)		(72,526)		(72,194)
Non-operating income (d)	13,847		13,669		7,445
Gain on sale of real estate, net	4,480		15,534		134,026
Earnings from equity method investments	302		6,124		5,006
Gain on change in control of interests	—		31,849		—
	(129,478)		(82,457)		28,506
Income before income taxes	54,810		120,696		157,958
Provision for income taxes	(7,772)		(9,044)		(13,714)
Net Income	47,038		111,652		144,244
Net (income) loss attributable to noncontrolling interests	(15)		46		50
Net Income Attributable to W. P. Carey	$	47,023	$	111,698	$	144,294

Basic Earnings Per Share	$	0.21	$	0.51	$	0.66
Diluted Earnings Per Share	$	0.21	$	0.51	$	0.66
Weighted-Average Shares Outstanding
Basic	220,223,239		220,221,366		219,277,446
Diluted	220,577,900		220,404,149		219,469,641

Dividends Declared Per Share	$	0.880	$	0.875	$	0.860

__________

(a)Amount for the three months ended December 31, 2024 is comprised of $1.4 million from NLOP and less than $0.1 million from CESH.

(b)Amount for the three months ended December 31, 2024 is comprised of (i) $1.0 million of administrative reimbursement for our management of NLOP and (ii) less than $0.1 million of reimbursable costs from CESH.

(c)Amount for the three months ended December 31, 2024 is primarily comprised of a mark-to-market unrealized loss for our investment in shares of Lineage of $90.4 million, net gains on foreign currency exchange rate movements of $28.5 million and a non-cash allowance for credit losses of $16.8 million.

(d)Amount for the three months ended December 31, 2024 is comprised of interest income on deposits of $6.6 million, realized gains on foreign currency exchange derivatives of $4.5 million and a dividend of $2.8 million from our investment in shares of Lineage.

W. P. Carey Inc. 12/31/2024 Earnings Release 8-K – 8

W. P. CAREY INC.

Full Year Consolidated Statements of Income

(in thousands, except share and per share amounts)


	Years Ended December 31,
	2024		2023
Revenues
Real Estate:
Lease revenues	$	1,331,788	$	1,427,376
Income from finance leases and loans receivable	73,262		107,173
Operating property revenues	146,813		180,257
Other lease-related income	20,334		23,333
	1,572,197		1,738,139
Investment Management:
Asset management and other revenue	6,597		2,184
Other advisory income and reimbursements	4,224		1,035
	10,821		3,219
	1,583,018		1,741,358
Operating Expenses
Depreciation and amortization	487,724		574,212
General and administrative	98,969		96,395
Operating property expenses	70,866		95,141
Reimbursable tenant costs	55,975		81,939
Property expenses, excluding reimbursable tenant costs	49,677		44,451
Impairment charges — real estate	43,595		86,411
Stock-based compensation expense	40,894		34,504
Merger and other expenses	4,457		4,954
	852,157		1,018,007
Other Income and Expenses
Interest expense	(277,367)		(291,852)
Other gains and (losses)	(137,988)		(36,184)
Gain on sale of real estate, net	74,822		315,984
Non-operating income	52,236		21,442
Gain on change in control of interests	31,849		—
Earnings from equity method investments	17,926		19,575
	(238,522)		28,965
Income before income taxes	492,339		752,316
Provision for income taxes	(31,709)		(44,052)
Net Income	460,630		708,264
Net loss attributable to noncontrolling interests	209		70
Net Income Attributable to W. P. Carey	$	460,839	$	708,334

Basic Earnings Per Share	$	2.09	$	3.29
Diluted Earnings Per Share	$	2.09	$	3.28
Weighted-Average Shares Outstanding
Basic	220,168,325		215,369,777
Diluted	220,520,457		215,760,496

Dividends Declared Per Share	$	3.490	$	4.067

W. P. Carey Inc. 12/31/2024 Earnings Release 8-K – 9

W. P. CAREY INC.

Quarterly Reconciliation of Net Income to Adjusted Funds from Operations (AFFO) (Unaudited)

(in thousands, except share and per share amounts)


	Three Months Ended
	December 31, 2024		September 30, 2024		December 31, 2023
Net income attributable to W. P. Carey	$	47,023	$	111,698	$	144,294
Adjustments:
Depreciation and amortization of real property	115,107		115,028		128,839
Impairment charges — real estate	27,843		—		71,238
Gain on sale of real estate, net	(4,480)		(15,534)		(134,026)
Gain on change in control of interests	—		(31,849)		—
Proportionate share of adjustments to earnings from equity method investments (a)	2,879		3,028		2,942
Proportionate share of adjustments for noncontrolling interests (b)	(79)		(96)		(133)
Total adjustments	141,270		70,577		68,860
FFO (as defined by NAREIT) Attributable to W. P. Carey (c)	188,293		182,275		213,154
Adjustments:
Other (gains) and losses (d)	77,224		77,107		45,777
Straight-line and other leasing and financing adjustments	(24,849)		(21,187)		(19,071)
Above- and below-market rent intangible lease amortization, net	10,047		6,263		6,644
Stock-based compensation	9,667		13,468		8,693
Amortization of deferred financing costs	4,851		4,851		4,895
Other amortization and non-cash items	557		587		152
Merger and other expenses	(484)		283		(641)
Tax expense (benefit) – deferred and other	96		(1,576)		2,507
Proportionate share of adjustments to earnings from equity method investments (a)	2,266		(2,632)		(663)
Proportionate share of adjustments for noncontrolling interests (b)	(62)		(91)		(97)
Total adjustments	79,313		77,073		48,196
AFFO Attributable to W. P. Carey (c)	$	267,606	$	259,348	$	261,350

Summary
FFO (as defined by NAREIT) attributable to W. P. Carey (c)	$	188,293	$	182,275	$	213,154
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share (c)	$	0.85	$	0.83	$	0.97
AFFO attributable to W. P. Carey (c)	$	267,606	$	259,348	$	261,350
AFFO attributable to W. P. Carey per diluted share (c)	$	1.21	$	1.18	$	1.19
Diluted weighted-average shares outstanding	220,577,900		220,404,149		219,469,641

W. P. Carey Inc. 12/31/2024 Earnings Release 8-K – 10

W. P. CAREY INC.

Full-Year Reconciliation of Net Income to Adjusted Funds from Operations (AFFO) (Unaudited)

(in thousands, except share and per share amounts)


	Years Ended December 31,
	2024		2023
Net income attributable to W. P. Carey	$	460,839	$	708,334
Adjustments:
Depreciation and amortization of real property	485,088		571,750
Gain on sale of real estate, net	(74,822)		(315,984)
Impairment charges — real estate	43,595		86,411
Gain on change in control of interests	(31,849)		—
Proportionate share of adjustments to earnings from equity method investments (a)	11,871		11,381
Proportionate share of adjustments for noncontrolling interests (b)	(379)		(666)
Total adjustments	433,504		352,892
FFO (as defined by NAREIT) Attributable to W. P. Carey (c)	894,343		1,061,226
Adjustments:
Other (gains) and losses	137,988		36,184
Straight-line and other leasing and financing adjustments	(80,899)		(71,869)
Stock-based compensation	40,894		34,504
Above- and below-market rent intangible lease amortization, net	26,144		34,164
Amortization of deferred financing costs	18,845		20,544
Merger and other expenses	4,457		4,954
Tax benefit – deferred and other	(4,245)		(199)
Other amortization and non-cash items	2,303		1,735
Proportionate share of adjustments to earnings from equity method investments (a)	(3,531)		(2,535)
Proportionate share of adjustments for noncontrolling interests (b)	(354)		(441)
Total adjustments	141,602		57,041
AFFO Attributable to W. P. Carey (c)	$	1,035,945	$	1,118,267

Summary
FFO (as defined by NAREIT) attributable to W. P. Carey (c)	$	894,343	$	1,061,226
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share (c)	$	4.06	$	4.92
AFFO attributable to W. P. Carey (c)	$	1,035,945	$	1,118,267
AFFO attributable to W. P. Carey per diluted share (c)	$	4.70	$	5.18
Diluted weighted-average shares outstanding	220,520,457		215,760,496

__________

(a)Equity income, including amounts that are not typically recognized for FFO and AFFO, is recognized within Earnings from equity method investments on the consolidated statements of income. This represents adjustments to equity income to reflect FFO and AFFO on a pro rata basis.

(b)Adjustments disclosed elsewhere in this reconciliation are on a consolidated basis. This adjustment reflects our FFO or AFFO on a pro rata basis.

(c)FFO and AFFO are non-GAAP measures. See below for a description of FFO and AFFO.

(d)Amount for the three months ended December 31, 2024 is primarily comprised of a mark-to-market unrealized loss for our investment in shares of Lineage of $90.4 million, net gains on foreign currency exchange rate movements of $28.5 million and a non-cash allowance for credit losses of $16.8 million.

W. P. Carey Inc. 12/31/2024 Earnings Release 8-K – 11

Non-GAAP Financial Disclosure

Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO)

Due to certain unique operating characteristics of real estate companies, as discussed below, the National Association of Real Estate Investment Trusts (NAREIT), an industry trade group, has promulgated a non-GAAP measure known as FFO, which we believe to be an appropriate supplemental measure, when used in addition to and in conjunction with results presented in accordance with GAAP, to reflect the operating performance of a REIT. The use of FFO is recommended by the REIT industry as a supplemental non-GAAP measure. FFO is not equivalent to, nor a substitute for, net income or loss as determined under GAAP.

We define FFO, a non-GAAP measure, consistent with the standards established by the White Paper on FFO approved by the Board of Governors of NAREIT, as restated in December 2018. The White Paper defines FFO as net income or loss computed in accordance with GAAP, excluding gains or losses from the sale of certain real estate, impairment charges on real estate or other assets incidental to the company’s main business, gains or losses on changes in control of interests in real estate and depreciation and amortization from real estate assets; and after adjustments for unconsolidated partnerships and jointly owned investments. Adjustments for unconsolidated partnerships and jointly owned investments are calculated to reflect FFO on the same basis.

We also modify the NAREIT computation of FFO to adjust GAAP net income for certain non-cash charges, such as amortization of real estate-related intangibles, deferred income tax benefits and expenses, straight-line rent and related reserves, other non-cash rent adjustments, non-cash allowance for credit losses on loans receivable and finance leases, stock-based compensation, non-cash environmental accretion expense, amortization of discounts and premiums on debt and amortization of deferred financing costs. Our assessment of our operations is focused on long-term sustainability and not on such non-cash items, which may cause short-term fluctuations in net income but have no impact on cash flows. Additionally, we exclude non-core income and expenses, such as gains or losses from extinguishment of debt, gains or losses on the mark-to-market fair value of equity securities, merger and acquisition expenses, and spin-off expenses. We also exclude realized and unrealized gains/losses on foreign currency exchange rate movements (other than those realized on the settlement of foreign currency derivatives), which are not considered fundamental attributes of our business plan and do not affect our overall long-term operating performance. We refer to our modified definition of FFO as AFFO. We exclude these items from GAAP net income to arrive at AFFO as they are not the primary drivers in our decision-making process and excluding these items provides investors a view of our portfolio performance over time and makes it more comparable to other REITs. AFFO also reflects adjustments for unconsolidated partnerships and jointly owned investments. We use AFFO as one measure of our operating performance when we formulate corporate goals, evaluate the effectiveness of our strategies and determine executive compensation.

We believe that AFFO is a useful supplemental measure for investors to consider as we believe it will help them to better assess the sustainability of our operating performance without the potentially distorting impact of these short-term fluctuations. However, there are limits on the usefulness of AFFO to investors. For example, impairment charges and unrealized foreign currency losses that we exclude may become actual realized losses upon the ultimate disposition of the properties in the form of lower cash proceeds or other considerations. We use our FFO and AFFO measures as supplemental financial measures of operating performance. We do not use our FFO and AFFO measures as, nor should they be considered to be, alternatives to net income computed under GAAP, or as alternatives to net cash provided by operating activities computed under GAAP, or as indicators of our ability to fund our cash needs.

W. P. Carey Inc. 12/31/2024 Earnings Release 8-K – 12

Exhibit 99.2

W. P. Carey Inc.

Supplemental Information

Fourth Quarter 2024

Terms and Definitions

As used in this supplemental package, the terms “W. P. Carey,” “WPC,” “we,” “us” and “our” include W. P. Carey Inc., its consolidated subsidiaries and its predecessors, unless otherwise indicated. Other terms and definitions are as follows:


REIT			Real estate investment trust
NLOP			Net Lease Office Properties
Spin-Off			The spin-off of 59 office properties owned by WPC into NLOP, a separate publicly-traded REIT, which was completed on November 1, 2023
U.S.			United States
ABR			Contractual minimum annualized base rent
ASC			Accounting Standards Codification
NAREIT			National Association of Real Estate Investment Trusts (an industry trade group)
EUR			Euro
EURIBOR			Euro Interbank Offered Rate
SONIA			Sterling Overnight Index Average
TIBOR			Tokyo Interbank Offered Rate

Important Note Regarding Non-GAAP Financial Measures

This supplemental package includes certain “non-GAAP” supplemental measures that are not defined by generally accepted accounting principles (“GAAP”), including funds from operations (“FFO”); adjusted funds from operations (“AFFO”); earnings before interest, taxes, depreciation and amortization (“EBITDA”); adjusted EBITDA; pro rata cash net operating income (“pro rata cash NOI”); normalized pro rata cash NOI; same-store pro rata rental income; cash interest expense; and cash interest expense coverage ratio. FFO is a non-GAAP measure defined by NAREIT. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP measures are provided within this supplemental package. In addition, refer to the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of these non-GAAP financial measures and other metrics.

Amounts may not sum to totals due to rounding.

Beginning January 1, 2024, we no longer separately analyze our business between real estate operations and investment management operations, and instead view the business as one reportable segment. As a result of this change, we have conformed prior period segment information to reflect how we currently view our business.

W. P. Carey Inc.

Supplemental Information – Fourth Quarter 2024


Table of Contents


Overview
Summary Metrics			1
Components of Net Asset Value			3

Financial Results
Consolidated Statements of Income – Last Five Quarters			6
FFO and AFFO, Consolidated – Last Five Quarters			7
Elements of Pro Rata Statement of Income and AFFO Adjustments			8
Capital Expenditures			9

Balance Sheets and Capitalization
Consolidated Balance Sheets			11
Capitalization			12
Debt Overview			13
Debt Maturity			14
Senior Unsecured Notes			15

Real Estate
Investment Activity
Investment Volume			17
Capital Investments and Commitments			19
Dispositions			20
Joint Ventures			21
Top 25 Tenants			22
Diversification by Property Type			23
Diversification by Tenant Industry			24
Diversification by Geography			25
Contractual Rent Increases			26
Same-Store Analysis			27
Leasing Activity			30
Lease Expirations			31
Self-Storage Operating Properties Portfolio			32

Appendix
Normalized Pro Rata Cash NOI			34
Adjusted EBITDA – Last Five Quarters			36
Disclosures Regarding Non-GAAP and Other Metrics			37

W. P. Carey Inc.

Overview – Fourth Quarter 2024


Summary Metrics

As of or for the three months ended December 31, 2024.


Financial Results
Revenues, including reimbursable costs – consolidated ($000s)		$	406,165
Net income attributable to W. P. Carey ($000s)		47,023
Net income attributable to W. P. Carey per diluted share		0.21
Normalized pro rata cash NOI ($000s) (a) (b)		344,447
Adjusted EBITDA ($000s) (a) (b)		342,628
AFFO attributable to W. P. Carey ($000s) (a) (b)		267,606
AFFO attributable to W. P. Carey per diluted share (a) (b)		1.21

Dividends declared per share – current quarter		0.880
Dividends declared per share – current quarter annualized		3.520
Dividend yield – annualized, based on quarter end share price of $54.48		6.5		%
Dividend payout ratio – for the year ended December 31, 2024 (c)		74.3		%

Balance Sheet and Capitalization
Equity market capitalization – based on quarter end share price of $54.48 ($000s)		$	11,922,885
Pro rata net debt ($000s) (d)		7,535,987
Enterprise value ($000s)		19,458,872

Total consolidated debt ($000s)		8,039,002
Gross assets ($000s) (e)		19,337,491
Liquidity ($000s) (f)		2,594,623

Pro rata net debt to enterprise value (b)		38.7		%
Pro rata net debt to adjusted EBITDA (annualized) (a) (b)		5.5x
Total consolidated debt to gross assets		41.6		%
Total consolidated secured debt to gross assets		2.1		%
Cash interest expense coverage ratio (a) (b)		5.1x

Weighted-average interest rate – for the three months ended December 31, 2024 (b)		3.3		%
Weighted-average interest rate – as of December 31, 2024 (b)		3.3		%
Weighted-average debt maturity (years) (b)		4.7

Moody's Investors Service – issuer rating		Baa1 (stable)
Standard & Poor's Ratings Services – issuer rating		BBB+ (stable)

Real Estate Portfolio (Pro Rata)
ABR – total portfolio ($000s) (g)		$	1,337,172
ABR – unencumbered portfolio (% / $000s) (g) (h)	95.5% /	$	1,277,503
Number of net-leased properties		1,555
Number of operating properties (i)		84
Number of tenants – net-leased properties		355

ABR from top ten tenants as a % of total ABR – net-leased properties		19.3		%
ABR from investment grade tenants as a % of total ABR – net-leased properties (j)		24.2		%
Contractual same-store growth (k)		2.6		%

Net-leased properties – square footage (millions)		176.4

Occupancy – net-leased properties		98.6		%
Weighted-average lease term (years)		12.3

Investment volume – current quarter ($000s)		$	841,329
Dispositions – current quarter ($000s)		118,804

Maximum commitment for capital investments and commitments expected to be completed during 2025 ($000s)		98,581

________


						Investing for the Long Run® \| 1

W. P. Carey Inc.

Overview – Fourth Quarter 2024

(a)Normalized pro rata cash NOI, adjusted EBITDA, AFFO and cash interest expense coverage ratio are non-GAAP measures. See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of our non-GAAP measures and for details on how certain non-GAAP measures are calculated.

(b)Presented on a pro rata basis. See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of pro rata.

(c)Represents dividends declared per share divided by AFFO per diluted share on a year-to-date basis.

(d)Represents total pro rata debt outstanding less consolidated cash and cash equivalents and cash held at qualified intermediaries. See the Components of Net Asset Value section for information about cash held at qualified intermediaries. See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of pro rata.

(e)Gross assets represent consolidated total assets before accumulated depreciation on buildings and improvements. Gross assets are net of accumulated amortization on in-place lease intangible assets of $938.6 million and above-market rent intangible assets of $481.4 million.

(f)Represents (i) availability under our Senior Unsecured Credit Facility (net of amounts reserved for standby letters of credit), (ii) consolidated cash and cash equivalents, and (iii) cash held at qualified intermediaries. See the Components of Net Asset Value section for information about cash held at qualified intermediaries.

(g)See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of ABR.

(h)Represents ABR from properties unencumbered by non-recourse mortgage debt.

(i)Comprised of 78 self-storage properties, four hotels and two student housing properties.

(j)Percentage of portfolio is based on ABR, as of December 31, 2024. Includes tenants or guarantors with investment grade ratings (16.3%) and subsidiaries of non-guarantor parent companies with investment grade ratings (7.9%). Investment grade refers to an entity with a rating of BBB- or higher from Standard & Poor’s Ratings Services or Baa3 or higher from Moody’s Investors Service. See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of ABR.

(k)See the Same-Store Analysis section for a description of contractual same-store growth.


						Investing for the Long Run® \| 2

W. P. Carey Inc.

Overview – Fourth Quarter 2024


Components of Net Asset Value

In thousands.


Normalized Pro Rata Cash NOI (a) (b)	Three Months Ended Dec 31, 2024
Net lease properties	$	326,872
Self-storage and other operating properties (c)	17,575
Total normalized pro rata cash NOI (a) (b)	$	344,447

Balance Sheet – Selected Information (Consolidated Unless Otherwise Stated)	As of Dec. 31, 2024
Assets
Book value of real estate excluded from normalized pro rata cash NOI (d)	$	355,198
Cash and cash equivalents	640,373
Las Vegas retail complex construction loan (e)	248,972
Other secured loans receivable, net	31,857
Other assets, net:
Straight-line rent adjustments	$	384,587
Investment in shares of Lineage (a cold storage REIT) (f)	270,919
Deferred charges	76,723
Taxes receivable	62,885
Office lease right-of-use assets, net	51,319
Restricted cash, including escrow (excludes cash held at qualified intermediaries)	35,692
Non-rent tenant and other receivables	35,569
Securities and derivatives	23,828
Deferred income taxes	17,589
Cash held at qualified intermediaries (g)	14,636
Prepaid expenses	14,628
Leasehold improvements, furniture and fixtures	12,246
Rent receivables (h)	1,092
Due from affiliates	1,089
Other	42,416
Total other assets, net	$	1,045,218

Liabilities
Total pro rata debt outstanding (b) (i)	$	8,190,996
Dividends payable	197,612
Deferred income taxes	147,461
Accounts payable, accrued expenses and other liabilities:
Accounts payable and accrued expenses	$	192,042
Operating lease liabilities	143,274
Prepaid and deferred rents	131,736
Accrued taxes payable	44,280
Tenant security deposits	42,735
Securities and derivatives	898
Other	42,029
Total accounts payable, accrued expenses and other liabilities	$	596,994

________

(a)Normalized pro rata cash NOI is a non-GAAP measure. See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of our non-GAAP measures and for details on how they are calculated.

(b)Presented on a pro rata basis. See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of pro rata.

(c)Other operating properties include four hotels and two student housing properties.

(d)Represents the value of real estate not included in normalized pro rata cash NOI, such as vacant assets, in-progress build-to-suit properties, real estate under construction for certain expansion projects at existing properties and a common equity interest in the Harmon Retail Corner in Las Vegas.

(e)Represents a construction loan for a retail complex in Las Vegas, Nevada, which is included in Equity method investments (as an equity method investment in real estate) on our consolidated balance sheets. See the Investment Activity – Investment Volume section for additional information about this investment.

(f)Our investment in 5,546,547 shares of Lineage is valued on the balance sheet using the closing share price at the end of each quarter, net of an estimated sponsor promote.


						Investing for the Long Run® \| 3

W. P. Carey Inc.

Overview – Fourth Quarter 2024

(g)Comprised of proceeds from certain dispositions that have been designated for future 1031 exchange transactions.

(h)Comprised of rent receivables that were substantially collected as of the date of this report.

(i)Excludes unamortized discount, net totaling $39.4 million and unamortized deferred financing costs totaling $31.0 million as of December 31, 2024.


						Investing for the Long Run® \| 4

W. P. Carey Inc.

Financial Results

Fourth Quarter 2024


						Investing for the Long Run® \| 5

W. P. Carey Inc.

Financial Results – Fourth Quarter 2024


Consolidated Statements of Income – Last Five Quarters

In thousands, except share and per share amounts.


	Three Months Ended
	Dec. 31, 2024		Sep. 30, 2024		Jun. 30, 2024		Mar. 31, 2024		Dec. 31, 2023
Revenues
Real Estate:
Lease revenues	$	351,394	$	334,039	$	324,104	$	322,251	$	336,757
Income from finance leases and loans receivable	16,796		15,712		14,961		25,793		31,532
Operating property revenues	34,132		37,323		38,715		36,643		39,477
Other lease-related income	1,329		7,701		9,149		2,155		2,610
	403,651		394,775		386,929		386,842		410,376
Investment Management:
Asset management revenue (a)	1,461		1,557		1,686		1,893		1,348
Other advisory income and reimbursements (b)	1,053		1,051		1,057		1,063		713
	2,514		2,608		2,743		2,956		2,061
	406,165		397,383		389,672		389,798		412,437
Operating Expenses
Depreciation and amortization	115,770		115,705		137,481		118,768		129,484
Impairment charges — real estate (c)	27,843		—		15,752		—		71,238
General and administrative	24,254		22,679		24,168		27,868		21,579
Operating property expenses	16,586		17,765		18,565		17,950		20,403
Reimbursable tenant costs	15,661		13,337		14,004		12,973		18,942
Property expenses, excluding reimbursable tenant costs	12,580		10,993		13,931		12,173		13,287
Stock-based compensation expense	9,667		13,468		8,903		8,856		8,693
Merger and other expenses (d)	(484)		283		206		4,452		(641)
	221,877		194,230		233,010		203,040		282,985
Other Income and Expenses
Other gains and (losses) (e)	(77,224)		(77,107)		2,504		13,839		(45,777)
Interest expense	(70,883)		(72,526)		(65,307)		(68,651)		(72,194)
Non-operating income (f)	13,847		13,669		9,215		15,505		7,445
Gain on sale of real estate, net (g)	4,480		15,534		39,363		15,445		134,026
Earnings from equity method investments	302		6,124		6,636		4,864		5,006
Gain on change in control of interests (h)	—		31,849		—		—		—
	(129,478)		(82,457)		(7,589)		(18,998)		28,506
Income before income taxes	54,810		120,696		149,073		167,760		157,958
Provision for income taxes	(7,772)		(9,044)		(6,219)		(8,674)		(13,714)
Net Income	47,038		111,652		142,854		159,086		144,244
Net (income) loss attributable to noncontrolling interests	(15)		46		41		137		50
Net Income Attributable to W. P. Carey	$	47,023	$	111,698	$	142,895	$	159,223	$	144,294

Basic Earnings Per Share	$	0.21	$	0.51	$	0.65	$	0.72	$	0.66
Diluted Earnings Per Share	$	0.21	$	0.51	$	0.65	$	0.72	$	0.66
Weighted-Average Shares Outstanding
Basic	220,223,239		220,221,366		220,195,910		220,031,597		219,277,446
Diluted	220,577,900		220,404,149		220,214,118		220,129,870		219,469,641

Dividends Declared Per Share	$	0.880	$	0.875	$	0.870	$	0.865	$	0.860

________

(a)Amount for the three months ended December 31, 2024 is comprised of $1.4 million from NLOP and less than $0.1 million from CESH.

(c)Amount for the three months ended December 31, 2023 includes an impairment charge of $47.3 million recognized on the 59 properties contributed to NLOP in connection with the Spin-Off.

(d)Amount for the three months ended March 31, 2024 is primarily comprised of the write-off of a value added tax receivable that was previously recorded in connection with an international investment.

(e)Amount for the three months ended December 31, 2024 is primarily comprised of a mark-to-market unrealized loss for our investment in shares of Lineage of $90.4 million, net gains on foreign currency exchange rate movements of $28.5 million and a non-cash allowance for credit losses of $16.8 million.

(f)Amount for the three months ended December 31, 2024 is comprised of interest income on deposits of $6.6 million, realized gains on foreign currency exchange derivatives of $4.5 million and a dividend of $2.8 million from our investment in shares of Lineage.

(g)Amount for the three months ended December 31, 2023 includes a gain on sale of real estate of $59.1 million, recognized upon the reclassification of a portfolio of properties to net investments in sales-type leases. These properties were sold in the first quarter of 2024.

(h)Amount for the three months ended September 30, 2024 represents a gain recognized on the remaining interest in an investment acquired during the third quarter of 2024, which we had previously accounted for under the equity method.


						Investing for the Long Run® \| 6

W. P. Carey Inc.

Financial Results – Fourth Quarter 2024


FFO and AFFO, Consolidated – Last Five Quarters

In thousands, except share and per share amounts.


	Three Months Ended
	Dec. 31, 2024		Sep. 30, 2024		Jun. 30, 2024		Mar. 31, 2024		Dec. 31, 2023
Net income attributable to W. P. Carey	$	47,023	$	111,698	$	142,895	$	159,223	$	144,294
Adjustments:
Depreciation and amortization of real property	115,107		115,028		136,840		118,113		128,839
Impairment charges — real estate (a)	27,843		—		15,752		—		71,238
Gain on sale of real estate, net (b)	(4,480)		(15,534)		(39,363)		(15,445)		(134,026)
Gain on change in control of interests (c)	—		(31,849)		—		—		—
Proportionate share of adjustments to earnings from equity method investments (d)	2,879		3,028		3,015		2,949		2,942
Proportionate share of adjustments for noncontrolling interests (e)	(79)		(96)		(101)		(103)		(133)
Total adjustments	141,270		70,577		116,143		105,514		68,860
FFO (as defined by NAREIT) Attributable to W. P. Carey (f)	188,293		182,275		259,038		264,737		213,154
Adjustments:
Other (gains) and losses (g)	77,224		77,107		(2,504)		(13,839)		45,777
Straight-line and other leasing and financing adjustments	(24,849)		(21,187)		(15,310)		(19,553)		(19,071)
Above- and below-market rent intangible lease amortization, net	10,047		6,263		5,766		4,068		6,644
Stock-based compensation	9,667		13,468		8,903		8,856		8,693
Amortization of deferred financing costs	4,851		4,851		4,555		4,588		4,895
Other amortization and non-cash items	557		587		580		579		152
Merger and other expenses (h)	(484)		283		206		4,452		(641)
Tax expense (benefit) – deferred and other	96		(1,576)		(1,392)		(1,373)		2,507
Proportionate share of adjustments to earnings from equity method investments (d)	2,266		(2,632)		(2,646)		(519)		(663)
Proportionate share of adjustments for noncontrolling interests (e)	(62)		(91)		(97)		(104)		(97)
Total adjustments	79,313		77,073		(1,939)		(12,845)		48,196
AFFO Attributable to W. P. Carey (f)	$	267,606	$	259,348	$	257,099	$	251,892	$	261,350

Summary
FFO (as defined by NAREIT) attributable to W. P. Carey (f)	$	188,293	$	182,275	$	259,038	$	264,737	$	213,154
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share (f)	$	0.85	$	0.83	$	1.18	$	1.20	$	0.97
AFFO attributable to W. P. Carey (f)	$	267,606	$	259,348	$	257,099	$	251,892	$	261,350
AFFO attributable to W. P. Carey per diluted share (f)	$	1.21	$	1.18	$	1.17	$	1.14	$	1.19
Diluted weighted-average shares outstanding	220,577,900		220,404,149		220,214,118		220,129,870		219,469,641

________

(a)Amount for the three months ended December 31, 2023 includes an impairment charge of $47.3 million recognized on the 59 properties contributed to NLOP in connection with the Spin-Off.

(b)Amount for the three months ended December 31, 2023 includes a gain on sale of real estate of $59.1 million, recognized upon the reclassification of a portfolio of properties to net investments in sales-type leases. These properties were sold in the first quarter of 2024.

(c)Amount for the three months ended September 30, 2024 represents a gain recognized on the remaining interest in an investment acquired during the third quarter of 2024, which we had previously accounted for under the equity method.

(d)Equity income, including amounts that are not typically recognized for FFO and AFFO, is recognized within Earnings from equity method investments on the consolidated statements of income. This represents adjustments to equity income to reflect FFO and AFFO on a pro rata basis.

(e)Adjustments disclosed elsewhere in this reconciliation are on a consolidated basis. This adjustment reflects our FFO or AFFO on a pro rata basis.

(f)FFO and AFFO are non-GAAP measures. See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of our non-GAAP measures.

(g)Amount for the three months ended December 31, 2024 is primarily comprised of a mark-to-market unrealized loss for our investment in shares of Lineage of $90.4 million, net gains on foreign currency exchange rate movements of $28.5 million and a non-cash allowance for credit losses of $16.8 million.

(h)Amount for the three months ended March 31, 2024 is primarily comprised of the write-off of a value added tax receivable that was previously recorded in connection with an international investment.


						Investing for the Long Run® \| 7

W. P. Carey Inc.

Financial Results – Fourth Quarter 2024


Elements of Pro Rata Statement of Income and AFFO Adjustments

In thousands. For the three months ended December 31, 2024.

We believe that the table below is useful for investors to help them better understand our business by illustrating the impact of each of our AFFO adjustments on our GAAP statement of income line items. This presentation is not an alternative to the GAAP statement of income, nor is AFFO an alternative to net income as determined by GAAP.


	Equity Method Investments (a)		Noncontrolling Interests (b)		AFFO Adjustments
Revenues
Real Estate:
Lease revenues	$	4,033	$	(231)	$	(16,622)	(c)
Income from finance leases and loans receivable	—		—		554
Operating property revenues:
Self-storage revenues	—		—		—
Hotel revenues	—		—		—
Student housing revenues	—		—		—
Other lease-related income	31		—		—

Investment Management:
Asset management revenue	—		—		—
Other advisory income and reimbursements	—		—		—

Operating Expenses
Depreciation and amortization	2,727		(79)		(117,853)		(d)
Impairment charges — real estate	—		—		(27,843)		(e)
General and administrative	—		—		—
Operating property expenses:
Self-storage expenses	—		—		(29)
Hotel expenses	—		—		—
Student housing expenses	—		—		—
Reimbursable tenant costs	237		(47)		—
Property expenses, excluding reimbursable tenant costs	298		(11)		(432)		(e)
Stock-based compensation expense	—		—		(9,667)		(e)
Merger and other expenses	—		—		484

Other Income and Expenses
Other gains and (losses)	(26)		42		77,208		(f)
Interest expense	(878)		67		4,886		(g)
Non-operating income	13		(2)		—
Gain on sale of real estate, net	—		—		(4,480)
Earnings from equity method investments:
Income related to joint ventures	115		—		3,573		(h)

Provision for income taxes	(26)		(1)		124		(i)
Net income attributable to noncontrolling interests	—		(12)		—

________

(a)Represents the break-out by line item of amounts recorded in Earnings from equity method investments.

(b)Represents the break-out by line item of amounts recorded in Net income attributable to noncontrolling interests.

(c)Represents the reversal of amortization of above- or below-market lease intangibles of $10.0 million and the elimination of non-cash amounts related to straight-line rent and other of $26.6 million.

(d)Adjustment is a non-cash adjustment excluding corporate depreciation and amortization.

(e)Adjustment to exclude a non-cash item.

(f)Represents eliminations of gains (losses) related to the extinguishment of debt, unrealized gains (losses) on foreign currency exchange rate movements, gains (losses) on marketable securities, non-cash allowance for credit losses on loans receivable and finance leases, and other items.

(g)Represents the elimination of non-cash components of interest expense, such as deferred financing costs, debt premiums and discounts.

(h)Adjustments to include our pro rata share of AFFO adjustments from equity method investments.

(i)Primarily represents the elimination of deferred taxes.


						Investing for the Long Run® \| 8

W. P. Carey Inc.

Financial Results – Fourth Quarter 2024


Capital Expenditures

In thousands. For the three months ended December 31, 2024.


Turnover Costs (a)
Tenant improvements	$	10,297
Leasing costs	2,469
Total Tenant Improvements and Leasing Costs	12,766
Property improvements — net-lease properties	2,965
Property improvements — operating properties	143
Total Turnover Costs	$	15,874

Maintenance Capital Expenditures
Net-lease properties	$	1,491
Operating properties	1,128
Total Maintenance Capital Expenditures	$	2,619

________

(a)Turnover costs include the estimated landlord obligations in connection with the signing of a lease and exclude costs related to a first generation lease (for example, redevelopments and other capital commitments), which are included in the Investment Activity – Capital Investments and Commitments section.


						Investing for the Long Run® \| 9

W. P. Carey Inc.

Balance Sheets and Capitalization

Fourth Quarter 2024


						Investing for the Long Run® \| 10

W. P. Carey Inc.

Balance Sheets and Capitalization – Fourth Quarter 2024


Consolidated Balance Sheets

In thousands, except share and per share amounts.


	December 31,
	2024		2023
Assets
Investments in real estate:
Land, buildings and improvements — net lease and other	$	12,842,869	$	12,095,458
Land, buildings and improvements — operating properties	1,198,676		1,256,249
Net investments in finance leases and loans receivable	798,259		1,514,923
In-place lease intangible assets and other	2,297,572		2,308,853
Above-market rent intangible assets	665,495		706,773
Investments in real estate	17,802,871		17,882,256
Accumulated depreciation and amortization (a)	(3,222,396)		(3,005,479)
Assets held for sale, net	—		37,122
Net investments in real estate	14,580,475		14,913,899
Equity method investments	301,115		354,261
Cash and cash equivalents	640,373		633,860
Other assets, net	1,045,218		1,096,474
Goodwill	967,843		978,289
Total assets	$	17,535,024	$	17,976,783

Liabilities and Equity
Debt:
Senior unsecured notes, net	$	6,505,907	$	6,035,686
Unsecured term loans, net	1,075,826		1,125,564
Unsecured revolving credit facility	55,448		403,785
Non-recourse mortgages, net	401,821		579,147
Debt, net	8,039,002		8,144,182
Accounts payable, accrued expenses and other liabilities	596,994		615,750
Below-market rent and other intangible liabilities, net	119,831		136,872
Deferred income taxes	147,461		180,650
Dividends payable	197,612		192,332
Total liabilities	9,100,900		9,269,786

Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued	—		—
Common stock, $0.001 par value, 450,000,000 shares authorized; 218,848,844 and 218,671,874 shares, respectively, issued and outstanding	219		219
Additional paid-in capital	11,805,179		11,784,461
Distributions in excess of accumulated earnings	(3,203,974)		(2,891,424)
Deferred compensation obligation	78,503		62,046
Accumulated other comprehensive loss	(250,232)		(254,867)
Total stockholders' equity	8,429,695		8,700,435
Noncontrolling interests	4,429		6,562
Total equity	8,434,124		8,706,997
Total liabilities and equity	$	17,535,024	$	17,976,783

________


						Investing for the Long Run® \| 11

W. P. Carey Inc.

Balance Sheets and Capitalization – Fourth Quarter 2024


Capitalization

In thousands, except share and per share amounts. As of December 31, 2024.


Description	Shares	Share Price		Market Value
Equity
Common equity	218,848,844	$	54.48	$	11,922,885
Preferred equity				—
Total Equity Market Capitalization				11,922,885

				Outstanding Balance (a)
Pro Rata Debt
Non-recourse mortgages				488,433
Unsecured term loans (due February 14, 2028)				561,653
Unsecured term loans (due April 24, 2026)				519,450
Unsecured revolving credit facility (due February 14, 2029)				55,448
Senior unsecured notes:
Due February 1, 2025 (USD) (b)				450,000
Due April 9, 2026 (EUR)				519,450
Due October 1, 2026 (USD)				350,000
Due April 15, 2027 (EUR)				519,450
Due April 15, 2028 (EUR)				519,450
Due July 15, 2029 (USD)				325,000
Due September 28, 2029 (EUR)				155,835
Due June 1, 2030 (EUR)				545,422
Due February 1, 2031 (USD)				500,000
Due February 1, 2032 (USD)				350,000
Due July 23, 2032 (EUR)				675,285
Due September 28, 2032 (EUR)				207,780
Due April 1, 2033 (USD)				425,000
Due June 30, 2034 (USD)				400,000
Due November 19, 2034 (EUR)				623,340
Total Pro Rata Debt				8,190,996

Total Capitalization				$	20,113,881

________

(a)Excludes unamortized discount, net totaling $39.4 million and unamortized deferred financing costs totaling $31.0 million as of December 31, 2024.

(b)In February 2025, we repaid our $450 million of 4.0% senior notes due 2025 at maturity.


						Investing for the Long Run® \| 12

W. P. Carey Inc.

Balance Sheets and Capitalization – Fourth Quarter 2024


Debt Overview

Dollars in thousands. Pro rata. As of December 31, 2024.


	USD-Denominated				EUR-Denominated				Other Currencies (a)				Total
													Outstanding Balance
	Out-standing Balance (in USD)		Weigh-ted Avg. Interest Rate		Out-standing Balance (in USD)		Weigh-ted Avg. Interest Rate		Out-standing Balance (in USD)		Weigh-ted Avg. Interest Rate		Amount (in USD)		% of Total		Weigh-ted Avg. Interest Rate		Weigh-ted Avg. Maturity (Years)
Non-Recourse Debt (b) (c)
Fixed (d)	$	323,313	4.6	%	$	69,154	5.0	%	$	63,517	4.3	%	$	455,984	5.6	%	4.6	%	1.5
Floating	—		—	%	32,449		5.0	%	—		—	%	32,449		0.4	%	5.0	%	1.3
Total Pro Rata Non-Recourse Debt	323,313		4.6	%	101,603		5.0	%	63,517		4.3	%	488,433		6.0	%	4.7	%	1.5

Recourse Debt (b) (c)
Fixed – Senior unsecured notes:
Due February 1, 2025 (e)	450,000		4.0	%	—		—	%	—		—	%	450,000		5.5	%	4.0	%	0.1
Due April 9, 2026	—		—	%	519,450		2.3	%	—		—	%	519,450		6.3	%	2.3	%	1.3
Due October 1, 2026	350,000		4.3	%	—		—	%	—		—	%	350,000		4.3	%	4.3	%	1.8
Due April 15, 2027	—		—	%	519,450		2.1	%	—		—	%	519,450		6.3	%	2.1	%	2.3
Due April 15, 2028	—		—	%	519,450		1.4	%	—		—	%	519,450		6.3	%	1.4	%	3.3
Due July 15, 2029	325,000		3.9	%	—		—	%	—		—	%	325,000		4.0	%	3.9	%	4.5
Due September 28, 2029	—		—	%	155,835		3.4	%	—		—	%	155,835		1.9	%	3.4	%	4.7
Due June 1, 2030	—		—	%	545,422		1.0	%	—		—	%	545,422		6.7	%	1.0	%	5.4
Due February 1, 2031	500,000		2.4	%	—		—	%	—		—	%	500,000		6.1	%	2.4	%	6.1
Due February 1, 2032	350,000		2.5	%	—		—	%	—		—	%	350,000		4.3	%	2.5	%	7.1
Due July 23, 2032	—		—	%	675,285		4.3	%	—		—	%	675,285		8.3	%	4.3	%	7.6
Due September 28, 2032	—		—	%	207,780		3.7	%	—		—	%	207,780		2.5	%	3.7	%	7.7
Due April 1, 2033	425,000		2.3	%	—		—	%	—		—	%	425,000		5.2	%	2.3	%	8.3
Due June 30, 2034	400,000		5.4	%	—		—	%	—		—	%	400,000		4.9	%	5.4	%	9.5
Due November 19, 2034	—		—	%	623,340		3.7	%	—		—	%	623,340		7.6	%	3.7	%	9.9
Total Senior Unsecured Notes	2,800,000		3.5	%	3,766,012		2.6	%	—		—	%	6,566,012		80.2	%	3.0	%	5.3
Swapped to Fixed:
Unsecured term loans (due April 24, 2026) (f)	—		—	%	519,450		4.3	%	—		—	%	519,450		6.3	%	4.3	%	1.3
Floating:
Unsecured term loans (due February 14, 2028) (g)	—		—	%	223,363		3.5	%	338,290		5.5	%	561,653		6.8	%	4.7	%	3.1
Unsecured revolving credit facility (due February 14, 2029) (h)	—		—	%	—		—	%	55,448		4.3	%	55,448		0.7	%	4.3	%	4.1
Total Recourse Debt	2,800,000		3.5	%	4,508,825		2.9	%	393,738		5.3	%	7,702,563		94.0	%	3.2	%	4.9

Total Pro Rata Debt Outstanding	$	3,123,313	3.6	%	$	4,610,428	2.9	%	$	457,255	5.2	%	$	8,190,996	100.0	%	3.3	%	4.7

________

(a)Other currencies include debt denominated in British pound sterling, Norwegian krone, Canadian dollar and Japanese yen.

(b)Debt data is presented on a pro rata basis as of December 31, 2024. See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of pro rata.

(c)Excludes unamortized discount, net totaling $39.4 million and unamortized deferred financing costs totaling $31.0 million as of December 31, 2024.

(d)Includes $76.2 million of non-recourse mortgage debt which is swapped to fixed-rate through mortgage maturity.

(e)In February 2025, we repaid our $450 million of 4.0% senior notes due 2025 at maturity.

(f)The interest rate swap expired on December 31, 2024, after which we incur interest on this term loan at EURIBOR, plus 0.80%.

(g)We incurred interest at SONIA or EURIBOR, plus 0.80% for both base rates, on our Unsecured term loans as of December 31, 2024.

(h)We incurred interest on our Unsecured revolving credit facility at SONIA or TIBOR, plus 0.725% for all base rates as of December 31, 2024. Each has a floor of 0.00% under the terms of our credit agreement. Availability under our Unsecured revolving credit facility (net of amounts reserved for standby letters of credit) was approximately $1.9 billion as of December 31, 2024.


						Investing for the Long Run® \| 13

W. P. Carey Inc.

Balance Sheets and Capitalization – Fourth Quarter 2024


Debt Maturity

Dollars in thousands. Pro rata. As of December 31, 2024.


	Real Estate			Debt
	Number of Properties (a)			Weighted-Average Interest Rate				Total Outstanding Balance (b) (c)		% of Total Outstanding Balance
Year of Maturity		ABR (a)				Balloon
Non-Recourse Debt
2025	36	$	14,848	4.4	%	$	202,136	$	206,979	2.6	%
2026	36	25,857		5.0	%	147,775		157,221		2.0	%
2027	3	1,247		4.2	%	28,209		28,817		0.4	%
2028	5	12,794		5.0	%	69,769		77,543		0.9	%
2029	3	1,435		4.0	%	10,931		11,974		0.1	%
2031	1	1,131		6.0	%	—		2,381		—	%
2033	1	2,357		5.6	%	1,671		3,518		—	%
Total Pro Rata Non-Recourse Debt	85	$	59,669	4.7	%	$	460,491	488,433		6.0	%

Recourse Debt
Fixed – Senior unsecured notes:
Due February 1, 2025 (USD) (d)				4.0	%			450,000		5.5	%
Due April 9, 2026 (EUR)				2.3	%			519,450		6.3	%
Due October 1, 2026 (USD)				4.3	%			350,000		4.3	%
Due April 15, 2027 (EUR)				2.1	%			519,450		6.3	%
Due April 15, 2028 (EUR)				1.4	%			519,450		6.3	%
Due July 15, 2029 (USD)				3.9	%			325,000		4.0	%
Due September 28, 2029 (EUR)				3.4	%			155,835		1.9	%
Due June 1, 2030 (EUR)				1.0	%			545,422		6.7	%
Due February 1, 2031 (USD)				2.4	%			500,000		6.1	%
Due February 1, 2032 (USD)				2.5	%			350,000		4.3	%
Due July 23, 2032 (EUR)				4.3	%			675,285		8.3	%
Due September 28, 2032 (EUR)				3.7	%			207,780		2.5	%
Due April 1, 2033 (USD)				2.3	%			425,000		5.2	%
Due June 30, 2034 (USD)				5.4	%			400,000		4.9	%
Due November 19, 2034 (EUR)				3.7	%			623,340		7.6	%
Total Senior Unsecured Notes				3.0	%			6,566,012		80.2	%
Swapped to Fixed:
Unsecured term loans (due April 24, 2026) (e)				4.3	%			519,450		6.3	%
Floating:
Unsecured term loans (due February 14, 2028) (f)				4.7	%			561,653		6.8	%
Unsecured revolving credit facility (due February 14, 2029) (g)				4.3	%			55,448		0.7	%
Total Recourse Debt				3.2	%			7,702,563		94.0	%

Total Pro Rata Debt Outstanding				3.3	%			$	8,190,996	100.0	%

________

(a)Represents the number of properties and ABR associated with the debt that is maturing in each respective year.

(b)Debt maturity data is presented on a pro rata basis as of December 31, 2024. See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of pro rata. Total outstanding balance includes balloon payments and scheduled amortization for our non-recourse debt.

(c)Excludes unamortized discount, net totaling $39.4 million and unamortized deferred financing costs totaling $31.0 million as of December 31, 2024.

(d)In February 2025, we repaid our $450 million of 4.0% senior notes due 2025 at maturity.

(e)The interest rate swap expired on December 31, 2024, after which we incur interest on this term loan at EURIBOR, plus 0.80%.

(f)We incurred interest at SONIA or EURIBOR, plus 0.80% for both base rates, on our Unsecured term loans as of December 31, 2024.

(g)We incurred interest on our Unsecured revolving credit facility at SONIA or TIBOR, plus 0.725% for all base rates as of December 31, 2024. Each has a floor of 0.00% under the terms of our credit agreement. Availability under our Unsecured revolving credit facility (net of amounts reserved for standby letters of credit) was approximately $1.9 billion as of December 31, 2024.


						Investing for the Long Run® \| 14

W. P. Carey Inc.

Balance Sheets and Capitalization – Fourth Quarter 2024


Senior Unsecured Notes

As of December 31, 2024.

Ratings

Issuer

Senior Unsecured Notes

Ratings Agency

Rating

Outlook

Rating

Moody's

Baa1

Stable

Baa1

Standard & Poor’s

BBB+

Stable

BBB+

Senior Unsecured Note Covenants

The following is a summary of the key financial covenants for the Senior Unsecured Notes, along with our estimated calculations of our compliance with those covenants at the end of the period presented. These ratios are not measures of our liquidity or performance and serve only to demonstrate our ability to incur additional debt, as permitted by the covenants for the Senior Unsecured Notes.

Covenant

Metric

Required

As of
Dec. 31, 2024

Limitation on the incurrence of debt

"Total Debt" /
"Total Assets"

≤ 60%

40.2%

Limitation on the incurrence of secured debt

"Secured Debt" /
"Total Assets"

≤ 40%

2.0%

Limitation on the incurrence of debt based on consolidated EBITDA to annual debt service charge

"Consolidated EBITDA" /
"Annual Debt Service Charge"

≥ 1.5x

4.6x

Maintenance of unencumbered asset value

"Unencumbered Assets" / "Total Unsecured Debt"

≥ 150%

241.9%


						Investing for the Long Run® \| 15

W. P. Carey Inc.

Real Estate

Fourth Quarter 2024


						Investing for the Long Run® \| 16

W. P. Carey Inc.

Real Estate – Fourth Quarter 2024


Investment Activity – Investment Volume

Dollars in thousands. Pro rata. For the year ended December 31, 2024.

Property Type(s)

Closing Date / Asset Completion Date

Gross Investment Amount

Investment Type

Lease Term (Years) (a)

Gross Square Footage

Tenant / Lease Guarantor

Property Location(s)

1Q24

WM Morrison Supermarkets PLC (2 properties) (b)

Doncaster, United Kingdom

Retail

Jan-24

30,055

Acquisition

93,007

Fedrigoni S.p.A (5 properties) (b)

Various, Italy

Industrial, Warehouse

Jan-24

148,131

Sale-leaseback

1,739,312

Hexagon Composites ASA

Salisbury, NC

Industrial

Mar-24

13,800

Expansion

125,549

Metra S.p.A (5 properties) (b) (c)

Various, Italy (4 properties) and Laval, Canada (1 property)

Industrial, Warehouse

Mar-24

86,494

Sale-leaseback

1,081,900

1Q24 Total

278,480

3,039,768

2Q24

Danske Fragtmaend Ejendomme A/S (b)

Fredericia, Denmark

Warehouse

Apr-24

2,029

Renovation

N/A

Hanesbrands Inc.

Commercial Point, OH

Warehouse

Apr-24

94,220

Acquisition

1,194,865

Storage Space

Little Rock, AR

Self-Storage (Operating)

Apr-24

3,254

Expansion

N/A

59,472

Belden Inc.

Tucson, AZ

Warehouse

May-24

38,783

Acquisition

302,445

Portfolio Acquisition:

AMCP Clean Holding Company, LLC (5 properties)

Various, United States

Industrial, Warehouse

May-24

44,400

Acquisition

432,233

Hadley Products Corporation (4 properties)

Various, United States

Industrial

May-24

23,330

Acquisition

514,462

Cleveland-Cliffs Inc.

Sylacauga, AL

Industrial

May-24

5,852

Acquisition

111,249

Specialty Building Products, Inc. (2 properties)

Moxee, WA and La Porte, IN

Industrial

Jun-24

37,019

Acquisition

741,870

Portfolio Total (12 properties)

110,601

1,799,814

EOS Fitness OPCO Holdings, LLC (2 properties)

Mesa and Laveen, AZ

Retail

Jun-24

26,964

Acquisition

84,000

Terran Orbital Corporation

Irvine, CA

Industrial

Jun-24

14,462

Redevelopment

94,195

2Q24 Total

290,313

3,534,791

3Q24

Portfolio Acquisition:

American Leather Holdings, LLC (3 properties)

Various, NC

Industrial, Retail

Jul-24

18,260

Acquisition

331,317

M&Q Holdings, LLC

Neenah, WI

Industrial

Jul-24

19,868

Acquisition

338,734

Specialty Building Products, Inc. (b)

Alexandria, Canada

Warehouse

Aug-24

26,030

Acquisition

369,581

Cleveland-Cliffs Inc. (2 properties)

Tillsonburg and Oldcastle, Canada

Industrial

Aug-24

15,919

Acquisition

276,000

Portfolio Total (7 properties)

80,077

1,315,632

Zabka Polska Sp. z.o.o. (123 properties) (b)

Various, Poland

Retail

Jul-24; Sep-24

31,508

Sale-leaseback

146,930

EOS Fitness OPCO Holdings, LLC

Las Vegas, NV

Retail

Aug-24

12,471

Acquisition

40,021

Topgolf International, Inc.

West Des Moines, IA

Retail

Aug-24

21,063

Sale-leaseback

37,628

CubeSmart

Dayton, OH

Self-Storage (Operating)

Aug-24

7,408

Operating

N/A

73,435

Extra Space, Joint Venture (d)

Various, United States

Self-Storage (Net Lease)

Sep-24

10,500

10% Joint Venture Buyout

64,096

3Q24 Total

163,027

1,677,742


						Investing for the Long Run® \| 17

W. P. Carey Inc.

Real Estate – Fourth Quarter 2024


Investment Activity – Investment Volume (continued)

Dollars in thousands. Pro rata. For the year ended December 31, 2024.

Property Type(s)

Closing Date / Asset Completion Date

Gross Investment Amount

Investment Type

Lease Term (Years) (a)

Gross Square Footage

Tenant / Lease Guarantor

Property Location(s)

4Q24

Tidal Wave Auto Spa (3 properties)

Various, US

Retail (Car Wash)

Oct-24

15,259

Sale-leaseback

10,681

Amsted Industries Incorporated (4 properties) (e)

Nueva Leon, Mexico

Industrial

Oct-24; Dec-24

98,580

Sale-leaseback

1,115,134

Skjodt-Barrett Foods Inc.

Lebanon, IN

Industrial

Oct-24

58,289

Acquisition

550,768

Canadian Solar Inc.

Shelbyville, KY

Industrial

Oct-24

99,572

Acquisition

1,052,925

DBK Sp. Z.o.o. (11 properties) (b) (e)

Various, Poland

Industrial

Nov-24; Dec-24

56,150

Sale-leaseback

396,936

RB Global Inc.

Stockton, CA

Land

Nov-24

55,073

Acquisition

—

Centersquare Issuer LLC

Weehawken, NJ

Specialty (Datacenter)

Nov-24

97,244

Acquisition

209,237

Dollar General Corporation (106 properties)

Various, US

Retail

Nov-24; Dec-24

201,160

Acquisition

1,178,212

WM Morrison Supermarkets PLC (b)

Manchester, United Kingdom

Retail

Dec-24

25,873

Acquisition

84,296

ZF Friedrichshafen AG

Washington, MI

Research and Development

Dec-24

44,507

Redevelopment

81,086

Compass Group Holdings PLC (b)

Yarnfield, United Kingdom

Education

Dec-24

23,329

Acquisition

219,897

Computacenter PLC

Atlanta, GA

Warehouse

Dec-24

26,938

Redevelopment

213,834

4Q24 Total

801,974

5,113,006

Year-to-Date Total

1,533,794

13,365,307


		Property Type(s)	Loan Origination Date	Funded During Current Quarter		Funded Year to Date		Expected Funding Completion Date	Total Funded		Maximum Commitment
Description	Property Location(s)
Construction Loan
SW Corner of Las Vegas & Harmon (f)	Las Vegas, NV	Retail	Jun-21	$	7,499	$	16,325	2025	$	247,712	$	261,887
SE Corner of Las Vegas & Harmon (g)	Las Vegas, NV	Retail	Nov-24	16,811		16,811		2025	16,811		23,449
SE Corner of Las Vegas & Elvis Presley (g)	Las Vegas, NV	Retail	Nov-24	15,045		15,045		2025	15,045		25,000
Total				39,355		48,181			279,568		310,336

Year-to-Date Total Investment Volume						$	1,581,975

________

(a)Total lease terms are based on weighted-average ABR for the investments as of the respective period ends.

(b)Amount reflects the applicable exchange rate on the date of the transaction.

(c)This acquisition is comprised of (i) four properties located in Italy with a gross investment amount of $83.9 million and 1,061,900 square feet and (ii) one property located in Laval, Canada, with a gross investment amount of $2.6 million and 20,000 square feet. The properties located in Italy are accounted for as a loan receivable within Net investments in finance leases and loans receivable on our consolidated balance sheets, in accordance with ASC 310, Receivables and ASC 842, Leases.

(d)On September 1, 2024, we acquired the remaining 10% controlling interest in a joint venture that owns nine self-storage operating properties for $10.5 million. We now consolidate this investment. In addition, these properties were converted to net leases on that date.

(e)These investments are accounted for as loans receivable within Net investments in direct financing leases and loans receivable on our consolidated balance sheets, in accordance with ASC 310, Receivables and ASC 842, Leases

(f)This construction loan is accounted for as an equity method investment on our consolidated balance sheets, in accordance with U.S. GAAP. Interest income is recognized within Earnings from equity method investments on our consolidated statements of income.

(g)These construction loans are accounted for as secured loans receivable within Net investments in finance leases and loans receivable on our consolidated balance sheets, in accordance with U.S. GAAP. Interest income is recognized within Income from finance leases and loans receivable on our consolidated statements of income.


						Investing for the Long Run® \| 18

W. P. Carey Inc.

Real Estate – Fourth Quarter 2024


Investment Activity – Capital Investments and Commitments (a)

Dollars in thousands. Pro rata.


		Primary Transaction Type	Property Type	Expected Completion / Closing Date	Additional Gross Square Footage	Lease Term (Years) (b)	Funded During Three Months Ended Dec. 31, 2024 (c)		Total Funded Through Dec. 31, 2024		Maximum Commitment / Gross Investment Amount
Tenant	Location										Remaining		Total
TWAS Holdings, LLC (d)	New Hartford, NY	Purchase Commitment	Retail (Car Wash)	Q2 2025	3,600	19	$	—	$	—	$	5,077	$	5,077
ABC Technologies Holdings Inc. (e)	Galeras, Mexico	Expansion	Industrial	Q2 2025	60,181	18	1,942		1,942		2,958		4,900
Sumitomo Heavy Industries, LTD.	Bedford, MA	Redevelopment	Research and Development	Q3 2025	N/A	15	9,603		13,808		30,332		44,140
Janus International Group, Inc. (e)	Surprise, AZ	Build-to-Suit	Industrial	Q3 2025	131,753	20	4,827		4,827		16,886		21,713
Hedin Mobility Group AB (f)	Amsterdam, The Netherlands	Renovation	Retail	Q4 2025	39,826	22	—		—		15,583		15,583
Fraikin SAS (f)	Various, France	Renovation	Industrial	Q4 2025	N/A	17	—		2,075		5,093		7,168
Expected Completion Date 2025 Total					235,360	17	16,372		22,652		75,929		98,581

Bear Holdings, LP	Billings, MT	Build-to-Suit	Education	Q2 2026	57,000	25	2,508		2,508		22,492		25,000
Expected Completion Date 2026 Total					57,000	25	2,508		2,508		22,492		25,000

Capital Investments and Commitments Total					292,360	19	$	18,880	$	25,160	$	98,421	$	123,581

________

(a)This schedule includes future estimates for which we can give no assurance as to timing or amounts. Completed capital investments and commitments are included in the Investment Activity – Investment Volume section. Funding amounts exclude capitalized construction interest.

(b)Total lease terms are based on weighted-average ABR for the investments expected upon completion.

(c)Total funding during the three months ended December 31, 2024 excludes $0.2 million spent on pre-development work for potential projects in various phases.

(d)Project will be funded upon completion and is contingent on building being constructed according to our standards.

(e)We earn interest from this tenant, which is accrued through the construction period and deducted from the remaining commitment.

(f)Commitment amounts are based on the applicable exchange rate at period end.


						Investing for the Long Run® \| 19

W. P. Carey Inc.

Real Estate – Fourth Quarter 2024


Investment Activity – Dispositions

Dollars in thousands. Pro rata. For the year ended December 31, 2024.

Tenant / Lease Guarantor

Property Location(s)

Gross Sale Price

Closing Date

Property Type(s)

Gross Square Footage

1Q24

State of Andalusia (70 properties) (a)

Various, Spain

359,340

Jan-24

Office

2,788,704

Cargotec Corporation (a)

Tampere, Finland

28,444

Jan-24

Office

183,568

Vacant

Fairfax, VA

8,198

Jan-24

Retail

103,277

Vacant (formerly Pendragon PLC) (a)

Aylesbury, United Kingdom

5,258

Feb-24

Retail

27,355

Vacant (formerly Pendragon PLC) (a)

Peterlee, United Kingdom

1,085

Feb-24

Retail

13,719

U-Haul Moving Partners Inc. and Mercury Partners, LP (78 properties)

Various, United States

464,104

Feb-24

Self-Storage (Net Lease)

3,996,703

Sec of State Communities and Local Gov (a)

Salford, United Kingdom

22,750

Feb-24

Office

211,367

1Q24 Total

889,179

7,324,693

2Q24

Vacant (former Prima Wawona Packing Co., LLC) (2 properties)

Sanger and Kerman, CA

16,500

Apr-24; May-24

Industrial

370,051

Pendragon PLC (a)

Stourbridge, United Kingdom

1,554

Apr-24

Retail

6,796

Silgan Containers Manufacturing Corp. (3 properties)

Various, United States

24,000

Apr-24

Industrial

402,893

Clayco, Inc. (2 properties)

St. Louis, MO

14,126

Jun-24

Office

130,170

Cornerstone Building Brands, Inc. (a)

Calgary, Canada

7,275

Jun-24

Industrial

302,884

Marriott Corporation

Sacramento, CA

20,300

Jun-24

Hotel (Operating)

82,905

Banco Santander, S.A. (a)

Monchengladbach, Germany

48,173

Jun-24

Office

212,000

Vacant

Chandler, AZ

20,300

Jun-24

Industrial

355,307

2Q24 Total

152,228

1,863,006

3Q24

Leoni AG (a)

Kitzingen, Germany

36,180

Jul-24

Office

272,286

Pendragon PLC (a)

South Woodford, United Kingdom

5,006

Jul-24

Retail

14,098

Multi-tenant

Tinton Falls, NJ

14,750

Jul-24

Office

90,008

Vacant (former Prima Wawona Packing Co., LLC)

Cutler, CA

19,000

Jul-24

Warehouse

391,305

Pendragon PLC (a)

Hainault, United Kingdom

3,312

Aug-24

Retail

24,455

Pendragon PLC (a)

London, United Kingdom

2,241

Aug-24

Retail

8,678

Pendragon PLC (a)

Bolton, United Kingdom

1,340

Sep-24

Retail

11,964

3Q24 Total

81,829

812,794

4Q24

Fentonir Trading & Investments Limited (sold 94.9% controlling interest) (a)

Munich, Germany

79,804

Oct-24

Hotel (Net Lease)

130,425

Pendragon PLC (a)

Birmingham, United Kingdom

1,247

Nov-24

Retail

5,784

Vacant

Danbury, CT

7,100

Dec-24

Industrial

62,042

Polkomtel S.A. (a)

Warsaw, Poland

26,769

Dec-24

Office

246,214

Vacant (a) (b)

Vantaa, Finland

3,884

Dec-24

Retail

75,000

4Q24 Total

118,804

519,465

Year-to-Date Total Dispositions

1,242,040

10,519,958

________

(a)Amount reflects the applicable exchange rate on the date of the transaction.

(b)Represents the disposition of a portion of this property.


						Investing for the Long Run® \| 20

W. P. Carey Inc.

Real Estate – Fourth Quarter 2024


Joint Ventures

Dollars in thousands. As of December 31, 2024.


Joint Venture or JV (Principal Tenant)	JV Partnership		Consolidated				Pro Rata (a)
	Asset Type	WPC %	Debt Outstanding (b)		ABR		Debt Outstanding (c)		ABR
Unconsolidated Joint Venture (Equity Method Investment) (d)
Harmon Retail Corner	Common equity interest	15.00%	$	143,984	$	—	$	21,598	$	—
Kesko Senukai (e)	Net lease	70.00%	92,712		15,577		64,898		10,904
Total Unconsolidated Joint Ventures			236,696		15,577		86,496		10,904

Consolidated Joint Ventures
COOP Ost SA (e)	Net lease	90.10%	48,003		6,052		43,251		5,453
Fentonir Trading & Investments Limited (e)	Net lease	94.90%	—		2,537		—		2,408
McCoy-Rockford, Inc.	Net lease	90.00%	—		972		—		875
State of Iowa Board of Regents	Net lease	90.00%	—		643		—		578
Total Consolidated Joint Ventures			48,003		10,204		43,251		9,314
Total Unconsolidated and Consolidated Joint Ventures			$	284,699	$	25,781	$	129,747	$	20,218

________

(a)See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of pro rata.

(b)Excludes unamortized discount, net totaling $0.3 million and unamortized deferred financing costs totaling $0.4 million as of December 31, 2024.

(c)Excludes unamortized discount, net totaling $0.2 million and unamortized deferred financing costs totaling less than $0.1 million as of December 31, 2024.

(d)Excludes a construction loan for a retail complex in Las Vegas, Nevada, accounted for as an equity method investment in real estate, as described in the Components of Net Asset Value section.

(e)Amounts are based on the applicable exchange rate at the end of the period.


						Investing for the Long Run® \| 21

W. P. Carey Inc.

Real Estate – Fourth Quarter 2024


Top 25 Tenants

Dollars in thousands. Pro rata. As of December 31, 2024.


Tenant / Lease Guarantor	Description	Number of Properties	ABR		ABR %		Weighted-Average Lease Term (Years)
Extra Space Storage, Inc.	Net lease self-storage properties in the U.S. leased to publicly traded self-storage REIT	39	$	35,557	2.7	%	24.7
Apotex Pharmaceutical Holdings Inc. (a)	Pharmaceutical R&D and manufacturing properties in the Greater Toronto Area leased to generic drug manufacturer	11	32,473		2.4	%	18.2
Metro Cash & Carry Italia S.p.A. (b)	Business-to-business retail stores in Italy leased to cash and carry wholesaler	19	27,045		2.0	%	3.8
ABC Technologies Holdings Inc. (a) (c)	Automotive parts manufacturing properties in the U.S., Canada and Mexico leased to OEM supplier	23	24,978		1.9	%	18.3
Hellweg Die Profi-Baumärkte GmbH & Co. KG (b) (d)	Retail properties in Germany leased to German DIY retailer	35	24,555		1.8	%	19.2
Fortenova Grupa d.d. (b)	Grocery stores and one warehouse in Croatia leased to European food retailer	19	23,861		1.8	%	9.3
OBI Group (b)	Retail properties in Poland leased to German DIY retailer	26	23,749		1.8	%	6.4
Nord Anglia Education, Inc.	K-12 private schools in Orlando, Miami and Houston leased to international day and boarding school operator	3	22,963		1.7	%	18.7
Fedrigoni S.p.A (b)	Industrial and warehouse facilities in Germany, Italy and Spain leased to global manufacturer of premium packaging and labels	16	22,190		1.7	%	18.9
Eroski Sociedad Cooperative (b)	Grocery stores and warehouses in Spain leased to Spanish food retailer	63	20,716		1.5	%	11.2
Top 10 Total		254	258,087		19.3	%	15.3
Quikrete Holdings, Inc. (a)	Industrial facilities in the U.S. and Canada leased to concrete and building products manufacturer	27	20,208		1.5	%	18.5
Berry Global Inc.	Manufacturing facilities in the U.S. leased to international producer and supplier of packaging solutions	8	19,634		1.5	%	13.7
Advance Auto Parts, Inc.	Distribution facilities in the U.S. leased to automotive aftermarket parts provider	28	18,980		1.4	%	8.1
True Value Company, LLC	Distribution facilities and manufacturing facility in the U.S. leased to global hardware wholesaler	9	18,794		1.4	%	13.6
Pendragon PLC (b)	Dealerships in the United Kingdom leased to automotive retailer	50	18,326		1.4	%	13.0
Kesko Senukai (b)	Distribution facilities and retail properties in Lithuania, Estonia and Latvia leased to European DIY retailer	20	17,293		1.3	%	7.1
Hearthside Food Solutions LLC	Production, packaging and distribution facilities in the U.S. leased to North American contract food manufacturer	18	17,206		1.3	%	17.6
Koninklijke Jumbo Food Groep B.V (b)	Logistics and cold storage warehouse facilities in the Netherlands leased to European supermarket chain	5	14,431		1.1	%	4.2
Dollar General Corporation	Retail properties in the U.S. leased to discount retailer	106	14,233		1.0	%	14.3
Danske Fragtmaend Ejendomme A/S (b)	Distribution facilities in Denmark leased to Danish freight company	15	13,126		1.0	%	12.1
Top 20 Total		540	430,318		32.2	%	14.2
Dick’s Sporting Goods, Inc.	Retail properties and single distribution facility in the U.S. leased to sporting goods retailer	9	12,955		1.0	%	6.5
Intergamma Bouwmarkten B.V. (b)	Retail properties in the Netherlands leased to European DIY retailer	36	12,773		0.9	%	8.6
Henkel AG & Co. KGaA	Distribution facility in Kentucky leased to global provider of consumer products and adhesives	1	11,624		0.9	%	17.3
Lineage	Cold storage warehouse facilities in the Los Angeles and San Francisco areas leased to publicly traded cold storage REIT	4	11,573		0.9	%	5.9
Orgill, Inc.	Distribution facilities in the U.S. leased to global hardware distributor	4	10,987		0.8	%	17.5
Top 25 Total (e)		594	$	490,230	36.7	%	13.8

________

(a)ABR from these properties is denominated in U.S. dollars.

(b)ABR amounts are subject to fluctuations in foreign currency exchange rates.

(c)Of the 23 properties leased to ABC Technologies Holdings Inc., nine are located in Canada, eight are located in the United States, and six are located in Mexico.

(d)During the first quarter of 2024, we entered into a lease restructuring with Hellweg Die Profi-Baumärkte GmbH & Co. KG, which included (i) abated rent from January 1, 2024 to March 31, 2024, (ii) a €4.0 million reduction in annual base rent and (iii) a seven-year lease extension, with a new lease maturity of February 2044.

(e)See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of pro rata.


						Investing for the Long Run® \| 22

W. P. Carey Inc.

Real Estate – Fourth Quarter 2024


Diversification by Property Type

In thousands, except percentages. Pro rata. As of December 31, 2024.


	Total Net-Lease Portfolio
Property Type	ABR		ABR %		Square Footage (a)	Square Footage %
U.S.
Industrial	$	333,647	24.9	%	55,339	31.4	%
Warehouse	226,329		16.9	%	44,464	25.2	%
Retail (b)	97,474		7.3	%	4,938	2.8	%
Other (c)	155,650		11.7	%	9,167	5.2	%
U.S. Total	813,100		60.8	%	113,908	64.6	%

International
Industrial	151,013		11.3	%	20,564	11.6	%
Warehouse	140,226		10.5	%	22,206	12.6	%
Retail (b)	194,951		14.6	%	17,589	10.0	%
Other (c)	37,882		2.8	%	2,153	1.2	%
International Total	524,072		39.2	%	62,512	35.4	%

Total
Industrial	484,660		36.2	%	75,903	43.0	%
Warehouse	366,555		27.4	%	66,670	37.8	%
Retail (b)	292,425		21.9	%	22,527	12.8	%
Other (c)	193,532		14.5	%	11,320	6.4	%
Total (d)	$	1,337,172	100.0	%	176,420	100.0	%

________

(a)Includes square footage for vacant properties.

(b)Includes automotive dealerships.

(c)Includes ABR from tenants with the following property types: education facility, self-storage (net lease), specialty, laboratory, office, research and development, hotel (net lease) and land.

(d)See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of pro rata.


						Investing for the Long Run® \| 23

W. P. Carey Inc.

Real Estate – Fourth Quarter 2024


Diversification by Tenant Industry

In thousands, except percentages. Pro rata. As of December 31, 2024.


	Total Net-Lease Portfolio
Industry Type	ABR		ABR %		Square Footage	Square Footage %
Retail Stores (a)	$	298,058	22.3	%	34,225	19.4	%
Consumer Services	121,466		9.1	%	6,978	4.0	%
Beverage and Food	112,918		8.4	%	15,539	8.8	%
Automotive	92,184		6.9	%	13,845	7.8	%
Grocery	82,197		6.1	%	7,534	4.3	%
Healthcare and Pharmaceuticals	71,688		5.4	%	6,549	3.7	%
Durable Consumer Goods	65,600		4.9	%	14,408	8.2	%
Containers, Packaging, and Glass	58,083		4.3	%	9,967	5.7	%
Capital Equipment	55,544		4.2	%	9,534	5.4	%
Chemicals, Plastics, and Rubber	46,756		3.5	%	8,083	4.6	%
Cargo Transportation	45,223		3.4	%	7,659	4.3	%
Construction and Building	45,219		3.4	%	8,262	4.7	%
Hotel and Leisure	40,904		3.1	%	2,084	1.2	%
Non-Durable Consumer Goods	39,051		2.9	%	8,139	4.6	%
High Tech Industries	35,963		2.7	%	5,542	3.1	%
Business Services	31,795		2.4	%	3,415	1.9	%
Metals	24,677		1.8	%	4,565	2.6	%
Wholesale	17,124		1.3	%	2,994	1.7	%
Other (b)	52,722		3.9	%	7,098	4.0	%
Total (c)	$	1,337,172	100.0	%	176,420	100.0	%

________

(a)Includes automotive dealerships.

(b)Includes ABR from tenants in the following industries: aerospace and defense, insurance, telecommunications, sovereign and public finance, environmental industries, media: advertising, printing, and publishing, oil and gas, consumer transportation, forest products and paper, banking and electricity. Also includes square footage for vacant properties.

(c)See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of pro rata.


						Investing for the Long Run® \| 24

W. P. Carey Inc.

Real Estate – Fourth Quarter 2024


Diversification by Geography

In thousands, except percentages. Pro rata. As of December 31, 2024.


	Total Net-Lease Portfolio
Region	ABR		ABR %		Square Footage (a)	Square Footage %
U.S.
Midwest
Illinois	$	63,397	4.7	%	9,945	5.6	%
Ohio	42,184		3.2	%	8,375	4.8	%
Indiana	36,337		2.7	%	6,107	3.5	%
Michigan	25,466		1.9	%	4,600	2.6	%
Wisconsin	19,437		1.5	%	3,340	1.9	%
Other (b)	50,953		3.8	%	7,227	4.1	%
Total Midwest	237,774		17.8	%	39,594	22.5	%
East
North Carolina	41,271		3.1	%	8,783	5.0	%
Pennsylvania	32,182		2.4	%	3,416	1.9	%
South Carolina	22,902		1.7	%	5,307	3.0	%
Kentucky	22,553		1.7	%	4,485	2.6	%
New York	21,944		1.7	%	2,284	1.3	%
New Jersey	18,711		1.4	%	954	0.5	%
Massachusetts	16,584		1.2	%	1,188	0.7	%
Other (b)	33,821		2.5	%	5,157	2.9	%
Total East	209,968		15.7	%	31,574	17.9	%
South
Texas	81,425		6.1	%	10,438	5.9	%
Florida	38,690		2.9	%	3,295	1.9	%
Georgia	24,436		1.8	%	4,293	2.4	%
Tennessee	24,334		1.8	%	4,004	2.3	%
Alabama	23,269		1.7	%	3,430	1.9	%
Other (b)	17,770		1.3	%	2,422	1.4	%
Total South	209,924		15.6	%	27,882	15.8	%
West
California	62,270		4.7	%	5,463	3.1	%
Arizona	21,005		1.6	%	2,269	1.3	%
Utah	14,542		1.1	%	2,021	1.1	%
Other (b)	57,617		4.3	%	5,105	2.9	%
Total West	155,434		11.7	%	14,858	8.4	%
U.S. Total	813,100		60.8	%	113,908	64.6	%
International
The Netherlands	60,091		4.5	%	7,054	4.0	%
Poland	59,110		4.4	%	8,455	4.8	%
Italy	57,179		4.3	%	8,183	4.6	%
Canada (c)	54,697		4.1	%	5,450	3.1	%
United Kingdom	49,882		3.7	%	4,505	2.6	%
Germany	49,013		3.7	%	5,840	3.3	%
Spain	34,383		2.6	%	3,073	1.7	%
Croatia	24,665		1.8	%	2,063	1.2	%
Denmark	24,060		1.8	%	3,002	1.7	%
France	21,725		1.6	%	1,679	1.0	%
Mexico (d)	21,716		1.6	%	3,604	2.0	%
Other (e)	67,551		5.1	%	9,604	5.4	%
International Total	524,072		39.2	%	62,512	35.4	%
Total (f)	$	1,337,172	100.0	%	176,420	100.0	%

________

(a)Includes square footage for vacant properties.

(b)Other properties within Midwest include assets in Minnesota, Iowa, Kansas, Missouri, Nebraska, South Dakota and North Dakota. Other properties within East include assets in Virginia, Connecticut, Maryland, West Virginia, New Hampshire and Maine. Other properties within South include assets in Louisiana, Arkansas, Oklahoma and Mississippi. Other properties within West include assets in Oregon, Colorado, Washington, Nevada, Montana, Hawaii, Idaho, Wyoming and New Mexico.

(c)$49.5 million (90%) of ABR from properties in Canada is denominated in U.S. dollars, with the balance denominated in Canadian dollars.

(d)All ABR from properties in Mexico is denominated in U.S. dollars.

(e)Includes assets in Lithuania, Belgium, Hungary, Norway, Mauritius, Slovakia, Portugal, the Czech Republic, Austria, Sweden, Latvia, Japan, Finland and Estonia.

(f)See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of pro rata.


						Investing for the Long Run® \| 25

W. P. Carey Inc.

Real Estate – Fourth Quarter 2024


Contractual Rent Increases

In thousands, except percentages. Pro rata. As of December 31, 2024.


	Total Net-Lease Portfolio
Rent Adjustment Measure	ABR		ABR %		Square Footage	Square Footage %
Uncapped CPI	$	418,236	31.3	%	43,858	24.9	%
Capped CPI	259,028		19.4	%	38,634	21.9	%
CPI-linked	677,264		50.7	%	82,492	46.8	%
Fixed	611,762		45.7	%	87,924	49.8	%
Other (a)	43,102		3.2	%	3,247	1.8	%
None	5,044		0.4	%	272	0.2	%
Vacant	—		—	%	2,485	1.4	%
Total (b)	$	1,337,172	100.0	%	176,420	100.0	%

________

(a)Represents leases which include a percentage rent component. Includes $35.6 million (2.7%) of ABR from a tenant (Extra Space Storage, Inc.), which has both a percentage rent component and annual fixed rent increases in its lease.

(b)See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of pro rata.


						Investing for the Long Run® \| 26

W. P. Carey Inc.

Real Estate – Fourth Quarter 2024


Same-Store Analysis

Dollars in thousands. Pro rata.

Contractual Same-Store Growth

Same-store portfolio includes leases on our net leased properties that were continuously in place during the period from December 31, 2023 to December 31, 2024. Excludes leases for properties that were acquired, sold or vacated, or were subject to lease renewals, extensions or modifications at any time that affected ABR during that period. For purposes of comparability, ABR is presented on a constant currency basis using exchange rates as of December 31, 2024.


	ABR
	As of
	Dec. 31, 2024		Dec. 31, 2023		Increase		% Increase
Property Type
Industrial	$	416,023	$	404,614	$	11,409	2.8	%
Warehouse	337,693		331,278		6,415		1.9	%
Retail (a)	247,800		240,182		7,618		3.2	%
Other (b)	145,900		141,967		3,933		2.8	%
Total	$	1,147,416	$	1,118,041	$	29,375	2.6	%

Rent Adjustment Measure
Uncapped CPI	$	382,265	$	368,918	$	13,347	3.6	%
Capped CPI	229,585		224,297		5,288		2.4	%
CPI-linked	611,850		593,215		18,635		3.1	%
Fixed	524,138		513,398		10,740		2.1	%
Other (c)	6,995		6,995		—		—	%
None	4,433		4,433		—		—	%
Total	$	1,147,416	$	1,118,041	$	29,375	2.6	%

Geography
U.S.	$	684,518	$	668,405	$	16,113	2.4	%
Europe	390,455		379,168		11,287		3.0	%
Other International (d)	72,443		70,468		1,975		2.8	%
Total	$	1,147,416	$	1,118,041	$	29,375	2.6	%

Same-Store Portfolio Summary
Number of properties	1,135
Square footage (in thousands)	150,021


						Investing for the Long Run® \| 27

W. P. Carey Inc.

Real Estate – Fourth Quarter 2024

Comprehensive Same-Store Growth

Same-store portfolio includes net leased properties that were continuously owned and in place during the quarter ended December 31, 2023 through December 31, 2024 (including properties that were subject to lease renewals, extensions or modifications at any time during that period). Excludes properties that were acquired, sold or listed as capital investments and commitments (see Investment Activity – Capital Investments and Commitments section) during that period. For purposes of comparability, same-store pro rata rental income is presented on a constant currency basis using average exchange rates for the three months ended December 31, 2024. Same-store pro rata rental income is a non-GAAP measure. See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of same-store pro rata rental income and for details on how it is calculated.


	Same-Store Pro Rata Rental Income
	Three Months Ended
	Dec. 31, 2024		Dec. 31, 2023		Increase		% Increase
Property Type
Industrial	$	107,428	$	103,839	$	3,589	3.5	%
Warehouse	83,207		83,836		(629)		(0.8)	%
Retail (a)	66,120		65,288		832		1.3	%
Other (b)	44,271		40,812		3,459		8.5	%
Total	$	301,026	$	293,775	$	7,251	2.5	%

Rent Adjustment Measure
Uncapped CPI	$	102,949	$	101,817	$	1,132	1.1	%
Capped CPI	55,569		54,235		1,334		2.5	%
CPI-linked	158,518		156,052		2,466		1.6	%
Fixed	133,084		128,288		4,796		3.7	%
Other (c)	8,223		7,971		252		3.2	%
None	1,201		1,464		(263)		(18.0)	%
Total	$	301,026	$	293,775	$	7,251	2.5	%

Geography
U.S.	$	180,395	$	176,281	$	4,114	2.3	%
Europe	102,460		99,821		2,639		2.6	%
Other International (d)	18,171		17,673		498		2.8	%
Total	$	301,026	$	293,775	$	7,251	2.5	%

Same-Store Portfolio Summary
Number of properties	1,201
Square footage (in thousands)	156,704


						Investing for the Long Run® \| 28

W. P. Carey Inc.

Real Estate – Fourth Quarter 2024

The following table presents a reconciliation from lease revenues to same-store pro rata rental income:


	Three Months Ended
	Dec. 31, 2024		Dec. 31, 2023
Consolidated Lease Revenues
Total lease revenues – as reported	$	351,394	$	336,757
Income from finance leases and loans receivable	16,796		31,532
Less: Reimbursable tenant costs – as reported	(15,661)		(18,942)
Less: Income from secured loans receivable	(332)		(475)
	352,197		348,872

Adjustments for Pro Rata Ownership of Real Estate Joint Ventures:
Add: Pro rata share of adjustments from equity method investments	3,795		4,042
Less: Pro rata share of adjustments for noncontrolling interests	(185)		(224)
	3,610		3,818

Adjustments for Pro Rata Non-Cash Items:
Less: Straight-line and other leasing and financing adjustments	(24,849)		(19,071)
Add: Above- and below-market rent intangible lease amortization	10,047		6,644
Less: Adjustments for pro rata ownership	(1,265)		(1,617)
	(16,067)		(14,044)

Adjustment to normalize for (i) properties not continuously owned since October 1, 2023 and (ii) constant currency presentation for prior year quarter (e)	(38,714)		(44,871)

Same-Store Pro Rata Rental Income	$	301,026	$	293,775

________

(a)Includes automotive dealerships.

(b)Includes ABR or same-store pro rata rental income from tenants with the following property types: education facility, self-storage (net lease), specialty, laboratory, office, research and development, hotel (net lease) and land.

(c)Represents leases attributable to percentage rent.

(d)Includes assets in Canada, Mexico, Mauritius and Japan.

(e)This adjustment excludes amounts attributable to properties that were acquired, sold or listed as capital investments and commitments (see Investment Activity – Capital Investments and Commitments section) that were not continuously owned and in place during the quarter ended December 31, 2023 through December 31, 2024. In addition, for the three months ended December 31, 2023, an adjustment is made to reflect average exchange rates for the three months ended December 31, 2024 for purposes of comparability, since same-store pro rata rental income is presented on a constant currency basis.


						Investing for the Long Run® \| 29

W. P. Carey Inc.

Real Estate – Fourth Quarter 2024


Leasing Activity

Dollars in thousands. For the three months ended December 31, 2024, except ABR. Pro rata.


Lease Renewals and Extensions (a)										Property and Tenant Improvements (c)		Leasing Commissions
			ABR
Property Type	Square Feet	Number of Leases	Prior Lease			New Lease (b)		Rent Recapture						Incremental Lease Term
Industrial	862,630	3	$	6,023		$	5,829	96.8	%	$	—	$	488	8.4 years
Warehouse	945,966	4	5,358			7,330		136.8	%	1,703		1,557		7.1 years
Retail	108,197	2	1,830			1,947		106.4	%	—		—		5.0 years
Other	514,514	2	12,319			12,237		99.3	%	1,004		715		4.9 years
Total / Weighted Average	2,431,307	11	$	25,530		$	27,343	107.1	%	$	2,707	$	2,760	5.4 years

Q4 Summary
Prior Lease ABR (% of Total Portfolio)			1.9		%


New Leases					Property and Tenant Improvements (c)		Leasing Commissions
			ABR
Property Type	Square Feet	Number of Leases	New Lease (b)						New Lease Term
Industrial	—	—	$	—	$	—	$	—	N/A
Warehouse	235,691	2	2,011		—		429		5.2 years
Retail	—	—	—		—		—		N/A
Other	—	—	—		—		—		N/A
Total / Weighted Average (d)	235,691	2	$	2,011	$	—	$	429	5.2 years

_______

(a)Excludes lease extensions for a period of one year or less.

(b)New lease amounts are based on in-place rents at time of lease commencement and exclude any free rent periods.

(c)Property and tenant improvements include the estimated landlord obligations in connection with the signing of the lease.

(d)Weighted average refers to the new lease term.


						Investing for the Long Run® \| 30

W. P. Carey Inc.

Real Estate – Fourth Quarter 2024


Lease Expirations

Dollars and square footage in thousands. Pro rata. As of December 31, 2024.


Year of Lease Expiration (a)	Number of Leases Expiring	Number of Tenants with Leases Expiring	ABR		ABR %		Square Footage	Square Footage %
2025	22	17	$	24,162	1.8	%	3,734	2.1	%
2026	34	25	53,964		4.0	%	7,893	4.5	%
2027	44	27	63,867		4.8	%	7,303	4.1	%
2028	41	25	53,839		4.0	%	4,465	2.5	%
2029	62	35	76,122		5.7	%	9,451	5.4	%
2030	36	31	38,852		2.9	%	4,227	2.4	%
2031	40	23	73,370		5.5	%	9,095	5.2	%
2032	37	20	36,448		2.7	%	5,326	3.0	%
2033	29	22	77,058		5.8	%	11,776	6.7	%
2034	56	24	82,731		6.2	%	9,436	5.3	%
2035	21	17	38,156		2.9	%	6,706	3.8	%
2036	45	19	76,117		5.7	%	11,007	6.2	%
2037	39	17	35,153		2.6	%	6,454	3.7	%
2038	48	15	26,365		2.0	%	2,812	1.6	%
Thereafter (>2038)	345	118	580,968		43.4	%	74,250	42.1	%
Vacant	—	—	—		—	%	2,485	1.4	%
Total (b)	899		$	1,337,172	100.0	%	176,420	100.0	%

________

(a)Assumes tenants do not exercise any renewal options or purchase options.

(b)See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of pro rata.


						Investing for the Long Run® \| 31

W. P. Carey Inc.

Real Estate – Fourth Quarter 2024


Self-Storage Operating Properties Portfolio

Square footage in thousands. Pro rata. As of December 31, 2024.


State / District	Number of Properties	Number of Units	Square Footage	Square Footage %		Period End Occupancy
Florida	20	14,750	1,594	28.0	%	90.6	%
Texas	14	8,102	995	17.4	%	85.2	%
Illinois	10	4,821	666	11.7	%	89.8	%
California	8	5,440	677	11.9	%	94.6	%
Georgia	5	2,060	250	4.4	%	89.0	%
Nevada	3	2,423	243	4.3	%	88.8	%
Delaware	3	1,678	241	4.2	%	92.8	%
Hawaii	2	956	95	1.7	%	95.1	%
Tennessee	2	886	122	2.1	%	90.7	%
North Carolina	1	947	121	2.1	%	89.9	%
Washington, DC	1	880	67	1.2	%	93.3	%
Arkansas	1	857	115	2.0	%	67.5	%
New York	1	793	61	1.1	%	76.7	%
Kentucky	1	762	121	2.1	%	96.5	%
Ohio	1	598	73	1.3	%	90.7	%
Louisiana	1	541	59	1.0	%	90.2	%
South Carolina	1	490	63	1.1	%	96.1	%
Massachusetts	1	482	58	1.0	%	90.9	%
Oregon	1	442	40	0.7	%	93.2	%
Missouri	1	329	41	0.7	%	89.5	%
Total (a)	78	48,237	5,702	100.0	%	89.6	%

________

(a)See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of pro rata.


						Investing for the Long Run® \| 32

W. P. Carey Inc.

Appendix

Fourth Quarter 2024


						Investing for the Long Run® \| 33

W. P. Carey Inc.

Appendix – Fourth Quarter 2024


Normalized Pro Rata Cash NOI

In thousands.


	Three Months Ended Dec 31, 2024
Consolidated Lease Revenues
Total lease revenues – as reported	$	351,394
Income from finance leases and loans receivable – as reported	16,796
Less: Income from secured loans receivable	(332)

Less: Consolidated Reimbursable and Non-Reimbursable Property Expenses
Reimbursable property expenses – as reported	15,661
Non-reimbursable property expenses – as reported	12,580
	339,617

Plus: NOI from Operating Properties
Self-storage revenues	22,026
Self-storage expenses	(7,710)
	14,316

Hotel revenues	8,857
Hotel expenses	(7,456)
	1,401

Student housing and other revenues	3,249
Student housing and other expenses	(1,420)
	1,829

	357,163

Adjustments for Pro Rata Ownership of Real Estate Joint Ventures:
Add: Pro rata share of NOI from equity method investments	2,243
Less: Pro rata share of NOI attributable to noncontrolling interests	(184)
	2,059

	359,222

Adjustments for Pro Rata Non-Cash Items:
Less: Straight-line and other leasing and financing adjustments	(24,849)
Add: Above- and below-market rent intangible lease amortization	10,047
Add: Other non-cash items	468
	(14,334)

Pro Rata Cash NOI (a)	344,888

Adjustment to normalize for investments and dispositions (b)	(441)

Normalized Pro Rata Cash NOI (a)	$	344,447


						Investing for the Long Run® \| 34

W. P. Carey Inc.

Appendix – Fourth Quarter 2024

The following table presents a reconciliation from Net income attributable to W. P. Carey to Normalized pro rata cash NOI:


	Three Months Ended Dec 31, 2024
Net Income Attributable to W. P. Carey
Net income attributable to W. P. Carey – as reported	$	47,023
Adjustments for Consolidated Operating Expenses
Add: Operating expenses – as reported	221,877
Less: Operating property expenses – as reported	(16,586)
Less: Property expenses, excluding reimbursable tenant costs – as reported	(12,580)
	192,711

Adjustments for Other Consolidated Revenues and Expenses:
Add: Other income and (expenses) – as reported	129,478
Less: Reimbursable property expenses – as reported	(15,661)
Add: Provision for income taxes – as reported	7,772
Less: Asset management fees revenue – as reported	(1,461)
Less: Other lease-related income – as reported	(1,329)
Less: Other advisory income and reimbursements – as reported	(1,053)
	117,746

Other Adjustments:
Less: Straight-line and other leasing and financing adjustments	(24,849)
Add: Above- and below-market rent intangible lease amortization	10,047
Add: Adjustments for pro rata ownership	2,097
Add: Property expenses, excluding reimbursable tenant costs, non-cash	445
Adjustment to normalize for investments and dispositions (b)	(441)
Less: Income from secured loans receivable	(332)
	(13,033)

Normalized Pro Rata Cash NOI (a)	$	344,447

________

(a)Pro rata cash NOI and normalized pro rata cash NOI are non-GAAP measures. See the Disclosures Regarding Non-GAAP and Other Metrics section that follows for a description of our non-GAAP measures and for details on how pro rata cash NOI and normalized pro rata cash NOI are calculated.

(b)For properties acquired and capital investments and commitments completed during the three months ended December 31, 2024, the adjustment modifies our pro rata share of cash NOI for the partial period with an amount estimated to be equivalent to the additional pro rata share of cash NOI necessary to reflect ownership for the full quarter. For properties disposed of during the three months ended December 31, 2024, the adjustment eliminates our pro rata share of cash NOI for the period. If there is a rent abatement, we annualize the first monthly contractual base rent following the free rent period.


						Investing for the Long Run® \| 35

W. P. Carey Inc.

Appendix – Fourth Quarter 2024


Adjusted EBITDA – Last Five Quarters

In thousands.


	Three Months Ended
	Dec. 31, 2024		Sep. 30, 2024		Jun. 30, 2024		Mar. 31, 2024		Dec. 31, 2023
Net income	$	47,038	$	111,652	$	142,854	$	159,086	$	144,244

Adjustments to Derive Adjusted EBITDA (a)
Depreciation and amortization	115,770		115,705		137,481		118,768		129,484
Other (gains) and losses (b)	77,224		77,107		(2,504)		(13,839)		45,777
Interest expense	70,883		72,526		65,307		68,651		72,194
Impairment charges — real estate (c)	27,843		—		15,752		—		71,238
Straight-line and other leasing and financing adjustments (d)	(24,849)		(21,187)		(15,310)		(19,553)		(19,071)
Above- and below-market rent intangible lease amortization	10,047		6,263		5,766		4,068		6,644
Stock-based compensation expense	9,667		13,468		8,903		8,856		8,693
Provision for income taxes	7,772		9,044		6,219		8,674		13,714
Gain on sale of real estate, net (e)	(4,480)		(15,534)		(39,363)		(15,445)		(134,026)
Merger and other expenses (f)	(484)		283		206		4,452		(641)
Other amortization and non-cash charges	436		459		454		448		21
Gain on change in control of interests (g)	—		(31,849)		—		—		—
	289,829		226,285		182,911		165,080		194,027

Adjustments for Pro Rata Ownership
Real Estate Joint Ventures:
Add: Pro rata share of adjustments for equity method investments	5,975		1,312		1,242		2,814		2,664
Less: Pro rata share of adjustments for amounts attributable to noncontrolling interests	(214)		(213)		(234)		(154)		(267)
	5,761		1,099		1,008		2,660		2,397

Adjusted EBITDA (h)	$	342,628	$	339,036	$	326,773	$	326,826	$	340,668

________

(a)Comprised of items that we do not consider to be part of our core operating business plan or representative of our overall long-term operating performance, based on a number of factors, including the nature of the item and/or the frequency with which it occurs. We believe that these adjustments provide a more representative view of EBITDA from our core operating business and allow for more meaningful comparisons.

(b)Primarily comprised of gains and losses on extinguishment of debt, the mark-to-market fair value of equity securities, foreign currency exchange rate movements, and changes in the non-cash allowance for credit losses on loans receivable and finance leases. Amounts from period to period will not be comparable due to unpredictable fluctuations in these gains and losses. Amount for the three months ended December 31, 2024 includes a mark-to-market unrealized loss for our investment in shares of Lineage of $90.4 million. Amount for the three months ended September 30, 2024 includes a mark-to-market unrealized loss for our investment in shares of Lineage of $43.6 million.

(c)Amount for the three months ended December 31, 2023 includes an impairment charge of $47.3 million recognized on the 59 properties contributed to NLOP in connection with the Spin-Off.

(d)Straight-line rent adjustments relate to our net-leased properties subject to operating leases.

(e)Amount for the three months ended December 31, 2023 includes a gain on sale of real estate of $59.1 million, recognized upon the reclassification of a portfolio of properties to net investments in sales-type leases. These properties were sold in the first quarter of 2024.

(f)Amount for the three months ended March 31, 2024 is primarily comprised of the write-off of a value added tax receivable that was previously recorded in connection with an international investment.

(g)Amount for the three months ended September 30, 2024 represents a gain recognized on the remaining interest in an investment acquired during the third quarter of 2024, which we had previously accounted for under the equity method.

(h)Adjusted EBITDA is a non-GAAP measure. See the Disclosures Regarding Non-GAAP and Other Metrics section that follows for a description of our non-GAAP measures.


						Investing for the Long Run® \| 36

W. P. Carey Inc.

Appendix – Fourth Quarter 2024


Disclosures Regarding Non-GAAP and Other Metrics

Non-GAAP Financial Disclosures

FFO and AFFO

Due to certain unique operating characteristics of real estate companies, as discussed below, NAREIT, an industry trade group, has promulgated a non-GAAP measure known as FFO, which we believe to be an appropriate supplemental measure, when used in addition to and in conjunction with results presented in accordance with GAAP, to reflect the operating performance of a REIT. The use of FFO is recommended by the REIT industry as a supplemental non-GAAP measure. FFO is not equivalent to, nor a substitute for, net income or loss as determined under GAAP.

We believe that AFFO is a useful supplemental measure for investors to consider as we believe it will help them to better assess the sustainability of our operating performance without the potentially distorting impact of these short-term fluctuations. However, there are limits on the usefulness of AFFO to investors. For example, impairment charges and unrealized foreign currency exchange rate losses that we exclude may become actual realized losses upon the ultimate disposition of the properties in the form of lower cash proceeds or other considerations. We use our FFO and AFFO measures as supplemental financial measures of operating performance. We do not use our FFO and AFFO measures as, nor should they be considered to be, alternatives to net income computed under GAAP, or as alternatives to net cash provided by operating activities computed under GAAP, or as indicators of our ability to fund our cash needs.

Same-Store Pro Rata Rental Income

Same-store pro rata rental income is a non-GAAP financial measure that is intended to reflect the performance of our net leased properties. We define this as contractual rents from our leased properties. Same-store rental income excludes reimbursable tenant costs, amortization of intangibles and straight-line rent adjustments that are included in GAAP lease revenues. We present same-store rental income on a pro rata basis to account for our share of income related to unconsolidated joint ventures and noncontrolling interests. We believe that same-store pro rata rental income is a helpful measure that both investors and management can use to evaluate the financial performance of our leased properties. Same-store pro rata rental income should not be considered as an alternative to lease revenues as an indication of our financial performance or to cash flows as a measure of liquidity or our ability to fund all needs. The method by which we calculate and present same-store rental income and/or same-store pro rata rental income may not be directly comparable to the way other REITs present such metrics.

Pro Rata Cash NOI

Cash net operating income (“cash NOI”) is a non-GAAP financial measure that is intended to reflect the performance of our net leased and operating properties. We define cash NOI as cash rents from our leased and operating properties less non-reimbursable property expenses. Cash NOI excludes amortization of intangibles and straight-line rent adjustments that are included in GAAP lease revenues. We present cash NOI on a pro rata basis (“pro rata cash NOI”) to account for our share of income related to unconsolidated joint ventures and noncontrolling interests. We believe that pro rata cash NOI is a helpful measure that both investors and management can use to evaluate the financial performance of our leased and operating properties and it allows for comparison of our operating performance between periods and to other REITs. Pro rata cash NOI should not be considered as an alternative to net income as an indication of our financial performance or to cash flows as a measure of liquidity or our ability to fund all needs. The method by which we calculate and present cash NOI and/or pro rata cash NOI may not be directly comparable to the way other REITs present such metrics.


						Investing for the Long Run® \| 37

W. P. Carey Inc.

Appendix – Fourth Quarter 2024

Normalized Pro Rata Cash NOI

Normalized pro rata cash NOI is pro rata cash NOI as defined above adjusted primarily to exclude our pro rata share of cash NOI from properties disposed of during the most recent quarter and to include a full quarter of pro rata cash NOI related to properties acquired or capital investments and commitments completed during the period, as applicable. If there is a rent abatement, we annualize the first monthly contractual base rent following the free rent period. We believe this measure provides a helpful representation of our net operating income from our in-place leased and operating properties.

Adjusted EBITDA

We believe that EBITDA is a useful supplemental measure to investors and analysts for assessing the performance of our business segments because (i) it removes the impact of our capital structure from our operating results and (ii) it is helpful when comparing our operating performance to that of companies in our industry without regard to such items, which can vary substantially from company to company. Adjusted EBITDA as disclosed represents EBITDA, modified to include other adjustments to GAAP net income for certain non-cash charges, such as impairments, non-cash rent adjustments and unrealized gains and losses from our hedging activity. Additionally, we exclude gains and losses on sale of real estate, which are not considered fundamental attributes of our business plans and do not affect our overall long-term operating performance. We exclude these items from adjusted EBITDA as they are not the primary drivers in our decision-making process. Adjusted EBITDA reflects adjustments for unconsolidated partnerships and jointly owned investments. Our assessment of our operations is focused on long-term sustainability and not on such non-cash and non-core items, which may cause short-term fluctuations in net income but have no impact on cash flows. We believe that adjusted EBITDA is a useful supplemental measure to investors and analysts, although it does not represent net income that is computed in accordance with GAAP. Accordingly, adjusted EBITDA should not be considered as an alternative to net income or as an indicator of our financial performance. EBITDA and adjusted EBITDA as calculated by us may not be comparable to similarly titled measures of other companies.

Cash Interest Expense

Cash interest expense is a non-GAAP financial measure equal to interest expense calculated in accordance with GAAP, plus capitalized interest and other non-cash amortization expense, less amortization of deferred financing costs and debt premiums/discounts, adjusted for pro rata ownership. See the definition of cash interest expense coverage ratio below for a reconciliation of cash interest expense to its most directly compared GAAP measure, interest expense.

Cash Interest Expense Coverage Ratio

Cash interest expense coverage ratio is a non-GAAP financial measure representing the ratio of Adjusted EBITDA to cash interest expense on a trailing 12 months basis. We believe this ratio is useful to investors as a supplemental measure of our ability to satisfy fixed interest expense obligations. Cash interest expense for the trailing 12 months as of December 31, 2024 is equal to $262.3 million, comprised of interest expense calculated in accordance with GAAP ($277.4 million), plus capitalized interest ($1.0 million) and other non-cash amortization expense ($0.1 million), less amortization of deferred financing costs and debt premiums/discounts ($18.8 million), adjusted for pro rata ownership ($2.9 million).

Other Metrics

Pro Rata Metrics

This supplemental package contains certain metrics prepared on a pro rata basis. We refer to these metrics as pro rata metrics. We have certain investments in which our economic ownership is less than 100%. On a full consolidation basis, we report 100% of the assets, liabilities, revenues and expenses of those investments that are deemed to be under our control or for which we are deemed to be the primary beneficiary, even if our ownership is less than 100%. Also, for all other jointly owned investments, which we do not control, we report our net investment and our net income or loss from that investment. On a pro rata basis, we generally present our proportionate share, based on our economic ownership of these jointly owned investments, of the assets, liabilities, revenues and expenses of those investments. Multiplying each of our jointly owned investments’ financial statement line items by our percentage ownership and adding or subtracting those amounts from our totals, as applicable, may not accurately depict the legal and economic implications of holding an ownership interest of less than 100% in our jointly owned investments.

ABR

ABR represents contractual minimum annualized base rent for our net-leased properties and reflects exchange rates as of December 31, 2024. If there is a rent abatement, we annualize the first monthly contractual base rent following the free rent period. ABR is not applicable to operating properties and is presented on a pro rata basis.


						Investing for the Long Run® \| 38

50+ Years of Investing for the Long Run® 4Q24 W. P. Carey Inc. Investor Presentation Exhibit 99.3

Table of Contents Unless otherwise noted, all data in this presentation is as of December 31, 2024. Amounts may not sum to totals due to rounding. Overview Real Estate Portfolio Balance Sheet Corporate Responsibility 3 7 19 23

3 Overview

4 Size One of the largest owners of net lease real estate and among the top 30 REITs in the MSCI US REIT Index Diversification Highly diversified portfolio by tenant, industry, property type and geography Track Record Successful track record of investing and operating through multiple economic cycles since 1973 led by an experienced management team Proactive Asset Management U.S. and Europe-based asset management teams Balance Sheet Investment grade balance sheet with access to multiple forms of capital Real Estate Earnings Stable cash flows derived from long-term leases that contain strong contractual rent bumps W. P. Carey (NYSE: WPC) is a REIT that specializes in investing in single-tenant net lease commercial real estate, primarily in the U.S. and Northern and Western Europe Company Highlights Orgill | Warehouse | Inwood, WV Fedrigoni | Industrial | Caponago, Italy

5 • Generate attractive risk-adjusted returns by investing in net lease commercial real estate, primarily in the U.S. and Northern and Western Europe • Protect downside by combining credit and real estate underwriting with sophisticated structuring and direct origination • Acquire “mission-critical” assets essential to a tenant’s operations • Create upside through rent escalations, credit improvements and real estate appreciation • Capitalize on existing tenant relationships through accretive expansions, renovations and follow-on deals • Hallmarks of our approach: • Diversification by tenant, industry, property type and geography • Disciplined • Opportunistic • Proactive asset management • Conservative capital structure Investment Strategy Transactions Evaluated on Four Key Factors Creditworthiness of Tenant • Industry drivers and trends • Competitor analysis • Company history • Financial wherewithal Criticality of Asset • Key distribution facility or profitable manufacturing plant • Critical R&D or data-center • Top performing retail stores Fundamental Value of the Underlying Real Estate • Local market analysis • Property condition • 3rd party valuation / replacement cost • Downside analysis / cost to re-lease Transaction Structure and Pricing • Lease terms – rent growth and maturity • Financial covenants • Security deposits / letters of credit

6 • Asset management offices in New York and Amsterdam • W. P. Carey has proven experience repositioning assets through re-leasing, restructuring and strategic disposition • Generates value creation opportunities within our existing portfolio • Five-point internal rating scale used to assess and monitor tenant credit and the quality, location and criticality of each asset Domestic and international asset management capabilities to address lease expirations, changing tenant credit profiles and asset repositioning or dispositions Proactive Asset Management Asset Management Risk AnalysisAsset Management Expertise Bankruptcy Watch List Implied IG Investment Grade StableTenant Credit Obsolete Residual Risk Stable Class B Class AAsset Quality Not Critical Non- Renewal Possible Renewal Critical- Renewal Likely Highly CriticalAsset Criticality Asset Location No Tenant Demand Limited Tenant Demand / Challenging Location Alternative Tenant Demand Good Location / Active Market Prime Location / High Tenant Demand Operational • Lease compliance • Insurance • Property inspections • Non-triple net lease administration • Real estate tax • Projections and portfolio valuation • Carbon emissions tracking and reporting Transaction • Leasing • Dispositions • Lease modifications • Credit and real estate risk analysis • Building expansions and redevelopment • Tenant distress and restructuring • Green Building Certifications (LEED, BREEAM) • Sustainability Solutions (solar, LED lighting, HVAC upgrades) Risk Management Scale

7 Real Estate Portfolio

8 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of December 31, 2024. 2. Other includes leases attributable to percentage rent (i.e., participation in the gross revenues of the tenant above a stated level), as well as leases with no escalations. Includes $35.6 million (2.7%) of ABR from a tenant (Extra Space Storage, Inc.), which has both a percentage rent component and annual fixed rent increases in its lease. 3. Metrics shown for operating self-storage portfolio only; excludes net-lease self-storage assets which are captured in net-lease portfolio metrics. Large Diversified Portfolio (1) Ne t-L ea se P or tfo lio Number of Properties 1,555 Number of Tenants 355 Square Footage 176.4 million ABR $1.34 billion North America / Europe / Other (% of ABR) 67% / 33% / 1% Contractual Rent Escalation: CPI-linked / Fixed / Other (2) 51% / 46% / 4% WALT 12.3 years Occupancy 98.6% Investment Grade Tenants (% of ABR) 24.2% Top 10 Tenant Concentration (% of ABR) 19.3% Se lf- St or ag e (3 ) Number of Properties 78 Number of Units 48,237 Average Occupancy 89.6%

9 One of the lowest Top 10 and 20 concentrations among the net lease peer group Top 25 Net Lease Tenants (1) Tenant Description Number of Properties ABR ($ millions) WALT (years) % of Total Net lease self-storage properties in the U.S. leased to publicly traded self-storage REIT 39 36 24.7 2.7% Pharmaceutical R&D and manufacturing properties in the Greater Toronto Area leased to generic drug manufacturer (2) 11 32 18.2 2.4% Business-to-business retail stores in Italy leased to cash and carry wholesaler 19 27 3.8 2.0% Automotive parts manufacturing properties in the U.S., Canada and Mexico leased to OEM supplier (2)(3) 23 25 18.3 1.9% Retail properties in Germany leased to German DIY retailer (4) 35 25 19.2 1.8% Grocery stores and one warehouse in Croatia leased to European food retailer 19 24 9.3 1.8% Retail properties in Poland leased to German DIY retailer 26 24 6.4 1.8% K-12 private schools in Orlando, Miami and Houston leased to international day and boarding school operator 3 23 18.7 1.7% Industrial and warehouse facilities in Germany, Italy and Spain leased to global manufacturer of premium packaging and labels 16 22 18.9 1.7% Grocery stores and warehouses in Spain leased to Spanish food retailer 63 21 11.2 1.5% Top 10 Total 254 $258 15.3 yrs 19.3% Industrial facilities in the U.S. and Canada leased to concrete and building products manufacturer (2) 27 20 18.5 1.5% Manufacturing facilities in the U.S. leased to international producer and supplier of packaging solutions 8 20 13.7 1.5% Distribution facilities in the U.S. leased to automotive aftermarket parts provider 28 19 8.1 1.4% 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of December 31, 2024. 2. ABR from these properties is denominated in U.S. dollars. 3. Of the 23 properties leased to the tenant, nine are located in Canada, eight are located in the United States and six are located in Mexico. 4. During the first quarter of 2024, we entered into a lease restructuring with Hellweg, which included (i) abated rent from January 1, 2024 to March 31, 2024, (ii) a €4.0 million reduction in annual base rent and (iii) a seven-year lease extension, with a new lease maturity of February 2044.

10 Tenant Description Number of Properties ABR ($ millions) WALT (years) % of Total Distribution facilities and manufacturing facility in the U.S. leased to global hardware wholesaler 9 19 13.6 1.4% Dealerships in the United Kingdom leased to automotive retailer 50 18 13.0 1.4% Distribution facilities and retail properties in Lithuania, Estonia and Latvia leased to European DIY retailer 20 17 7.1 1.3% Production, packaging and distribution facilities in the U.S. leased to North American contract food manufacturer 18 17 17.6 1.3% Logistics and cold storage warehouse facilities in the Netherlands leased to European supermarket chain 5 14 4.2 1.1% Retail properties in the U.S. leased to discount retailer 106 14 14.3 1.0% Distribution facilities in Demark leased to Danish freight company 15 13 12.1 1.0% Top 20 Total 540 $430 14.2 yrs 32.2% Retail properties and single distribution facility in the U.S. leased to sporting good retailer 9 13 6.5 1.0% Retail properties in the Netherlands leased to European DIY retailer 36 13 8.6 0.9% Distribution facility in Kentucky leased to global provider of consumer products and adhesives 1 12 17.3 0.9% Cold storage warehouse facilities in the Los Angeles and San Francisco areas leased to publicly traded cold storage REIT 4 12 5.9 0.9% Distribution facilities in the U.S. leased to global hardware distributor 4 11 17.5 0.8% Top 25 Total 594 $490 13.8 yrs 36.7% Top 25 Net Lease Tenants (continued) (1)

11 36% 27% 22% 14% 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of December 31, 2024. 2. Includes automotive dealerships. 3. Includes education facility, self-storage (net lease), specialty, laboratory, office, research and development, hotel (net lease) and land. 4. Includes tenants in the following industries: business services; metals; wholesale; aerospace and defense; insurance; telecommunications; sovereign and public finance; environmental industries; media: advertising, printing, and publishing; oil and gas; consumer transportation; forest products and paper; banking; and electricity. Property and Industry Diversification (1) Tenant Industry Diversification (% of ABR) Property Type Diversification (% of ABR) 64% Industrial / Warehouse Industrial 36% Warehouse 27% Retail (2) 22% Other (3) 14% 22% 9% 8% 7% 6%5% 5% 4% 4% 4% 3% 3% 3% 3% 3% 9% Retail Stores (2) 22% Consumer Services 9% Beverage and Food 8% Automotive 7% Grocery 6% Healthcare and Pharmaceuticals 5% Durable Consumer Goods 5% Containers, Packaging and Glass 4% Capital Equipment 4% Chemicals, Plastics and Rubber 4% Cargo Transportation 3% Construction and Building 3% Hotel and Leisure 3% Non-Durable Consumer Goods 3% High Tech Industries 3% Other (4) 9%

12 North America, 67% $890MM United States, 61% $813MM Canada (2), 4% $55MM Mexico (3), 2% $22MM Europe, 33% $440MM Other (4), 1% $7MM 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of December 31, 2024. 2. $49.5MM (90%) of ABR from Canada-based properties denominated in USD with the balance in CAD. 3. All ABR from Mexico-based properties denominated in USD. 4. Includes Mauritius (0.4%) and Japan (0.2%). W. P. Carey has been investing internationally for over 25 years, primarily in Northern and Western Europe Geographic Diversification (1) Through our financing and hedging strategies, we’ve significantly mitigated currency risk through a combination of over-weighting our debt in foreign currencies and utilizing contractual cash flow hedges.

13 Uncapped CPI 31% Fixed 46% Capped CPI 19% Other (2) 3% CPI-linked 51% None <1% 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of December 31, 2024. 2. Represents leases attributable to percentage rent (i.e., participation in the gross revenues of the tenant above a stated level). Includes $35.6 million (2.7%) of ABR from a tenant (Extra Space Storage, Inc.), which has both a percentage rent component and annual fixed rent increases in its lease. Over 99% of ABR comes from leases with contractual rent increases, including 51% linked to CPI Internal Growth from Contractual Rent Increases (1)

14 2.7% 3.0% 3.4% 3.4% 4.3% 4.3% 4.2% 4.1% 3.1% 2.9% 2.8% 2.6% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1. Contractual same store portfolio includes leases that were continuously in place during the period from December 31, 2023 to December 31, 2024. Excludes leases for properties that were acquired, sold or vacated, or were subject to lease renewals, extensions or modifications at any time that affected ABR during that period. For purposes of comparability, ABR is presented on a constant currency basis using exchange rates as of December 31, 2024. Contractual same store growth of 2.6% (1) Same Store ABR Growth

15 1.8% 4.0% 4.8% 4.0% 5.7% 2.9% 5.5% 2.7% 5.8% 6.2% 2.9% 53.7% 0% 10% 20% 30% 40% 50% 60% 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Thereafter 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of December 31, 2024. 2. Assumes tenants do not exercise any renewal or purchase options. Weighted-average lease term of 12.3 years Lease Expirations and Average Lease Term (1) Lease Expirations (% ABR) (2)

16 Historical Occupancy (1) 1. Net lease properties only. Historical data through 2021 includes properties owned by W. P. Carey or non-traded REIT funds managed (and subsequently acquired) by W. P. Carey. 2. Represents occupancy for each completed year at December 31. Otherwise, occupancy shown is for the most recent quarter. Stable occupancy maintained during the aftermath of the global financial crisis and throughout the COVID-19 pandemic 96.6% 97.3% 98.4% 98.8% 99.0% 99.2% 99.3% 99.8% 98.3% 98.9% 98.5% 98.5% 98.8% 98.1% 98.6% 0% 20% 40% 60% 80% 100% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Occupancy (% Square Feet) (2)

17 Recent investment activity has been focused primarily on mission critical industrial and warehouse properties and essential retail Recent Acquisitions Purchase Price: $191 million Transaction Type: Acquisition Facility Type: Industrial / Warehouse Location: Various, U.S. (16) / Canada (3) Gross Square Footage: 3,115,446 Lease Term: 13-year weighted average Rent Escalation: U.S. CPI / Fixed Angelo Gordon Portfolio May – August 2024 (19 properties) Purchase Price: $32 million Transaction Type: Sale-leaseback Facility Type: Retail (Convenience Stores) Location: Various, Poland Gross Square Footage: 146,930 Lease Term: 20-year lease Rent Escalation: Eurozone CPI Zabka July / September 2024 (123 properties) DBK November / December 2024 (11 properties)* Purchase Price: $56 million Transaction Type: Sale-leaseback Facility Type: Industrial Location: Various, Poland Gross Square Footage: 396,936 Lease Term: 30-year lease Rent Escalation: Eurozone CPI Recent Acquisitions – Case Studies Portfolio Acquisition * Additional two properties scheduled to close in 1Q25, at which point lease term for all properties will reset to 30 years

18 Capital investments have become a more meaningful part of our investment activity and allow us to pursue follow-on opportunities with existing tenants Recent Capital Investments Investment: $2 million renovation Facility Type: Warehouse Location: Fredericia, Denmark Additional Gross Square Footage: N/A Lease Term: 17-year lease* Rent Escalation: Danish CPI Danske Completed April 2024 Investment: $14 million redevelopment Facility Type: Industrial Location: Irvine, CA Additional Gross Square Footage: 94,195 Lease Term: 10-year lease Rent Escalation: Fixed Terran Orbital Completed June 2024 Investment: $45 million redevelopment Facility Type: Research & Development Location: Washington, MI Additional Gross Square Footage: 81,086 Lease Term: 20-year lease Rent Escalation: Fixed ZF Completed December 2024 Capital Investments – Case Studies * As part of the transaction, WPC’s existing lease on the entire facility was extended by 5 years.

19 Balance Sheet

20 Capitalization ($MM) (1) 12/31/24 Total Equity (2) $11,923 Pro Rata Net Debt Senior Unsecured Notes USD (3) 2,800 Senior Unsecured Notes EUR 3,766 Mortgage Debt, pro rata USD 323 Mortgage Debt, pro rata (EUR $102 / Other $64) 165 Unsecured Revolving Credit Facility USD 0 Unsecured Revolving Credit Facility (EUR $0 / Other $55) 55 Unsecured Term Loans (EUR $743 / GBP $338) 1,081 Total Pro Rata Debt $8,191 Less: Cash and Cash Equivalents (640) Less: Cash Held at Qualified Intermediaries (15) Total Pro Rata Net Debt $7,536 Enterprise Value $19,459 Total Capitalization $20,114 Leverage Metrics Pro Rata Net Debt / Adjusted EBITDA (4)(5) 5.5x Pro Rata Net Debt / Enterprise Value (2)(4) 38.7% Total Consolidated Debt / Gross Assets (6) 41.6% Weighted Average Interest Rate (three months ended Dec 31, 2024) (pro rata) 3.3% Weighted Average Debt Maturity (pro rata) 4.7 years Capitalization (%) • Size: Large, well-capitalized balance sheet with $19.5B in total enterprise value • Credit Rating: Investment grade rated Baa1 by Moody’s and BBB+ by S&P • Liquidity (3): Ample liquidity of $2.6B at year end including $655MM cash on hand and 1031 proceeds • Leverage: Maintain conservative leverage, targeting mid-to-high 5s Net Debt to EBITDA • Capital Markets: Demonstrated strong access to capital markets – Eurobond Issuances: €600MM of 3.70% Senior Unsecured Notes due 2034 issued November 2024 and €650MM of 4.25% Senior Unsecured Notes due 2032 issued May 2024 – U.S. Bond Issuance: $400MM of 5.375% Senior Unsecured Notes due 2034 issued June 2024 – Credit Facility: Recast $2.6B credit facility in December 2023, consisting of a $2.0B revolver due 2029, £270MM term loan due 2028 and €215MM term loan due 2028 – Term Loan (7): €500MM term loan due 2026 – ATM: Issued an aggregate $852MM of net ATM equity in 2022 / 2023 Balance Sheet Highlights 59% 33% 6% 2% Equity (2) Senior Unsecured Notes (3) Unsecured Revolving Credit Facility / Term Loans Mortgage Debt (pro rata) Balance Sheet Overview 1. Amounts may not sum to totals due to rounding. 2. Based on a closing stock price of $54.48 on December 31, 2024 and 218,848,844 common shares outstanding as of December 31, 2024. 3. In February 2025, we repaid our $450 million 4.0% senior notes due 2025 at maturity. Metrics are not pro forma for repayment. 4. Pro rata net debt to enterprise value and pro rata net debt to Adjusted EBITDA are based on pro rata debt less consolidated cash and cash equivalents and cash held at qualified intermediaries. 5. Adjusted EBITDA represents 4Q24 annualized Adjusted EBITDA, as reported in the Form 8-K filed with the SEC on February 11, 2025. 6. Gross assets represent consolidated total assets before accumulated depreciation on real estate. Gross assets are net of accumulated amortization on in-place lease and above-market rent intangible assets. 7. The interest rate swap expired December 31, 2024, after which we incur interest on this term loan at EURIBOR, plus 0.80%.

21 % of Total (4) 8.0% 18.9% 6.7% 14.1% 6.7% 6.7% 6.1% 15.1% 5.2% 12.5% Interest Rate (4) 4.1% 3.7% 2.2% 3.2% 3.8% 1.0% 2.4% 3.6% 2.3% 4.4% $M M 1. Reflects amount due at maturity, excluding unamortized discount and unamortized deferred financing costs. 2. Reflects pro rata balloon payments due at maturity. W. P. Carey has one fully amortizing mortgage due in 2031 ($2MM). 3. Includes amounts drawn under the credit facility as of December 31, 2024. 4. Reflects the weighted average percentage of debt outstanding and the weighted average interest rate for each year based on the total outstanding balance as of December 31, 2024 (not pro forma for February 2025 bond repayment). 202 148 28 70 11 2 519 519 519 156 545 883 623 450 350 325 500 350 425 400 519 562 55 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Mortgage Debt Unsecured Bonds (EUR) Unsecured Bonds (USD) Unsecured Term Loans Unsecured Revolving Credit Facility (2) (3) Debt Maturity Schedule (as of December 31, 2024) Principal at Maturity (1) In February 2025, we repaid our $450 million 4.0% senior unsecured notes due 2025 at maturity

22 Metric Covenant December 31, 2024 Total Leverage Total Debt / Total Assets ≤ 60% 40.2% Secured Debt Leverage Secured Debt / Total Assets ≤ 40% 2.0% Fixed Charge Coverage Consolidated EBITDA / Annual Debt Service Charge ≥ 1.5x 4.6x Maintenance of Unencumbered Asset Value Unencumbered Assets / Total Unsecured Debt ≥ 150% 241.9% 1. This is a summary of the key financial covenants for our Senior Unsecured Notes, along with estimated calculations of our compliance with those covenants at the end of the period presented. These ratios are not measures of our liquidity or performance and serve only to demonstrate our ability to incur additional debt, as permitted by the covenants governing the Senior Unsecured Notes. 2. As of December 31, 2024, our Senior Unsecured Notes consisted of the following note issuances: (i) $450 million 4.00% senior unsecured notes due 2025, (ii) $350 million 4.25% senior unsecured notes due 2026, (iii) €500 million 2.25% senior unsecured notes due 2026, (iv) €500 million 2.125% senior unsecured notes due 2027, (v) €500 million 1.35% senior unsecured notes due 2028, (vi) $325 million 3.85% senior unsecured notes due 2029, (vii) €525 million 0.95% senior unsecured notes due 2030, (viii) $500 million 2.40% senior unsecured notes due 2031, (ix) $350 million 2.45% senior unsecured notes due 2032, (x) €650 million 4.250% senior unsecured notes due 2032, (xi) $425 million 2.25% senior unsecured notes due 2033, (xii) $400 million 5.375% senior unsecured notes due 2034 and (xiii) €600 million 3.70% due 2034. Excludes the €150MM 3.41% senior unsecured notes due 2029 and €200MM 3.70% senior unsecured notes due 2032 issued in the September 2022 private placement offering. 3. In February 2025, we repaid our $450 million 4.00% senior unsecured notes due 2025 at maturity. Investment grade balance sheet rated Baa1 (stable) by Moody’s and BBB+ (stable) by S&P Senior Unsecured Notes (2)(3) Unsecured Bond Covenants (1)

23 Corporate Responsibility

24 6.3M sq. ft. of green-certified buildings (1) 7 LEED-certified buildings 10 BREEAM-certified buildings 31% of portfolio (by sq. ft.) under a green lease (2) We continue to demonstrate our ongoing commitment to sustainability initiatives, corporate social responsibility and governance as described in our sixth annual ESG Report Corporate Responsibility Governance Social Environmental  Recognized for our quality workforce health and well-being programs with silver level achievement on the American Heart Association’s 2024 Well-being Works Better Scorecard  Continue to encourage our employees to participate in philanthropic and charitable activities through our Carey Forward Program  Earned 2024 Great Place to Work Certification in the U.S. and Europe, in addition to being named one of Fortune’s 2024 Best Workplaces in Real Estate, for Women and in New York  Continued our commitment to managing risk, providing transparent disclosure and being accountable to our stakeholders  Maintained the highest QualityScore rating of “1” from Institutional Shareholder Services (ISS) in Governance Recent highlights include:  Engaged with tenants to identify property-level sustainability opportunities within our portfolio, including renewable energy opportunities through CareySolar®, which we believe can reduce carbon footprints, support tenants' sustainability goals and also represent attractive investments  Established scope 1 and 2 emissions targets and amended our credit facility to include sustainability-linked pricing Our Portfolio includes: Portfolio data as of December 31, 2024 1. For a building to be considered “green-certified” under our investment criteria, it must at a minimum be certified by LEED, BREEAM or a similarly recognized organization or certification process. LEED —an acronym for Leadership in Energy and Environmental Design —and its related logo are trademarks owned by the U.S. Green Building Council and are used with permission. Learn more at www.usgbc.org/LEED. BREEAM is a registered trademark of BRE (the Building Research Establishment Ltd. Community Trade Mark E5778551). The BREEAM marks, logos and symbols are the Copyright of BRE and are reproduced by permission. 2. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties).

25 Certain of the matters discussed in this communication constitute forward-looking statements within the meaning of the Securities Act of 1933 (as amended, the “Securities Act”) and the Securities Exchange Act of 1934 (as amended, the “Exchange Act”), both as amended by the Private Securities Litigation Reform Act of 1995. The forward-looking statements include, among other things, statements regarding the intent, belief or expectations of the Company and can be identified by the use of words such as “may,” “will,” “should,” “would,” “will be,” “will continue,” “will likely result,” “believe,” “project,” “expect,” “anticipate,” “intend,” “estimate” “opportunities,” “possibility,” “strategy,” “maintain” or the negative version of these words and other comparable terms. These forward- looking statements include, but are not limited to, statements that are not historical facts. These statements are based on the current expectations of our management, and it is important to note that our actual results could be materially different from those projected in such forward- looking statements. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Other unknown or unpredictable risks or uncertainties, like the risks related to fluctuating interest rates, the impact of inflation on our tenants and us, the effects of pandemics and global outbreaks of contagious diseases and domestic or geopolitical crises, such as terrorism, military conflict, war or the perception that hostilities may be imminent, political instability or civil unrest, or other conflict, and those additional risk factors discussed in reports that we have filed with the SEC, could also have material adverse effects on our future results, performance or achievements. Discussions of some of these other important factors and assumptions are contained in W. P. Carey’s filings with the SEC and are available at the SEC’s website at http://www.sec.gov, including Part I, Item 1A. Risk Factors in W. P. Carey’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this communication, unless noted otherwise. Except as required under the federal securities laws and the rules and regulations of the SEC, W. P. Carey does not undertake any obligation to release publicly any revisions to the forward-looking statements to reflect events or circumstances after the date of this communication or to reflect the occurrence of unanticipated events. All data presented herein is as of December 31, 2024 unless otherwise noted. Amounts may not sum to totals due to rounding. Past performance does not guarantee future results. Cautionary Statement Concerning Forward-Looking Statements

26 EBITDA and Adjusted EBITDA We believe that EBITDA is a useful supplemental measure to investors and analysts for assessing the performance of our business segments because (i) it removes the impact of our capital structure from our operating results and (ii) it is helpful when comparing our operating performance to that of companies in our industry without regard to such items, which can vary substantially from company to company. Adjusted EBITDA as disclosed represents EBITDA, modified to include other adjustments to GAAP net income for certain non-cash charges, such as impairments, non-cash rent adjustments and unrealized gains and losses from our hedging activity. Additionally, we exclude gains and losses on sale of real estate, which are not considered fundamental attributes of our business plans and do not affect our overall long-term operating performance. We exclude these items from adjusted EBITDA as they are not the primary drivers in our decision-making process. Adjusted EBITDA reflects adjustments for unconsolidated partnerships and jointly owned investments. Our assessment of our operations is focused on long-term sustainability and not on such non- cash and noncore items, which may cause short-term fluctuations in net income but have no impact on cash flows. We believe that adjusted EBITDA is a useful supplemental measure to investors and analysts, although it does not represent net income that is computed in accordance with GAAP. Accordingly, adjusted EBITDA should not be considered as an alternative to net income or as an indicator of our financial performance. EBITDA and adjusted EBITDA as calculated by us may not be comparable to similarly titled measures of other companies. Other Metrics Pro Rata Metrics This presentation contains certain metrics prepared on a pro rata basis. We refer to these metrics as pro rata metrics. We have certain investments in which our economic ownership is less than 100%. On a full consolidation basis, we report 100% of the assets, liabilities, revenues and expenses of those investments that are deemed to be under our control or for which we are deemed to be the primary beneficiary, even if our ownership is less than 100%. Also, for all other jointly owned investments, which we do not control, we report our net investment and our net income or loss from that investment. On a pro rata basis, we generally present our proportionate share, based on our economic ownership of these jointly owned investments, of the assets, liabilities, revenues and expenses of those investments. Multiplying each of our jointly owned investments’ financial statement line items by our percentage ownership and adding or subtracting those amounts from our totals, as applicable, may not accurately depict the legal and economic implications of holding an ownership interest of less than 100% in our jointly owned investments. ABR ABR represents contractual minimum annualized base rent for our net-leased properties and reflects exchange rates as of December 31, 2024. If there is a rent abatement, we annualize the first monthly contractual base rent following the free rent period. ABR is not applicable to operating properties and is presented on a pro rata basis. Disclosures The following non-GAAP financial measures are used in this presentation

Cover Page Document	Feb. 11, 2025
Cover [Abstract]
Document Type	8-K
Document Period End Date	Feb. 11, 2025
Entity Registrant Name	W. P. Carey Inc.
Entity Incorporation, State or Country Code	MD
Entity File Number	001-13779
Entity Tax Identification Number	45-4549771
Entity Address, Street Address	One Manhattan West, 395 9th Avenue, 58th Floor
Entity Address, City	New York,
Entity Address, State	NY
Entity Address, Postal Zip Code	10001
City Area Code	212
Local Phone Number	492-1100
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of each class	Common Stock, $0.001 Par Value
Trading Symbol(s)	WPC
Name of each exchange on which registered	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0001025378
Amendment Flag	false

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