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): October 29, 2024

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 October 29, 2024, W. P. Carey Inc. (the “Company”) issued an earnings release announcing its financial results for the quarter ended September 30, 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 October 29, 2024, the Company made available certain unaudited supplemental financial information at September 30, 2024. A copy of this supplemental information is attached as Exhibit 99.2.

On October 29, 2024, the Company posted its third 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 September 30, 2024.

99.2						Supplemental financial information of the Company at September 30, 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:	October 29, 2024	By:	/s/ ToniAnn Sanzone
			ToniAnn Sanzone
			Chief Financial Officer

Exhibit 99.1

W. P. Carey Announces Third Quarter 2024 Financial Results

New York, NY – October 29, 2024 – 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 third quarter ended September 30, 2024.

Financial Highlights



			2024 Third Quarter
Net income attributable to W. P. Carey (millions)			$111.7
Diluted earnings per share			$0.51

AFFO (millions)			$259.3
AFFO per diluted share			$1.18

•2024 AFFO guidance range narrowed to between $4.65 and $4.71 per diluted share based on anticipated full year investment volume of between $1.25 billion and $1.75 billion

•Third quarter cash dividend of $0.875 per share, equivalent to an annualized dividend rate of $3.50 per share

Real Estate Portfolio

•Investment volume of $971.4 million completed year to date, including $167.0 million during the third quarter and $230.8 million subsequent to quarter end

•Active capital investments and commitments of $38.0 million scheduled to be completed in the fourth quarter

•Gross disposition proceeds of $1.2 billion completed year to date, including $81.8 million during the third quarter and $79.8 million subsequent to quarter end

•Entered into agreements to convert 16 existing self-storage operating properties to net leases

•Contractual same-store rent growth of 2.8%

Balance Sheet and Capitalization

•Repaid €500 million of 2.25% Senior Unsecured Notes due July 2024

•Credit facility and term loans amended to incorporate a sustainability-linked feature

MANAGEMENT COMMENTARY

“With close to $1 billion of deals completed so far this year and a near-term pipeline in excess of $500 million, we’re well positioned to reach or exceed the $1.5 billion midpoint of our 2024 investment volume guidance, depending on the specific timing of deal closings,” said Jason Fox, Chief Executive Officer of W. P. Carey.

W. P. Carey Inc. 9/30/2024 Earnings Release 8-K – 1

“We generally expect to fund our investments in the fourth quarter with the cash we’ve built up. We also believe the alternative sources of capital available to us — primarily through operating asset sales — will enable us to continue to make accretive investments throughout 2025, without the need to issue equity. These factors, along with a constructive investment backdrop, the completion of our exit from office and the strength our rent growth, all support AFFO growth in 2025, despite the potential impacts of certain tenant-related issues.”

QUARTERLY FINANCIAL RESULTS

Note: Effective 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 third quarter totaled $397.4 million, down 11.4% from $448.6 million for the 2023 third quarter.

◦Lease revenues decreased primarily as a result of executing the Company’s strategic plan to exit the office assets within its portfolio, including the NLOP Spin-Off in November 2023 and dispositions under the Office Sale Program during 2023 and 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 eight hotel operating properties during 2023 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 third quarter was $111.7 million, down 10.6% from $125.0 million for the 2023 third quarter, due primarily to a mark-to-market loss recognized on the Company’s shares of Lineage of $43.6 million during the current-year period and the impact of the NLOP Spin-Off and dispositions under the Office Sale Program. These declines were partly offset by 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 (see Self-Storage Transaction).

Adjusted Funds from Operations (AFFO)

•AFFO for the 2024 third quarter was $1.18 per diluted share, down 10.6% from $1.32 per diluted share for the 2023 third quarter, 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

•On September 19, 2024, the Company reported that its Board of Directors declared a quarterly cash dividend of $0.875 per share, equivalent to an annualized dividend rate of $3.50 per share. The dividend was paid on October 15, 2024 to shareholders of record as of September 30, 2024.

W. P. Carey Inc. 9/30/2024 Earnings Release 8-K – 2

AFFO GUIDANCE

•The Company has narrowed its guidance range for the 2024 full year and currently expects to report AFFO of between $4.65 and $4.71 per diluted share based on the following key assumptions:

(i) investment volume of between $1.25 billion and $1.75 billion, which is unchanged;

(ii) disposition volume of between $1.3 billion and $1.4 billion, which is revised higher at the bottom end of the range, including:

(a) completion of the Company’s strategic plan to exit office, including asset sales under the Office Sale Program totaling approximately $550 million;

(b) completion of the U-Haul purchase option during the 2024 first quarter, which generated gross proceeds of $464 million; and

(iii) total general and administrative expenses of between $98 million and $100 million, which is revised lower at the top end of the range.

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.

REAL ESTATE

Investments

•Year to date, the Company completed investments totaling $971.4 million, including $167.0 million during the 2024 third quarter and $230.8 million subsequent to quarter end.

•The Company currently has two capital investments and commitments totaling $38.0 million scheduled to be completed during 2024.

Dispositions

•Year to date, the Company completed dispositions totaling $1.2 billion, including seven properties for gross proceeds totaling $81.8 million during the 2024 third quarter (comprising two properties under the Office Sale Program for gross proceeds totaling $50.9 million and five non-Office Sale Program properties for gross proceeds totaling $30.9 million), and one property for gross proceeds of $79.8 million subsequent to quarter end.

•The Company has effectively completed the strategic plan it announced on September 21, 2023 to exit the office assets within its portfolio through (i) the spin-off of 59 office properties into Net Lease Office Properties, a separate publicly-traded REIT, which was completed on November 1, 2023 (the NLOP Spin-Off), and (ii) the disposition of 85 properties retained by W. P. Carey under a sale program (the Office Sale Program).

Contractual Same-Store Rent Growth

•As of September 30, 2024, contractual same store rent growth was 2.8% year over year, on a constant currency basis.

W. P. Carey Inc. 9/30/2024 Earnings Release 8-K – 3

Conversion of Self-Storage Operating Properties to Net Leases and Joint Venture Buyout (Self-Storage Transaction)

•On September 1, 2024, the Company entered into agreements with Extra Space Storage Inc. (Extra Space) to convert 16 self-storage operating properties to net leases, each with a term of 25 years and fixed annual rent escalations plus a variable component based on revenue growth. Twelve self-storage operating properties converted to net leases on September 1, 2024, with the remaining four properties expected to convert in 2025.

•In connection with the agreements, the Company also amended the terms of its existing net lease agreements with Extra Space on 27 properties, extending the term to 25 years and resetting base rents higher to a total of $26.2 million annually commencing on September 1, 2024, and further to a total of $28.0 million annually commencing on March 1, 2025, with fixed annual rent escalations plus a variable component based on revenue growth.

•Also effective on September 1, 2024, the Company completed the buyout of its joint venture partner’s 10% interest in nine of the self-storage operating properties being converted to net leases for $10.5 million.

•As a result of these transactions, Extra Space became the Company’s largest tenant by ABR, with 39 properties under net leases generating ABR totaling $35.6 million, or 2.7% of total ABR, and a remaining lease term of 24.9 years, as of September 30, 2024.

True Value Bankruptcy

•As previously announced, on October 14, 2024, the Company’s tenant, True Value Company, L.L.C. (True Value), announced that it had initiated voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware and that it had entered into an agreement to sell substantially all of its business operations to Do it Best Corp.

•As of September 30, 2024, the Company net leased nine properties to True Value through two master leases and three individual leases that in aggregate generated $18.8 million, or 1.4%, of the Company’s ABR (ranking it as the 15th largest tenant) and had a weighted-average lease term of 13.8 years.

•True Value remains current on rent, having paid substantially all rent owed through the end of the year.

Composition

•As of September 30, 2024, the Company’s net lease portfolio consisted of 1,430 properties, comprising 172 million square feet leased to 346 tenants, with a weighted-average lease term of 12.2 years and an occupancy rate of 98.8%. 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 September 30, 2024, the Company had total liquidity of $2.6 billion, including approximately $1.8 billion of available capacity under its Senior Unsecured Credit Facility (net of amounts reserved for standby letters of credit) and $818.2 million of cash and cash equivalents.

Senior Unsecured Notes

•On July 19, 2024, the Company repaid €500 million of 2.25% Senior Unsecured Notes due July 2024.

Sustainability-Linked Amendment to Credit Facility and Term Loans

•During the 2024 third quarter, the Company executed amendments to its credit facility and term loans to incorporate a sustainability-linked feature that provides for interest rate and facility fee adjustments if certain key performance indicators, primarily related to emissions reduction targets, are met.

W. P. Carey Inc. 9/30/2024 Earnings Release 8-K – 4

* * * * *

Supplemental Information

The Company has provided supplemental unaudited financial and operating information regarding the 2024 third 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 October 29, 2024, and made available on the Company’s website at ir.wpcarey.com/investor-relations.

* * * * *

Live Conference Call and Audio Webcast Scheduled for Wednesday, October 30, 2024 at 11:00 a.m. Eastern Time

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

Date/Time: Wednesday, October 30, 2024 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 1,430 net lease properties covering approximately 172 million square feet and a portfolio of 78 self-storage operating properties as of September 30, 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

* * * * *

W. P. Carey Inc. 9/30/2024 Earnings Release 8-K – 5

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 deal volume, sources of capital, and expectations for future AFFO 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, 2023. 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

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. 9/30/2024 Earnings Release 8-K – 6

W. P. CAREY INC.

Consolidated Balance Sheets (Unaudited)

(in thousands, except share and per share amounts)



	September 30, 2024		December 31, 2023
Assets
Investments in real estate:
Land, buildings and improvements — net lease and other	$	12,745,926	$	12,095,458
Land, buildings and improvements — operating properties	1,204,351		1,256,249
Net investments in finance leases and loans receivable	657,054		1,514,923
In-place lease intangible assets and other	2,287,824		2,308,853
Above-market rent intangible assets	682,345		706,773
Investments in real estate	17,577,500		17,882,256
Accumulated depreciation and amortization (a)	(3,195,204)		(3,005,479)
Assets held for sale, net	29,785		37,122
Net investments in real estate	14,412,081		14,913,899
Equity method investments	299,465		354,261
Cash and cash equivalents	818,194		633,860
Other assets, net	1,122,571		1,096,474
Goodwill	979,265		978,289
Total assets	$	17,631,576	$	17,976,783

Liabilities and Equity
Debt:
Senior unsecured notes, net	$	6,134,810	$	6,035,686
Unsecured term loans, net	1,156,442		1,125,564
Unsecured revolving credit facility	229,607		403,785
Non-recourse mortgages, net	451,962		579,147
Debt, net	7,972,821		8,144,182
Accounts payable, accrued expenses and other liabilities	590,347		615,750
Below-market rent and other intangible liabilities, net	125,934		136,872
Deferred income taxes	160,503		180,650
Dividends payable	196,025		192,332
Total liabilities	9,045,630		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; 218,847,015 and 218,671,874 shares, respectively, issued and outstanding	219		219
Additional paid-in capital	11,795,514		11,784,461
Distributions in excess of accumulated earnings	(3,056,708)		(2,891,424)
Deferred compensation obligation	78,420		62,046
Accumulated other comprehensive loss	(237,987)		(254,867)
Total stockholders’ equity	8,579,458		8,700,435
Noncontrolling interests	6,488		6,562
Total equity	8,585,946		8,706,997
Total liabilities and equity	$	17,631,576	$	17,976,783

________

(a)Includes $1.8 billion and $1.6 billion of accumulated depreciation on buildings and improvements as of September 30, 2024 and December 31, 2023, respectively, and $1.4 billion of accumulated amortization on lease intangibles as of both September 30, 2024 and December 31, 2023.

W. P. Carey Inc. 9/30/2024 Earnings Release 8-K – 7

W. P. CAREY INC.

Quarterly Consolidated Statements of Income (Unaudited)

(in thousands, except share and per share amounts)


	Three Months Ended
	September 30, 2024		June 30, 2024		September 30, 2023
Revenues
Real Estate:
Lease revenues	$	334,039	$	324,104	$	369,159
Income from finance leases and loans receivable	15,712		14,961		27,575
Operating property revenues	37,323		38,715		49,218
Other lease-related income	7,701		9,149		2,310
	394,775		386,929		448,262
Investment Management:
Asset management revenue (a)	1,557		1,686		194
Other advisory income and reimbursements (b)	1,051		1,057		97
	2,608		2,743		291
	397,383		389,672		448,553
Operating Expenses
Depreciation and amortization	115,705		137,481		144,771
General and administrative	22,679		24,168		23,355
Operating property expenses	17,765		18,565		26,570
Stock-based compensation expense	13,468		8,903		9,050
Reimbursable tenant costs	13,337		14,004		20,498
Property expenses, excluding reimbursable tenant costs	10,993		13,931		13,021
Merger and other expenses	283		206		4,152
Impairment charges — real estate	—		15,752		15,173
	194,230		233,010		256,590
Other Income and Expenses
Other gains and (losses) (c)	(77,107)		2,504		2,859
Interest expense	(72,526)		(65,307)		(76,974)
Gain on change in control of interests (d)	31,849		—		—
Gain on sale of real estate, net	15,534		39,363		2,401
Non-operating income (e)	13,669		9,215		4,862
Earnings from equity method investments	6,124		6,636		4,978
	(82,457)		(7,589)		(61,874)
Income before income taxes	120,696		149,073		130,089
Provision for income taxes	(9,044)		(6,219)		(5,090)
Net Income	111,652		142,854		124,999
Net loss attributable to noncontrolling interests	46		41		41
Net Income Attributable to W. P. Carey	$	111,698	$	142,895	$	125,040

Basic Earnings Per Share	$	0.51	$	0.65	$	0.58
Diluted Earnings Per Share	$	0.51	$	0.65	$	0.58
Weighted-Average Shares Outstanding
Basic	220,221,366		220,195,910		215,097,114
Diluted	220,404,149		220,214,118		215,252,969

Dividends Declared Per Share	$	0.875	$	0.870	$	1.071

__________

(a)Amount for the three months ended September 30, 2024 is comprised of $1.5 million from NLOP and less than $0.1 million from CESH.

(b)Amount for the three months ended September 30, 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 September 30, 2024 is primarily comprised of a mark-to-market unrealized loss for our investment in shares of Lineage of $43.6 million, net losses on foreign currency exchange rate movements of $17.3 million and a non-cash allowance for credit losses of $15.9 million.

(d)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.

(e)Amount for the three months ended September 30, 2024 is comprised of interest income on deposits of $9.9 million, a dividend of $2.1 million from our investment in shares of Lineage and realized gains on foreign currency exchange derivatives of $1.6 million.

W. P. Carey Inc. 9/30/2024 Earnings Release 8-K – 8

W. P. CAREY INC.

Year-to-Date Consolidated Statements of Income (Unaudited)

(in thousands, except share and per share amounts)


	Nine Months Ended September 30,
	2024		2023
Revenues
Real Estate:
Lease revenues	$	980,394	$	1,090,619
Income from finance leases and loans receivable	56,466		75,641
Operating property revenues	112,681		140,780
Other lease-related income	19,005		20,723
	1,168,546		1,327,763
Investment Management:
Asset management and other revenue	5,136		836
Other advisory income and reimbursements	3,171		322
	8,307		1,158
	1,176,853		1,328,921
Operating Expenses
Depreciation and amortization	371,954		444,728
General and administrative	74,715		74,816
Operating property expenses	54,280		74,738
Reimbursable tenant costs	40,314		62,997
Property expenses, excluding reimbursable tenant costs	37,097		31,164
Stock-based compensation expense	31,227		25,811
Impairment charges — real estate	15,752		15,173
Merger and other expenses	4,941		5,595
	630,280		735,022
Other Income and Expenses
Interest expense	(206,484)		(219,658)
Gain on sale of real estate, net	70,342		181,958
Other gains and (losses)	(60,764)		9,593
Non-operating income	38,389		13,997
Gain on change in control of interests	31,849		—
Earnings from equity method investments	17,624		14,569
	(109,044)		459
Income before income taxes	437,529		594,358
Provision for income taxes	(23,937)		(30,338)
Net Income	413,592		564,020
Net loss attributable to noncontrolling interests	224		20
Net Income Attributable to W. P. Carey	$	413,816	$	564,040

Basic Earnings Per Share	$	1.88	$	2.64
Diluted Earnings Per Share	$	1.88	$	2.63
Weighted-Average Shares Outstanding
Basic	220,149,886		214,052,907
Diluted	220,425,244		214,427,425

Dividends Declared Per Share	$	2.610	$	3.207

W. P. Carey Inc. 9/30/2024 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
	September 30, 2024		June 30, 2024		September 30, 2023
Net income attributable to W. P. Carey	$	111,698	$	142,895	$	125,040
Adjustments:
Depreciation and amortization of real property	115,028		136,840		144,111
Gain on change in control of interests (a)	(31,849)		—		—
Gain on sale of real estate, net	(15,534)		(39,363)		(2,401)
Impairment charges	—		15,752		15,173
Proportionate share of adjustments to earnings from equity method investments (b)	3,028		3,015		2,950
Proportionate share of adjustments for noncontrolling interests (c)	(96)		(101)		34
Total adjustments	70,577		116,143		159,867
FFO (as defined by NAREIT) Attributable to W. P. Carey (d)	182,275		259,038		284,907
Adjustments:
Other (gains) and losses (e)	77,107		(2,504)		(2,859)
Straight-line and other leasing and financing adjustments	(21,187)		(15,310)		(18,662)
Stock-based compensation	13,468		8,903		9,050
Above- and below-market rent intangible lease amortization, net	6,263		5,766		7,835
Amortization of deferred financing costs	4,851		4,555		4,805
Tax benefit – deferred and other	(1,576)		(1,392)		(4,349)
Other amortization and non-cash items	587		580		584
Merger and other expenses	283		206		4,152
Proportionate share of adjustments to earnings from equity method investments (b)	(2,632)		(2,646)		(691)
Proportionate share of adjustments for noncontrolling interests (c)	(91)		(97)		(380)
Total adjustments	77,073		(1,939)		(515)
AFFO Attributable to W. P. Carey (d)	$	259,348	$	257,099	$	284,392

Summary
FFO (as defined by NAREIT) attributable to W. P. Carey (d)	$	182,275	$	259,038	$	284,907
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share (d)	$	0.83	$	1.18	$	1.32
AFFO attributable to W. P. Carey (d)	$	259,348	$	257,099	$	284,392
AFFO attributable to W. P. Carey per diluted share (d)	$	1.18	$	1.17	$	1.32
Diluted weighted-average shares outstanding	220,404,149		220,214,118		215,252,969

W. P. Carey Inc. 9/30/2024 Earnings Release 8-K – 10

W. P. CAREY INC.

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

(in thousands, except share and per share amounts)


	Nine Months Ended September 30,
	2024		2023
Net income attributable to W. P. Carey	$	413,816	$	564,040
Adjustments:
Depreciation and amortization of real property	369,981		442,911
Gain on sale of real estate, net	(70,342)		(181,958)
Gain on change in control of interests (a)	(31,849)		—
Impairment charges	15,752		15,173
Proportionate share of adjustments to earnings from equity method investments (b)	8,992		8,439
Proportionate share of adjustments for noncontrolling interests (c)	(300)		(533)
Total adjustments	292,234		284,032
FFO (as defined by NAREIT) Attributable to W. P. Carey (d)	706,050		848,072
Adjustments:
Other (gains) and losses	60,764		(9,593)
Straight-line and other leasing and financing adjustments	(56,050)		(52,798)
Stock-based compensation	31,227		25,811
Above- and below-market rent intangible lease amortization, net	16,097		27,520
Amortization of deferred financing costs	13,994		15,649
Merger and other expenses	4,941		5,595
Tax benefit – deferred and other	(4,341)		(2,706)
Other amortization and non-cash items	1,746		1,583
Proportionate share of adjustments to earnings from equity method investments (b)	(5,797)		(1,872)
Proportionate share of adjustments for noncontrolling interests (c)	(292)		(344)
Total adjustments	62,289		8,845
AFFO Attributable to W. P. Carey (d)	$	768,339	$	856,917

Summary
FFO (as defined by NAREIT) attributable to W. P. Carey (d)	$	706,050	$	848,072
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share (d)	$	3.20	$	3.96
AFFO attributable to W. P. Carey (d)	$	768,339	$	856,917
AFFO attributable to W. P. Carey per diluted share (d)	$	3.49	$	4.00
Diluted weighted-average shares outstanding	220,425,244		214,427,425

__________

(a)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.

(b)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.

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

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

(e)Amount for the three months ended September 30, 2024 is primarily comprised of a mark-to-market unrealized loss for our investment in shares of Lineage of $43.6 million, net losses on foreign currency exchange rate movements of $17.3 million and a non-cash allowance for credit losses of $15.9 million.

W. P. Carey Inc. 9/30/2024 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, 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 that are currently not engaged in acquisitions, mergers and restructuring, which are not part of our normal business operations. 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. 9/30/2024 Earnings Release 8-K – 12

Exhibit 99.2

W. P. Carey Inc.

Supplemental Information

Third 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
SEC			Securities and Exchange Commission
ASC			Accounting Standards Codification
NAREIT			National Association of Real Estate Investment Trusts (an industry trade group)
EUR			Euro
Hellweg			Hellweg Die Profi-Baumärkte GmbH & Co. KG (one of our tenants)
EURIBOR			Euro Interbank Offered Rate
SOFR			Secured Overnight Financing 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.

Effective 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 – Third 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 – Third Quarter 2024


Summary Metrics

As of or for the three months ended September 30, 2024.


Financial Results
Revenues, including reimbursable costs – consolidated ($000s)		$	397,383
Net income attributable to W. P. Carey ($000s)		111,698
Net income attributable to W. P. Carey per diluted share		0.51
Normalized pro rata cash NOI ($000s) (a) (b)		336,606
Adjusted EBITDA ($000s) (a) (b)		339,036
AFFO attributable to W. P. Carey ($000s) (a) (b)		259,348
AFFO attributable to W. P. Carey per diluted share (a) (b)		1.18

Dividends declared per share – current quarter		0.875
Dividends declared per share – current quarter annualized		3.500
Dividend yield – annualized, based on quarter end share price of $62.30		5.6		%
Dividend payout ratio – for the nine months ended September 30, 2024 (c)		74.8		%

Balance Sheet and Capitalization
Equity market capitalization – based on quarter end share price of $62.30 ($000s)		$	13,634,169
Pro rata net debt ($000s) (d)		7,278,295
Enterprise value ($000s)		20,912,464

Total consolidated debt ($000s)		7,972,821
Gross assets ($000s) (e)		19,399,369
Liquidity ($000s) (f)		2,609,743

Pro rata net debt to enterprise value (b)		34.8		%
Pro rata net debt to adjusted EBITDA (annualized) (a) (b)		5.4x
Total consolidated debt to gross assets		41.1		%
Total consolidated secured debt to gross assets		2.3		%
Cash interest expense coverage ratio (a) (b)		5.1x

Weighted-average interest rate – for the three months ended September 30, 2024 (b)		3.4		%
Weighted-average interest rate – as of September 30, 2024 (b)		3.3		%
Weighted-average debt maturity (years) (b)		4.5

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)		$	1,333,585
ABR – unencumbered portfolio (% / $000s) (g) (h)	94.9% /	$	1,265,221
Number of net-leased properties		1,430
Number of operating properties (i)		84
Number of tenants – net-leased properties		346

ABR from top ten tenants as a % of total ABR – net-leased properties		20.2		%
ABR from investment grade tenants as a % of total ABR – net-leased properties (j)		24.6		%
Contractual same-store growth (k)		2.8		%

Net-leased properties – square footage (millions)		171.8

Occupancy – net-leased properties		98.8		%
Weighted-average lease term (years)		12.2

Investment volume – current quarter ($000s)		$	166,979
Dispositions – current quarter ($000s)		81,829

Maximum commitment for capital investments and commitments expected to be completed during 2024 ($000s)		37,969

________


						Investing for the Long Run® \| 1

W. P. Carey Inc.

Overview – Third 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 $942.9 million and above-market rent intangible assets of $484.5 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 September 30, 2024. Includes tenants or guarantors with investment grade ratings (17.7%) and subsidiaries of non-guarantor parent companies with investment grade ratings (6.9%). 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 – Third Quarter 2024


Components of Net Asset Value

Dollars in thousands.


Normalized Pro Rata Cash NOI (a) (b)	Three Months Ended Sep. 30, 2024
Net lease properties	$	315,858
Self-storage and other operating properties (c)	20,748
Total normalized pro rata cash NOI (a) (b)	$	336,606

Balance Sheet – Selected Information (Consolidated Unless Otherwise Stated)	As of Sep. 30, 2024
Assets
Book value of real estate excluded from normalized pro rata cash NOI (d)	$	219,664
Cash and cash equivalents	818,194
Las Vegas retail complex construction loan (e)	245,351
Other assets, net:
Straight-line rent adjustments	$	362,191
Investment in shares of Lineage (a cold storage REIT) (f)	361,321
Deferred charges	74,444
Taxes receivable	62,590
Office lease right-of-use assets, net	52,189
Non-rent tenant and other receivables	39,910
Restricted cash, including escrow (excludes cash held at qualified intermediaries)	33,913
Cash held at qualified intermediaries (g)	27,022
Prepaid expenses	21,601
Deferred income taxes	17,696
Leasehold improvements, furniture and fixtures	12,672
Securities and derivatives	8,616
Rent receivables (h)	3,364
Due from affiliates	1,167
Other	43,875
Total other assets, net	$	1,122,571

Liabilities
Total pro rata debt outstanding (b) (i)	$	8,123,511
Dividends payable	196,025
Deferred income taxes	160,503
Accounts payable, accrued expenses and other liabilities:
Accounts payable and accrued expenses	$	163,827
Operating lease liabilities	146,559
Prepaid and deferred rents	131,247
Accrued taxes payable	47,790
Tenant security deposits	41,595
Securities and derivatives	5,478
Other	53,851
Total accounts payable, accrued expenses and other liabilities	$	590,347

________

(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 – Third 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 $35.8 million and unamortized deferred financing costs totaling $28.1 million as of September 30, 2024.


						Investing for the Long Run® \| 4

W. P. Carey Inc.

Financial Results

Third Quarter 2024


						Investing for the Long Run® \| 5

W. P. Carey Inc.

Financial Results – Third Quarter 2024


Consolidated Statements of Income – Last Five Quarters

In thousands, except share and per share amounts.


	Three Months Ended
	Sep. 30, 2024		Jun. 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023
Revenues
Real Estate:
Lease revenues	$	334,039	$	324,104	$	322,251	$	336,757	$	369,159
Income from finance leases and loans receivable	15,712		14,961		25,793		31,532		27,575
Operating property revenues	37,323		38,715		36,643		39,477		49,218
Other lease-related income	7,701		9,149		2,155		2,610		2,310
	394,775		386,929		386,842		410,376		448,262
Investment Management:
Asset management revenue (a)	1,557		1,686		1,893		1,348		194
Other advisory income and reimbursements (b)	1,051		1,057		1,063		713		97
	2,608		2,743		2,956		2,061		291
	397,383		389,672		389,798		412,437		448,553
Operating Expenses
Depreciation and amortization	115,705		137,481		118,768		129,484		144,771
General and administrative	22,679		24,168		27,868		21,579		23,355
Operating property expenses	17,765		18,565		17,950		20,403		26,570
Stock-based compensation expense	13,468		8,903		8,856		8,693		9,050
Reimbursable tenant costs	13,337		14,004		12,973		18,942		20,498
Property expenses, excluding reimbursable tenant costs	10,993		13,931		12,173		13,287		13,021
Merger and other expenses (c)	283		206		4,452		(641)		4,152
Impairment charges — real estate (d)	—		15,752		—		71,238		15,173
	194,230		233,010		203,040		282,985		256,590
Other Income and Expenses
Other gains and (losses) (e)	(77,107)		2,504		13,839		(45,777)		2,859
Interest expense	(72,526)		(65,307)		(68,651)		(72,194)		(76,974)
Gain on change in control of interests (f)	31,849		—		—		—		—
Gain on sale of real estate, net (g)	15,534		39,363		15,445		134,026		2,401
Non-operating income (h)	13,669		9,215		15,505		7,445		4,862
Earnings from equity method investments	6,124		6,636		4,864		5,006		4,978
	(82,457)		(7,589)		(18,998)		28,506		(61,874)
Income before income taxes	120,696		149,073		167,760		157,958		130,089
Provision for income taxes	(9,044)		(6,219)		(8,674)		(13,714)		(5,090)
Net Income	111,652		142,854		159,086		144,244		124,999
Net loss attributable to noncontrolling interests	46		41		137		50		41
Net Income Attributable to W. P. Carey	$	111,698	$	142,895	$	159,223	$	144,294	$	125,040

Basic Earnings Per Share	$	0.51	$	0.65	$	0.72	$	0.66	$	0.58
Diluted Earnings Per Share	$	0.51	$	0.65	$	0.72	$	0.66	$	0.58
Weighted-Average Shares Outstanding
Basic	220,221,366		220,195,910		220,031,597		219,277,446		215,097,114
Diluted	220,404,149		220,214,118		220,129,870		219,469,641		215,252,969

Dividends Declared Per Share	$	0.875	$	0.870	$	0.865	$	0.860	$	1.071

________

(a)Amount for the three months ended September 30, 2024 is comprised of $1.5 million from NLOP and less than $0.1 million from CESH.

(c)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. Amount for the three months ended September 30, 2023 is primarily comprised of costs incurred in connection with the Spin-Off.

(d)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.

(f)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.

(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 is comprised of interest income on deposits of $9.9 million, a dividend of $2.1 million from our investment in shares of Lineage and realized gains on foreign currency exchange derivatives of $1.6 million.


						Investing for the Long Run® \| 6

W. P. Carey Inc.

Financial Results – Third Quarter 2024


FFO and AFFO, Consolidated – Last Five Quarters

In thousands, except share and per share amounts.


	Three Months Ended
	Sep. 30, 2024		Jun. 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023
Net income attributable to W. P. Carey	$	111,698	$	142,895	$	159,223	$	144,294	$	125,040
Adjustments:
Depreciation and amortization of real property	115,028		136,840		118,113		128,839		144,111
Gain on change in control of interests (a)	(31,849)		—		—		—		—
Gain on sale of real estate, net (b)	(15,534)		(39,363)		(15,445)		(134,026)		(2,401)
Impairment charges — real estate (c)	—		15,752		—		71,238		15,173
Proportionate share of adjustments to earnings from equity method investments (d)	3,028		3,015		2,949		2,942		2,950
Proportionate share of adjustments for noncontrolling interests (e)	(96)		(101)		(103)		(133)		34
Total adjustments	70,577		116,143		105,514		68,860		159,867
FFO (as defined by NAREIT) Attributable to W. P. Carey (f)	182,275		259,038		264,737		213,154		284,907
Adjustments:
Other (gains) and losses (g)	77,107		(2,504)		(13,839)		45,777		(2,859)
Straight-line and other leasing and financing adjustments	(21,187)		(15,310)		(19,553)		(19,071)		(18,662)
Stock-based compensation	13,468		8,903		8,856		8,693		9,050
Above- and below-market rent intangible lease amortization, net	6,263		5,766		4,068		6,644		7,835
Amortization of deferred financing costs	4,851		4,555		4,588		4,895		4,805
Tax (benefit) expense – deferred and other	(1,576)		(1,392)		(1,373)		2,507		(4,349)
Other amortization and non-cash items	587		580		579		152		584
Merger and other expenses (h)	283		206		4,452		(641)		4,152
Proportionate share of adjustments to earnings from equity method investments (d)	(2,632)		(2,646)		(519)		(663)		(691)
Proportionate share of adjustments for noncontrolling interests (e)	(91)		(97)		(104)		(97)		(380)
Total adjustments	77,073		(1,939)		(12,845)		48,196		(515)
AFFO Attributable to W. P. Carey (f)	$	259,348	$	257,099	$	251,892	$	261,350	$	284,392

Summary
FFO (as defined by NAREIT) attributable to W. P. Carey (f)	$	182,275	$	259,038	$	264,737	$	213,154	$	284,907
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share (f)	$	0.83	$	1.18	$	1.20	$	0.97	$	1.32
AFFO attributable to W. P. Carey (f)	$	259,348	$	257,099	$	251,892	$	261,350	$	284,392
AFFO attributable to W. P. Carey per diluted share (f)	$	1.18	$	1.17	$	1.14	$	1.19	$	1.32
Diluted weighted-average shares outstanding	220,404,149		220,214,118		220,129,870		219,469,641		215,252,969

________

(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 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)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 September 30, 2024 is primarily comprised of a mark-to-market unrealized loss for our investment in shares of Lineage of $43.6 million, net losses on foreign currency exchange rate movements of $17.3 million and a non-cash allowance for credit losses of $15.9 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. Amount for the three months ended September 30, 2023 is primarily comprised of costs incurred in connection with the Spin-Off.


						Investing for the Long Run® \| 7

W. P. Carey Inc.

Financial Results – Third Quarter 2024


Elements of Pro Rata Statement of Income and AFFO Adjustments

In thousands. For the three months ended September 30, 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	$	4,085	$	(217)	$	(16,755)	(c)
Income from finance leases and loans receivable	—		—		543
Operating property revenues:
Self-storage revenues	1,686		—		—
Hotel revenues	—		—		—
Student housing revenues	—		—		—
Other lease-related income	3		—		—

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

Operating Expenses
Depreciation and amortization	2,874		(95)		(117,907)		(d)
General and administrative	—		—		—
Operating property expenses:
Self-storage expenses	525		—		(29)
Hotel expenses	—		—		—
Student housing expenses	—		—		—
Stock-based compensation expense	—		—		(13,468)		(e)
Reimbursable tenant costs	237		(25)		—
Property expenses, excluding reimbursable tenant costs	220		(25)		(455)		(e)
Merger and other expenses	—		—		(283)

Other Income and Expenses
Other gains and (losses)	(3)		82		77,028		(f)
Interest expense	(970)		67		4,892		(g)
Gain on change in control of interests	—		—		(31,849)		(h)
Gain on sale of real estate, net	—		—		(15,534)
Non-operating income	11		(3)		—
Earnings from equity method investments:
Income related to joint ventures	(932)		—		(1,283)		(i)

Provision for income taxes	(24)		(1)		(1,534)		(j)
Net loss attributable to noncontrolling interests	—		(73)		—

________

(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 $6.2 million and the elimination of non-cash amounts related to straight-line rent and other of $23.0 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)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.

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

(j)Primarily represents the elimination of deferred taxes.


						Investing for the Long Run® \| 8

W. P. Carey Inc.

Financial Results – Third Quarter 2024


Capital Expenditures

In thousands. For the three months ended September 30, 2024.


Turnover Costs (a)
Tenant improvements	$	2,564
Leasing costs	4,087
Total Tenant Improvements and Leasing Costs	6,651
Property improvements — net-lease properties	2,869
Property improvements — operating properties	50
Total Turnover Costs	$	9,570

Maintenance Capital Expenditures
Net-lease properties	$	1,177
Operating properties	1,347
Total Maintenance Capital Expenditures	$	2,524

________

(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

Third Quarter 2024


						Investing for the Long Run® \| 10

W. P. Carey Inc.

Balance Sheets and Capitalization – Third Quarter 2024


Consolidated Balance Sheets

In thousands, except share and per share amounts.



	September 30, 2024		December 31, 2023
Assets
Investments in real estate:
Land, buildings and improvements — net lease and other	$	12,745,926	$	12,095,458
Land, buildings and improvements — operating properties	1,204,351		1,256,249
Net investments in finance leases and loans receivable	657,054		1,514,923
In-place lease intangible assets and other	2,287,824		2,308,853
Above-market rent intangible assets	682,345		706,773
Investments in real estate	17,577,500		17,882,256
Accumulated depreciation and amortization (a)	(3,195,204)		(3,005,479)
Assets held for sale, net	29,785		37,122
Net investments in real estate	14,412,081		14,913,899
Equity method investments	299,465		354,261
Cash and cash equivalents	818,194		633,860
Other assets, net	1,122,571		1,096,474
Goodwill	979,265		978,289
Total assets	$	17,631,576	$	17,976,783

Liabilities and Equity
Debt:
Senior unsecured notes, net	$	6,134,810	$	6,035,686
Unsecured term loans, net	1,156,442		1,125,564
Unsecured revolving credit facility	229,607		403,785
Non-recourse mortgages, net	451,962		579,147
Debt, net	7,972,821		8,144,182
Accounts payable, accrued expenses and other liabilities	590,347		615,750
Below-market rent and other intangible liabilities, net	125,934		136,872
Deferred income taxes	160,503		180,650
Dividends payable	196,025		192,332
Total liabilities	9,045,630		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; 218,847,015 and 218,671,874 shares, respectively, issued and outstanding	219		219
Additional paid-in capital	11,795,514		11,784,461
Distributions in excess of accumulated earnings	(3,056,708)		(2,891,424)
Deferred compensation obligation	78,420		62,046
Accumulated other comprehensive loss	(237,987)		(254,867)
Total stockholders' equity	8,579,458		8,700,435
Noncontrolling interests	6,488		6,562
Total equity	8,585,946		8,706,997
Total liabilities and equity	$	17,631,576	$	17,976,783

________


						Investing for the Long Run® \| 11

W. P. Carey Inc.

Balance Sheets and Capitalization – Third Quarter 2024


Capitalization

In thousands, except share and per share amounts. As of September 30, 2024.


Description	Shares	Share Price		Market Value
Equity
Common equity	218,847,015	$	62.30	$	13,634,169
Preferred equity				—
Total Equity Market Capitalization				13,634,169

				Outstanding Balance (a)
Pro Rata Debt
Non-recourse mortgages				544,760
Unsecured term loans (due February 14, 2028)				602,554
Unsecured term loans (due April 24, 2026)				559,800
Unsecured revolving credit facility (due February 14, 2029)				229,607
Senior unsecured notes:
Due February 1, 2025 (USD)				450,000
Due April 9, 2026 (EUR)				559,800
Due October 1, 2026 (USD)				350,000
Due April 15, 2027 (EUR)				559,800
Due April 15, 2028 (EUR)				559,800
Due July 15, 2029 (USD)				325,000
Due September 28, 2029 (EUR)				167,940
Due June 1, 2030 (EUR)				587,790
Due February 1, 2031 (USD)				500,000
Due February 1, 2032 (USD)				350,000
Due July 23, 2032 (EUR)				727,740
Due September 28, 2032 (EUR)				223,920
Due April 1, 2033 (USD)				425,000
Due June 30, 2034 (USD)				400,000
Total Pro Rata Debt				8,123,511

Total Capitalization				$	21,757,680

________

(a)Excludes unamortized discount, net totaling $35.8 million and unamortized deferred financing costs totaling $28.1 million as of September 30, 2024.


						Investing for the Long Run® \| 12

W. P. Carey Inc.

Balance Sheets and Capitalization – Third Quarter 2024


Debt Overview

Dollars in thousands. Pro rata. As of September 30, 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)	$	337,030	4.6	%	$	76,089	4.9	%	$	68,433	4.3	%	$	481,552	5.9	%	4.6	%	1.7
Floating	—		—	%	63,208		5.3	%	—		—	%	63,208		0.8	%	5.3	%	1.1
Total Pro Rata Non-Recourse Debt	337,030		4.6	%	139,297		5.1	%	68,433		4.3	%	544,760		6.7	%	4.7	%	1.7

Recourse Debt (b) (c)
Fixed – Senior unsecured notes:
Due February 1, 2025	450,000		4.0	%	—		—	%	—		—	%	450,000		5.5	%	4.0	%	0.3
Due April 9, 2026	—		—	%	559,800		2.3	%	—		—	%	559,800		6.9	%	2.3	%	1.5
Due October 1, 2026	350,000		4.3	%	—		—	%	—		—	%	350,000		4.3	%	4.3	%	2.0
Due April 15, 2027	—		—	%	559,800		2.1	%	—		—	%	559,800		6.9	%	2.1	%	2.5
Due April 15, 2028	—		—	%	559,800		1.4	%	—		—	%	559,800		6.9	%	1.4	%	3.5
Due July 15, 2029	325,000		3.9	%	—		—	%	—		—	%	325,000		4.0	%	3.9	%	4.8
Due September 28, 2029	—		—	%	167,940		3.4	%	—		—	%	167,940		2.1	%	3.4	%	5.0
Due June 1, 2030	—		—	%	587,790		1.0	%	—		—	%	587,790		7.2	%	1.0	%	5.7
Due February 1, 2031	500,000		2.4	%	—		—	%	—		—	%	500,000		6.2	%	2.4	%	6.3
Due February 1, 2032	350,000		2.5	%	—		—	%	—		—	%	350,000		4.3	%	2.5	%	7.3
Due July 23, 2032	—		—	%	727,740		4.3	%	—		—	%	727,740		9.0	%	4.3	%	7.8
Due September 28, 2032	—		—	%	223,920		3.7	%	—		—	%	223,920		2.8	%	3.7	%	8.0
Due April 1, 2033	425,000		2.3	%	—		—	%	—		—	%	425,000		5.2	%	2.3	%	8.5
Due June 30, 2034	400,000		5.4	%	—		—	%	—		—	%	400,000		4.9	%	5.4	%	9.8
Total Senior Unsecured Notes	2,800,000		3.5	%	3,386,790		2.4	%	—		—	%	6,186,790		76.2	%	2.9	%	5.1
Swapped to Fixed:
Unsecured term loans (due April 24, 2026) (e)	—		—	%	559,800		4.3	%	—		—	%	559,800		6.9	%	4.3	%	1.6
Floating:
Unsecured term loans (due February 14, 2028) (f)	—		—	%	240,714		4.2	%	361,840		5.8	%	602,554		7.4	%	5.1	%	3.4
Unsecured revolving credit facility (due February 14, 2029) (g)	—		—	%	212,724		4.2	%	16,883		1.2	%	229,607		2.8	%	3.9	%	4.4
Total Recourse Debt	2,800,000		3.5	%	4,400,028		2.9	%	378,723		5.5	%	7,578,751		93.3	%	3.2	%	4.7

Total Pro Rata Debt Outstanding	$	3,137,030	3.6	%	$	4,539,325	2.9	%	$	447,156	5.4	%	$	8,123,511	100.0	%	3.3	%	4.5

________

(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 September 30, 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 $35.8 million and unamortized deferred financing costs totaling $28.1 million as of September 30, 2024.

(d)Includes $86.2 million of non-recourse mortgage debt which is swapped to fixed-rate through mortgage maturity.

(e)Interest rate swap expiration date is December 31, 2024.

(f)We incurred interest at SONIA or EURIBOR, plus 0.80% for both base rates, on our Unsecured term loans as of September 30, 2024.

(g)We incurred interest on our Unsecured revolving credit facility at EURIBOR or TIBOR, plus 0.725% for all base rates as of September 30, 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 $1.8 billion as of September 30, 2024.


						Investing for the Long Run® \| 13

W. P. Carey Inc.

Balance Sheets and Capitalization – Third Quarter 2024


Debt Maturity

Dollars in thousands. Pro rata. As of September 30, 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
Remaining 2024	7	$	1,643	4.5	%	$	4,330	$	4,382	0.1	%
2025	38	21,373		4.4	%	241,142		247,152		3.1	%
2026	36	26,817		5.1	%	152,617		164,553		2.0	%
2027	3	1,247		4.2	%	28,645		29,185		0.4	%
2028	5	13,294		5.0	%	72,652		81,449		1.0	%
2029	3	1,435		4.0	%	10,931		12,025		0.1	%
2031	1	1,131		6.0	%	—		2,452		—	%
2033	1	1,424		5.6	%	1,671		3,562		—	%
Total Pro Rata Non-Recourse Debt	94	$	68,364	4.7	%	$	511,988	544,760		6.7	%

Recourse Debt
Fixed – Senior unsecured notes:
Due February 1, 2025 (USD)				4.0	%			450,000		5.5	%
Due April 9, 2026 (EUR)				2.3	%			559,800		6.9	%
Due October 1, 2026 (USD)				4.3	%			350,000		4.3	%
Due April 15, 2027 (EUR)				2.1	%			559,800		6.9	%
Due April 15, 2028 (EUR)				1.4	%			559,800		6.9	%
Due July 15, 2029 (USD)				3.9	%			325,000		4.0	%
Due September 28, 2029 (EUR)				3.4	%			167,940		2.1	%
Due June 1, 2030 (EUR)				1.0	%			587,790		7.2	%
Due February 1, 2031 (USD)				2.4	%			500,000		6.2	%
Due February 1, 2032 (USD)				2.5	%			350,000		4.3	%
Due July 23, 2032 (EUR)				4.3	%			727,740		9.0	%
Due September 28, 2032 (EUR)				3.7	%			223,920		2.8	%
Due April 1, 2033 (USD)				2.3	%			425,000		5.2	%
Due June 30, 2034 (USD)				5.4	%			400,000		4.9	%
Total Senior Unsecured Notes				2.9	%			6,186,790		76.2	%
Swapped to Fixed:
Unsecured term loans (due April 24, 2026) (d)				4.3	%			559,800		6.9	%
Floating:
Unsecured term loans (due February 14, 2028) (e)				5.1	%			602,554		7.4	%
Unsecured revolving credit facility (due February 14, 2029) (f)				3.9	%			229,607		2.8	%
Total Recourse Debt				3.2	%			7,578,751		93.3	%

Total Pro Rata Debt Outstanding				3.3	%			$	8,123,511	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 September 30, 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 $35.8 million and unamortized deferred financing costs totaling $28.1 million as of September 30, 2024.

(d)Interest rate swap expiration date is December 31, 2024.

(e)We incurred interest at SONIA or EURIBOR, plus 0.80% for both base rates, on our Unsecured term loans as of September 30, 2024.

(f)We incurred interest on our Unsecured revolving credit facility at EURIBOR or TIBOR, plus 0.725% for all base rates as of September 30, 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 $1.8 billion as of September 30, 2024.


						Investing for the Long Run® \| 14

W. P. Carey Inc.

Balance Sheets and Capitalization – Third Quarter 2024


Senior Unsecured Notes

As of September 30, 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
Sep. 30, 2024

Limitation on the incurrence of debt

"Total Debt" /
"Total Assets"

≤ 60%

41.1%

Limitation on the incurrence of secured debt

"Secured Debt" /
"Total Assets"

≤ 40%

2.3%

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

"Consolidated EBITDA" /
"Annual Debt Service Charge"

≥ 1.5x

4.7x

Maintenance of unencumbered asset value

"Unencumbered Assets" / "Total Unsecured Debt"

≥ 150%

235.1%


						Investing for the Long Run® \| 15

W. P. Carey Inc.

Real Estate

Third Quarter 2024


						Investing for the Long Run® \| 16

W. P. Carey Inc.

Real Estate – Third Quarter 2024


Investment Activity – Investment Volume

Dollars in thousands. Pro rata. For the nine months ended September 30, 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

Year-to-Date Total

731,820

8,252,301


						Investing for the Long Run® \| 17


		Property Type(s)	Funded During Current Quarter		Funded Year to Date		Expected Funding Completion Date	Total Funded		Maximum Commitment
Description	Property Location(s)
Construction Loan
Southwest Corner of Las Vegas Boulevard & Harmon Avenue Retail Complex (e)	Las Vegas, NV	Retail	$	3,952	$	8,826	2025	$	240,213	$	261,887
Total					8,826

Year-to-Date Total Investment Volume					$	740,646

________

(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)This construction loan is accounted for as an equity method investment on our consolidated balance sheets, in accordance with U.S. GAAP. The interest rate is 6.0% and interest income is recognized within Earnings from equity method investments on our consolidated statements of income.


						Investing for the Long Run® \| 18

W. P. Carey Inc.

Real Estate – Third 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 Sep. 30, 2024 (c)		Total Funded Through Sep. 30, 2024		Maximum Commitment / Gross Investment Amount
Tenant	Location										Remaining		Total
TWAS Holdings, LLC (4 properties) (d)	Various, US	Purchase Commitment	Retail (Car Wash)	Q4 2024	14,420	19	$	—	$	—	$	20,317	$	20,317
Unidentified	Atlanta, GA	Redevelopment	Warehouse	Q4 2024	213,834	N/A	6,947		9,451		8,201		17,652
Expected Completion Date 2024 Total					228,254	19	6,947		9,451		28,518		37,969

ZF Friedrichshafen AG (e)	Washington, MI	Redevelopment	Research and Development	Q1 2025	81,200	20	5,051		17,430		29,726		47,823
ABC Technologies Holdings Inc.	Galeras, Mexico	Expansion	Industrial	Q2 2025	60,181	18	—		—		4,900		4,900
Sumitomo Heavy Industries, LTD.	Bedford, MA	Redevelopment	Research and Development	Q3 2025	N/A	15	2,182		4,205		39,935		44,140
Hedin Mobility Group AB (f)	Amsterdam, The Netherlands	Renovation	Retail	Q4 2025	39,826	22	—		—		16,794		16,794
Fraikin SAS (f)	Various, France	Renovation	Industrial	Q4 2025	N/A	17	—		2,075		5,650		7,725
Expected Completion Date 2025 Total					181,207	18	7,233		23,710		97,005		121,382

Capital Investments and Commitments Total					409,461	18	$	14,180	$	33,161	$	125,523	$	159,351

________

(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 September 30, 2024 excludes $0.2 million spent on pre-development work for potential projects in various phases.

(d)Projects will be funded upon completion and are contingent on buildings 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 – Third Quarter 2024


Investment Activity – Dispositions

Dollars in thousands. Pro rata. For the nine months ended September 30, 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

Year-to-Date Total Dispositions

1,123,236

10,000,493

________

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


						Investing for the Long Run® \| 20

W. P. Carey Inc.

Real Estate – Third Quarter 2024


Joint Ventures

Dollars in thousands. As of September 30, 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%	$	143,000	$	—	$	21,450	$	—
Kesko Senukai (e)	Net lease	70.00%	100,943		16,787		70,660		11,751
Total Unconsolidated Joint Ventures			243,943		16,787		92,110		11,751

Consolidated Joint Ventures
COOP Ost SA (e)	Net lease	90.10%	51,866		6,540		46,732		5,892
Fentonir Trading & Investments Limited (e)	Net lease	94.90%	—		8,851		—		8,400
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			51,866		17,006		46,732		15,745
Total Unconsolidated and Consolidated Joint Ventures			$	295,809	$	33,793	$	138,842	$	27,496

________

(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 $0.4 million and unamortized deferred financing costs totaling $0.4 million as of September 30, 2024.

(c)Excludes unamortized discount, net totaling $0.4 million and unamortized deferred financing costs totaling less than $0.1 million as of September 30, 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 – Third Quarter 2024


Top 25 Tenants

Dollars in thousands. Pro rata. As of September 30, 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	%	24.9
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	%	18.5
Metro Cash & Carry Italia S.p.A. (b)	Business-to-business retail stores in Italy leased to cash and carry wholesaler	19	29,146		2.2	%	4.1
Hellweg Die Profi-Baumärkte GmbH & Co. KG (b) (c)	Retail properties in Germany leased to German DIY retailer	35	26,462		2.0	%	19.4
Fortenova Grupa d.d. (b)	Grocery stores and one warehouse in Croatia leased to European food retailer	19	25,715		1.9	%	9.6
OBI Group (b)	Retail properties in Poland leased to German DIY retailer	26	25,541		1.9	%	6.6
ABC Technologies Holdings Inc. (a) (d)	Automotive parts manufacturing properties in the U.S., Canada and Mexico leased to OEM supplier	23	24,978		1.9	%	18.6
Fedrigoni S.p.A (b)	Industrial and warehouse facilities in Germany, Italy and Spain leased to global manufacturer of premium packaging and labels	16	23,736		1.8	%	19.2
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	%	19.0
Eroski Sociedad Cooperative (b)	Grocery stores and warehouses in Spain leased to Spanish food retailer	63	22,325		1.7	%	11.5
Top 10 Total		254	268,896		20.2	%	15.4
Quikrete Holdings, Inc. (a)	Industrial facilities in the U.S. and Canada leased to concrete and building products manufacturer	27	20,268		1.5	%	18.7
Advance Auto Parts, Inc.	Distribution facilities in the U.S. leased to automotive aftermarket parts provider	29	19,851		1.5	%	8.3
Berry Global Inc.	Manufacturing facilities in the U.S. leased to international producer and supplier of packaging solutions	8	19,504		1.5	%	14.0
Pendragon PLC (b)	Dealerships in the United Kingdom leased to automotive retailer	51	19,238		1.4	%	13.2
True Value Company, LLC (e)	Distribution facilities and manufacturing facility in the U.S. leased to global hardware wholesaler	9	18,767		1.4	%	13.8
Kesko Senukai (b)	Distribution facilities and retail properties in Lithuania, Estonia and Latvia leased to European DIY retailer	20	18,636		1.4	%	7.4
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	%	17.8
Koninklijke Jumbo Food Groep B.V (b)	Logistics and cold storage warehouse facilities in the Netherlands leased to European supermarket chain	5	15,538		1.2	%	4.4
Danske Fragtmaend Ejendomme A/S (b)	Distribution facilities in Denmark leased to Danish freight company	15	14,149		1.0	%	12.4
Intergamma Bouwmarkten B.V. (b)	Retail properties in the Netherlands leased to European DIY retailer	36	13,766		1.0	%	8.8
Top 20 Total		472	445,819		33.4	%	14.1
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	%	6.2
Henkel AG & Co. KGaA	Distribution facility in Kentucky leased to global provider of consumer products and adhesives	1	11,624		0.9	%	17.6
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	%	6.2
FM Logistics Corporate SAS (b)	Logistics facilities in the Czech Republic, Poland and Slovakia leased to French third-party logistics provider	4	11,571		0.8	%	1.1
Orgill, Inc.	Distribution facilities in the U.S. leased to global hardware distributor	4	10,987		0.8	%	17.7
Top 25 Total (f)		494	$	504,529	37.8	%	13.6

________

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

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

(c)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.

(d)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.

(e)In October 2024, this tenant announced that it had initiated voluntary Chapter 11 bankruptcy proceedings and had entered an agreement to sell substantially all of its business operations. This tenant remains current on rent, having paid substantially all rent owed through the end of the year.

(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® \| 22

W. P. Carey Inc.

Real Estate – Third Quarter 2024


Diversification by Property Type

In thousands, except percentages. Pro rata. As of September 30, 2024.


	Total Net-Lease Portfolio
Property Type	ABR		ABR %		Square Footage (a)	Square Footage %
U.S.
Industrial	$	326,878	24.5	%	53,789	31.3	%
Warehouse	225,870		16.9	%	44,219	25.7	%
Retail (b)	82,776		6.3	%	3,760	2.2	%
Other (c)	145,543		10.9	%	8,876	5.2	%
U.S. Total	781,067		58.6	%	110,644	64.4	%

International
Industrial	144,260		10.8	%	19,052	11.1	%
Warehouse	150,593		11.3	%	22,206	13.0	%
Retail (b)	207,149		15.5	%	17,585	10.2	%
Other (c)	50,516		3.8	%	2,310	1.3	%
International Total	552,518		41.4	%	61,153	35.6	%

Total
Industrial	471,138		35.3	%	72,841	42.4	%
Warehouse	376,463		28.2	%	66,425	38.7	%
Retail (b)	289,925		21.8	%	21,345	12.4	%
Other (c)	196,059		14.7	%	11,186	6.5	%
Total (d)	$	1,333,585	100.0	%	171,797	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, hotel (net lease), office, research and development, 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 – Third Quarter 2024


Diversification by Tenant Industry

In thousands, except percentages. Pro rata. As of September 30, 2024.


	Total Net-Lease Portfolio
Industry Type	ABR		ABR %		Square Footage	Square Footage %
Retail Stores (a)	$	309,772	23.2	%	37,092	21.6	%
Consumer Services	115,785		8.7	%	6,753	3.9	%
Beverage and Food	109,852		8.2	%	14,988	8.7	%
Automotive	96,851		7.3	%	14,743	8.6	%
Grocery	88,116		6.6	%	7,534	4.4	%
Healthcare and Pharmaceuticals	71,886		5.4	%	6,549	3.8	%
Containers, Packaging, and Glass	59,614		4.5	%	9,967	5.8	%
Capital Equipment	49,036		3.7	%	8,685	5.0	%
Cargo Transportation	48,224		3.6	%	7,659	4.5	%
Hotel and Leisure	47,317		3.5	%	2,214	1.3	%
Durable Consumer Goods	46,964		3.5	%	10,046	5.8	%
Construction and Building	45,236		3.4	%	8,262	4.8	%
Chemicals, Plastics, and Rubber	41,271		3.1	%	7,337	4.3	%
Non-Durable Consumer Goods	39,287		2.9	%	8,000	4.6	%
Business Services	31,810		2.4	%	3,415	2.0	%
High Tech Industries	30,102		2.3	%	4,066	2.4	%
Metals	26,114		2.0	%	4,565	2.7	%
Wholesale	17,126		1.3	%	2,984	1.7	%
Telecommunications	14,680		1.1	%	1,500	0.9	%
Other (b)	44,542		3.3	%	5,438	3.2	%
Total (c)	$	1,333,585	100.0	%	171,797	100.0	%

________

(a)Includes automotive dealerships.

(b)Includes ABR from tenants in the following industries: aerospace and defense, insurance, 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 – Third Quarter 2024


Diversification by Geography

In thousands, except percentages. Pro rata. As of September 30, 2024.


	Total Net-Lease Portfolio
Region	ABR		ABR %		Square Footage (a)	Square Footage %
U.S.
Midwest
Illinois	$	62,425	4.7	%	9,892	5.7	%
Ohio	40,613		3.0	%	8,271	4.8	%
Indiana	31,615		2.4	%	5,516	3.2	%
Michigan	24,347		1.8	%	4,423	2.6	%
Wisconsin	17,070		1.3	%	3,242	1.9	%
Other (b)	50,061		3.8	%	7,165	4.2	%
Total Midwest	226,131		17.0	%	38,509	22.4	%
South
Texas	81,187		6.1	%	10,426	6.1	%
Florida	38,608		2.9	%	3,404	2.0	%
Georgia	25,413		1.9	%	4,067	2.4	%
Tennessee	23,935		1.8	%	3,865	2.2	%
Alabama	22,806		1.7	%	3,394	2.0	%
Other (b)	16,332		1.2	%	2,303	1.3	%
Total South	208,281		15.6	%	27,459	16.0	%
East
North Carolina	40,771		3.1	%	8,757	5.1	%
Pennsylvania	31,534		2.4	%	3,375	1.9	%
South Carolina	22,796		1.7	%	5,307	3.1	%
New York	21,102		1.6	%	2,224	1.3	%
Kentucky	19,023		1.4	%	3,143	1.8	%
Massachusetts	16,505		1.2	%	1,188	0.7	%
Other (b)	46,421		3.5	%	5,964	3.5	%
Total East	198,152		14.9	%	29,958	17.4	%
West
California	57,834		4.3	%	5,463	3.2	%
Arizona	20,880		1.6	%	2,269	1.3	%
Utah	14,842		1.1	%	2,021	1.2	%
Other (b)	54,947		4.1	%	4,965	2.9	%
Total West	148,503		11.1	%	14,718	8.6	%
U.S. Total	781,067		58.6	%	110,644	64.4	%
International
Poland	64,978		4.9	%	8,305	4.8	%
The Netherlands	64,223		4.8	%	7,054	4.1	%
Italy	61,502		4.6	%	8,183	4.8	%
Germany	58,386		4.4	%	5,971	3.5	%
Canada (c)	54,983		4.1	%	5,450	3.2	%
United Kingdom	49,021		3.7	%	4,206	2.4	%
Spain	37,001		2.8	%	3,073	1.8	%
Croatia	26,580		2.0	%	2,063	1.2	%
Denmark	25,935		1.9	%	3,002	1.7	%
France	23,413		1.8	%	1,679	1.0	%
Lithuania	14,025		1.0	%	1,640	1.0	%
Mexico (d)	13,592		1.0	%	2,489	1.4	%
Other (e)	58,879		4.4	%	8,038	4.7	%
International Total	552,518		41.4	%	61,153	35.6	%
Total (f)	$	1,333,585	100.0	%	171,797	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 South include assets in Louisiana, Arkansas, Oklahoma and Mississippi. Other properties within East include assets in New Jersey, Virginia, Connecticut, Maryland, West Virginia, New Hampshire and Maine. Other properties within West include assets in Oregon, Colorado, Nevada, Washington, Hawaii, Idaho, Montana, 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 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 – Third Quarter 2024


Contractual Rent Increases

In thousands, except percentages. Pro rata. As of September 30, 2024.


	Total Net-Lease Portfolio
Rent Adjustment Measure	ABR		ABR %		Square Footage	Square Footage %
Uncapped CPI	$	439,197	32.9	%	43,767	25.5	%
Capped CPI	268,027		20.1	%	38,547	22.4	%
CPI-linked	707,224		53.0	%	82,314	47.9	%
Fixed	578,196		43.4	%	83,886	48.8	%
Other (a)	43,102		3.2	%	3,246	1.9	%
None	5,063		0.4	%	272	0.2	%
Vacant	—		—	%	2,079	1.2	%
Total (b)	$	1,333,585	100.0	%	171,797	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.


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W. P. Carey Inc.

Real Estate – Third 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 September 30, 2023 to September 30, 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 September 30, 2024.


	ABR
	As of
	Sep. 30, 2024		Sep. 30, 2023		Increase		% Increase
Property Type
Industrial	$	411,908	$	399,872	$	12,036	3.0	%
Warehouse	333,379		326,721		6,658		2.0	%
Retail (a)	254,667		246,586		8,081		3.3	%
Other (b)	158,445		153,988		4,457		2.9	%
Total	$	1,158,399	$	1,127,167	$	31,232	2.8	%

Rent Adjustment Measure
Uncapped CPI	$	410,281	$	395,351	$	14,930	3.8	%
Capped CPI	225,514		220,098		5,416		2.5	%
CPI-linked	635,795		615,449		20,346		3.3	%
Fixed	512,488		501,602		10,886		2.2	%
Other (c)	6,470		6,470		—		—	%
None	3,646		3,646		—		—	%
Total	$	1,158,399	$	1,127,167	$	31,232	2.8	%

Geography
U.S.	$	668,466	$	652,505	$	15,961	2.4	%
Europe	416,749		403,482		13,267		3.3	%
Other International (d)	73,184		71,180		2,004		2.8	%
Total	$	1,158,399	$	1,127,167	$	31,232	2.8	%

Same-Store Portfolio Summary
Number of properties	1,113
Square footage (in thousands)	146,233


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W. P. Carey Inc.

Real Estate – Third Quarter 2024

Comprehensive Same-Store Growth

Same-store portfolio includes net leased properties that were continuously owned and in place during the quarter ended September 30, 2023 through September 30, 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 September 30, 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
	Sep. 30, 2024		Sep. 30, 2023		Increase		% Increase
Property Type
Industrial	$	105,716	$	104,829	$	887	0.8	%
Warehouse	84,964		85,282		(318)		(0.4)	%
Retail (a)	67,649		67,200		449		0.7	%
Other (b)	42,831		43,124		(293)		(0.7)	%
Total	$	301,160	$	300,435	$	725	0.2	%

Rent Adjustment Measure
Uncapped CPI	$	105,694	$	105,186	$	508	0.5	%
Capped CPI	56,183		54,790		1,393		2.5	%
CPI-linked	161,877		159,976		1,901		1.2	%
Fixed	129,937		130,311		(374)		(0.3)	%
Other (c)	8,145		8,298		(153)		(1.8)	%
None	1,201		1,850		(649)		(35.1)	%
Total	$	301,160	$	300,435	$	725	0.2	%

Geography
U.S.	$	178,023	$	178,120	$	(97)	(0.1)	%
Europe	104,919		104,605		314		0.3	%
Other International (d)	18,218		17,710		508		2.9	%
Total	$	301,160	$	300,435	$	725	0.2	%

Same-Store Portfolio Summary
Number of properties	1,201
Square footage (in thousands)	156,920


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W. P. Carey Inc.

Real Estate – Third Quarter 2024

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


	Three Months Ended
	Sep. 30, 2024		Sep. 30, 2023
Consolidated Lease Revenues
Total lease revenues – as reported	$	334,039	$	369,159
Income from finance leases and loans receivable	15,712		27,575
Less: Reimbursable tenant costs – as reported	(13,337)		(20,498)
Less: Income from secured loans receivable	(556)		(1,567)
	335,858		374,669

Adjustments for Pro Rata Ownership of Real Estate Joint Ventures:
Add: Pro rata share of adjustments from equity method investments	3,848		3,894
Less: Pro rata share of adjustments for noncontrolling interests	(195)		(317)
	3,653		3,577

Adjustments for Pro Rata Non-Cash Items:
Less: Straight-line and other leasing and financing adjustments	(21,187)		(18,662)
Add: Above- and below-market rent intangible lease amortization	6,263		7,835
Less: Adjustments for pro rata ownership	(1,289)		(1,515)
	(16,213)		(12,342)

Adjustment to normalize for (i) properties not continuously owned since July 1, 2023 and (ii) constant currency presentation for prior year quarter (e)	(22,138)		(65,469)

Same-Store Pro Rata Rental Income	$	301,160	$	300,435

________

(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, hotel (net lease), office, research and development, 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 September 30, 2023 through September 30, 2024. In addition, for the three months ended September 30, 2023, an adjustment is made to reflect average exchange rates for the three months ended September 30, 2024 for purposes of comparability, since same-store pro rata rental income is presented on a constant currency basis.


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W. P. Carey Inc.

Real Estate – Third Quarter 2024


Leasing Activity

Dollars in thousands. For the three months ended September 30, 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	1,012,665	5	$	7,456		$	8,074	108.3	%	$	1,448	$	762	10.4 years
Warehouse	—	—	—			—		—	%	—		—		N/A
Retail	458,278	4	5,604			5,791		103.3	%	2,799		150		12.3 years
Self-Storage (net lease) *	1,813,628	27	25,808			26,200		101.5	%	—		—		5.3 years
Other	—	—	—			—		—	%	—		—		N/A
Total / Weighted Average	3,284,571	36	$	38,868		$	40,065	103.1	%	$	4,247	$	912	7.2 years

* On September 1, 2024, ABR for 27 self-storage properties increased to $26.2 million in connection with a lease amendment. ABR will increase to $28.0 million on March 1, 2025, and escalate annually thereafter.

Q3 Summary
Prior Lease ABR (% of Total Portfolio)			2.9		%


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	—	—	—		—		—		N/A
Retail	128,252	1	1,120		3,919		—		18.0 years
Self-Storage (net lease) (d)	1,010,741	12	9,357		—		—		25.0 years
Other	—	—	—		—		—		N/A
Total / Weighted Average (e)	1,138,993	13	$	10,477	$	3,919	$	—	24.2 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)On September 1, 2024, we converted 12 self-storage operating properties to net leases. Four additional self-storage operating properties will be converted to net leases during 2025.

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


						Investing for the Long Run® \| 30

W. P. Carey Inc.

Real Estate – Third Quarter 2024


Lease Expirations

Dollars and square footage in thousands. Pro rata. As of September 30, 2024.


Year of Lease Expiration (a)	Number of Leases Expiring	Number of Tenants with Leases Expiring	ABR		ABR %		Square Footage	Square Footage %
Remaining 2024	6	6	$	4,435	0.3	%	1,051	0.6	%
2025	24	16	35,568		2.7	%	4,610	2.7	%
2026	38	29	62,075		4.7	%	8,539	5.0	%
2027	43	26	63,534		4.8	%	7,149	4.2	%
2028	41	25	55,056		4.1	%	4,465	2.6	%
2029	61	34	78,455		5.9	%	9,376	5.4	%
2030	32	28	36,528		2.7	%	3,930	2.3	%
2031	38	21	69,438		5.2	%	8,457	4.9	%
2032	37	20	37,422		2.8	%	5,326	3.1	%
2033	29	22	79,107		5.9	%	11,790	6.9	%
2034	56	25	84,943		6.4	%	9,509	5.5	%
2035	19	15	37,012		2.8	%	6,440	3.7	%
2036	44	18	71,250		5.3	%	10,827	6.3	%
2037	32	16	40,861		3.1	%	5,454	3.2	%
Thereafter (>2037)	285	121	577,901		43.3	%	72,795	42.4	%
Vacant	—	—	—		—	%	2,079	1.2	%
Total (b)	785		$	1,333,585	100.0	%	171,797	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 – Third Quarter 2024


Self-Storage Operating Properties Portfolio

Square footage in thousands. Pro rata. As of September 30, 2024.


State / District	Number of Properties	Number of Units	Square Footage	Square Footage %		Period End Occupancy
Florida	20	14,750	1,594	28.0	%	90.5	%
Texas	14	8,105	995	17.4	%	86.1	%
Illinois	10	4,821	666	11.7	%	89.3	%
California	8	5,440	677	11.9	%	94.6	%
Georgia	5	2,060	250	4.4	%	89.2	%
Nevada	3	2,423	243	4.3	%	89.4	%
Delaware	3	1,678	241	4.2	%	93.7	%
Hawaii	2	956	95	1.7	%	95.1	%
Tennessee	2	887	122	2.1	%	90.4	%
North Carolina	1	947	121	2.1	%	89.9	%
Washington, DC	1	880	67	1.2	%	93.1	%
Arkansas	1	858	115	2.0	%	68.9	%
New York	1	793	61	1.1	%	78.1	%
Kentucky	1	762	121	2.1	%	96.5	%
Ohio	1	598	73	1.3	%	68.9	%
Louisiana	1	541	59	1.0	%	89.2	%
South Carolina	1	490	63	1.1	%	96.1	%
Massachusetts	1	482	58	1.0	%	90.7	%
Oregon	1	442	40	0.7	%	93.2	%
Missouri	1	329	41	0.7	%	89.5	%
Total (a)	78	48,242	5,702	100.0	%	89.9	%

________

(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

Third Quarter 2024


						Investing for the Long Run® \| 33

W. P. Carey Inc.

Appendix – Third Quarter 2024


Normalized Pro Rata Cash NOI

In thousands.


	Three Months Ended Sep. 30, 2024
Consolidated Lease Revenues
Total lease revenues – as reported	$	334,039
Income from finance leases and loans receivable – as reported	15,712
Less: Income from secured loans receivable	(556)

Less: Consolidated Reimbursable and Non-Reimbursable Property Expenses
Reimbursable property expenses – as reported	13,337
Non-reimbursable property expenses – as reported	10,993
	324,865

Plus: NOI from Operating Properties
Self-storage revenues	22,979
Self-storage expenses	(8,272)
	14,707

Hotel revenues	11,569
Hotel expenses	(8,135)
	3,434

Student housing and other revenues	2,775
Student housing and other expenses	(1,358)
	1,417

	344,423

Adjustments for Pro Rata Ownership of Real Estate Joint Ventures:
Add: Pro rata share of NOI from equity method investments (a)	3,514
Less: Pro rata share of NOI attributable to noncontrolling interests	(184)
	3,330

	347,753

Adjustments for Pro Rata Non-Cash Items:
Less: Straight-line and other leasing and financing adjustments	(21,187)
Add: Above- and below-market rent intangible lease amortization	6,263
Add: Other non-cash items	489
	(14,435)

Pro Rata Cash NOI (b)	333,318

Adjustment to normalize for investments and dispositions (c)	3,288

Normalized Pro Rata Cash NOI (b)	$	336,606


						Investing for the Long Run® \| 34

W. P. Carey Inc.

Appendix – Third 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 Sep. 30, 2024
Net Income Attributable to W. P. Carey
Net income attributable to W. P. Carey – as reported	$	111,698
Adjustments for Consolidated Operating Expenses
Add: Operating expenses – as reported	194,230
Less: Operating property expenses – as reported	(17,765)
Less: Property expenses, excluding reimbursable tenant costs – as reported	(10,993)
	165,472

Adjustments for Other Consolidated Revenues and Expenses:
Add: Other income and (expenses) – as reported	82,457
Less: Reimbursable property expenses – as reported	(13,337)
Add: Provision for income taxes – as reported	9,044
Less: Other lease-related income – as reported	(7,701)
Less: Asset management fees revenue – as reported	(1,557)
Less: Other advisory income and reimbursements – as reported	(1,051)
	67,855

Other Adjustments:
Less: Straight-line and other leasing and financing adjustments	(21,187)
Add: Above- and below-market rent intangible lease amortization	6,263
Add: Adjustments for pro rata ownership	3,312
Adjustment to normalize for investments and dispositions (c)	3,288
Less: Income from secured loans receivable	(556)
Add: Property expenses, excluding reimbursable tenant costs, non-cash	461
	(8,419)

Normalized Pro Rata Cash NOI (b)	$	336,606

________

(a)Includes $1.2 million from equity method investments in self-storage operating properties.

(b)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.

(c)For properties acquired and capital investments and commitments completed during the three months ended September 30, 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 September 30, 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 – Third Quarter 2024


Adjusted EBITDA – Last Five Quarters

In thousands.


	Three Months Ended
	Sep. 30, 2024		Jun. 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023
Net income	$	111,652	$	142,854	$	159,086	$	144,244	$	124,999

Adjustments to Derive Adjusted EBITDA (a)
Depreciation and amortization	115,705		137,481		118,768		129,484		144,771
Other (gains) and losses (b)	77,107		(2,504)		(13,839)		45,777		(2,859)
Interest expense	72,526		65,307		68,651		72,194		76,974
Gain on change in control of interests (c)	(31,849)		—		—		—		—
Straight-line and other leasing and financing adjustments (d)	(21,187)		(15,310)		(19,553)		(19,071)		(18,662)
Gain on sale of real estate, net (e)	(15,534)		(39,363)		(15,445)		(134,026)		(2,401)
Stock-based compensation expense	13,468		8,903		8,856		8,693		9,050
Provision for income taxes	9,044		6,219		8,674		13,714		5,090
Above- and below-market rent intangible lease amortization	6,263		5,766		4,068		6,644		7,835
Other amortization and non-cash charges	459		454		448		21		457
Merger and other expenses (f)	283		206		4,452		(641)		4,152
Impairment charges — real estate (g)	—		15,752		—		71,238		15,173
	226,285		182,911		165,080		194,027		239,580

Adjustments for Pro Rata Ownership
Real Estate Joint Ventures:
Add: Pro rata share of adjustments for equity method investments	1,312		1,242		2,814		2,664		2,656
Less: Pro rata share of adjustments for amounts attributable to noncontrolling interests	(213)		(234)		(154)		(267)		(400)
	1,099		1,008		2,660		2,397		2,256

Adjusted EBITDA (h)	$	339,036	$	326,773	$	326,826	$	340,668	$	366,835

________

(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, and foreign currency exchange rate movements, as well as 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 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 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)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. Amount for the three months ended September 30, 2023 is primarily comprised of costs incurred in connection with the Spin-Off.

(g)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.

(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 – Third 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 – Third 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 September 30, 2024 is equal to $263.0 million, comprised of interest expense calculated in accordance with GAAP ($278.7 million), plus capitalized interest ($0.9 million) and other non-cash amortization expense ($0.1 million), less amortization of deferred financing costs and debt premiums/discounts ($18.9 million), adjusted for pro rata ownership ($2.4 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 September 30, 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® 3Q24 W. P. Carey Inc. Investor Presentation Exhibit 99.3

Table of Contents Unless otherwise noted, all data in this presentation is as of September 30, 2024. Amounts may not sum to totals due to rounding. Overview Real Estate Portfolio Balance Sheet ESG 3 7 19 23

3 Overview

4 Size One of the largest owners of net lease real estate and among the top 25 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 September 30, 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 1,430 Number of Tenants 346 Square Footage 171.8 million ABR $1.33 billion North America / Europe / Other (% of ABR) 64% / 36% / 1% Contractual Rent Escalation: CPI-linked / Fixed / Other (2) 53% / 43% / 4% WALT 12.2 years Occupancy 98.8% Investment Grade Tenants (% of ABR) 24.6% Top 10 Tenant Concentration (% of ABR) 20.2% Se lf- St or ag e (3 ) Number of Properties 78 Number of Units 48,242 Average Occupancy 89.9%

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 24.9 2.7% Pharmaceutical R&D and manufacturing properties in the Greater Toronto Area leased to generic drug manufacturer (2) 11 32 18.5 2.4% Business-to-business retail stores in Italy leased to cash and carry wholesaler 19 29 4.1 2.2% Retail properties in Germany leased to German DIY retailer (3) 35 26 19.4 2.0% Grocery stores and one warehouse in Croatia leased to European food retailer 19 26 9.6 1.9% Retail properties in Poland leased to German DIY retailer 26 26 6.6 1.9% Automotive parts manufacturing properties in the U.S., Canada and Mexico leased to OEM supplier (2)(4) 23 25 18.6 1.9% Industrial and warehouse facilities in Germany, Italy and Spain leased to global manufacturer of premium packaging and labels 16 24 19.2 1.8% K-12 private schools in Orlando, Miami and Houston leased to international day and boarding school operator 3 23 19.0 1.7% Grocery stores and warehouses in Spain leased to Spanish food retailer 63 22 11.5 1.7% Top 10 Total 254 $269 15.4 yrs 20.2% Industrial facilities in the U.S. and Canada leased to concrete and building products manufacturer (2) 27 20 18.7 1.5% Distribution facilities in the U.S. leased to automotive aftermarket parts provider 29 20 8.3 1.5% Manufacturing facilities in the U.S. leased to international producer and supplier of packaging solutions 8 20 14.0 1.5% Dealerships in the United Kingdom leased to automotive retailer 51 19 13.2 1.4%

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 (5) 9 19 13.8 1.4% Distribution facilities and retail properties in Lithuania, Estonia and Latvia leased to European DIY retailer 20 19 7.4 1.4% Production, packaging and distribution facilities in the U.S. leased to North American contract food manufacturer 18 17 17.8 1.3% Logistics and cold storage warehouse facilities in the Netherlands leased to European supermarket chain 5 16 4.4 1.2% Distribution facilities in Demark leased to Danish freight company 15 14 12.4 1.0% Retail properties in the Netherlands leased to European DIY retailer 36 14 8.8 1.0% Top 20 Total 472 $446 14.1 yrs 33.4% Retail properties and single distribution facility in the U.S. leased to sporting good retailer 9 13 6.2 1.0% Distribution facility in Kentucky leased to global provider of consumer products and adhesives 1 12 17.6 0.9% Cold storage warehouse facilities in the Los Angeles and San Francisco areas leased to publicly traded cold storage REIT 4 12 6.2 0.9% Logistics facilities in the Czech Republic, Poland and Slovakia leased to French third-party logistics provider 4 12 1.1 0.8% Distribution facilities in the U.S. leased to global hardware distributor 4 11 17.7 0.8% Top 25 Total 494 $505 13.6 yrs 37.8% Top 25 Net Lease Tenants (continued) (1) 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of September 30, 2024. 2. ABR from these properties is denominated in U.S. dollars. 3. 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. 4. 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. 5. In October 2024, this tenant announced that it had initiated voluntary Chapter 11 bankruptcy proceedings and had entered an agreement to sell substantially all of its business operations. This tenant remains current on rent, having paid substantially all rent owed through the end of the year.

11 35% 28% 22% 15% 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of September 30, 2024. 2. Includes automotive dealerships. 3. Includes education facility, self-storage (net lease), specialty, laboratory, hotel (net lease), office, research and development, and land. 4. Includes tenants in the following industries: high tech industries; metals; wholesale; telecommunications; aerospace and defense; insurance; 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 35% Warehouse 28% Retail (2) 22% Other (3) 15% 23% 9% 8% 7% 7% 5% 4% 4% 4% 4% 4% 3% 3% 3% 2% 10% Retail Stores (2) 23% Consumer Services 9% Beverage and Food 8% Automotive 7% Grocery 7% Healthcare and Pharmaceuticals 5% Containers, Packaging and Glass 4% Capital Equipment 4% Cargo Transportation 4% Hotel and Leisure 4% Durable Consumer Goods 4% Construction and Building 3% Chemicals, Plastics and Rubber 3% Non-Durable Consumer Goods 3% Business Services 2% Other (4) 10%

12 North America, 64% $850MM United States, 59% $781MM Canada (2), 4% $55MM Mexico (3), 1% $14MM Europe, 36% $476MM Other (4), 1% $8MM 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of September 30, 2024. 2. $49MM (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 33% Fixed 43% Capped CPI 20% Other (2) 3% CPI-linked 53% None <1% 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of September 30, 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 53% linked to CPI Internal Growth from Contractual Rent Increases (1)

14 1.8% 2.7% 3.0% 3.4% 3.4% 4.3% 4.3% 4.2% 4.1% 3.1% 2.9% 2.8% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 1. Contractual same store portfolio includes leases that were continuously in place during the period from September 30, 2023 to September 30, 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 September 30, 2024. Contractual same store growth of 2.8% (1) Same Store ABR Growth

15 0.3% 2.7% 4.7% 4.8% 4.1% 5.9% 2.7% 5.2% 2.8% 5.9% 6.4% 54.5% 0% 10% 20% 30% 40% 50% 60% 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Thereafter 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of September 30, 2024. 2. Assumes tenants do not exercise any renewal or purchase options. Weighted-average lease term of 12.2 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% 98.8% 0% 20% 40% 60% 80% 100% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 3Q24 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: $86 million Transaction Type: Sale-leaseback Facility Type: Industrial / Warehouse Location: Various, Italy (4) / Laval, Canada (1) Gross Square Footage: 1,081,900 Lease Term: 25-year lease* Rent Escalation: Italian CPI / Fixed (Canada) Metra March 2024 (5 properties) 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) Zabka July / September 2024 (123 properties) Purchase Price: $32 million Transaction Type: Sale-leaseback Facility Type: Retail Location: Various, Poland Gross Square Footage: 146,930 Lease Term: 20-year lease Rent Escalation: Eurozone CPI Recent Acquisitions – Case Studies * As part of the transaction, WPC’s existing Canadian lease with Metra was reset to a term of 25 years. Portfolio Acquisition

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: $14 million expansion Facility Type: Industrial Location: Salisbury, NC Additional Gross Square Footage: 125,549 Lease Term: 15-year lease* Rent Escalation: Fixed Hexagon Composites Completed March 2024 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 Capital Investments – Case Studies * As part of the transaction, WPC’s existing lease on the entire facility was reset to a term of 15 years. * 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) 9/30/24 Total Equity (2) $13,634 Pro Rata Net Debt Senior Unsecured Notes USD 2,800 Senior Unsecured Notes EUR 3,387 Mortgage Debt, pro rata USD 337 Mortgage Debt, pro rata (EUR $139 / Other $68) 208 Unsecured Revolving Credit Facility USD 0 Unsecured Revolving Credit Facility (EUR $213 / Other $17) 230 Unsecured Term Loans (EUR $801 / GBP $362) 1,162 Total Pro Rata Debt $8,124 Less: Cash and Cash Equivalents (818) Less: Cash Held at Qualified Intermediaries (27) Total Pro Rata Net Debt $7,278 Enterprise Value $20,912 Total Capitalization $21,758 Leverage Metrics Pro Rata Net Debt / Adjusted EBITDA (3)(4) 5.4x Pro Rata Net Debt / Enterprise Value (2)(3) 34.8% Total Consolidated Debt / Gross Assets (5) 41.1% Weighted Average Interest Rate (three months ended Sep 30, 2024) (pro rata) 3.4% Weighted Average Debt Maturity (pro rata) 4.5 years Capitalization (%) • Size: Large, well-capitalized balance sheet with $20.9B in total enterprise value • Credit Rating: Investment grade rated Baa1 by Moody’s and BBB+ by S&P • Liquidity: Ample liquidity of $2.6B at quarter end including $845MM 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 Issuance: €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: €500MM term loan swapped to 4.34% in April 2023, due 2026 – ATM: Issued an aggregate $852MM of net ATM equity in 2022 / 2023 Balance Sheet Highlights 63% 28% 6% 3% Equity (2) Senior Unsecured Notes 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 $62.30 on September 30, 2024 and 218,847,015 common shares outstanding as of September 30, 2024. 3. 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. 4. Adjusted EBITDA represents 3Q24 annualized Adjusted EBITDA, as reported in the Form 8-K filed with the SEC on October 29, 2024. 5. 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.

21 % of Total (4) 0.1% 8.6% 20.1% 7.3% 15.3% 9.0% 7.2% 6.2% 16.0% 5.3% 4.9% Interest Rate (4) 4.5% 4.2% 3.7% 2.2% 3.4% 3.8% 1.0% 2.4% 3.7% 2.3% 5.4% $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 September 30, 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 September 30, 2024. 4 241 153 29 73 11 2 560 560 560 168 588 952 450 350 325 500 350 425 400 560 603 230 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2024 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 Principal at Maturity (1)

22 Metric Covenant September 30, 2024 Total Leverage Total Debt / Total Assets ≤ 60% 41.1% Secured Debt Leverage Secured Debt / Total Assets ≤ 40% 2.3% Fixed Charge Coverage Consolidated EBITDA / Annual Debt Service Charge ≥ 1.5x 4.7x Maintenance of Unencumbered Asset Value Unencumbered Assets / Total Unsecured Debt ≥ 150% 235.1% 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 September 30, 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 and (xii) $400 million 5.375% senior unsecured notes 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. Investment grade balance sheet rated Baa1 (stable) by Moody’s and BBB+ (stable) by S&P Senior Unsecured Notes (2) Unsecured Bond Covenants (1)

23 ESG

24 We continue to demonstrate our ongoing commitment to sustainability initiatives, corporate social responsibility and governance as described in our sixth annual ESG Report ESG Governance Social Environmental  Selected as one of Fortune’s 2024 Best Workplaces in Real Estate , Best Workplaces for Women and Best Workplaces in New York  Earned 2024 Great Place to Work Certification in the U.S. and Europe  Supported breast cancer research and awareness with our 9th annual GoPink initiative, raising over $17,000 for cancer charities in the U.S., U.K. and Amsterdam, including matches from the W. P. Carey Foundation  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: 6.8M sq. ft. of green-certified buildings¹ 7 LEED-certified buildings 15 BREEAM-certified buildings 28% of portfolio (by sq. ft.) under a green lease Portfolio data as of September 30, 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.

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, 2023. 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 September 30, 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 September 30, 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	Oct. 29, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Oct. 29, 2024
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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