EX-99.2 3 wpc2024q3supplementalexh992.htm EX-99.2

Exhibit 99.2

W. P. Carey Inc.

Supplemental Information

Third Quarter 2024

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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.

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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

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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

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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.

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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

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(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.

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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.

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W. P. Carey Inc.

Financial Results

Third Quarter 2024

						Investing for the Long Run® | 5

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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

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(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 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.

(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.

(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.

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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

________

(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)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.

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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.

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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.

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W. P. Carey Inc.

Balance Sheets and Capitalization

Third Quarter 2024

						Investing for the Long Run® | 10

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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

________

(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.

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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.

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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.

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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.

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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

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W. P. Carey Inc.

Real Estate

Third Quarter 2024

						Investing for the Long Run® | 16

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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

14

93,007

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

Various, Italy

Industrial, Warehouse

Jan-24

148,131

Sale-leaseback

20

1,739,312

Hexagon Composites ASA

Salisbury, NC

Industrial

Mar-24

13,800

Expansion

15

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

25

1,081,900

1Q24 Total

278,480

21

3,039,768

2Q24

Danske Fragtmaend Ejendomme A/S (b)

Fredericia, Denmark

Warehouse

Apr-24

2,029

Renovation

17

N/A

Hanesbrands Inc.

Commercial Point, OH

Warehouse

Apr-24

94,220

Acquisition

9

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

10

302,445

Portfolio Acquisition:

AMCP Clean Holding Company, LLC (5 properties)

Various, United States

Industrial, Warehouse

May-24

44,400

Acquisition

10

432,233

Hadley Products Corporation (4 properties)

Various, United States

Industrial

May-24

23,330

Acquisition

13

514,462

Cleveland-Cliffs Inc.

Sylacauga, AL

Industrial

May-24

5,852

Acquisition

13

111,249

Specialty Building Products, Inc. (2 properties)

Moxee, WA and La Porte, IN

Industrial

Jun-24

37,019

Acquisition

14

741,870

Portfolio Total (12 properties)

110,601

12

1,799,814

EOS Fitness OPCO Holdings, LLC (2 properties)

Mesa and Laveen, AZ

Retail

Jun-24

26,964

Acquisition

20

84,000

Terran Orbital Corporation

Irvine, CA

Industrial

Jun-24

14,462

Redevelopment

10

94,195

2Q24 Total

290,313

12

3,534,791

3Q24

Portfolio Acquisition:

American Leather Holdings, LLC (3 properties)

Various, NC

Industrial, Retail

Jul-24

18,260

Acquisition

15

331,317

M&Q Holdings, LLC

Neenah, WI

Industrial

Jul-24

19,868

Acquisition

14

338,734

Specialty Building Products, Inc. (b)

Alexandria, Canada

Warehouse

Aug-24

26,030

Acquisition

13

369,581

Cleveland-Cliffs Inc. (2 properties)

Tillsonburg and Oldcastle, Canada

Industrial

Aug-24

15,919

Acquisition

13

276,000

Portfolio Total (7 properties)

80,077

14

1,315,632

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

Various, Poland

Retail

Jul-24; Sep-24

31,508

Sale-leaseback

20

146,930

EOS Fitness OPCO Holdings, LLC

Las Vegas, NV

Retail

Aug-24

12,471

Acquisition

20

40,021

Topgolf International, Inc.

West Des Moines, IA

Retail

Aug-24

21,063

Sale-leaseback

20

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

25

64,096

3Q24 Total

163,027

17

1,677,742

Year-to-Date Total

731,820

16

8,252,301

						Investing for the Long Run® | 17

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												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

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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.

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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.

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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.

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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.

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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.

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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.

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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

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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.

						Investing for the Long Run® | 26

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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.

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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.

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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.

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W. P. Carey Inc.

Appendix

Third Quarter 2024

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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

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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.

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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.

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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 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 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.

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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.

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