EX-99.2 3 wpc2024q4supplementalexh992.htm EX-99.2

Exhibit 99.2

W. P. Carey Inc.

Supplemental Information

Fourth 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
ASC			Accounting Standards Codification
NAREIT			National Association of Real Estate Investment Trusts (an industry trade group)
EUR			Euro
EURIBOR			Euro Interbank Offered Rate
SONIA			Sterling Overnight Index Average
TIBOR			Tokyo Interbank Offered Rate

Important Note Regarding Non-GAAP Financial Measures

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

Amounts may not sum to totals due to rounding.

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

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W. P. Carey Inc.

Supplemental Information – Fourth Quarter 2024

Table of Contents

Overview
Summary Metrics			1
Components of Net Asset Value			3
Financial Results
Consolidated Statements of Income – Last Five Quarters			6
FFO and AFFO, Consolidated – Last Five Quarters			7
Elements of Pro Rata Statement of Income and AFFO Adjustments			8
Capital Expenditures			9
Balance Sheets and Capitalization
Consolidated Balance Sheets			11
Capitalization			12
Debt Overview			13
Debt Maturity			14
Senior Unsecured Notes			15
Real Estate
Investment Activity
Investment Volume			17
Capital Investments and Commitments			19
Dispositions			20
Joint Ventures			21
Top 25 Tenants			22
Diversification by Property Type			23
Diversification by Tenant Industry			24
Diversification by Geography			25
Contractual Rent Increases			26
Same-Store Analysis			27
Leasing Activity			30
Lease Expirations			31
Self-Storage Operating Properties Portfolio			32
Appendix
Normalized Pro Rata Cash NOI			34
Adjusted EBITDA – Last Five Quarters			36
Disclosures Regarding Non-GAAP and Other Metrics			37

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W. P. Carey Inc.

Overview – Fourth Quarter 2024

Summary Metrics

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

Financial Results
Revenues, including reimbursable costs – consolidated ($000s)																											$	406,165
Net income attributable to W. P. Carey ($000s)																											47,023
Net income attributable to W. P. Carey per diluted share																											0.21
Normalized pro rata cash NOI ($000s) (a) (b)																											344,447
Adjusted EBITDA ($000s) (a) (b)																											342,628
AFFO attributable to W. P. Carey ($000s) (a) (b)																											267,606
AFFO attributable to W. P. Carey per diluted share (a) (b)																											1.21
Dividends declared per share – current quarter																											0.880
Dividends declared per share – current quarter annualized																											3.520
Dividend yield – annualized, based on quarter end share price of $54.48																											6.5		%
Dividend payout ratio – for the year ended December 31, 2024 (c)																											74.3		%
Balance Sheet and Capitalization
Equity market capitalization – based on quarter end share price of $54.48 ($000s)																											$	11,922,885
Pro rata net debt ($000s) (d)																											7,535,987
Enterprise value ($000s)																											19,458,872
Total consolidated debt ($000s)																											8,039,002
Gross assets ($000s) (e)																											19,337,491
Liquidity ($000s) (f)																											2,594,623
Pro rata net debt to enterprise value (b)																											38.7		%
Pro rata net debt to adjusted EBITDA (annualized) (a) (b)																											5.5x
Total consolidated debt to gross assets																											41.6		%
Total consolidated secured debt to gross assets																											2.1		%
Cash interest expense coverage ratio (a) (b)																											5.1x
Weighted-average interest rate – for the three months ended December 31, 2024 (b)																											3.3		%
Weighted-average interest rate – as of December 31, 2024 (b)																											3.3		%
Weighted-average debt maturity (years) (b)																											4.7
Moody's Investors Service – issuer rating																											Baa1 (stable)
Standard & Poor's Ratings Services – issuer rating																											BBB+ (stable)
Real Estate Portfolio (Pro Rata)
ABR – total portfolio ($000s) (g)																											$	1,337,172
ABR – unencumbered portfolio (% / $000s) (g) (h)															95.5% /												$	1,277,503
Number of net-leased properties																											1,555
Number of operating properties (i)																											84
Number of tenants – net-leased properties																											355
ABR from top ten tenants as a % of total ABR – net-leased properties																											19.3		%
ABR from investment grade tenants as a % of total ABR – net-leased properties (j)																											24.2		%
Contractual same-store growth (k)																											2.6		%
Net-leased properties – square footage (millions)																											176.4
Occupancy – net-leased properties																											98.6		%
Weighted-average lease term (years)																											12.3
Investment volume – current quarter ($000s)																											$	841,329
Dispositions – current quarter ($000s)																											118,804
Maximum commitment for capital investments and commitments expected to be completed during 2025 ($000s)																											98,581

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						Investing for the Long Run® | 1

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W. P. Carey Inc.

Overview – Fourth Quarter 2024

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

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

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

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

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

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

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

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

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

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

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

						Investing for the Long Run® | 2

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W. P. Carey Inc.

Overview – Fourth Quarter 2024

Components of Net Asset Value

In thousands.

Normalized Pro Rata Cash NOI (a) (b)															Three Months Ended Dec 31, 2024
Net lease properties															$	326,872
Self-storage and other operating properties (c)															17,575
Total normalized pro rata cash NOI (a) (b)															$	344,447
Balance Sheet – Selected Information (Consolidated Unless Otherwise Stated)															As of Dec. 31, 2024
Assets
Book value of real estate excluded from normalized pro rata cash NOI (d)															$	355,198
Cash and cash equivalents															640,373
Las Vegas retail complex construction loan (e)															248,972
Other secured loans receivable, net															31,857
Other assets, net:
Straight-line rent adjustments															$	384,587
Investment in shares of Lineage (a cold storage REIT) (f)															270,919
Deferred charges															76,723
Taxes receivable															62,885
Office lease right-of-use assets, net															51,319
Restricted cash, including escrow (excludes cash held at qualified intermediaries)															35,692
Non-rent tenant and other receivables															35,569
Securities and derivatives															23,828
Deferred income taxes															17,589
Cash held at qualified intermediaries (g)															14,636
Prepaid expenses															14,628
Leasehold improvements, furniture and fixtures															12,246
Rent receivables (h)															1,092
Due from affiliates															1,089
Other															42,416
Total other assets, net															$	1,045,218
Liabilities
Total pro rata debt outstanding (b) (i)															$	8,190,996
Dividends payable															197,612
Deferred income taxes															147,461
Accounts payable, accrued expenses and other liabilities:
Accounts payable and accrued expenses															$	192,042
Operating lease liabilities															143,274
Prepaid and deferred rents															131,736
Accrued taxes payable															44,280
Tenant security deposits															42,735
Securities and derivatives															898
Other															42,029
Total accounts payable, accrued expenses and other liabilities															$	596,994

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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 – Fourth Quarter 2024

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

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

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

						Investing for the Long Run® | 4

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W. P. Carey Inc.

Financial Results

Fourth Quarter 2024

						Investing for the Long Run® | 5

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W. P. Carey Inc.

Financial Results – Fourth Quarter 2024

Consolidated Statements of Income – Last Five Quarters

In thousands, except share and per share amounts.

			Three Months Ended
			Dec. 31, 2024						Sep. 30, 2024						Jun. 30, 2024						Mar. 31, 2024						Dec. 31, 2023
Revenues
Real Estate:
Lease revenues			$	351,394					$	334,039					$	324,104					$	322,251					$	336,757
Income from finance leases and loans receivable			16,796						15,712						14,961						25,793						31,532
Operating property revenues			34,132						37,323						38,715						36,643						39,477
Other lease-related income			1,329						7,701						9,149						2,155						2,610
			403,651						394,775						386,929						386,842						410,376
Investment Management:
Asset management revenue (a)			1,461						1,557						1,686						1,893						1,348
Other advisory income and reimbursements (b)			1,053						1,051						1,057						1,063						713
			2,514						2,608						2,743						2,956						2,061
			406,165						397,383						389,672						389,798						412,437
Operating Expenses
Depreciation and amortization			115,770						115,705						137,481						118,768						129,484
Impairment charges — real estate (c)			27,843						—						15,752						—						71,238
General and administrative			24,254						22,679						24,168						27,868						21,579
Operating property expenses			16,586						17,765						18,565						17,950						20,403
Reimbursable tenant costs			15,661						13,337						14,004						12,973						18,942
Property expenses, excluding reimbursable tenant costs			12,580						10,993						13,931						12,173						13,287
Stock-based compensation expense			9,667						13,468						8,903						8,856						8,693
Merger and other expenses (d)			(484)						283						206						4,452						(641)
			221,877						194,230						233,010						203,040						282,985
Other Income and Expenses
Other gains and (losses) (e)			(77,224)						(77,107)						2,504						13,839						(45,777)
Interest expense			(70,883)						(72,526)						(65,307)						(68,651)						(72,194)
Non-operating income (f)			13,847						13,669						9,215						15,505						7,445
Gain on sale of real estate, net (g)			4,480						15,534						39,363						15,445						134,026
Earnings from equity method investments			302						6,124						6,636						4,864						5,006
Gain on change in control of interests (h)			—						31,849						—						—						—
			(129,478)						(82,457)						(7,589)						(18,998)						28,506
Income before income taxes			54,810						120,696						149,073						167,760						157,958
Provision for income taxes			(7,772)						(9,044)						(6,219)						(8,674)						(13,714)
Net Income			47,038						111,652						142,854						159,086						144,244
Net (income) loss attributable to noncontrolling interests			(15)						46						41						137						50
Net Income Attributable to W. P. Carey			$	47,023					$	111,698					$	142,895					$	159,223					$	144,294
Basic Earnings Per Share			$	0.21					$	0.51					$	0.65					$	0.72					$	0.66
Diluted Earnings Per Share			$	0.21					$	0.51					$	0.65					$	0.72					$	0.66
Weighted-Average Shares Outstanding
Basic			220,223,239						220,221,366						220,195,910						220,031,597						219,277,446
Diluted			220,577,900						220,404,149						220,214,118						220,129,870						219,469,641
Dividends Declared Per Share			$	0.880					$	0.875					$	0.870					$	0.865					$	0.860

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

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

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

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

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

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

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

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

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W. P. Carey Inc.

Financial Results – Fourth Quarter 2024

FFO and AFFO, Consolidated – Last Five Quarters

In thousands, except share and per share amounts.

			Three Months Ended
			Dec. 31, 2024						Sep. 30, 2024						Jun. 30, 2024						Mar. 31, 2024						Dec. 31, 2023
Net income attributable to W. P. Carey			$	47,023					$	111,698					$	142,895					$	159,223					$	144,294
Adjustments:
Depreciation and amortization of real property			115,107						115,028						136,840						118,113						128,839
Impairment charges — real estate (a)			27,843						—						15,752						—						71,238
Gain on sale of real estate, net (b)			(4,480)						(15,534)						(39,363)						(15,445)						(134,026)
Gain on change in control of interests (c)			—						(31,849)						—						—						—
Proportionate share of adjustments to earnings from equity method investments (d)			2,879						3,028						3,015						2,949						2,942
Proportionate share of adjustments for noncontrolling interests (e)			(79)						(96)						(101)						(103)						(133)
Total adjustments			141,270						70,577						116,143						105,514						68,860
FFO (as defined by NAREIT) Attributable to W. P. Carey (f)			188,293						182,275						259,038						264,737						213,154
Adjustments:
Other (gains) and losses (g)			77,224						77,107						(2,504)						(13,839)						45,777
Straight-line and other leasing and financing adjustments			(24,849)						(21,187)						(15,310)						(19,553)						(19,071)
Above- and below-market rent intangible lease amortization, net			10,047						6,263						5,766						4,068						6,644
Stock-based compensation			9,667						13,468						8,903						8,856						8,693
Amortization of deferred financing costs			4,851						4,851						4,555						4,588						4,895
Other amortization and non-cash items			557						587						580						579						152
Merger and other expenses (h)			(484)						283						206						4,452						(641)
Tax expense (benefit) – deferred and other			96						(1,576)						(1,392)						(1,373)						2,507
Proportionate share of adjustments to earnings from equity method investments (d)			2,266						(2,632)						(2,646)						(519)						(663)
Proportionate share of adjustments for noncontrolling interests (e)			(62)						(91)						(97)						(104)						(97)
Total adjustments			79,313						77,073						(1,939)						(12,845)						48,196
AFFO Attributable to W. P. Carey (f)			$	267,606					$	259,348					$	257,099					$	251,892					$	261,350
Summary
FFO (as defined by NAREIT) attributable to W. P. Carey (f)			$	188,293					$	182,275					$	259,038					$	264,737					$	213,154
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share (f)			$	0.85					$	0.83					$	1.18					$	1.20					$	0.97
AFFO attributable to W. P. Carey (f)			$	267,606					$	259,348					$	257,099					$	251,892					$	261,350
AFFO attributable to W. P. Carey per diluted share (f)			$	1.21					$	1.18					$	1.17					$	1.14					$	1.19
Diluted weighted-average shares outstanding			220,577,900						220,404,149						220,214,118						220,129,870						219,469,641

________

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

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

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

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

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

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

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

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

						Investing for the Long Run® | 7

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W. P. Carey Inc.

Financial Results – Fourth Quarter 2024

Elements of Pro Rata Statement of Income and AFFO Adjustments

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

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

			Equity Method Investments (a)						Noncontrolling Interests (b)						AFFO Adjustments
Revenues
Real Estate:
Lease revenues			$	4,033					$	(231)					$	(16,622)		(c)
Income from finance leases and loans receivable			—						—						554
Operating property revenues:
Self-storage revenues			—						—						—
Hotel revenues			—						—						—
Student housing revenues			—						—						—
Other lease-related income			31						—						—
Investment Management:
Asset management revenue			—						—						—
Other advisory income and reimbursements			—						—						—
Operating Expenses
Depreciation and amortization			2,727						(79)						(117,853)			(d)
Impairment charges — real estate			—						—						(27,843)			(e)
General and administrative			—						—						—
Operating property expenses:
Self-storage expenses			—						—						(29)
Hotel expenses			—						—						—
Student housing expenses			—						—						—
Reimbursable tenant costs			237						(47)						—
Property expenses, excluding reimbursable tenant costs			298						(11)						(432)			(e)
Stock-based compensation expense			—						—						(9,667)			(e)
Merger and other expenses			—						—						484
Other Income and Expenses
Other gains and (losses)			(26)						42						77,208			(f)
Interest expense			(878)						67						4,886			(g)
Non-operating income			13						(2)						—
Gain on sale of real estate, net			—						—						(4,480)
Earnings from equity method investments:
Income related to joint ventures			115						—						3,573			(h)
Provision for income taxes			(26)						(1)						124			(i)
Net income attributable to noncontrolling interests			—						(12)						—

________

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

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

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

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

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

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

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

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

(i)Primarily represents the elimination of deferred taxes.

						Investing for the Long Run® | 8

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W. P. Carey Inc.

Financial Results – Fourth Quarter 2024

Capital Expenditures

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

Turnover Costs (a)
Tenant improvements			$	10,297
Leasing costs			2,469
Total Tenant Improvements and Leasing Costs			12,766
Property improvements — net-lease properties			2,965
Property improvements — operating properties			143
Total Turnover Costs			$	15,874
Maintenance Capital Expenditures
Net-lease properties			$	1,491
Operating properties			1,128
Total Maintenance Capital Expenditures			$	2,619

________

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

						Investing for the Long Run® | 9

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W. P. Carey Inc.

Balance Sheets and Capitalization

Fourth Quarter 2024

						Investing for the Long Run® | 10

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W. P. Carey Inc.

Balance Sheets and Capitalization – Fourth Quarter 2024

Consolidated Balance Sheets

In thousands, except share and per share amounts.

			December 31,
			2024						2023
Assets
Investments in real estate:
Land, buildings and improvements — net lease and other			$	12,842,869					$	12,095,458
Land, buildings and improvements — operating properties			1,198,676						1,256,249
Net investments in finance leases and loans receivable			798,259						1,514,923
In-place lease intangible assets and other			2,297,572						2,308,853
Above-market rent intangible assets			665,495						706,773
Investments in real estate			17,802,871						17,882,256
Accumulated depreciation and amortization (a)			(3,222,396)						(3,005,479)
Assets held for sale, net			—						37,122
Net investments in real estate			14,580,475						14,913,899
Equity method investments			301,115						354,261
Cash and cash equivalents			640,373						633,860
Other assets, net			1,045,218						1,096,474
Goodwill			967,843						978,289
Total assets			$	17,535,024					$	17,976,783
Liabilities and Equity
Debt:
Senior unsecured notes, net			$	6,505,907					$	6,035,686
Unsecured term loans, net			1,075,826						1,125,564
Unsecured revolving credit facility			55,448						403,785
Non-recourse mortgages, net			401,821						579,147
Debt, net			8,039,002						8,144,182
Accounts payable, accrued expenses and other liabilities			596,994						615,750
Below-market rent and other intangible liabilities, net			119,831						136,872
Deferred income taxes			147,461						180,650
Dividends payable			197,612						192,332
Total liabilities			9,100,900						9,269,786
Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued			—						—
Common stock, $0.001 par value, 450,000,000 shares authorized; 218,848,844 and 218,671,874 shares, respectively, issued and outstanding			219						219
Additional paid-in capital			11,805,179						11,784,461
Distributions in excess of accumulated earnings			(3,203,974)						(2,891,424)
Deferred compensation obligation			78,503						62,046
Accumulated other comprehensive loss			(250,232)						(254,867)
Total stockholders' equity			8,429,695						8,700,435
Noncontrolling interests			4,429						6,562
Total equity			8,434,124						8,706,997
Total liabilities and equity			$	17,535,024					$	17,976,783

________

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

						Investing for the Long Run® | 11

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W. P. Carey Inc.

Balance Sheets and Capitalization – Fourth Quarter 2024

Capitalization

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

Description												Shares						Share Price						Market Value
Equity
Common equity												218,848,844						$	54.48					$	11,922,885
Preferred equity																								—
Total Equity Market Capitalization																								11,922,885
																								Outstanding Balance (a)
Pro Rata Debt
Non-recourse mortgages																								488,433
Unsecured term loans (due February 14, 2028)																								561,653
Unsecured term loans (due April 24, 2026)																								519,450
Unsecured revolving credit facility (due February 14, 2029)																								55,448
Senior unsecured notes:
Due February 1, 2025 (USD) (b)																								450,000
Due April 9, 2026 (EUR)																								519,450
Due October 1, 2026 (USD)																								350,000
Due April 15, 2027 (EUR)																								519,450
Due April 15, 2028 (EUR)																								519,450
Due July 15, 2029 (USD)																								325,000
Due September 28, 2029 (EUR)																								155,835
Due June 1, 2030 (EUR)																								545,422
Due February 1, 2031 (USD)																								500,000
Due February 1, 2032 (USD)																								350,000
Due July 23, 2032 (EUR)																								675,285
Due September 28, 2032 (EUR)																								207,780
Due April 1, 2033 (USD)																								425,000
Due June 30, 2034 (USD)																								400,000
Due November 19, 2034 (EUR)																								623,340
Total Pro Rata Debt																								8,190,996
Total Capitalization																								$	20,113,881

________

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

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

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W. P. Carey Inc.

Balance Sheets and Capitalization – Fourth Quarter 2024

Debt Overview

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

			USD-Denominated															EUR-Denominated															Other Currencies (a)															Total
																																																Outstanding Balance
			Out-standing Balance (in USD)						Weigh-ted Avg. Interest Rate									Out-standing Balance (in USD)						Weigh-ted Avg. Interest Rate									Out-standing Balance (in USD)						Weigh-ted Avg. Interest Rate									Amount (in USD)						% of Total						Weigh-ted Avg. Interest Rate						Weigh-ted Avg. Maturity (Years)
Non-Recourse Debt (b) (c)
Fixed (d)			$	323,313					4.6		%							$	69,154					5.0		%							$	63,517					4.3		%							$	455,984					5.6		%				4.6		%				1.5
Floating			—						—		%							32,449						5.0		%							—						—		%							32,449						0.4		%				5.0		%				1.3
Total Pro Rata Non-Recourse Debt			323,313						4.6		%							101,603						5.0		%							63,517						4.3		%							488,433						6.0		%				4.7		%				1.5
Recourse Debt (b) (c)
Fixed – Senior unsecured notes:
Due February 1, 2025 (e)			450,000						4.0		%							—						—		%							—						—		%							450,000						5.5		%				4.0		%				0.1
Due April 9, 2026			—						—		%							519,450						2.3		%							—						—		%							519,450						6.3		%				2.3		%				1.3
Due October 1, 2026			350,000						4.3		%							—						—		%							—						—		%							350,000						4.3		%				4.3		%				1.8
Due April 15, 2027			—						—		%							519,450						2.1		%							—						—		%							519,450						6.3		%				2.1		%				2.3
Due April 15, 2028			—						—		%							519,450						1.4		%							—						—		%							519,450						6.3		%				1.4		%				3.3
Due July 15, 2029			325,000						3.9		%							—						—		%							—						—		%							325,000						4.0		%				3.9		%				4.5
Due September 28, 2029			—						—		%							155,835						3.4		%							—						—		%							155,835						1.9		%				3.4		%				4.7
Due June 1, 2030			—						—		%							545,422						1.0		%							—						—		%							545,422						6.7		%				1.0		%				5.4
Due February 1, 2031			500,000						2.4		%							—						—		%							—						—		%							500,000						6.1		%				2.4		%				6.1
Due February 1, 2032			350,000						2.5		%							—						—		%							—						—		%							350,000						4.3		%				2.5		%				7.1
Due July 23, 2032			—						—		%							675,285						4.3		%							—						—		%							675,285						8.3		%				4.3		%				7.6
Due September 28, 2032			—						—		%							207,780						3.7		%							—						—		%							207,780						2.5		%				3.7		%				7.7
Due April 1, 2033			425,000						2.3		%							—						—		%							—						—		%							425,000						5.2		%				2.3		%				8.3
Due June 30, 2034			400,000						5.4		%							—						—		%							—						—		%							400,000						4.9		%				5.4		%				9.5
Due November 19, 2034			—						—		%							623,340						3.7		%							—						—		%							623,340						7.6		%				3.7		%				9.9
Total Senior Unsecured Notes			2,800,000						3.5		%							3,766,012						2.6		%							—						—		%							6,566,012						80.2		%				3.0		%				5.3
Swapped to Fixed:
Unsecured term loans (due April 24, 2026) (f)			—						—		%							519,450						4.3		%							—						—		%							519,450						6.3		%				4.3		%				1.3
Floating:
Unsecured term loans (due February 14, 2028) (g)			—						—		%							223,363						3.5		%							338,290						5.5		%							561,653						6.8		%				4.7		%				3.1
Unsecured revolving credit facility (due February 14, 2029) (h)			—						—		%							—						—		%							55,448						4.3		%							55,448						0.7		%				4.3		%				4.1
Total Recourse Debt			2,800,000						3.5		%							4,508,825						2.9		%							393,738						5.3		%							7,702,563						94.0		%				3.2		%				4.9
Total Pro Rata Debt Outstanding			$	3,123,313					3.6		%							$	4,610,428					2.9		%							$	457,255					5.2		%							$	8,190,996					100.0		%				3.3		%				4.7

________

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

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

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

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

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

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

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

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

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W. P. Carey Inc.

Balance Sheets and Capitalization – Fourth Quarter 2024

Debt Maturity

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

						Real Estate												Debt
						Number of Properties (a)												Weighted-Average Interest Rate												Total Outstanding Balance (b) (c)						% of Total Outstanding Balance
Year of Maturity												ABR (a)												Balloon
Non-Recourse Debt
2025						36						$	14,848					4.4		%				$	202,136					$	206,979					2.6		%
2026						36						25,857						5.0		%				147,775						157,221						2.0		%
2027						3						1,247						4.2		%				28,209						28,817						0.4		%
2028						5						12,794						5.0		%				69,769						77,543						0.9		%
2029						3						1,435						4.0		%				10,931						11,974						0.1		%
2031						1						1,131						6.0		%				—						2,381						—		%
2033						1						2,357						5.6		%				1,671						3,518						—		%
Total Pro Rata Non-Recourse Debt						85						$	59,669					4.7		%				$	460,491					488,433						6.0		%
Recourse Debt
Fixed – Senior unsecured notes:
Due February 1, 2025 (USD) (d)																		4.0		%										450,000						5.5		%
Due April 9, 2026 (EUR)																		2.3		%										519,450						6.3		%
Due October 1, 2026 (USD)																		4.3		%										350,000						4.3		%
Due April 15, 2027 (EUR)																		2.1		%										519,450						6.3		%
Due April 15, 2028 (EUR)																		1.4		%										519,450						6.3		%
Due July 15, 2029 (USD)																		3.9		%										325,000						4.0		%
Due September 28, 2029 (EUR)																		3.4		%										155,835						1.9		%
Due June 1, 2030 (EUR)																		1.0		%										545,422						6.7		%
Due February 1, 2031 (USD)																		2.4		%										500,000						6.1		%
Due February 1, 2032 (USD)																		2.5		%										350,000						4.3		%
Due July 23, 2032 (EUR)																		4.3		%										675,285						8.3		%
Due September 28, 2032 (EUR)																		3.7		%										207,780						2.5		%
Due April 1, 2033 (USD)																		2.3		%										425,000						5.2		%
Due June 30, 2034 (USD)																		5.4		%										400,000						4.9		%
Due November 19, 2034 (EUR)																		3.7		%										623,340						7.6		%
Total Senior Unsecured Notes																		3.0		%										6,566,012						80.2		%
Swapped to Fixed:
Unsecured term loans (due April 24, 2026) (e)																		4.3		%										519,450						6.3		%
Floating:
Unsecured term loans (due February 14, 2028) (f)																		4.7		%										561,653						6.8		%
Unsecured revolving credit facility (due February 14, 2029) (g)																		4.3		%										55,448						0.7		%
Total Recourse Debt																		3.2		%										7,702,563						94.0		%
Total Pro Rata Debt Outstanding																		3.3		%										$	8,190,996					100.0		%

________

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

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

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

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

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

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

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

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W. P. Carey Inc.

Balance Sheets and Capitalization – Fourth Quarter 2024

Senior Unsecured Notes

As of December 31, 2024.

Ratings

Issuer

Senior Unsecured Notes

Ratings Agency

Rating

Outlook

Rating

Moody's

Baa1

Stable

Baa1

Standard & Poor’s

BBB+

Stable

BBB+

Senior Unsecured Note Covenants

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

Covenant

Metric

Required

As of Dec. 31, 2024

Limitation on the incurrence of debt

"Total Debt" / "Total Assets"

≤ 60%

40.2%

Limitation on the incurrence of secured debt

"Secured Debt" / "Total Assets"

≤ 40%

2.0%

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

"Consolidated EBITDA" / "Annual Debt Service Charge"

≥ 1.5x

4.6x

Maintenance of unencumbered asset value

"Unencumbered Assets" / "Total Unsecured Debt"

≥ 150%

241.9%

						Investing for the Long Run® | 15

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W. P. Carey Inc.

Real Estate

Fourth Quarter 2024

						Investing for the Long Run® | 16

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W. P. Carey Inc.

Real Estate – Fourth Quarter 2024

Investment Activity – Investment Volume

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

Property Type(s)

Closing Date / Asset Completion Date

Gross Investment Amount

Investment Type

Lease Term (Years) (a)

Gross Square Footage

Tenant / Lease Guarantor

Property Location(s)

1Q24

WM Morrison Supermarkets PLC (2 properties) (b)

Doncaster, United Kingdom

Retail

Jan-24

$

30,055

Acquisition

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

						Investing for the Long Run® | 17

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W. P. Carey Inc.

Real Estate – Fourth Quarter 2024

Investment Activity – Investment Volume (continued)

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

Property Type(s)

Closing Date / Asset Completion Date

Gross Investment Amount

Investment Type

Lease Term (Years) (a)

Gross Square Footage

Tenant / Lease Guarantor

Property Location(s)

4Q24

Tidal Wave Auto Spa (3 properties)

Various, US

Retail (Car Wash)

Oct-24

15,259

Sale-leaseback

20

10,681

Amsted Industries Incorporated (4 properties) (e)

Nueva Leon, Mexico

Industrial

Oct-24; Dec-24

98,580

Sale-leaseback

25

1,115,134

Skjodt-Barrett Foods Inc.

Lebanon, IN

Industrial

Oct-24

58,289

Acquisition

14

550,768

Canadian Solar Inc.

Shelbyville, KY

Industrial

Oct-24

99,572

Acquisition

12

1,052,925

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

Various, Poland

Industrial

Nov-24; Dec-24

56,150

Sale-leaseback

30

396,936

RB Global Inc.

Stockton, CA

Land

Nov-24

55,073

Acquisition

19

—

Centersquare Issuer LLC

Weehawken, NJ

Specialty (Datacenter)

Nov-24

97,244

Acquisition

11

209,237

Dollar General Corporation (106 properties)

Various, US

Retail

Nov-24; Dec-24

201,160

Acquisition

14

1,178,212

WM Morrison Supermarkets PLC (b)

Manchester, United Kingdom

Retail

Dec-24

25,873

Acquisition

12

84,296

ZF Friedrichshafen AG

Washington, MI

Research and Development

Dec-24

44,507

Redevelopment

20

81,086

Compass Group Holdings PLC (b)

Yarnfield, United Kingdom

Education

Dec-24

23,329

Acquisition

14

219,897

Computacenter PLC

Atlanta, GA

Warehouse

Dec-24

26,938

Redevelopment

15

213,834

4Q24 Total

801,974

17

5,113,006

Year-to-Date Total

1,533,794

17

13,365,307

												Property Type(s)						Loan Origination Date						Funded During Current Quarter						Funded Year to Date						Expected Funding Completion Date						Total Funded						Maximum Commitment
Description						Property Location(s)
Construction Loan
SW Corner of Las Vegas & Harmon (f)						Las Vegas, NV						Retail						Jun-21						$	7,499					$	16,325					2025						$	247,712					$	261,887
SE Corner of Las Vegas & Harmon (g)						Las Vegas, NV						Retail						Nov-24						16,811						16,811						2025						16,811						23,449
SE Corner of Las Vegas & Elvis Presley (g)						Las Vegas, NV						Retail						Nov-24						15,045						15,045						2025						15,045						25,000
Total																								39,355						48,181												279,568						310,336
Year-to-Date Total Investment Volume																														$	1,581,975

________

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

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

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

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

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

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

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

						Investing for the Long Run® | 18

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W. P. Carey Inc.

Real Estate – Fourth Quarter 2024

Investment Activity – Capital Investments and Commitments (a)

Dollars in thousands. Pro rata.

												Primary Transaction Type						Property Type						Expected Completion / Closing Date						Additional Gross Square Footage						Lease Term (Years) (b)						Funded During Three Months Ended Dec. 31, 2024 (c)						Total Funded Through Dec. 31, 2024						Maximum Commitment / Gross Investment Amount
Tenant						Location																																																Remaining						Total
TWAS Holdings, LLC (d)						New Hartford, NY						Purchase Commitment						Retail (Car Wash)						Q2 2025						3,600						19						$	—					$	—					$	5,077					$	5,077
ABC Technologies Holdings Inc. (e)						Galeras, Mexico						Expansion						Industrial						Q2 2025						60,181						18						1,942						1,942						2,958						4,900
Sumitomo Heavy Industries, LTD.						Bedford, MA						Redevelopment						Research and Development						Q3 2025						N/A						15						9,603						13,808						30,332						44,140
Janus International Group, Inc. (e)						Surprise, AZ						Build-to-Suit						Industrial						Q3 2025						131,753						20						4,827						4,827						16,886						21,713
Hedin Mobility Group AB (f)						Amsterdam, The Netherlands						Renovation						Retail						Q4 2025						39,826						22						—						—						15,583						15,583
Fraikin SAS (f)						Various, France						Renovation						Industrial						Q4 2025						N/A						17						—						2,075						5,093						7,168
Expected Completion Date 2025 Total																														235,360						17						16,372						22,652						75,929						98,581
Bear Holdings, LP						Billings, MT						Build-to-Suit						Education						Q2 2026						57,000						25						2,508						2,508						22,492						25,000
Expected Completion Date 2026 Total																														57,000						25						2,508						2,508						22,492						25,000
Capital Investments and Commitments Total																														292,360						19						$	18,880					$	25,160					$	98,421					$	123,581

________

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

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

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

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

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

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

						Investing for the Long Run® | 19

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W. P. Carey Inc.

Real Estate – Fourth Quarter 2024

Investment Activity – Dispositions

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

Tenant / Lease Guarantor

Property Location(s)

Gross Sale Price

Closing Date

Property Type(s)

Gross Square Footage

1Q24

State of Andalusia (70 properties) (a)

Various, Spain

$

359,340

Jan-24

Office

2,788,704

Cargotec Corporation (a)

Tampere, Finland

28,444

Jan-24

Office

183,568

Vacant

Fairfax, VA

8,198

Jan-24

Retail

103,277

Vacant (formerly Pendragon PLC) (a)

Aylesbury, United Kingdom

5,258

Feb-24

Retail

27,355

Vacant (formerly Pendragon PLC) (a)

Peterlee, United Kingdom

1,085

Feb-24

Retail

13,719

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

Various, United States

464,104

Feb-24

Self-Storage (Net Lease)

3,996,703

Sec of State Communities and Local Gov (a)

Salford, United Kingdom

22,750

Feb-24

Office

211,367

1Q24 Total

889,179

7,324,693

2Q24

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

Sanger and Kerman, CA

16,500

Apr-24; May-24

Industrial

370,051

Pendragon PLC (a)

Stourbridge, United Kingdom

1,554

Apr-24

Retail

6,796

Silgan Containers Manufacturing Corp. (3 properties)

Various, United States

24,000

Apr-24

Industrial

402,893

Clayco, Inc. (2 properties)

St. Louis, MO

14,126

Jun-24

Office

130,170

Cornerstone Building Brands, Inc. (a)

Calgary, Canada

7,275

Jun-24

Industrial

302,884

Marriott Corporation

Sacramento, CA

20,300

Jun-24

Hotel (Operating)

82,905

Banco Santander, S.A. (a)

Monchengladbach, Germany

48,173

Jun-24

Office

212,000

Vacant

Chandler, AZ

20,300

Jun-24

Industrial

355,307

2Q24 Total

152,228

1,863,006

3Q24

Leoni AG (a)

Kitzingen, Germany

36,180

Jul-24

Office

272,286

Pendragon PLC (a)

South Woodford, United Kingdom

5,006

Jul-24

Retail

14,098

Multi-tenant

Tinton Falls, NJ

14,750

Jul-24

Office

90,008

Vacant (former Prima Wawona Packing Co., LLC)

Cutler, CA

19,000

Jul-24

Warehouse

391,305

Pendragon PLC (a)

Hainault, United Kingdom

3,312

Aug-24

Retail

24,455

Pendragon PLC (a)

London, United Kingdom

2,241

Aug-24

Retail

8,678

Pendragon PLC (a)

Bolton, United Kingdom

1,340

Sep-24

Retail

11,964

3Q24 Total

81,829

812,794

4Q24

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

Munich, Germany

79,804

Oct-24

Hotel (Net Lease)

130,425

Pendragon PLC (a)

Birmingham, United Kingdom

1,247

Nov-24

Retail

5,784

Vacant

Danbury, CT

7,100

Dec-24

Industrial

62,042

Polkomtel S.A. (a)

Warsaw, Poland

26,769

Dec-24

Office

246,214

Vacant (a) (b)

Vantaa, Finland

3,884

Dec-24

Retail

75,000

4Q24 Total

118,804

519,465

Year-to-Date Total Dispositions

$

1,242,040

10,519,958

________

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

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

						Investing for the Long Run® | 20

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W. P. Carey Inc.

Real Estate – Fourth Quarter 2024

Joint Ventures

Dollars in thousands. As of December 31, 2024.

Joint Venture or JV (Principal Tenant)						JV Partnership												Consolidated												Pro Rata (a)
						Asset Type						WPC %						Debt Outstanding (b)						ABR						Debt Outstanding (c)						ABR
Unconsolidated Joint Venture (Equity Method Investment) (d)
Harmon Retail Corner						Common equity interest						15.00%						$	143,984					$	—					$	21,598					$	—
Kesko Senukai (e)						Net lease						70.00%						92,712						15,577						64,898						10,904
Total Unconsolidated Joint Ventures																		236,696						15,577						86,496						10,904
Consolidated Joint Ventures
COOP Ost SA (e)						Net lease						90.10%						48,003						6,052						43,251						5,453
Fentonir Trading & Investments Limited (e)						Net lease						94.90%						—						2,537						—						2,408
McCoy-Rockford, Inc.						Net lease						90.00%						—						972						—						875
State of Iowa Board of Regents						Net lease						90.00%						—						643						—						578
Total Consolidated Joint Ventures																		48,003						10,204						43,251						9,314
Total Unconsolidated and Consolidated Joint Ventures																		$	284,699					$	25,781					$	129,747					$	20,218

________

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

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

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

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

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

						Investing for the Long Run® | 21

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W. P. Carey Inc.

Real Estate – Fourth Quarter 2024

Top 25 Tenants

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

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

________

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

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

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

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

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

						Investing for the Long Run® | 22

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W. P. Carey Inc.

Real Estate – Fourth Quarter 2024

Diversification by Property Type

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

						Total Net-Lease Portfolio
Property Type						ABR						ABR %						Square Footage (a)						Square Footage %
U.S.
Industrial						$	333,647					24.9		%				55,339						31.4		%
Warehouse						226,329						16.9		%				44,464						25.2		%
Retail (b)						97,474						7.3		%				4,938						2.8		%
Other (c)						155,650						11.7		%				9,167						5.2		%
U.S. Total						813,100						60.8		%				113,908						64.6		%
International
Industrial						151,013						11.3		%				20,564						11.6		%
Warehouse						140,226						10.5		%				22,206						12.6		%
Retail (b)						194,951						14.6		%				17,589						10.0		%
Other (c)						37,882						2.8		%				2,153						1.2		%
International Total						524,072						39.2		%				62,512						35.4		%
Total
Industrial						484,660						36.2		%				75,903						43.0		%
Warehouse						366,555						27.4		%				66,670						37.8		%
Retail (b)						292,425						21.9		%				22,527						12.8		%
Other (c)						193,532						14.5		%				11,320						6.4		%
Total (d)						$	1,337,172					100.0		%				176,420						100.0		%

________

(a)Includes square footage for vacant properties.

(b)Includes automotive dealerships.

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

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

						Investing for the Long Run® | 23

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W. P. Carey Inc.

Real Estate – Fourth Quarter 2024

Diversification by Tenant Industry

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

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

________

(a)Includes automotive dealerships.

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

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

						Investing for the Long Run® | 24

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W. P. Carey Inc.

Real Estate – Fourth Quarter 2024

Diversification by Geography

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

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

________

(a)Includes square footage for vacant properties.

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

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

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

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

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

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W. P. Carey Inc.

Real Estate – Fourth Quarter 2024

Contractual Rent Increases

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

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

________

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

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

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W. P. Carey Inc.

Real Estate – Fourth Quarter 2024

Same-Store Analysis

Dollars in thousands. Pro rata.

Contractual Same-Store Growth

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

			ABR
			As of
			Dec. 31, 2024						Dec. 31, 2023						Increase						% Increase
Property Type
Industrial			$	416,023					$	404,614					$	11,409					2.8		%
Warehouse			337,693						331,278						6,415						1.9		%
Retail (a)			247,800						240,182						7,618						3.2		%
Other (b)			145,900						141,967						3,933						2.8		%
Total			$	1,147,416					$	1,118,041					$	29,375					2.6		%
Rent Adjustment Measure
Uncapped CPI			$	382,265					$	368,918					$	13,347					3.6		%
Capped CPI			229,585						224,297						5,288						2.4		%
CPI-linked			611,850						593,215						18,635						3.1		%
Fixed			524,138						513,398						10,740						2.1		%
Other (c)			6,995						6,995						—						—		%
None			4,433						4,433						—						—		%
Total			$	1,147,416					$	1,118,041					$	29,375					2.6		%
Geography
U.S.			$	684,518					$	668,405					$	16,113					2.4		%
Europe			390,455						379,168						11,287						3.0		%
Other International (d)			72,443						70,468						1,975						2.8		%
Total			$	1,147,416					$	1,118,041					$	29,375					2.6		%
Same-Store Portfolio Summary
Number of properties			1,135
Square footage (in thousands)			150,021

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W. P. Carey Inc.

Real Estate – Fourth Quarter 2024

Comprehensive Same-Store Growth

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

			Same-Store Pro Rata Rental Income
			Three Months Ended
			Dec. 31, 2024						Dec. 31, 2023						Increase						% Increase
Property Type
Industrial			$	107,428					$	103,839					$	3,589					3.5		%
Warehouse			83,207						83,836						(629)						(0.8)		%
Retail (a)			66,120						65,288						832						1.3		%
Other (b)			44,271						40,812						3,459						8.5		%
Total			$	301,026					$	293,775					$	7,251					2.5		%
Rent Adjustment Measure
Uncapped CPI			$	102,949					$	101,817					$	1,132					1.1		%
Capped CPI			55,569						54,235						1,334						2.5		%
CPI-linked			158,518						156,052						2,466						1.6		%
Fixed			133,084						128,288						4,796						3.7		%
Other (c)			8,223						7,971						252						3.2		%
None			1,201						1,464						(263)						(18.0)		%
Total			$	301,026					$	293,775					$	7,251					2.5		%
Geography
U.S.			$	180,395					$	176,281					$	4,114					2.3		%
Europe			102,460						99,821						2,639						2.6		%
Other International (d)			18,171						17,673						498						2.8		%
Total			$	301,026					$	293,775					$	7,251					2.5		%
Same-Store Portfolio Summary
Number of properties			1,201
Square footage (in thousands)			156,704

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W. P. Carey Inc.

Real Estate – Fourth Quarter 2024

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

			Three Months Ended
			Dec. 31, 2024						Dec. 31, 2023
Consolidated Lease Revenues
Total lease revenues – as reported			$	351,394					$	336,757
Income from finance leases and loans receivable			16,796						31,532
Less: Reimbursable tenant costs – as reported			(15,661)						(18,942)
Less: Income from secured loans receivable			(332)						(475)
			352,197						348,872
Adjustments for Pro Rata Ownership of Real Estate Joint Ventures:
Add: Pro rata share of adjustments from equity method investments			3,795						4,042
Less: Pro rata share of adjustments for noncontrolling interests			(185)						(224)
			3,610						3,818
Adjustments for Pro Rata Non-Cash Items:
Less: Straight-line and other leasing and financing adjustments			(24,849)						(19,071)
Add: Above- and below-market rent intangible lease amortization			10,047						6,644
Less: Adjustments for pro rata ownership			(1,265)						(1,617)
			(16,067)						(14,044)
Adjustment to normalize for (i) properties not continuously owned since October 1, 2023 and (ii) constant currency presentation for prior year quarter (e)			(38,714)						(44,871)
Same-Store Pro Rata Rental Income			$	301,026					$	293,775

________

(a)Includes automotive dealerships.

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

(c)Represents leases attributable to percentage rent.

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

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

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W. P. Carey Inc.

Real Estate – Fourth Quarter 2024

Leasing Activity

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

Lease Renewals and Extensions (a)																																				Property and Tenant Improvements (c)						Leasing Commissions
																		ABR
Property Type						Square Feet						Number of Leases						Prior Lease						New Lease (b)						Rent Recapture																		Incremental Lease Term
Industrial						862,630						3						$	6,023					$	5,829					96.8		%				$	—					$	488					8.4 years
Warehouse						945,966						4						5,358						7,330						136.8		%				1,703						1,557						7.1 years
Retail						108,197						2						1,830						1,947						106.4		%				—						—						5.0 years
Other						514,514						2						12,319						12,237						99.3		%				1,004						715						4.9 years
Total / Weighted Average						2,431,307						11						$	25,530					$	27,343					107.1		%				$	2,707					$	2,760					5.4 years
Q4 Summary
Prior Lease ABR (% of Total Portfolio)																		1.9		%

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

_______

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

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

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

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

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W. P. Carey Inc.

Real Estate – Fourth Quarter 2024

Lease Expirations

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

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

________

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

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

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W. P. Carey Inc.

Real Estate – Fourth Quarter 2024

Self-Storage Operating Properties Portfolio

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

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

________

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

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W. P. Carey Inc.

Appendix

Fourth Quarter 2024

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W. P. Carey Inc.

Appendix – Fourth Quarter 2024

Normalized Pro Rata Cash NOI

In thousands.

			Three Months Ended Dec 31, 2024
Consolidated Lease Revenues
Total lease revenues – as reported			$	351,394
Income from finance leases and loans receivable – as reported			16,796
Less: Income from secured loans receivable			(332)
Less: Consolidated Reimbursable and Non-Reimbursable Property Expenses
Reimbursable property expenses – as reported			15,661
Non-reimbursable property expenses – as reported			12,580
			339,617
Plus: NOI from Operating Properties
Self-storage revenues			22,026
Self-storage expenses			(7,710)
			14,316
Hotel revenues			8,857
Hotel expenses			(7,456)
			1,401
Student housing and other revenues			3,249
Student housing and other expenses			(1,420)
			1,829
			357,163
Adjustments for Pro Rata Ownership of Real Estate Joint Ventures:
Add: Pro rata share of NOI from equity method investments			2,243
Less: Pro rata share of NOI attributable to noncontrolling interests			(184)
			2,059
			359,222
Adjustments for Pro Rata Non-Cash Items:
Less: Straight-line and other leasing and financing adjustments			(24,849)
Add: Above- and below-market rent intangible lease amortization			10,047
Add: Other non-cash items			468
			(14,334)
Pro Rata Cash NOI (a)			344,888
Adjustment to normalize for investments and dispositions (b)			(441)
Normalized Pro Rata Cash NOI (a)			$	344,447

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W. P. Carey Inc.

Appendix – Fourth Quarter 2024

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

			Three Months Ended Dec 31, 2024
Net Income Attributable to W. P. Carey
Net income attributable to W. P. Carey – as reported			$	47,023
Adjustments for Consolidated Operating Expenses
Add: Operating expenses – as reported			221,877
Less: Operating property expenses – as reported			(16,586)
Less: Property expenses, excluding reimbursable tenant costs – as reported			(12,580)
			192,711
Adjustments for Other Consolidated Revenues and Expenses:
Add: Other income and (expenses) – as reported			129,478
Less: Reimbursable property expenses – as reported			(15,661)
Add: Provision for income taxes – as reported			7,772
Less: Asset management fees revenue – as reported			(1,461)
Less: Other lease-related income – as reported			(1,329)
Less: Other advisory income and reimbursements – as reported			(1,053)
			117,746
Other Adjustments:
Less: Straight-line and other leasing and financing adjustments			(24,849)
Add: Above- and below-market rent intangible lease amortization			10,047
Add: Adjustments for pro rata ownership			2,097
Add: Property expenses, excluding reimbursable tenant costs, non-cash			445
Adjustment to normalize for investments and dispositions (b)			(441)
Less: Income from secured loans receivable			(332)
			(13,033)
Normalized Pro Rata Cash NOI (a)			$	344,447

________

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

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

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W. P. Carey Inc.

Appendix – Fourth Quarter 2024

Adjusted EBITDA – Last Five Quarters

In thousands.

			Three Months Ended
			Dec. 31, 2024						Sep. 30, 2024						Jun. 30, 2024						Mar. 31, 2024						Dec. 31, 2023
Net income			$	47,038					$	111,652					$	142,854					$	159,086					$	144,244
Adjustments to Derive Adjusted EBITDA (a)
Depreciation and amortization			115,770						115,705						137,481						118,768						129,484
Other (gains) and losses (b)			77,224						77,107						(2,504)						(13,839)						45,777
Interest expense			70,883						72,526						65,307						68,651						72,194
Impairment charges — real estate (c)			27,843						—						15,752						—						71,238
Straight-line and other leasing and financing adjustments (d)			(24,849)						(21,187)						(15,310)						(19,553)						(19,071)
Above- and below-market rent intangible lease amortization			10,047						6,263						5,766						4,068						6,644
Stock-based compensation expense			9,667						13,468						8,903						8,856						8,693
Provision for income taxes			7,772						9,044						6,219						8,674						13,714
Gain on sale of real estate, net (e)			(4,480)						(15,534)						(39,363)						(15,445)						(134,026)
Merger and other expenses (f)			(484)						283						206						4,452						(641)
Other amortization and non-cash charges			436						459						454						448						21
Gain on change in control of interests (g)			—						(31,849)						—						—						—
			289,829						226,285						182,911						165,080						194,027
Adjustments for Pro Rata Ownership
Real Estate Joint Ventures:
Add: Pro rata share of adjustments for equity method investments			5,975						1,312						1,242						2,814						2,664
Less: Pro rata share of adjustments for amounts attributable to noncontrolling interests			(214)						(213)						(234)						(154)						(267)
			5,761						1,099						1,008						2,660						2,397
Adjusted EBITDA (h)			$	342,628					$	339,036					$	326,773					$	326,826					$	340,668

________

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

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

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

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

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

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

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

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

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W. P. Carey Inc.

Appendix – Fourth Quarter 2024

Disclosures Regarding Non-GAAP and Other Metrics

Non-GAAP Financial Disclosures

FFO and AFFO

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

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

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

We believe that AFFO is a useful supplemental measure for investors to consider as we believe it will help them to better assess the sustainability of our operating performance without the potentially distorting impact of these short-term fluctuations. However, there are limits on the usefulness of AFFO to investors. For example, impairment charges and unrealized foreign currency 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 – Fourth Quarter 2024

Normalized Pro Rata Cash NOI

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

Adjusted EBITDA

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

Cash Interest Expense

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

Cash Interest Expense Coverage Ratio

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

Other Metrics

Pro Rata Metrics

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

ABR

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

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