Form 8-K - Current report

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of report (Date of earliest event reported): November 3, 2023

W. P. Carey Inc.

(Exact Name of Registrant as Specified in its Charter)


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

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

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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

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

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

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

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

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.001 Par Value

WPC

New York Stock Exchange

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

On November 3, 2023, W. P. Carey Inc. (the “Company”) issued an earnings release announcing its financial results for the quarter ended September 30, 2023. A copy of the earnings release is attached as Exhibit 99.1.

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

Item 7.01 Regulation FD Disclosure.

On November 3, 2023, the Company made available certain unaudited supplemental financial information at September 30, 2023. A copy of this supplemental information is attached as Exhibit 99.2.

On November 3, 2023, the Company posted its third quarter investor presentation on its website at http://www.wpcarey.com. A copy of the investor presentation is also attached as Exhibit 99.3.

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

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits


Exhibit No.						Description
99.1						Earnings release of the Company for the quarter ended September 30, 2023.

99.2						Supplemental financial information of the Company at September 30, 2023.

99.3						Investor presentation by the Company.

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

SIGNATURES

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


			W. P. Carey Inc.

Date:	November 3, 2023	By:	/s/ ToniAnn Sanzone
			ToniAnn Sanzone
			Chief Financial Officer

Exhibit 99.1

W. P. Carey Announces Third Quarter 2023 Financial Results

New York, NY – November 3, 2023 – W. P. Carey Inc. (NYSE: WPC) (W. P. Carey or the Company), a net lease real estate investment trust, today reported its financial results for the third quarter ended September 30, 2023.

Financial Highlights



			2023 Third Quarter
Net income attributable to W. P. Carey (millions)			$125.0
Diluted earnings per share			$0.58



AFFO (millions)			$284.4
AFFO per diluted share			$1.32

•2023 AFFO guidance range lowered and narrowed to between $5.17 and $5.23 per diluted share, primarily reflecting execution of the Company’s strategic plan to exit office and anticipated full year investment volume of between $1.3 billion and $1.5 billion

•Preliminary 2024 AFFO guidance of between $4.60 and $4.80 per diluted share announced, based primarily on completion of the Company’s strategic plan to exit office, assumed full year investment volume of $1.5 billion and capital inflows totaling an estimated $2 billion over the near term

•Third quarter cash dividend of $1.071 per share (declared and paid prior to the NLOP spin-off)

Strategic Plan to Exit Office

•Announced a strategic plan to exit office, comprising spinning-off NLOP and implementing an on-balance sheet Office Sale Program

•NLOP spin-off completed on November 1, 2023

•Office Sale Program

◦Four properties sold to date under the program for gross proceeds of $142.5 million, including one disposition for $87.9 million during the third quarter

◦Approximately $500 million of dispositions under signed contracts, including the Company’s largest office portfolio, with all sales under the program targeted to be completed in early 2024

Real Estate Portfolio

•Investment volume of $978.4 million completed during the nine months ended September 30, 2023, including $39.9 million during the third quarter

•Gross disposition proceeds of $196.3 million for the nine months ended September 30, 2023, including $148.1 million during the third quarter

•Contractual same-store rent growth of 4.2%

W. P. Carey Inc. 9/30/2023 Earnings Release 8-K – 1

Balance Sheet and Capitalization

•Subsequent to quarter end, settled all outstanding forward sale agreements, issuing approximately 4.7 million shares of common stock for net proceeds of $384 million

•Subsequent to quarter end, received approximately $350 million, net of transaction expenses, from NLOP in connection with the Spin-Off

MANAGEMENT COMMENTARY

“Having completed the spin-off of NLOP and making strong progress selling the remaining office assets on our balance sheet, we’re confident we will have effectively exited our office exposure by early 2024, better positioning us for growth,” said Jason Fox, Chief Executive Officer of W. P. Carey.

“We are actively exerting our pricing power on new investments, pushing cap rates to better reflect interest rates that moved sharply higher late in the third quarter, after steadily rising over the summer. Deals are therefore taking longer to negotiate and close — translating to a very slow third quarter — although many are now back on track and heading towards closing. And with anticipated capital inflows totaling approximately $2 billion over the coming months, we believe we're exceptionally well positioned to continue investing through 2024, in an environment where we expect to see cap rates move higher and capital market conditions to remain challenging.”

QUARTERLY FINANCIAL RESULTS

Revenues

•Total Company: Revenues, including reimbursable costs, for the 2023 third quarter totaled $448.6 million, up 16.9% from $383.6 million for the 2022 third quarter.

•Real Estate: Real Estate revenues, including reimbursable costs, for the 2023 third quarter were $448.3 million, up 17.3% from $382.1 million for the 2022 third quarter.

◦Lease revenues increased primarily as a result of net investment activity, rent escalations and net lease properties acquired in the CPA:18 Merger.

◦Operating property revenues increased primarily as a result of the self-storage and other operating properties acquired in the CPA:18 Merger, as well as the conversion of 12 hotel properties from net lease to operating during the 2023 first quarter (three of which were sold during the 2023 third quarter).

◦Income from finance leases and loans receivable increased primarily as a result of the reclassification of lease revenues after receiving notice during the 2023 first quarter of the purchase option exercise on the portfolio of 78 U-Haul properties. The reclassification had no impact on total Real Estate revenues and the properties are expected to be sold during the first quarter of 2024.

Net Income Attributable to W. P. Carey

•Net income attributable to W. P. Carey for the 2023 third quarter was $125.0 million, up 19.2% from $104.9 million for the 2022 third quarter. Net income from Real Estate attributable to W. P. Carey was $124.2 million, which increased due primarily to the impact of net investment activity (including properties acquired in the CPA:18 Merger) and rent escalations, partly offset by higher interest expense and impairment charges recognized during the current year period. Net income from Investment Management attributable to W. P. Carey was $0.9 million, compared to a net loss of $6.4 million for the 2022 third quarter, reflecting a $29.3 million impairment charge recognized on goodwill within that segment during the prior year period since Investment Management revenues are expected to be minimal going forward following the CPA:18 Merger. The Company also recognized a $33.9 million gain on change in control of interests in connection with the CPA:18 Merger during the 2022 third quarter.

W. P. Carey Inc. 9/30/2023 Earnings Release 8-K – 2

Adjusted Funds from Operations (AFFO)

•AFFO for the 2023 third quarter was $1.32 per diluted share, down 2.9% from $1.36 per diluted share for the 2022 third quarter, driven by the Company’s Real Estate segment, which generated AFFO of $1.32 per diluted share, down 1.5% from $1.34 per diluted share for the 2022 third quarter, primarily reflecting higher interest expense and lower other lease-related income, which more than offset the impact of net investment activity, rent escalations and the accretive impact of the CPA:18 Merger. AFFO from the Company's Investment Management segment declined due primarily to the cessation of Investment Management revenues and distributions as a result of the CPA:18 Merger.

Note: Further information concerning AFFO and Real Estate AFFO, which are both non-GAAP supplemental performance metrics, is presented in the accompanying tables and related notes.

Dividend

•On September 14, 2023, the Company reported that its Board of Directors declared a quarterly cash dividend of $1.071 per share, which was paid on October 16, 2023 to shareholders of record as of September 29, 2023.

AFFO GUIDANCE

2023 AFFO Guidance

•For the 2023 full year, the Company has lowered and narrowed its guidance range for total AFFO to between $5.17 and $5.23 per diluted share, primarily reflecting execution of the Company’s strategic plan to exit office, including the completion of the Spin-Off, and based on the following key assumptions:

(i) investment volume of between $1.3 billion and $1.5 billion, which has been revised lower;

(ii) disposition volume of between $450 million and $550 million, which has been revised higher and includes anticipated asset sales under the Office Sale Program totaling approximately $300 million; and

(iii) total general and administrative expenses of between $96 million and $98 million, which has been revised lower.

Preliminary 2024 AFFO Guidance

•For the 2024 full year, the Company preliminarily expects to report total AFFO of between $4.60 and $4.80 per diluted share, based on the following:

(i) investment volume of $1.5 billion;

(ii) completion of the Company’s strategic plan to exit office, including anticipated asset sales under the Office Sale Program totaling approximately $500 million early in 2024;

(iii) exercise of the U-Haul purchase option during the 2024 first quarter, generating approximately $470 million in gross proceeds;

(iv) operating property dispositions of up to $100 million; and

(v) other dispositions totaling between $100 million and $300 million.

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

W. P. Carey Inc. 9/30/2023 Earnings Release 8-K – 3

STRATEGIC PLAN TO EXIT OFFICE

•On September 21, 2023, the Company announced a strategic plan to exit the office assets within its portfolio by:

(i) spinning-off 59 office properties into Net Lease Office Properties (“NLOP”), a separate publicly-traded REIT (the “Spin-Off”), which closed on November 1, 2023; and

(ii) implementing an asset sale program to dispose of 87 office properties retained by W. P. Carey (the “Office Sale Program”), with all sales under the program targeted to be completed in early 2024.

REAL ESTATE

Investments

•The Company completed investments totaling $978.4 million during the nine months ended September 30, 2023, including $39.9 million during the 2023 third quarter.

•The Company currently has two capital investments and commitments totaling $35.2 million scheduled to be completed during the fourth quarter.

Dispositions

•During the 2023 third quarter, the Company disposed of six properties for gross proceeds of $148.1 million, bringing total disposition proceeds for the nine months ended September 30, 2023 to $196.3 million.

•During the 2023 third quarter, disposition activity included the sales of three Marriott hotel operating properties for gross proceeds of $48.7 million. Subsequent to quarter end, the Company sold three additional Marriott hotel operating properties for gross proceeds of $45.8 million.

•The Company has disposed of four properties to date under the Office Sale Program for gross proceeds of $142.5 million, including one property disposed of during the 2023 third quarter for gross proceeds of $87.9 million and three properties subsequent to quarter end, for gross proceeds of $54.6 million.

◦The Company currently has office assets within the Office Sale Program totaling approximately $500 million under signed contracts, including the Company’s largest office portfolio net leased to the State of Andalusia in a sale back to the tenant, with all sales under the program targeted to be completed in early 2024.

Contractual Same-Store Rent Growth

•The Company’s net lease portfolio generated contractual same-store rent growth of 4.2% on a constant currency basis.

Composition

•As of September 30, 2023, the Company’s net lease portfolio consisted of 1,472 properties, comprising 179 million square feet leased to 395 tenants, with a weighted-average lease term of 11.0 years and an occupancy rate of 98.9%. In addition, the Company owned 86 self-storage operating properties, ten hotel operating properties and two student housing operating properties, totaling approximately 7.5 million square feet.

BALANCE SHEET AND CAPITALIZATION

Forward Equity

•Subsequent to quarter end, the Company settled all of its outstanding forward sale agreements, issuing 4,744,973 shares of common stock for net proceeds of $384 million.

W. P. Carey Inc. 9/30/2023 Earnings Release 8-K – 4

Spin-Off Distribution

•Subsequent to quarter end, the Company received a distribution of approximately $350 million, net of transaction expenses, from NLOP in connection with the Spin-Off on November 1, 2023.

The Company intends to use proceeds from these transactions primarily to fund future acquisitions and repay debt, including amounts outstanding under its Unsecured Revolving Credit Facility. The Company may hold net proceeds in cash and/or marketable securities earning interest until deployed.

* * * * *

Supplemental Information

The Company has provided supplemental unaudited financial and operating information regarding the 2023 third quarter and certain prior quarters, including a description of non-GAAP financial measures and reconciliations to GAAP measures, in a Current Report on Form 8-K filed with the Securities and Exchange Commission (SEC) on November 3, 2023, and made available on the Company’s website at ir.wpcarey.com/investor-relations.

* * * * *

Live Conference Call and Audio Webcast Scheduled for 10:00 a.m. Eastern Time

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

Date/Time: Friday, November 3, 2023 at 10:00 a.m. Eastern Time

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

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

* * * * *

W. P. Carey Inc.

Celebrating its 50th anniversary, W. P. Carey ranks among the largest net lease REITs with a well-diversified portfolio of high-quality, operationally critical commercial real estate, which includes 1,413 net lease properties covering approximately 171 million square feet and a portfolio of 86 self-storage operating properties, pro forma for the Spin-Off of NLOP, as of September 30, 2023. With offices in New York, London, Amsterdam and Dallas, the company remains focused on investing primarily in single-tenant, industrial, warehouse and retail properties located in the U.S. and Northern and Western Europe, under long-term net leases with built-in rent escalations.

www.wpcarey.com

* * * * *

W. P. Carey Inc. 9/30/2023 Earnings Release 8-K – 5

Cautionary Statement Concerning Forward-Looking Statements

Certain of the matters discussed in this communication constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, both as amended by the Private Securities Litigation Reform Act of 1995. The forward-looking statements include, among other things, statements regarding the intent, belief or expectations of W. P. Carey and can be identified by the use of words such as “may,” “will,” “should,” “would,” “will be,” “goals,” “believe,” “project,” “expect,” “anticipate,” “intend,” “estimate” “opportunities,” “possibility,” “strategy,” “maintain” or the negative version of these words and other comparable terms. These forward-looking statements include, but are not limited to, statements made by Mr. Jason Fox regarding W. P. Carey’s strategic plan to exit office, anticipated capital inflows, and expectations regarding W. P. Carey’s ability to continue investing and the transaction and capital markets through 2024. These statements are based on the current expectations of our management, and it is important to note that our actual results could be materially different from those projected in such forward-looking statements. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Other unknown or unpredictable risks or uncertainties, like the risks related to inflation and increased interest rates, the effects of pandemics and global outbreaks of contagious diseases (such as the COVID-19 pandemic) and domestic or geopolitical crises, such as terrorism, military conflict, war or the perception that hostilities may be imminent, political instability or civil unrest, or other conflict, and those additional risk factors discussed in reports that we have filed with the SEC, could also have material adverse effects on our future results, performance or achievements. Discussions of some of these other important factors and assumptions are contained in W. P. Carey’s filings with the SEC and are available at the SEC’s website at http://www.sec.gov, including Part I, Item 1A. Risk Factors in W. P. Carey’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and in Part II, Item 1A, Risk Factors in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2023. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this communication, unless noted otherwise. Except as required under the federal securities laws and the rules and regulations of the SEC, W. P. Carey does not undertake any obligation to release publicly any revisions to the forward-looking statements to reflect events or circumstances after the date of this communication or to reflect the occurrence of unanticipated events.

Institutional Investors:

Peter Sands

1 (212) 492-1110

institutionalir@wpcarey.com

Individual Investors:

W. P. Carey Inc.

1 (212) 492-8920

ir@wpcarey.com

Press Contact:

Anna McGrath

1 (212) 492-1166

amcgrath@wpcarey.com

* * * * *

W. P. Carey Inc. 9/30/2023 Earnings Release 8-K – 6

W. P. CAREY INC.

Consolidated Balance Sheets (Unaudited)

(in thousands, except share and per share amounts)



	September 30, 2023		December 31, 2022
Assets
Investments in real estate:
Land, buildings and improvements — net lease and other	$	13,390,692	$	13,338,857
Land, buildings and improvements — operating properties	1,222,062		1,095,892
Net investments in finance leases and loans receivable	1,172,671		771,761
In-place lease intangible assets and other	2,696,403		2,659,750
Above-market rent intangible assets	771,071		833,751
Investments in real estate	19,252,899		18,700,011
Accumulated depreciation and amortization (a)	(3,438,183)		(3,269,057)
Assets held for sale, net	102,015		57,944
Net investments in real estate	15,916,731		15,488,898
Equity method investments	351,537		327,502
Cash and cash equivalents	136,438		167,996
Other assets, net	1,191,350		1,080,227
Goodwill	1,034,183		1,037,412
Total assets	$	18,630,239	$	18,102,035

Liabilities and Equity
Debt:
Senior unsecured notes, net	$	5,902,854	$	5,916,400
Unsecured term loans, net	1,083,597		552,539
Unsecured revolving credit facility	516,513		276,392
Non-recourse mortgages, net	784,750		1,132,417
Debt, net	8,287,714		7,877,748
Accounts payable, accrued expenses and other liabilities	638,965		623,843
Below-market rent and other intangible liabilities, net	153,049		184,584
Deferred income taxes	171,929		178,959
Dividends payable	233,331		228,257
Total liabilities	9,484,988		9,093,391

Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued	—		—
Common stock, $0.001 par value, 450,000,000 shares authorized; 213,925,817 and 210,620,949 shares, respectively, issued and outstanding	214		211
Additional paid-in capital	11,970,559		11,706,836
Distributions in excess of accumulated earnings	(2,616,638)		(2,486,633)
Deferred compensation obligation	62,046		57,012
Accumulated other comprehensive loss	(281,820)		(283,780)
Total stockholders’ equity	9,134,361		8,993,646
Noncontrolling interests	10,890		14,998
Total equity	9,145,251		9,008,644
Total liabilities and equity	$	18,630,239	$	18,102,035

________

(a)Includes $1.8 billion and $1.7 billion of accumulated depreciation on buildings and improvements as of September 30, 2023 and December 31, 2022, respectively, and $1.6 billion of accumulated amortization on lease intangibles as of both September 30, 2023 and December 31, 2022.

W. P. Carey Inc. 9/30/2023 Earnings Release 8-K – 7

W. P. CAREY INC.

Quarterly Consolidated Statements of Income (Unaudited)

(in thousands, except share and per share amounts)


	Three Months Ended
	September 30, 2023		June 30, 2023		September 30, 2022
Revenues
Real Estate:
Lease revenues	$	369,159	$	369,124	$	331,902
Income from finance leases and loans receivable	27,575		27,311		20,637
Operating property revenues	49,218		50,676		21,350
Other lease-related income	2,310		5,040		8,192
	448,262		452,151		382,081
Investment Management:
Asset management revenue	194		303		1,197
Reimbursable costs from affiliates	97		124		344
	291		427		1,541
	448,553		452,578		383,622
Operating Expenses
Depreciation and amortization	144,771		143,548		132,181
Operating property expenses	26,570		26,919		9,357
General and administrative	23,258		24,788		22,299
Reimbursable tenant costs	20,498		20,523		18,874
Impairment charges — real estate	15,173		—		—
Property expenses, excluding reimbursable tenant costs	13,021		5,371		11,244
Stock-based compensation expense	9,050		8,995		5,511
Merger and other expenses (a)	4,152		1,419		17,667
Reimbursable costs from affiliates	97		124		344
Impairment charges — Investment Management goodwill (b)	—		—		29,334
	256,590		231,687		246,811
Other Income and Expenses
Interest expense	(76,974)		(75,488)		(59,022)
Earnings from equity method investments	4,978		4,355		11,304
Non-operating income (c)	4,862		4,509		9,263
Other gains and (losses) (d)	2,859		(1,366)		(15,020)
Gain (loss) on sale of real estate, net	2,401		1,808		(4,736)
Gain on change in control of interests (e)	—		—		33,931
	(61,874)		(66,182)		(24,280)
Income before income taxes	130,089		154,709		112,531
Provision for income taxes	(5,090)		(10,129)		(8,263)
Net Income	124,999		144,580		104,268
Net loss (income) attributable to noncontrolling interests	41		40		660
Net Income Attributable to W. P. Carey	$	125,040	$	144,620	$	104,928

Basic Earnings Per Share	$	0.58	$	0.67	$	0.52
Diluted Earnings Per Share	$	0.58	$	0.67	$	0.51
Weighted-Average Shares Outstanding
Basic	215,097,114		215,075,114		203,093,553
Diluted	215,252,969		215,184,485		204,098,116

Dividends Declared Per Share	$	1.071	$	1.069	$	1.061

W. P. Carey Inc. 9/30/2023 Earnings Release 8-K – 8

W. P. CAREY INC.

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

(in thousands, except share and per share amounts)


	Nine Months Ended September 30,
	2023		2022
Revenues
Real Estate:
Lease revenues	$	1,090,619	$	953,981
Income from finance leases and loans receivable	75,641		56,794
Operating property revenues	140,780		30,279
Other lease-related income	20,723		24,905
	1,327,763		1,065,959
Investment Management:
Asset management and other revenue	836		8,084
Reimbursable costs from affiliates	322		2,414
	1,158		10,498
	1,328,921		1,076,457
Operating Expenses
Depreciation and amortization	444,728		362,654
Operating property expenses	74,738		15,335
General and administrative	74,494		66,224
Reimbursable tenant costs	62,997		52,538
Property expenses, excluding reimbursable tenant costs	31,164		36,874
Stock-based compensation expense	25,811		23,102
Impairment charges — real estate	15,173		26,385
Merger and other expenses	5,595		17,329
Reimbursable costs from affiliates	322		2,414
Impairment charges — Investment Management goodwill	—		29,334
	735,022		632,189
Other Income and Expenses
Interest expense	(219,658)		(151,492)
Gain on sale of real estate, net	181,958		37,631
Earnings from equity method investments	14,569		23,477
Non-operating income	13,997		23,783
Other gains and (losses)	9,593		(1,021)
Gain on change in control of interests	—		33,931
	459		(33,691)
Income before income taxes	594,358		410,577
Provision for income taxes	(30,338)		(21,598)
Net Income	564,020		388,979
Net loss attributable to noncontrolling interests	20		622
Net Income Attributable to W. P. Carey	$	564,040	$	389,601

Basic Earnings Per Share	$	2.64	$	1.98
Diluted Earnings Per Share	$	2.63	$	1.98
Weighted-Average Shares Outstanding
Basic	214,052,907		196,382,433
Diluted	214,427,425		197,264,509

Dividends Declared Per Share	$	3.207	$	3.177

__________

(a)Amount for the three months ended September 30, 2023 is primarily comprised of costs incurred in connection with the NLOP Spin-Off. Amount for the three months ended September 30, 2022 is primarily comprised of costs incurred in connection with the CPA:18 Merger.

(b)Amount for the three months ended September 30, 2022 represents an impairment charge recognized on goodwill within our Investment Management segment, since future Investment Management cash flows are expected to be minimal.

(c)Amount for the three months ended September 30, 2023 is comprised of realized gains on foreign currency exchange derivatives of $3.7 million and interest income on deposits of $1.1 million.

(d)Amount for the three months ended September 30, 2023 is primarily comprised of a release of a non-cash allowance for credit losses of $2.5 million.

(e)Amount for the three months ended September 30, 2022 represents gains recognized on (i) the remaining interests in four investments acquired in the CPA:18 Merger, which we had previously accounted for under the equity method, and (ii) our previously held interest in shares of CPA:18 – Global common stock in connection with the CPA:18 Merger.

W. P. Carey Inc. 9/30/2023 Earnings Release 8-K – 9

W. P. CAREY INC.

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

(in thousands, except share and per share amounts)


	Three Months Ended
	September 30, 2023		June 30, 2023		September 30, 2022
Net income attributable to W. P. Carey	$	125,040	$	144,620	$	104,928
Adjustments:
Depreciation and amortization of real property	144,111		142,932		131,628
Impairment charges — real estate	15,173		—		—
(Gain) loss on sale of real estate, net	(2,401)		(1,808)		4,736
Gain on change in control of interests (a) (b)	—		—		(33,931)
Impairment charges — Investment Management goodwill (c)	—		—		29,334
Proportionate share of adjustments to earnings from equity method investments (d)	2,950		2,883		2,242
Proportionate share of adjustments for noncontrolling interests (e)	34		(268)		(189)
Total adjustments	159,867		143,739		133,820
FFO (as defined by NAREIT) Attributable to W. P. Carey (f)	284,907		288,359		238,748
Adjustments:
Straight-line and other leasing and financing adjustments	(18,662)		(19,086)		(14,326)
Stock-based compensation	9,050		8,995		5,511
Above- and below-market rent intangible lease amortization, net	7,835		8,824		11,186
Amortization of deferred financing costs	4,805		5,904		5,223
Tax (benefit) expense – deferred and other	(4,349)		(2,723)		1,163
Merger and other expenses (g)	4,152		1,419		17,667
Other (gains) and losses (h)	(2,859)		1,366		15,020
Other amortization and non-cash items	584		527		359
Proportionate share of adjustments to earnings from equity method investments (d)	(691)		(255)		(2,156)
Proportionate share of adjustments for noncontrolling interests (e)	(380)		(24)		(673)
Total adjustments	(515)		4,947		38,974
AFFO Attributable to W. P. Carey (f)	$	284,392	$	293,306	$	277,722

Summary
FFO (as defined by NAREIT) attributable to W. P. Carey (f)	$	284,907	$	288,359	$	238,748
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share (f)	$	1.32	$	1.34	$	1.17
AFFO attributable to W. P. Carey (f)	$	284,392	$	293,306	$	277,722
AFFO attributable to W. P. Carey per diluted share (f)	$	1.32	$	1.36	$	1.36
Diluted weighted-average shares outstanding	215,252,969		215,184,485		204,098,116

W. P. Carey Inc. 9/30/2023 Earnings Release 8-K – 10

W. P. CAREY INC.

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

(in thousands, except share and per share amounts)


	Three Months Ended
	September 30, 2023		June 30, 2023		September 30, 2022
Net income from Real Estate attributable to W. P. Carey	$	124,167	$	144,686	$	111,375
Adjustments:
Depreciation and amortization of real property	144,111		142,932		131,628
Impairment charges — real estate	15,173		—		—
(Gain) loss on sale of real estate, net	(2,401)		(1,808)		4,736
Gain on change in control of interests (a)	—		—		(11,405)
Proportionate share of adjustments to earnings from equity method investments (d)	2,950		2,883		2,242
Proportionate share of adjustments for noncontrolling interests (e)	34		(268)		(189)
Total adjustments	159,867		143,739		127,012
FFO (as defined by NAREIT) Attributable to W. P. Carey – Real Estate (f)	284,034		288,425		238,387
Adjustments:
Straight-line and other leasing and financing adjustments	(18,662)		(19,086)		(14,326)
Stock-based compensation	9,050		8,995		5,511
Above- and below-market rent intangible lease amortization, net	7,835		8,824		11,186
Amortization of deferred financing costs	4,805		5,904		5,223
Tax benefit – deferred and other	(4,349)		(2,723)		(2,789)
Merger and other expenses (g)	4,152		1,419		17,667
Other (gains) and losses (h)	(2,180)		890		13,960
Other amortization and non-cash items	584		527		359
Proportionate share of adjustments to earnings from equity method investments (d)	(691)		(255)		(938)
Proportionate share of adjustments for noncontrolling interests (e)	(380)		(24)		(673)
Total adjustments	164		4,471		35,180
AFFO Attributable to W. P. Carey – Real Estate (f)	$	284,198	$	292,896	$	273,567

Summary
FFO (as defined by NAREIT) attributable to W. P. Carey – Real Estate (f)	$	284,034	$	288,425	$	238,387
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share – Real Estate (f)	$	1.32	$	1.34	$	1.17
AFFO attributable to W. P. Carey – Real Estate (f)	$	284,198	$	292,896	$	273,567
AFFO attributable to W. P. Carey per diluted share – Real Estate (f)	$	1.32	$	1.36	$	1.34
Diluted weighted-average shares outstanding	215,252,969		215,184,485		204,098,116

W. P. Carey Inc. 9/30/2023 Earnings Release 8-K – 11

W. P. CAREY INC.

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

(in thousands, except share and per share amounts)


	Nine Months Ended September 30,
	2023		2022
Net income attributable to W. P. Carey	$	564,040	$	389,601
Adjustments:
Depreciation and amortization of real property	442,911		360,607
Gain on sale of real estate, net	(181,958)		(37,631)
Impairment charges — real estate	15,173		26,385
Gain on change in control of interests (a) (b)	—		(33,931)
Impairment charges — Investment Management goodwill (c)	—		29,334
Proportionate share of adjustments to earnings from equity method investments (d)	8,439		12,859
Proportionate share of adjustments for noncontrolling interests (e)	(533)		(197)
Total adjustments	284,032		357,426
FFO (as defined by NAREIT) Attributable to W. P. Carey (f)	848,072		747,027
Adjustments:
Straight-line and other leasing and financing adjustments	(52,798)		(39,665)
Above- and below-market rent intangible lease amortization, net	27,520		32,738
Stock-based compensation	25,811		23,102
Amortization of deferred financing costs	15,649		11,498
Other (gains) and losses	(9,593)		1,021
Merger and other expenses (g)	5,595		17,329
Tax benefit – deferred and other	(2,706)		(434)
Other amortization and non-cash items	1,583		1,441
Proportionate share of adjustments to earnings from equity method investments (d)	(1,872)		(2,451)
Proportionate share of adjustments for noncontrolling interests (e)	(344)		(684)
Total adjustments	8,845		43,895
AFFO Attributable to W. P. Carey (f)	$	856,917	$	790,922

Summary
FFO (as defined by NAREIT) attributable to W. P. Carey (f)	$	848,072	$	747,027
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share (f)	$	3.96	$	3.79
AFFO attributable to W. P. Carey (f)	$	856,917	$	790,922
AFFO attributable to W. P. Carey per diluted share (f)	$	4.00	$	4.01
Diluted weighted-average shares outstanding	214,427,425		197,264,509

W. P. Carey Inc. 9/30/2023 Earnings Release 8-K – 12

W. P. CAREY INC.

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

(in thousands, except share and per share amounts)


	Nine Months Ended September 30,
	2023		2022
Net income from Real Estate attributable to W. P. Carey	$	562,084	$	381,461
Adjustments:
Depreciation and amortization of real property	442,911		360,607
Gain on sale of real estate, net	(181,958)		(37,631)
Impairment charges — real estate	15,173		26,385
Gain on change in control of interests (a)	—		(11,405)
Proportionate share of adjustments to earnings from equity method investments (d)	8,439		12,859
Proportionate share of adjustments for noncontrolling interests (e)	(533)		(197)
Total adjustments	284,032		350,618
FFO (as defined by NAREIT) Attributable to W. P. Carey – Real Estate (f)	846,116		732,079
Adjustments:
Straight-line and other leasing and financing adjustments	(52,798)		(39,665)
Above- and below-market rent intangible lease amortization, net	27,520		32,738
Stock-based compensation	25,811		23,102
Amortization of deferred financing costs	15,649		11,498
Other (gains) and losses	(8,876)		(303)
Merger and other expenses (g)	5,595		17,326
Tax benefit – deferred and other	(2,706)		(4,302)
Other amortization and non-cash items	1,583		1,441
Proportionate share of adjustments to earnings from equity method investments (d)	(1,872)		(403)
Proportionate share of adjustments for noncontrolling interests (e)	(344)		(684)
Total adjustments	9,562		40,748
AFFO Attributable to W. P. Carey – Real Estate (f)	$	855,678	$	772,827

Summary
FFO (as defined by NAREIT) attributable to W. P. Carey – Real Estate (f)	$	846,116	$	732,079
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share – Real Estate (f)	$	3.95	$	3.71
AFFO attributable to W. P. Carey – Real Estate (f)	$	855,678	$	772,827
AFFO attributable to W. P. Carey per diluted share – Real Estate (f)	$	3.99	$	3.92
Diluted weighted-average shares outstanding	214,427,425		197,264,509

__________

(a)Amount for the three and nine months ended September 30, 2022 represents a gain recognized on the remaining interests in four investments acquired in the CPA:18 Merger, which we had previously accounted for under the equity method.

(b)Amount for the three and nine months ended September 30, 2022 represents a gain recognized on our previously held interest in shares of CPA:18 – Global common stock in connection with the CPA:18 Merger

(c)Amount for the three and nine months ended September 30, 2022 represents an impairment charge recognized on goodwill within our Investment Management segment, since future Investment Management cash flows are expected to be minimal.

(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 below for a description of FFO and AFFO.

(g)Amounts for the three and nine months ended September 30, 2023 are primarily comprised of costs incurred in connection with the NLOP Spin-Off. Amounts for the three and nine months ended September 30, 2022 are primarily comprised of costs incurred in connection with the CPA:18 Merger.

(h)AFFO and Real Estate AFFO adjustment amounts for the three months ended September 30, 2023 are primarily comprised of a release of a non-cash allowance for credit losses of $2.5 million.

W. P. Carey Inc. 9/30/2023 Earnings Release 8-K – 13

Non-GAAP Financial Disclosure

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

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

We define FFO, a non-GAAP measure, consistent with the standards established by the White Paper on FFO approved by the Board of Governors of NAREIT, as restated in December 2018. The White Paper defines FFO as net income or loss computed in accordance with GAAP, excluding gains or losses from sales of property, 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.

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 and merger and acquisition expenses. We also exclude realized and unrealized gains/losses on foreign currency exchange rate movements (other than those realized on the settlement of foreign currency derivatives), which are not considered fundamental attributes of our business plan and do not affect our overall long-term operating performance. We refer to our modified definition of FFO as AFFO. We exclude these items from GAAP net income to arrive at AFFO as they are not the primary drivers in our decision-making process and excluding these items provides investors a view of our portfolio performance over time and makes it more comparable to other REITs that are currently not engaged in acquisitions, mergers and restructuring, which are not part of our normal business operations. AFFO also reflects adjustments for unconsolidated partnerships and jointly owned investments. We use AFFO as one measure of our operating performance when we formulate corporate goals, evaluate the effectiveness of our strategies and determine executive compensation.

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

W. P. Carey Inc. 9/30/2023 Earnings Release 8-K – 14

Exhibit 99.2

W. P. Carey Inc.

Supplemental Information

Third Quarter 2023

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
CPA:18 – Global			Corporate Property Associates 18 – Global Incorporated
CESH			Carey European Student Housing Fund I, L.P.
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
Managed Programs			CPA:18 – Global (prior to the CPA:18 Merger on August 1, 2022) and CESH
U.S.			United States
ABR			Contractual minimum annualized base rent
SEC			Securities and Exchange Commission
NAREIT			National Association of Real Estate Investment Trusts (an industry trade group)
EUR			Euro
EURIBOR			Euro Interbank Offered Rate
SOFR			Secured Overnight Financing Rate
SONIA			Sterling Overnight Index Average
TIBOR			Tokyo Interbank Offered Rate
CPA:18 Merger			Our merger with CPA:18 – Global, which was completed on August 1, 2022

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.

W. P. Carey Inc.

Supplemental Information – Third Quarter 2023


Table of Contents


Overview
Summary Metrics			1
Components of Net Asset Value			3

Financial Results
Statements of Income – Last Five Quarters
Consolidated			5
Real Estate			6
Investment Management			7
FFO and AFFO – Last Five Quarters
Consolidated			8
Real Estate			9
Investment Management			10
Elements of Pro Rata Statement of Income and AFFO Adjustments			11
Capital Expenditures			12

Balance Sheets and Capitalization
Consolidated Balance Sheets			14
Capitalization			15
Debt Overview			16
Debt Maturity			17
Senior Unsecured Notes			18

Real Estate
Investment Activity
Capital Investments and Commitments			20
Investment Volume			21
Dispositions			22
Joint Ventures			23
Top Ten Tenants			24
Diversification by Property Type			25
Diversification by Tenant Industry			26
Diversification by Geography			27
Contractual Rent Increases			28
Same-Store Analysis			29
Leasing Activity			32
Lease Expirations			33
Self Storage Operating Properties Portfolio			34

Appendix
Normalized Pro Rata Cash NOI			36
Adjusted EBITDA – Last Five Quarters
Consolidated			38
Real Estate			39
Investment Management			40
Disclosures Regarding Non-GAAP and Other Metrics			41

W. P. Carey Inc.

Overview – Third Quarter 2023


Summary Metrics

As of or for the three months ended September 30, 2023.


Financial Results
	Real Estate Segment
			Total (a)
Revenues, including reimbursable costs – consolidated ($000s)	$	448,262		$	448,553
Net income attributable to W. P. Carey ($000s)	124,167			125,040
Net income attributable to W. P. Carey per diluted share	0.58			0.58
Normalized pro rata cash NOI from real estate ($000s) (b) (c)	377,149			377,149
Adjusted EBITDA ($000s) (b) (c)	366,641			366,835
AFFO attributable to W. P. Carey ($000s) (b) (c)	284,198			284,392
AFFO attributable to W. P. Carey per diluted share (b) (c)	1.32			1.32

Dividends declared per share – current quarter				1.071


Dividend payout ratio – for the nine months ended September 30, 2023 (d)				80.2		%

Balance Sheet and Capitalization
Equity market capitalization – based on quarter end share price of $54.08 ($000s)				$	11,569,108
Pro rata net debt ($000s) (e)				8,293,209
Enterprise value ($000s)				19,862,317

Total consolidated debt ($000s)				8,287,714
Gross assets ($000s) (f)				20,430,845
Liquidity ($000s) (g)				1,801,621

Pro rata net debt to enterprise value (c)				41.8		%
Pro rata net debt to adjusted EBITDA (annualized) (b) (c)				5.7x
Total consolidated debt to gross assets				40.6		%
Total consolidated secured debt to gross assets				3.8		%
Cash interest expense coverage ratio (b) (c)				5.4x

Weighted-average interest rate (c)				3.3		%
Weighted-average debt maturity (years) (c)				3.7

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) (h)				$	1,459,174
ABR – unencumbered portfolio (% / $000s) (h) (i)	92.4% /			$	1,348,557
Number of net-leased properties				1,472
Number of operating properties (j)				98
Number of tenants – net-leased properties				395

ABR from top ten tenants as a % of total ABR – net-leased properties				18.9		%
ABR from investment grade tenants as a % of total ABR – net-leased properties (k)				28.2		%
Contractual same-store growth (l)				4.2		%

Net-leased properties – square footage (millions)				179.2

Occupancy – net-leased properties				98.9		%
Weighted-average lease term (years)				11.0

Investment volume – current quarter ($000s)				$	39,943
Dispositions – current quarter ($000s)				148,058

Maximum commitment for capital investments and commitments expected to be completed during 2023 ($000s)				35,202

________


						Investing for the Long Run® \| 1

W. P. Carey Inc.

Overview – Third Quarter 2023

(a)Includes immaterial amounts from our Investment Management segment.

(b)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.

(c)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.

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

(e)Represents total pro rata debt outstanding less consolidated cash and cash equivalents. See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of pro rata.

(f)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 $1.1 billion and above-market rent intangible assets of $506.4 million.

(g)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) available proceeds under our equity forward sale agreements.

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

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

(j)Comprised of 86 self-storage properties, ten hotels and two student housing properties.

(k)Percentage of portfolio is based on ABR, as of September 30, 2023. Includes tenants or guarantors with investment grade ratings (20.7%) and subsidiaries of non-guarantor parent companies with investment grade ratings (7.5%). 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.

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


						Investing for the Long Run® \| 2

W. P. Carey Inc.

Overview – Third Quarter 2023


Components of Net Asset Value

Dollars in thousands, except per share amounts.


Normalized Pro Rata Cash NOI (a) (b)	Three Months Ended Sep. 30, 2023		Year-to-Date Sep. 30, 2023
Net lease properties	$	353,244	$	1,054,111
Self-storage and other operating properties (c)	23,905		70,281
Total normalized pro rata cash NOI (a) (b)	$	377,149	$	1,124,392

Balance Sheet – Selected Information (Consolidated Unless Otherwise Stated)			As of Sep. 30, 2023
Assets
Book value of real estate excluded from normalized pro rata cash NOI (d)			$	218,635
Cash and cash equivalents			136,438
Las Vegas retail complex construction loan (e)			232,941
Other secured loans receivable, net			11,250
Other assets, net:
Investment in shares of Lineage Logistics (a cold storage REIT)			$	404,921
Straight-line rent adjustments			346,540
Deferred charges			85,716
Restricted cash, including escrow			77,486
Office lease right-of-use assets, net			55,557
Non-rent tenant and other receivables			52,353
Taxes receivable			39,308
Securities and derivatives			35,429
Prepaid expenses			22,552
Deferred income taxes			19,500
Leasehold improvements, furniture and fixtures			14,137
Rent receivables (f)			4,093
Due from affiliates			382
Other			33,376
Total other assets, net			$	1,191,350

Liabilities
Total pro rata debt outstanding (b) (g)			$	8,429,647
Dividends payable			233,331
Deferred income taxes			171,929
Accounts payable, accrued expenses and other liabilities:
Accounts payable and accrued expenses			$	164,268
Operating lease liabilities			142,685
Prepaid and deferred rents			142,044
Tenant security deposits			79,838
Accrued taxes payable			49,003
Other			61,127
Total accounts payable, accrued expenses and other liabilities			$	638,965

________

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

(g)Excludes unamortized discount, net totaling $31.4 million and unamortized deferred financing costs totaling $22.4 million as of September 30, 2023.


						Investing for the Long Run® \| 3

W. P. Carey Inc.

Financial Results

Third Quarter 2023


						Investing for the Long Run® \| 4

W. P. Carey Inc.

Financial Results – Third Quarter 2023


Consolidated Statements of Income – Last Five Quarters

In thousands, except share and per share amounts.


	Three Months Ended
	Sep. 30, 2023		Jun. 30, 2023		Mar. 31, 2023		Dec. 31, 2022		Sep. 30, 2022
Revenues
Real Estate:
Lease revenues	$	369,159	$	369,124	$	352,336	$	347,636	$	331,902
Income from finance leases and loans receivable	27,575		27,311		20,755		17,472		20,637
Operating property revenues	49,218		50,676		40,886		28,951		21,350
Other lease-related income	2,310		5,040		13,373		8,083		8,192
	448,262		452,151		427,350		402,142		382,081
Investment Management:
Asset management revenue	194		303		339		383		1,197
Reimbursable costs from affiliates	97		124		101		104		344
	291		427		440		487		1,541
	448,553		452,578		427,790		402,629		383,622
Operating Expenses
Depreciation and amortization	144,771		143,548		156,409		140,749		132,181
Operating property expenses	26,570		26,919		21,249		11,719		9,357
General and administrative	23,258		24,788		26,448		22,728		22,299
Reimbursable tenant costs	20,498		20,523		21,976		21,084		18,874
Impairment charges — real estate	15,173		—		—		12,734		—
Property expenses, excluding reimbursable tenant costs	13,021		5,371		12,772		13,879		11,244
Stock-based compensation expense	9,050		8,995		7,766		9,739		5,511
Merger and other expenses (a)	4,152		1,419		24		2,058		17,667
Reimbursable costs from affiliates	97		124		101		104		344
Impairment charges — Investment Management goodwill (b)	—		—		—		—		29,334
	256,590		231,687		246,745		234,794		246,811
Other Income and Expenses
Interest expense	(76,974)		(75,488)		(67,196)		(67,668)		(59,022)
Earnings from equity method investments	4,978		4,355		5,236		6,032		11,304
Non-operating income (c)	4,862		4,509		4,626		6,526		9,263
Other gains and (losses) (d)	2,859		(1,366)		8,100		97,059		(15,020)
Gain (loss) on sale of real estate, net (e)	2,401		1,808		177,749		5,845		(4,736)
Gain on change in control of interests (f)	—		—		—		—		33,931
	(61,874)		(66,182)		128,515		47,794		(24,280)
Income before income taxes	130,089		154,709		309,560		215,629		112,531
Provision for income taxes	(5,090)		(10,129)		(15,119)		(6,126)		(8,263)
Net Income	124,999		144,580		294,441		209,503		104,268
Net loss (income) attributable to noncontrolling interests	41		40		(61)		35		660
Net Income Attributable to W. P. Carey	$	125,040	$	144,620	$	294,380	$	209,538	$	104,928

Basic Earnings Per Share	$	0.58	$	0.67	$	1.39	$	1.00	$	0.52
Diluted Earnings Per Share	$	0.58	$	0.67	$	1.39	$	1.00	$	0.51
Weighted-Average Shares Outstanding
Basic	215,097,114		215,075,114		211,951,930		209,281,888		203,093,553
Diluted	215,252,969		215,184,485		212,345,047		209,822,650		204,098,116

Dividends Declared Per Share	$	1.071	$	1.069	$	1.067	$	1.065	$	1.061

________

(a)Amount for the three months ended September 30, 2023 is primarily comprised of costs incurred in connection with the Spin-Off. Amount for the three months ended September 30, 2022 is primarily comprised of costs incurred in connection with the CPA:18 Merger.

(c)Amount for the three months ended September 30, 2023 is comprised of realized gains on foreign currency exchange derivatives of $3.7 million and interest income on deposits of $1.1 million.

(d)Amount for the three months ended September 30, 2023 is primarily comprised of a release of a non-cash allowance for credit losses of $2.5 million.

(e)Amount for the three months ended March 31, 2023 includes a gain on sale of real estate of $176.2 million recognized upon receiving notice of the exercise of a purchase option for a portfolio of 78 net-lease self-storage properties and the reclassification of the investment to net investments in sales-type leases.

(f)Amount for the three months ended September 30, 2022 represents gains recognized on (i) the remaining interests in four investments acquired in the CPA:18 Merger, which we had previously accounted for under the equity method, and (ii) our previously held interest in shares of CPA:18 – Global common stock in connection with the CPA:18 Merger.


						Investing for the Long Run® \| 5

W. P. Carey Inc.

Financial Results – Third Quarter 2023


Statements of Income, Real Estate – Last Five Quarters

In thousands, except share and per share amounts.


	Three Months Ended
	Sep. 30, 2023		Jun. 30, 2023		Mar. 31, 2023		Dec. 31, 2022		Sep. 30, 2022
Revenues
Lease revenues	$	369,159	$	369,124	$	352,336	$	347,636	$	331,902
Income from finance leases and loans receivable	27,575		27,311		20,755		17,472		20,637
Operating property revenues	49,218		50,676		40,886		28,951		21,350
Other lease-related income	2,310		5,040		13,373		8,083		8,192
	448,262		452,151		427,350		402,142		382,081
Operating Expenses
Depreciation and amortization	144,771		143,548		156,409		140,749		132,181
Operating property expenses	26,570		26,919		21,249		11,719		9,357
General and administrative	23,258		24,788		26,448		22,728		22,299
Reimbursable tenant costs	20,498		20,523		21,976		21,084		18,874
Impairment charges — real estate	15,173		—		—		12,734		—
Property expenses, excluding reimbursable tenant costs	13,021		5,371		12,772		13,879		11,244
Stock-based compensation expense	9,050		8,995		7,766		9,739		5,511
Merger and other expenses (a)	4,152		1,419		24		2,058		17,667
	256,493		231,563		246,644		234,690		217,133
Other Income and Expenses
Interest expense	(76,974)		(75,488)		(67,196)		(67,668)		(59,022)
Earnings from equity method investments in real estate	4,978		4,355		5,236		6,032		6,447
Non-operating income	4,862		4,509		4,613		6,508		9,264
Gain (loss) on sale of real estate, net (b)	2,401		1,808		177,749		5,845		(4,736)
Other gains and (losses) (c)	2,180		(890)		7,586		96,846		(13,960)
Gain on change in control of interests (d)	—		—		—		—		11,405
	(62,553)		(65,706)		127,988		47,563		(50,602)
Income before income taxes	129,216		154,882		308,694		215,015		114,346
Provision for income taxes	(5,090)		(10,236)		(15,402)		(4,908)		(3,631)
Net Income from Real Estate	124,126		144,646		293,292		210,107		110,715
Net loss (income) attributable to noncontrolling interests	41		40		(61)		35		660
Net Income from Real Estate Attributable to W. P. Carey	$	124,167	$	144,686	$	293,231	$	210,142	$	111,375

Basic Earnings Per Share	$	0.58	$	0.67	$	1.38	$	1.00	$	0.55
Diluted Earnings Per Share	$	0.58	$	0.67	$	1.38	$	1.00	$	0.54
Weighted-Average Shares Outstanding
Basic	215,097,114		215,075,114		211,951,930		209,281,888		203,093,553
Diluted	215,252,969		215,184,485		212,345,047		209,822,650		204,098,116

________

(b)Amount for the three months ended March 31, 2023 includes a gain on sale of real estate of $176.2 million recognized upon receiving notice of the exercise of a purchase option for a portfolio of 78 net-lease self-storage properties and the reclassification of the investment to net investments in sales-type leases.

(c)Amount for the three months ended September 30, 2023 is primarily comprised of a release of a non-cash allowance for credit losses of $2.5 million.

(d)Amount for the three months ended September 30, 2022 represents a gain recognized on the remaining interests in four investments acquired in the CPA:18 Merger, which we had previously accounted for under the equity method.


						Investing for the Long Run® \| 6

W. P. Carey Inc.

Financial Results – Third Quarter 2023


Statements of Income, Investment Management – Last Five Quarters

In thousands, except share and per share amounts.


	Three Months Ended
	Sep. 30, 2023		Jun. 30, 2023		Mar. 31, 2023		Dec. 31, 2022		Sep. 30, 2022
Revenues
Asset management revenue	$	194	$	303	$	339	$	383	$	1,197
Reimbursable costs from affiliates	97		124		101		104		344
	291		427		440		487		1,541
Operating Expenses
Reimbursable costs from affiliates	97		124		101		104		344
Impairment charges — Investment Management goodwill (a)	—		—		—		—		29,334
	97		124		101		104		29,678
Other Income and Expenses
Other gains and (losses)	679		(476)		514		213		(1,060)
Non-operating income (loss)	—		—		13		18		(1)
Gain on change in control of interests (b)	—		—		—		—		22,526
Earnings from equity method investments in the Managed Programs	—		—		—		—		4,857
	679		(476)		527		231		26,322
Income (loss) before income taxes	873		(173)		866		614		(1,815)
Benefit from (provision for) income taxes	—		107		283		(1,218)		(4,632)
Net Income (Loss) from Investment Management Attributable to W. P. Carey	$	873	$	(66)	$	1,149	$	(604)	$	(6,447)

Basic Earnings (Loss) Per Share	$	0.00	$	0.00	$	0.01	$	0.00	$	(0.03)
Diluted Earnings (Loss) Per Share	$	0.00	$	0.00	$	0.01	$	0.00	$	(0.03)
Weighted-Average Shares Outstanding
Basic	215,097,114		215,075,114		211,951,930		209,281,888		203,093,553
Diluted	215,252,969		215,184,485		212,345,047		209,822,650		204,098,116

________

(a)Amount for the three months ended September 30, 2022 represents an impairment charge recognized on goodwill within our Investment Management segment, since future Investment Management cash flows are expected to be minimal.

(b)Amount for the three months ended September 30, 2022 represents a gain recognized on our previously held interest in shares of CPA:18 – Global common stock in connection with the CPA:18 Merger.


						Investing for the Long Run® \| 7

W. P. Carey Inc.

Financial Results – Third Quarter 2023


FFO and AFFO, Consolidated – Last Five Quarters

In thousands, except share and per share amounts.


	Three Months Ended
	Sep. 30, 2023		Jun. 30, 2023		Mar. 31, 2023		Dec. 31, 2022		Sep. 30, 2022
Net income attributable to W. P. Carey	$	125,040	$	144,620	$	294,380	$	209,538	$	104,928
Adjustments:
Depreciation and amortization of real property	144,111		142,932		155,868		140,157		131,628
Impairment charges — real estate	15,173		—		—		12,734		—
(Gain) loss on sale of real estate, net (a)	(2,401)		(1,808)		(177,749)		(5,845)		4,736
Gain on change in control of interests (b)	—		—		—		—		(33,931)
Impairment charges — Investment Management goodwill (c)	—		—		—		—		29,334
Proportionate share of adjustments to earnings from equity method investments (d)	2,950		2,883		2,606		2,296		2,242
Proportionate share of adjustments for noncontrolling interests (e)	34		(268)		(299)		(294)		(189)
Total adjustments	159,867		143,739		(19,574)		149,048		133,820
FFO (as defined by NAREIT) Attributable to W. P. Carey (f)	284,907		288,359		274,806		358,586		238,748
Adjustments:
Straight-line and other leasing and financing adjustments	(18,662)		(19,086)		(15,050)		(14,766)		(14,326)
Stock-based compensation	9,050		8,995		7,766		9,739		5,511
Above- and below-market rent intangible lease amortization, net	7,835		8,824		10,861		8,652		11,186
Amortization of deferred financing costs	4,805		5,904		4,940		5,705		5,223
Tax (benefit) expense – deferred and other	(4,349)		(2,723)		4,366		(3,325)		1,163
Merger and other expenses (g)	4,152		1,419		24		2,058		17,667
Other (gains) and losses (h)	(2,859)		1,366		(8,100)		(97,059)		15,020
Other amortization and non-cash items	584		527		472		490		359
Proportionate share of adjustments to earnings from equity method investments (d)	(691)		(255)		(926)		(319)		(2,156)
Proportionate share of adjustments for noncontrolling interests (e)	(380)		(24)		60		(85)		(673)
Total adjustments	(515)		4,947		4,413		(88,910)		38,974
AFFO Attributable to W. P. Carey (f)	$	284,392	$	293,306	$	279,219	$	269,676	$	277,722

Summary
FFO (as defined by NAREIT) attributable to W. P. Carey (f)	$	284,907	$	288,359	$	274,806	$	358,586	$	238,748
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share (f)	$	1.32	$	1.34	$	1.29	$	1.70	$	1.17
AFFO attributable to W. P. Carey (f)	$	284,392	$	293,306	$	279,219	$	269,676	$	277,722
AFFO attributable to W. P. Carey per diluted share (f)	$	1.32	$	1.36	$	1.31	$	1.29	$	1.36
Diluted weighted-average shares outstanding	215,252,969		215,184,485		212,345,047		209,822,650		204,098,116

________

(a)Amount for the three months ended March 31, 2023 includes a gain on sale of real estate of $176.2 million recognized upon receiving notice of the exercise of a purchase option for a portfolio of 78 net-lease self-storage properties and the reclassification of the investment to net investments in sales-type leases.

(b)Amount for the three months ended September 30, 2022 represents gains recognized on (i) the remaining interests in four investments acquired in the CPA:18 Merger, which we had previously accounted for under the equity method, and (ii) our previously held interest in shares of CPA:18 – Global common stock in connection with the CPA:18 Merger.

(c)Amount for the three months ended September 30, 2022 represents an impairment charge recognized on goodwill within our Investment Management segment, since future Investment Management cash flows are expected to be minimal.

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

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

(g)Amount for the three months ended September 30, 2023 is primarily comprised of costs incurred in connection with the Spin-Off. Amount for the three months ended September 30, 2022 is primarily comprised of costs incurred in connection with the CPA:18 Merger.

(h)Amount for the three months ended September 30, 2023 is primarily comprised of a release of a non-cash allowance for credit losses of $2.5 million.


						Investing for the Long Run® \| 8

W. P. Carey Inc.

Financial Results – Third Quarter 2023


FFO and AFFO, Real Estate – Last Five Quarters

In thousands, except share and per share amounts.


	Three Months Ended
	Sep. 30, 2023		Jun. 30, 2023		Mar. 31, 2023		Dec. 31, 2022		Sep. 30, 2022
Net income from Real Estate attributable to W. P. Carey	$	124,167	$	144,686	$	293,231	$	210,142	$	111,375
Adjustments:
Depreciation and amortization of real property	144,111		142,932		155,868		140,157		131,628
Impairment charges — real estate	15,173		—		—		12,734		—
(Gain) loss on sale of real estate, net (a)	(2,401)		(1,808)		(177,749)		(5,845)		4,736
Gain on change in control of interests (b)	—		—		—		—		(11,405)
Proportionate share of adjustments to earnings from equity method investments (c)	2,950		2,883		2,606		2,296		2,242
Proportionate share of adjustments for noncontrolling interests (d)	34		(268)		(299)		(294)		(189)
Total adjustments	159,867		143,739		(19,574)		149,048		127,012
FFO (as defined by NAREIT) Attributable to W. P. Carey – Real Estate (e)	284,034		288,425		273,657		359,190		238,387
Adjustments:
Straight-line and other leasing and financing adjustments	(18,662)		(19,086)		(15,050)		(14,766)		(14,326)
Stock-based compensation	9,050		8,995		7,766		9,739		5,511
Above- and below-market rent intangible lease amortization, net	7,835		8,824		10,861		8,652		11,186
Amortization of deferred financing costs	4,805		5,904		4,940		5,705		5,223
Tax (benefit) expense – deferred and other	(4,349)		(2,723)		4,366		(3,862)		(2,789)
Merger and other expenses (f)	4,152		1,419		24		2,058		17,667
Other (gains) and losses (g)	(2,180)		890		(7,586)		(96,846)		13,960
Other amortization and non-cash items	584		527		472		490		359
Proportionate share of adjustments to earnings from equity method investments (c)	(691)		(255)		(926)		(320)		(938)
Proportionate share of adjustments for noncontrolling interests (d)	(380)		(24)		60		(85)		(673)
Total adjustments	164		4,471		4,927		(89,235)		35,180
AFFO Attributable to W. P. Carey – Real Estate (e)	$	284,198	$	292,896	$	278,584	$	269,955	$	273,567

Summary
FFO (as defined by NAREIT) attributable to W. P. Carey – Real Estate (e)	$	284,034	$	288,425	$	273,657	$	359,190	$	238,387
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share – Real Estate (e)	$	1.32	$	1.34	$	1.29	$	1.70	$	1.17
AFFO attributable to W. P. Carey – Real Estate (e)	$	284,198	$	292,896	$	278,584	$	269,955	$	273,567
AFFO attributable to W. P. Carey per diluted share – Real Estate (e)	$	1.32	$	1.36	$	1.31	$	1.29	$	1.34
Diluted weighted-average shares outstanding	215,252,969		215,184,485		212,345,047		209,822,650		204,098,116

________

(b)Amount for the three months ended September 30, 2022 represents a gain recognized on the remaining interests in four investments acquired in the CPA:18 Merger, which we had previously accounted for under the equity method.

(c)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.

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

(e)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.

(f)Amount for the three months ended September 30, 2023 is primarily comprised of costs incurred in connection with the Spin-Off. Amount for the three months ended September 30, 2022 is primarily comprised of costs incurred in connection with the CPA:18 Merger.

(g)Amount for the three months ended September 30, 2023 is primarily comprised of a release of a non-cash allowance for credit losses of $2.5 million.


						Investing for the Long Run® \| 9

W. P. Carey Inc.

Financial Results – Third Quarter 2023


FFO and AFFO, Investment Management – Last Five Quarters

In thousands, except share and per share amounts.


	Three Months Ended
	Sep. 30, 2023		Jun. 30, 2023		Mar. 31, 2023		Dec. 31, 2022		Sep. 30, 2022
Net income (loss) from Investment Management attributable to W. P. Carey	$	873	$	(66)	$	1,149	$	(604)	$	(6,447)
Adjustments:
Impairment charges — Investment Management goodwill (a)	—		—		—		—		29,334
Gain on change in control of interests (b)	—		—		—		—		(22,526)
Total adjustments	—		—		—		—		6,808
FFO (as defined by NAREIT) Attributable to W. P. Carey – Investment Management (c)	873		(66)		1,149		(604)		361
Adjustments:
Other (gains) and losses	(679)		476		(514)		(213)		1,060
Tax expense – deferred and other	—		—		—		537		3,952
Proportionate share of adjustments to earnings from equity method investments (d)	—		—		—		1		(1,218)
Total adjustments	(679)		476		(514)		325		3,794
AFFO Attributable to W. P. Carey – Investment Management (c)	$	194	$	410	$	635	$	(279)	$	4,155

Summary
FFO (as defined by NAREIT) attributable to W. P. Carey – Investment Management (c)	$	873	$	(66)	$	1,149	$	(604)	$	361
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share – Investment Management (c)	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
AFFO attributable to W. P. Carey – Investment Management (c)	$	194	$	410	$	635	$	(279)	$	4,155
AFFO attributable to W. P. Carey per diluted share – Investment Management (c)	$	0.00	$	0.00	$	0.00	$	0.00	$	0.02
Diluted weighted-average shares outstanding	215,252,969		215,184,485		212,345,047		209,822,650		204,098,116

________

(b)Amount for the three months ended September 30, 2022 represents a gain recognized on our previously held interest in shares of CPA:18 – Global common stock in connection with the CPA:18 Merger.

(c)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.


						Investing for the Long Run® \| 10

W. P. Carey Inc.

Financial Results – Third Quarter 2023


Elements of Pro Rata Statement of Income and AFFO Adjustments

In thousands. For the three months ended September 30, 2023.

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	$	4,116	$	(373)	$	(12,861)	(c)
Income from finance leases and loans receivable	—		—		518
Operating property revenues:
Hotel revenues	—		—		—
Self-storage revenues	2,489		—		—
Student housing revenues	—		(61)		—
Other lease-related income	1		—		—

Investment Management:
Asset management revenue	—		—		—
Reimbursable costs from affiliates	—		—		—

Operating Expenses
Depreciation and amortization	2,795		34		(147,041)		(d)
Operating property expenses:
Hotel expenses	—		—		—
Self-storage expenses	853		—		(28)
Student housing expenses	—		(26)		—
General and administrative	—		—		—
Reimbursable tenant costs	222		(55)		—
Impairment charges — real estate	—		—		(15,173)		(e)
Property expenses, excluding reimbursable tenant costs	178		(20)		(454)		(e)
Stock-based compensation expense	—		—		(9,050)		(e)
Merger and other expenses	—		—		(4,152)		(f)
Reimbursable costs from affiliates	—		—		—

Other Income and Expenses
Interest expense	(406)		84		4,802		(g)
Earnings from equity method investments:
Income related to joint ventures	(2,151)		—		915		(h)
Non-operating income	7		2		—
Other gains and (losses)	55		339		(3,253)		(i)
Gain on sale of real estate, net	—		—		(2,401)

Provision for income taxes	(63)		3		(4,266)		(j)
Net income attributable to noncontrolling interests	—		(61)		—

________

(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 $7.8 million and the elimination of non-cash amounts related to straight-line rent and other of $20.7 million.

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

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

(f)Primarily represents costs incurred in connection with the Spin-Off.

(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)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.

(j)Primarily represents the elimination of deferred taxes.


						Investing for the Long Run® \| 11

W. P. Carey Inc.

Financial Results – Third Quarter 2023


Capital Expenditures

In thousands. For the three months ended September 30, 2023.


Tenant Improvements and Leasing Costs
Tenant improvements	$	5,039
Leasing costs	2,353
Tenant Improvements and Leasing Costs	7,392

Maintenance Capital Expenditures
Net-lease properties	1,025
Operating properties	1,048
Maintenance Capital Expenditures	2,073

Total: Tenant Improvements and Leasing Costs, and Maintenance Capital Expenditures	$	9,465

Non-Maintenance Capital Expenditures
Net-lease properties	$	228
Operating properties	—
Non-Maintenance Capital Expenditures	$	228

Other Capital Expenditures
Net-lease properties	$	445
Operating properties	—
Other Capital Expenditures	$	445


						Investing for the Long Run® \| 12

W. P. Carey Inc.

Balance Sheets and Capitalization

Third Quarter 2023


						Investing for the Long Run® \| 13

W. P. Carey Inc.

Balance Sheets and Capitalization – Third Quarter 2023


Consolidated Balance Sheets

In thousands, except share and per share amounts.



	September 30, 2023		December 31, 2022
Assets
Investments in real estate:
Land, buildings and improvements — net lease and other	$	13,390,692	$	13,338,857
Land, buildings and improvements — operating properties	1,222,062		1,095,892
Net investments in finance leases and loans receivable	1,172,671		771,761
In-place lease intangible assets and other	2,696,403		2,659,750
Above-market rent intangible assets	771,071		833,751
Investments in real estate	19,252,899		18,700,011
Accumulated depreciation and amortization (a)	(3,438,183)		(3,269,057)
Assets held for sale, net	102,015		57,944
Net investments in real estate	15,916,731		15,488,898
Equity method investments	351,537		327,502
Cash and cash equivalents	136,438		167,996
Other assets, net	1,191,350		1,080,227
Goodwill	1,034,183		1,037,412
Total assets	$	18,630,239	$	18,102,035

Liabilities and Equity
Debt:
Senior unsecured notes, net	$	5,902,854	$	5,916,400
Unsecured term loans, net	1,083,597		552,539
Unsecured revolving credit facility	516,513		276,392
Non-recourse mortgages, net	784,750		1,132,417
Debt, net	8,287,714		7,877,748
Accounts payable, accrued expenses and other liabilities	638,965		623,843
Below-market rent and other intangible liabilities, net	153,049		184,584
Deferred income taxes	171,929		178,959
Dividends payable	233,331		228,257
Total liabilities	9,484,988		9,093,391

Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued	—		—
Common stock, $0.001 par value, 450,000,000 shares authorized; 213,925,817 and 210,620,949 shares, respectively, issued and outstanding	214		211
Additional paid-in capital	11,970,559		11,706,836
Distributions in excess of accumulated earnings	(2,616,638)		(2,486,633)
Deferred compensation obligation	62,046		57,012
Accumulated other comprehensive loss	(281,820)		(283,780)
Total stockholders' equity	9,134,361		8,993,646
Noncontrolling interests	10,890		14,998
Total equity	9,145,251		9,008,644
Total liabilities and equity	$	18,630,239	$	18,102,035

________


						Investing for the Long Run® \| 14

W. P. Carey Inc.

Balance Sheets and Capitalization – Third Quarter 2023


Capitalization

In thousands, except share and per share amounts. As of September 30, 2023.


Description	Shares	Share Price		Market Value
Equity
Common equity	213,925,817	$	54.08	$	11,569,108
Preferred equity				—
Total Equity Market Capitalization				11,569,108

				Outstanding Balance (a)
Pro Rata Debt
Non-recourse mortgages				879,048
Unsecured term loans (due February 20, 2025)				558,611
Unsecured term loans (due April 24, 2026)				529,700
Unsecured revolving credit facility (due February 20, 2025)				516,513
Senior unsecured notes:
Due April 1, 2024 (USD)				500,000
Due July 19, 2024 (EUR)				529,700
Due February 1, 2025 (USD)				450,000
Due April 9, 2026 (EUR)				529,700
Due October 1, 2026 (USD)				350,000
Due April 15, 2027 (EUR)				529,700
Due April 15, 2028 (EUR)				529,700
Due July 15, 2029 (USD)				325,000
Due September 28, 2029 (EUR)				158,910
Due June 1, 2030 (EUR)				556,185
Due February 1, 2031 (USD)				500,000
Due February 1, 2032 (USD)				350,000
Due September 28, 2032 (EUR)				211,880
Due April 1, 2033 (USD)				425,000
Total Pro Rata Debt				8,429,647

Total Capitalization				$	19,998,755

________

(a)Excludes unamortized discount, net totaling $31.4 million and unamortized deferred financing costs totaling $22.4 million as of September 30, 2023.


						Investing for the Long Run® \| 15

W. P. Carey Inc.

Balance Sheets and Capitalization – Third Quarter 2023


Debt Overview

Dollars in thousands. Pro rata. As of September 30, 2023.


	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)	$	556,813	4.8	%	$	138,401	2.6	%	$	46,228	4.2	%	$	741,442	8.8	%	4.3	%	1.6
Floating	—		—	%	97,420		5.5	%	40,186		4.6	%	137,606		1.6	%	5.3	%	0.7
Total Pro Rata Non-Recourse Debt	556,813		4.8	%	235,821		3.8	%	86,414		4.4	%	879,048		10.4	%	4.5	%	1.5

Recourse Debt (b) (c)
Fixed – Senior unsecured notes:
Due April 1, 2024	500,000		4.6	%	—		—	%	—		—	%	500,000		5.9	%	4.6	%	0.5
Due July 19, 2024	—		—	%	529,700		2.3	%	—		—	%	529,700		6.3	%	2.3	%	0.8
Due February 1, 2025	450,000		4.0	%	—		—	%	—		—	%	450,000		5.3	%	4.0	%	1.3
Due April 9, 2026	—		—	%	529,700		2.3	%	—		—	%	529,700		6.3	%	2.3	%	2.5
Due October 1, 2026	350,000		4.3	%	—		—	%	—		—	%	350,000		4.2	%	4.3	%	3.0
Due April 15, 2027	—		—	%	529,700		2.1	%	—		—	%	529,700		6.3	%	2.1	%	3.5
Due April 15, 2028	—		—	%	529,700		1.4	%	—		—	%	529,700		6.3	%	1.4	%	4.5
Due July 15, 2029	325,000		3.9	%	—		—	%	—		—	%	325,000		3.9	%	3.9	%	5.8
Due September 28, 2029	—		—	%	158,910		3.4	%	—		—	%	158,910		1.9	%	3.4	%	6.0
Due June 1, 2030	—		—	%	556,185		1.0	%	—		—	%	556,185		6.6	%	1.0	%	6.7
Due February 1, 2031	500,000		2.4	%	—		—	%	—		—	%	500,000		5.9	%	2.4	%	7.3
Due February 1, 2032	350,000		2.5	%	—		—	%	—		—	%	350,000		4.2	%	2.5	%	8.3
Due September 28, 2032	—		—	%	211,880		3.7	%	—		—	%	211,880		2.5	%	3.7	%	9.0
Due April 1, 2033	425,000		2.3	%	—		—	%	—		—	%	425,000		5.0	%	2.3	%	9.5
Total Senior Unsecured Notes	2,900,000		3.4	%	3,045,775		2.0	%	—		—	%	5,945,775		70.6	%	2.7	%	4.5
Swapped to Fixed:
Unsecured term loans (due April 24, 2026) (e)	—		—	%	529,700		4.3	%	—		—	%	529,700		6.3	%	4.3	%	2.6
Floating:
Unsecured term loans (due February 20, 2025) (f)	—		—	%	227,771		4.8	%	330,840		6.1	%	558,611		6.6	%	5.6	%	1.4
Unsecured revolving credit facility (due February 20, 2025) (g)	155,000		6.2	%	345,364		4.6	%	16,149		0.8	%	516,513		6.1	%	5.0	%	1.4
Total Recourse Debt	3,055,000		3.5	%	4,148,610		2.7	%	346,989		5.8	%	7,550,599		89.6	%	3.2	%	4.0

Total Pro Rata Debt Outstanding	$	3,611,813	3.7	%	$	4,384,431	2.7	%	$	433,403	5.5	%	$	8,429,647	100.0	%	3.3	%	3.7

________

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

(b)Debt data is 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)Excludes unamortized discount, net totaling $31.4 million and unamortized deferred financing costs totaling $22.4 million as of September 30, 2023.

(d)Includes $117.6 million of non-recourse mortgage debt which is swapped to fixed-rate through mortgage maturity.

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

(f)We incurred interest at SONIA or EURIBOR, plus 0.85% for both base rates, on our Unsecured term loans. SONIA includes a spread adjustment of 0.0326%.

(g)Depending on the currency, we incurred interest on our Unsecured revolving credit facility at EURIBOR, SOFR or TIBOR, plus 0.775% for all base rates. Each has a floor of 0.00% under the terms of our credit agreement. SOFR includes a spread adjustment of 0.10%. Availability under our Unsecured revolving credit facility (net of amounts reserved for standby letters of credit) was approximately $1.3 billion as of September 30, 2023.


						Investing for the Long Run® \| 16

W. P. Carey Inc.

Balance Sheets and Capitalization – Third Quarter 2023


Debt Maturity

Dollars in thousands. Pro rata. As of September 30, 2023.


	Real Estate			Debt
	Number of Properties (a)			Weighted-Average Interest Rate				Total Outstanding Balance (b) (c)		% of Total Outstanding Balance
Year of Maturity		ABR (a)				Balloon
Non-Recourse Debt
Remaining 2023	4	$	13,847	5.5	%	$	106,123	$	106,123	1.3	%
2024	51	37,947		3.9	%	250,092		254,130		3.0	%
2025	47	37,434		4.4	%	364,350		375,493		4.5	%
2026	20	18,187		5.0	%	97,739		112,868		1.3	%
2027	1	—		4.3	%	21,450		21,450		0.3	%
2031	1	1,096		6.0	%	—		2,726		—	%
2033	1	1,375		5.6	%	1,672		3,736		—	%
2039	1	731		5.3	%	—		2,522		—	%
Total Pro Rata Non-Recourse Debt	126	$	110,617	4.5	%	$	841,426	879,048		10.4	%

Recourse Debt
Fixed – Senior unsecured notes:
Due April 1, 2024 (USD)				4.6	%			500,000		5.9	%
Due July 19, 2024 (EUR)				2.3	%			529,700		6.3	%
Due February 1, 2025 (USD)				4.0	%			450,000		5.3	%
Due April 9, 2026 (EUR)				2.3	%			529,700		6.3	%
Due October 1, 2026 (USD)				4.3	%			350,000		4.2	%
Due April 15, 2027 (EUR)				2.1	%			529,700		6.3	%
Due April 15, 2028 (EUR)				1.4	%			529,700		6.3	%
Due July 15, 2029 (USD)				3.9	%			325,000		3.9	%
Due September 28, 2029 (EUR)				3.4	%			158,910		1.9	%
Due June 1, 2030 (EUR)				1.0	%			556,185		6.6	%
Due February 1, 2031 (USD)				2.4	%			500,000		5.9	%
Due February 1, 2032 (USD)				2.5	%			350,000		4.2	%
Due September 28, 2032 (EUR)				3.7	%			211,880		2.5	%
Due April 1, 2033 (USD)				2.3	%			425,000		5.0	%
Total Senior Unsecured Notes				2.7	%			5,945,775		70.6	%
Swapped to Fixed:
Unsecured term loans (due April 24, 2026) (d)				4.3	%			529,700		6.3	%
Floating:
Unsecured term loans (due February 20, 2025) (e)				5.6	%			558,611		6.6	%
Unsecured revolving credit facility (due February 20, 2025) (f)				5.0	%			516,513		6.1	%
Total Recourse Debt				3.2	%			7,550,599		89.6	%

Total Pro Rata Debt Outstanding				3.3	%			$	8,429,647	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. 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 $31.4 million and unamortized deferred financing costs totaling $22.4 million as of September 30, 2023.

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

(e)We incurred interest at SONIA or EURIBOR, plus 0.85% for both base rates, on our Unsecured term loans. SONIA includes a spread adjustment of 0.0326%.

(f)Depending on the currency, we incurred interest on our Unsecured revolving credit facility at EURIBOR, SOFR, or TIBOR, plus 0.775% for all base rates. Each has a floor of 0.00% under the terms of our credit agreement. SOFR includes a spread adjustment of 0.10%. Availability under our Unsecured revolving credit facility (net of amounts reserved for standby letters of credit) was approximately $1.3 billion as of September 30, 2023.


						Investing for the Long Run® \| 17

W. P. Carey Inc.

Balance Sheets and Capitalization – Third Quarter 2023


Senior Unsecured Notes

As of September 30, 2023.

Ratings

Issuer

Senior Unsecured Notes

Ratings Agency

Rating

Outlook

Rating

Moody's

Baa1

Stable

Baa1

Standard & Poor’s

BBB+

Stable

BBB+

Senior Unsecured Note Covenants

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

Covenant

Metric

Required

As of Sep. 30, 2023

Limitation on the incurrence of debt

"Total Debt" /
"Total Assets"

≤ 60%

40.0%

Limitation on the incurrence of secured debt

"Secured Debt" /
"Total Assets"

≤ 40%

3.8%

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

"Consolidated EBITDA" /
"Annual Debt Service Charge"

≥ 1.5x

5.2x

Maintenance of unencumbered asset value

"Unencumbered Assets" / "Total Unsecured Debt"

≥ 150%

239.1%


						Investing for the Long Run® \| 18

W. P. Carey Inc.

Real Estate

Third Quarter 2023


						Investing for the Long Run® \| 19

W. P. Carey Inc.

Real Estate – Third Quarter 2023


Investment Activity – Capital Investments and Commitments (a)

Dollars in thousands. Pro rata.


		Primary Transaction Type	Property Type	Expected Completion / Closing Date	Gross Square Footage	Lease Term (Years) (b)	Funded During Three Months Ended Sep. 30, 2023		Total Funded Through Sep. 30, 2023		Maximum Commitment / Gross Investment Amount
Tenant	Location										Remaining		Total
Chattem, Inc.	Chattanooga, TN	Expansion	Warehouse	Q4 2023	120,000	10	$	9,021	$	14,858	$	11,694	$	26,552
TWAS Holdings, LLC (2 properties) (c)	Various, US	Purchase Commitment	Retail (Car Wash)	Q4 2023	8,614	20	—		—		8,650		8,650
Expected Completion Date 2023 Total					128,614	13	9,021		14,858		20,344		35,202

Terran Orbital Corporation	Irvine, CA	Redevelopment	Industrial	Q1 2024	94,195	10	1,511		3,255		11,845		15,100
Hexagon Composites ASA	Salisbury, NC	Expansion	Industrial	Q1 2024	113,000	15	4,540		7,677		6,123		13,800
Storage Space	Little Rock, AR	Expansion	Self-Storage (Operating)	Q1 2024	59,850	N/A	56		56		3,514		3,570
Hellweg Die Profi-Baumärkte GmbH & Co. KG (2 properties) (d)	Various, Germany	Renovation	Retail	Q1 2024	N/A	13	—		—		2,225		2,225
Danske Fragtmaend Ejendomme A/S (d)	Fredericia, Denmark	Renovation	Warehouse	Q1 2024	N/A	17	—		—		1,875		1,875
Unidentified	Atlanta, GA	Redevelopment	Warehouse	Q2 2024	213,834	N/A	209		426		17,226		17,652
Outfront Media, LLC (6 properties)	Various, NJ	Build-to-Suit	Outdoor Advertising	Various	N/A	30	—		7,272		474		7,746
Expected Completion Date 2024 Total					480,879	14	6,316		18,686		43,282		61,968

ZF Friedrichshafen AG (e)	Washington, MI	Redevelopment	Research and Development	Q1 2025	81,200	20	1,416		2,309		45,424		47,823
Fraikin SAS (d)	Various, France	Renovation	Industrial	Q4 2025	N/A	16	1,155		1,155		6,155		7,310
Expected Completion Date 2025 Total					81,200	20	2,571		3,464		51,579		55,133

Capital Investments and Commitments Total					690,693	16	$	17,908	$	37,008	$	115,205	$	152,303

________

(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)Projects will be funded upon completion and are contingent on buildings being constructed according to our standards.

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

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


						Investing for the Long Run® \| 20

W. P. Carey Inc.

Real Estate – Third Quarter 2023


Investment Activity – Investment Volume

Dollars in thousands. Pro rata. For the nine months ended September 30, 2023.

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)

1Q23

Plaskolite, LLC (6 properties)

Various, United States

Industrial

Jan-23

64,861

Sale-leaseback

931,521

Siderforgerossi Group S.P.A. (8 properties) (b)

Various, Italy (5 properties) and Spain (3 properties)

Industrial

Mar-23

79,218

Sale-leaseback

1,256,209

Berry Global Inc. (2 properties)

Evansville, IN and Lawrence, KS

Industrial

Mar-23

20,000

Renovation

N/A

1Q23 Total

164,079

2,187,730

2Q23

Apotex Pharmaceutical Holdings (11 properties)

Various, Canada

Industrial, Warehouse

Apr-23

467,811

Sale-leaseback

2,268,417

ABC Technologies Holdings Inc. (9 properties) (c)

Various, United States (4 properties), Canada (3 properties), and Mexico (2 properties)

Industrial

Apr-23

97,952

Sale-leaseback

1,225,951

TWAS Holdings, LLC (9 properties)

Various, United States

Retail (Car Wash)

May-23

39,713

Sale-leaseback

33,433

Bear Holdings, LP (4 properties)

Various, United States

Education (Medical School)

Jun-23

139,092

Sale-leaseback

410,332

Storage Space (d)

Little Rock, AR

Self-Storage (Operating)

Jun-23

6,166

Operating

N/A

55,850

2Q23 Total

750,734

3,993,983

3Q23

Unchained Labs, LLC

Pleasanton, CA

Laboratory

Aug-23

13,905

Redevelopment

N/A

3 Men Movers

Houston, TX

Self-Storage (Operating)

Aug-23

13,120

Operating

N/A

78,372

3Q23 Total

27,025

78,372

Year-to-Date Total

941,838

6,260,085


		Property Type(s)	Funded During Current Quarter		Funded Year to Date		Expected Funding Completion Date	Total Funded		Maximum Commitment
Description	Property Location(s)
Construction Loan
Southwest Corner of Las Vegas Boulevard & Harmon Avenue Retail Complex (e)	Las Vegas, NV	Retail	$	12,918	$	36,595	Q3 2024	$	229,763	$	261,887
Total					36,595

Year-to-Date Total Investment Volume					$	978,433

________

(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)Amount includes $3.1 million for an expansion at a property leased to this tenant that we already own.

(d)We also committed to fund an additional $3.6 million for an expansion at this facility, which is expected to be completed in the first quarter of 2024.

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


						Investing for the Long Run® \| 21

W. P. Carey Inc.

Real Estate – Third Quarter 2023


Investment Activity – Dispositions

Dollars in thousands. Pro rata. For the nine months ended September 30, 2023.

Tenant / Lease Guarantor

Property Location(s)

Gross Sale Price

Closing Date

Property Type(s)

Gross Square Footage

1Q23

Adler Modemarkte AG (a)

Haibach, Germany

11,151

Jan-23

Office

180,909

Vacant

Columbus, GA

8,000

Feb-23

Industrial

273,667

Vacant

Bloomington, MN

3,150

Mar-23

Office

221,800

Vacant

Chicago, IL

17,500

Mar-23

Office

178,490

Vacant

Virginia, MN

2,900

Mar-23

Office

62,973

1Q23 Total

42,701

917,839

2Q23

Vacant (a)

Doncaster, United Kingdom

945

May-23

Land

N/A

Vacant (formerly Pendragon PLC) (a)

West Bromwich, United Kingdom

3,285

May-23

Retail

23,236

Vacant (formerly Pendragon PLC) (a)

Cardiff, United Kingdom

1,266

Jun-23

Retail

14,894

2Q23 Total

5,496

38,130

3Q23

RLJ-McLarty-Landers Automotive Holdings, LLC

Lee's Summit, MO

10,800

Jul-23

Retail

33,167

Telefónica España Filiales, S.A.U (a)

Tres Cantos, Spain

87,888

Jul-23

Office

451,431

Marriott Corporation (3 properties)

Louisville, KY; Linthicum, MD; and Spokane, WA

48,740

Aug-23; Sep-23

Hotel (Operating)

259,439

Vacant

Pinconning, MI

630

Sep-23

Industrial

220,588

3Q23 Total

148,058

964,625

Year-to-Date Total Dispositions

196,255

1,920,594

________

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


						Investing for the Long Run® \| 22

W. P. Carey Inc.

Real Estate – Third Quarter 2023


Joint Ventures

Dollars in thousands. As of September 30, 2023.


Joint Venture or JV (Principal Tenant)	JV Partnership		Consolidated				Pro Rata (a)
	Asset Type	WPC %	Debt Outstanding (b)		ABR		Debt Outstanding (c)		ABR
Unconsolidated Joint Venture (Equity Method Investment) (d)
Harmon Retail Corner	Common equity interest	15.00%	$	143,000	$	—	$	21,450	$	—
Kesko Senukai (e)	Net lease	70.00%	103,343		15,436		72,340		10,806
Johnson Self Storage	Self-storage operating	90.00%	—		N/A		—		N/A
Total Unconsolidated Joint Ventures			246,343		15,436		93,790		10,806

Consolidated Joint Ventures
COOP Ost SA (e)	Net lease	90.10%	51,306		6,718		46,227		6,053
Fentonir Trading & Investments Limited (e)	Net lease	94.90%	—		8,138		—		7,723
State of Iowa Board of Regents	Net lease	90.00%	6,205		4,258		5,585		3,833
McCoy-Rockford, Inc.	Net lease	90.00%	—		948		—		853
Total Consolidated Joint Ventures			57,511		20,062		51,812		18,462
Total Unconsolidated and Consolidated Joint Ventures			$	303,854	$	35,498	$	145,602	$	29,268

________

(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 $0.8 million and unamortized deferred financing costs totaling $0.4 million as of September 30, 2023.

(c)Excludes unamortized discount, net totaling $0.7 million and unamortized deferred financing costs totaling less than $0.1 million as of September 30, 2023.

(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® \| 23

W. P. Carey Inc.

Real Estate – Third Quarter 2023


Top Ten Tenants

Dollars in thousands. Pro rata. As of September 30, 2023.


Tenant / Lease Guarantor	Description	Number of Properties	ABR		ABR %		Weighted-Average Lease Term (Years)
U-Haul Moving Partners Inc. and Mercury Partners, LP (a)	Net lease self-storage properties in the U.S.	78	$	38,751	2.6	%	0.5
Apotex Pharmaceutical Holdings Inc. (b)	Pharmaceutical R&D and manufacturing properties in Canada	11	31,528		2.2	%	19.5
State of Andalucía (c)	Government office properties in Spain	70	31,196		2.1	%	11.2
Metro Cash & Carry Italia S.p.A. (c)	Business-to-business wholesale stores in Italy and Germany	20	29,099		2.0	%	5.0
Hellweg Die Profi-Baumärkte GmbH & Co. KG (c)	Do-it-yourself retail properties in Germany	35	28,937		2.0	%	13.4
Extra Space Storage, Inc.	Net lease self-storage properties in the U.S.	27	25,036		1.7	%	20.6
ABC Technologies Holdings Inc. (b) (d)	Automotive component manufacturing properties in North America	23	24,251		1.7	%	19.6
OBI Group (c)	Do-it-yourself retail properties in Poland	26	23,738		1.6	%	7.7
Nord Anglia Education, Inc.	K-12 private schools in the U.S.	3	22,245		1.5	%	20.0
Fortenova Grupa d.d. (c)	Grocery stores and warehouses in Croatia	19	21,444		1.5	%	10.6
Total (e)		312	$	276,225	18.9	%	12.2

________

(a)As of September 30, 2023, Mercury Partners, LP (a related party of U-Haul Moving Partners Inc.) provided notice that it intends to exercise its option to repurchase the 78 properties it is leasing.

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

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

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

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


						Investing for the Long Run® \| 24

W. P. Carey Inc.

Real Estate – Third Quarter 2023


Diversification by Property Type

In thousands, except percentages. Pro rata. As of September 30, 2023.


	Total Net-Lease Portfolio
Property Type	ABR		ABR %		Square Footage (a)	Square Footage %
U.S.
Industrial	$	312,616	21.4	%	52,721	29.4	%
Warehouse	210,182		14.4	%	42,204	23.5	%
Retail (b)	51,156		3.5	%	2,801	1.6	%
Office	150,554		10.3	%	9,235	5.2	%
Self Storage (net lease)	63,786		4.4	%	5,810	3.2	%
Other (c)	116,785		8.0	%	5,688	3.2	%
U.S. Total	905,079		62.0	%	118,459	66.1	%

International
Industrial	114,104		7.8	%	14,798	8.3	%
Warehouse	132,553		9.1	%	20,738	11.6	%
Retail (b)	193,779		13.3	%	17,455	9.7	%
Office	76,013		5.2	%	6,009	3.3	%
Self Storage (net lease)	—		—	%	—	—	%
Other (c)	37,646		2.6	%	1,773	1.0	%
International Total	554,095		38.0	%	60,773	33.9	%

Total
Industrial	426,720		29.2	%	67,519	37.7	%
Warehouse	342,735		23.5	%	62,942	35.1	%
Retail (b)	244,935		16.8	%	20,256	11.3	%
Office	226,567		15.5	%	15,244	8.5	%
Self Storage (net lease)	63,786		4.4	%	5,810	3.2	%
Other (c)	154,431		10.6	%	7,461	4.2	%
Total (d)	$	1,459,174	100.0	%	179,232	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, laboratory, hotel (net lease), research and development, specialty, fitness facility, student housing (net lease), theater, funeral home, restaurant, land, parking and outdoor advertising.

(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® \| 25

W. P. Carey Inc.

Real Estate – Third Quarter 2023


Diversification by Tenant Industry

In thousands, except percentages. Pro rata. As of September 30, 2023.


	Total Net-Lease Portfolio
Industry Type	ABR		ABR %		Square Footage	Square Footage %
Retail Stores (a)	$	290,733	19.9	%	36,172	20.2	%
Consumer Services	126,851		8.7	%	8,507	4.8	%
Beverage and Food	109,282		7.5	%	15,759	8.8	%
Automotive	95,253		6.5	%	14,648	8.2	%
Healthcare and Pharmaceuticals	91,104		6.2	%	7,740	4.3	%
Grocery	86,876		6.0	%	8,404	4.7	%
Cargo Transportation	65,070		4.5	%	9,550	5.3	%
Capital Equipment	56,457		3.9	%	8,238	4.6	%
Business Services	51,729		3.5	%	4,115	2.3	%
Containers, Packaging, and Glass	49,920		3.4	%	8,266	4.6	%
Construction and Building	48,434		3.3	%	9,158	5.1	%
Durable Consumer Goods	47,583		3.3	%	10,299	5.7	%
Sovereign and Public Finance	44,927		3.1	%	3,560	2.0	%
Hotel and Leisure	41,443		2.8	%	2,024	1.1	%
High Tech Industries	35,839		2.5	%	3,486	1.9	%
Chemicals, Plastics, and Rubber	35,383		2.4	%	6,186	3.5	%
Insurance	30,917		2.1	%	1,961	1.1	%
Non-Durable Consumer Goods	26,258		1.8	%	5,971	3.3	%
Metals	25,863		1.8	%	4,515	2.5	%
Telecommunications	17,615		1.2	%	1,686	0.9	%
Banking	15,618		1.1	%	1,008	0.6	%
Other (b)	66,019		4.5	%	7,979	4.5	%
Total (c)	$	1,459,174	100.0	%	179,232	100.0	%

________

(a)Includes automotive dealerships.

(b)Includes ABR from tenants in the following industries: aerospace and defense, wholesale, media: advertising, printing, and publishing, oil and gas, media: broadcasting and subscription, utilities: electric, environmental industries, consumer transportation, forest products and paper, electricity, finance and real estate. 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® \| 26

W. P. Carey Inc.

Real Estate – Third Quarter 2023


Diversification by Geography

In thousands, except percentages. Pro rata. As of September 30, 2023.


	Total Net-Lease Portfolio
Region	ABR		ABR %		Square Footage (a)	Square Footage %
U.S.
South
Texas	$	120,554	8.3	%	12,613	7.0	%
Florida	53,283		3.7	%	4,380	2.4	%
Georgia	28,088		1.9	%	4,385	2.4	%
Tennessee	26,912		1.8	%	4,296	2.4	%
Alabama	21,515		1.5	%	3,346	1.9	%
Other (b)	16,223		1.1	%	2,402	1.3	%
Total South	266,575		18.3	%	31,422	17.4	%
Midwest
Illinois	74,046		5.1	%	10,582	5.9	%
Minnesota	34,922		2.4	%	3,405	1.9	%
Ohio	33,681		2.3	%	7,008	3.9	%
Indiana	29,814		2.0	%	5,137	2.9	%
Michigan	28,991		2.0	%	4,595	2.6	%
Wisconsin	18,942		1.3	%	3,276	1.8	%
Other (b)	43,924		3.0	%	6,204	3.5	%
Total Midwest	264,320		18.1	%	40,207	22.5	%
East
North Carolina	39,651		2.7	%	8,404	4.7	%
Pennsylvania	33,531		2.3	%	3,569	2.0	%
New York	20,200		1.4	%	2,257	1.2	%
South Carolina	18,739		1.3	%	4,949	2.8	%
Massachusetts	18,607		1.3	%	1,387	0.8	%
Kentucky	17,740		1.2	%	2,980	1.7	%
Virginia	15,347		1.1	%	1,854	1.0	%
Other (b)	38,602		2.6	%	4,662	2.6	%
Total East	202,417		13.9	%	30,062	16.8	%
West
California	66,042		4.5	%	6,100	3.4	%
Arizona	30,884		2.1	%	3,437	1.9	%
Utah	15,155		1.0	%	2,085	1.2	%
Colorado	14,793		1.0	%	1,106	0.6	%
Other (b)	44,893		3.1	%	4,040	2.3	%
Total West	171,767		11.7	%	16,768	9.4	%
U.S. Total	905,079		62.0	%	118,459	66.1	%
International
Germany	72,778		5.0	%	6,839	3.8	%
Spain	61,825		4.2	%	5,179	2.9	%
The Netherlands	59,680		4.1	%	7,054	3.9	%
Poland	58,416		4.0	%	8,635	4.8	%
United Kingdom	51,602		3.5	%	4,742	2.7	%
Canada (c)	50,807		3.5	%	5,087	2.8	%
Italy	32,056		2.2	%	3,354	1.9	%
Denmark	24,364		1.7	%	3,039	1.7	%
Croatia	22,239		1.5	%	2,063	1.2	%
France	21,111		1.4	%	1,679	0.9	%
Norway	15,330		1.1	%	742	0.4	%
Other (d)	83,887		5.8	%	12,360	6.9	%
International Total	554,095		38.0	%	60,773	33.9	%
Total (e)	$	1,459,174	100.0	%	179,232	100.0	%

________

(a)Includes square footage for vacant properties.

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

(c)$46.8 million (92%) of ABR from properties in Canada is denominated in U.S. dollars, with the balance denominated in Canadian dollars.

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

(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® \| 27

W. P. Carey Inc.

Real Estate – Third Quarter 2023


Contractual Rent Increases

In thousands, except percentages. Pro rata. As of September 30, 2023.


	Total Net-Lease Portfolio
Rent Adjustment Measure	ABR		ABR %		Square Footage	Square Footage %
Uncapped CPI	$	524,590	36.0	%	54,556	30.4	%
Capped CPI	241,192		16.5	%	33,715	18.8	%
CPI-linked	765,782		52.5	%	88,271	49.2	%
Fixed	642,080		44.0	%	85,899	47.9	%
Other (a)	37,639		2.6	%	2,464	1.4	%
None	13,673		0.9	%	638	0.4	%
Vacant	—		—	%	1,960	1.1	%
Total (b)	$	1,459,174	100.0	%	179,232	100.0	%

________

(a)Represents leases attributable to percentage rent.

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


						Investing for the Long Run® \| 28

W. P. Carey Inc.

Real Estate – Third Quarter 2023


Same-Store Analysis

Dollars in thousands. Pro rata.

Contractual Same-Store Growth

Same-store portfolio includes leases that were continuously in place during the period from September 30, 2022 to September 30, 2023. Excludes leases for properties that were acquired, sold or vacated, or were subject to lease renewals, extensions or modifications at any time that affected ABR during that period. For purposes of comparability, ABR is presented on a constant currency basis using exchange rates as of September 30, 2023.


	ABR
	As of
	Sep. 30, 2023		Sep. 30, 2022		Increase		% Increase
Property Type
Industrial	$	342,849	$	330,497	$	12,352	3.7	%
Warehouse	336,027		324,547		11,480		3.5	%
Retail (a)	236,387		222,633		13,754		6.2	%
Office	221,576		211,801		9,775		4.6	%
Self Storage (net lease)	63,786		61,707		2,079		3.4	%
Other (b)	135,084		130,217		4,867		3.7	%
Total	$	1,335,709	$	1,281,402	$	54,307	4.2	%

Rent Adjustment Measure
Uncapped CPI	$	504,608	$	472,691	$	31,917	6.8	%
Capped CPI	229,380		222,865		6,515		2.9	%
CPI-linked	733,988		695,556		38,432		5.5	%
Fixed	551,159		537,588		13,571		2.5	%
Other (c)	36,889		34,585		2,304		6.7	%
None	13,673		13,673		—		—	%
Total	$	1,335,709	$	1,281,402	$	54,307	4.2	%

Geography
U.S.	$	832,672	$	807,940	$	24,732	3.1	%
Europe	469,093		440,638		28,455		6.5	%
Other International (d)	33,944		32,824		1,120		3.4	%
Total	$	1,335,709	$	1,281,402	$	54,307	4.2	%

Same-Store Portfolio Summary
Number of properties	1,289
Square footage (in thousands)	162,239


						Investing for the Long Run® \| 29

W. P. Carey Inc.

Real Estate – Third Quarter 2023

Comprehensive Same-Store Growth

Same-store portfolio includes leased properties that were continuously owned and in place during the quarter ended September 30, 2022 through September 30, 2023 (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. Excludes properties acquired in the CPA:18 Merger on August 1, 2022. For purposes of comparability, same-store pro rata rental income is presented on a constant currency basis using average exchange rates for the three months ended September 30, 2023. Same-store pro rata rental income is a non-GAAP measure. See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of same-store pro rata rental income and for details on how it is calculated.


	Same-Store Pro Rata Rental Income
	Three Months Ended
	Sep. 30, 2023		Sep. 30, 2022		Increase		% Increase
Property Type
Industrial	$	83,478	$	80,019	$	3,459	4.3	%
Warehouse	79,457		76,913		2,544		3.3	%
Retail (a)	57,835		56,283		1,552		2.8	%
Office	49,845		48,420		1,425		2.9	%
Self Storage (net lease)	15,899		15,401		498		3.2	%
Other (b)	30,286		28,923		1,363		4.7	%
Total	$	316,800	$	305,959	$	10,841	3.5	%

Rent Adjustment Measure
Uncapped CPI	$	120,023	$	114,536	$	5,487	4.8	%
Capped CPI	59,864		59,310		554		0.9	%
CPI-linked	179,887		173,846		6,041		3.5	%
Fixed	124,528		120,369		4,159		3.5	%
Other (c)	9,185		8,618		567		6.6	%
None	3,200		3,126		74		2.4	%
Total	$	316,800	$	305,959	$	10,841	3.5	%

Geography
U.S.	$	198,052	$	190,942	$	7,110	3.7	%
Europe	111,728		108,227		3,501		3.2	%
Other International (d)	7,020		6,790		230		3.4	%
Total	$	316,800	$	305,959	$	10,841	3.5	%

Same-Store Portfolio Summary
Number of properties	1,303
Square footage (in thousands)	154,339


						Investing for the Long Run® \| 30

W. P. Carey Inc.

Real Estate – Third Quarter 2023

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


	Three Months Ended
	Sep. 30, 2023		Sep. 30, 2022
Consolidated Lease Revenues
Total lease revenues – as reported	$	369,159	$	331,902
Income from finance leases and loans receivable	27,575		20,637
Less: Reimbursable tenant costs – as reported	(20,498)		(18,874)
Less: Income from secured loans receivable	(1,568)		(4,164)
	374,668		329,501

Adjustments for Pro Rata Ownership of Real Estate Joint Ventures:
Add: Pro rata share of adjustments from equity method investments	3,894		5,425
Less: Pro rata share of adjustments for noncontrolling interests	(317)		(215)
	3,577		5,210

Adjustments for Pro Rata Non-Cash Items:
Less: Straight-line and other leasing and financing adjustments	(18,662)		(14,326)
Add: Above- and below-market rent intangible lease amortization	7,835		11,186
Less: Adjustments for pro rata ownership	(1,515)		(1,134)
	(12,342)		(4,274)

Adjustment to normalize for (i) properties not continuously owned since July 1, 2022 and (ii) constant currency presentation for prior year quarter (e)	(49,103)		(24,478)

Same-Store Pro Rata Rental Income	$	316,800	$	305,959

________

(a)Includes automotive dealerships.

(b)Includes ABR or same-store pro rata rental income from tenants with the following property types: education facility, hotel (net lease), laboratory, specialty, fitness facility, research and development, student housing (net lease), theater, funeral home, restaurant, land, parking and outdoor advertising.

(c)Represents leases attributable to percentage rent.

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

(e)This adjustment excludes amounts attributable to properties that were acquired, sold or listed as capital investments and commitments (see Investment Activity – Capital Investments and Commitments section) that were not continuously owned and in place during the quarter ended September 30, 2022 through September 30, 2023. In addition, for the three months ended September 30, 2022, an adjustment is made to reflect average exchange rates for the three months ended September 30, 2023 for purposes of comparability, since same-store pro rata rental income is presented on a constant currency basis.


						Investing for the Long Run® \| 31

W. P. Carey Inc.

Real Estate – Third Quarter 2023


Leasing Activity

For the three months ended September 30, 2023, except ABR. Pro rata.


Lease Renewals and Extensions (a)										Expected Tenant Improvements ($000s)		Leasing Commissions ($000s)
			ABR
Property Type	Square Feet	Number of Leases	Prior Lease ($000s)			New Lease ($000s) (b)		Rent Recapture						Incremental Lease Term
Industrial	101,599	2	$	1,356		$	1,162	85.7	%	$	35	$	—	10.0 years
Warehouse	688,372	4	3,740			4,142		110.7	%	—		—		5.4 years
Retail	3,300	1	83			83		100.0	%	—		—		5.0 years
Office	104,598	1	3,027			2,458		81.2	%	3,250		750		9.3 years
Self Storage (net lease)	—	—	—			—		—	%	—		—		N/A
Other (c)	207,805	3	5,144			2,975		57.8	%	—		—		2.0 years
Total / Weighted Average (d)	1,105,674	11	$	13,350		$	10,820	81.0	%	$	3,285	$	750	7.3 years

Q3 Summary
Prior Lease ABR (% of Total Portfolio)			0.9		%


New Leases					Expected Tenant Improvements ($000s)		Leasing Commissions ($000s)
			ABR
Property Type	Square Feet	Number of Leases	New Lease ($000s) (b)						New Lease Term
Industrial	180,861	1	$	977	$	1,078	$	391	15.0 years
Warehouse	—	—	—		—		—		N/A
Retail	—	—	—		—		—		N/A
Office	—	—	—		—		—		N/A
Self Storage (net lease)	—	—	—		—		—		N/A
Other	—	—	—		—		—		N/A
Total / Weighted Average (e)	180,861	1	$	977	$	1,078	$	391	15.0 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)Includes a lease amendment at a theater property, for which ABR was reduced from $2.6 million to $1.9 million and the lease expiration was updated from July 2033 to July 2028. However, this lease amendment is excluded from the incremental lease term column.

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

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


						Investing for the Long Run® \| 32

W. P. Carey Inc.

Real Estate – Third Quarter 2023


Lease Expirations

Dollars and square footage in thousands. Pro rata. As of September 30, 2023.


Year of Lease Expiration (a)	Number of Leases Expiring	Number of Tenants with Leases Expiring	ABR		ABR %		Square Footage	Square Footage %
Remaining 2023	14	12	$	14,883	1.0	%	2,588	1.5	%
2024 (b)	40	34	89,193		6.1	%	10,927	6.1	%
2025	53	33	64,663		4.4	%	7,101	4.0	%
2026	46	37	67,566		4.6	%	9,089	5.1	%
2027	56	33	83,173		5.7	%	8,639	4.8	%
2028	50	32	71,890		4.9	%	5,425	3.0	%
2029	57	29	70,023		4.8	%	8,470	4.7	%
2030	34	30	69,601		4.8	%	5,719	3.2	%
2031	37	21	72,202		5.0	%	8,749	4.9	%
2032	41	22	46,043		3.2	%	6,200	3.5	%
2033	29	22	79,474		5.5	%	11,115	6.2	%
2034	50	19	91,985		6.3	%	9,023	5.0	%
2035	16	15	31,218		2.1	%	5,059	2.8	%
2036	46	19	70,654		4.8	%	10,995	6.1	%
Thereafter (>2036)	281	120	536,606		36.8	%	68,173	38.0	%
Vacant	—	—	—		—	%	1,960	1.1	%
Total (c)	850		$	1,459,174	100.0	%	179,232	100.0	%

________

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

(b)Includes ABR of $38.8 million from Mercury Partners, LP (a related party of U-Haul Moving Partners, Inc.) that as of September 30, 2023 provided notice of its intention to exercise its option to repurchase the 78 properties it is leasing.

(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® \| 33

W. P. Carey Inc.

Real Estate – Third Quarter 2023


Self Storage Operating Properties Portfolio

Square footage in thousands. Pro rata. As of September 30, 2023.


State / District	Number of Properties	Number of Units	Square Footage	Square Footage %		Period End Occupancy
Florida	22	15,961	1,844	29.3	%	92.0	%
Texas	13	7,477	921	14.6	%	88.3	%
California	10	6,581	860	13.6	%	92.9	%
Illinois	10	4,797	665	10.6	%	89.7	%
South Carolina	6	3,713	377	6.0	%	88.2	%
Georgia	5	2,052	250	4.0	%	89.1	%
North Carolina	4	2,829	301	4.8	%	89.1	%
Nevada	3	2,423	243	3.9	%	92.8	%
Delaware	3	1,678	241	3.8	%	92.1	%
Hawaii	2	954	95	1.5	%	91.3	%
Washington, DC	1	880	67	1.1	%	93.1	%
New York	1	792	61	1.0	%	71.3	%
Kentucky	1	764	121	1.9	%	92.1	%
Arkansas	1	587	56	0.9	%	89.0	%
Louisiana	1	541	59	0.9	%	75.7	%
Massachusetts	1	482	58	0.9	%	92.1	%
Oregon	1	442	40	0.6	%	97.6	%
Missouri	1	330	41	0.6	%	87.5	%
Total (a)	86	53,283	6,300	100.0	%	90.5	%

________

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


						Investing for the Long Run® \| 34

W. P. Carey Inc.

Appendix

Third Quarter 2023


						Investing for the Long Run® \| 35

W. P. Carey Inc.

Appendix – Third Quarter 2023


Normalized Pro Rata Cash NOI

In thousands. From real estate.


	Three Months Ended Sep. 30, 2023
Consolidated Lease Revenues
Total lease revenues – as reported	$	369,159
Income from finance leases and loans receivable	27,575
Less: Income from secured loans receivable	(1,568)

Less: Consolidated Reimbursable and Non-Reimbursable Property Expenses
Reimbursable property expenses – as reported	20,498
Non-reimbursable property expenses – as reported	13,021
	361,647

Plus: NOI from Operating Properties
Self-storage revenues	23,416
Self-storage expenses	(8,205)
	15,211

Hotel revenues	23,157
Hotel expenses	(17,053)
	6,104

Student housing and other revenues	2,645
Student housing and other expenses	(1,312)
	1,333

	384,295

Adjustments for Pro Rata Ownership of Real Estate Joint Ventures:
Add: Pro rata share of NOI from equity method investments (a)	3,886
Less: Pro rata share of NOI attributable to noncontrolling interests (b)	(380)
	3,506

	387,801

Adjustments for Pro Rata Non-Cash Items:
Less: Straight-line and other leasing and financing adjustments	(18,662)
Add: Above- and below-market rent intangible lease amortization	7,835
Add: Other non-cash items	474
	(10,353)

Pro Rata Cash NOI (c)	377,448

Adjustment to normalize for intra-period acquisition volume and dispositions (d)	(299)

Normalized Pro Rata Cash NOI (c)	$	377,149


						Investing for the Long Run® \| 36

W. P. Carey Inc.

Appendix – Third Quarter 2023

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


	Three Months Ended Sep. 30, 2023
Net Income from Real Estate Attributable to W. P. Carey
Net income from Real Estate attributable to W. P. Carey – as reported	$	124,167
Adjustments for Consolidated Operating Expenses
Add: Operating expenses – as reported	256,493
Less: Property expenses, excluding reimbursable tenant costs – as reported	(13,021)
Less: Operating property expenses – as reported	(26,570)
	216,902

Adjustments for Other Consolidated Revenues and Expenses:
Less: Other lease-related income – as reported	(2,310)
Less: Reimbursable property expenses – as reported	(20,498)
Add: Other income and (expenses)	62,553
Add: Provision for income taxes	5,090
	44,835

Other Adjustments:
Less: Straight-line and other leasing and financing adjustments	(18,662)
Add: Above- and below-market rent intangible lease amortization	7,835
Add: Adjustments for pro rata ownership	3,490
Less: Income from secured loans receivable	(1,568)
Adjustment to normalize for intra-period acquisition volume and dispositions (d)	(299)
Add: Property expenses, excluding reimbursable tenant costs, non-cash	449
	(8,755)

Normalized Pro Rata Cash NOI (c)	$	377,149

________

(a)Includes $1.6 million from equity method investments in self-storage operating properties.

(b)Includes less than $0.1 million from noncontrolling interests attributable to student housing operating properties.

(c)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.

(d)For properties acquired and capital investments and commitments completed during the three months ended September 30, 2023, the adjustment modifies our pro rata share of cash NOI for the partial period with an amount estimated to be equivalent to the additional pro rata share of cash NOI necessary to reflect ownership for the full quarter. For properties disposed of during the three months ended September 30, 2023, the adjustment eliminates our pro rata share of cash NOI for the period.


						Investing for the Long Run® \| 37

W. P. Carey Inc.

Appendix – Third Quarter 2023


Adjusted EBITDA, Consolidated – Last Five Quarters

In thousands.


	Three Months Ended
	Sep. 30, 2023		Jun. 30, 2023		Mar. 31, 2023		Dec. 31, 2022		Sep. 30, 2022
Net income	$	124,999	$	144,580	$	294,441	$	209,503	$	104,268

Adjustments to Derive Adjusted EBITDA (a)
Depreciation and amortization	144,771		143,548		156,409		140,749		132,181
Interest expense	76,974		75,488		67,196		67,668		59,022
Straight-line and other leasing and financing adjustments (b)	(18,662)		(19,086)		(15,050)		(14,766)		(14,326)
Impairment charges — real estate	15,173		—		—		12,734		—
Stock-based compensation expense	9,050		8,995		7,766		9,739		5,511
Above- and below-market rent intangible lease amortization	7,835		8,824		10,861		8,652		11,186
Provision for income taxes	5,090		10,129		15,119		6,126		8,263
Merger and other expenses (c)	4,152		1,419		24		2,058		17,667
Other (gains) and losses (d)	(2,859)		1,366		(8,100)		(97,059)		15,020
(Gain) loss on sale of real estate, net (e)	(2,401)		(1,808)		(177,749)		(5,845)		4,736
Other amortization and non-cash charges	457		411		404		399		349
Gain on change in control of interests (f)	—		—		—		—		(33,931)
Impairment charges — Investment Management goodwill (g)	—		—		—		—		29,334
	239,580		229,286		56,880		130,455		235,012

Adjustments for Pro Rata Ownership
Real Estate Joint Ventures:
Add: Pro rata share of adjustments for equity method investments	2,656		3,013		2,050		2,076		2,124
Less: Pro rata share of adjustments for amounts attributable to noncontrolling interests	(400)		(347)		(443)		(511)		(308)
	2,256		2,666		1,607		1,565		1,816
Equity Method Investments in the Managed Programs: (h)
Less: Income from equity method investments in the Managed Programs	—		—		—		—		(1,512)
Add: Distributions received from equity method investments in the Managed Programs	—		—		—		—		535
	—		—		—		—		(977)
Add: Intra-period normalization of CPA:18 Merger (closed August 1, 2022) (i)	—		—		—		—		7,456
Adjusted EBITDA (j)	$	366,835	$	376,532	$	352,928	$	341,523	$	347,575

________

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

(c)Amount for the three months ended September 30, 2023 is primarily comprised of costs incurred in connection with the Spin-Off. Amount for the three months ended September 30, 2022 is primarily comprised of costs incurred in connection with the CPA:18 Merger.

(d)Primarily comprised of gains and losses on extinguishment of debt, the mark-to-market fair value of equity securities, and foreign currency exchange rate movements, as well as non-cash allowance for credit losses on loans receivable and finance leases. Amounts from period to period will not be comparable due to unpredictable fluctuations in these gains and losses.

(g)Amount for the three months ended September 30, 2022 represents an impairment charge recognized on goodwill within our Investment Management segment, since future Investment Management cash flows are expected to be minimal.

(h)Adjustments to include cash distributions received from the Managed Programs in place of our pro rata share of net income from our ownership in the Managed Programs.

(i)The adjustment modifies Adjusted EBITDA for the 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. The adjustment is reduced for advisory fees received from CPA:18 – Global during the three months ended September 30, 2022.

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


						Investing for the Long Run® \| 38

W. P. Carey Inc.

Appendix – Third Quarter 2023


Adjusted EBITDA, Real Estate – Last Five Quarters

In thousands.


	Three Months Ended
	Sep. 30, 2023		Jun. 30, 2023		Mar. 31, 2023		Dec. 31, 2022		Sep. 30, 2022
Net income from Real Estate	$	124,126	$	144,646	$	293,292	$	210,107	$	110,715

Adjustments to Derive Adjusted EBITDA (a)
Depreciation and amortization	144,771		143,548		156,409		140,749		132,181
Interest expense	76,974		75,488		67,196		67,668		59,022
Straight-line and other leasing and financing adjustments (b)	(18,662)		(19,086)		(15,050)		(14,766)		(14,326)
Impairment charges — real estate	15,173		—		—		12,734		—
Stock-based compensation expense	9,050		8,995		7,766		9,739		5,511
Above- and below-market rent intangible lease amortization	7,835		8,824		10,861		8,652		11,186
Provision for income taxes	5,090		10,236		15,402		4,908		3,631
Merger and other expenses (c)	4,152		1,419		24		2,058		17,667
(Gain) loss on sale of real estate, net (d)	(2,401)		(1,808)		(177,749)		(5,845)		4,736
Other (gains) and losses (e)	(2,180)		890		(7,586)		(96,846)		13,960
Other amortization and non-cash charges	457		411		404		399		349
Gain on change in control of interests (f)	—		—		—		—		(11,405)
	240,259		228,917		57,677		129,450		222,512

Adjustments for Pro Rata Ownership
Real Estate Joint Ventures:
Add: Pro rata share of adjustments for equity method investments	2,656		3,013		2,050		2,076		2,124
Less: Pro rata share of adjustments for amounts attributable to noncontrolling interests	(400)		(347)		(443)		(511)		(308)
	2,256		2,666		1,607		1,565		1,816
Add: Intra-period normalization of CPA:18 Merger (closed August 1, 2022) (g)	—		—		—		—		11,892
Adjusted EBITDA – Real Estate (h)	$	366,641	$	376,229	$	352,576	$	341,122	$	346,935

________

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

(d)Amount for the three months ended March 31, 2023 includes a gain on sale of real estate of $176.2 million recognized upon receiving notice of the exercise of a purchase option for a portfolio of 78 net-lease self-storage properties and the reclassification of the investment to net investments in sales-type leases.

(e)Primarily comprised of gains and losses on extinguishment of debt, the mark-to-market fair value of equity securities, and foreign currency exchange rate movements, as well as non-cash allowance for credit losses on loans receivable and finance leases. Amounts from period to period will not be comparable due to unpredictable fluctuations in these gains and losses.

(f)Amount for the three months ended September 30, 2022 represents a gain recognized on the remaining interests in four investments acquired in the CPA:18 Merger, which we had previously accounted for under the equity method.

(g)The adjustment modifies Adjusted EBITDA for the 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.

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


						Investing for the Long Run® \| 39

W. P. Carey Inc.

Appendix – Third Quarter 2023


Adjusted EBITDA, Investment Management – Last Five Quarters

In thousands.


	Three Months Ended
	Sep. 30, 2023		Jun. 30, 2023		Mar. 31, 2023		Dec. 31, 2022		Sep. 30, 2022
Net income (loss) from Investment Management	$	873	$	(66)	$	1,149	$	(604)	$	(6,447)

Adjustments to Derive Adjusted EBITDA (a)
Other (gains) and losses (b)	(679)		476		(514)		(213)		1,060
(Benefit from) provision for income taxes	—		(107)		(283)		1,218		4,632
Impairment charges — Investment Management goodwill (c)	—		—		—		—		29,334
Gain on change in control of interests (d)	—		—		—		—		(22,526)
	(679)		369		(797)		1,005		12,500

Adjustments for Pro Rata Ownership
Equity Method Investments in the Managed Programs: (e)
Less: Income from equity method investments in the Managed Programs	—		—		—		—		(1,512)
Add: Distributions received from equity method investments in the Managed Programs	—		—		—		—		535
	—		—		—		—		(977)
Add: Intra-period normalization of CPA:18 Merger (closed August 1, 2022) (f)	—		—		—		—		(4,436)
Adjusted EBITDA – Investment Management (g)	$	194	$	303	$	352	$	401	$	640

________

(b)Primarily comprised of gains and losses from foreign currency exchange rate movements and marketable securities. Amounts from period to period will not be comparable due to unpredictable fluctuations in these gains and losses.

(d)Amount for the three months ended September 30, 2022 represents a gain recognized on our previously held interest in shares of CPA:18 – Global common stock in connection with the CPA:18 Merger.

(e)Adjustments to include cash distributions received from the Managed Programs in place of our pro rata share of net income from our ownership in the Managed Programs.

(f)The adjustment reduces Adjusted EBITDA for advisory fees received from CPA:18 – Global during the three months ended September 30, 2022.

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


						Investing for the Long Run® \| 40

W. P. Carey Inc.

Appendix – Third Quarter 2023


Disclosures Regarding Non-GAAP and Other Metrics

Non-GAAP Financial Disclosures

FFO and AFFO

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

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

Same-Store Pro Rata Rental Income

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

Pro Rata Cash NOI

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


						Investing for the Long Run® \| 41

W. P. Carey Inc.

Appendix – Third Quarter 2023

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. We believe this measure provides a helpful representation of our net operating income from our in-place leased and operating properties.

Adjusted EBITDA

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

Cash Interest Expense

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

Cash Interest Expense Coverage Ratio

Cash interest expense coverage ratio is a non-GAAP financial measure representing the ratio of Adjusted EBITDA to cash interest expense on a trailing 12 months basis. We believe this ratio is useful to investors as a supplemental measure of our ability to satisfy fixed interest expense obligations. Cash interest expense for the trailing 12 months as of September 30, 2023 is equal to $267.1 million, comprised of interest expense calculated in accordance with GAAP ($287.3 million), plus capitalized interest ($0.3 million) and other non-cash amortization expense ($0.1 million), less amortization of deferred financing costs and debt premiums/discounts ($21.4 million), adjusted for pro rata ownership ($0.9 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 September 30, 2023. If there is a rent abatement, we annualize the first monthly contractual base rent following the free rent period. ABR is not applicable to operating properties and is presented on a pro rata basis.


						Investing for the Long Run® \| 42

Investing for the Long Run® 3Q23 W. P. Carey Inc. Investor Presentation Exhibit 99.3

Table of Contents Overview Summary of Strategic Plan to Exit Office Real Estate Portfolio Balance Sheet ESG 3 7 13 24 28 Unless otherwise noted, all data in this presentation is as of September 30, 2023. Amounts may not sum to totals due to rounding.

3 Overview

4 One of the largest owners of net lease real estate and among the top 25 REITs in the MSCI US REIT Index Highly diversified portfolio by geography, tenant, property type and tenant industry Successful track record of investing and operating through multiple economic cycles since 1973 led by an experienced management team U.S. and Europe-based asset management teams Investment grade balance sheet with access to multiple forms of capital Stable cash flows derived from long-term leases that contain strong contractual rent bumps W. P. Carey (NYSE: WPC) is a REIT that specializes in investing in single-tenant net lease commercial real estate, primarily in the U.S. and Northern and Western Europe Company Highlights Orgill | Warehouse | Inwood, WV Turkey Hill | Industrial | Conestoga, PA

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

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

7 Summary of Strategic Plan to Exit Office

8 4 Strategic Plan – Accelerated exit of office (the “Transaction”) by: (i) Spinning-off the majority of WPC’s office portfolio into a publicly-traded REIT, Net Lease Office Properties (NYSE: NLOP) (the “Spin-Off”) (ii) Selling office assets remaining on WPC’s balance sheet (the “Office Sale Program”) Spin-Off – NLOP is comprised of 59 net leased office properties, with ABR of ~$145 million, almost all of which are located in the U.S. – Net lease portfolio with favorable weighting to investment grade-rated tenants, built-in rent growth and staggered lease maturities – Business plan focused on maximizing value for shareholders through strategic asset management and disposition of properties over time with proceeds from operating cash flow and sales used to repay debt and pay distributions to its shareholders – Capitalized with approximately $168 million of existing mortgage debt outstanding and a new $455 million debt financing package, with approximately $350 million of proceeds, net of transaction expenses, from the new financing transferred to WPC – Externally managed by WPC given its in-depth knowledge of the assets, desire to maintain efficiency and timeline of NLOP’s business plan Office Sale Program – Office Sale Program is expected to be complete by early 2024 • Spanish government office portfolio consisting of 70 properties located in Spain on track to close in January 2024 • Additional 17 office properties comprised primarily of single-tenant properties in Europe excluded from the Spin-Off expected to mostly close by year end 2023 into early 2024 Go Forward WPC – Portfolio comprised primarily of industrial / warehouse, essential retail and self-storage assets with 11+-year WALT and favorable rent increases – Reset dividend policy, targeting a pro forma AFFO payout ratio of approximately 70% to 75% – Generated approximately $734 million from NLOP transfer and settlement of equity forwards used to repay debt and to fund new investments – Transaction maintains leverage targets and incrementally improves liquidity and overall credit profile Timing – Spin-Off distribution closed on November 1, 2023, at a ratio of 1 NLOP share for every 15 WPC shares Overview (1) 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of September 30, 2023.

9 Clear path to monetizing WPC’s legacy office portfolio – Transaction accelerates WPC’s office exit strategy, aligning WPC’s portfolio with its investment focus on growing its core net lease portfolio Enhances WPC’s growth profile through improved cost of capital – Transaction is expected to broaden WPC’s appeal to debt and equity investors and serve as a catalyst to drive a re-rating of WPC – Post-Transaction portfolio expected to comprise higher-quality assets commanding an improved portfolio valuation and higher multiple – Lower cost of capital widens WPC’s investment spreads and enhances its overall earnings growth profile – Furthers WPC’s ability to drive sector-leading same-store rent growth through a combination of CPI and fixed rent escalators Increases the quality and stability of WPC’s earnings and cash flows through better end-of-lease outcomes – Post-Transaction WPC benefits from higher overall releasing spreads, reduced downtimes and carrying costs and lower capex requirements Improves portfolio quality and key metrics post-separation – Vast majority of remaining net lease portfolio to comprise industrial / warehouse, essential retail and self-storage assets – Increases overall real estate quality, criticality, and WALT of the portfolio with all other metrics largely in line with pre-Transaction levels Maintains strong, scalable investment grade balance sheet – No material change to balance sheet and WPC will remain a top 25 REIT in the MSCI US REIT Index – A credit positive with BBB+ (stable) and Baa1 (stable) unsecured credit ratings remaining unchanged – Leverage to remain within WPC’s target range of mid-to-high 5s net debt to EBITDA Uniquely positioned to successfully manage NLOP’s disposition plan – WPC originated and has managed office since inception and has a deep understanding of the assets and markets Strategic Rationale

10 30.0% 25.5% 15.5% 5.1% 0.0% YE 2015 YE 2018 Today (9/30/2023) Post-Spin-Off Post-Transaction Office Sale Program represents ~5% of total WPC ABR as of 9/30/23 Residual office assets on master leases or will be redeveloped into other property types • WPC has reduced its office exposure from 30% of ABR in 2015 to under 16% today – the Transaction greatly accelerates that trajectory • Expect balance sheet sales to be completed by early 2024 and generate total gross sale proceeds of approximately $800 million – Year-to-date, four properties have been sold for gross proceeds of approximately $140 million – Closed or transactions in place on over 90% of assets, based on gross proceeds Office Exposure as % of Total ABR (1) Accelerates Existing Office Disposition Strategy 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of September 30, 2023. 2. Excludes office properties that will be redeveloped or reclassified into other property types and office properties that are subject to master leases with tenants owning additional property types. (2)

11 Si ze Gross Real Estate Book Value (2) $15.6 billion ABR $1.25 billion N et -L ea se P or tfo lio Property Type (% of ABR) % of Office Contribution 0.0% WALT 11.7 years Occupancy 99.2% Investment Grade Tenants (% of ABR) 21.9% Number of Properties 1,327 Number of Tenants 322 Square Footage 165.0 million Se lf St or ag e (5 ) Number of Properties 86 Number of Units 53,283 Average Occupancy 90.5% 34% 27% 20% 5% 14% Industrial Warehouse Retail (3) Self-Storage Other (4) 62% Industrial / Warehouse W. P. Carey Post-Transaction Portfolio (1) Portfolio post-Transaction focused on industrial / warehouse, essential retail and net lease self-storage 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of September 30, 2023. Amounts may not sum to totals due to rounding. 2. Gross real estate value represents consolidated real estate assets before accumulated depreciation on buildings and improvements, net of accumulated amortization on in-place lease intangible assets and above-market rent intangible assets. 3. Includes automotive dealerships. 4. Includes education facility, hotel (net lease), laboratory, specialty, research & development, fitness facility, student housing (net lease), theater, funeral home, restaurant, land, outdoor advertising and parking. Includes office properties that will be redeveloped or reclassified into other property types and office properties that are subject to master leases with tenants owning additional property types. 5. Metrics shown for operating self-storage portfolio only; excludes net-lease self-storage assets which are captured in net-lease portfolio metrics.

12 Pro Forma Transaction • W. P. Carey to remain the largest diversified net lease REIT and a top 25 REIT in the MSCI US REIT Index • WPC expects to continuing operating within leverage targets of mid-to-high 5s net debt to EBITDA and low-to-mid 40s debt to gross assets • Viewed as a credit positive by both S&P and Moody’s with no change to BBB+ / Baa1 ratings • Incrementally improves liquidity – NLOP transfer of approximately $350 million, net of transaction expenses, largely used to repay revolver maintaining substantial capacity • Equity forwards settled subsequent to quarter end raising $384 million of proceeds for capital needs, including investments and repayment of debt • Improves debt maturities through revolver pay down and removal of $258 million in mortgage debt from NLOP and Office Sale Program (1) • Office Sale Program expected to generate approximately $800 million in total gross disposition proceeds, providing additional liquidity. ~$140 million has been sold year-to-date • Unsecured debt covenants all remain well within required thresholds Credit Profile and Balance Sheet Maintains strong and flexible investment grade balance with strengthened credit profile Capitalization ($MM) (2) 9/30/23 Total Equity (3) $11,569 Pro Rata Net Debt Senior Unsecured Notes USD 2,900 Senior Unsecured Notes EUR 3,046 Mortgage Debt, pro rata USD 557 Mortgage Debt, pro rata (EUR $236 / Other $86) 322 Unsecured Revolving Credit Facility USD 155 Unsecured Revolving Credit Facility (EUR $345 / Other $16) 362 Unsecured Term Loans (EUR $757 / GBP $331) 1,088 Total Pro Rata Debt $8,430 Less: Cash and Cash Equivalents (136) Total Pro Rata Net Debt $8,293 Enterprise Value $19,862 Total Capitalization $19,999 Leverage Metrics Pro Rata Net Debt / Adjusted EBITDA (4)(5) 5.7x Pro Rata Net Debt / Enterprise Value (3)(4) 41.8% Total Consolidated Debt / Gross Assets (6) 40.6% Weighted Average Interest Rate (pro rata) 3.3% Weighted Average Debt Maturity (pro rata) 3.7 years 1. As of September 30, 2023, one asset in the Office Sale Program has been sold, which served as the headquarters for the largest provider of digital pay television in Spain. Mortgage debt outstanding at the time of sale was approximately $46 million. 2. Amounts may not sum to totals due to rounding. 3. Based on a closing stock price of $54.08 on September 30, 2023 and 213,925,817 common shares outstanding as of September 30, 2023. 4. Pro rata net debt to enterprise value and pro rata net debt to Adjusted EBITDA are based on pro rata debt less consolidated cash and cash equivalents. 5. Adjusted EBITDA represents 3Q23 annualized Adjusted EBITDA, as reported in the Form 8-K filed with the SEC on November 3, 2023. 6. Gross assets represent consolidated total assets before accumulated depreciation on real estate. Gross assets are net of accumulated amortization on in-place lease and above-market rent intangible assets.

13 Real Estate Portfolio

14 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of September 30, 2023. 2. Other includes leases with percentage rent (i.e., participation in the gross revenues of the tenant above a stated level) and other increases, as well as leases with no escalations. 3. Metrics shown for operating self-storage portfolio only; excludes net-lease self-storage assets which are captured in net-lease portfolio metrics. Large Diversified Portfolio (1) N et -L ea se P or tfo lio Number of Properties 1,472 Number of Tenants 395 Square Footage 179.2 million ABR $1.46 billion North America / Europe / Other (% of ABR) 66% / 33% / 1% Contractual Rent Escalation: CPI-linked / Fixed / Other (2) 52% / 44% / 4% WALT 11.0 years Occupancy 98.9% Investment Grade Tenants (% of ABR) 28.2% Top 10 Tenant Concentration (% of ABR) 18.9% Se lf St or ag e (3 ) Number of Properties 86 Number of Units 53,283 Average Occupancy 90.5%

15 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of September 30, 2023. 2. The Company received notice during the 2023 first quarter from a related party of U-Haul of its intention to exercise its repurchase option on the properties in the U-Haul net lease self-storage portfolio. 3. ABR from these properties is denominated in U.S. dollars. 4. Of the 23 properties leased to the tenant, nine are located in Canada, eight are located in the United States and six are located in Mexico. One of the lowest Top 10 concentrations among the net lease peer group Tenant Description Number of Properties ABR ($ millions) WALT (years) % of Total Net lease self-storage properties in the U.S. (2) 78 $39 0.5 2.6% Pharmaceutical R&D and advanced manufacturing properties in Canada (3) 11 32 19.5 2.2% Government office properties in Spain 70 31 11.2 2.1% Business-to-business wholesale stores in Italy and Germany 20 29 5.0 2.0% Do-it-yourself retail properties in Germany 35 29 13.4 2.0% Net lease self-storage properties in the U.S. 27 25 20.6 1.7% Automotive component manufacturing properties in North America (3)(4) 23 24 19.6 1.7% Do-it-yourself retail properties in Poland 26 24 7.7 1.6% K-12 private schools in the U.S. 3 22 20.0 1.5% Grocery stores and warehouses in Croatia 19 21 10.6 1.5% Top 10 312 $276 12.2 yrs 18.9% State of Andalucia Top Ten Net Lease Tenants (1)

16 29% 23%17% 16% 4% 11% 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of September 30, 2023. 2. Includes automotive dealerships. 3. Includes education facility, laboratory, hotel (net lease), research and development, specialty, fitness facility, student housing (net lease), theater, funeral home, restaurant, land, parking and outdoor advertising. 4. Includes tenants in the following industries: chemicals, plastics and rubber; insurance; non-durable consumer goods; metals; telecommunications; banking; aerospace and defense; wholesale; media: advertising, printing and publishing; oil and gas; media: broadcasting and subscription; utilities: electric; environmental industries; consumer transportation; forest products and paper; electricity; finance and real estate. Property and Industry Diversification (1) Tenant Industry Diversification (% of ABR) Property Type Diversification (% of ABR) 52% Industrial / Warehouse Industrial 29% Warehouse 23% Retail (2) 17% Office 16% Self-storage (Net Lease) 4% Other (3) 11% 20% 9% 8% 7% 6%6% 4% 4% 4% 3% 3% 3% 3% 3% 2% 15% Retail Stores (2) 20% Consumer Services 9% Beverage and Food 8% Automotive 7% Healthcare and Pharmaceuticals 6% Grocery 6% Cargo Transportation 4% Capital Equipment 4% Business Services 4% Containers, Packaging and Glass 3% Construction and Building 3% Durable Consumer Goods 3% Sovereign and Public Finance 3% Hotels and Leisure 3% High Tech Industries 2% Other (4) 15%

17 North America, 66% $969MM United States, 62% $905MM Canada (2), 3% $51MM Mexico (3), 1% $13MM Europe, 33% $483MM Other (4), 1% $8MM 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of September 30, 2023. 2. $47MM or 92% of ABR from Canadian-based properties denominated in USD with the balance in CAD. 3. All ABR from Mexican-based properties denominated in USD. 4. Includes Mauritius (0.4%) and Japan (0.1%). W. P. Carey has been investing internationally for approximately 25 years, primarily in Northern and Western Europe Geographic Diversification (1) Through our financing and hedging strategies, we’ve significantly mitigated currency risk through a combination of over-weighting our debt in foreign currencies and utilizing contractual cash flow hedges.

18 Uncapped CPI 36% Fixed 44% Capped CPI 16% Other (2) 3% CPI-linked 52% None 1% 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of September 30, 2023. 2. Represents leases with percentage rent (i.e., participation in the gross revenues of the tenant above a stated level) and other increases. Over 99% of ABR comes from leases with contractual rent increases, including 52% linked to CPI Internal Growth from Contractual Rent Increases (1)

19 1.5% 1.6% 1.5% 1.6% 1.8% 2.7% 3.0% 3.4% 3.4% 4.3% 4.3% 4.2% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 1. Contractual same store portfolio includes leases that were continuously in place during the period from September 30, 2022 to September 30, 2023. Excludes leases for properties that were acquired, sold or vacated, or were subject to lease renewals, extensions or modifications at any time that affected ABR during that period. For purposes of comparability, ABR is presented on a constant currency basis using exchange rates as of September 30, 2023. Contractual same store growth of 4.2% (1) Same Store ABR Growth

20 1.0% 6.1% 4.4% 4.6% 5.7% 4.9% 4.8% 4.8% 5.0% 3.2% 5.5% 50.0% 0% 10% 20% 30% 40% 50% 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Thereafter 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of September 30, 2023. 2. Assumes tenants do not exercise any renewal or purchase options. 3. Includes ABR of $38.8 million from the U-Haul net lease self-storage portfolio. The Company received notice during the 2023 first quarter from a related party of U-Haul of its intention to exercise its repurchase option on the properties in this portfolio. Weighted-average lease term of 11.0 years Lease Expirations and Average Lease Term (1) Lease Expirations (% ABR) (2) (3)

21 1. Historical data through 2021 includes W. P. Carey and the following CPA REITs: Corporate Property Associates 12 Incorporated, Corporate Property Associates 14 Incorporated, Corporate Property Associates 15 Incorporated, Corporate Property Associates 16 – Global Incorporated, Corporate Property Associates 17 – Global Incorporated (CPA:17) and Corporate Property Associates 18 – Global Incorporated (CPA:18). Portfolio information excludes operating properties. 2. Represents occupancy for each completed year at December 31. Otherwise, occupancy shown is for the most recent quarter. Stable occupancy maintained during the aftermath of the global financial crisis and throughout the COVID-19 pandemic Historical Occupancy (1) 96.6% 97.3% 98.4% 98.8% 99.0% 99.2% 99.3% 99.8% 98.3% 98.9% 98.5% 98.5% 98.8% 98.9% 0% 20% 40% 60% 80% 100% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 3Q23 Occupancy (% Square Feet) (2)

22 Recent investment activity has been focused primarily on mission critical industrial and warehouse properties and essential retail Recent Acquisitions – Case Studies Recent Acquisitions Purchase Price: $122 million Transaction Type: Sale-leaseback Facility Type: Retail (Grocery) Location: Various, Denmark Size: 479,444 square feet Lease Term: 15-year lease Rent Escalation: Danish CPI Coop February - November 2022 (30 properties) Purchase Price: $468 million Transaction Type: Sale-leaseback Facility Type: Industrial / Warehouse Location: Various, Canada Size: 2,268,417 square feet Lease Term: 20-year lease Rent Escalation: Fixed (with all rent paid in USD) Apotex April 2023 (11 properties) ABC April 2023 (9 properties) Purchase Price: $98 million Transaction Type: Sale-leaseback (follow-on deal with existing tenant) Facility Type: Industrial Location: Various, U.S. (4) / Canada (3) / Mexico (2) Size: 1,225,951 square feet Lease Term: 20-year lease Rent Escalation: Fixed (with all rent paid in USD)

23 Capital investments have become a more meaningful part of our investment activity and allow us to pursue follow-on opportunities with existing tenants Capital Investments – Case Studies Recent Capital Investments Investment: $25 million build-to-suit Facility Type: Research and Development Location: Wageningen, The Netherlands Size: 63,762 square feet Lease Term: 20-year lease Rent Escalation: Dutch CPI Upfield Group Completed July 2022 Investment: $20 million renovation Facility Type: Industrial Location: Evansville, IN and Lawrence, KS Size: N/A Lease Term: 17-year lease Rent Escalation: U.S. CPI Berry Plastics Completed March 2023 Investment: $14 million redevelopment Facility Type: Laboratory Location: Pleasanton, CA Size: N/A Lease Term: 16-year lease Rent Escalation: Fixed Unchained Labs Completed August 2023

24 Balance Sheet

25 1. Amounts may not sum to totals due to rounding. 2. Based on a closing stock price of $54.08 on September 30, 2023 and 213,925,817 common shares outstanding as of September 30, 2023. 3. Pro rata net debt to enterprise value and pro rata net debt to Adjusted EBITDA are based on pro rata debt less consolidated cash and cash equivalents. 4. Adjusted EBITDA represents 3Q23 annualized Adjusted EBITDA, as reported in the Form 8-K filed with the SEC on November 3, 2023. 5. Gross assets represent consolidated total assets before accumulated depreciation on real estate. Gross assets are net of accumulated amortization on in-place lease and above-market rent intangible assets. Balance Sheet Overview Capitalization (%) • Size: Large, well-capitalized balance sheet with $19.9B in total enterprise value • Liquidity: Ample liquidity of $1.8B at quarter end • Forward Equity: Settled all outstanding forward sale agreements for net proceeds of approximately $384MM in October 2023 • NLOP Financing: Approximately $350MM of proceeds, net of transaction expenses, transferred to WPC in November 2023 • Credit Rating: Upgraded to Baa1 (stable) by Moody’s and BBB+ (stable) by S&P in September 2022 and January 2023, respectively • Leverage: Maintain conservative leverage targets (mid-to-high 5s Net Debt to EBITDA) • Capital Markets: Demonstrated strong access to capital markets – Term Loan: €500MM term loan swapped to 4.34% due April 2026 in April 2023 – ATM: $104MM of forward equity issued year-to-date – Private Placement: €150MM of 3.41% Senior Unsecured Notes due 2029 and €200MM of 3.70% Senior Unsecured Notes due 2032 issued in September 2022 – Green Bonds: $350MM, 2.45% Notes due 2032 issued in 2021 Balance Sheet Highlights Capitalization ($MM) (1) 9/30/23 Total Equity (2) $11,569 Pro Rata Net Debt Senior Unsecured Notes USD 2,900 Senior Unsecured Notes EUR 3,046 Mortgage Debt, pro rata USD 557 Mortgage Debt, pro rata (EUR $236 / Other $86) 322 Unsecured Revolving Credit Facility USD 155 Unsecured Revolving Credit Facility (EUR $345 / Other $16) 362 Unsecured Term Loans (EUR $757 / GBP $331) 1,088 Total Pro Rata Debt $8,430 Less: Cash and Cash Equivalents (136) Total Pro Rata Net Debt $8,293 Enterprise Value $19,862 Total Capitalization $19,999 Leverage Metrics Pro Rata Net Debt / Adjusted EBITDA (3)(4) 5.7x Pro Rata Net Debt / Enterprise Value (2)(3) 41.8% Total Consolidated Debt / Gross Assets (5) 40.6% Weighted Average Interest Rate (pro rata) 3.3% Weighted Average Debt Maturity (pro rata) 3.7 years 58% 30% 8% 4% Equity (2) Senior Unsecured Notes Unsecured Revolving Credit Facility / Term Loans Mortgage Debt (pro rata)

26 Principal at Maturity (1) Debt Maturity Schedule % of Total (4) 1.3% 15.2% 22.5% 18.1% 6.5% 6.3% 5.7% 6.6% 6.0% 6.7% 5.1% Interest Rate (4) 5.5% 3.5% 4.8% 3.2% 2.2% 1.4% 3.7% 1.0% 2.4% 2.9% 2.3% $M M 1. Reflects amount due at maturity, excluding unamortized discount and unamortized deferred financing costs. 2. Reflects pro rata balloon payments due at maturity. W. P. Carey has two fully amortizing mortgages due in 2031 ($3MM) and 2039 ($3MM). 3. Includes amounts drawn under the credit facility as of September 30, 2023. 4. Reflects the weighted average percentage of debt outstanding and the weighted average interest rate for each year based on the total outstanding balance. 106 250 364 98 21 2 530 530 530 530 159 556 212 500 450 350 325 500 350 425 559 530 517 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Mortgage Debt Unsecured Bonds (EUR) Unsecured Bonds (USD) Unsecured Term Loans Unsecured Revolving Credit Facility (2) (3)

27 Metric Covenant September 30, 2023 Total Leverage Total Debt / Total Assets ≤ 60% 40.0% Secured Debt Leverage Secured Debt / Total Assets ≤ 40% 3.8% Fixed Charge Coverage Consolidated EBITDA / Annual Debt Service Charge ≥ 1.5x 5.2x Maintenance of Unencumbered Asset Value Unencumbered Assets / Total Unsecured Debt ≥ 150% 239.1% 1. This is a summary of the key financial covenants for our Senior Unsecured Notes, along with estimated calculations of our compliance with those covenants at the end of the period presented. These ratios are not measures of our liquidity or performance and serve only to demonstrate our ability to incur additional debt, as permitted by the covenants governing the Senior Unsecured Notes. 2. As of September 30, 2023, our Senior Unsecured Notes consisted of the following note issuances: (i) $500 million 4.60% senior unsecured notes due 2024, (ii) €500 million 2.25% senior unsecured notes due 2024, (iii) $450 million 4.00% senior unsecured notes due 2025, (iv) $350 million 4.25% senior unsecured notes due 2026, (v) €500 million 2.25% senior unsecured notes due 2026, (vi) €500 million 2.125% senior unsecured notes due 2027, (vii) €500 million 1.35% senior unsecured notes due 2028, (viii) $325 million 3.85% senior unsecured notes due 2029, (ix) €525 million 0.95% senior unsecured notes due 2030, (x) $500 million 2.40% senior unsecured notes due 2031, (xi) $350 million 2.45% senior unsecured notes due 2032 and (xii) $425 million 2.25% senior unsecured notes due 2033. Excludes the €150MM 3.41% senior unsecured notes due 2029 and €200MM 3.70% senior unsecured notes due 2032 issued in the September 2022 private placement offering. Unsecured Bond Covenants (1) Investment grade balance sheet with recent upgrades to Baa1 (stable) from Moody’s and BBB+ (stable) from S&P Senior Unsecured Notes (2)

28 ESG

29 • Prioritize our employees and maintain a safe and inclusive work environment, where we can attract and retain a high- caliber workforce • Promote employee volunteer efforts and foster productive relationships with the communities in which we operate through our Carey Forward program • Strive to create a diverse, challenging and positive work environment where hard work and dedication are recognized and rewarded – Achieved U.S. certification as a Great Place to Work® for second consecutive year (4) and included in the Bloomberg Gender-Equality Index for a third consecutive year – Signed both the UN Women’s Empowerment Principles (WEPs) and CEO Action for Diversity and Inclusion™ • Our workforce (5): • Employees who identify as women represent(5): • Collect tenant energy usage data in an effort to quantify and reduce our portfolio’s global carbon footprint and integrate with benchmarking organizations • Evaluate and target new sustainability-linked investment opportunities, with the goal of growing ABR and portfolio prominence from green certified buildings (1) • Continue to identify and evaluate property level sustainability opportunities within our portfolio, which we believe can reduce carbon footprints, support our tenants’ own sustainability goals and also represent attractive investments – Launched CareySolar™, a turnkey solution providing tenants with on-site renewable energy via rooftop and carport solar installations • Achieved Gold level recognition as a Green Lease Leader for the second consecutive year (2) • Fully allocated proceeds from inaugural $350 million green bond to new and existing eligible green projects (3) • Established a Climate Disclosure Working Group to focus on preparations for anticipated climate disclosure reporting requirements ESG Strategy Environmental Social Governance 190+ Global Employees 46% of Global Workforce 38 Average Employee Age 33% of Executive Team 36% Racial / Ethnic Diversity (6) 46% of Managers • Committed to managing risk, providing transparent disclosure and being accountable to our stakeholders • Maintained the highest QualityScore rating of “1” from ISS in Governance • Key Governance Highlights – 9 out of 10 independent Directors, including a separate independent chair – Women represent 30% of our Board – No related-party transactions – Independence of Directors reviewed annually – Limitation on over-boarding – Proxy access with “3/3/20/20” market standard – Opted out of Maryland staggered board provisions; all Directors elected annually – No poison pill – Human Rights Policy, in addition to our Code of Business Conduct and Ethics • As we celebrate our 50th anniversary, we remain committed to our founder’s dedication to Investing for the Long Run® and Doing Good While Doing Well® and his ongoing commitment to making a positive difference within our business, local communities and beyond • Our cross-functional ESG Committee serves to support our ongoing commitment to environmental and sustainability initiatives, corporate social responsibility and corporate governance 1. For a building to be considered “green certified” under our investment criteria, it must at a minimum be certified by LEED, BREEAM or a similarly recognized organization or certification process. 2. In 2022 and 2023 we were recognized as a Green Lease Leader at the Gold level by the Institute for Market Transformation (IMT) and the U.S. Department of Energy's (DOE) Better Buildings Alliance. 3. Eligible Green Projects are defined in WPC’s Green Financing Framework, available on our website. 4. In 2022 and 2023 we were Certified™ by Great Place to Work® based on a survey of U.S. employees. 5. As of December 31, 2022. 6. Data is collected by our Human Resources Department and is only for our U.S.-based employees.

30 Certain of the matters discussed in this communication constitute forward-looking statements within the meaning of the Securities Act of 1933 (as amended, the “Securities Act”) and the Securities Exchange Act of 1934 (as amended, the “Exchange Act”), both as amended by the Private Securities Litigation Reform Act of 1995. The forward-looking statements include, among other things, statements regarding the intent, belief or expectations of the Company and can be identified by the use of words such as “may,” “will,” “should,” “would,” “will be,” “will continue,” “will likely result,” “believe,” “project,” “expect,” “anticipate,” “intend,” “estimate” “opportunities,” “possibility,” “strategy,” “maintain” or the negative version of these words and other comparable terms. These forward- looking statements include, but are not limited to, statements that are not historical facts. These statements are based on the current expectations of our management, and it is important to note that our actual results could be materially different from those projected in such forward- looking statements. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Other unknown or unpredictable risks or uncertainties, like the risks related to inflation and increased interest rates, the effects of pandemics and global outbreaks of contagious diseases (such as the COVID-19 pandemic) and domestic or geopolitical crises, such as terrorism, military conflict, war or the perception that hostilities may be imminent, political instability or civil unrest, or other conflict, and those additional risk factors discussed in reports that we have filed with the SEC, could also have material adverse effects on our future results, performance or achievements. Discussions of some of these other important factors and assumptions are contained in W. P. Carey’s filings with the SEC and are available at the SEC’s website at http://www.sec.gov, including Part I, Item 1A. Risk Factors in W. P. Carey’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, and in Part II, Item 1A, Risk Factors in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2023. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this communication, unless noted otherwise. Except as required under the federal securities laws and the rules and regulations of the SEC, W. P. Carey does not undertake any obligation to release publicly any revisions to the forward-looking statements to reflect events or circumstances after the date of this communication or to reflect the occurrence of unanticipated events. Cautionary Statement Concerning Forward-Looking Statements All data presented herein is as of September 30, 2023 unless otherwise noted. Amounts may not sum to totals due to rounding. Past performance does not guarantee future results.

31 EBITDA and Adjusted EBITDA We believe that EBITDA is a useful supplemental measure to investors and analysts for assessing the performance of our business segments because (i) it removes the impact of our capital structure from our operating results and (ii) it is helpful when comparing our operating performance to that of companies in our industry without regard to such items, which can vary substantially from company to company. Adjusted EBITDA as disclosed represents EBITDA, modified to include other adjustments to GAAP net income for certain non-cash charges, such as impairments, non-cash rent adjustments and unrealized gains and losses from our hedging activity. Additionally, we exclude gains and losses on sale of real estate, which are not considered fundamental attributes of our business plans and do not affect our overall long-term operating performance. We exclude these items from adjusted EBITDA as they are not the primary drivers in our decision-making process. Adjusted EBITDA reflects adjustments for unconsolidated partnerships and jointly owned investments. Our assessment of our operations is focused on long-term sustainability and not on such non- cash and noncore items, which may cause short-term fluctuations in net income but have no impact on cash flows. We believe that adjusted EBITDA is a useful supplemental measure to investors and analysts, although it does not represent net income that is computed in accordance with GAAP. Accordingly, adjusted EBITDA should not be considered as an alternative to net income or as an indicator of our financial performance. EBITDA and adjusted EBITDA as calculated by us may not be comparable to similarly titled measures of other companies. Other Metrics Pro Rata Metrics This presentation contains certain metrics prepared on a pro rata basis. We refer to these metrics as pro rata metrics. We have certain investments in which our economic ownership is less than 100%. On a full consolidation basis, we report 100% of the assets, liabilities, revenues and expenses of those investments that are deemed to be under our control or for which we are deemed to be the primary beneficiary, even if our ownership is less than 100%. Also, for all other jointly owned investments, which we do not control, we report our net investment and our net income or loss from that investment. On a pro rata basis, we generally present our proportionate share, based on our economic ownership of these jointly owned investments, of the assets, liabilities, revenues and expenses of those investments. Multiplying each of our jointly owned investments’ financial statement line items by our percentage ownership and adding or subtracting those amounts from our totals, as applicable, may not accurately depict the legal and economic implications of holding an ownership interest of less than 100% in our jointly owned investments. ABR ABR represents contractual minimum annualized base rent for our net-leased properties and reflects exchange rates as of September 30, 2023. 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. The following non-GAAP financial measures are used in this presentation Disclosures

Cover Page Document	Nov. 03, 2023
Cover [Abstract]
Document Type	8-K
Document Period End Date	Nov. 03, 2023
Entity Registrant Name	W. P. Carey Inc.
Entity Incorporation, State or Country Code	MD
Entity File Number	001-13779
Entity Tax Identification Number	45-4549771
Entity Address, Street Address	One Manhattan West, 395 9th Avenue, 58th Floor
Entity Address, City	New York,
Entity Address, State	NY
Entity Address, Postal Zip Code	10001
City Area Code	212
Local Phone Number	492-1100
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of each class	Common Stock, $0.001 Par Value
Trading Symbol(s)	WPC
Name of each exchange on which registered	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0001025378
Amendment Flag	false

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