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): July 30, 2024

W. P. Carey Inc.

(Exact Name of Registrant as Specified in its Charter)


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

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

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

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

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

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

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

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

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

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.001 Par Value

WPC

New York Stock Exchange

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

On July 30, 2024, W. P. Carey Inc. (the “Company”) issued an earnings release announcing its financial results for the quarter ended June 30, 2024. A copy of the earnings release is attached as Exhibit 99.1.

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

Item 7.01 Regulation FD Disclosure.

On July 30, 2024, the Company made available certain unaudited supplemental financial information at June 30, 2024. A copy of this supplemental information is attached as Exhibit 99.2.

On July 30, 2024, the Company posted its second 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 June 30, 2024.

99.2						Supplemental financial information of the Company at June 30, 2024.

99.3						Investor presentation by the Company.

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

SIGNATURES

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


			W. P. Carey Inc.

Date:	July 30, 2024	By:	/s/ ToniAnn Sanzone
			ToniAnn Sanzone
			Chief Financial Officer

Exhibit 99.1

W. P. Carey Announces Second Quarter 2024 Financial Results

New York, NY – July 30, 2024 – W. P. Carey Inc. (NYSE: WPC) (W. P. Carey or the Company), a net lease real estate investment trust, today reported its financial results for the second quarter ended June 30, 2024.

Financial Highlights



			2024 Second Quarter
Net income attributable to W. P. Carey (millions)			$142.9
Diluted earnings per share			$0.65

AFFO (millions)			$257.1
AFFO per diluted share			$1.17

•2024 AFFO guidance revised to between $4.63 and $4.73 per diluted share, based on anticipated full year investment volume of between $1.25 billion and $1.75 billion

•Second quarter cash dividend of $0.870 per share, equivalent to an annualized dividend rate of $3.48 per share

Real Estate Portfolio

•Investment volume of $641.0 million completed year to date, including $293.4 million during the second quarter and $67.3 million subsequent to quarter end

•Active capital investments and commitments of $38.0 million scheduled to be completed in 2024

•Gross disposition proceeds of $152.2 million during the second quarter, comprising:

◦Dispositions of $62.3 million under the Office Sale Program; and

◦Non-Office Sale Program dispositions of $89.9 million

•Company effectively completes strategic plan to exit the office assets within its portfolio

•Contractual same-store rent growth of 2.9%

Balance Sheet and Capitalization

•Issued €650 million of 4.25% Senior Unsecured Notes due 2032

•Issued $400 million of 5.375% Senior Unsecured Notes due 2034

•Repaid $500 million of 4.6% Senior Unsecured Notes due April 2024

•Subsequent to quarter end, repaid €500 million of 2.25% Senior Unsecured Notes due July 2024

W. P. Carey Inc. 6/30/2024 Earnings Release 8-K – 1

MANAGEMENT COMMENTARY

“Dispositions from our office exit strategy are now behind us and we have completed refinancing our two 2024 bond maturities, raising over a billion dollars of attractively priced debt. With our debt and equity needs this year already addressed, and as we further redeploy capital into new investments, we expect higher AFFO in the second half,” said Jason Fox, Chief Executive Officer of W. P. Carey. “Although we’re trimming our expectations for the full year — driven primarily by two larger-sized transactions that recently fell out of our pipeline — our liquidity remains at an all-time high, and we are very well positioned to close active deals and grow our pipeline, while taking advantage of what is typically a more active period around the end of the year.”

QUARTERLY FINANCIAL RESULTS

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

Revenues

•Revenues, including reimbursable costs, for the 2024 second quarter totaled $389.7 million, down 13.9% from $452.6 million for the 2023 second quarter.

◦Lease revenues decreased primarily as a result of executing the Company’s strategic plan to exit the office assets within its portfolio, including the NLOP Spin-Off in November 2023 and dispositions under the Office Sale Program during 2023 and the first half of 2024.

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

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

Net Income Attributable to W. P. Carey

•Net income attributable to W. P. Carey for the 2024 second quarter was $142.9 million, down 1.2% from $144.6 million for the 2023 second quarter, due primarily to the impact of the NLOP Spin-Off and dispositions under the Office Sale Program, and impairment charges recognized during the current year period, partly offset by higher gain on sale of real estate.

Adjusted Funds from Operations (AFFO)

•AFFO for the 2024 second quarter was $1.17 per diluted share, down 14.0% from $1.36 per diluted share for the 2023 second quarter, primarily reflecting the impact of the NLOP Spin-Off and dispositions under the Office Sale Program, as well as certain lease restructurings and property vacancies.

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

Dividend

•On June 13, 2024, the Company reported that its Board of Directors declared a quarterly cash dividend of $0.870 per share, equivalent to an annualized dividend rate of $3.48 per share. The dividend was paid on July 15, 2024 to shareholders of record as of June 28, 2024.

W. P. Carey Inc. 6/30/2024 Earnings Release 8-K – 2

AFFO GUIDANCE

•The Company has lowered its guidance range for the 2024 full year by two cents per diluted share, primarily reflecting lower expectations for investment volume and self-storage operating portfolio NOI, and currently expects to report AFFO of between $4.63 and $4.73 per diluted share based on the following key assumptions:

(i) investment volume of between $1.25 billion and $1.75 billion, which has been lowered by $250 million;

(ii) disposition volume of between $1.2 billion and $1.4 billion, which is unchanged, including:

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

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

(iii) total general and administrative expenses lowered to between $98 million and $101 million.

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

REAL ESTATE

Investments

•Year to date, the Company completed investments totaling $641.0 million, including $293.4 million during the 2024 second quarter and $67.3 million subsequent to quarter end.

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

Dispositions

•During the 2024 second quarter, the Company disposed of 12 properties for gross proceeds totaling $152.2 million, comprising:

◦The disposition of three properties under the Office Sale Program for gross proceeds totaling $62.3 million, and

◦The disposition of nine non-Office Sale Program properties for gross proceeds totaling $89.9 million.

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

◦As of July 30, 2024, one asset (representing 45 basis points of ABR) was under a binding contract for sale scheduled to close in December 2024, which will complete the Company’s Office Sale Program.

W. P. Carey Inc. 6/30/2024 Earnings Release 8-K – 3

Contractual Same-Store Rent Growth

•As of June 30, 2024, contractual same store rent growth was 2.9% year over year, on a constant currency basis.

Composition

•As of June 30, 2024, the Company’s net lease portfolio consisted of 1,291 properties, comprising 170 million square feet leased to 346 tenants, with a weighted-average lease term of 12.0 years and an occupancy rate of 98.8%. In addition, the Company owned 89 self-storage operating properties, four hotel operating properties and two student housing operating properties, totaling approximately 7.3 million square feet.

BALANCE SHEET AND CAPITALIZATION

Liquidity

•As of June 30, 2024, the Company had total liquidity of $3.2 billion, including approximately $2.0 billion of available capacity under its Senior Unsecured Credit Facility (net of amounts reserved for standby letters of credit), $1.1 billion of cash and cash equivalents, and $106.9 million of cash held at qualified intermediaries.

Senior Unsecured Notes

•As previously announced, on May 16, 2024, the Company completed an underwritten public offering of €650 million aggregate principal amount of 4.25% Senior Notes due July 2032.

•As previously announced, on June 28, 2024, the Company completed an underwritten public offering of $400 million aggregate principal amount of 5.375% Senior Notes due June 2034.

•On April 1, 2024, the Company repaid $500 million of 4.6% Senior Unsecured Notes due April 2024.

•Subsequent to quarter end, the Company repaid €500 million of 2.25% Senior Unsecured Notes due July 2024.

* * * * *

Supplemental Information

The Company has provided supplemental unaudited financial and operating information regarding the 2024 second 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 July 30, 2024, and made available on the Company’s website at ir.wpcarey.com/investor-relations.

* * * * *

Live Conference Call and Audio Webcast Scheduled for Wednesday, July 31, 2024 at 11:00 a.m. Eastern Time

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

Date/Time: Wednesday, July 31, 2024 at 11:00 a.m. Eastern Time

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

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

* * * * *

W. P. Carey Inc. 6/30/2024 Earnings Release 8-K – 4

W. P. Carey Inc.

W. P. Carey ranks among the largest net lease REITs with a well-diversified portfolio of high-quality, operationally critical commercial real estate, which includes 1,291 net lease properties covering approximately 170 million square feet and a portfolio of 89 self-storage operating properties as of June 30, 2024. With offices in New York, London, Amsterdam and Dallas, the company remains focused on investing primarily in single-tenant, industrial, warehouse and retail properties located in the U.S. and Northern and Western Europe, under long-term net leases with built-in rent escalations.

www.wpcarey.com

* * * * *

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 expectations for future AFFO growth and deal volume. These statements are based on the current expectations of our management, and it is important to note that our actual results could be materially different from those projected in such forward-looking statements. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Other unknown or unpredictable risks or uncertainties, like the risks related to fluctuating interest rates, the impact of inflation on our tenants and us, the effects of pandemics and global outbreaks of contagious diseases, and domestic or geopolitical crises, such as terrorism, military conflict, war or the perception that hostilities may be imminent, political instability or civil unrest, or other conflict, and those additional risk factors discussed in reports that we have filed with the SEC, could also have material adverse effects on our future results, performance or achievements. Discussions of some of these other important factors and assumptions are contained in W. P. Carey’s filings with the SEC and are available at the SEC’s website at http://www.sec.gov, including Part I, Item 1A. Risk Factors in W. P. Carey’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this communication, unless noted otherwise. Except as required under the federal securities laws and the rules and regulations of the SEC, W. P. Carey does not undertake any obligation to release publicly any revisions to the forward-looking statements to reflect events or circumstances after the date of this communication or to reflect the occurrence of unanticipated events.

Institutional Investors:

Peter Sands

1 (212) 492-1110

institutionalir@wpcarey.com

Individual Investors:

W. P. Carey Inc.

1 (212) 492-8920

ir@wpcarey.com

Press Contact:

Anna McGrath

1 (212) 492-1166

amcgrath@wpcarey.com

* * * * *

W. P. Carey Inc. 6/30/2024 Earnings Release 8-K – 5

W. P. CAREY INC.

Consolidated Balance Sheets (Unaudited)

(in thousands, except share and per share amounts)



	June 30, 2024		December 31, 2023
Assets
Investments in real estate:
Land, buildings and improvements — net lease and other	$	12,341,979	$	12,095,458
Land, buildings and improvements — operating properties	1,238,340		1,256,249
Net investments in finance leases and loans receivable	667,667		1,514,923
In-place lease intangible assets and other	2,256,793		2,308,853
Above-market rent intangible assets	676,666		706,773
Investments in real estate	17,181,445		17,882,256
Accumulated depreciation and amortization (a)	(3,096,516)		(3,005,479)
Assets held for sale, net	7,743		37,122
Net investments in real estate	14,092,672		14,913,899
Equity method investments	356,220		354,261
Cash and cash equivalents	1,085,967		633,860
Other assets, net	1,261,222		1,096,474
Goodwill	973,204		978,289
Total assets	$	17,769,285	$	17,976,783

Liabilities and Equity
Debt:
Senior unsecured notes, net	$	6,519,887	$	6,035,686
Unsecured term loans, net	1,100,356		1,125,564
Unsecured revolving credit facility	15,005		403,785
Non-recourse mortgages, net	467,200		579,147
Debt, net	8,102,448		8,144,182
Accounts payable, accrued expenses and other liabilities	548,397		615,750
Below-market rent and other intangible liabilities, net	128,710		136,872
Deferred income taxes	155,716		180,650
Dividends payable	194,515		192,332
Total liabilities	9,129,786		9,269,786

Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued	—		—
Common stock, $0.001 par value, 450,000,000 shares authorized; 218,831,869 and 218,671,874 shares, respectively, issued and outstanding	219		219
Additional paid-in capital	11,782,157		11,784,461
Distributions in excess of accumulated earnings	(2,975,236)		(2,891,424)
Deferred compensation obligation	78,379		62,046
Accumulated other comprehensive loss	(252,640)		(254,867)
Total stockholders’ equity	8,632,879		8,700,435
Noncontrolling interests	6,620		6,562
Total equity	8,639,499		8,706,997
Total liabilities and equity	$	17,769,285	$	17,976,783

________

(a)Includes $1.7 billion and $1.6 billion of accumulated depreciation on buildings and improvements as of June 30, 2024 and December 31, 2023, respectively, and $1.4 billion of accumulated amortization on lease intangibles as of both June 30, 2024 and December 31, 2023.

W. P. Carey Inc. 6/30/2024 Earnings Release 8-K – 6

W. P. CAREY INC.

Quarterly Consolidated Statements of Income (Unaudited)

(in thousands, except share and per share amounts)


	Three Months Ended
	June 30, 2024		March 31, 2024		June 30, 2023
Revenues
Real Estate:
Lease revenues	$	324,104	$	322,251	$	369,124
Income from finance leases and loans receivable	14,961		25,793		27,311
Operating property revenues	38,715		36,643		50,676
Other lease-related income	9,149		2,155		5,040
	386,929		386,842		452,151
Investment Management:
Asset management revenue (a)	1,686		1,893		303
Other advisory income and reimbursements (b)	1,057		1,063		124
	2,743		2,956		427
	389,672		389,798		452,578
Operating Expenses
Depreciation and amortization	137,481		118,768		143,548
General and administrative	24,168		27,868		24,912
Operating property expenses	18,565		17,950		26,919
Impairment charges — real estate	15,752		—		—
Reimbursable tenant costs	14,004		12,973		20,523
Property expenses, excluding reimbursable tenant costs	13,931		12,173		5,371
Stock-based compensation expense	8,903		8,856		8,995
Merger and other expenses	206		4,452		1,419
	233,010		203,040		231,687
Other Income and Expenses
Interest expense	(65,307)		(68,651)		(75,488)
Gain on sale of real estate, net	39,363		15,445		1,808
Non-operating income (c)	9,215		15,505		4,509
Earnings from equity method investments	6,636		4,864		4,355
Other gains and (losses) (d)	2,504		13,839		(1,366)
	(7,589)		(18,998)		(66,182)
Income before income taxes	149,073		167,760		154,709
Provision for income taxes	(6,219)		(8,674)		(10,129)
Net Income	142,854		159,086		144,580
Net loss attributable to noncontrolling interests	41		137		40
Net Income Attributable to W. P. Carey	$	142,895	$	159,223	$	144,620

Basic Earnings Per Share	$	0.65	$	0.72	$	0.67
Diluted Earnings Per Share	$	0.65	$	0.72	$	0.67
Weighted-Average Shares Outstanding
Basic	220,195,910		220,031,597		215,075,114
Diluted	220,214,118		220,129,870		215,184,485

Dividends Declared Per Share	$	0.870	$	0.865	$	1.069

__________

(a)Amount for the three months ended June 30, 2024 is comprised of $1.6 million from NLOP and less than $0.1 million from CESH.

(b)Amount for the three months ended June 30, 2024 is comprised of (i) $1.0 million of administrative reimbursement for our management of NLOP and (ii) less than $0.1 million of reimbursable costs from CESH.

(c)Amount for the three months ended June 30, 2024 is comprised of interest income on deposits of $5.9 million and realized gains on foreign currency exchange derivatives of $3.3 million.

(d)Amount for the three months ended June 30, 2024 is primarily comprised of net gains on foreign currency exchange rate movements of $1.4 million and a release of a non-cash allowance for credit losses of $1.1 million.

W. P. Carey Inc. 6/30/2024 Earnings Release 8-K – 7

W. P. CAREY INC.

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

(in thousands, except share and per share amounts)


	Six Months Ended June 30,
	2024		2023
Revenues
Real Estate:
Lease revenues	$	646,355	$	721,460
Income from finance leases and loans receivable	40,754		48,066
Operating property revenues	75,358		91,562
Other lease-related income	11,304		18,413
	773,771		879,501
Investment Management:
Asset management and other revenue	3,579		642
Other advisory income and reimbursements	2,120		225
	5,699		867
	779,470		880,368
Operating Expenses
Depreciation and amortization	256,249		299,957
General and administrative	52,036		51,461
Operating property expenses	36,515		48,168
Reimbursable tenant costs	26,977		42,499
Property expenses, excluding reimbursable tenant costs	26,104		18,143
Stock-based compensation expense	17,759		16,761
Impairment charges — real estate	15,752		—
Merger and other expenses	4,658		1,443
	436,050		478,432
Other Income and Expenses
Interest expense	(133,958)		(142,684)
Gain on sale of real estate, net	54,808		179,557
Non-operating income	24,720		9,135
Other gains and (losses)	16,343		6,734
Earnings from equity method investments	11,500		9,591
	(26,587)		62,333
Income before income taxes	316,833		464,269
Provision for income taxes	(14,893)		(25,248)
Net Income	301,940		439,021
Net loss (income) attributable to noncontrolling interests	178		(21)
Net Income Attributable to W. P. Carey	$	302,118	$	439,000

Basic Earnings Per Share	$	1.37	$	2.06
Diluted Earnings Per Share	$	1.37	$	2.05
Weighted-Average Shares Outstanding
Basic	220,113,753		213,522,150
Diluted	220,261,525		213,875,471

Dividends Declared Per Share	$	1.735	$	2.136

W. P. Carey Inc. 6/30/2024 Earnings Release 8-K – 8

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
	June 30, 2024		March 31, 2024		June 30, 2023
Net income attributable to W. P. Carey	$	142,895	$	159,223	$	144,620
Adjustments:
Depreciation and amortization of real property	136,840		118,113		142,932
Gain on sale of real estate, net	(39,363)		(15,445)		(1,808)
Impairment charges	15,752		—		—
Proportionate share of adjustments to earnings from equity method investments (a)	3,015		2,949		2,883
Proportionate share of adjustments for noncontrolling interests (b)	(101)		(103)		(268)
Total adjustments	116,143		105,514		143,739
FFO (as defined by NAREIT) Attributable to W. P. Carey (c)	259,038		264,737		288,359
Adjustments:
Straight-line and other leasing and financing adjustments	(15,310)		(19,553)		(19,086)
Stock-based compensation	8,903		8,856		8,995
Above- and below-market rent intangible lease amortization, net	5,766		4,068		8,824
Amortization of deferred financing costs	4,555		4,588		5,904
Other (gains) and losses (d)	(2,504)		(13,839)		1,366
Tax benefit – deferred and other	(1,392)		(1,373)		(2,723)
Other amortization and non-cash items	580		579		527
Merger and other expenses (e)	206		4,452		1,419
Proportionate share of adjustments to earnings from equity method investments (a)	(2,646)		(519)		(255)
Proportionate share of adjustments for noncontrolling interests (b)	(97)		(104)		(24)
Total adjustments	(1,939)		(12,845)		4,947
AFFO Attributable to W. P. Carey (c)	$	257,099	$	251,892	$	293,306

Summary
FFO (as defined by NAREIT) attributable to W. P. Carey (c)	$	259,038	$	264,737	$	288,359
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share (c)	$	1.18	$	1.20	$	1.34
AFFO attributable to W. P. Carey (c)	$	257,099	$	251,892	$	293,306
AFFO attributable to W. P. Carey per diluted share (c)	$	1.17	$	1.14	$	1.36
Diluted weighted-average shares outstanding	220,214,118		220,129,870		215,184,485

W. P. Carey Inc. 6/30/2024 Earnings Release 8-K – 9

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)


	Six Months Ended June 30,
	2024		2023
Net income attributable to W. P. Carey	$	302,118	$	439,000
Adjustments:
Depreciation and amortization of real property	254,953		298,800
Gain on sale of real estate, net	(54,808)		(179,557)
Impairment charges	15,752		—
Proportionate share of adjustments to earnings from equity method investments (a)	5,964		5,489
Proportionate share of adjustments for noncontrolling interests (b)	(204)		(567)
Total adjustments	221,657		124,165
FFO (as defined by NAREIT) Attributable to W. P. Carey (c)	523,775		563,165
Adjustments:
Straight-line and other leasing and financing adjustments	(34,863)		(34,136)
Stock-based compensation	17,759		16,761
Other (gains) and losses	(16,343)		(6,734)
Above- and below-market rent intangible lease amortization, net	9,834		19,685
Amortization of deferred financing costs	9,143		10,844
Merger and other expenses	4,658		1,443
Tax (benefit) expense – deferred and other	(2,765)		1,643
Other amortization and non-cash items	1,159		999
Proportionate share of adjustments to earnings from equity method investments (a)	(3,165)		(1,181)
Proportionate share of adjustments for noncontrolling interests (b)	(201)		36
Total adjustments	(14,784)		9,360
AFFO Attributable to W. P. Carey (c)	$	508,991	$	572,525

Summary
FFO (as defined by NAREIT) attributable to W. P. Carey (c)	$	523,775	$	563,165
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share (c)	$	2.38	$	2.63
AFFO attributable to W. P. Carey (c)	$	508,991	$	572,525
AFFO attributable to W. P. Carey per diluted share (c)	$	2.31	$	2.68
Diluted weighted-average shares outstanding	220,261,525		213,875,471

__________

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

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

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

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

W. P. Carey Inc. 6/30/2024 Earnings Release 8-K – 10

Non-GAAP Financial Disclosure

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

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

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

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

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

W. P. Carey Inc. 6/30/2024 Earnings Release 8-K – 11

Exhibit 99.2

W. P. Carey Inc.

Supplemental Information

Second Quarter 2024

Terms and Definitions

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


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

Important Note Regarding Non-GAAP Financial Measures

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

Amounts may not sum to totals due to rounding.

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

W. P. Carey Inc.

Supplemental Information – Second Quarter 2024


Table of Contents


Overview
Summary Metrics			1
Components of Net Asset Value			3

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

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

Real Estate
Investment Activity
Investment Volume			17
Capital Investments and Commitments			18
Dispositions			19
Joint Ventures			20
Top 25 Tenants			21
Diversification by Property Type			22
Diversification by Tenant Industry			23
Diversification by Geography			24
Contractual Rent Increases			25
Same-Store Analysis			26
Leasing Activity			29
Lease Expirations			30
Self-Storage Operating Properties Portfolio			31

Appendix
Normalized Pro Rata Cash NOI			33
Adjusted EBITDA – Last Five Quarters			35
Disclosures Regarding Non-GAAP and Other Metrics			36

W. P. Carey Inc.

Overview – Second Quarter 2024


Summary Metrics

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


Financial Results
Revenues, including reimbursable costs – consolidated ($000s)		$	389,672
Net income attributable to W. P. Carey ($000s)		142,895
Net income attributable to W. P. Carey per diluted share		0.65
Normalized pro rata cash NOI ($000s) (a) (b)		328,680
Adjusted EBITDA ($000s) (a) (b)		326,773
AFFO attributable to W. P. Carey ($000s) (a) (b)		257,099
AFFO attributable to W. P. Carey per diluted share (a) (b)		1.17

Dividends declared per share – current quarter		0.870
Dividends declared per share – current quarter annualized		3.480
Dividend yield – annualized, based on quarter end share price of $55.05		6.3		%
Dividend payout ratio – for the six months ended June 30, 2024 (c)		75.1		%

Balance Sheet and Capitalization
Equity market capitalization – based on quarter end share price of $55.05 ($000s)		$	12,046,694
Pro rata net debt ($000s) (d)		7,058,297
Enterprise value ($000s)		19,104,991

Total consolidated debt ($000s)		8,102,448
Gross assets ($000s) (e)		19,448,136
Liquidity ($000s) (f)		3,172,116

Pro rata net debt to enterprise value (b)		36.9		%
Pro rata net debt to adjusted EBITDA (annualized) (a) (b)		5.4x
Total consolidated debt to gross assets		41.7		%
Total consolidated secured debt to gross assets		2.4		%
Cash interest expense coverage ratio (a) (b)		5.1x

Weighted-average interest rate – for the three months ended June 30, 2024 (b)		3.1		%
Weighted-average interest rate – as of June 30, 2024 (b)		3.3		%
Weighted-average debt maturity (years) (b)		4.4

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

Real Estate Portfolio (Pro Rata)
ABR – total portfolio ($000s) (g)		$	1,294,521
ABR – unencumbered portfolio (% / $000s) (g) (h)	94.4% /	$	1,222,606
Number of net-leased properties		1,291
Number of operating properties (i)		95
Number of tenants – net-leased properties		346

ABR from top ten tenants as a % of total ABR – net-leased properties		19.5		%
ABR from investment grade tenants as a % of total ABR – net-leased properties (j)		23.1		%
Contractual same-store growth (k)		2.9		%

Net-leased properties – square footage (millions)		170.1

Occupancy – net-leased properties		98.8		%
Weighted-average lease term (years)		12.0

Investment volume – current quarter ($000s)		$	293,352
Dispositions – current quarter ($000s)		152,228

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

________


						Investing for the Long Run® \| 1

W. P. Carey Inc.

Overview – Second Quarter 2024

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

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

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

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

(e)Gross assets represent consolidated total assets before accumulated depreciation on buildings and improvements. Gross assets are net of accumulated amortization on in-place lease intangible assets of $945.3 million and above-market rent intangible assets of $472.4 million.

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

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

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

(i)Comprised of 89 self-storage properties, four hotels and two student housing properties.

(j)Percentage of portfolio is based on ABR, as of June 30, 2024. Includes tenants or guarantors with investment grade ratings (16.8%) and subsidiaries of non-guarantor parent companies with investment grade ratings (6.3%). Investment grade refers to an entity with a rating of BBB- or higher from Standard & Poor’s Ratings Services or Baa3 or higher from Moody’s Investors Service. See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of ABR.

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


						Investing for the Long Run® \| 2

W. P. Carey Inc.

Overview – Second Quarter 2024


Components of Net Asset Value

Dollars in thousands.


Normalized Pro Rata Cash NOI (a) (b)	Three Months Ended Jun. 30, 2024
Net lease properties	$	306,850
Self-storage and other operating properties (c)	21,830
Total normalized pro rata cash NOI (a) (b)	$	328,680

Balance Sheet – Selected Information (Consolidated Unless Otherwise Stated)	As of Jun. 30, 2024
Assets
Book value of real estate excluded from normalized pro rata cash NOI (d)	$	260,883
Cash and cash equivalents	1,085,967
Las Vegas retail complex construction loan (e)	239,848
Other secured loans receivable, net	15,000
Other assets, net:
Investment in shares of Lineage (a cold storage REIT) (f)	$	404,921
Straight-line rent adjustments	339,530
Cash held at qualified intermediaries (g)	106,935
Deferred charges	75,529
Taxes receivable	67,945
Non-rent tenant and other receivables	53,170
Office lease right-of-use assets, net	53,046
Restricted cash, including escrow (excludes cash held at qualified intermediaries)	36,768
Prepaid expenses	26,998
Deferred income taxes	18,677
Securities and derivatives	17,623
Leasehold improvements, furniture and fixtures	13,097
Rent receivables (h)	2,440
Due from affiliates	1,108
Other	43,435
Total other assets, net	$	1,261,222

Liabilities
Total pro rata debt outstanding (b) (i)	$	8,251,199
Dividends payable	194,515
Deferred income taxes	155,716
Accounts payable, accrued expenses and other liabilities:
Accounts payable and accrued expenses	$	158,381
Operating lease liabilities	137,394
Prepaid and deferred rents	112,656
Accrued taxes payable	49,488
Tenant security deposits	45,072
Other	45,406
Total accounts payable, accrued expenses and other liabilities	$	548,397

________

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

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

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

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

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

(f)Our investment in 5,541,478 shares of Lineage is valued on the balance sheet net of an estimated sponsor promote. The valuation was determined based on the last private capital raising round in December 2022. Going forward, the investment in Lineage will be valued using the closing share price at the end of each quarter, net of the estimated promote.


						Investing for the Long Run® \| 3

W. P. Carey Inc.

Overview – Second Quarter 2024

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

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

(i)Excludes unamortized discount, net totaling $35.7 million and unamortized deferred financing costs totaling $28.7 million as of June 30, 2024.


						Investing for the Long Run® \| 4

W. P. Carey Inc.

Financial Results

Second Quarter 2024


						Investing for the Long Run® \| 5

W. P. Carey Inc.

Financial Results – Second Quarter 2024


Consolidated Statements of Income – Last Five Quarters

In thousands, except share and per share amounts.


	Three Months Ended
	Jun. 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		Jun. 30, 2023
Revenues
Real Estate:
Lease revenues	$	324,104	$	322,251	$	336,757	$	369,159	$	369,124
Income from finance leases and loans receivable	14,961		25,793		31,532		27,575		27,311
Operating property revenues	38,715		36,643		39,477		49,218		50,676
Other lease-related income	9,149		2,155		2,610		2,310		5,040
	386,929		386,842		410,376		448,262		452,151
Investment Management:
Asset management revenue (a)	1,686		1,893		1,348		194		303
Other advisory income and reimbursements (b)	1,057		1,063		713		97		124
	2,743		2,956		2,061		291		427
	389,672		389,798		412,437		448,553		452,578
Operating Expenses
Depreciation and amortization	137,481		118,768		129,484		144,771		143,548
General and administrative	24,168		27,868		21,579		23,355		24,912
Operating property expenses	18,565		17,950		20,403		26,570		26,919
Impairment charges — real estate (c)	15,752		—		71,238		15,173		—
Reimbursable tenant costs	14,004		12,973		18,942		20,498		20,523
Property expenses, excluding reimbursable tenant costs	13,931		12,173		13,287		13,021		5,371
Stock-based compensation expense	8,903		8,856		8,693		9,050		8,995
Merger and other expenses (d)	206		4,452		(641)		4,152		1,419
	233,010		203,040		282,985		256,590		231,687
Other Income and Expenses
Interest expense	(65,307)		(68,651)		(72,194)		(76,974)		(75,488)
Gain on sale of real estate, net (e)	39,363		15,445		134,026		2,401		1,808
Non-operating income (f)	9,215		15,505		7,445		4,862		4,509
Earnings from equity method investments	6,636		4,864		5,006		4,978		4,355
Other gains and (losses) (g)	2,504		13,839		(45,777)		2,859		(1,366)
	(7,589)		(18,998)		28,506		(61,874)		(66,182)
Income before income taxes	149,073		167,760		157,958		130,089		154,709
Provision for income taxes	(6,219)		(8,674)		(13,714)		(5,090)		(10,129)
Net Income	142,854		159,086		144,244		124,999		144,580
Net loss attributable to noncontrolling interests	41		137		50		41		40
Net Income Attributable to W. P. Carey	$	142,895	$	159,223	$	144,294	$	125,040	$	144,620

Basic Earnings Per Share	$	0.65	$	0.72	$	0.66	$	0.58	$	0.67
Diluted Earnings Per Share	$	0.65	$	0.72	$	0.66	$	0.58	$	0.67
Weighted-Average Shares Outstanding
Basic	220,195,910		220,031,597		219,277,446		215,097,114		215,075,114
Diluted	220,214,118		220,129,870		219,469,641		215,252,969		215,184,485

Dividends Declared Per Share	$	0.870	$	0.865	$	0.860	$	1.071	$	1.069

________

(a)Amount for the three months ended June 30, 2024 is comprised of $1.6 million from NLOP and less than $0.1 million from CESH.

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

(d)Amount for the three months ended March 31, 2024 is primarily comprised of the write-off of a value added tax receivable that was previously recorded in connection with an international investment. Amount for the three months ended September 30, 2023 is primarily comprised of costs incurred in connection with the Spin-Off.

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

(f)Amount for the three months ended June 30, 2024 is comprised of interest income on deposits of $5.9 million and realized gains on foreign currency exchange derivatives of $3.3 million.

(g)Amount for the three months ended June 30, 2024 is primarily comprised of net gains on foreign currency exchange rate movements of $1.4 million and a release of a non-cash allowance for credit losses of $1.1 million.


						Investing for the Long Run® \| 6

W. P. Carey Inc.

Financial Results – Second Quarter 2024


FFO and AFFO, Consolidated – Last Five Quarters

In thousands, except share and per share amounts.


	Three Months Ended
	Jun. 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		Jun. 30, 2023
Net income attributable to W. P. Carey	$	142,895	$	159,223	$	144,294	$	125,040	$	144,620
Adjustments:
Depreciation and amortization of real property	136,840		118,113		128,839		144,111		142,932
Gain on sale of real estate, net (a)	(39,363)		(15,445)		(134,026)		(2,401)		(1,808)
Impairment charges — real estate (b)	15,752		—		71,238		15,173		—
Proportionate share of adjustments to earnings from equity method investments (c)	3,015		2,949		2,942		2,950		2,883
Proportionate share of adjustments for noncontrolling interests (d)	(101)		(103)		(133)		34		(268)
Total adjustments	116,143		105,514		68,860		159,867		143,739
FFO (as defined by NAREIT) Attributable to W. P. Carey (e)	259,038		264,737		213,154		284,907		288,359
Adjustments:
Straight-line and other leasing and financing adjustments	(15,310)		(19,553)		(19,071)		(18,662)		(19,086)
Stock-based compensation	8,903		8,856		8,693		9,050		8,995
Above- and below-market rent intangible lease amortization, net	5,766		4,068		6,644		7,835		8,824
Amortization of deferred financing costs	4,555		4,588		4,895		4,805		5,904
Other (gains) and losses (f)	(2,504)		(13,839)		45,777		(2,859)		1,366
Tax (benefit) expense – deferred and other	(1,392)		(1,373)		2,507		(4,349)		(2,723)
Other amortization and non-cash items	580		579		152		584		527
Merger and other expenses (g)	206		4,452		(641)		4,152		1,419
Proportionate share of adjustments to earnings from equity method investments (c)	(2,646)		(519)		(663)		(691)		(255)
Proportionate share of adjustments for noncontrolling interests (d)	(97)		(104)		(97)		(380)		(24)
Total adjustments	(1,939)		(12,845)		48,196		(515)		4,947
AFFO Attributable to W. P. Carey (e)	$	257,099	$	251,892	$	261,350	$	284,392	$	293,306

Summary
FFO (as defined by NAREIT) attributable to W. P. Carey (e)	$	259,038	$	264,737	$	213,154	$	284,907	$	288,359
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share (e)	$	1.18	$	1.20	$	0.97	$	1.32	$	1.34
AFFO attributable to W. P. Carey (e)	$	257,099	$	251,892	$	261,350	$	284,392	$	293,306
AFFO attributable to W. P. Carey per diluted share (e)	$	1.17	$	1.14	$	1.19	$	1.32	$	1.36
Diluted weighted-average shares outstanding	220,214,118		220,129,870		219,469,641		215,252,969		215,184,485

________

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

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

(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 June 30, 2024 is primarily comprised of net gains on foreign currency exchange rate movements of $1.4 million and a release of a non-cash allowance for credit losses of $1.1 million.

(g)Amount for the three months ended March 31, 2024 is primarily comprised of the write-off of a value added tax receivable that was previously recorded in connection with an international investment. Amount for the three months ended September 30, 2023 is primarily comprised of costs incurred in connection with the Spin-Off.


						Investing for the Long Run® \| 7

W. P. Carey Inc.

Financial Results – Second Quarter 2024


Elements of Pro Rata Statement of Income and AFFO Adjustments

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

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


	Equity Method Investments (a)		Noncontrolling Interests (b)		AFFO Adjustments
Revenues
Real Estate:
Lease revenues	$	3,801	$	(247)	$	(11,116)	(c)
Income from finance leases and loans receivable	—		—		503
Operating property revenues:
Self-storage revenues	2,450		—		—
Hotel revenues	—		—		—
Student housing revenues	—		—		—
Other lease-related income	—		—		—

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

Operating Expenses
Depreciation and amortization	2,861		(101)		(139,698)		(d)
General and administrative	—		—		—
Operating property expenses:
Self-storage expenses	799		—		(29)
Hotel expenses	—		—		—
Student housing expenses	—		—		—
Impairment charges — real estate	—		—		(15,752)		(e)
Reimbursable tenant costs	229		(44)		—
Property expenses, excluding reimbursable tenant costs	155		(16)		(450)		(e)
Stock-based compensation expense	—		—		(8,903)		(e)
Merger and other expenses	—		—		(206)

Other Income and Expenses
Interest expense	(935)		68		4,607		(f)
Gain on sale of real estate, net	—		—		(39,363)
Non-operating income	12		(2)		—
Earnings from equity method investments:
Income related to joint ventures	(1,533)		—		(1,252)		(g)
Other gains and (losses)	14		97		(2,615)		(h)

Provision for income taxes	235		(9)		(1,598)		(i)
Net loss attributable to noncontrolling interests	—		(68)		—

________

(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 $5.7 million and the elimination of non-cash amounts related to straight-line rent and other of $16.8 million.

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

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

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

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

(h)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.

(i)Primarily represents the elimination of deferred taxes.


						Investing for the Long Run® \| 8

W. P. Carey Inc.

Financial Results – Second Quarter 2024


Capital Expenditures

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


Turnover Costs (a)
Tenant improvements	$	2,363
Leasing costs	4,389
Total Tenant Improvements and Leasing Costs	6,752
Property improvements — net-lease properties	7,640
Property improvements — operating properties	46
Total Turnover Costs	$	14,438

Maintenance Capital Expenditures
Net-lease properties	$	1,627
Operating properties	1,711
Total Maintenance Capital Expenditures	$	3,338

________

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


						Investing for the Long Run® \| 9

W. P. Carey Inc.

Balance Sheets and Capitalization

Second Quarter 2024


						Investing for the Long Run® \| 10

W. P. Carey Inc.

Balance Sheets and Capitalization – Second Quarter 2024


Consolidated Balance Sheets

In thousands, except share and per share amounts.



	June 30, 2024		December 31, 2023
Assets
Investments in real estate:
Land, buildings and improvements — net lease and other	$	12,341,979	$	12,095,458
Land, buildings and improvements — operating properties	1,238,340		1,256,249
Net investments in finance leases and loans receivable	667,667		1,514,923
In-place lease intangible assets and other	2,256,793		2,308,853
Above-market rent intangible assets	676,666		706,773
Investments in real estate	17,181,445		17,882,256
Accumulated depreciation and amortization (a)	(3,096,516)		(3,005,479)
Assets held for sale, net	7,743		37,122
Net investments in real estate	14,092,672		14,913,899
Equity method investments	356,220		354,261
Cash and cash equivalents	1,085,967		633,860
Other assets, net	1,261,222		1,096,474
Goodwill	973,204		978,289
Total assets	$	17,769,285	$	17,976,783

Liabilities and Equity
Debt:
Senior unsecured notes, net	$	6,519,887	$	6,035,686
Unsecured term loans, net	1,100,356		1,125,564
Unsecured revolving credit facility	15,005		403,785
Non-recourse mortgages, net	467,200		579,147
Debt, net	8,102,448		8,144,182
Accounts payable, accrued expenses and other liabilities	548,397		615,750
Below-market rent and other intangible liabilities, net	128,710		136,872
Deferred income taxes	155,716		180,650
Dividends payable	194,515		192,332
Total liabilities	9,129,786		9,269,786

Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued	—		—
Common stock, $0.001 par value, 450,000,000 shares authorized; 218,831,869 and 218,671,874 shares, respectively, issued and outstanding	219		219
Additional paid-in capital	11,782,157		11,784,461
Distributions in excess of accumulated earnings	(2,975,236)		(2,891,424)
Deferred compensation obligation	78,379		62,046
Accumulated other comprehensive loss	(252,640)		(254,867)
Total stockholders' equity	8,632,879		8,700,435
Noncontrolling interests	6,620		6,562
Total equity	8,639,499		8,706,997
Total liabilities and equity	$	17,769,285	$	17,976,783

________


						Investing for the Long Run® \| 11

W. P. Carey Inc.

Balance Sheets and Capitalization – Second Quarter 2024


Capitalization

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


Description	Shares	Share Price		Market Value
Equity
Common equity	218,831,869	$	55.05	$	12,046,694
Preferred equity				—
Total Equity Market Capitalization				12,046,694

				Outstanding Balance (a)
Pro Rata Debt
Non-recourse mortgages				555,778
Unsecured term loans (due February 14, 2028)				571,653
Unsecured term loans (due April 24, 2026)				535,250
Unsecured revolving credit facility (due February 14, 2029)				15,005
Senior unsecured notes:
Due July 19, 2024 (EUR) (b)				535,250
Due February 1, 2025 (USD)				450,000
Due April 9, 2026 (EUR)				535,250
Due October 1, 2026 (USD)				350,000
Due April 15, 2027 (EUR)				535,250
Due April 15, 2028 (EUR)				535,250
Due July 15, 2029 (USD)				325,000
Due September 28, 2029 (EUR)				160,575
Due June 1, 2030 (EUR)				562,013
Due February 1, 2031 (USD)				500,000
Due February 1, 2032 (USD)				350,000
Due July 23, 2032 (EUR)				695,825
Due September 28, 2032 (EUR)				214,100
Due April 1, 2033 (USD)				425,000
Due June 30, 2034 (USD)				400,000
Total Pro Rata Debt				8,251,199

Total Capitalization				$	20,297,893

________

(a)Excludes unamortized discount, net totaling $35.7 million and unamortized deferred financing costs totaling $28.7 million as of June 30, 2024.

(b)In July 2024, we repaid our €500 million of 2.25% senior notes due 2024 at maturity.


						Investing for the Long Run® \| 12

W. P. Carey Inc.

Balance Sheets and Capitalization – Second Quarter 2024


Debt Overview

Dollars in thousands. Pro rata. As of June 30, 2024.


	USD-Denominated				EUR-Denominated				Other Currencies (a)				Total
													Outstanding Balance
	Out-standing Balance (in USD)		Weigh-ted Avg. Interest Rate		Out-standing Balance (in USD)		Weigh-ted Avg. Interest Rate		Out-standing Balance (in USD)		Weigh-ted Avg. Interest Rate		Amount (in USD)		% of Total		Weigh-ted Avg. Interest Rate		Weigh-ted Avg. Maturity (Years)
Non-Recourse Debt (b) (c)
Fixed (d)	$	343,026	4.6	%	$	105,054	4.2	%	$	46,125	4.2	%	$	494,205	6.0	%	4.5	%	1.6
Floating	—		—	%	61,573		5.5	%	—		—	%	61,573		0.7	%	5.5	%	1.4
Total Pro Rata Non-Recourse Debt	343,026		4.6	%	166,627		4.7	%	46,125		4.2	%	555,778		6.7	%	4.6	%	1.6

Recourse Debt (b) (c)
Fixed – Senior unsecured notes:
Due July 19, 2024 (e)	—		—	%	535,250		2.3	%	—		—	%	535,250		6.5	%	2.3	%	0.1
Due February 1, 2025	450,000		4.0	%	—		—	%	—		—	%	450,000		5.5	%	4.0	%	0.6
Due April 9, 2026	—		—	%	535,250		2.3	%	—		—	%	535,250		6.5	%	2.3	%	1.8
Due October 1, 2026	350,000		4.3	%	—		—	%	—		—	%	350,000		4.2	%	4.3	%	2.3
Due April 15, 2027	—		—	%	535,250		2.1	%	—		—	%	535,250		6.5	%	2.1	%	2.8
Due April 15, 2028	—		—	%	535,250		1.4	%	—		—	%	535,250		6.5	%	1.4	%	3.8
Due July 15, 2029	325,000		3.9	%	—		—	%	—		—	%	325,000		3.9	%	3.9	%	5.0
Due September 28, 2029	—		—	%	160,575		3.4	%	—		—	%	160,575		1.9	%	3.4	%	5.2
Due June 1, 2030	—		—	%	562,013		1.0	%	—		—	%	562,013		6.8	%	1.0	%	5.9
Due February 1, 2031	500,000		2.4	%	—		—	%	—		—	%	500,000		6.1	%	2.4	%	6.6
Due February 1, 2032	350,000		2.5	%	—		—	%	—		—	%	350,000		4.2	%	2.5	%	7.6
Due July 23, 2032	—		—	%	695,825		4.3	%	—		—	%	695,825		8.4	%	4.3	%	8.1
Due September 28, 2032	—		—	%	214,100		3.7	%	—		—	%	214,100		2.6	%	3.7	%	8.3
Due April 1, 2033	425,000		2.3	%	—		—	%	—		—	%	425,000		5.2	%	2.3	%	8.8
Due June 30, 2034	400,000		5.4	%	—		—	%	—		—	%	400,000		4.9	%	5.4	%	10.0
Total Senior Unsecured Notes	2,800,000		3.5	%	3,773,513		2.4	%	—		—	%	6,573,513		79.7	%	2.9	%	4.9
Swapped to Fixed:
Unsecured term loans (due April 24, 2026) (f)	—		—	%	535,250		4.3	%	—		—	%	535,250		6.5	%	4.3	%	1.8
Floating:
Unsecured term loans (due February 14, 2028) (g)	—		—	%	230,158		4.6	%	341,495		6.1	%	571,653		6.9	%	5.5	%	3.6
Unsecured revolving credit facility (due February 14, 2029) (h)	—		—	%	—		—	%	15,005		1.1	%	15,005		0.2	%	1.1	%	4.6
Total Recourse Debt	2,800,000		3.5	%	4,538,921		2.7	%	356,500		5.8	%	7,695,421		93.3	%	3.2	%	4.6

Total Pro Rata Debt Outstanding	$	3,143,026	3.6	%	$	4,705,548	2.8	%	$	402,625	5.7	%	$	8,251,199	100.0	%	3.3	%	4.4

________

(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 as of June 30, 2024. See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of pro rata.

(c)Excludes unamortized discount, net totaling $35.7 million and unamortized deferred financing costs totaling $28.7 million as of June 30, 2024.

(d)Includes $102.8 million of non-recourse mortgage debt which is swapped to fixed-rate through mortgage maturity.

(e)In July 2024, we repaid our €500 million of 2.25% senior notes due 2024 at maturity.

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

(g)We incurred interest at SONIA or EURIBOR, plus 0.85% for both base rates, on our Unsecured term loans.

(h)We incurred interest on our Unsecured revolving credit facility at TIBOR plus 0.775%. TIBOR has a floor of 0.00% under the terms of our credit agreement. Availability under our Unsecured revolving credit facility (net of amounts reserved for standby letters of credit) was approximately $2.0 billion as of June 30, 2024.


						Investing for the Long Run® \| 13

W. P. Carey Inc.

Balance Sheets and Capitalization – Second Quarter 2024


Debt Maturity

Dollars in thousands. Pro rata. As of June 30, 2024.


	Real Estate			Debt
	Number of Properties (a)			Weighted-Average Interest Rate				Total Outstanding Balance (b) (c)		% of Total Outstanding Balance
Year of Maturity		ABR (a)				Balloon
Non-Recourse Debt
Remaining 2024	25	$	11,914	3.6	%	$	61,010	$	61,750	0.7	%
2025	38	22,274		4.5	%	240,155		246,975		3.0	%
2026	36	25,774		5.1	%	149,671		163,853		2.0	%
2027	1	—		4.3	%	21,450		21,450		0.3	%
2028	3	9,433		5.1	%	43,306		55,621		0.7	%
2031	1	1,096		6.0	%	—		2,522		—	%
2033	1	1,424		5.6	%	1,671		3,607		—	%
2034	—	—		—	%	—		—		—	%
Total Pro Rata Non-Recourse Debt	105	$	71,915	4.6	%	$	517,263	555,778		6.7	%

Recourse Debt
Fixed – Senior unsecured notes:
Due July 19, 2024 (EUR) (d)				2.3	%			535,250		6.5	%
Due February 1, 2025 (USD)				4.0	%			450,000		5.5	%
Due April 9, 2026 (EUR)				2.3	%			535,250		6.5	%
Due October 1, 2026 (USD)				4.3	%			350,000		4.2	%
Due April 15, 2027 (EUR)				2.1	%			535,250		6.5	%
Due April 15, 2028 (EUR)				1.4	%			535,250		6.5	%
Due July 15, 2029 (USD)				3.9	%			325,000		3.9	%
Due September 28, 2029 (EUR)				3.4	%			160,575		1.9	%
Due June 1, 2030 (EUR)				1.0	%			562,013		6.8	%
Due February 1, 2031 (USD)				2.4	%			500,000		6.1	%
Due February 1, 2032 (USD)				2.5	%			350,000		4.2	%
Due July 23, 2032 (EUR)				4.3	%			695,825		8.4	%
Due September 28, 2032 (EUR)				3.7	%			214,100		2.6	%
Due April 1, 2033 (USD)				2.3	%			425,000		5.2	%
Due June 30, 2034 (USD)				5.4	%			400,000		4.9	%
Total Senior Unsecured Notes				2.9	%			6,573,513		79.7	%
Swapped to Fixed:
Unsecured term loans (due April 24, 2026) (e)				4.3	%			535,250		6.5	%
Floating:
Unsecured term loans (due February 14, 2028) (f)				5.5	%			571,653		6.9	%
Unsecured revolving credit facility (due February 14, 2029) (g)				1.1	%			15,005		0.2	%
Total Recourse Debt				3.2	%			7,695,421		93.3	%

Total Pro Rata Debt Outstanding				3.3	%			$	8,251,199	100.0	%

________

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

(b)Debt maturity data is presented on a pro rata basis as of June 30, 2024. See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of pro rata. Total outstanding balance includes balloon payments and scheduled amortization for our non-recourse debt.

(c)Excludes unamortized discount, net totaling $35.7 million and unamortized deferred financing costs totaling $28.7 million as of June 30, 2024.

(d)In July 2024, we repaid our €500 million of 2.25% senior notes due 2024 at 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.

(g)We incurred interest on our Unsecured revolving credit facility at TIBOR plus 0.775%. TIBOR has a floor of 0.00% under the terms of our credit agreement. Availability under our Unsecured revolving credit facility (net of amounts reserved for standby letters of credit) was approximately $2.0 billion as of June 30, 2024.


						Investing for the Long Run® \| 14

W. P. Carey Inc.

Balance Sheets and Capitalization – Second Quarter 2024


Senior Unsecured Notes

As of June 30, 2024.

Ratings

Issuer

Senior Unsecured Notes

Ratings Agency

Rating

Outlook

Rating

Moody's

Baa1

Stable

Baa1

Standard & Poor’s

BBB+

Stable

BBB+

Senior Unsecured Note Covenants

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

Covenant

Metric

Required

As of
Jun. 30, 2024

Limitation on the incurrence of debt

"Total Debt" /
"Total Assets"

≤ 60%

41.4%

Limitation on the incurrence of secured debt

"Secured Debt" /
"Total Assets"

≤ 40%

2.4%

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

"Consolidated EBITDA" /
"Annual Debt Service Charge"

≥ 1.5x

4.4x

Maintenance of unencumbered asset value

"Unencumbered Assets" / "Total Unsecured Debt"

≥ 150%

230.6%


						Investing for the Long Run® \| 15

W. P. Carey Inc.

Real Estate

Second Quarter 2024


						Investing for the Long Run® \| 16

W. P. Carey Inc.

Real Estate – Second Quarter 2024


Investment Activity – Investment Volume

Dollars in thousands. Pro rata. For the six months ended June 30, 2024.

Property Type(s)

Closing Date / Asset Completion Date

Gross Investment Amount

Investment Type

Lease Term (Years) (a)

Gross Square Footage

Tenant / Lease Guarantor

Property Location(s)

1Q24

WM Morrison Supermarkets PLC (2 properties) (b)

Doncaster, United Kingdom

Retail

Jan-24

30,055

Acquisition

93,007

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

Various, Italy

Industrial, Warehouse

Jan-24

148,131

Sale-leaseback

1,739,312

Hexagon Composites ASA

Salisbury, NC

Industrial

Mar-24

13,800

Expansion

125,549

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

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

Industrial, Warehouse

Mar-24

86,494

Sale-leaseback

1,081,900

1Q24 Total

278,480

3,039,768

2Q24

Danske Fragtmaend Ejendomme A/S (b)

Fredericia, Denmark

Warehouse

Apr-24

2,029

Renovation

N/A

Hanesbrands Inc.

Commercial Point, OH

Warehouse

Apr-24

94,220

Acquisition

1,194,865

Storage Space

Little Rock, AR

Self-Storage (Operating)

Apr-24

3,254

Expansion

N/A

59,472

Belden Inc.

Tucson, AZ

Warehouse

May-24

38,783

Acquisition

302,445

Portfolio Acquisition:

AMCP Clean Holding Company, LLC (5 properties)

Various, United States

Industrial, Warehouse

May-24

44,400

Acquisition

432,233

Hadley Products Corporation (4 properties)

Various, United States

Industrial

May-24

23,330

Acquisition

514,462

Cleveland-Cliffs Inc.

Sylacauga, AL

Industrial

May-24

5,852

Acquisition

111,249

Specialty Building Products, Inc. (2 properties)

Moxee, WA and La Porte, IN

Industrial

Jun-24

37,019

Acquisition

741,870

Portfolio Total (12 properties)

110,601

1,799,814

EOS Fitness OPCO Holdings, LLC (2 properties)

Mesa and Laveen, AZ

Retail

Jun-24

26,964

Acquisition

84,000

Terran Orbital Corporation

Irvine, CA

Industrial

Jun-24

14,462

Redevelopment

94,195

2Q24 Total

290,313

3,534,791

Year-to-Date Total

568,793

6,574,559


		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 (d)	Las Vegas, NV	Retail	$	3,039	$	4,874	2025	$	236,261	$	261,887
Total					4,874

Year-to-Date Total Investment Volume					$	573,667

________

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

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

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

(d)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® \| 17

W. P. Carey Inc.

Real Estate – Second Quarter 2024


Investment Activity – Capital Investments and Commitments (a)

Dollars in thousands. Pro rata.


		Primary Transaction Type	Property Type	Expected Completion / Closing Date	Additional Gross Square Footage	Lease Term (Years) (b)	Funded During Three Months Ended Jun. 30, 2024 (c)		Total Funded Through Jun. 30, 2024		Maximum Commitment / Gross Investment Amount
Tenant	Location										Remaining		Total
TWAS Holdings, LLC (4 properties) (d)	Various, US	Purchase Commitment	Retail (Car Wash)	Q3 2024	14,420	19	$	—	$	—	$	20,317	$	20,317
Unidentified	Atlanta, GA	Redevelopment	Warehouse	Q4 2024	213,834	N/A	1,430		2,504		15,148		17,652
Expected Completion Date 2024 Total					228,254	19	1,430		2,504		35,465		37,969

ZF Friedrichshafen AG (e)	Washington, MI	Redevelopment	Research and Development	Q1 2025	81,200	20	6,655		12,379		34,740		47,823
Sumitomo Heavy Industries, LTD.	Bedford, MA	Redevelopment	Research and Development	Q3 2025	N/A	15	2,023		2,023		42,117		44,140
Fraikin SAS (f)	Various, France	Renovation	Industrial	Q4 2025	N/A	18	—		2,075		5,311		7,386
Expected Completion Date 2025 Total					81,200	18	8,678		16,477		82,168		99,349

Capital Investments and Commitments Total					309,454	18	$	10,108	$	18,981	$	117,633	$	137,318

________

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

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

(c)Total funding during the three months ended June 30, 2024 excludes $0.7 million spent on pre-development work for potential projects in various phases.

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

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

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


						Investing for the Long Run® \| 18

W. P. Carey Inc.

Real Estate – Second Quarter 2024


Investment Activity – Dispositions

Dollars in thousands. Pro rata. For the six months ended June 30, 2024.

Tenant / Lease Guarantor

Property Location(s)

Gross Sale Price

Closing Date

Property Type(s)

Gross Square Footage

1Q24

State of Andalusia (70 properties) (a)

Various, Spain

359,340

Jan-24

Office

2,788,704

Cargotec Corporation (a)

Tampere, Finland

28,444

Jan-24

Office

183,568

Vacant

Fairfax, VA

8,198

Jan-24

Retail

103,277

Vacant (formerly Pendragon PLC) (a)

Aylesbury, United Kingdom

5,258

Feb-24

Retail

27,355

Vacant (formerly Pendragon PLC) (a)

Peterlee, United Kingdom

1,085

Feb-24

Retail

13,719

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

Various, United States

464,104

Feb-24

Self-Storage (Net Lease)

3,996,703

Sec of State Communities and Local Gov (a)

Salford, United Kingdom

22,750

Feb-24

Office

211,367

1Q24 Total

889,179

7,324,693

2Q24

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

Sanger and Kerman, CA

16,500

Apr-24; May-24

Industrial

370,051

Pendragon PLC (a)

Stourbridge, United Kingdom

1,554

Apr-24

Retail

6,796

Silgan Containers Manufacturing Corp. (3 properties)

Various, United States

24,000

Apr-24

Industrial

402,893

Clayco, Inc. (2 properties)

St. Louis, MO

14,126

Jun-24

Office

130,170

Cornerstone Building Brands, Inc. (a)

Calgary, Canada

7,275

Jun-24

Industrial

302,884

Marriott Corporation

Sacramento, CA

20,300

Jun-24

Hotel (Operating)

82,905

Banco Santander, S.A. (a)

Monchengladbach, Germany

48,173

Jun-24

Office

212,000

Vacant

Chandler, AZ

20,300

Jun-24

Industrial

355,307

2Q24 Total

152,228

1,863,006

Year-to-Date Total Dispositions

1,041,407

9,187,699

________

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


						Investing for the Long Run® \| 19

W. P. Carey Inc.

Real Estate – Second Quarter 2024


Joint Ventures

Dollars in thousands. As of June 30, 2024.


Joint Venture or JV (Principal Tenant)	JV Partnership		Consolidated				Pro Rata (a)
	Asset Type	WPC %	Debt Outstanding (b)		ABR		Debt Outstanding (c)		ABR
Unconsolidated Joint Venture (Equity Method Investment) (d)
Harmon Retail Corner	Common equity interest	15.00%	$	143,000	$	—	$	21,450	$	—
Kesko Senukai (e)	Net lease	70.00%	97,501		16,050		68,251		11,235
Johnson Self Storage	Self-storage operating	90.00%	—		N/A		—		N/A
Total Unconsolidated Joint Ventures			240,501		16,050		89,701		11,235

Consolidated Joint Ventures
COOP Ost SA (e)	Net lease	90.10%	51,193		6,434		46,125		5,797
Fentonir Trading & Investments Limited (e)	Net lease	94.90%	—		8,463		—		8,032
McCoy-Rockford, Inc.	Net lease	90.00%	—		948		—		853
State of Iowa Board of Regents	Net lease	90.00%	—		643		—		579
Total Consolidated Joint Ventures			51,193		16,488		46,125		15,261
Total Unconsolidated and Consolidated Joint Ventures			$	291,694	$	32,538	$	135,826	$	26,496

________

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

(b)Excludes unamortized discount, net totaling $0.6 million and unamortized deferred financing costs totaling $0.4 million as of June 30, 2024.

(c)Excludes unamortized discount, net totaling $0.5 million and unamortized deferred financing costs totaling less than $0.1 million as of June 30, 2024.

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

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


						Investing for the Long Run® \| 20

W. P. Carey Inc.

Real Estate – Second Quarter 2024


Top 25 Tenants

Dollars in thousands. Pro rata. As of June 30, 2024.


Tenant / Lease Guarantor	Description	Number of Properties	ABR		ABR %		Weighted-Average Lease Term (Years)
Apotex Pharmaceutical Holdings Inc. (a)	Pharmaceutical R&D and manufacturing properties in the Greater Toronto Area leased to generic drug manufacturer	11	$	32,473	2.5	%	18.7
Metro Cash & Carry Italia S.p.A. (b)	Business-to-business retail stores in Italy leased to cash and carry wholesaler	19	27,838		2.1	%	4.3
Extra Space Storage, Inc.	Net lease self-storage properties in the U.S. leased to publicly traded self-storage REIT	27	25,808		2.0	%	19.8
Hellweg Die Profi-Baumärkte GmbH & Co. KG (b) (c)	Retail properties in Germany leased to German DIY retailer	35	25,302		2.0	%	19.7
ABC Technologies Holdings Inc. (a) (d)	Automotive parts manufacturing properties in the U.S., Canada and Mexico leased to OEM supplier	23	24,978		1.9	%	18.8
Fortenova Grupa d.d. (b)	Grocery stores and warehouses in Croatia leased to European food retailer	19	24,587		1.9	%	9.8
OBI Group (b)	Retail properties in Poland leased to German DIY retailer	26	24,421		1.9	%	6.9
Nord Anglia Education, Inc.	K-12 private schools in Orlando, Miami and Houston leased to international day and boarding school operator	3	22,963		1.8	%	19.2
Fedrigoni S.p.A (b)	Industrial and warehouse facilities in Germany, Italy and Spain leased to global manufacturer of premium packaging and labels	16	22,695		1.8	%	19.4
Eroski Sociedad Cooperative (b)	Grocery stores and warehouses in Spain leased to Spanish food retailer	63	21,140		1.6	%	11.7
Top 10 Total		242	252,205		19.5	%	14.9
Quikrete Holdings, Inc. (a)	Industrial facilities in the U.S. and Canada leased to concrete and building products manufacturer	27	20,255		1.6	%	19.0
Advance Auto Parts, Inc.	Distribution facilities in the U.S. leased to automotive aftermarket parts provider	29	19,851		1.5	%	8.6
Berry Global Inc.	Manufacturing facilities in the U.S. leased to international producer and supplier of packaging solutions	8	19,504		1.5	%	14.2
Pendragon PLC (b)	Dealerships in the United Kingdom leased to automotive retailer	55	19,210		1.5	%	12.8
True Value Company, LLC	Distribution facilities and manufacturing facility in the U.S. leased to global hardware wholesaler	9	18,707		1.4	%	14.1
Kesko Senukai (b)	Distribution facilities and retail properties in Lithuania, Estonia and Latvia leased to European DIY retailer	20	17,819		1.4	%	7.6
Hearthside Food Solutions LLC	Production, packaging and distribution facilities in the U.S. leased to North American contract food manufacturer	18	16,786		1.3	%	18.1
Koninklijke Jumbo Food Groep B.V (b)	Logistics and cold storage warehouse facilities in the Netherlands leased to European supermarket chain	5	14,856		1.2	%	4.7
Danske Fragtmaend Ejendomme A/S (b)	Distribution facilities in Denmark leased to Danish freight company	15	13,526		1.0	%	12.6
Dick’s Sporting Goods, Inc.	Retail properties and single distribution facility in the U.S. leased to sporting goods retailer	9	12,955		1.0	%	6.0
Top 20 Total		437	425,674		32.9	%	13.7
Intergamma Bouwmarkten B.V. (b)	Retail properties in the Netherlands leased to European DIY retailer	36	12,770		1.0	%	9.1
Lineage	Cold storage warehouse facilities in the Los Angeles and San Francisco areas leased to cold storage REIT	4	11,573		0.9	%	6.4
Henkel AG & Co. KGaA	Distribution facility in Kentucky leased to global provider of consumer products and adhesives	1	11,374		0.9	%	17.8
FM Logistics Corporate SAS (b)	Logistics facilities in the Czech Republic, Poland and Slovakia leased to French third-party logistics provider	4	11,000		0.8	%	1.3
Harbor Freight Tools USA, Inc.	Distribution facilities in South Carolina leased to U.S. tool and equipment retailer	3	10,862		0.8	%	14.7
Top 25 Total (e)		485	$	483,253	37.3	%	13.3

________

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

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

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

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

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


						Investing for the Long Run® \| 21

W. P. Carey Inc.

Real Estate – Second Quarter 2024


Diversification by Property Type

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


	Total Net-Lease Portfolio
Property Type	ABR		ABR %		Square Footage (a)	Square Footage %
U.S.
Industrial	$	319,469	24.7	%	53,154	31.3	%
Warehouse	225,607		17.4	%	44,610	26.2	%
Retail (b)	78,600		6.1	%	3,643	2.1	%
Other (c)	139,197		10.7	%	7,955	4.7	%
U.S. Total	762,873		58.9	%	109,362	64.3	%

International
Industrial	138,933		10.7	%	18,776	11.0	%
Warehouse	143,277		11.1	%	21,916	12.9	%
Retail (b)	197,972		15.3	%	17,497	10.3	%
Other (c)	51,466		4.0	%	2,582	1.5	%
International Total	531,648		41.1	%	60,771	35.7	%

Total
Industrial	458,402		35.4	%	71,930	42.3	%
Warehouse	368,884		28.5	%	66,526	39.1	%
Retail (b)	276,572		21.4	%	21,140	12.4	%
Other (c)	190,663		14.7	%	10,537	6.2	%
Total (d)	$	1,294,521	100.0	%	170,133	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, specialty, office, self-storage (net lease), laboratory, hotel (net lease), research and development, and land.

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


						Investing for the Long Run® \| 22

W. P. Carey Inc.

Real Estate – Second Quarter 2024


Diversification by Tenant Industry

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


	Total Net-Lease Portfolio
Industry Type	ABR		ABR %		Square Footage	Square Footage %
Retail Stores (a)	$	300,723	23.2	%	37,095	21.8	%
Beverage and Food	108,156		8.4	%	14,988	8.8	%
Consumer Services	104,498		8.1	%	5,735	3.4	%
Automotive	98,546		7.6	%	15,017	8.8	%
Grocery	84,403		6.5	%	7,406	4.4	%
Healthcare and Pharmaceuticals	72,451		5.6	%	6,594	3.9	%
Containers, Packaging, and Glass	58,392		4.5	%	9,966	5.9	%
Capital Equipment	50,463		3.9	%	8,858	5.2	%
Cargo Transportation	47,322		3.7	%	7,723	4.5	%
Construction and Building	45,681		3.5	%	8,443	5.0	%
Durable Consumer Goods	44,461		3.4	%	9,715	5.7	%
Hotel and Leisure	43,506		3.4	%	2,137	1.3	%
Non-Durable Consumer Goods	38,630		3.0	%	8,000	4.7	%
Chemicals, Plastics, and Rubber	33,783		2.6	%	6,131	3.6	%
High Tech Industries	32,655		2.5	%	4,479	2.6	%
Business Services	31,566		2.4	%	3,415	2.0	%
Metals	28,735		2.2	%	4,976	2.9	%
Wholesale	14,823		1.2	%	2,614	1.5	%
Telecommunications	14,266		1.1	%	1,500	0.9	%
Other (b)	41,461		3.2	%	5,341	3.1	%
Total (c)	$	1,294,521	100.0	%	170,133	100.0	%

________

(a)Includes automotive dealerships.

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

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


						Investing for the Long Run® \| 23

W. P. Carey Inc.

Real Estate – Second Quarter 2024


Diversification by Geography

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


	Total Net-Lease Portfolio
Region	ABR		ABR %		Square Footage (a)	Square Footage %
U.S.
Midwest
Illinois	$	62,230	4.8	%	9,892	5.8	%
Ohio	40,595		3.1	%	8,275	4.9	%
Indiana	31,556		2.4	%	5,516	3.2	%
Michigan	25,262		2.0	%	4,423	2.6	%
Wisconsin	15,423		1.2	%	2,904	1.7	%
Other (b)	47,983		3.7	%	7,127	4.2	%
Total Midwest	223,049		17.2	%	38,137	22.4	%
South
Texas	79,957		6.2	%	10,426	6.1	%
Florida	36,711		2.8	%	3,134	1.8	%
Georgia	25,413		2.0	%	4,067	2.4	%
Tennessee	23,900		1.9	%	3,864	2.3	%
Alabama	22,549		1.7	%	3,394	2.0	%
Other (b)	15,880		1.2	%	2,300	1.4	%
Total South	204,410		15.8	%	27,185	16.0	%
East
North Carolina	36,998		2.9	%	8,226	4.8	%
Pennsylvania	31,028		2.4	%	3,375	2.0	%
New York	20,492		1.6	%	2,220	1.3	%
South Carolina	19,356		1.5	%	4,952	2.9	%
Kentucky	18,645		1.4	%	3,141	1.8	%
Massachusetts	16,248		1.3	%	1,188	0.7	%
New Jersey	14,364		1.1	%	835	0.5	%
Other (b)	33,516		2.6	%	5,219	3.1	%
Total East	190,647		14.8	%	29,156	17.1	%
West
California	55,782		4.3	%	5,669	3.3	%
Arizona	20,880		1.6	%	2,269	1.4	%
Utah	14,755		1.1	%	2,021	1.2	%
Other (b)	53,350		4.1	%	4,925	2.9	%
Total West	144,767		11.1	%	14,884	8.8	%
U.S. Total	762,873		58.9	%	109,362	64.3	%
International
Germany	61,629		4.8	%	6,323	3.7	%
The Netherlands	60,852		4.7	%	7,054	4.1	%
Poland	59,599		4.6	%	8,157	4.8	%
Italy	58,750		4.5	%	8,183	4.8	%
Canada (c)	51,617		4.0	%	4,804	2.8	%
United Kingdom	47,318		3.7	%	4,266	2.5	%
Spain	35,172		2.7	%	3,073	1.8	%
Croatia	25,414		2.0	%	2,063	1.2	%
Denmark	24,792		1.9	%	3,002	1.8	%
France	21,913		1.7	%	1,679	1.0	%
Mexico	13,592		1.1	%	2,489	1.5	%
Lithuania	13,410		1.0	%	1,640	1.0	%
Other (d)	57,590		4.4	%	8,038	4.7	%
International Total	531,648		41.1	%	60,771	35.7	%
Total (e)	$	1,294,521	100.0	%	170,133	100.0	%

________

(a)Includes square footage for vacant properties.

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

(c)$48.2 million (93%) of ABR from properties in Canada is denominated in U.S. dollars, with the balance denominated in Canadian dollars.

(d)Includes assets in Belgium, Hungary, Norway, Mauritius, Slovakia, Portugal, the Czech Republic, Austria, Finland, 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® \| 24

W. P. Carey Inc.

Real Estate – Second Quarter 2024


Contractual Rent Increases

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


	Total Net-Lease Portfolio
Rent Adjustment Measure	ABR		ABR %		Square Footage	Square Footage %
Uncapped CPI	$	432,051	33.4	%	44,577	26.2	%
Capped CPI	257,649		19.9	%	38,177	22.4	%
CPI-linked	689,700		53.3	%	82,754	48.6	%
Fixed	566,418		43.7	%	82,844	48.7	%
Other (a)	33,353		2.6	%	2,235	1.3	%
None	5,050		0.4	%	272	0.2	%
Vacant	—		—	%	2,028	1.2	%
Total (b)	$	1,294,521	100.0	%	170,133	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® \| 25

W. P. Carey Inc.

Real Estate – Second Quarter 2024


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 June 30, 2023 to June 30, 2024. Excludes leases for properties that were acquired, sold or vacated, or were subject to lease renewals, extensions or modifications at any time that affected ABR during that period. For purposes of comparability, ABR is presented on a constant currency basis using exchange rates as of June 30, 2024.


	ABR
	As of
	Jun. 30, 2024		Jun. 30, 2023		Increase		% Increase
Property Type
Industrial	$	409,252	$	396,953	$	12,299	3.1	%
Warehouse	328,222		321,607		6,615		2.1	%
Retail (a)	245,754		237,362		8,392		3.5	%
Other (b)	185,022		179,861		5,161		2.9	%
Total	$	1,168,250	$	1,135,783	$	32,467	2.9	%

Rent Adjustment Measure
Uncapped CPI	$	406,534	$	390,536	$	15,998	4.1	%
Capped CPI	218,777		213,262		5,515		2.6	%
CPI-linked	625,311		603,798		21,513		3.6	%
Fixed	506,771		496,589		10,182		2.1	%
Other (c)	32,278		31,506		772		2.5	%
None	3,890		3,890		—		—	%
Total	$	1,168,250	$	1,135,783	$	32,467	2.9	%

Geography
U.S.	$	691,589	$	674,696	$	16,893	2.5	%
Europe	404,217		390,706		13,511		3.5	%
Other International (d)	72,444		70,381		2,063		2.9	%
Total	$	1,168,250	$	1,135,783	$	32,467	2.9	%

Same-Store Portfolio Summary
Number of properties	1,153
Square footage (in thousands)	149,089


						Investing for the Long Run® \| 26

W. P. Carey Inc.

Real Estate – Second Quarter 2024

Comprehensive Same-Store Growth

Same-store portfolio includes leased properties that were continuously owned and in place during the quarter ended June 30, 2023 through June 30, 2024 (including properties that were subject to lease renewals, extensions or modifications at any time during that period). Excludes properties that were acquired, sold or listed as capital investments and commitments (see Investment Activity – Capital Investments and Commitments section) during that period. For purposes of comparability, same-store pro rata rental income is presented on a constant currency basis using average exchange rates for the three months ended June 30, 2024. Same-store pro rata rental income is a non-GAAP measure. See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of same-store pro rata rental income and for details on how it is calculated.


	Same-Store Pro Rata Rental Income
	Three Months Ended
	Jun. 30, 2024		Jun. 30, 2023		Increase		% Increase
Property Type
Industrial	$	102,190	$	101,845	$	345	0.3	%
Warehouse	84,264		84,818		(554)		(0.7)	%
Retail (a)	65,653		66,595		(942)		(1.4)	%
Other (b)	41,646		41,551		95		0.2	%
Total	$	293,753	$	294,809	$	(1,056)	(0.4)	%

Rent Adjustment Measure
Uncapped CPI	$	105,619	$	106,116	$	(497)	(0.5)	%
Capped CPI	55,240		53,809		1,431		2.7	%
CPI-linked	160,859		159,925		934		0.6	%
Fixed	123,464		124,673		(1,209)		(1.0)	%
Other (c)	8,266		8,361		(95)		(1.1)	%
None	1,164		1,850		(686)		(37.1)	%
Total	$	293,753	$	294,809	$	(1,056)	(0.4)	%

Geography
U.S.	$	173,660	$	174,498	$	(838)	(0.5)	%
Europe	103,564		104,231		(667)		(0.6)	%
Other International (d)	16,529		16,080		449		2.8	%
Total	$	293,753	$	294,809	$	(1,056)	(0.4)	%

Same-Store Portfolio Summary
Number of properties	1,183
Square footage (in thousands)	155,824


						Investing for the Long Run® \| 27

W. P. Carey Inc.

Real Estate – Second Quarter 2024

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


	Three Months Ended
	Jun. 30, 2024		Jun. 30, 2023
Consolidated Lease Revenues
Total lease revenues – as reported	$	324,104	$	369,124
Income from finance leases and loans receivable	14,961		27,311
Less: Reimbursable tenant costs – as reported	(14,004)		(20,523)
Less: Income from secured loans receivable	—		(1,188)
	325,061		374,724

Adjustments for Pro Rata Ownership of Real Estate Joint Ventures:
Add: Pro rata share of adjustments from equity method investments	3,572		4,146
Less: Pro rata share of adjustments for noncontrolling interests	(203)		(321)
	3,369		3,825

Adjustments for Pro Rata Non-Cash Items:
Less: Straight-line and other leasing and financing adjustments	(15,310)		(19,086)
Add: Above- and below-market rent intangible lease amortization	5,766		8,824
Less: Adjustments for pro rata ownership	(1,070)		(1,763)
	(10,614)		(12,025)

Adjustment to normalize for (i) properties not continuously owned since April 1, 2023 and (ii) constant currency presentation for prior year quarter (e)	(24,063)		(71,715)

Same-Store Pro Rata Rental Income	$	293,753	$	294,809

________

(a)Includes automotive dealerships.

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

(c)Represents leases attributable to percentage rent.

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

(e)This adjustment excludes amounts attributable to properties that were acquired, sold or listed as capital investments and commitments (see Investment Activity – Capital Investments and Commitments section) that were not continuously owned and in place during the quarter ended June 30, 2023 through June 30, 2024. In addition, for the three months ended June 30, 2023, an adjustment is made to reflect average exchange rates for the three months ended June 30, 2024 for purposes of comparability, since same-store pro rata rental income is presented on a constant currency basis.


						Investing for the Long Run® \| 28

W. P. Carey Inc.

Real Estate – Second Quarter 2024


Leasing Activity

Dollars in thousands. For the three months ended June 30, 2024, except ABR. Pro rata.


Lease Renewals and Extensions (a)										Property and Tenant Improvements (c)		Leasing Commissions
			ABR
Property Type	Square Feet	Number of Leases	Prior Lease			New Lease (b)		Rent Recapture						Incremental Lease Term
Industrial	961,478	4	$	4,456		$	5,227	117.3	%	$	1,452	$	—	3.8 years
Warehouse	—	—	—			—		—	%	—		—		N/A
Retail	105,932	2	1,683			1,868		111.0	%	11,712		202		13.7 years
Other	—	—	—			—		—	%	—		—		N/A
Total / Weighted Average (d)	1,067,410	6	$	6,139		$	7,095	115.6	%	$	13,164	$	202	6.5 years

Q2 Summary
Prior Lease ABR (% of Total Portfolio)			0.5		%


New Leases					Property and Tenant Improvements (c)		Leasing Commissions
			ABR
Property Type	Square Feet	Number of Leases	New Lease (b)						New Lease Term
Industrial (e)	202,448	5	$	2,106	$	1,795	$	970	7.6 years
Warehouse	—	—	—		—		—		N/A
Retail	—	—	—		—		—		N/A
Other	—	—	—		—		—		N/A
Total / Weighted Average (f)	202,448	5	$	2,106	$	1,795	$	970	7.6 years

_______

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

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

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

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

(e)Four of these leases relate to properties that were previously leased to a tenant through May 31, 2029. The existing lease was restructured and new leases were signed with four separate tenants.

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


						Investing for the Long Run® \| 29

W. P. Carey Inc.

Real Estate – Second Quarter 2024


Lease Expirations

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


Year of Lease Expiration (a)	Number of Leases Expiring	Number of Tenants with Leases Expiring	ABR		ABR %		Square Footage	Square Footage %
Remaining 2024	12	11	$	11,499	0.9	%	1,826	1.1	%
2025	34	16	42,836		3.3	%	5,621	3.3	%
2026	38	29	59,980		4.6	%	8,539	5.0	%
2027	43	26	62,471		4.8	%	7,149	4.2	%
2028	41	25	53,893		4.2	%	4,465	2.6	%
2029	62	35	76,721		5.9	%	9,421	5.5	%
2030	33	29	36,978		2.9	%	3,964	2.3	%
2031	36	20	68,132		5.3	%	8,448	5.0	%
2032	39	20	41,739		3.2	%	5,835	3.4	%
2033	29	22	77,795		6.0	%	11,791	6.9	%
2034	56	25	79,459		6.1	%	9,509	5.6	%
2035	16	14	30,481		2.4	%	5,572	3.3	%
2036	44	18	69,813		5.4	%	10,827	6.4	%
2037	27	15	35,456		2.7	%	4,665	2.8	%
Thereafter (>2037)	269	116	547,268		42.3	%	70,473	41.4	%
Vacant	—	—	—		—	%	2,028	1.2	%
Total (b)	779		$	1,294,521	100.0	%	170,133	100.0	%

________

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

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


						Investing for the Long Run® \| 30

W. P. Carey Inc.

Real Estate – Second Quarter 2024


Self-Storage Operating Properties Portfolio

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


State / District	Number of Properties	Number of Units	Square Footage	Square Footage %		Period End Occupancy
Florida	22	16,350	1,844	28.1	%	90.8	%
Texas	14	8,111	995	15.2	%	86.1	%
California	10	6,577	860	13.1	%	93.9	%
Illinois	10	4,821	665	10.2	%	88.7	%
South Carolina	6	3,722	377	5.7	%	95.9	%
Georgia	5	2,060	250	3.8	%	88.9	%
North Carolina	4	2,842	301	4.6	%	94.5	%
Nevada	3	2,423	243	3.7	%	90.3	%
Delaware	3	1,678	241	3.7	%	93.6	%
Hawaii	2	956	95	1.5	%	94.9	%
Tennessee	2	887	122	1.9	%	89.0	%
Washington, DC	1	880	67	1.0	%	92.7	%
Arkansas	1	858	115	1.8	%	72.5	%
New York	1	793	61	0.9	%	82.8	%
Kentucky	1	762	121	1.8	%	96.3	%
Louisiana	1	541	59	0.9	%	88.0	%
Massachusetts	1	482	58	0.9	%	90.9	%
Oregon	1	442	40	0.6	%	92.3	%
Missouri	1	329	41	0.6	%	88.5	%
Total (a)	89	55,514	6,555	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® \| 31

W. P. Carey Inc.

Appendix

Second Quarter 2024


						Investing for the Long Run® \| 32

W. P. Carey Inc.

Appendix – Second Quarter 2024


Normalized Pro Rata Cash NOI

In thousands.


	Three Months Ended Jun. 30, 2024
Consolidated Lease Revenues
Total lease revenues – as reported	$	324,104
Income from finance leases and loans receivable – as reported	14,961


Less: Consolidated Reimbursable and Non-Reimbursable Property Expenses
Reimbursable property expenses – as reported	14,004
Non-reimbursable property expenses – as reported	13,931
	311,130

Plus: NOI from Operating Properties
Self-storage revenues	23,157
Self-storage expenses	(8,105)
	15,052

Hotel revenues	12,380
Hotel expenses	(9,167)
	3,213

Student housing and other revenues	3,178
Student housing and other expenses	(1,293)
	1,885

	331,280

Adjustments for Pro Rata Ownership of Real Estate Joint Ventures:
Add: Pro rata share of NOI from equity method investments (a)	4,015
Less: Pro rata share of NOI attributable to noncontrolling interests	(204)
	3,811

	335,091

Adjustments for Pro Rata Non-Cash Items:
Less: Straight-line and other leasing and financing adjustments	(15,310)
Add: Above- and below-market rent intangible lease amortization	5,766
Add: Other non-cash items	485
	(9,059)

Pro Rata Cash NOI (b)	326,032

Adjustment to normalize for investments and dispositions (c)	2,648

Normalized Pro Rata Cash NOI (b)	$	328,680


						Investing for the Long Run® \| 33

W. P. Carey Inc.

Appendix – Second Quarter 2024

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


	Three Months Ended Jun. 30, 2024
Net Income Attributable to W. P. Carey
Net income attributable to W. P. Carey – as reported	$	142,895
Adjustments for Consolidated Operating Expenses
Add: Operating expenses – as reported	233,010
Less: Operating property expenses – as reported	(18,565)
Less: Property expenses, excluding reimbursable tenant costs – as reported	(13,931)
	200,514

Adjustments for Other Consolidated Revenues and Expenses:
Less: Reimbursable property expenses – as reported	(14,004)
Less: Other lease-related income – as reported	(9,149)
Add: Other income and (expenses) – as reported	7,589
Add: Provision for income taxes – as reported	6,219
Less: Asset management fees revenue – as reported	(1,686)
Less: Other advisory income and reimbursements – as reported	(1,057)
	(12,088)

Other Adjustments:
Less: Straight-line and other leasing and financing adjustments	(15,310)
Add: Above- and below-market rent intangible lease amortization	5,766
Add: Adjustments for pro rata ownership	3,795
Adjustment to normalize for investments and dispositions (c)	2,648

Add: Property expenses, excluding reimbursable tenant costs, non-cash	460
	(2,641)

Normalized Pro Rata Cash NOI (b)	$	328,680

________

(a)Includes $1.7 million from equity method investments in self-storage operating properties.

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

(c)For properties acquired and capital investments and commitments completed during the three months ended June 30, 2024, the adjustment modifies our pro rata share of cash NOI for the partial period with an amount estimated to be equivalent to the additional pro rata share of cash NOI necessary to reflect ownership for the full quarter. For properties disposed of during the three months ended June 30, 2024, the adjustment eliminates our pro rata share of cash NOI for the period. If there is a rent abatement, we annualize the first monthly contractual base rent following the free rent period.


						Investing for the Long Run® \| 34

W. P. Carey Inc.

Appendix – Second Quarter 2024


Adjusted EBITDA – Last Five Quarters

In thousands.


	Three Months Ended
	Jun. 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		Jun. 30, 2023
Net income	$	142,854	$	159,086	$	144,244	$	124,999	$	144,580

Adjustments to Derive Adjusted EBITDA (a)
Depreciation and amortization	137,481		118,768		129,484		144,771		143,548
Interest expense	65,307		68,651		72,194		76,974		75,488
Gain on sale of real estate, net (b)	(39,363)		(15,445)		(134,026)		(2,401)		(1,808)
Impairment charges — real estate (c)	15,752		—		71,238		15,173		—
Straight-line and other leasing and financing adjustments (d)	(15,310)		(19,553)		(19,071)		(18,662)		(19,086)
Stock-based compensation expense	8,903		8,856		8,693		9,050		8,995
Provision for income taxes	6,219		8,674		13,714		5,090		10,129
Above- and below-market rent intangible lease amortization	5,766		4,068		6,644		7,835		8,824
Other (gains) and losses (e)	(2,504)		(13,839)		45,777		(2,859)		1,366
Other amortization and non-cash charges	454		448		21		457		411
Merger and other expenses (f)	206		4,452		(641)		4,152		1,419
	182,911		165,080		194,027		239,580		229,286

Adjustments for Pro Rata Ownership
Real Estate Joint Ventures:
Add: Pro rata share of adjustments for equity method investments	1,242		2,814		2,664		2,656		3,013
Less: Pro rata share of adjustments for amounts attributable to noncontrolling interests	(234)		(154)		(267)		(400)		(347)
	1,008		2,660		2,397		2,256		2,666

Adjusted EBITDA (g)	$	326,773	$	326,826	$	340,668	$	366,835	$	376,532

________

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

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

(d)Straight-line rent adjustments relate to our net-leased properties subject to operating 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 March 31, 2024 is primarily comprised of the write-off of a value added tax receivable that was previously recorded in connection with an international investment. Amount for the three months ended September 30, 2023 is primarily comprised of costs incurred in connection with the Spin-Off.

(g)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® \| 35

W. P. Carey Inc.

Appendix – Second Quarter 2024


Disclosures Regarding Non-GAAP and Other Metrics

Non-GAAP Financial Disclosures

FFO and AFFO

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

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

Same-Store Pro Rata Rental Income

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

Pro Rata Cash NOI

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


						Investing for the Long Run® \| 36

W. P. Carey Inc.

Appendix – Second Quarter 2024

Normalized Pro Rata Cash NOI

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

Adjusted EBITDA

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

Cash Interest Expense

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

Cash Interest Expense Coverage Ratio

Cash interest expense coverage ratio is a non-GAAP financial measure representing the ratio of Adjusted EBITDA to cash interest expense on a trailing 12 months basis. We believe this ratio is useful to investors as a supplemental measure of our ability to satisfy fixed interest expense obligations. Cash interest expense for the trailing 12 months as of June 30, 2024 is equal to $267.0 million, comprised of interest expense calculated in accordance with GAAP ($283.1 million), plus capitalized interest ($1.0 million) and other non-cash amortization expense ($0.1 million), less amortization of deferred financing costs and debt premiums/discounts ($18.8 million), adjusted for pro rata ownership ($1.9 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 June 30, 2024. If there is a rent abatement, we annualize the first monthly contractual base rent following the free rent period. ABR is not applicable to operating properties and is presented on a pro rata basis.


						Investing for the Long Run® \| 37

50+ Years of Investing for the Long Run® 2Q24 W. P. Carey Inc. Investor Presentation Exhibit 99.3

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

3 Overview

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

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

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

7 Real Estate Portfolio

8 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of June 30, 2024. 2. Other includes leases attributable to percentage rent (i.e., participation in the gross revenues of the tenant above a stated level), as well as leases with no escalations. 3. Metrics shown for operating self-storage portfolio only; excludes net-lease self-storage assets which are captured in net-lease portfolio metrics. Large Diversified Portfolio (1) Ne t-L ea se P or tfo lio Number of Properties 1,291 Number of Tenants 346 Square Footage 170.1 million ABR $1.29 billion North America / Europe / Other (% of ABR) 64% / 35% / 1% Contractual Rent Escalation: CPI-linked / Fixed / Other (2) 53% / 44% / 3% WALT 12.0 years Occupancy 98.8% Investment Grade Tenants (% of ABR) 23.1% Top 10 Tenant Concentration (% of ABR) 19.5% Se lf- St or ag e (3 ) Number of Properties 89 Number of Units 55,514 Average Occupancy 90.5%

9 One of the lowest Top 10 and 20 concentrations among the net lease peer group Top 25 Net Lease Tenants (1) Tenant Description Number of Properties ABR ($ millions) WALT (years) % of Total Pharmaceutical R&D and manufacturing properties in the Greater Toronto Area leased to generic drug manufacturer (2) 11 32 18.7 2.5% Business-to-business retail stores in Italy leased to cash and carry wholesaler 19 28 4.3 2.1% Net lease self-storage properties in the U.S. leased to publicly traded self-storage REIT 27 26 19.8 2.0% Retail properties in Germany leased to German DIY retailer (3) 35 25 19.7 2.0% Automotive parts manufacturing properties in the U.S., Canada and Mexico leased to OEM supplier (2)(4) 23 25 18.8 1.9% Grocery stores and warehouses in Croatia leased to European food retailer 19 25 9.8 1.9% Retail properties in Poland leased to German DIY retailer 26 24 6.9 1.9% K-12 private schools in Orlando, Miami and Houston leased to international day and boarding school operator 3 23 19.2 1.8% Industrial and warehouse facilities in Germany, Italy and Spain leased to global manufacturer of premium packaging and labels 16 23 19.4 1.8% Grocery stores and warehouses in Spain leased to Spanish food retailer 63 21 11.7 1.6% Top 10 Total 242 $252 14.9 yrs 19.5% Industrial facilities in the U.S. and Canada leased to concrete and building products manufacturer (2) 27 20 19.0 1.6% Distribution facilities in the U.S. leased to automotive aftermarket parts provider 29 20 8.6 1.5% Manufacturing facilities in the U.S. leased to international producer and supplier of packaging solutions 8 20 14.2 1.5% Dealerships in the United Kingdom leased to automotive retailer 55 19 12.8 1.5%

10 Tenant Description Number of Properties ABR ($ millions) WALT (years) % of Total Distribution facilities and manufacturing facility in the U.S. leased to global hardware wholesaler 9 19 14.1 1.4% Distribution facilities and retail properties in Lithuania, Estonia and Latvia leased to European DIY retailer 20 18 7.6 1.4% Production, packaging and distribution facilities in the U.S. leased to North American contract food manufacturer 18 17 18.1 1.3% Logistics and cold storage warehouse facilities in the Netherlands leased to European supermarket chain 5 15 4.7 1.2% Distribution facilities in Demark leased to Danish freight company 15 14 12.6 1.0% Retail properties and single distribution facility in the U.S. leased to sporting good retailer 9 13 6.0 1.0% Top 20 Total 437 $426 13.7 yrs 32.9% Retail properties in the Netherlands leased to European DIY retailer 36 13 9.1 1.0% Cold storage warehouse facilities in the Los Angeles and San Francisco areas leased to cold storage REIT 4 12 6.4 0.9% Distribution facility in Kentucky leased to global provider of consumer products and adhesives 1 11 17.8 0.9% Logistics facilities in the Czech Republic, Poland and Slovakia leased to French third-party logistics provider 4 11 1.3 0.8% Distribution facilities in South Carolina leased to U.S. tool and equipment retailer 3 11 14.7 0.8% Top 25 Total 485 $483 13.3 yrs 37.3% Top 25 Net Lease Tenants (continued) (1) 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of June 30, 2024. 2. ABR from these properties is denominated in U.S. dollars. 3. During the first quarter of 2024, we entered into a lease restructuring with Hellweg, which included (i) abated rent from January 1, 2024 to March 31, 2024, (ii) a €4.0 million reduction in annual base rent and (iii) a seven-year lease extension, with a new lease maturity of February 2044. 4. Of the 23 properties leased to the tenant, nine are located in Canada, eight are located in the United States and six are located in Mexico.

11 35% 29% 21% 15% 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of June 30, 2024. 2. Includes automotive dealerships. 3. Includes education facility, specialty, office, self-storage (net lease), laboratory, hotel (net lease), research and development, and land. 4. Includes tenants in the following industries: business services; metals; wholesale; telecommunications; aerospace and defense; insurance; sovereign and public finance; environmental industries; media: advertising, printing and publishing; oil and gas; consumer transportation; forest products and paper; banking; and electricity. Property and Industry Diversification (1) Tenant Industry Diversification (% of ABR) Property Type Diversification (% of ABR) 64% Industrial / Warehouse Industrial 35% Warehouse 29% Retail (2) 21% Other (3) 15% 23% 8% 8% 8% 7% 6% 5% 4% 4% 4% 3% 3% 3% 3% 3% 10% Retail Stores (2) 23% Beverage and Food 8% Consumer Services 8% Automotive 8% Grocery 7% Healthcare and Pharmaceuticals 6% Containers, Packaging and Glass 5% Capital Equipment 4% Cargo Transportation 4% Construction and Building 4% Durable Consumer Goods 3% Hotels and Leisure 3% Non-Durable Consumer Goods 3% Chemicals, Plastics and Rubber 3% High Tech Industries 3% Other (4) 10%

12 North America, 64% $828MM United States, 59% $763MM Canada (2), 4% $52MM Mexico (3), 1% $14MM Europe, 35% $459MM Other (4), 1% $7MM 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of June 30, 2024. 2. $48MM (93%) of ABR from Canada-based properties denominated in USD with the balance in CAD. 3. All ABR from Mexico-based properties denominated in USD. 4. Includes Mauritius (0.4%) and Japan (0.2%). W. P. Carey has been investing internationally for over 25 years, primarily in Northern and Western Europe Geographic Diversification (1) Through our financing and hedging strategies, we’ve significantly mitigated currency risk through a combination of over-weighting our debt in foreign currencies and utilizing contractual cash flow hedges.

13 Uncapped CPI 33% Fixed 44% Capped CPI 20% Other (2) 3% CPI-linked 53% None 0.4% 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of June 30, 2024. 2. Represents leases attributable to percentage rent (i.e., participation in the gross revenues of the tenant above a stated level). Over 99% of ABR comes from leases with contractual rent increases, including 53% linked to CPI Internal Growth from Contractual Rent Increases (1)

14 1.6% 1.8% 2.7% 3.0% 3.4% 3.4% 4.3% 4.3% 4.2% 4.1% 3.1% 2.9% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 1. Contractual same store portfolio includes leases that were continuously in place during the period from June 30, 2023 to June 30, 2024. Excludes leases for properties that were acquired, sold or vacated, or were subject to lease renewals, extensions or modifications at any time that affected ABR during that period. For purposes of comparability, ABR is presented on a constant currency basis using exchange rates as of June 30, 2024. Contractual same store growth of 2.9% (1) Same Store ABR Growth

15 0.9% 3.3% 4.6% 4.8% 4.2% 5.9% 2.9% 5.3% 3.2% 6.0% 6.1% 52.8% 0% 10% 20% 30% 40% 50% 60% 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Thereafter 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of June 30, 2024. 2. Assumes tenants do not exercise any renewal or purchase options. Weighted-average lease term of 12.0 years Lease Expirations and Average Lease Term (1) Lease Expirations (% ABR) (2)

16 Historical Occupancy (1) 1. Net lease properties only. Historical data through 2021 includes properties owned by W. P. Carey or non-traded REIT funds managed (and subsequently acquired) by W. P. Carey. 2. Represents occupancy for each completed year at December 31. Otherwise, occupancy shown is for the most recent quarter. Stable occupancy maintained during the aftermath of the global financial crisis and throughout the COVID-19 pandemic 96.6% 97.3% 98.4% 98.8% 99.0% 99.2% 99.3% 99.8% 98.3% 98.9% 98.5% 98.5% 98.8% 98.1% 98.8% 0% 20% 40% 60% 80% 100% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2Q24 Occupancy (% Square Feet) (2)

17 Recent investment activity has been focused primarily on mission critical industrial and warehouse properties and essential retail Recent Acquisitions Purchase Price: $305 million* Transaction Type: Sale-leaseback Facility Type: Industrial / Warehouse Location: Various, Italy (12) / Spain (3) / Germany (1) Gross Square Footage: 4,458,514 Lease Term: 20-year lease Rent Escalation: Country CPI Fedrigoni November 2023 / January 2024 (16 properties) Purchase Price: $86 million Transaction Type: Sale-leaseback Facility Type: Industrial / Warehouse Location: Various, Italy (4) / Laval, Canada (1) Gross Square Footage: 1,081,900 Lease Term: 25-year lease* Rent Escalation: Italian CPI / Fixed (Canada) Metra March 2024 (5 properties) Angelo Gordon Portfolio May – August 2024 (19 properties) Purchase Price: $190 million (closed and committed)* Transaction Type: Acquisition Facility Type: Industrial / Warehouse Location: Various, U.S. (16) / Canada (3) Gross Square Footage: 3,115,912 Lease Term: 13-year weighted average Rent Escalation: U.S. CPI / Fixed Recent Acquisitions – Case Studies * As part of the transaction, WPC’s existing Canadian lease with Metra was reset to a term of 25 years. * Completed in 2 tranches - $157 million in November 2023 / $148 million in January 2024 Portfolio Acquisition * $149 million (16 properties) completed year to date. Additional 3 properties for $41 million to close by August.

18 Capital investments have become a more meaningful part of our investment activity and allow us to pursue follow-on opportunities with existing tenants Recent Capital Investments Investment: $14 million redevelopment Facility Type: Laboratory Location: Pleasanton, CA Additional Gross Square Footage: N/A Lease Term: 16-year lease Rent Escalation: Fixed Unchained Labs Completed August 2023 Investment: $14 million expansion Facility Type: Industrial Location: Salisbury, NC Additional Gross Square Footage: 125,549 Lease Term: 15-year lease* Rent Escalation: Fixed Hexagon Composites Completed March 2024 Investment: $2 million renovation Facility Type: Warehouse Location: Fredericia, Denmark Additional Gross Square Footage: N/A Lease Term: 17-year lease Rent Escalation: Danish CPI Danske Completed April 2024 Capital Investments – Case Studies * As part of the transaction, WPC’s existing lease on the entire facility was reset to a term of 15 years. * As part of the transaction, WPC’s existing lease on the entire facility was extended by 5 years.

19 Balance Sheet

20 Capitalization ($MM) (1) 6/30/24 Total Equity (2) $12,047 Pro Rata Net Debt Senior Unsecured Notes USD 2,800 Senior Unsecured Notes EUR (3) 3,774 Mortgage Debt, pro rata USD 343 Mortgage Debt, pro rata (EUR $167 / Other $46) 213 Unsecured Revolving Credit Facility USD 0 Unsecured Revolving Credit Facility (EUR $0 / Other $15) 15 Unsecured Term Loans (EUR $765 / GBP $341) 1,107 Total Pro Rata Debt $8,251 Less: Cash and Cash Equivalents (1,086) Less: Cash Held at Qualified Intermediaries (107) Total Pro Rata Net Debt $7,058 Enterprise Value $19,105 Total Capitalization $20,298 Leverage Metrics Pro Rata Net Debt / Adjusted EBITDA (4)(5) 5.4x Pro Rata Net Debt / Enterprise Value (2)(4) 36.9% Total Consolidated Debt / Gross Assets (6) 41.7% Weighted Average Interest Rate (three months ended June 30, 2024) (pro rata) 3.1% Weighted Average Debt Maturity (pro rata) 4.4 years Capitalization (%) • Size: Large, well-capitalized balance sheet with $19.1B in total enterprise value • Credit Rating: Investment grade balance sheet rated Baa1 by Moody’s and BBB+ by S&P • Liquidity (3): Ample liquidity of $3.2B at quarter end, includes $1.2B cash on hand and 1031 proceeds • Leverage: Maintain conservative leverage, targeting mid-to-high 5s Net Debt to EBITDA • Capital Markets: Demonstrated strong access to capital markets – Bond Issuance: €650MM of 4.25% Senior Unsecured Notes due 2032 issued in May 2024 and $400MM of 5.375% Senior Unsecured Notes due 2034 issued in June 2024 – Credit Facility: Recast $2.6B credit facility in December 2023, consisting of a $2.0B revolver due 2029, £270MM term loan due 2028 and €215MM term loan due 2028 – Term Loan: €500MM term loan swapped to 4.34% in April 2023, due 2026 – ATM: Issued an aggregate $852MM of net ATM equity in 2022 / 2023 – 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 Balance Sheet Highlights 59% 32% 6% 3% Equity (2) Senior Unsecured Notes (3) Unsecured Revolving Credit Facility / Term Loans Mortgage Debt (pro rata) Balance Sheet Overview 1. Amounts may not sum to totals due to rounding. 2. Based on a closing stock price of $55.05 on June 30, 2024 and 218,831,869 common shares outstanding as of June 30, 2024. 3. In July 2024, we repaid our €500 million 2.25% senior unsecured notes due 2024 at maturity. Metrics are not pro forma for repayment. 4. Pro rata net debt to enterprise value and pro rata net debt to Adjusted EBITDA are based on pro rata debt less consolidated cash and cash equivalents and cash held at qualified intermediaries. 5. Adjusted EBITDA represents 2Q24 annualized Adjusted EBITDA, as reported in the Form 8-K filed with the SEC on July 30, 2024. 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.

21 % of Total (4) 7.2% 8.4% 19.2% 6.7% 14.1% 6.1% 6.8% 6.1% 15.3% 5.2% 4.8% Interest Rate (4) 2.4% 4.2% 3.7% 2.2% 3.5% 3.6% 1.0% 2.4% 3.7% 2.3% 5.4% $M M 1. Reflects amount due at maturity, excluding unamortized discount and unamortized deferred financing costs. 2. Reflects pro rata balloon payments due at maturity. W. P. Carey has one fully amortizing mortgage due in 2031 ($3MM). 3. Includes amounts drawn under the credit facility as of June 30, 2024. 4. Reflects the weighted average percentage of debt outstanding and the weighted average interest rate for each year based on the total outstanding balance as of June 30, 2024 (not pro forma for July 2024 bond repayment). 61 240 150 21 43 2 535 535 535 535 161 562 910 450 350 325 500 350 425 400 535 572 15 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Mortgage Debt Unsecured Bonds (EUR) Unsecured Bonds (USD) Unsecured Term Loans Unsecured Revolving Credit Facility (2) (3) Debt Maturity Schedule (as of June 30, 2024) Principal at Maturity (1) In July 2024, we repaid our €500 million 2.25% senior unsecured notes due 2024 at maturity

22 Metric Covenant June 30, 2024 Total Leverage Total Debt / Total Assets ≤ 60% 41.4% Secured Debt Leverage Secured Debt / Total Assets ≤ 40% 2.4% Fixed Charge Coverage Consolidated EBITDA / Annual Debt Service Charge ≥ 1.5x 4.4x Maintenance of Unencumbered Asset Value Unencumbered Assets / Total Unsecured Debt ≥ 150% 230.6% 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 June 30, 2024, our Senior Unsecured Notes consisted of the following note issuances: (i) €500 million 2.25% senior unsecured notes due 2024, (ii) $450 million 4.00% senior unsecured notes due 2025, (iii) $350 million 4.25% senior unsecured notes due 2026, (iv) €500 million 2.25% senior unsecured notes due 2026, (v) €500 million 2.125% senior unsecured notes due 2027, (vi) €500 million 1.35% senior unsecured notes due 2028, (vii) $325 million 3.85% senior unsecured notes due 2029, (viii) €525 million 0.95% senior unsecured notes due 2030, (ix) $500 million 2.40% senior unsecured notes due 2031, (x) $350 million 2.45% senior unsecured notes due 2032, (xi) €650 million 4.250% senior unsecured notes due 2032, (xii) $425 million 2.25% senior unsecured notes due 2033 and (xiii) $400 million 5.375% senior unsecured notes due 2034. Excludes the €150MM 3.41% senior unsecured notes due 2029 and €200MM 3.70% senior unsecured notes due 2032 issued in the September 2022 private placement offering. 3. In July 2024, we repaid our €500 million 2.25% senior unsecured notes due 2024 at maturity. Investment grade balance sheet rated Baa1 (stable) by Moody’s and BBB+ (stable) by S&P Senior Unsecured Notes (2)(3) Unsecured Bond Covenants (1)

23 ESG

24 In Q2, we achieved substantial completion of the redevelopment of an outdated office property, in Irvine, CA, which we redeveloped into a new, Class A industrial facility. The redevelopment includes: electric-vehicle energy-efficient drought-resistant advanced charging stations LED lighting landscaping energy metering A rooftop solar installation is planned and LEED Gold certification is targeted. We continue to demonstrate our ongoing commitment to environmental and sustainability initiatives, corporate social responsibility and corporate governance. ESG Irvine, CA Redevelopment Reporting Governance Social Environmental  Certified by Great Place to Work® in both the U.S. and the Netherlands  Selected as one of this year's Best Small and Medium Workplaces in New York by Fortune magazine  Welcomed our largest intern class to date for our global summer internship program  Continued our commitment to managing risk, providing transparent disclosure and being accountable to our stakeholders  Maintained the highest QualityScore rating of “1” from ISS in Governance  Improved our MSCI ESG Rating; Upgraded from “BBB” to “A”  Published our sixth annual ESG Report Q2 2024 highlights include:  Achieved Gold recognition as a 2024 Green Lease Leader  Engaged with tenants to identify property-level sustainability opportunities within our portfolio, which we believe can reduce carbon footprints, support tenants' sustainability goals and also represent attractive investments

25 Certain of the matters discussed in this communication constitute forward-looking statements within the meaning of the Securities Act of 1933 (as amended, the “Securities Act”) and the Securities Exchange Act of 1934 (as amended, the “Exchange Act”), both as amended by the Private Securities Litigation Reform Act of 1995. The forward-looking statements include, among other things, statements regarding the intent, belief or expectations of the Company and can be identified by the use of words such as “may,” “will,” “should,” “would,” “will be,” “will continue,” “will likely result,” “believe,” “project,” “expect,” “anticipate,” “intend,” “estimate” “opportunities,” “possibility,” “strategy,” “maintain” or the negative version of these words and other comparable terms. These forward- looking statements include, but are not limited to, statements that are not historical facts. These statements are based on the current expectations of our management, and it is important to note that our actual results could be materially different from those projected in such forward- looking statements. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Other unknown or unpredictable risks or uncertainties, like the risks related to fluctuating interest rates, the impact of inflation on our tenants and us, the effects of pandemics and global outbreaks of contagious diseases and domestic or geopolitical crises, such as terrorism, military conflict, war or the perception that hostilities may be imminent, political instability or civil unrest, or other conflict, and those additional risk factors discussed in reports that we have filed with the SEC, could also have material adverse effects on our future results, performance or achievements. Discussions of some of these other important factors and assumptions are contained in W. P. Carey’s filings with the SEC and are available at the SEC’s website at http://www.sec.gov, including Part I, Item 1A. Risk Factors in W. P. Carey’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this communication, unless noted otherwise. Except as required under the federal securities laws and the rules and regulations of the SEC, W. P. Carey does not undertake any obligation to release publicly any revisions to the forward-looking statements to reflect events or circumstances after the date of this communication or to reflect the occurrence of unanticipated events. All data presented herein is as of June 30, 2024 unless otherwise noted. Amounts may not sum to totals due to rounding. Past performance does not guarantee future results. Cautionary Statement Concerning Forward-Looking Statements

26 EBITDA and Adjusted EBITDA We believe that EBITDA is a useful supplemental measure to investors and analysts for assessing the performance of our business segments because (i) it removes the impact of our capital structure from our operating results and (ii) it is helpful when comparing our operating performance to that of companies in our industry without regard to such items, which can vary substantially from company to company. Adjusted EBITDA as disclosed represents EBITDA, modified to include other adjustments to GAAP net income for certain non-cash charges, such as impairments, non-cash rent adjustments and unrealized gains and losses from our hedging activity. Additionally, we exclude gains and losses on sale of real estate, which are not considered fundamental attributes of our business plans and do not affect our overall long-term operating performance. We exclude these items from adjusted EBITDA as they are not the primary drivers in our decision-making process. Adjusted EBITDA reflects adjustments for unconsolidated partnerships and jointly owned investments. Our assessment of our operations is focused on long-term sustainability and not on such non- cash and noncore items, which may cause short-term fluctuations in net income but have no impact on cash flows. We believe that adjusted EBITDA is a useful supplemental measure to investors and analysts, although it does not represent net income that is computed in accordance with GAAP. Accordingly, adjusted EBITDA should not be considered as an alternative to net income or as an indicator of our financial performance. EBITDA and adjusted EBITDA as calculated by us may not be comparable to similarly titled measures of other companies. Other Metrics Pro Rata Metrics This presentation contains certain metrics prepared on a pro rata basis. We refer to these metrics as pro rata metrics. We have certain investments in which our economic ownership is less than 100%. On a full consolidation basis, we report 100% of the assets, liabilities, revenues and expenses of those investments that are deemed to be under our control or for which we are deemed to be the primary beneficiary, even if our ownership is less than 100%. Also, for all other jointly owned investments, which we do not control, we report our net investment and our net income or loss from that investment. On a pro rata basis, we generally present our proportionate share, based on our economic ownership of these jointly owned investments, of the assets, liabilities, revenues and expenses of those investments. Multiplying each of our jointly owned investments’ financial statement line items by our percentage ownership and adding or subtracting those amounts from our totals, as applicable, may not accurately depict the legal and economic implications of holding an ownership interest of less than 100% in our jointly owned investments. ABR ABR represents contractual minimum annualized base rent for our net-leased properties and reflects exchange rates as of June 30, 2024. If there is a rent abatement, we annualize the first monthly contractual base rent following the free rent period. ABR is not applicable to operating properties and is presented on a pro rata basis. Disclosures The following non-GAAP financial measures are used in this presentation

Cover Page Document	Jul. 30, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jul. 30, 2024
Entity Registrant Name	W. P. Carey Inc.
Entity Incorporation, State or Country Code	MD
Entity File Number	001-13779
Entity Tax Identification Number	45-4549771
Entity Address, Street Address	One Manhattan West, 395 9th Avenue, 58th Floor
Entity Address, City	New York,
Entity Address, State	NY
Entity Address, Postal Zip Code	10001
City Area Code	212
Local Phone Number	492-1100
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of each class	Common Stock, $0.001 Par Value
Trading Symbol(s)	WPC
Name of each exchange on which registered	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0001025378
Amendment Flag	false

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