Document

Please wait

W. P. Carey Inc.

Supplemental Information

Second Quarter 2025

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
U.S.			United States
ABR			Contractual minimum annualized base rent
ASC			Accounting Standards Codification
NAREIT			National Association of Real Estate Investment Trusts (an industry trade group)
CPI			Consumer price index
EUR			Euro
EURIBOR			Euro Interbank Offered Rate
SOFR			Secured Overnight Financing Rate
NIBOR			Norwegian Interbank Offered Rate
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.

W. P. Carey Inc.

Supplemental Information – Second Quarter 2025


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 2025


Summary Metrics

As of or for the three months ended June 30, 2025.


Financial Results
Revenues, including reimbursable costs – consolidated ($000s)		$	430,777
Net income attributable to W. P. Carey ($000s)		51,220
Net income attributable to W. P. Carey per diluted share		0.23
Normalized pro rata cash NOI ($000s) (a) (b)		369,178
Adjusted EBITDA ($000s) (a) (b)		361,370
AFFO attributable to W. P. Carey ($000s) (a) (b)		282,670
AFFO attributable to W. P. Carey per diluted share (a) (b)		1.28

Dividends declared per share – current quarter		0.900
Dividends declared per share – current quarter annualized		3.600
Dividend yield – annualized, based on quarter end share price of $62.38		5.8		%
Dividend payout ratio – for the six months ended June 30, 2025 (c)		73.1		%

Balance Sheet and Capitalization
Equity market capitalization – based on quarter end share price of $62.38 ($000s)		$	13,659,904
Pro rata net debt ($000s) (d)		8,419,490
Enterprise value ($000s)		22,079,394

Total consolidated debt ($000s)		8,635,985
Gross assets ($000s) (e)		19,980,920
Liquidity ($000s) (f)		1,718,601

Pro rata net debt to enterprise value (b)		38.1		%
Pro rata net debt to adjusted EBITDA (annualized) (a) (b)		5.8x
Total consolidated debt to gross assets		43.2		%
Total consolidated secured debt to gross assets		1.2		%
Cash interest expense coverage ratio (a) (b)		5.1x

Weighted-average interest rate – for the three months ended June 30, 2025 (b)		3.1		%
Weighted-average interest rate – as of June 30, 2025 (b)		3.2		%
Weighted-average debt maturity (years) (b)		4.7

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

Real Estate Portfolio (Pro Rata)
ABR – total portfolio ($000s) (g)		$	1,469,552
ABR – unencumbered portfolio (% / $000s) (g) (h)	96.5% /	$	1,418,585
Number of net-leased properties		1,600
Number of operating properties (i)		72
Number of tenants – net-leased properties		370

ABR from top ten tenants as a % of total ABR – net-leased properties		19.4		%
ABR from investment grade tenants as a % of total ABR – net-leased properties (j)		21.8		%
Contractual same-store growth (k)		2.3		%

Net-leased properties – square footage (millions)		178.0

Occupancy – net-leased properties		98.2		%
Weighted-average lease term (years)		12.1

Investment volume – current quarter ($000s)		$	548,638
Dispositions – current quarter ($000s)		364,203

Maximum commitment for capital investments and commitments expected to be completed during 2025 ($000s)		109,525

________


						Investing for the Long Run® \| 1

W. P. Carey Inc.

Overview – Second Quarter 2025

(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 $1.0 billion and above-market rent intangible assets of $504.6 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 66 self-storage properties, four hotels and two student housing properties.

(j)Percentage of portfolio is based on ABR, as of June 30, 2025. Includes tenants or guarantors with investment grade ratings (15.7%) and subsidiaries of non-guarantor parent companies with investment grade ratings (6.1%). 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 2025


Components of Net Asset Value

In thousands.


Normalized Pro Rata Cash NOI (a) (b)	Three Months Ended Jun. 30, 2025
Net lease properties	$	353,095
Self-storage and other operating properties (c)	16,083
Total normalized pro rata cash NOI (a) (b)	$	369,178

Balance Sheet – Selected Information (Consolidated Unless Otherwise Stated)	As of Jun. 30, 2025
Assets
Book value of real estate excluded from normalized pro rata cash NOI (d)	$	255,786
Cash and cash equivalents	244,831
Las Vegas retail complex construction loan (e)	245,884
Other secured loans receivable, net	33,841
Other assets, net:
Straight-line rent adjustments	$	424,839
Investment in shares of Lineage (a cold storage REIT) (f)	201,827
Cash held at qualified intermediaries (g)	135,181
Deferred charges	76,595
Office lease right-of-use assets, net	49,544
Non-rent tenant and other receivables	48,027
Taxes receivable	47,160
Restricted cash, including escrow (excludes cash held at qualified intermediaries)	46,137
Prepaid expenses	24,136
Deferred income taxes	22,682
Leasehold improvements, furniture and fixtures	11,595
Rent receivables (h)	2,907
Securities and derivatives	1,772
Due from affiliates	1,066
Other	21,869
Total other assets, net	$	1,115,337

Liabilities
Total pro rata debt outstanding (b) (i)	$	8,799,502
Dividends payable	201,909
Deferred income taxes	168,184
Accounts payable, accrued expenses and other liabilities:
Accounts payable and accrued expenses	$	173,858
Prepaid and deferred rents	153,382
Operating lease liabilities	147,216
Tenant security deposits	57,231
Accrued taxes payable	45,861
Securities and derivatives	29,044
Other	48,366
Total accounts payable, accrued expenses and other liabilities	$	654,958

________

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

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

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

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

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

(f)Our investment in 5,546,547 shares of Lineage is valued on the balance sheet using the closing share price at the end of each quarter, net of an estimated sponsor promote.


						Investing for the Long Run® \| 3

W. P. Carey Inc.

Overview – Second Quarter 2025

(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 $40.6 million and unamortized deferred financing costs totaling $29.9 million as of June 30, 2025.


						Investing for the Long Run® \| 4

W. P. Carey Inc.

Financial Results

Second Quarter 2025


						Investing for the Long Run® \| 5

W. P. Carey Inc.

Financial Results – Second Quarter 2025


Consolidated Statements of Income – Last Five Quarters

In thousands, except share and per share amounts.


	Three Months Ended
	Jun. 30, 2025		Mar. 31, 2025		Dec. 31, 2024		Sep. 30, 2024		Jun. 30, 2024
Revenues
Real Estate:
Lease revenues	$	364,195	$	353,768	$	351,394	$	334,039	$	324,104
Income from finance leases and loans receivable	20,276		17,458		16,796		15,712		14,961
Operating property revenues	34,287		33,094		34,132		37,323		38,715
Other lease-related income	9,643		3,121		1,329		7,701		9,149
	428,401		407,441		403,651		394,775		386,929
Investment Management:
Asset management revenue	1,304		1,350		1,461		1,557		1,686
Other advisory income and reimbursements	1,072		1,067		1,053		1,051		1,057
	2,376		2,417		2,514		2,608		2,743
	430,777		409,858		406,165		397,383		389,672
Operating Expenses
Depreciation and amortization	120,595		129,607		115,770		115,705		137,481
General and administrative	24,150		26,967		24,254		22,679		24,168
Reimbursable tenant costs	17,718		17,092		15,661		13,337		14,004
Operating property expenses	16,721		16,544		16,586		17,765		18,565
Property expenses, excluding reimbursable tenant costs	13,623		11,706		12,580		10,993		13,931
Stock-based compensation expense	10,943		9,148		9,667		13,468		8,903
Impairment charges — real estate	4,349		6,854		27,843		—		15,752
Merger and other expenses	192		556		(484)		283		206
	208,291		218,474		221,877		194,230		233,010
Other Income and Expenses
Other gains and (losses) (a)	(148,768)		(42,197)		(77,224)		(77,107)		2,504
Interest expense	(71,795)		(68,804)		(70,883)		(72,526)		(65,307)
Gain on sale of real estate, net	52,824		43,777		4,480		15,534		39,363
Earnings from equity method investments	6,161		5,378		302		6,124		6,636
Non-operating income (b)	3,495		7,910		13,847		13,669		9,215
Gain on change in control of interests (c)	—		—		—		31,849		—
	(158,083)		(53,936)		(129,478)		(82,457)		(7,589)
Income before income taxes	64,403		137,448		54,810		120,696		149,073
Provision for income taxes	(13,091)		(11,632)		(7,772)		(9,044)		(6,219)
Net Income	51,312		125,816		47,038		111,652		142,854
Net (income) loss attributable to noncontrolling interests	(92)		8		(15)		46		41
Net Income Attributable to W. P. Carey	$	51,220	$	125,824	$	47,023	$	111,698	$	142,895

Basic Earnings Per Share	$	0.23	$	0.57	$	0.21	$	0.51	$	0.65
Diluted Earnings Per Share	$	0.23	$	0.57	$	0.21	$	0.51	$	0.65
Weighted-Average Shares Outstanding
Basic	220,569,259		220,401,156		220,223,239		220,221,366		220,195,910
Diluted	220,874,935		220,720,310		220,577,900		220,404,149		220,214,118

Dividends Declared Per Share	$	0.900	$	0.890	$	0.880	$	0.875	$	0.870

________

(a)Amount for the three months ended June 30, 2025 is primarily comprised of a mark-to-market unrealized loss for our investment in shares of Lineage of $69.0 million, net losses on foreign currency exchange rate movements of $66.4 million and a non-cash allowance for credit losses of $9.9 million.

(b)Amount for the three months ended June 30, 2025 is comprised of a dividend of $2.8 million from our investment in shares of Lineage, interest income on deposits of $1.0 million and realized losses on foreign currency exchange derivatives of $0.4 million.

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


						Investing for the Long Run® \| 6

W. P. Carey Inc.

Financial Results – Second Quarter 2025


FFO and AFFO, Consolidated – Last Five Quarters

In thousands, except share and per share amounts.


	Three Months Ended
	Jun. 30, 2025		Mar. 31, 2025		Dec. 31, 2024		Sep. 30, 2024		Jun. 30, 2024
Net income attributable to W. P. Carey	$	51,220	$	125,824	$	47,023	$	111,698	$	142,895
Adjustments:
Depreciation and amortization of real property	119,930		128,937		115,107		115,028		136,840
Gain on sale of real estate, net	(52,824)		(43,777)		(4,480)		(15,534)		(39,363)
Impairment charges — real estate	4,349		6,854		27,843		—		15,752
Gain on change in control of interests (a)	—		—		—		(31,849)		—
Proportionate share of adjustments to earnings from equity method investments (b)	2,231		1,643		2,879		3,028		3,015
Proportionate share of adjustments for noncontrolling interests (c)	(82)		(78)		(79)		(96)		(101)
Total adjustments	73,604		93,579		141,270		70,577		116,143
FFO (as defined by NAREIT) Attributable to W. P. Carey (d)	124,824		219,403		188,293		182,275		259,038
Adjustments:
Other (gains) and losses (e)	148,768		42,197		77,224		77,107		(2,504)
Straight-line and other leasing and financing adjustments	(15,374)		(19,033)		(24,849)		(21,187)		(15,310)
Stock-based compensation	10,943		9,148		9,667		13,468		8,903
Above- and below-market rent intangible lease amortization, net	5,061		1,123		10,047		6,263		5,766
Amortization of deferred financing costs	4,628		4,782		4,851		4,851		4,555
Tax expense (benefit) – deferred and other	2,820		(782)		96		(1,576)		(1,392)
Other amortization and non-cash items	579		560		557		587		580
Merger and other expenses	192		556		(484)		283		206
Proportionate share of adjustments to earnings from equity method investments (b)	309		(86)		2,266		(2,632)		(2,646)
Proportionate share of adjustments for noncontrolling interests (c)	(80)		(48)		(62)		(91)		(97)
Total adjustments	157,846		38,417		79,313		77,073		(1,939)
AFFO Attributable to W. P. Carey (d)	$	282,670	$	257,820	$	267,606	$	259,348	$	257,099

Summary
FFO (as defined by NAREIT) attributable to W. P. Carey (d)	$	124,824	$	219,403	$	188,293	$	182,275	$	259,038
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share (d)	$	0.57	$	0.99	$	0.85	$	0.83	$	1.18
AFFO attributable to W. P. Carey (d)	$	282,670	$	257,820	$	267,606	$	259,348	$	257,099
AFFO attributable to W. P. Carey per diluted share (d)	$	1.28	$	1.17	$	1.21	$	1.18	$	1.17
Diluted weighted-average shares outstanding	220,874,935		220,720,310		220,577,900		220,404,149		220,214,118

________

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

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

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

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

(e)Amount for the three months ended June 30, 2025 is primarily comprised of a mark-to-market unrealized loss for our investment in shares of Lineage of $69.0 million, net losses on foreign currency exchange rate movements of $66.4 million and a non-cash allowance for credit losses of $9.9 million.


						Investing for the Long Run® \| 7

W. P. Carey Inc.

Financial Results – Second Quarter 2025


Elements of Pro Rata Statement of Income and AFFO Adjustments

In thousands. For the three months ended June 30, 2025.

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	$	7,798	$	(269)	$	(10,699)	(c)
Income from finance leases and loans receivable	53		(13)		310
Operating property revenues	—				—
Other lease-related income	294		—		—

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

Operating Expenses
Depreciation and amortization	1,994		(82)		(121,943)		(d)
General and administrative	—		—		—
Reimbursable tenant costs	740		(46)		—
Operating property expenses	—		—		(30)		(e)
Property expenses, excluding reimbursable tenant costs	368		(21)		(454)		(e)
Stock-based compensation expense	—		—		(10,943)		(e)
Impairment charges — real estate	—		—		(4,349)		(e)
Merger and other expenses	—		—		(192)

Other Income and Expenses
Other gains and (losses)	—		80		148,688		(f)
Interest expense	(824)		39		4,669		(g)
Gain on sale of real estate, net	—		—		(52,824)
Earnings from equity method investments	(4,226)		—		376		(h)
Non-operating income	190		(1)		—

Provision for income taxes	(183)		3		3,019		(i)
Net income attributable to noncontrolling interests	—		12		—

________

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

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

(c)Represents the reversal of amortization of above- or below-market lease intangibles of $5.0 million and the elimination of non-cash amounts related to straight-line rent and other of $15.7 million.

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

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

(f)Primarily represents eliminations of gains (losses) on the mark-to-market fair value of equity securities, foreign currency exchange rate movements, changes in the non-cash allowance for credit losses on loans receivable and finance leases, and extinguishment of debt.

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

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

(i)Primarily represents the elimination of deferred taxes.


						Investing for the Long Run® \| 8

W. P. Carey Inc.

Financial Results – Second Quarter 2025


Capital Expenditures

In thousands. For the three months ended June 30, 2025.


Turnover Costs (a)
Tenant improvements	$	1,345
Leasing costs	369
Total Tenant Improvements and Leasing Costs	1,714
Property improvements — net-lease properties	306
Property improvements — operating properties	60
Total Turnover Costs	$	2,080

Maintenance Capital Expenditures
Net-lease properties	$	389
Operating properties	716
Total Maintenance Capital Expenditures	$	1,105

________

(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 2025


						Investing for the Long Run® \| 10

W. P. Carey Inc.

Balance Sheets and Capitalization – Second Quarter 2025


Consolidated Balance Sheets

In thousands, except share and per share amounts.



	June 30, 2025		December 31, 2024
Assets
Investments in real estate:
Land, buildings and improvements — net lease and other	$	13,627,841	$	12,842,869
Land, buildings and improvements — operating properties	1,005,605		1,198,676
Net investments in finance leases and loans receivable	1,063,719		798,259
In-place lease intangible assets and other	2,407,752		2,297,572
Above-market rent intangible assets	679,068		665,495
Investments in real estate	18,783,985		17,802,871
Accumulated depreciation and amortization (a)	(3,503,850)		(3,222,396)
Assets held for sale, net	60,011		—
Net investments in real estate	15,340,146		14,580,475
Equity method investments	311,411		301,115
Cash and cash equivalents	244,831		640,373
Other assets, net	1,115,337		1,045,218
Goodwill	986,472		967,843
Total assets	$	17,998,197	$	17,535,024

Liabilities and Equity
Debt:
Senior unsecured notes, net	$	6,540,432	$	6,505,907
Unsecured term loans, net	1,199,256		1,075,826
Unsecured revolving credit facility	660,872		55,448
Non-recourse mortgages, net	235,425		401,821
Debt, net	8,635,985		8,039,002
Accounts payable, accrued expenses and other liabilities	654,958		596,994
Below-market rent and other intangible liabilities, net	111,829		119,831
Deferred income taxes	168,184		147,461
Dividends payable	201,909		197,612
Total liabilities	9,772,865		9,100,900

Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued	—		—
Common stock, $0.001 par value, 450,000,000 shares authorized; 218,978,908 and 218,848,844 shares, respectively, issued and outstanding	219		219
Additional paid-in capital	11,803,487		11,805,179
Distributions in excess of accumulated earnings	(3,424,094)		(3,203,974)
Deferred compensation obligation	97,002		78,503
Accumulated other comprehensive loss	(264,750)		(250,232)
Total stockholders' equity	8,211,864		8,429,695
Noncontrolling interests	13,468		4,429
Total equity	8,225,332		8,434,124
Total liabilities and equity	$	17,998,197	$	17,535,024

________

(a)Includes $2.0 billion and $1.8 billion of accumulated depreciation on buildings and improvements as of June 30, 2025 and December 31, 2024, respectively, and $1.5 billion and $1.4 billion of accumulated amortization on lease intangibles as of June 30, 2025 and December 31, 2024, respectively.


						Investing for the Long Run® \| 11

W. P. Carey Inc.

Balance Sheets and Capitalization – Second Quarter 2025


Capitalization

In thousands, except share and per share amounts. As of June 30, 2025.


Description	Shares	Share Price		Market Value
Equity
Common equity	218,978,908	$	62.38	$	13,659,904
Preferred equity				—
Total Equity Market Capitalization				13,659,904

				Outstanding Balance (a)
Pro Rata Debt
Non-recourse mortgages				332,261
Unsecured term loans (due February 14, 2028)				621,869
Unsecured term loan (due April 24, 2029)				586,000
Unsecured revolving credit facility (due February 14, 2029)				660,872
Senior unsecured notes (b):
Due April 9, 2026 (EUR)				586,000
Due October 1, 2026 (USD)				350,000
Due April 15, 2027 (EUR)				586,000
Due April 15, 2028 (EUR)				586,000
Due July 15, 2029 (USD)				325,000
Due September 28, 2029 (EUR)				175,800
Due June 1, 2030 (EUR)				615,300
Due February 1, 2031 (USD)				500,000
Due February 1, 2032 (USD)				350,000
Due July 23, 2032 (EUR)				761,800
Due September 28, 2032 (EUR)				234,400
Due April 1, 2033 (USD)				425,000
Due June 30, 2034 (USD)				400,000
Due November 19, 2034 (EUR)				703,200
Total Pro Rata Debt				8,799,502

Total Capitalization				$	22,459,406

________

(a)Excludes unamortized discount, net totaling $40.6 million and unamortized deferred financing costs totaling $29.9 million as of June 30, 2025.

(b)Excludes $400 million of senior unsecured notes due July 15, 2030 that were issued on July 10, 2025.


						Investing for the Long Run® \| 12

W. P. Carey Inc.

Balance Sheets and Capitalization – Second Quarter 2025


Debt Overview

Dollars in thousands. Pro rata. As of June 30, 2025.


	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)	$	200,604	4.8	%	$	74,740	5.0	%	$	21,066	4.6	%	$	296,410	3.4	%	4.8	%	1.7
Floating	—		—	%	35,851		4.1	%	—		—	%	35,851		0.4	%	4.1	%	0.8
Total Pro Rata Non-Recourse Debt	200,604		4.8	%	110,591		4.7	%	21,066		4.6	%	332,261		3.8	%	4.8	%	1.6

Recourse Debt (b) (c)
Fixed – Senior unsecured notes (e):
Due April 9, 2026	—		—	%	586,000		2.3	%	—		—	%	586,000		6.7	%	2.3	%	0.8
Due October 1, 2026	350,000		4.3	%	—		—	%	—		—	%	350,000		4.0	%	4.3	%	1.3
Due April 15, 2027	—		—	%	586,000		2.1	%	—		—	%	586,000		6.7	%	2.1	%	1.8
Due April 15, 2028	—		—	%	586,000		1.4	%	—		—	%	586,000		6.7	%	1.4	%	2.8
Due July 15, 2029	325,000		3.9	%	—		—	%	—		—	%	325,000		3.7	%	3.9	%	4.0
Due September 28, 2029	—		—	%	175,800		3.4	%	—		—	%	175,800		2.0	%	3.4	%	4.2
Due June 1, 2030	—		—	%	615,300		1.0	%	—		—	%	615,300		7.0	%	1.0	%	4.9
Due February 1, 2031	500,000		2.4	%	—		—	%	—		—	%	500,000		5.7	%	2.4	%	5.6
Due February 1, 2032	350,000		2.5	%	—		—	%	—		—	%	350,000		4.0	%	2.5	%	6.6
Due July 23, 2032	—		—	%	761,800		4.3	%	—		—	%	761,800		8.6	%	4.3	%	7.1
Due September 28, 2032	—		—	%	234,400		3.7	%	—		—	%	234,400		2.7	%	3.7	%	7.3
Due April 1, 2033	425,000		2.3	%	—		—	%	—		—	%	425,000		4.8	%	2.3	%	7.8
Due June 30, 2034	400,000		5.4	%	—		—	%	—		—	%	400,000		4.4	%	5.4	%	9.0
Due November 19, 2034	—		—	%	703,200		3.7	%	—		—	%	703,200		8.0	%	3.7	%	9.4
Total Senior Unsecured Notes	2,350,000		3.4	%	4,248,500		2.6	%	—		—	%	6,598,500		75.0	%	2.9	%	5.2
Swapped to Fixed:
Unsecured term loan (due April 24, 2029) (f)	—		—	%	586,000		2.8	%	—		—	%	586,000		6.7	%	2.8	%	3.8
Unsecured term loan (due February 14, 2028) (f)	—		—	%	—		—	%	369,889		4.7	%	369,889		4.2	%	4.7	%	2.6
Floating:
Unsecured revolving credit facility (due February 14, 2029) (g)	590,500		5.0	%	—		—	%	70,372		4.2	%	660,872		7.4	%	4.9	%	3.6
Unsecured term loan (due February 14, 2028) (h)	—		—	%	251,980		2.8	%	—		—	%	251,980		2.9	%	2.8	%	2.6
Total Recourse Debt	2,940,500		3.7	%	5,086,480		2.7	%	440,261		4.6	%	8,467,241		96.2	%	3.1	%	4.8

Total Pro Rata Debt Outstanding	$	3,141,104	3.8	%	$	5,197,071	2.7	%	$	461,327	4.6	%	$	8,799,502	100.0	%	3.2	%	4.7

________

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

(b)Debt data is presented on a pro rata basis as of June 30, 2025. 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 $40.6 million and unamortized deferred financing costs totaling $29.9 million as of June 30, 2025.

(d)Includes $82.7 million of non-recourse mortgage debt which is swapped to fixed-rate through mortgage maturity.

(e)Excludes $400 million of senior unsecured notes due July 15, 2030 that were issued on July 10, 2025.

(f)Interest rate swap expiration date is December 31, 2027.

(g)We incurred interest on our Unsecured revolving credit facility at SOFR, NIBOR or TIBOR, plus 0.735% for all base rates as of June 30, 2025. Each has a floor of 0.00% under the terms of our credit agreement. Availability under our Unsecured revolving credit facility (net of amounts reserved for standby letters of credit) was approximately $1.3 billion as of June 30, 2025.

(h)We incurred interest at EURIBOR, plus 0.80% on this Unsecured term loan as of June 30, 2025.


						Investing for the Long Run® \| 13

W. P. Carey Inc.

Balance Sheets and Capitalization – Second Quarter 2025


Debt Maturity

Dollars in thousands. Pro rata. As of June 30, 2025.


	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 2025	12	$	2,397	4.6	%	$	42,152	$	42,537	0.5	%
2026	36	28,356		4.8	%	154,899		162,111		1.9	%
2027	3	1,272		4.2	%	28,561		28,946		0.4	%
2028	5	13,983		5.0	%	73,869		81,134		0.9	%
2029	3	1,435		4.0	%	10,931		11,871		0.1	%
2031	1	1,131		6.0	%	—		2,236		—	%
2033	1	2,393		5.6	%	1,671		3,426		—	%
Total Pro Rata Non-Recourse Debt	61	$	50,967	4.8	%	$	312,083	332,261		3.8	%

Recourse Debt
Fixed – Senior unsecured notes (d):
Due April 9, 2026 (EUR)				2.3	%			586,000		6.7	%
Due October 1, 2026 (USD)				4.3	%			350,000		4.0	%
Due April 15, 2027 (EUR)				2.1	%			586,000		6.7	%
Due April 15, 2028 (EUR)				1.4	%			586,000		6.7	%
Due July 15, 2029 (USD)				3.9	%			325,000		3.7	%
Due September 28, 2029 (EUR)				3.4	%			175,800		2.0	%
Due June 1, 2030 (EUR)				1.0	%			615,300		7.0	%
Due February 1, 2031 (USD)				2.4	%			500,000		5.7	%
Due February 1, 2032 (USD)				2.5	%			350,000		4.0	%
Due July 23, 2032 (EUR)				4.3	%			761,800		8.6	%
Due September 28, 2032 (EUR)				3.7	%			234,400		2.7	%
Due April 1, 2033 (USD)				2.3	%			425,000		4.8	%
Due June 30, 2034 (USD)				5.4	%			400,000		4.4	%
Due November 19, 2034 (EUR)				3.7	%			703,200		8.0	%
Total Senior Unsecured Notes				2.9	%			6,598,500		75.0	%
Swapped to Fixed:
Unsecured term loan (due April 24, 2029) (e)				2.8	%			586,000		6.7	%
Unsecured term loan (due Feb 14, 2028) (e)				4.7	%			369,889		4.2	%
Floating:
Unsecured revolving credit facility (due February 14, 2029) (f)				4.9	%			660,872		7.4	%
Unsecured term loan (due February 14, 2028) (g)				2.8	%			251,980		2.9	%
Total Recourse Debt				3.1	%			8,467,241		96.2	%

Total Pro Rata Debt Outstanding				3.2	%			$	8,799,502	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, 2025. 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 $40.6 million and unamortized deferred financing costs totaling $29.9 million as of June 30, 2025.

(d)Excludes $400 million of senior unsecured notes due July 15, 2030 that were issued on July 10, 2025.

(e)Interest rate swap expiration date is December 31, 2027.

(f)We incurred interest on our Unsecured revolving credit facility at SOFR, NIBOR or TIBOR, plus 0.735% for all base rates as of June 30, 2025. Each has a floor of 0.00% under the terms of our credit agreement. Availability under our Unsecured revolving credit facility (net of amounts reserved for standby letters of credit) was approximately $1.3 billion as of June 30, 2025.

(g)We incurred interest at EURIBOR, plus 0.80% on this Unsecured term loan as of June 30, 2025.


						Investing for the Long Run® \| 14

W. P. Carey Inc.

Balance Sheets and Capitalization – Second Quarter 2025


Senior Unsecured Notes

As of June 30, 2025.

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, 2025

Limitation on the incurrence of debt

"Total Debt" /
"Total Assets"

≤ 60%

42.1%

Limitation on the incurrence of secured debt

"Secured Debt" /
"Total Assets"

≤ 40%

1.2%

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

"Consolidated EBITDA" /
"Annual Debt Service Charge"

≥ 1.5x

4.9x

Maintenance of unencumbered asset value

"Unencumbered Assets" / "Total Unsecured Debt"

≥ 150%

230.4%


						Investing for the Long Run® \| 15

W. P. Carey Inc.

Real Estate

Second Quarter 2025


						Investing for the Long Run® \| 16

W. P. Carey Inc.

Real Estate – Second Quarter 2025


Investment Activity – Investment Volume

Dollars in thousands. Pro rata. For the six months ended June 30, 2025.

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)

1Q25

Reddy Ice LLC (59 properties)

Various, United States

Industrial, Warehouse

Feb-25

136,022

Sale-leaseback

1,072,575

Las Vegas Retail Complex

Las Vegas, NV

Retail

Feb-25

5,000

47.5% Joint Venture Acquisition

75,255

Dollar General Corporation (4 properties)

Various, United States

Retail

Mar-25

8,474

Acquisition

42,388

Ernest Health Holdings, LLC

Mishawaka, IN

Specialty (Healthcare)

Mar-25

31,762

Acquisition

55,210

Majestic Steel USA, Inc. (b)

Blytheville, AR

Industrial

Mar-25

91,910

Sale-leaseback

513,633

1Q25 Total

273,168

1,759,061

2Q25

Linde + Wiemann SE & Co. KG (4 properties) (c)

Various, Germany (3 properties) and La Garriga, Spain

Industrial

Apr-25

42,981

Sale-leaseback

640,732

United Natural Foods, Inc.

Santa Fe Springs, CA

Warehouse

Apr-25

128,043

Acquisition

302,850

Berry Global Group, Inc.

Evansville, IN

Industrial

Apr-25

8,150

Renovation

N/A

Morato Pane S.p.A. (9 properties) (c)

Various, Italy (7 properties) and Málaga and Burgos, Spain

Industrial

May-25

73,280

Sale-leaseback

1,159,154

Soteria Intermediate Inc.

Chattanooga, TN

Industrial

Jun-25

20,247

Sale-leaseback

211,379

Hertz Global Holdings, Inc (2 properties)

Newark, NJ and Boston, MA

Industrial

Jun-25

101,856

Sale-leaseback

81,664

TI Automotive (formerly ABC Technologies Holdings Inc.)

Galeras, Mexico

Industrial

Jun-25

4,843

Expansion

60,181

Premium Brands Holdings Corporation (b)

McDonald, TN

Industrial

Jun-25

166,060

Sale-leaseback

356,960

2Q25 Total

545,460

2,812,920

Year-to-Date Total

818,628

4,571,981


		Property Type	Loan Origination	Loan Maturity Date	Funding				Outstanding		Maximum Commitment
Description	Property Location				Current Quarter		Year to Date
Construction Loan (d)
SW Corner of Las Vegas & Harmon (e) (f)	Las Vegas, NV	Retail	Jun-21	2026	$	2,000	$	3,170	$	245,884	$	256,887
SE Corner of Las Vegas & Harmon (g)	Las Vegas, NV	Retail	Nov-24	2025	579		624		17,435		23,449
SE Corner of Las Vegas & Elvis Presley (g)	Las Vegas, NV	Retail	Nov-24	2025	599		1,360		16,406		25,000
Total					3,178		5,154		279,725		305,336

Year-to-Date Total Investment Volume							$	823,782

________

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

(b)This investment is 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.

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

(d)The borrowers for these construction loans retain certain loan maturity extension options.

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

(f)Loan outstanding and maximum commitment reflect a repayment of $5.0 million to us during the six months ended June 30, 2025.

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


						Investing for the Long Run® \| 17

W. P. Carey Inc.

Real Estate – Second Quarter 2025


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, 2025 (c)		Total Funded Through Jun. 30, 2025		Maximum Commitment / Gross Investment Amount
Tenant	Location										Remaining		Total
Sumitomo Heavy Industries, LTD.	Bedford, MA	Redevelopment	Research and Development	Q3 2025	N/A	15	$	8,134	$	25,069	$	19,071	$	44,140
Janus International Group, Inc. (d)	Surprise, AZ	Build-to-Suit	Industrial	Q3 2025	131,753	20	13		9,937		11,475		21,713
Hedin Mobility Group AB (e) (f)	Amsterdam, The Netherlands	Renovation	Retail	Q3 2025	39,826	22	—		—		17,580		17,580
Tidal Wave Auto Spa (f)	New Hartford, NY	Purchase Commitment	Retail (Car Wash)	Q3 2025	3,600	18	—		—		5,077		5,077
Fraikin SAS (e)	Various, France	Renovation	Industrial	Q4 2025	N/A	17	1,254		4,508		3,579		8,087
Various	Various, United States	Solar Projects	Various	Various	N/A	N/A	298		4,298		8,630		12,928
Expected Completion Date 2025 Total					175,179	17	9,699		43,812		65,412		109,525

Scania CV AB (e)	Oskarshamn, Sweden	Build-to-Suit	Warehouse	Q1 2026	204,645	15	1,735		1,748		15,245		16,993
EOS Fitness OPCO Holdings, LLC (d)	Surprise, AZ	Build-to-Suit	Retail	Q1 2026	40,000	20	2,128		4,721		7,195		12,000
Rocky Vista University LLC	Billings, MT	Build-to-Suit	Education (Medical School)	Q2 2026	57,000	25	—		2,508		22,492		25,000
TI Automotive (formerly ABC Technologies Holdings Inc.) (d) (e) (g)	Brampton, Canada	Build-to-Suit	Industrial	Q4 2026	110,456	20	247		247		17,695		17,950
Expected Completion Date 2026 Total					412,101	21	4,110		9,224		62,627		71,943

AEG Presents LLC (h)	Austin, TX	Build-to-Suit	Specialty	Q2 2027	56,403	30	3,873		3,873		43,683		47,556
AEG Presents LLC (h)	Portland, OR	Build-to-Suit	Specialty	Q2 2027	57,825	30	4,801		4,801		55,912		60,713
Expected Completion Date 2027 Total					114,228	30	8,674		8,674		99,595		108,269

Capital Investments and Commitments Total					701,508	23	$	22,483	$	61,710	$	227,634	$	289,737

________

(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, 2025 excludes $0.6 million spent on pre-development work for potential projects in various phases.

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

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

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

(g)Project is contingent on securing certain construction permits.

(h)We own a 90% interest in these joint venture projects and amounts in this table represent our pro rata share.


						Investing for the Long Run® \| 18

W. P. Carey Inc.

Real Estate – Second Quarter 2025


Investment Activity – Dispositions

Dollars in thousands. Pro rata. For the six months ended June 30, 2025.

Tenant / Lease Guarantor

Property Location(s)

Gross Sale Price

Closing Date

Property Type(s)

Gross Square Footage

1Q25

Hedin Mobility Group AB (2 properties) (a)

Eindhoven and Amsterdam, The Netherlands

16,593

Jan-25

Retail

136,465

Pendragon PLC (a)

Derby, United Kingdom

2,158

Jan-25

Retail

34,764

Pendragon PLC (a)

Newport, United Kingdom

752

Jan-25

Retail

3,868

Vacant (formerly Pendragon PLC) (a)

Milton Keynes, United Kingdom

6,560

Feb-25

Retail

25,942

Pendragon PLC (a)

Portsmouth, United Kingdom

1,506

Feb-25

Retail

28,638

Vacant (former Prima Wawona Packing Co., LLC)

Reedley, CA

21,500

Mar-25

Warehouse

325,981

Hellweg Die Profi-Baumärkte GmbH & Co. KG (a)

Gronau, Germany

3,569

Mar-25

Retail

45,876

Belk, Inc.

Jonesville, SC

77,194

Mar-25

Warehouse

861,141

1Q25 Total

129,832

1,462,675

2Q25

Vita Euroland Agriculture B.V (a)

Gorinchem, The Netherlands

8,488

Apr-25

Warehouse

133,500

Accord Carton LLC (2 properties) (b)

Alsip, IL

20,757

Apr-25

Industrial

471,890

Hellweg Die Profi-Baumärkte GmbH & Co. KG (3 properties) (a)

Ennepetal, Nordhausen, and Paderborn, Germany

14,501

May-25

Retail

198,002

Vacant

Middleburg Heights, OH

2,225

May-25

Industrial

28,185

TI Automotive (formerly ABC Technologies Holdings Inc.)

Saline, MI

7,900

May-25

Industrial

111,072

Memora Servicios Funerarios S.L (26 properties) (a)

Various, Spain

161,952

Jun-25

Specialty (Funeral Home)

370,204

Self-Storage Operating Properties (10 properties)

Various, United States

111,525

Jun-25

Self-Storage (Operating)

678,767

Serco Inc.

San Diego, CA

26,250

Jun-25

Research & Development

157,721

Do It Best Corp. (formerly True Value Company, LLC) (c)

Mankato, MN

10,605

Jun-25

Warehouse

309,507

2Q25 Total

364,203

2,458,848

Year-to-Date Total Dispositions

494,035

3,921,523

________

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

(b)One of the properties was vacant on the date of the transaction.

(c)The lease at this property expired on the date of sale, which was June 30, 2025.


						Investing for the Long Run® \| 19

W. P. Carey Inc.

Real Estate – Second Quarter 2025


Joint Ventures

Dollars in thousands. As of June 30, 2025.


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)
Las Vegas Retail Complex (e)	Net lease	47.50%	$	245,884	$	22,430	$	116,795	$	10,654
Harmon Retail Corner	Common equity interest	15.00%	143,000		—		21,450		—
Kesko Senukai (f)	Net lease	70.00%	102,433		18,059		71,703		12,641
Total Unconsolidated Joint Ventures			491,317		40,489		209,948		23,295

Consolidated Joint Ventures (g)
COOP Ost SA (f)	Net lease	90.10%	—		6,984		—		6,293
Fentonir Trading & Investments Limited (f)	Net lease	94.90%	—		2,862		—		2,716
McCoy-Rockford, Inc.	Net lease	90.00%	—		972		—		875
State of Iowa Board of Regents	Net lease	90.00%	—		643		—		579
Total Consolidated Joint Ventures			—		11,461		—		10,463
Total Unconsolidated and Consolidated Joint Ventures			$	491,317	$	51,950	$	209,948	$	33,758

________

(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 $0.1 million and unamortized deferred financing costs totaling $0.3 million as of June 30, 2025.

(c)Excludes unamortized discount, net totaling $0.1 million and unamortized deferred financing costs totaling less than $0.1 million as of June 30, 2025.

(d)Excludes ownership of limited partnership units of Carey European Student Housing Fund I, L.P. (an affiliate), which is accounted for as an equity method investment.

(e)Debt outstanding for this investment is comprised of a construction loan, which is excluded from our pro rata debt outstanding disclosed in the Debt Overview and Debt Maturity sections. See the Investment Activity – Investment Volume section for additional information about this investment. The asset is currently in lease-up and ABR reflects the current in-place leases. It does not reflect certain non-reimbursed expenses associated with the property, revenue generated from signage or interest income from our construction loan to the Las Vegas Retail Complex.

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

(g)Excludes two consolidated joint venture build-to-suit projects with the same tenant in which we own a 90% ownership interest. These investments have no debt or ABR as of June 30, 2025.


						Investing for the Long Run® \| 20

W. P. Carey Inc.

Real Estate – Second Quarter 2025


Top 25 Tenants

Dollars in thousands. Pro rata. As of June 30, 2025.


Tenant / Lease Guarantor	Description	Number of Properties	ABR		ABR %		Weighted-Average Lease Term (Years)
Extra Space Storage, Inc.	Net lease self-storage properties in the U.S. leased to publicly traded self-storage REIT	41	$	40,139	2.7	%	24.2
Apotex Pharmaceutical Holdings Inc. (a)	Pharmaceutical R&D and manufacturing properties in the Greater Toronto Area leased to generic drug manufacturer	11	33,448		2.3	%	17.7
Metro Cash & Carry Italia S.p.A. (b)	Business-to-business retail stores in Italy leased to cash and carry wholesaler	19	30,767		2.1	%	4.9
Fortenova Grupa d.d. (b)	Grocery stores and one warehouse in Croatia leased to European food retailer	19	28,332		1.9	%	8.8
OBI Group (b)	Retail properties in Poland leased to German DIY retailer	26	27,395		1.9	%	5.8
Hellweg Die Profi-Baumärkte GmbH & Co. KG (b) (c)	Retail properties in Germany leased to German DIY retailer	31	26,451		1.8	%	18.7
TI Automotive (formerly ABC Technologies Holdings Inc.) (a) (d)	Automotive parts manufacturing properties in the U.S., Canada and Mexico leased to OEM supplier	22	25,510		1.8	%	17.8
Fedrigoni S.p.A (b)	Industrial and warehouse facilities in Germany, Italy and Spain leased to global manufacturer of premium packaging and labels	16	25,033		1.7	%	18.4
Eroski Sociedad Cooperative (b)	Grocery stores and warehouses in Spain leased to Spanish food retailer	63	23,811		1.6	%	10.7
Nord Anglia Education, Inc.	K-12 private schools in Orlando, Miami and Houston leased to international day and boarding school operator	3	23,599		1.6	%	18.2
Top 10 Total		251	284,485		19.4	%	14.8
Quikrete Holdings, Inc. (b)	Industrial facilities in the U.S. and Canada leased to concrete and building products manufacturer	27	20,662		1.4	%	18.0
Berry Global Inc.	Manufacturing facilities in the U.S. leased to international producer and supplier of packaging solutions	8	20,616		1.4	%	13.3
Kesko Senukai (b)	Distribution facilities and retail properties in Lithuania, Estonia and Latvia leased to European DIY retailer	20	20,077		1.4	%	6.6
Pendragon PLC (b)	Dealerships in the United Kingdom leased to automotive retailer	47	19,096		1.3	%	13.1
Advance Auto Parts, Inc.	Distribution facilities in the U.S. leased to automotive aftermarket parts provider	28	18,980		1.3	%	7.6
Do It Best Corp. (formerly True Value Company, LLC) (e)	Distribution facilities and manufacturing facility in the U.S. leased to global hardware wholesaler	8	17,889		1.2	%	5.2
Maker’s Pride (formerly Hearthside Food Solutions LLC)	Production, packaging and distribution facilities in the U.S. leased to North American contract food manufacturer	18	17,206		1.2	%	17.1
Koninklijke Jumbo Food Groep B.V (b)	Logistics and cold storage warehouse facilities in the Netherlands leased to European supermarket chain	5	16,849		1.1	%	6.5
Danske Fragtmaend Ejendomme A/S (b)	Distribution facilities in Denmark leased to Danish freight company	15	15,074		1.0	%	11.6
Dollar General Corporation	Retail properties in the U.S. leased to discount retailer	110	14,836		1.0	%	13.8
Top 20 Total		537	465,770		31.7	%	13.5
Intergamma Bouwmarkten B.V. (b)	Retail properties in the Netherlands leased to European DIY retailer	36	14,410		1.0	%	8.1
Dick’s Sporting Goods, Inc.	Retail properties and single distribution facility in the U.S. leased to sporting goods retailer	9	13,616		0.9	%	6.1
Premium Brands Holdings Corporation	Food processing facility in Tennessee leased to global specialty food manufacturer	1	12,616		0.9	%	25.1
Lineage	Cold storage warehouse facilities in the Los Angeles and San Francisco areas leased to publicly traded cold storage REIT	4	11,862		0.8	%	5.4
Henkel AG & Co. KGaA	Distribution facility in Kentucky leased to global provider of consumer products and adhesives	1	11,624		0.8	%	16.8
Top 25 Total (f)		588	$	529,898	36.1	%	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)On March 28, 2025, we executed an agreement giving us the right to terminate the leases at (i) seven properties on September 15, 2025 with ABR totaling $5.2 million and (ii) five properties on September 15, 2026 with ABR totaling $3.5 million.

(d)Of the 22 properties leased to TI Automotive, nine are located in Canada, seven are located in the United States, and six are located in Mexico.

(e)In connection with certain lease assignments with Do It Best Corp., this tenant occupied two of these properties through June 30, 2025, after which those leases expired and the properties were vacated. Do It Best Corp. continues to occupy six properties with ABR totaling $14.2 million and a weighted-average lease term of 6.5 years.

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


						Investing for the Long Run® \| 21

W. P. Carey Inc.

Real Estate – Second Quarter 2025


Diversification by Property Type

In thousands, except percentages. Pro rata. As of June 30, 2025.


	Total Net-Lease Portfolio
Property Type	ABR		ABR %		Square Footage (a)	Square Footage %
U.S.
Industrial	$	381,081	25.9	%	56,865	31.9	%
Warehouse	228,174		15.5	%	43,384	24.4	%
Retail (b)	108,048		7.4	%	4,994	2.8	%
Other (c)	167,212		11.4	%	9,385	5.3	%
U.S. Total	884,515		60.2	%	114,628	64.4	%

International
Industrial	173,356		11.8	%	22,387	12.6	%
Warehouse	156,839		10.7	%	22,077	12.4	%
Retail (b)	220,134		14.9	%	17,133	9.6	%
Other (c)	34,708		2.4	%	1,760	1.0	%
International Total	585,037		39.8	%	63,357	35.6	%

Total
Industrial	554,437		37.7	%	79,252	44.5	%
Warehouse	385,013		26.2	%	65,461	36.8	%
Retail (b)	328,182		22.3	%	22,127	12.4	%
Other (c)	201,920		13.8	%	11,145	6.3	%
Total (d)	$	1,469,552	100.0	%	177,985	100.0	%

________

(a)Includes square footage for vacant properties.

(b)Includes automotive dealerships.

(c)Includes ABR from tenants with the following property types: education facility, self-storage (net lease), specialty, laboratory, research and development, hotel (net lease), office 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 2025


Diversification by Tenant Industry

In thousands, except percentages. Pro rata. As of June 30, 2025.


	Total Net-Lease Portfolio
Industry Type (a)	ABR		ABR %		Square Footage	Square Footage %
Food Retail	$	151,160	10.3	%	11,744	6.6	%
Packaged Foods & Meats	134,038		9.1	%	16,478	9.3	%
Home Improvement Retail	105,607		7.2	%	12,823	7.2	%
Auto Parts & Equipment	83,231		5.7	%	12,471	7.0	%
Automotive Retail	77,345		5.3	%	7,038	4.0	%
Education Services	59,787		4.1	%	2,778	1.6	%
Pharmaceuticals	47,850		3.3	%	3,076	1.7	%
Air Freight & Logistics	46,366		3.1	%	7,075	4.0	%
Trading Companies & Distributors	41,782		2.8	%	9,486	5.3	%
Self-Storage REITs	40,139		2.7	%	3,082	1.7	%
Building Products	35,315		2.4	%	7,643	4.3	%
Industrial Machinery	32,347		2.2	%	5,045	2.8	%
Metal & Glass Containers	31,465		2.1	%	4,301	2.4	%
Other Specialty Retail	28,845		2.0	%	3,233	1.8	%
Paper Products	25,033		1.7	%	4,458	2.5	%
Specialty Chemicals	24,393		1.7	%	4,303	2.4	%
Diversified Support Services	23,909		1.6	%	2,372	1.3	%
Construction Materials	23,575		1.6	%	3,781	2.1	%
Construction Machinery	18,832		1.3	%	2,528	1.4	%
Food Distributors	18,339		1.2	%	1,552	0.9	%
Diversified Metals	17,979		1.2	%	3,622	2.0	%
Leisure Facilities	17,593		1.2	%	645	0.4	%
Consumer Staples Merchandise Retail	17,036		1.2	%	1,456	0.8	%
Hotels & Resorts	16,329		1.1	%	1,073	0.6	%
Commodity Chemicals	16,192		1.1	%	2,493	1.4	%
Passenger Ground Transportation	15,517		1.1	%	780	0.5	%
Other (62 industries, each <1% ABR) (b)	319,548		21.7	%	42,649	24.0	%
Total (c)	$	1,469,552	100.0	%	177,985	100.0	%

________

(a)Industry classification is based on the Global Industry Classification Standard (GICS) framework.

(b)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 2025


Diversification by Geography

In thousands, except percentages. Pro rata. As of June 30, 2025.


	Total Net-Lease Portfolio
Region	ABR		ABR %		Square Footage (a)	Square Footage %
U.S.
Midwest
Illinois	$	63,025	4.3	%	9,474	5.3	%
Ohio	42,946		2.9	%	8,384	4.7	%
Indiana	39,978		2.7	%	6,162	3.5	%
Michigan	26,827		1.8	%	4,488	2.5	%
Wisconsin	19,609		1.4	%	3,340	1.9	%
Other (b)	50,803		3.5	%	6,918	3.9	%
Total Midwest	243,188		16.6	%	38,766	21.8	%
South
Texas	86,041		5.9	%	10,780	6.0	%
Florida	42,845		2.9	%	3,684	2.1	%
Tennessee	39,007		2.7	%	4,572	2.6	%
Georgia	25,300		1.7	%	4,378	2.4	%
Alabama	21,171		1.4	%	3,504	2.0	%
Other (b)	26,469		1.8	%	3,024	1.7	%
Total South	240,833		16.4	%	29,942	16.8	%
East
North Carolina	40,969		2.8	%	8,858	5.0	%
Pennsylvania	32,542		2.2	%	3,416	1.9	%
Kentucky	29,249		2.0	%	4,485	2.5	%
New York	22,561		1.5	%	2,284	1.3	%
New Jersey	22,330		1.5	%	1,008	0.5	%
Massachusetts	20,310		1.4	%	1,216	0.7	%
South Carolina	19,428		1.3	%	4,485	2.5	%
Other (b)	34,978		2.4	%	5,287	3.0	%
Total East	222,367		15.1	%	31,039	17.4	%
West
California	71,578		4.9	%	5,282	3.0	%
Arizona	22,299		1.5	%	2,372	1.3	%
Nevada	17,714		1.2	%	485	0.3	%
Utah	14,860		1.0	%	2,021	1.1	%
Other (b)	51,676		3.5	%	4,721	2.7	%
Total West	178,127		12.1	%	14,881	8.4	%
U.S. Total	884,515		60.2	%	114,628	64.4	%
International
Italy	69,128		4.7	%	8,902	5.0	%
The Netherlands	66,864		4.6	%	6,784	3.8	%
Poland	65,929		4.5	%	8,460	4.8	%
Germany	56,422		3.8	%	6,114	3.4	%
Canada (c)	56,261		3.8	%	5,450	3.1	%
United Kingdom	54,369		3.7	%	4,412	2.5	%
Spain	34,042		2.3	%	3,266	1.8	%
Croatia	29,254		2.0	%	2,063	1.2	%
Denmark	27,571		1.9	%	3,002	1.7	%
France	25,243		1.7	%	1,679	0.9	%
Mexico (d)	22,541		1.5	%	3,604	2.0	%
Lithuania	15,117		1.0	%	1,640	0.9	%
Other (e)	62,296		4.3	%	7,981	4.5	%
International Total	585,037		39.8	%	63,357	35.6	%
Total (f)	$	1,469,552	100.0	%	177,985	100.0	%

________

(a)Includes square footage for vacant properties.

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

(c)$50.3 million (89%) of ABR from properties in Canada is denominated in U.S. dollars, with the balance denominated in Canadian dollars.

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

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

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


						Investing for the Long Run® \| 24

W. P. Carey Inc.

Real Estate – Second Quarter 2025


Contractual Rent Increases

In thousands, except percentages. Pro rata. As of June 30, 2025.


	Total Net-Lease Portfolio
Rent Adjustment Measure	ABR		ABR %		Square Footage	Square Footage %
Uncapped CPI	$	463,035	31.5	%	44,566	25.0	%
Capped CPI	272,027		18.5	%	37,943	21.3	%
CPI-linked	735,062		50.0	%	82,509	46.3	%
Fixed	680,581		46.3	%	88,388	49.7	%
Other (a)	47,859		3.3	%	3,509	2.0	%
None	6,050		0.4	%	298	0.2	%
Vacant	—		—	%	3,281	1.8	%
Total (b)	$	1,469,552	100.0	%	177,985	100.0	%

________

(a)Represents leases which include a percentage rent component. Includes $40.1 million (2.7%) of ABR from a tenant (Extra Space Storage, Inc.), which has both a percentage rent component and annual fixed rent increases in its lease.

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


						Investing for the Long Run® \| 25

W. P. Carey Inc.

Real Estate – Second Quarter 2025


Same-Store Analysis

Dollars in thousands. Pro rata.

Contractual Same-Store Growth

Same-store portfolio includes leases on our net leased properties that were continuously in place during the period from June 30, 2024 to June 30, 2025. 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, 2025.


	ABR
	As of
	Jun. 30, 2025		Jun. 30, 2024		Increase		% Increase
Property Type
Industrial	$	424,319	$	414,199	$	10,120	2.4	%
Warehouse	359,819		352,339		7,480		2.1	%
Retail (a)	287,058		280,586		6,472		2.3	%
Other (b)	142,647		138,954		3,693		2.7	%
Total	$	1,213,843	$	1,186,078	$	27,765	2.3	%

Rent Adjustment Measure
Uncapped CPI	$	411,012	$	399,848	$	11,164	2.8	%
Capped CPI	258,380		252,627		5,753		2.3	%
CPI-linked	669,392		652,475		16,917		2.6	%
Fixed	532,473		521,625		10,848		2.1	%
Other (c)	7,545		7,545		—		—	%
None	4,433		4,433		—		—	%
Total	$	1,213,843	$	1,186,078	$	27,765	2.3	%

Geography
U.S.	$	676,762	$	662,692	$	14,070	2.1	%
Europe	464,105		452,422		11,683		2.6	%
Other International (d)	72,976		70,964		2,012		2.8	%
Total	$	1,213,843	$	1,186,078	$	27,765	2.3	%

Same-Store Portfolio Summary
Number of properties	1,113
Square footage (in thousands)	149,776


						Investing for the Long Run® \| 26

W. P. Carey Inc.

Real Estate – Second Quarter 2025

Comprehensive Same-Store Growth

Same-store portfolio includes net leased properties that were continuously owned and in place during the quarter ended June 30, 2024 through June 30, 2025 (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, 2025. 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, 2025		Jun. 30, 2024		Increase		% Increase
Property Type
Industrial	$	112,904	$	109,034	$	3,870	3.5	%
Warehouse	90,578		88,249		2,329		2.6	%
Retail (a)	72,811		69,088		3,723		5.4	%
Other (b)	41,374		39,196		2,178		5.6	%
Total	$	317,667	$	305,567	$	12,100	4.0	%

Rent Adjustment Measure
Uncapped CPI	$	107,851	$	100,920	$	6,931	6.9	%
Capped CPI	65,344		64,604		740		1.1	%
CPI-linked	173,195		165,524		7,671		4.6	%
Fixed	134,268		130,379		3,889		3.0	%
Other (c)	8,760		8,266		494		6.0	%
None	1,444		1,398		46		3.3	%
Total	$	317,667	$	305,567	$	12,100	4.0	%

Geography
U.S.	$	181,738	$	175,678	$	6,060	3.4	%
Europe	117,463		111,827		5,636		5.0	%
Other International (d)	18,466		18,062		404		2.2	%
Total	$	317,667	$	305,567	$	12,100	4.0	%

Same-Store Portfolio Summary
Number of properties	1,185
Square footage (in thousands)	158,641


						Investing for the Long Run® \| 27

W. P. Carey Inc.

Real Estate – Second Quarter 2025

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


	Three Months Ended
	Jun. 30, 2025		Jun. 30, 2024
Consolidated Lease Revenues
Total lease revenues – as reported	$	364,195	$	324,104
Income from finance leases and loans receivable	20,276		14,961
Less: Reimbursable tenant costs – as reported	(17,718)		(14,004)
Less: Income from secured loans receivable	(641)		—
	366,112		325,061

Adjustments for Pro Rata Ownership of Real Estate Joint Ventures:
Add: Pro rata share of adjustments from equity method investments	7,059		3,572
Less: Pro rata share of adjustments for noncontrolling interests	(237)		(203)
	6,822		3,369

Adjustments for Pro Rata Non-Cash Items:
Less: Straight-line and other leasing and financing adjustments	(15,374)		(15,310)
Add: Above- and below-market rent intangible lease amortization	5,061		5,766
Less: Adjustments for pro rata ownership	(77)		(1,069)
	(10,390)		(10,613)

Adjustment to normalize for (i) properties not continuously owned since April 1, 2024 and (ii) constant currency presentation for prior year quarter (e)	(44,877)		(12,250)

Same-Store Pro Rata Rental Income	$	317,667	$	305,567

________

(a)Includes automotive dealerships.

(b)Includes ABR or same-store pro rata rental income from tenants with the following property types: education facility, self-storage (net lease), specialty, laboratory, research and development, hotel (net lease), office 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, 2024 through June 30, 2025. In addition, for the three months ended June 30, 2024, an adjustment is made to reflect average exchange rates for the three months ended June 30, 2025 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 2025


Leasing Activity

Dollars in thousands. For the three months ended June 30, 2025, 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	—	—	$	—		$	—	—	%	$	—	$	—	N/A
Warehouse	316,362	1	2,256			1,512		67.0	%	—		—		5.0 years
Retail	101,641	1	957			957		100.0	%	—		—		6.0 years
Self-Storage (net lease)	—	—	—			—		—	%	—		—		N/A
Other	—	—	—			—		—	%	—		—		N/A
Total / Weighted Average	418,003	2	$	3,213		$	2,469	76.8	%	$	—	$	—	5.4 years

Q2 Summary
Prior Lease ABR (% of Total Portfolio)			0.2		%


New Leases (d)					Property and Tenant Improvements (c)		Leasing Commissions
			ABR
Property Type	Square Feet	Number of Leases	New Lease (b)						New Lease Term
Industrial	—	—	$	—	$	—	$	—	N/A
Warehouse	162,093	1	958		141		282		5.0 years
Retail	17,072	1	233		—		—		11.7 years
Self-Storage (net lease) (e)	257,679	2	2,499		—		—		24.4 years
Other	—	—	—		—		—		N/A
Total / Weighted Average (f)	436,844	4	$	3,690	$	141	$	282	18.6 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)Excludes certain lease assignments from True Value Company, LLC to Do It Best Corp. at six properties, which resulted in no change to ABR.

(e)On April 1, 2025, we converted two self-storage operating properties to net leases.

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


						Investing for the Long Run® \| 29

W. P. Carey Inc.

Real Estate – Second Quarter 2025


Lease Expirations

Dollars and square footage in thousands. Pro rata. As of June 30, 2025.


Year of Lease Expiration (a)	Number of Leases Expiring	Number of Tenants with Leases Expiring	ABR		ABR %		Square Footage	Square Footage %
Remaining 2025	14	11	$	17,450	1.2	%	2,414	1.4	%
2026	21	21	37,954		2.6	%	5,472	3.1	%
2027	44	27	63,261		4.3	%	6,844	3.8	%
2028	44	27	67,692		4.6	%	6,745	3.8	%
2029	60	33	78,233		5.3	%	8,649	4.9	%
2030	36	31	40,329		2.7	%	4,036	2.3	%
2031	45	26	88,685		6.0	%	10,428	5.9	%
2032	46	25	55,531		3.8	%	7,316	4.1	%
2033	32	25	82,934		5.6	%	11,790	6.6	%
2034	59	27	94,918		6.5	%	9,464	5.3	%
2035	23	19	49,958		3.4	%	7,348	4.1	%
2036	44	20	65,324		4.5	%	7,776	4.4	%
2037	41	18	46,729		3.2	%	6,826	3.8	%
2038	47	14	28,162		1.9	%	2,806	1.6	%
Thereafter (>2038)	359	125	652,392		44.4	%	76,790	43.1	%
Vacant	—	—	—		—	%	3,281	1.8	%
Total (b)	915		$	1,469,552	100.0	%	177,985	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 2025


Self-Storage Operating Properties Portfolio

Square footage in thousands. Pro rata. As of June 30, 2025.


State / District	Number of Properties (a)	Number of Units	Square Footage	Square Footage %		Period End Occupancy
Texas	13	7,512	936	19.5	%	89.0	%
Florida	12	8,956	885	18.5	%	91.0	%
Illinois	10	4,822	665	13.9	%	90.5	%
California	8	5,440	677	14.2	%	94.4	%
Nevada	3	2,423	243	5.1	%	85.4	%
Delaware	3	1,678	241	5.0	%	93.4	%
Georgia	2	927	105	2.2	%	85.1	%
Hawaii	2	956	95	2.0	%	94.7	%
Tennessee	2	884	122	2.5	%	91.4	%
North Carolina	1	947	121	2.5	%	95.4	%
Washington, DC	1	880	67	1.4	%	94.7	%
Arkansas	1	843	115	2.4	%	66.0	%
New York	1	793	61	1.3	%	87.6	%
Kentucky	1	762	121	2.5	%	95.5	%
Ohio	1	598	73	1.5	%	88.8	%
Louisiana	1	541	59	1.3	%	90.2	%
South Carolina	1	490	63	1.3	%	94.3	%
Massachusetts	1	482	58	1.2	%	94.9	%
Oregon	1	442	40	0.8	%	96.1	%
Missouri	1	329	41	0.9	%	94.6	%
Total (b)	66	40,705	4,788	100.0	%	90.6	%

________

(a)We sold four properties in Florida and one property in Texas in July 2025.

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


						Investing for the Long Run® \| 31

W. P. Carey Inc.

Appendix

Second Quarter 2025


						Investing for the Long Run® \| 32

W. P. Carey Inc.

Appendix – Second Quarter 2025


Normalized Pro Rata Cash NOI

In thousands.


	Three Months Ended Jun. 30, 2025
Consolidated Lease Revenues
Total lease revenues – as reported	$	364,195
Income from finance leases and loans receivable – as reported	20,276
Less: Income from secured loans receivable	(641)

Less: Consolidated Reimbursable and Non-Reimbursable Property Expenses
Reimbursable property expenses – as reported	17,718
Non-reimbursable property expenses – as reported	13,623
	352,489

Plus: NOI from Operating Properties
Self-storage revenues	20,862
Self-storage expenses	(7,717)
	13,145

Hotel revenues	10,105
Hotel expenses	(7,784)
	2,321

Student housing and other revenues	3,320
Student housing and other expenses	(1,220)
	2,100

	370,055

Adjustments for Pro Rata Ownership of Real Estate Joint Ventures:
Add: Pro rata share of NOI from equity method investments	6,630
Less: Pro rata share of NOI attributable to noncontrolling interests	(212)
	6,418

	376,473

Adjustments for Pro Rata Non-Cash Items:
Less: Straight-line and other leasing and financing adjustments	(15,374)
Add: Above- and below-market rent intangible lease amortization	5,061
Add: Other non-cash items	486
	(9,827)

Pro Rata Cash NOI (a)	366,646

Adjustment to normalize for net lease investments and dispositions (b)	4,015
Adjustment to normalize for operating property dispositions (b)	(1,483)

Normalized Pro Rata Cash NOI (a)	$	369,178


						Investing for the Long Run® \| 33

W. P. Carey Inc.

Appendix – Second Quarter 2025

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, 2025
Net Income Attributable to W. P. Carey
Net income attributable to W. P. Carey – as reported	$	51,220
Adjustments for Consolidated Operating Expenses
Add: Operating expenses – as reported	208,291
Less: Operating property expenses – as reported	(16,721)
Less: Property expenses, excluding reimbursable tenant costs – as reported	(13,623)
	177,947

Adjustments for Other Consolidated Revenues and Expenses:
Add: Other income and (expenses) – as reported	158,083
Less: Reimbursable property expenses – as reported	(17,718)
Add: Provision for income taxes – as reported	13,091
Less: Other lease-related income – as reported	(9,643)
Less: Asset management fees revenue – as reported	(1,304)
Less: Other advisory income and reimbursements – as reported	(1,072)
	141,437

Other Adjustments:
Less: Straight-line and other leasing and financing adjustments	(15,374)
Add: Adjustments for pro rata ownership	6,537
Add: Above- and below-market rent intangible lease amortization	5,061
Adjustment to normalize for net lease investments and dispositions (b)	4,015
Adjustment to normalize for operating property dispositions (b)	(1,483)
Less: Income from secured loans receivable	(641)
Add: Property expenses, excluding reimbursable tenant costs, non-cash	459
	(1,426)

Normalized Pro Rata Cash NOI (a)	$	369,178

________

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

(b)For properties acquired and capital investments and commitments completed during the three months ended June 30, 2025, 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, 2025, 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 2025


Adjusted EBITDA – Last Five Quarters

In thousands.


	Three Months Ended
	Jun. 30, 2025		Mar. 31, 2025		Dec. 31, 2024		Sep. 30, 2024		Jun. 30, 2024
Net income	$	51,312	$	125,816	$	47,038	$	111,652	$	142,854

Adjustments to Derive Adjusted EBITDA (a)
Other (gains) and losses (b)	148,768		42,197		77,224		77,107		(2,504)
Depreciation and amortization	120,595		129,607		115,770		115,705		137,481
Interest expense	71,795		68,804		70,883		72,526		65,307
Gain on sale of real estate, net	(52,824)		(43,777)		(4,480)		(15,534)		(39,363)
Straight-line and other leasing and financing adjustments (c)	(15,374)		(19,033)		(24,849)		(21,187)		(15,310)
Provision for income taxes	13,091		11,632		7,772		9,044		6,219
Stock-based compensation expense	10,943		9,148		9,667		13,468		8,903
Above- and below-market rent intangible lease amortization	5,061		1,123		10,047		6,263		5,766
Impairment charges — real estate	4,349		6,854		27,843		—		15,752
Other amortization and non-cash charges	458		442		436		459		454
Merger and other expenses	192		556		(484)		283		206
Gain on change in control of interests (d)	—		—		—		(31,849)		—
	307,054		207,553		289,829		226,285		182,911

Adjustments for Pro Rata Ownership
Real Estate Joint Ventures:
Add: Pro rata share of adjustments for equity method investments	3,312		2,309		5,975		1,312		1,242
Less: Pro rata share of adjustments for amounts attributable to noncontrolling interests	(308)		(179)		(214)		(213)		(234)
	3,004		2,130		5,761		1,099		1,008

Adjusted EBITDA (e)	$	361,370	$	335,499	$	342,628	$	339,036	$	326,773

________

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

(b)Primarily comprised of gains and losses on the mark-to-market fair value of equity securities, foreign currency exchange rate movements, changes in the non-cash allowance for credit losses on loans receivable and finance leases, and extinguishment of debt. Amounts from period to period will not be comparable due to unpredictable fluctuations in these gains and losses. Amount for the three months ended June 30, 2025 includes a mark-to-market unrealized loss for our investment in shares of Lineage of $69.0 million. Amount for the three months ended December 31, 2024 includes a mark-to-market unrealized loss for our investment in shares of Lineage of $90.4 million. Amount for the three months ended September 30, 2024 includes a mark-to-market unrealized loss for our investment in shares of Lineage of $43.6 million.

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

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

(e)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 2025


Disclosures Regarding Non-GAAP and Other Metrics

Non-GAAP Financial Disclosures

FFO and AFFO

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

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

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

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

Same-Store Pro Rata Rental Income

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

Pro Rata Cash NOI

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


						Investing for the Long Run® \| 36

W. P. Carey Inc.

Appendix – Second Quarter 2025

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, 2025 is equal to $269.1 million, comprised of interest expense calculated in accordance with GAAP ($284.0 million), plus capitalized interest ($1.1 million) and other non-cash amortization expense ($0.1 million), less amortization of deferred financing costs and debt premiums/discounts ($19.1 million), adjusted for pro rata ownership ($3.2 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, 2025. 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