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W. P. Carey Inc.

Supplemental Information

Third Quarter 2025

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Terms and Definitions

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

REIT			Real estate investment trust
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
CORRA			Canadian Overnight Repo Rate Average
SONIA			Sterling Overnight Index Average

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.

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W. P. Carey Inc.

Supplemental Information – Third 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			19
Dispositions			20
Joint Ventures			21
Top 25 Tenants			22
Diversification by Property Type			23
Diversification by Tenant Industry			24
Diversification by Geography			25
Contractual Rent Increases			26
Same-Store Analysis			27
Leasing Activity			30
Lease Expirations			31
Self-Storage Operating Properties Portfolio			32
Appendix
Normalized Pro Rata Cash NOI			34
Adjusted EBITDA – Last Five Quarters			36
Reconciliation of Net Debt to Adjusted EBITDA			37
Disclosures Regarding Non-GAAP and Other Metrics			38

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W. P. Carey Inc.

Overview – Third Quarter 2025

Summary Metrics

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

Financial Results
Revenues, including reimbursable costs – consolidated ($000s)																											$	431,303
Net income attributable to W. P. Carey ($000s)																											140,996
Net income attributable to W. P. Carey per diluted share																											0.64
Normalized pro rata cash NOI ($000s) (a) (b)																											372,194
Adjusted EBITDA ($000s) (a) (b)																											360,529
AFFO attributable to W. P. Carey ($000s) (a) (b)																											276,629
AFFO attributable to W. P. Carey per diluted share (a) (b)																											1.25
Dividends declared per share – current quarter																											0.910
Dividends declared per share – current quarter annualized																											3.640
Dividend yield – annualized, based on quarter end share price of $67.57																											5.4		%
Dividend payout ratio – for the nine months ended September 30, 2025 (c)																											73.0		%
Balance Sheet and Capitalization
Equity market capitalization – based on quarter end share price of $67.57 ($000s)																											$	14,807,600
Net debt ($000s) (d)																											8,537,449
Enterprise value ($000s)																											23,345,049
Total consolidated debt ($000s)																											8,684,639
Gross assets ($000s) (e)																											20,017,583
Liquidity ($000s) (f)																											2,140,020
Net debt to enterprise value (b)																											36.6		%
Net debt to adjusted EBITDA (annualized) (a) (b)																											5.9x
Net debt to adjusted EBITDA (annualized) – inclusive of unsettled forward equity (a) (b) (g)																											5.8x
Total consolidated debt to gross assets																											43.4		%
Total consolidated secured debt to gross assets																											1.0		%
Cash interest expense coverage ratio (a) (b)																											5.2x
Weighted-average interest rate – for the three months ended September 30, 2025 (b)																											3.2		%
Weighted-average interest rate – as of September 30, 2025 (b)																											3.1		%
Weighted-average debt maturity (years) (b)																											4.5
Moody's Investors Service – issuer rating																											Baa1 (stable)
Standard & Poor's Ratings Services – issuer rating																											BBB+ (stable)
Real Estate Portfolio (Pro Rata)
ABR – total portfolio ($000s) (h)																											$	1,509,230
ABR – unencumbered portfolio (% / $000s) (h) (i)															96.6% /												$	1,457,791
Number of net-leased properties																											1,662
Number of operating properties (j)																											47
Number of tenants – net-leased properties																											373
ABR from top ten tenants as a % of total ABR – net-leased properties																											18.6		%
ABR from investment grade tenants as a % of total ABR – net-leased properties (k)																											21.9		%
Contractual same-store growth (l)																											2.4		%
Net-leased properties – square footage (millions)																											182.8
Occupancy – net-leased properties																											97.0		%
Weighted-average lease term (years)																											12.1
Investment volume – current quarter ($000s)																											$	656,396
Dispositions – current quarter ($000s)																											495,201
Maximum commitment for capital investments and commitments expected to be completed during 2025 ($000s)																											67,084

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W. P. Carey Inc.

Overview – Third 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 $984.8 million and above-market rent intangible assets of $491.4 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, (iii) cash held at qualified intermediaries, and (iv) available proceeds under our forward equity sale agreements. See the Components of Net Asset Value section for information about cash held at qualified intermediaries.

(g)Reflects the impact of 2,757,370 shares of unsettled forward equity as of September 30, 2025, as if they had been settled for cash at a weighted-average net settlement price of $66.29 per share.

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

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

(j)Comprised of 42 self-storage properties, four hotels and one student housing properties.

(k)Percentage of portfolio is based on ABR, as of September 30, 2025. Includes tenants or guarantors with investment grade ratings (16.0%) and subsidiaries of non-guarantor parent companies with investment grade ratings (5.9%). Investment grade refers to an entity with a rating of BBB- or higher from Standard & Poor’s Ratings Services or Baa3 or higher from Moody’s Investors Service. See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of ABR.

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

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W. P. Carey Inc.

Overview – Third Quarter 2025

Components of Net Asset Value

In thousands.

Normalized Pro Rata Cash NOI (a) (b)															Three Months Ended Sep. 30, 2025
Net lease properties															$	362,680
Self-storage and other operating properties (c)															9,514
Total normalized pro rata cash NOI (a) (b)															$	372,194
Balance Sheet – Selected Information (Consolidated Unless Otherwise Stated)															As of Sep. 30, 2025
Assets
Book value of real estate excluded from normalized pro rata cash NOI (d)															$	290,299
Cash and cash equivalents															249,029
Las Vegas retail complex construction loan (e)															245,884
Other secured loans receivable, net															34,692
Other assets, net:
Straight-line rent adjustments															$	444,240
Investment in shares of Lineage (a cold storage REIT) (f)															179,203
Deferred charges															74,397
Cash held at qualified intermediaries (g)															64,071
Taxes receivable															58,043
Office lease right-of-use assets, net															48,638
Non-rent tenant and other receivables															45,337
Restricted cash, including escrow (excludes cash held at qualified intermediaries)															36,476
Deferred income taxes															22,702
Prepaid expenses															19,863
Leasehold improvements, furniture and fixtures															11,217
Securities and derivatives															1,904
Rent receivables (h)															1,867
Due from affiliates															1,035
Other															20,252
Total other assets, net															$	1,029,245
Liabilities
Total pro rata debt outstanding (b) (i)															$	8,850,549
Dividends payable															204,722
Deferred income taxes															164,846
Accounts payable, accrued expenses and other liabilities:
Accounts payable and accrued expenses															$	172,541
Prepaid and deferred rents															151,958
Operating lease liabilities															145,119
Tenant security deposits															55,954
Accrued taxes payable															45,238
Securities and derivatives															20,608
Other															55,917
Total accounts payable, accrued expenses and other liabilities															$	647,335

________

(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 one student housing property.

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

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

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

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W. P. Carey Inc.

Overview – Third Quarter 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 $41.7 million and unamortized deferred financing costs totaling $31.7 million as of September 30, 2025.

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W. P. Carey Inc.

Financial Results

Third Quarter 2025

						Investing for the Long Run® | 5

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W. P. Carey Inc.

Financial Results – Third Quarter 2025

Consolidated Statements of Income – Last Five Quarters

In thousands, except share and per share amounts.

			Three Months Ended
			Sep. 30, 2025						Jun. 30, 2025						Mar. 31, 2025						Dec. 31, 2024						Sep. 30, 2024
Revenues
Real Estate:
Lease revenues			$	372,087					$	364,195					$	353,768					$	351,394					$	334,039
Income from finance leases and loans receivable			26,498						20,276						17,458						16,796						15,712
Operating property revenues			26,771						34,287						33,094						34,132						37,323
Other lease-related income			3,660						9,643						3,121						1,329						7,701
			429,016						428,401						407,441						403,651						394,775
Investment Management:
Asset management revenue			1,218						1,304						1,350						1,461						1,557
Other advisory income and reimbursements			1,069						1,072						1,067						1,053						1,051
			2,287						2,376						2,417						2,514						2,608
			431,303						430,777						409,858						406,165						397,383
Operating Expenses
Depreciation and amortization			125,586						120,595						129,607						115,770						115,705
General and administrative			23,656						24,150						26,967						24,254						22,679
Impairment charges — real estate			19,474						4,349						6,854						27,843						—
Operating property expenses			15,049						16,721						16,544						16,586						17,765
Property expenses, excluding reimbursable tenant costs			14,637						13,623						11,706						12,580						10,993
Reimbursable tenant costs			14,562						17,718						17,092						15,661						13,337
Stock-based compensation expense			11,153						10,943						9,148						9,667						13,468
Merger and other expenses			1,021						192						556						(484)						283
			225,138						208,291						218,474						221,877						194,230
Other Income and Expenses
Interest expense			(75,226)						(71,795)						(68,804)						(70,883)						(72,526)
Gain on sale of real estate, net			44,401						52,824						43,777						4,480						15,534
Other gains and (losses) (a)			(31,011)						(148,768)						(42,197)						(77,224)						(77,107)
Non-operating income (b)			3,030						3,495						7,910						13,847						13,669
Earnings from equity method investments			2,361						6,161						5,378						302						6,124
Gain on change in control of interests (c)			—						—						—						—						31,849
			(56,445)						(158,083)						(53,936)						(129,478)						(82,457)
Income before income taxes			149,720						64,403						137,448						54,810						120,696
Provision for income taxes			(8,495)						(13,091)						(11,632)						(7,772)						(9,044)
Net Income			141,225						51,312						125,816						47,038						111,652
Net (income) loss attributable to noncontrolling interests			(229)						(92)						8						(15)						46
Net Income Attributable to W. P. Carey			$	140,996					$	51,220					$	125,824					$	47,023					$	111,698
Basic Earnings Per Share			$	0.64					$	0.23					$	0.57					$	0.21					$	0.51
Diluted Earnings Per Share			$	0.64					$	0.23					$	0.57					$	0.21					$	0.51
Weighted-Average Shares Outstanding
Basic			220,562,909						220,569,259						220,401,156						220,223,239						220,221,366
Diluted			221,087,833						220,874,935						220,720,310						220,577,900						220,404,149
Dividends Declared Per Share			$	0.910					$	0.900					$	0.890					$	0.880					$	0.875

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(a)Amount for the three months ended September 30, 2025 is primarily comprised of a mark-to-market unrealized loss for our investment in shares of Lineage of $22.6 million, a non-cash allowance for credit losses of $4.8 million and net losses on foreign currency exchange rate movements of $4.4 million.

(b)Amount for the three months ended September 30, 2025 is comprised of a dividend of $2.8 million from our investment in shares of Lineage, interest income on deposits of $1.7 million and realized losses on foreign currency exchange derivatives of $1.5 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.

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W. P. Carey Inc.

Financial Results – Third Quarter 2025

FFO and AFFO, Consolidated – Last Five Quarters

In thousands, except share and per share amounts.

			Three Months Ended
			Sep. 30, 2025						Jun. 30, 2025						Mar. 31, 2025						Dec. 31, 2024						Sep. 30, 2024
Net income attributable to W. P. Carey			$	140,996					$	51,220					$	125,824					$	47,023					$	111,698
Adjustments:
Depreciation and amortization of real property			124,906						119,930						128,937						115,107						115,028
Gain on sale of real estate, net			(44,401)						(52,824)						(43,777)						(4,480)						(15,534)
Impairment charges — real estate			19,474						4,349						6,854						27,843						—
Gain on change in control of interests (a)			—						—						—						—						(31,849)
Proportionate share of adjustments to earnings from equity method investments (b)			2,271						2,231						1,643						2,879						3,028
Proportionate share of adjustments for noncontrolling interests (c)			(82)						(82)						(78)						(79)						(96)
Total adjustments			102,168						73,604						93,579						141,270						70,577
FFO (as defined by NAREIT) Attributable to W. P. Carey (d)			243,164						124,824						219,403						188,293						182,275
Adjustments:
Other (gains) and losses (e)			31,011						148,768						42,197						77,224						77,107
Straight-line and other leasing and financing adjustments			(20,424)						(15,374)						(19,033)						(24,849)						(21,187)
Stock-based compensation			11,153						10,943						9,148						9,667						13,468
Amortization of deferred financing costs			4,874						4,628						4,782						4,851						4,851
Above- and below-market rent intangible lease amortization, net			4,363						5,061						1,123						10,047						6,263
Tax (benefit) expense – deferred and other			(1,215)						2,820						(782)						96						(1,576)
Merger and other expenses			1,021						192						556						(484)						283
Other amortization and non-cash items			587						579						560						557						587
Proportionate share of adjustments to earnings from equity method investments (b)			2,194						309						(86)						2,266						(2,632)
Proportionate share of adjustments for noncontrolling interests (c)			(99)						(80)						(48)						(62)						(91)
Total adjustments			33,465						157,846						38,417						79,313						77,073
AFFO Attributable to W. P. Carey (d)			$	276,629					$	282,670					$	257,820					$	267,606					$	259,348
Summary
FFO (as defined by NAREIT) attributable to W. P. Carey (d)			$	243,164					$	124,824					$	219,403					$	188,293					$	182,275
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share (d)			$	1.10					$	0.57					$	0.99					$	0.85					$	0.83
AFFO attributable to W. P. Carey (d)			$	276,629					$	282,670					$	257,820					$	267,606					$	259,348
AFFO attributable to W. P. Carey per diluted share (d)			$	1.25					$	1.28					$	1.17					$	1.21					$	1.18
Diluted weighted-average shares outstanding			221,087,833						220,874,935						220,720,310						220,577,900						220,404,149

________

(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 September 30, 2025 is primarily comprised of a mark-to-market unrealized loss for our investment in shares of Lineage of $22.6 million, a non-cash allowance for credit losses of $4.8 million and net losses on foreign currency exchange rate movements of $4.4 million.

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W. P. Carey Inc.

Financial Results – Third Quarter 2025

Elements of Pro Rata Statement of Income and AFFO Adjustments

In thousands. For the three months ended September 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			$	4,426					$	(268)					$	(13,545)		(c)
Income from finance leases and loans receivable			138						(46)						(727)
Operating property revenues			—												—
Other lease-related income			3						—						—
Investment Management:
Asset management revenue			—						—						—
Other advisory income and reimbursements			—						—						—
Operating Expenses
Depreciation and amortization			2,032						(83)						(126,957)			(d)
General and administrative			(1)						—						—
Impairment charges — real estate			—						—						(19,474)			(e)
Operating property expenses			—						—						(30)			(e)
Property expenses, excluding reimbursable tenant costs			483						(22)						(462)			(e)
Reimbursable tenant costs			802						(42)						—
Stock-based compensation expense			—						—						(11,154)			(e)
Merger and other expenses			—						—						(1,021)
Other Income and Expenses
Interest expense			(810)						2						4,920			(f)
Gain on sale of real estate, net			—						—						(44,402)
Other gains and (losses)			(10)						141						30,880			(g)
Non-operating income			205						—						—
Earnings from equity method investments			(442)						—						383			(h)
Provision for income taxes			(194)						(37)						(974)			(i)
Net income attributable to noncontrolling interests			—						61						—

________

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

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

(c)Represents the reversal of amortization of above- or below-market lease intangibles of $4.4 million and the elimination of non-cash amounts related to straight-line rent and other of $17.9 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)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.

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

(i)Primarily represents the elimination of deferred taxes.

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W. P. Carey Inc.

Financial Results – Third Quarter 2025

Capital Expenditures

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

Turnover Costs (a)
Tenant improvements			$	9,077
Leasing costs			988
Total Tenant Improvements and Leasing Costs			10,065
Property improvements — net-lease properties			1,158
Property improvements — operating properties			50
Total Turnover Costs			$	11,273
Maintenance Capital Expenditures
Net-lease properties			$	677
Operating properties			1,968
Total Maintenance Capital Expenditures			$	2,645

________

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

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W. P. Carey Inc.

Balance Sheets and Capitalization

Third Quarter 2025

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W. P. Carey Inc.

Balance Sheets and Capitalization – Third Quarter 2025

Consolidated Balance Sheets

In thousands, except share and per share amounts.

			September 30, 2025						December 31, 2024
Assets
Investments in real estate:
Land, buildings and improvements — net lease and other			$	14,056,399					$	12,842,869
Land, buildings and improvements — operating properties			626,368						1,198,676
Net investments in finance leases and loans receivable			1,149,856						798,259
In-place lease intangible assets and other			2,405,227						2,297,572
Above-market rent intangible assets			671,501						665,495
Investments in real estate			18,909,351						17,802,871
Accumulated depreciation and amortization (a)			(3,508,787)						(3,222,396)
Assets held for sale, net			8,062						—
Net investments in real estate			15,408,626						14,580,475
Equity method investments			311,173						301,115
Cash and cash equivalents			249,029						640,373
Other assets, net			1,029,245						1,045,218
Goodwill			986,967						967,843
Total assets			$	17,985,040					$	17,535,024
Liabilities and Equity
Debt:
Senior unsecured notes, net			$	6,943,940					$	6,505,907
Unsecured term loans, net			1,194,466						1,075,826
Unsecured revolving credit facility			354,846						55,448
Non-recourse mortgages, net			191,387						401,821
Debt, net			8,684,639						8,039,002
Accounts payable, accrued expenses and other liabilities			647,335						596,994
Below-market rent and other intangible liabilities, net			111,339						119,831
Deferred income taxes			164,846						147,461
Dividends payable			204,722						197,612
Total liabilities			9,812,881						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; 219,144,586 and 218,848,844 shares, respectively, issued and outstanding			219						219
Additional paid-in capital			11,822,063						11,805,179
Distributions in excess of accumulated earnings			(3,484,513)						(3,203,974)
Deferred compensation obligation			80,186						78,503
Accumulated other comprehensive loss			(262,222)						(250,232)
Total stockholders' equity			8,155,733						8,429,695
Noncontrolling interests			16,426						4,429
Total equity			8,172,159						8,434,124
Total liabilities and equity			$	17,985,040					$	17,535,024

________

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

						Investing for the Long Run® | 11

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W. P. Carey Inc.

Balance Sheets and Capitalization – Third Quarter 2025

Capitalization

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

Description												Shares						Share Price						Market Value
Equity
Common equity												219,144,586						$	67.57					$	14,807,600
Preferred equity																								—
Total Equity Market Capitalization																								14,807,600
																								Outstanding Balance (a)
Pro Rata Debt
Non-recourse mortgages																								287,151
Unsecured term loans (due February 14, 2028)																								615,389
Unsecured term loan (due April 24, 2029)																								587,050
Unsecured revolving credit facility (due February 14, 2029)																								354,846
Senior unsecured notes:
Due April 9, 2026 (EUR)																								587,050
Due October 1, 2026 (USD)																								350,000
Due April 15, 2027 (EUR)																								587,050
Due April 15, 2028 (EUR)																								587,050
Due July 15, 2029 (USD)																								325,000
Due September 28, 2029 (EUR)																								176,115
Due June 1, 2030 (EUR)																								616,403
Due July 15, 2030 (USD)																								400,000
Due February 1, 2031 (USD)																								500,000
Due February 1, 2032 (USD)																								350,000
Due July 23, 2032 (EUR)																								763,165
Due September 28, 2032 (EUR)																								234,820
Due April 1, 2033 (USD)																								425,000
Due June 30, 2034 (USD)																								400,000
Due November 19, 2034 (EUR)																								704,460
Total Pro Rata Debt																								8,850,549
Total Capitalization																								$	23,658,149

________

(a)Excludes unamortized discount, net totaling $41.7 million and unamortized deferred financing costs totaling $31.7 million as of September 30, 2025.

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W. P. Carey Inc.

Balance Sheets and Capitalization – Third Quarter 2025

Debt Overview

Dollars in thousands. Pro rata. As of September 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)			$	157,813					4.8		%							$	73,234					5.1		%							$	20,566					4.6		%							$	251,613					2.8		%				4.9		%				1.7
Floating			—						—		%							35,538						3.7		%							—						—		%							35,538						0.4		%				3.7		%				0.6
Total Pro Rata Non-Recourse Debt			157,813						4.8		%							108,772						4.6		%							20,566						4.6		%							287,151						3.2		%				4.7		%				1.5
Recourse Debt (b) (c)
Fixed – Senior unsecured notes:
Due April 9, 2026			—						—		%							587,050						2.3		%							—						—		%							587,050						6.6		%				2.3		%				0.5
Due October 1, 2026			350,000						4.3		%							—						—		%							—						—		%							350,000						4.0		%				4.3		%				1.0
Due April 15, 2027			—						—		%							587,050						2.1		%							—						—		%							587,050						6.6		%				2.1		%				1.5
Due April 15, 2028			—						—		%							587,050						1.4		%							—						—		%							587,050						6.6		%				1.4		%				2.5
Due July 15, 2029			325,000						3.9		%							—						—		%							—						—		%							325,000						3.7		%				3.9		%				3.8
Due September 28, 2029			—						—		%							176,115						3.4		%							—						—		%							176,115						2.0		%				3.4		%				4.0
Due June 1, 2030			—						—		%							616,403						1.0		%							—						—		%							616,403						7.0		%				1.0		%				4.7
Due July 15, 2030			400,000						4.7		%							—						—		%							—						—		%							400,000						4.5		%				4.7		%				4.8
Due February 1, 2031			500,000						2.4		%							—						—		%							—						—		%							500,000						5.6		%				2.4		%				5.3
Due February 1, 2032			350,000						2.5		%							—						—		%							—						—		%							350,000						4.0		%				2.5		%				6.3
Due July 23, 2032			—						—		%							763,165						4.3		%							—						—		%							763,165						8.6		%				4.3		%				6.8
Due September 28, 2032			—						—		%							234,820						3.7		%							—						—		%							234,820						2.7		%				3.7		%				7.0
Due April 1, 2033			425,000						2.3		%							—						—		%							—						—		%							425,000						4.8		%				2.3		%				7.5
Due June 30, 2034			400,000						5.4		%							—						—		%							—						—		%							400,000						4.5		%				5.4		%				8.8
Due November 19, 2034			—						—		%							704,460						3.7		%							—						—		%							704,460						8.0		%				3.7		%				9.1
Total Senior Unsecured Notes			2,750,000						3.6		%							4,256,113						2.6		%							—						—		%							7,006,113						79.2		%				3.0		%				4.9
Swapped to Fixed:
Unsecured term loan (due April 24, 2029) (e)			—						—		%							587,050						2.8		%							—						—		%							587,050						6.6		%				2.8		%				3.6
Unsecured term loan (due February 14, 2028) (e)			—						—		%							—						—		%							362,957						4.7		%							362,957						4.1		%				4.7		%				2.4
Floating:
Unsecured revolving credit facility (due February 14, 2029) (f)			42,000						4.9		%							86,884						2.6		%							225,962						4.1		%							354,846						4.0		%				3.9		%				3.4
Unsecured term loan (due February 14, 2028) (g)			—						—		%							252,432						2.7		%							—						—		%							252,432						2.9		%				2.7		%				2.4
Total Recourse Debt			2,792,000						3.6		%							5,182,479						2.7		%							588,919						4.5		%							8,563,398						96.8		%				3.1		%				4.6
Total Pro Rata Debt Outstanding			$	2,949,813					3.6		%							$	5,291,251					2.7		%							$	609,485					4.5		%							$	8,850,549					100.0		%				3.1		%				4.5

________

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

(b)Debt data is presented on a pro rata basis as of September 30, 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 $41.7 million and unamortized deferred financing costs totaling $31.7 million as of September 30, 2025.

(d)Includes $82.0 million of non-recourse mortgage debt which is swapped to fixed-rate through mortgage maturity.

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

(f)We incurred interest on our Unsecured revolving credit facility at SOFR, NIBOR, TIBOR, CORRA, SONIA or EURIBOR, plus 0.735% for all base rates as of September 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 $1.6 billion as of September 30, 2025.

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

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W. P. Carey Inc.

Balance Sheets and Capitalization – Third Quarter 2025

Debt Maturity

Dollars in thousands. Pro rata. As of September 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						1						$	2,397					5.7		%				$	224					$	439					—		%
2026						36						28,795						4.7		%				154,916						160,226						1.8		%
2027						3						1,272						4.2		%				28,417						28,763						0.4		%
2028						5						13,960						5.0		%				73,620						80,363						0.9		%
2029						3						1,464						4.0		%				10,911						11,820						0.1		%
2031						1						1,158						6.0		%				—						2,161						—		%
2033						1						2,393						5.6		%				1,648						3,379						—		%
Total Pro Rata Non-Recourse Debt						50						$	51,439					4.7		%				$	269,736					287,151						3.2		%
Recourse Debt
Fixed – Senior unsecured notes:
Due April 9, 2026 (EUR)																		2.3		%										587,050						6.6		%
Due October 1, 2026 (USD)																		4.3		%										350,000						4.0		%
Due April 15, 2027 (EUR)																		2.1		%										587,050						6.6		%
Due April 15, 2028 (EUR)																		1.4		%										587,050						6.6		%
Due July 15, 2029 (USD)																		3.9		%										325,000						3.7		%
Due September 28, 2029 (EUR)																		3.4		%										176,115						2.0		%
Due June 1, 2030 (EUR)																		1.0		%										616,403						7.0		%
Due July 15, 2030 (USD)																		4.7		%										400,000						4.5		%
Due February 1, 2031 (USD)																		2.4		%										500,000						5.6		%
Due February 1, 2032 (USD)																		2.5		%										350,000						4.0		%
Due July 23, 2032 (EUR)																		4.3		%										763,165						8.6		%
Due September 28, 2032 (EUR)																		3.7		%										234,820						2.7		%
Due April 1, 2033 (USD)																		2.3		%										425,000						4.8		%
Due June 30, 2034 (USD)																		5.4		%										400,000						4.5		%
Due November 19, 2034 (EUR)																		3.7		%										704,460						8.0		%
Total Senior Unsecured Notes																		3.0		%										7,006,113						79.2		%
Swapped to Fixed:
Unsecured term loan (due April 24, 2029) (d)																		2.8		%										587,050						6.6		%
Unsecured term loan (due Feb 14, 2028) (d)																		4.7		%										362,957						4.1		%
Floating:
Unsecured revolving credit facility (due February 14, 2029) (e)																		3.9		%										354,846						4.0		%
Unsecured term loan (due February 14, 2028) (f)																		2.7		%										252,432						2.9		%
Total Recourse Debt																		3.1		%										8,563,398						96.8		%
Total Pro Rata Debt Outstanding																		3.1		%										$	8,850,549					100.0		%

________

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

(b)Debt maturity data is presented on a pro rata basis as of September 30, 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 $41.7 million and unamortized deferred financing costs totaling $31.7 million as of September 30, 2025.

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

(e)We incurred interest on our Unsecured revolving credit facility at SOFR, NIBOR, TIBOR, CORRA, SONIA or EURIBOR, plus 0.735% for all base rates as of September 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 $1.6 billion as of September 30, 2025.

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

						Investing for the Long Run® | 14

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W. P. Carey Inc.

Balance Sheets and Capitalization – Third Quarter 2025

Senior Unsecured Notes

As of September 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 Sep. 30, 2025

Limitation on the incurrence of debt

"Total Debt" / "Total Assets"

≤ 60%

42.0%

Limitation on the incurrence of secured debt

"Secured Debt" / "Total Assets"

≤ 40%

0.9%

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

"Consolidated EBITDA" / "Annual Debt Service Charge"

≥ 1.5x

5.0x

Maintenance of unencumbered asset value

"Unencumbered Assets" / "Total Unsecured Debt"

≥ 150%

230.9%

						Investing for the Long Run® | 15

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W. P. Carey Inc.

Real Estate

Third Quarter 2025

						Investing for the Long Run® | 16

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W. P. Carey Inc.

Real Estate – Third Quarter 2025

Investment Activity – Investment Volume

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

20

1,072,575

Las Vegas Retail Complex

Las Vegas, NV

Retail

Feb-25

5,000

47.5% Joint Venture Acquisition

8

75,255

Dollar General Corporation (4 properties)

Various, United States

Retail

Mar-25

8,474

Acquisition

15

42,388

Ernest Health Holdings, LLC

Mishawaka, IN

Specialty (Healthcare)

Mar-25

31,762

Acquisition

15

55,210

Majestic Steel USA, Inc. (b)

Blytheville, AR

Industrial

Mar-25

91,910

Sale-leaseback

24

513,633

1Q25 Total

273,168

16

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

25

640,732

United Natural Foods, Inc.

Santa Fe Springs, CA

Warehouse

Apr-25

128,043

Acquisition

10

302,850

Berry Global Group, Inc.

Evansville, IN

Industrial

Apr-25

8,150

Renovation

15

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

20

1,159,154

Soteria Intermediate Inc.

Chattanooga, TN

Industrial

Jun-25

20,247

Sale-leaseback

15

211,379

Hertz Global Holdings, Inc (2 properties)

Newark, NJ and Boston, MA

Industrial

Jun-25

101,856

Sale-leaseback

20

81,664

TI Automotive (formerly ABC Technologies Holdings Inc.)

Galeras, Mexico

Industrial

Jun-25

4,843

Expansion

18

60,181

Premium Brands Holdings Corporation (b)

McDonald, TN

Industrial

Jun-25

166,060

Sale-leaseback

25

356,960

2Q25 Total

545,460

19

2,812,920

						Investing for the Long Run® | 17

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W. P. Carey Inc.

Real Estate – Third Quarter 2025

Investment Activity – Investment Volume (continued)

Dollars in thousands. Pro rata. For the nine months ended September 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)

3Q25

Valeo Foods (6 properties) (b) (c)

Various, United Kingdom (3 properties), Czech Republic (2 properties), and Slovakia (1 property)

Industrial

Jul-25

$

103,380

Sale-leaseback

25

1,354,721

Hertz Global Holdings, Inc

San Francisco, CA

Industrial

Jul-25

49,604

Sale-leaseback

20

69,200

Dollar General Corporation (8 properties)

Various, United States

Retail

Jul-25; Aug-25

15,796

Acquisition

15

85,046

WM Morrison Supermarkets PLC (2 properties) (c)

Loughborough and Ilkeston, United Kingdom

Retail

Jul-25

68,308

Acquisition

15

121,669

Sumitomo Heavy Industries, LTD.

Bedford, MA

Research and Development

Jul-25

44,000

Redevelopment

15

N/A

Ryerson Holding Corporation

Houston, TX

Industrial

Jul-25

18,357

Acquisition

6

170,178

Europe Snacks (4 properties) (c)

Various, France (3 properties) and Medina del Campo, Spain

Industrial

Jul-25

56,388

Sale-leaseback

20

726,538

Enel S.p.A. (35 properties) (c)

Various, Italy

Industrial, Warehouse

Aug-25

81,900

Acquisition

12

1,008,560

AeriTek Global Holdings LLC (4 properties)

Monterrey and San Juan del Rio, Mexico

Industrial

Aug-25

44,033

Sale-leaseback

20

525,044

Canadian Solar Inc.

Mesquite, TX

Industrial

Sep-25

92,271

Acquisition

10

756,668

EOS Fitness OPCO Holdings, LLC

Kissimmee, FL

Retail

Sep-25

14,338

Acquisition

20

42,000

Polytainers Inc. (3 properties) (c)

Toronto and Markham, Canada; and Lee's Summit, MO

Industrial

Sep-25

67,170

Sale-leaseback

20

489,972

3Q25 Total

655,545

17

5,349,596

Year-to-Date Total

1,474,173

18

9,921,577

												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						$	—					$	3,170					$	245,884					$	256,887
SE Corner of Las Vegas & Harmon (g)						Las Vegas, NV						Retail						Nov-24						2025						456						1,080						17,891						23,449
SE Corner of Las Vegas & Elvis Presley (g)						Las Vegas, NV						Retail						Nov-24						2025						395						1,755						16,801						25,000
Total																														851						6,005						280,576						305,336
Year-to-Date Total Investment Volume																																				$	1,480,178

________

(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 nine months ended September 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® | 18

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W. P. Carey Inc.

Real Estate – Third 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 Sep. 30, 2025 (c)						Total Funded Through Sep. 30, 2025						Maximum Commitment / Gross Investment Amount
Tenant						Location																																																Remaining						Total
Janus International Group, Inc. (d)						Surprise, AZ						Build-to-Suit						Industrial						Q4 2025						131,753						20						$	4,601					$	14,538					$	6,613					$	21,713
Hedin Mobility Group AB (e) (f)						Amsterdam, The Netherlands						Renovation						Retail						Q4 2025						39,826						22						—						—						17,612						17,612
Tidal Wave Auto Spa (f)						New Hartford, NY						Purchase Commitment						Retail (Car Wash)						Q4 2025						3,600						18						—						—						5,077						5,077
Fraikin SAS (e)						Various, France						Renovation						Industrial						Q4 2025						N/A						16						—						4,508						3,593						8,101
Various						Various, United States						Solar Projects						Various						Various						N/A						N/A						1,647						5,945						8,636						14,581
Expected Completion Date 2025 Total																														175,179						20						6,248						24,991						41,531						67,084
Scania CV AB (e)						Oskarshamn, Sweden						Build-to-Suit						Warehouse						Q1 2026						204,645						15						3,643						5,391						11,771						17,162
EOS Fitness OPCO Holdings, LLC (d)						Surprise, AZ						Build-to-Suit						Retail						Q1 2026						40,000						20						1,234						5,955						5,862						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)						Brampton, Canada						Build-to-Suit						Industrial						Q3 2026						120,222						20						222						469						18,050						18,534
AEG Presents LLC (g)						Austin, TX						Build-to-Suit						Specialty						Q4 2026						56,403						30						459						4,332						43,224						47,556
Expected Completion Date 2026 Total																														478,270						24						5,558						18,655						101,399						120,252
AEG Presents LLC (g)						Portland, OR						Build-to-Suit						Specialty						Q1 2027						57,825						30						2,392						7,193						53,520						60,713
Expected Completion Date 2027 Total																														57,825						30						2,392						7,193						53,520						60,713
Capital Investments and Commitments Total																														711,274						24						$	14,198					$	50,839					$	196,450					$	248,049

________

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

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

(c)Total funding during the three months ended September 30, 2025 excludes $1.0 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)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® | 19

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W. P. Carey Inc.

Real Estate – Third Quarter 2025

Investment Activity – Dispositions

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

3Q25

Self-Storage Operating Properties (22 properties)

Various, United States

349,225

Jul-25, Aug-25

Self-Storage (Operating)

1,797,870

Plantasjen Norge AS (a)

Linkoping, Sweden

7,408

Jul-25

Retail

58,770

Leipold Inc.

Windsor, CT

6,600

Jul-25

Industrial

40,362

Wagon Automotive GmbH (a)

Nagold, Germany

18,221

Aug-25

Industrial

305,437

Vacant (d)

St. Petersburg, FL

7,000

Sep-25

Warehouse

70,322

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

Bünde, Guben, and Wuppertal, Germany

28,834

Sep-25

Retail

232,113

Student Housing Operating Property

Austin, TX

77,913

Sep-25

Student Housing (Operating)

190,475

3Q25 Total

495,201

2,695,349

Year-to-Date Total Dispositions

$

989,236

6,616,872

________

(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.

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

						Investing for the Long Run® | 20

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W. P. Carey Inc.

Real Estate – Third Quarter 2025

Joint Ventures

Dollars in thousands. As of September 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					$	22,501					$	116,795					$	10,688
Harmon Retail Corner						Common equity interest						15.00%						143,000						—						21,450						—
Kesko Senukai (f)						Net lease						70.00%						101,537						18,091						71,076						12,664
Total Unconsolidated Joint Ventures																		490,421						40,592						209,321						23,352
Consolidated Joint Ventures (g)
COOP Ost SA (f)						Net lease						90.10%						—						7,061						—						6,362
Fentonir Trading & Investments Limited (f)						Net lease						94.90%						—						2,867						—						2,721
McCoy-Rockford, Inc.						Net lease						90.00%						—						991						—						892
State of Iowa Board of Regents						Net lease						90.00%						—						707						—						636
Total Consolidated Joint Ventures																		—						11,626						—						10,611
Total Unconsolidated and Consolidated Joint Ventures																		$	490,421					$	52,218					$	209,321					$	33,963

________

(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 September 30, 2025.

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

						Investing for the Long Run® | 21

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W. P. Carey Inc.

Real Estate – Third Quarter 2025

Top 25 Tenants

Dollars in thousands. Pro rata. As of September 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						43						$	41,332					2.7		%				23.9
Apotex Pharmaceutical Holdings Inc. (a)						Pharmaceutical R&D and manufacturing properties in the Greater Toronto Area leased to generic drug manufacturer						11						33,448						2.2		%				17.5
Metro Cash & Carry Italia S.p.A. (b)						Business-to-business retail stores in Italy leased to cash and carry wholesaler						19						30,869						2.0		%				4.6
Fortenova Grupa d.d. (b)						Grocery stores and one warehouse in Croatia leased to European food retailer						19						28,382						1.9		%				8.6
OBI Group (b)						Retail properties in Poland leased to German DIY retailer						26						27,444						1.8		%				5.6
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						1.7		%				19.5
Fedrigoni S.p.A (b)						Industrial and warehouse facilities in Germany, Italy and Spain leased to global manufacturer of premium packaging and labels						16						25,078						1.7		%				18.2
Eroski Sociedad Cooperative (b)						Grocery stores and warehouses in Spain leased to Spanish food retailer						63						24,086						1.6		%				10.5
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		%				18.0
Quikrete Holdings, Inc. (b)						Industrial facilities in the U.S. and Canada leased to concrete and building products manufacturer						27						20,644						1.4		%				17.7
Top 10 Total												249						280,392						18.6		%				14.7
Berry Global Inc.						Manufacturing facilities in the U.S. leased to international producer and supplier of packaging solutions						8						20,616						1.4		%				13.0
Kesko Senukai (b)						Distribution facilities and retail properties in Lithuania, Estonia and Latvia leased to European DIY retailer						20						20,113						1.3		%				6.4
Advance Auto Parts, Inc.						Distribution facilities in the U.S. leased to automotive aftermarket parts provider						28						18,980						1.3		%				7.3
Hellweg Die Profi-Baumärkte GmbH & Co. KG (b) (c)						Retail properties in Germany leased to German DIY retailer						22						18,714						1.2		%				15.1
Pendragon PLC (b)						Dealerships in the United Kingdom leased to automotive retailer						46						18,501						1.2		%				13.1
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						17,636						1.2		%				16.8
Koninklijke Jumbo Food Groep B.V (b)						Logistics and cold storage warehouse facilities in the Netherlands leased to European supermarket chain						5						16,879						1.1		%				6.3
Dollar General Corporation						Retail properties in the U.S. leased to discount retailer						118						16,012						1.1		%				13.7
Danske Fragtmaend Ejendomme A/S (b)						Distribution facilities in Denmark leased to Danish freight company						15						15,093						1.0		%				11.4
Intergamma Bouwmarkten B.V. (b)						Retail properties in the Netherlands leased to European DIY retailer						36						14,944						1.0		%				7.8
Top 20 Total												565						457,880						30.4		%				13.3
Do It Best Corp. (formerly True Value Company, LLC)						Distribution facilities and manufacturing facility in the U.S. leased to global hardware wholesaler						6						14,202						0.9		%				6.3
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		%				5.9
Premium Brands Holdings Corporation						Food processing facility outside Chattanooga, TN leased to global specialty food manufacturer						1						12,616						0.8		%				24.8
Canadian Solar Inc.						Distribution and manufacturing facilities in Dallas and Louisville leased to global renewable energy company						2						12,255						0.8		%				10.5
Henkel AG & Co. KGaA						Distribution facility in Bowling Green, KY leased to global provider of consumer products and adhesives						1						11,880						0.8		%				16.6
Top 25 Total (e)												584						$	522,449					34.6		%				13.2

________

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

						Investing for the Long Run® | 22

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W. P. Carey Inc.

Real Estate – Third Quarter 2025

Diversification by Property Type

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

						Total Net-Lease Portfolio
Property Type						ABR						ABR %						Square Footage (a)						Square Footage %
U.S.
Industrial						$	393,947					26.1		%				58,023						31.7		%
Warehouse						229,885						15.2		%				43,314						23.7		%
Retail (b)						110,004						7.3		%				5,121						2.8		%
Other (c)						173,855						11.5		%				9,469						5.2		%
U.S. Total						907,691						60.1		%				115,927						63.4		%
International
Industrial						195,209						12.9		%				25,336						13.9		%
Warehouse						154,164						10.3		%				22,785						12.5		%
Retail (b)						217,445						14.4		%				16,968						9.3		%
Other (c)						34,721						2.3		%				1,759						0.9		%
International Total						601,539						39.9		%				66,848						36.6		%
Total
Industrial						589,156						39.0		%				83,359						45.6		%
Warehouse						384,049						25.5		%				66,099						36.2		%
Retail (b)						327,449						21.7		%				22,089						12.1		%
Other (c)						208,576						13.8		%				11,228						6.1		%
Total (d)						$	1,509,230					100.0		%				182,775						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® | 23

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W. P. Carey Inc.

Real Estate – Third Quarter 2025

Diversification by Tenant Industry

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

						Total Net-Lease Portfolio
Industry Type (a)						ABR						ABR %						Square Footage						Square Footage %
Food Retail						$	148,851					9.9		%				10,867						5.9		%
Packaged Foods & Meats						148,194						9.8		%				18,559						10.2		%
Home Improvement Retail						97,999						6.5		%				12,187						6.7		%
Auto Parts & Equipment						81,791						5.4		%				12,225						6.7		%
Automotive Retail						76,918						5.1		%				7,023						3.8		%
Education Services						60,418						4.0		%				2,778						1.5		%
Pharmaceuticals						48,155						3.2		%				3,076						1.7		%
Air Freight & Logistics						46,409						3.1		%				7,075						3.9		%
Self-Storage REITs						41,332						2.7		%				3,170						1.7		%
Industrial Machinery						40,504						2.7		%				5,570						3.0		%
Trading Companies & Distributors						38,132						2.5		%				8,663						4.7		%
Metal & Glass Containers						37,299						2.5		%				5,083						2.8		%
Building Products						30,817						2.0		%				6,653						3.6		%
Other Specialty Retail						29,041						1.9		%				3,233						1.8		%
Paper Products						25,078						1.7		%				4,459						2.4		%
Specialty Chemicals						24,370						1.6		%				4,303						2.4		%
Diversified Support Services						23,909						1.6		%				2,372						1.3		%
Construction Materials						23,557						1.5		%				3,781						2.1		%
Food Distributors						19,316						1.3		%				1,552						0.8		%
Construction Machinery						19,123						1.3		%				2,528						1.4		%
Passenger Ground Transportation						18,841						1.2		%				850						0.5		%
Consumer Staples Merchandise Retail						18,215						1.2		%				1,541						0.8		%
Leisure Facilities						18,102						1.2		%				656						0.4		%
Hotels & Resorts						16,472						1.1		%				1,073						0.6		%
Commodity Chemicals						16,417						1.1		%				2,493						1.4		%
Diversified Metals						16,281						1.1		%				3,290						1.8		%
Other (63 industries, each <1% ABR) (b)						343,689						22.8		%				47,715						26.1		%
Total (c)						$	1,509,230					100.0		%				182,775						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® | 24

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W. P. Carey Inc.

Real Estate – Third Quarter 2025

Diversification by Geography

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

						Total Net-Lease Portfolio
Region						ABR						ABR %						Square Footage (a)						Square Footage %
U.S.
South
Texas						$	92,882					6.1		%				11,702						6.4		%
Florida						44,679						3.0		%				3,707						2.0		%
Tennessee						39,035						2.6		%				4,572						2.5		%
Georgia						28,402						1.9		%				4,415						2.4		%
Alabama						21,314						1.4		%				3,504						1.9		%
Other (b)						26,692						1.8		%				3,024						1.7		%
Total South						253,004						16.8		%				30,924						16.9		%
Midwest
Illinois						63,982						4.2		%				9,474						5.2		%
Ohio						41,092						2.7		%				8,383						4.6		%
Indiana						40,217						2.7		%				6,173						3.4		%
Michigan						27,122						1.8		%				4,499						2.5		%
Wisconsin						19,866						1.3		%				3,351						1.8		%
Other (b)						51,465						3.4		%				7,174						3.9		%
Total Midwest						243,744						16.1		%				39,054						21.4		%
East
North Carolina						41,065						2.7		%				8,858						4.8		%
Pennsylvania						32,781						2.2		%				3,416						1.9		%
Kentucky						29,737						2.0		%				4,485						2.4		%
Massachusetts						25,049						1.6		%				1,216						0.7		%
New York						22,568						1.5		%				2,284						1.2		%
New Jersey						22,334						1.5		%				1,008						0.5		%
South Carolina						19,495						1.3		%				4,485						2.5		%
Other (b)						34,904						2.3		%				5,247						2.9		%
Total East						227,933						15.1		%				30,999						16.9		%
West
California						75,892						5.0		%				5,351						2.9		%
Arizona						22,381						1.5		%				2,372						1.3		%
Nevada						17,747						1.2		%				485						0.3		%
Other (b)						66,990						4.4		%				6,742						3.7		%
Total West						183,010						12.1		%				14,950						8.2		%
U.S. Total						907,691						60.1		%				115,927						63.4		%
International
Italy						77,711						5.2		%				9,911						5.4		%
The Netherlands						67,611						4.5		%				6,784						3.7		%
Poland						66,276						4.4		%				8,460						4.6		%
United Kingdom						61,559						4.1		%				4,848						2.7		%
Canada (c)						59,476						3.9		%				5,737						3.1		%
Germany						47,191						3.1		%				5,580						3.1		%
Spain						35,959						2.4		%				3,522						1.9		%
Croatia						29,306						1.9		%				2,063						1.1		%
France						28,061						1.9		%				2,149						1.2		%
Denmark						27,606						1.8		%				3,002						1.7		%
Mexico (d)						26,139						1.7		%				4,190						2.3		%
Lithuania						15,144						1.0		%				1,640						0.9		%
Other (e)						59,500						4.0		%				8,962						4.9		%
International Total						601,539						39.9		%				66,848						36.6		%
Total (f)						$	1,509,230					100.0		%				182,775						100.0		%

________

(a)Includes square footage for vacant properties.

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

(c)$50.4 million (85%) 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 Slovakia, Belgium, the Czech Republic, Norway, Mauritius, Portugal, Austria, Latvia, Sweden, Finland, Japan, Estonia and Hungary.

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

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W. P. Carey Inc.

Real Estate – Third Quarter 2025

Contractual Rent Increases

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

						Total Net-Lease Portfolio
Rent Adjustment Measure						ABR						ABR %						Square Footage						Square Footage %
Uncapped CPI						$	464,665					30.8		%				44,719						24.4		%
Capped CPI						282,438						18.7		%				39,148						21.4		%
CPI-linked						747,103						49.5		%				83,867						45.8		%
Fixed						707,328						46.9		%				89,598						49.0		%
Other (a)						48,014						3.2		%				3,598						2.0		%
None						6,785						0.4		%				298						0.2		%
Vacant						—						—		%				5,414						3.0		%
Total (b)						$	1,509,230					100.0		%				182,775						100.0		%

________

(a)Represents leases which include a percentage rent component. Includes $41.3 million (2.7%) of ABR from a tenant (Extra Space Storage, Inc.), which has both a percentage rent component and annual fixed rent increases in its lease.

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

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W. P. Carey Inc.

Real Estate – Third 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 September 30, 2024 to September 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 September 30, 2025.

			ABR
			As of
			Sep. 30, 2025						Sep. 30, 2024						Increase						% Increase
Property Type
Industrial			$	434,606					$	424,295					$	10,311					2.4		%
Warehouse			350,828						343,647						7,181						2.1		%
Retail (a)			286,603						279,842						6,761						2.4		%
Other (b)			165,923						160,908						5,015						3.1		%
Total			$	1,237,960					$	1,208,692					$	29,268					2.4		%
Rent Adjustment Measure
Uncapped CPI			$	410,944					$	400,447					$	10,497					2.6		%
Capped CPI			250,696						244,927						5,769						2.4		%
CPI-linked			661,640						645,374						16,266						2.5		%
Fixed			526,735						515,816						10,919						2.1		%
Other (c)			44,150						42,067						2,083						5.0		%
None			5,435						5,435						—						—		%
Total			$	1,237,960					$	1,208,692					$	29,268					2.4		%
Geography
U.S.			$	711,467					$	694,869					$	16,598					2.4		%
Europe			450,716						440,103						10,613						2.4		%
Other International (d)			75,777						73,720						2,057						2.8		%
Total			$	1,237,960					$	1,208,692					$	29,268					2.4		%
Same-Store Portfolio Summary
Number of properties			1,270
Square footage (in thousands)			150,744

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W. P. Carey Inc.

Real Estate – Third Quarter 2025

Comprehensive Same-Store Growth

Same-store portfolio includes net leased properties that were continuously owned and in place during the quarter ended September 30, 2024 through September 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 September 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
			Sep. 30, 2025						Sep. 30, 2024						Increase						% Increase
Property Type
Industrial			$	115,485					$	111,702					$	3,783					3.4		%
Warehouse			89,624						91,260						(1,636)						(1.8)		%
Retail (a)			72,534						70,389						2,145						3.0		%
Other (b)			41,768						39,663						2,105						5.3		%
Total			$	319,411					$	313,014					$	6,397					2.0		%
Rent Adjustment Measure
Uncapped CPI			$	107,007					$	102,707					$	4,300					4.2		%
Capped CPI			65,529						66,547						(1,018)						(1.5)		%
CPI-linked			172,536						169,254						3,282						1.9		%
Fixed			136,786						134,218						2,568						1.9		%
Other (c)			8,693						8,144						549						6.7		%
None			1,396						1,398						(2)						(0.1)		%
Total			$	319,411					$	313,014					$	6,397					2.0		%
Geography
U.S.			$	185,802					$	181,250					$	4,552					2.5		%
Europe			114,959						113,577						1,382						1.2		%
Other International (d)			18,650						18,187						463						2.5		%
Total			$	319,411					$	313,014					$	6,397					2.0		%
Same-Store Portfolio Summary
Number of properties			1,193
Square footage (in thousands)			161,299

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W. P. Carey Inc.

Real Estate – Third Quarter 2025

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

			Three Months Ended
			Sep. 30, 2025						Sep. 30, 2024
Consolidated Lease Revenues
Total lease revenues – as reported			$	372,087					$	334,039
Income from finance leases and loans receivable			26,498						15,712
Less: Reimbursable tenant costs – as reported			(14,562)						(13,337)
Less: Income from secured loans receivable			(669)						(556)
			383,354						335,858
Adjustments for Pro Rata Ownership of Real Estate Joint Ventures:
Add: Pro rata share of adjustments from equity method investments			3,625						3,848
Less: Pro rata share of adjustments for noncontrolling interests			(272)						(194)
			3,353						3,654
Adjustments for Pro Rata Non-Cash Items:
Less: Straight-line and other leasing and financing adjustments			(20,424)						(21,187)
Add: Above- and below-market rent intangible lease amortization			4,363						6,263
Less: Adjustments for pro rata ownership			1,780						(1,290)
			(14,281)						(16,214)
Adjustment to normalize for (i) properties not continuously owned since July 1, 2024 and (ii) constant currency presentation for prior year quarter (e)			(53,015)						(10,284)
Same-Store Pro Rata Rental Income			$	319,411					$	313,014

________

(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 September 30, 2024 through September 30, 2025. In addition, for the three months ended September 30, 2024, an adjustment is made to reflect average exchange rates for the three months ended September 30, 2025 for purposes of comparability, since same-store pro rata rental income is presented on a constant currency basis.

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W. P. Carey Inc.

Real Estate – Third Quarter 2025

Leasing Activity

Dollars in thousands. For the three months ended September 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						3,305,143						5						$	23,378					$	23,378					100.0		%				$	—					$	—					3.6 years
Warehouse						602,144						1						3,127						3,127						100.0		%				—						—						1.4 years
Retail						127,075						2						1,075						770						71.6		%				—						—						2.0 years
Other						131,129						2						2,510						2,655						105.8		%				1,486						613						10.0 years
Total / Weighted Average						4,165,491						10						$	30,090					$	29,930					99.5		%				$	1,486					$	613					4.0 years
Q3 Summary
Prior Lease ABR (% of Total Portfolio)																		2.0		%

New Leases																								Property and Tenant Improvements (c)						Leasing Commissions
																		ABR
Property Type						Square Feet						Number of Leases						New Lease (b)																		New Lease Term
Industrial						—						—						$	—					$	—					$	—					N/A
Warehouse						—						—						—						—						—						N/A
Retail						514,287						7						5,378						7,045						109						14.4 years
Self-Storage (net lease) (d)						88,459						2						1,193						—						—						24.1 years
Other						—						—						—						—						—						N/A
Total / Weighted Average (e)						602,746						9						$	6,571					$	7,045					$	109					16.2 years

_______

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

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

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

(d)On both July 1, 2025 and August 1, 2025, we converted one self-storage operating property to a net lease.

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

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W. P. Carey Inc.

Real Estate – Third Quarter 2025

Lease Expirations

Dollars and square footage in thousands. Pro rata. As of September 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						4						5						$	1,572					0.1		%				166						0.1		%
2026						23						23						40,901						2.7		%				5,542						3.0		%
2027						45						28						62,640						4.1		%				6,855						3.8		%
2028						45						27						71,109						4.7		%				7,348						4.0		%
2029						60						33						78,675						5.2		%				8,649						4.7		%
2030						35						30						41,009						2.7		%				4,031						2.2		%
2031						46						27						90,041						6.0		%				10,599						5.8		%
2032						46						24						55,429						3.7		%				7,257						4.0		%
2033						32						25						83,063						5.5		%				11,790						6.5		%
2034						59						27						95,959						6.4		%				9,464						5.2		%
2035						25						21						56,985						3.8		%				8,115						4.4		%
2036						45						21						66,785						4.4		%				7,891						4.3		%
2037						43						20						56,626						3.8		%				7,851						4.3		%
2038						46						13						27,831						1.8		%				2,766						1.5		%
Thereafter (>2038)						382						132						680,605						45.1		%				79,037						43.2		%
Vacant						—						—						—						—		%				5,414						3.0		%
Total (b)						936												$	1,509,230					100.0		%				182,775						100.0		%

________

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

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

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W. P. Carey Inc.

Real Estate – Third Quarter 2025

Self-Storage Operating Properties Portfolio

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

State / District						Number of Properties						Number of Units						Square Footage						Square Footage %						Period End Occupancy
Texas						12						6,645						835						28.7		%				89.1		%
Illinois						10						4,822						666						22.9		%				88.2		%
Florida						7						5,839						547						18.8		%				90.8		%
California						2						1,101						121						4.2		%				94.0		%
Hawaii						2						956						95						3.3		%				95.9		%
Tennessee						2						884						122						4.2		%				86.9		%
North Carolina						1						947						121						4.1		%				89.7		%
Arkansas						1						843						115						4.0		%				64.9		%
Ohio						1						598						73						2.5		%				87.3		%
Georgia						1						546						73						2.5		%				77.8		%
Louisiana						1						541						59						2.0		%				89.7		%
Oregon						1						442						40						1.4		%				94.0		%
Missouri						1						329						41						1.4		%				94.9		%
Total (a)						42						24,493						2,908						100.0		%				88.5		%

________

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

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W. P. Carey Inc.

Appendix

Third Quarter 2025

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W. P. Carey Inc.

Appendix – Third Quarter 2025

Normalized Pro Rata Cash NOI

In thousands.

			Three Months Ended Sep. 30, 2025
Consolidated Lease Revenues
Total lease revenues – as reported			$	372,087
Income from finance leases and loans receivable – as reported			26,498
Less: Income from secured loans receivable			(669)
Less: Consolidated Reimbursable and Non-Reimbursable Property Expenses
Reimbursable property expenses – as reported			14,562
Non-reimbursable property expenses – as reported			14,637
			368,717
Plus: NOI from Operating Properties
Self-storage revenues			13,725
Self-storage expenses			(5,847)
			7,878
Hotel revenues			10,695
Hotel expenses			(7,963)
			2,732
Student housing and other revenues			2,351
Student housing and other expenses			(1,239)
			1,112
			380,439
Adjustments for Pro Rata Ownership of Real Estate Joint Ventures:
Add: Pro rata share of NOI from equity method investments			4,936
Less: Pro rata share of NOI attributable to noncontrolling interests			(215)
			4,721
			385,160
Adjustments for Pro Rata Non-Cash Items:
Less: Straight-line and other leasing and financing adjustments			(20,424)
Add: Above- and below-market rent intangible lease amortization			4,363
Add: Other non-cash items			550
			(15,511)
Pro Rata Cash NOI (a)			369,649
Adjustment to normalize for net lease investments and dispositions (b)			4,753
Adjustment to normalize for operating property dispositions (b)			(2,208)
Normalized Pro Rata Cash NOI (a)			$	372,194

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W. P. Carey Inc.

Appendix – Third 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 Sep. 30, 2025
Net Income Attributable to W. P. Carey
Net income attributable to W. P. Carey – as reported			$	140,996
Adjustments for Consolidated Operating Expenses
Add: Operating expenses – as reported			225,138
Less: Operating property expenses – as reported			(15,049)
Less: Property expenses, excluding reimbursable tenant costs – as reported			(14,637)
			195,452
Adjustments for Other Consolidated Revenues and Expenses:
Add: Other income and (expenses) – as reported			56,445
Less: Reimbursable property expenses – as reported			(14,562)
Add: Provision for income taxes – as reported			8,495
Less: Other lease-related income – as reported			(3,660)
Less: Asset management fees revenue – as reported			(1,218)
Less: Other advisory income and reimbursements – as reported			(1,069)
			44,431
Other Adjustments:
Less: Straight-line and other leasing and financing adjustments			(20,424)
Add: Adjustments for pro rata ownership			4,977
Adjustment to normalize for net lease investments and dispositions (b)			4,753
Add: Above- and below-market rent intangible lease amortization			4,363
Adjustment to normalize for operating property dispositions (b)			(2,208)
Less: Income from secured loans receivable			(669)
Add: Property expenses, excluding reimbursable tenant costs, non-cash			523
			(8,685)
Normalized Pro Rata Cash NOI (a)			$	372,194

________

(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 September 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 September 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.

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W. P. Carey Inc.

Appendix – Third Quarter 2025

Adjusted EBITDA – Last Five Quarters

In thousands.

			Three Months Ended
			Sep. 30, 2025						Jun. 30, 2025						Mar. 31, 2025						Dec. 31, 2024						Sep. 30, 2024
Net income			$	141,225					$	51,312					$	125,816					$	47,038					$	111,652
Adjustments to Derive Adjusted EBITDA (a)
Depreciation and amortization			125,586						120,595						129,607						115,770						115,705
Interest expense			75,226						71,795						68,804						70,883						72,526
Gain on sale of real estate, net			(44,401)						(52,824)						(43,777)						(4,480)						(15,534)
Other (gains) and losses (b)			31,011						148,768						42,197						77,224						77,107
Straight-line and other leasing and financing adjustments (c)			(20,424)						(15,374)						(19,033)						(24,849)						(21,187)
Impairment charges — real estate			19,474						4,349						6,854						27,843						—
Stock-based compensation expense			11,153						10,943						9,148						9,667						13,468
Provision for income taxes			8,495						13,091						11,632						7,772						9,044
Above- and below-market rent intangible lease amortization			4,363						5,061						1,123						10,047						6,263
Merger and other expenses			1,021						192						556						(484)						283
Other amortization and non-cash charges			465						458						442						436						459
Gain on change in control of interests (d)			—						—						—						—						(31,849)
			211,969						307,054						207,553						289,829						226,285
Adjustments for Pro Rata Ownership
Real Estate Joint Ventures:
Add: Pro rata share of adjustments for equity method investments			5,220						3,312						2,309						5,975						1,312
Less: Pro rata share of adjustments for amounts attributable to noncontrolling interests			(430)						(308)						(179)						(214)						(213)
			4,790						3,004						2,130						5,761						1,099
Adjustment to normalize for intra-period acquisitions and dispositions (e)			2,545						3,222						7,117						91						1,508
Adjusted EBITDA (f)			$	360,529					$	364,592					$	342,616					$	342,719					$	340,544

________

(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 September 30, 2025 includes a mark-to-market unrealized loss for our investment in shares of Lineage of $22.6 million. 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)Reflects pro forma adjustments for recurring revenues and expenses related to properties acquired or disposed of, and capital investments and commitments completed, during the applicable period, assuming all activity occurred at the beginning of the applicable period.

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

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W. P. Carey Inc.

Appendix – Third Quarter 2025

Reconciliation of Net Debt to Adjusted EBITDA

In thousands.

			Three Months Ended
			Sep. 30, 2025
Adjusted EBITDA (a)			$	360,529
Adjusted EBITDA (Annualized)			$	1,442,116
			As of
			Sep. 30, 2025
Total Pro Rata Debt Outstanding (b)			$	8,850,549
Less: Cash and cash equivalents			(249,029)
Less: Cash held at qualified intermediaries (c)			(64,071)
Net Debt			$	8,537,449
Less: Expected proceeds from unsettled forward equity (d)			(182,779)
Net Debt – Inclusive of Unsettled Forward Equity			$	8,354,670
Net Debt to Adjusted EBITDA (Annualized)			5.9x
Net Debt to Adjusted EBITDA (Annualized) – Inclusive of Unsettled Forward Equity			5.8x

________

(a)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.

(b)Excludes unamortized discount, net totaling $41.7 million and unamortized deferred financing costs totaling $31.7 million as of September 30, 2025.

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

(d)Reflects 2,757,370 shares of unsettled forward equity as of September 30, 2025, as if they had been settled for cash at a weighted-average net settlement price of $66.29 per share.

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W. P. Carey Inc.

Appendix – Third 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.

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W. P. Carey Inc.

Appendix – Third 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 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. Adjusted EBITDA is also modified to reflect the pro forma impact of our investment and disposition activity, assuming all activity occurred at the beginning of the applicable period. This includes adjustments to recurring revenue and expenses related to properties acquired or disposed of, and capital investments and commitments completed, during the applicable period. 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 and representation of the performance of our business to investors and analysts, although it does not represent net income that is computed in accordance with GAAP. Accordingly, adjusted EBITDA should not be considered as an alternative to net income or as an indicator of our financial performance. EBITDA and adjusted EBITDA as calculated by us may not be comparable to similarly titled measures of other companies.

Cash Interest Expense

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

Cash Interest Expense Coverage Ratio

Cash interest expense coverage ratio is a non-GAAP financial measure representing the ratio of Adjusted EBITDA to cash interest expense on a trailing 12 months basis. We believe this ratio is useful to investors as a supplemental measure of our ability to satisfy fixed interest expense obligations. Cash interest expense for the trailing 12 months as of September 30, 2025 is equal to $271.7 million, comprised of interest expense calculated in accordance with GAAP ($286.7 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 ($3.1 million).

Other Metrics

Pro Rata Metrics

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

ABR

ABR represents contractual minimum annualized base rent for our net-leased properties and reflects exchange rates as of September 30, 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.

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