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W. P. Carey Inc.

Supplemental Information

Fourth 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
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 – Fourth 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			22
Top 25 Tenants			23
Diversification by Property Type			24
Diversification by Tenant Industry			25
Diversification by Geography			26
Contractual Rent Increases			27
Same-Store Analysis			28
Leasing Activity			31
Lease Expirations			32
Self-Storage Operating Properties Portfolio			33
Appendix
Normalized Pro Rata Cash NOI			35
Adjusted EBITDA – Last Five Quarters			37
Reconciliation of Net Debt to Adjusted EBITDA			38
Disclosures Regarding Non-GAAP and Other Metrics			39

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W. P. Carey Inc.

Overview – Fourth Quarter 2025

Summary Metrics

As of or for the three months ended December 31, 2025.

Financial Results
Revenues, including reimbursable costs – consolidated ($000s)																											$	444,547
Net income attributable to W. P. Carey ($000s)																											148,319
Net income attributable to W. P. Carey per diluted share																											0.67
Normalized pro rata cash NOI ($000s) (a) (b)																											378,094
Adjusted EBITDA ($000s) (a) (b)																											366,674
AFFO attributable to W. P. Carey ($000s) (a) (b)																											281,124
AFFO attributable to W. P. Carey per diluted share (a) (b)																											1.27
Dividends declared per share – current quarter																											0.920
Dividends declared per share – current quarter annualized																											3.680
Dividend yield – annualized, based on quarter end share price of $64.36																											5.7		%
Dividend payout ratio – for the year ended December 31, 2025 (c)																											72.8		%
Balance Sheet and Capitalization
Equity market capitalization – based on quarter end share price of $64.36 ($000s)																											$	14,104,229
Net debt ($000s) (d)																											8,647,567
Enterprise value ($000s)																											22,751,796
Total consolidated debt ($000s)																											8,722,690
Gross assets ($000s) (e)																											20,076,687
Liquidity ($000s) (f)																											2,211,837
Net debt to enterprise value (b)																											38.0		%
Net debt to adjusted EBITDA (annualized) (a) (b)																											5.9x
Net debt to adjusted EBITDA (annualized) – inclusive of unsettled forward equity (a) (b) (g)																											5.6x
Total consolidated debt to gross assets																											43.4		%
Total consolidated secured debt to gross assets																											0.7		%
Cash interest expense coverage ratio (a) (b)																											5.2x
Weighted-average interest rate – for the three months ended December 31, 2025 (b)																											3.2		%
Weighted-average interest rate – as of December 31, 2025 (b)																											3.1		%
Weighted-average debt maturity (years) (b)																											4.3
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)																											$	1,553,312
Number of net-leased properties																											1,682
Number of operating properties (i)																											16
Number of tenants – net-leased properties																											371
ABR from top ten tenants as a % of total ABR – net-leased properties																											18.8		%
ABR from investment grade tenants as a % of total ABR – net-leased properties (j)																											21.9		%
Contractual same-store growth (k)																											2.4		%
Net-leased properties – square footage (millions)																											183.5
Occupancy – net-leased properties																											98.0		%
Weighted-average lease term (years)																											12.0
Investment volume – current quarter ($000s)																											$	625,110
Dispositions – current quarter ($000s)																											506,954
Maximum commitment for capital investments and commitments expected to be completed during 2026 ($000s)																											238,269

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W. P. Carey Inc.

Overview – Fourth 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 $993.7 million and above-market rent intangible assets of $498.1 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 6,258,496 shares of unsettled forward equity as of December 31, 2025, as if they had been settled for cash at a weighted-average net settlement price of $65.85 per share.

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

(i)Comprised of 11 self-storage properties, four hotels and one student housing properties.

(j)Percentage of portfolio is based on ABR, as of December 31, 2025. Includes tenants or guarantors with investment grade ratings (15.4%) and subsidiaries of non-guarantor parent companies with investment grade ratings (6.5%). Investment grade refers to an entity with a rating of BBB- or higher from Standard & Poor’s Ratings Services or Baa3 or higher from Moody’s Investors Service. See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of ABR.

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

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W. P. Carey Inc.

Overview – Fourth Quarter 2025

Components of Net Asset Value

In thousands.

Normalized Pro Rata Cash NOI (a) (b)															Three Months Ended Dec. 31, 2025
Net lease properties															$	374,909
Self-storage and other operating properties (c)															3,185
Total normalized pro rata cash NOI (a) (b)															$	378,094
Balance Sheet – Selected Information (Consolidated Unless Otherwise Stated)															As of Dec. 31, 2025
Assets
Book value of real estate excluded from normalized pro rata cash NOI (d)															$	292,589
Cash and cash equivalents															155,329
Las Vegas retail complex construction loan (e)															245,884
Other secured loans receivable, net															35,783
Other assets, net:
Straight-line rent adjustments															$	466,658
Investment in shares of Lineage (a cold storage REIT) (f)															167,526
Cash held at qualified intermediaries (g)															80,874
Deferred charges															77,420
Taxes receivable															57,193
Non-rent tenant and other receivables															49,118
Office lease right-of-use assets, net															47,719
Restricted cash, including escrow (excludes cash held at qualified intermediaries)															36,189
Deferred income taxes															33,151
Prepaid expenses															10,998
Leasehold improvements, furniture and fixtures															10,846
Rent receivables (h)															2,410
Securities and derivatives															1,845
Due from affiliates															996
Other															25,537
Total other assets, net															$	1,068,480
Liabilities
Total pro rata debt outstanding (b) (i)															$	8,883,770
Dividends payable															207,487
Deferred income taxes															151,820
Accounts payable, accrued expenses and other liabilities:
Prepaid and deferred rents															$	185,865
Accounts payable and accrued expenses															175,668
Operating lease liabilities															144,252
Tenant security deposits															54,877
Accrued taxes payable															45,319
Securities and derivatives															18,435
Other															45,622
Total accounts payable, accrued expenses and other liabilities															$	670,038

________

(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 – Fourth 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 $39.2 million and unamortized deferred financing costs totaling $30.1 million as of December 31, 2025.

						Investing for the Long Run® | 4

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W. P. Carey Inc.

Financial Results

Fourth Quarter 2025

						Investing for the Long Run® | 5

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W. P. Carey Inc.

Financial Results – Fourth Quarter 2025

Consolidated Statements of Income – Last Five Quarters

In thousands, except share and per share amounts.

			Three Months Ended
			Dec. 31, 2025						Sep. 30, 2025						Jun. 30, 2025						Mar. 31, 2025						Dec. 31, 2024
Revenues
Real Estate:
Lease revenues			$	389,154					$	372,087					$	364,195					$	353,768					$	351,394
Income from finance leases and loans receivable			26,716						26,498						20,276						17,458						16,796
Operating property revenues			18,379						26,771						34,287						33,094						34,132
Other lease-related income			8,137						3,660						9,643						3,121						1,329
			442,386						429,016						428,401						407,441						403,651
Investment Management:
Asset management revenue			1,085						1,218						1,304						1,350						1,461
Other advisory income and reimbursements			1,076						1,069						1,072						1,067						1,053
			2,161						2,287						2,376						2,417						2,514
			444,547						431,303						430,777						409,858						406,165
Operating Expenses
Depreciation and amortization			145,339						125,586						120,595						129,607						115,770
Impairment charges — real estate			39,690						19,474						4,349						6,854						27,843
General and administrative			25,899						23,656						24,150						26,967						24,254
Reimbursable tenant costs			19,371						14,562						17,718						17,092						15,661
Property expenses, excluding reimbursable tenant costs			13,859						14,637						13,623						11,706						12,580
Operating property expenses			11,863						15,049						16,721						16,544						16,586
Stock-based compensation expense			8,650						11,153						10,943						9,148						9,667
Merger and other expenses			478						1,021						192						556						(484)
			265,149						225,138						208,291						218,474						221,877
Other Income and Expenses
Interest expense			(75,431)						(75,226)						(71,795)						(68,804)						(70,883)
Gain on sale of real estate, net			52,791						44,401						52,824						43,777						4,480
Other gains and (losses) (a)			(10,131)						(31,011)						(148,768)						(42,197)						(77,224)
Earnings from equity method investments			4,109						2,361						6,161						5,378						302
Non-operating income (b)			2,516						3,030						3,495						7,910						13,847
			(26,146)						(56,445)						(158,083)						(53,936)						(129,478)
Income before income taxes			153,252						149,720						64,403						137,448						54,810
Benefit from (provision for) income taxes			1,310						(8,495)						(13,091)						(11,632)						(7,772)
Net Income			154,562						141,225						51,312						125,816						47,038
Net (income) loss attributable to noncontrolling interests (c)			(6,243)						(229)						(92)						8						(15)
Net Income Attributable to W. P. Carey			$	148,319					$	140,996					$	51,220					$	125,824					$	47,023
Basic Earnings Per Share			$	0.67					$	0.64					$	0.23					$	0.57					$	0.21
Diluted Earnings Per Share			$	0.67					$	0.64					$	0.23					$	0.57					$	0.21
Weighted-Average Shares Outstanding
Basic			220,469,827						220,562,909						220,569,259						220,401,156						220,223,239
Diluted			221,169,776						221,087,833						220,874,935						220,720,310						220,577,900
Dividends Declared Per Share			$	0.920					$	0.910					$	0.900					$	0.890					$	0.880

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(a)Amount for the three months ended December 31, 2025 is primarily comprised of a mark-to-market unrealized loss for our investment in shares of Lineage of $11.7 million and non-cash unrealized gains on non-hedging derivatives of $1.1 million.

(b)Amount for the three months ended December 31, 2025 is comprised of a dividend of $2.8 million from our investment in shares of Lineage, interest income on deposits of $1.0 million and realized losses on foreign currency exchange derivatives of $1.3 million.

(c)Amount for the three months ended December 31, 2025 includes a noncontrolling interest’s $6.0 million share of a gain on sale of real estate.

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W. P. Carey Inc.

Financial Results – Fourth Quarter 2025

FFO and AFFO, Consolidated – Last Five Quarters

In thousands, except share and per share amounts.

			Three Months Ended
			Dec. 31, 2025						Sep. 30, 2025						Jun. 30, 2025						Mar. 31, 2025						Dec. 31, 2024
Net income attributable to W. P. Carey			$	148,319					$	140,996					$	51,220					$	125,824					$	47,023
Adjustments:
Depreciation and amortization of real property			144,641						124,906						119,930						128,937						115,107
Gain on sale of real estate, net			(52,791)						(44,401)						(52,824)						(43,777)						(4,480)
Impairment charges — real estate			39,690						19,474						4,349						6,854						27,843
Proportionate share of adjustments to earnings from equity method investments (a)			2,255						2,271						2,231						1,643						2,879
Proportionate share of adjustments for noncontrolling interests (b) (c)			5,958						(82)						(82)						(78)						(79)
Total adjustments			139,753						102,168						73,604						93,579						141,270
FFO (as defined by NAREIT) Attributable to W. P. Carey (d)			288,072						243,164						124,824						219,403						188,293
Adjustments:
Straight-line and other leasing and financing adjustments			(20,758)						(20,424)						(15,374)						(19,033)						(24,849)
Tax (benefit) expense — deferred and other			(11,708)						(1,215)						2,820						(782)						96
Other (gains) and losses (e)			10,131						31,011						148,768						42,197						77,224
Stock-based compensation			8,650						11,153						10,943						9,148						9,667
Amortization of deferred financing costs			4,888						4,874						4,628						4,782						4,851
Above- and below-market rent intangible lease amortization, net			941						4,363						5,061						1,123						10,047
Other amortization and non-cash items			589						587						579						560						557
Merger and other expenses			478						1,021						192						556						(484)
Proportionate share of adjustments to earnings from equity method investments (a)			(43)						2,194						309						(86)						2,266
Proportionate share of adjustments for noncontrolling interests (b)			(116)						(99)						(80)						(48)						(62)
Total adjustments			(6,948)						33,465						157,846						38,417						79,313
AFFO Attributable to W. P. Carey (d)			$	281,124					$	276,629					$	282,670					$	257,820					$	267,606
Summary
FFO (as defined by NAREIT) attributable to W. P. Carey (d)			$	288,072					$	243,164					$	124,824					$	219,403					$	188,293
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share (d)			$	1.30					$	1.10					$	0.57					$	0.99					$	0.85
AFFO attributable to W. P. Carey (d)			$	281,124					$	276,629					$	282,670					$	257,820					$	267,606
AFFO attributable to W. P. Carey per diluted share (d)			$	1.27					$	1.25					$	1.28					$	1.17					$	1.21
Diluted weighted-average shares outstanding			221,169,776						221,087,833						220,874,935						220,720,310						220,577,900

________

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

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

(c)Amount for the three months ended December 31, 2025 includes a noncontrolling interest’s $6.0 million share of a gain on sale of real estate.

(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 December 31, 2025 is primarily comprised of a mark-to-market unrealized loss for our investment in shares of Lineage of $11.7 million and non-cash unrealized gains on non-hedging derivatives of $1.1 million.

						Investing for the Long Run® | 7

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W. P. Carey Inc.

Financial Results – Fourth Quarter 2025

Elements of Pro Rata Statement of Income and AFFO Adjustments

In thousands. For the three months ended December 31, 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			$	6,069					$	(262)					$	(19,093)		(c)
Income from finance leases and loans receivable			95						(59)						(766)
Operating property revenues			—												—
Other lease-related income			—						—						—
Investment Management:
Asset management revenue			—						—						—
Other advisory income and reimbursements			—						—						—
Operating Expenses
Depreciation and amortization			2,027						(83)						(146,687)			(d)
Impairment charges — real estate			—						—						(39,690)			(e)
General and administrative			2						—						—
Reimbursable tenant costs			631						(57)						—
Property expenses, excluding reimbursable tenant costs			588						(40)						(464)			(e)
Operating property expenses			—						—						(30)			(e)
Stock-based compensation expense			—						—						(8,650)			(e)
Merger and other expenses			—						—						(478)
Other Income and Expenses
Interest expense			(803)						1						4,934			(f)
Gain on sale of real estate, net			—						(6,042)						(46,749)
Other gains and (losses)			—						125						10,006			(g)
Earnings from equity method investments			(1,909)						—						85			(h)
Non-operating income			(120)						—						—
Benefit from income taxes			(84)						(3)						(11,611)			(i)
Net income attributable to noncontrolling interests			—						6,060						—

________

(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 $0.9 million and the elimination of non-cash amounts related to straight-line rent and other of $20.0 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 – Fourth Quarter 2025

Capital Expenditures

In thousands. For the three months ended December 31, 2025.

Turnover Costs (a)
Tenant improvements			$	10,119
Leasing costs			2,501
Total Tenant Improvements and Leasing Costs			12,620
Property improvements — net-lease properties			3,749
Total Turnover Costs			$	16,369
Maintenance Capital Expenditures
Net-lease properties			$	5,135
Operating properties			1,637
Total Maintenance Capital Expenditures			$	6,772

________

(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

Fourth Quarter 2025

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W. P. Carey Inc.

Balance Sheets and Capitalization – Fourth Quarter 2025

Consolidated Balance Sheets

In thousands, except share and per share amounts.

			December 31,
			2025						2024
Assets
Investments in real estate:
Land, buildings and improvements — net lease and other			$	14,451,306					$	12,842,869
Land, buildings and improvements — operating properties			286,079						1,198,676
Net investments in finance leases and loans receivable			1,171,886						798,259
In-place lease intangible assets and other			2,466,199						2,297,572
Above-market rent intangible assets			668,707						665,495
Investments in real estate			19,044,177						17,802,871
Accumulated depreciation and amortization (a)			(3,578,330)						(3,222,396)
Assets held for sale, net			3,327						—
Net investments in real estate			15,469,174						14,580,475
Equity method investments			310,178						301,115
Cash and cash equivalents			155,329						640,373
Other assets, net			1,068,480						1,045,218
Goodwill			987,071						967,843
Total assets			$	17,990,232					$	17,535,024
Liabilities and Equity
Debt:
Senior unsecured notes, net			$	6,950,261					$	6,505,907
Unsecured term loans, net			1,196,366						1,075,826
Unsecured revolving credit facility			435,417						55,448
Non-recourse mortgages, net			140,646						401,821
Debt, net			8,722,690						8,039,002
Accounts payable, accrued expenses and other liabilities			670,038						596,994
Below-market rent and other intangible liabilities, net			104,055						119,831
Deferred income taxes			151,820						147,461
Dividends payable			207,487						197,612
Total liabilities			9,856,090						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; 219,145,876 and 218,848,844 shares, respectively, issued and outstanding			219						219
Additional paid-in capital			11,830,737						11,805,179
Distributions in excess of accumulated earnings			(3,539,592)						(3,203,974)
Deferred compensation obligation			80,239						78,503
Accumulated other comprehensive loss			(253,346)						(250,232)
Total stockholders' equity			8,118,257						8,429,695
Noncontrolling interests			15,885						4,429
Total equity			8,134,142						8,434,124
Total liabilities and equity			$	17,990,232					$	17,535,024

________

(a)Includes $2.1 billion and $1.8 billion of accumulated depreciation on buildings and improvements as of December 31, 2025 and 2024, respectively, and $1.5 billion and $1.4 billion of accumulated amortization on lease intangibles as of December 31, 2025 and 2024, respectively.

						Investing for the Long Run® | 11

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W. P. Carey Inc.

Balance Sheets and Capitalization – Fourth Quarter 2025

Capitalization

In thousands, except share and per share amounts. As of December 31, 2025.

Description												Shares						Share Price						Market Value
Equity
Common equity												219,145,876						$	64.36					$	14,104,229
Preferred equity																								—
Total Equity Market Capitalization																								14,104,229
																								Outstanding Balance (a)
Pro Rata Debt
Non-recourse mortgages																								235,284
Unsecured term loans (due February 14, 2028)																								616,194
Unsecured term loan (due April 24, 2029)																								587,500
Unsecured revolving credit facility (due February 14, 2029)																								435,417
Senior unsecured notes:
Due April 9, 2026 (EUR)																								587,500
Due October 1, 2026 (USD)																								350,000
Due April 15, 2027 (EUR)																								587,500
Due April 15, 2028 (EUR)																								587,500
Due July 15, 2029 (USD)																								325,000
Due September 28, 2029 (EUR)																								176,250
Due June 1, 2030 (EUR)																								616,875
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)																								763,750
Due September 28, 2032 (EUR)																								235,000
Due April 1, 2033 (USD)																								425,000
Due June 30, 2034 (USD)																								400,000
Due November 19, 2034 (EUR)																								705,000
Total Pro Rata Debt																								8,883,770
Total Capitalization																								$	22,987,999

________

(a)Excludes unamortized discount, net totaling $39.2 million and unamortized deferred financing costs totaling $30.1 million as of December 31, 2025.

						Investing for the Long Run® | 12

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W. P. Carey Inc.

Balance Sheets and Capitalization – Fourth Quarter 2025

Debt Overview

Dollars in thousands. Pro rata. As of December 31, 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)			$	107,667					4.8		%							$	71,650					5.1		%							$	20,780					4.6		%							$	200,097					2.2		%				4.9		%				1.7
Floating			—						—		%							35,187						3.8		%							—						—		%							35,187						0.4		%				3.8		%				0.3
Total Pro Rata Non-Recourse Debt			107,667						4.8		%							106,837						4.7		%							20,780						4.6		%							235,284						2.6		%				4.7		%				1.5
Recourse Debt (b) (c)
Fixed – Senior unsecured notes:
Due April 9, 2026			—						—		%							587,500						2.3		%							—						—		%							587,500						6.6		%				2.3		%				0.3
Due October 1, 2026			350,000						4.3		%							—						—		%							—						—		%							350,000						3.9		%				4.3		%				0.8
Due April 15, 2027			—						—		%							587,500						2.1		%							—						—		%							587,500						6.6		%				2.1		%				1.3
Due April 15, 2028			—						—		%							587,500						1.4		%							—						—		%							587,500						6.6		%				1.4		%				2.3
Due July 15, 2029			325,000						3.9		%							—						—		%							—						—		%							325,000						3.7		%				3.9		%				3.5
Due September 28, 2029			—						—		%							176,250						3.4		%							—						—		%							176,250						2.0		%				3.4		%				3.7
Due June 1, 2030			—						—		%							616,875						1.0		%							—						—		%							616,875						7.0		%				1.0		%				4.4
Due July 15, 2030			400,000						4.7		%							—						—		%							—						—		%							400,000						4.5		%				4.7		%				4.5
Due February 1, 2031			500,000						2.4		%							—						—		%							—						—		%							500,000						5.6		%				2.4		%				5.1
Due February 1, 2032			350,000						2.5		%							—						—		%							—						—		%							350,000						3.9		%				2.5		%				6.1
Due July 23, 2032			—						—		%							763,750						4.3		%							—						—		%							763,750						8.6		%				4.3		%				6.6
Due September 28, 2032			—						—		%							235,000						3.7		%							—						—		%							235,000						2.7		%				3.7		%				6.7
Due April 1, 2033			425,000						2.3		%							—						—		%							—						—		%							425,000						4.8		%				2.3		%				7.3
Due June 30, 2034			400,000						5.4		%							—						—		%							—						—		%							400,000						4.5		%				5.4		%				8.5
Due November 19, 2034			—						—		%							705,000						3.7		%							—						—		%							705,000						7.9		%				3.7		%				8.9
Total Senior Unsecured Notes			2,750,000						3.6		%							4,259,375						2.6		%							—						—		%							7,009,375						78.9		%				3.0		%				4.7
Swapped to Fixed:
Unsecured term loan (due April 24, 2029) (e)			—						—		%							587,500						2.8		%							—						—		%							587,500						6.6		%				2.8		%				3.3
Unsecured term loan (due February 14, 2028) (e)			—						—		%							—						—		%							363,569						4.7		%							363,569						4.1		%				4.7		%				2.1
Floating:
Unsecured revolving credit facility (due February 14, 2029) (f)			258,000						4.4		%							66,976						2.6		%							110,441						3.3		%							435,417						4.9		%				3.9		%				3.1
Unsecured term loan (due February 14, 2028) (g)			—						—		%							252,625						2.7		%							—						—		%							252,625						2.9		%				2.7		%				2.1
Total Recourse Debt			3,008,000						3.6		%							5,166,476						2.7		%							474,010						4.4		%							8,648,486						97.4		%				3.1		%				4.3
Total Pro Rata Debt Outstanding			$	3,115,667					3.7		%							$	5,273,313					2.7		%							$	494,790					4.4		%							$	8,883,770					100.0		%				3.1		%				4.3

________

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

(b)Debt data is presented on a pro rata basis as of December 31, 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 $39.2 million and unamortized deferred financing costs totaling $30.1 million as of December 31, 2025.

(d)Includes $81.2 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, TIBOR, CORRA, SONIA or EURIBOR, plus 0.735% for all base rates as of December 31, 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 December 31, 2025.

(g)We incurred interest at EURIBOR, plus 0.80% on this Unsecured term loan as of December 31, 2025.

						Investing for the Long Run® | 13

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W. P. Carey Inc.

Balance Sheets and Capitalization – Fourth Quarter 2025

Debt Maturity

Dollars in thousands. Pro rata. As of December 31, 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
2026						23						$	28,809					4.7		%				$	105,969					$	109,255					1.2		%
2027						3						1,272						4.2		%				28,534						28,835						0.4		%
2028						5						14,123						5.0		%				73,853						80,009						0.9		%
2029						3						1,464						4.0		%				10,911						11,767						0.1		%
2031						1						1,158						6.0		%				—						2,086						—		%
2033						1						2,393						5.6		%				1,648						3,332						—		%
Total Pro Rata Non-Recourse Debt						36						$	49,219					4.7		%				$	220,915					235,284						2.6		%
Recourse Debt
Fixed – Senior unsecured notes:
Due April 9, 2026 (EUR)																		2.3		%										587,500						6.6		%
Due October 1, 2026 (USD)																		4.3		%										350,000						3.9		%
Due April 15, 2027 (EUR)																		2.1		%										587,500						6.6		%
Due April 15, 2028 (EUR)																		1.4		%										587,500						6.6		%
Due July 15, 2029 (USD)																		3.9		%										325,000						3.7		%
Due September 28, 2029 (EUR)																		3.4		%										176,250						2.0		%
Due June 1, 2030 (EUR)																		1.0		%										616,875						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						3.9		%
Due July 23, 2032 (EUR)																		4.3		%										763,750						8.6		%
Due September 28, 2032 (EUR)																		3.7		%										235,000						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		%										705,000						7.9		%
Total Senior Unsecured Notes																		3.0		%										7,009,375						78.9		%
Swapped to Fixed:
Unsecured term loan (due April 24, 2029) (d)																		2.8		%										587,500						6.6		%
Unsecured term loan (due Feb 14, 2028) (d)																		4.7		%										363,569						4.1		%
Floating:
Unsecured revolving credit facility (due February 14, 2029) (e)																		3.9		%										435,417						4.9		%
Unsecured term loan (due February 14, 2028) (f)																		2.7		%										252,625						2.9		%
Total Recourse Debt																		3.1		%										8,648,486						97.4		%
Total Pro Rata Debt Outstanding																		3.1		%										$	8,883,770					100.0		%

________

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

(b)Debt maturity data is presented on a pro rata basis as of December 31, 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 $39.2 million and unamortized deferred financing costs totaling $30.1 million as of December 31, 2025.

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

(e)We incurred interest on our Unsecured revolving credit facility at SOFR, TIBOR, CORRA, SONIA or EURIBOR, plus 0.735% for all base rates as of December 31, 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 December 31, 2025.

(f)We incurred interest at EURIBOR, plus 0.80% on this Unsecured term loan as of December 31, 2025.

						Investing for the Long Run® | 14

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W. P. Carey Inc.

Balance Sheets and Capitalization – Fourth Quarter 2025

Senior Unsecured Notes

As of December 31, 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 Dec. 31, 2025

Limitation on the incurrence of debt

"Total Debt" / "Total Assets"

≤ 60%

42.1%

Limitation on the incurrence of secured debt

"Secured Debt" / "Total Assets"

≤ 40%

0.7%

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%

230.5%

						Investing for the Long Run® | 15

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W. P. Carey Inc.

Real Estate

Fourth Quarter 2025

						Investing for the Long Run® | 16

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W. P. Carey Inc.

Real Estate – Fourth Quarter 2025

Investment Activity – Investment Volume

Dollars in thousands. Pro rata. For the year ended December 31, 2025.

Property Type(s)

Closing Date / Asset Completion Date

Gross Investment Amount

Investment Type

Lease Term (Years) (a)

Gross Square Footage

Tenant

Property Location(s)

1Q25

Reddy Ice (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 (4 properties)

Various, United States

Retail

Mar-25

8,474

Acquisition

15

42,388

Ernest Health

Mishawaka, IN

Specialty (Healthcare)

Mar-25

31,762

Acquisition

15

55,210

Majestic Steel (b)

Blytheville, AR

Industrial

Mar-25

91,910

Sale-leaseback

24

513,633

1Q25 Total

273,168

16

1,759,061

2Q25

Linde + Wiemann (4 properties) (c)

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

Industrial

Apr-25

42,981

Sale-leaseback

25

640,732

UNFI

Santa Fe Springs, CA

Warehouse

Apr-25

128,043

Acquisition

10

302,850

Berry Global

Evansville, IN

Industrial

Apr-25

8,150

Renovation

15

N/A

Morato (9 properties) (c)

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

Industrial

May-25

73,280

Sale-leaseback

20

1,159,154

Soteria

Chattanooga, TN

Industrial

Jun-25

20,247

Sale-leaseback

15

211,379

Hertz (2 properties)

Newark, NJ and Boston, MA

Industrial

Jun-25

101,856

Sale-leaseback

20

81,664

TI Automotive (formerly ABC Technologies)

Galeras, Mexico

Industrial

Jun-25

4,843

Expansion

18

60,181

Premium Brands (b)

McDonald, TN

Industrial

Jun-25

166,060

Sale-leaseback

25

356,960

2Q25 Total

545,460

19

2,812,920

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

San Francisco, CA

Industrial

Jul-25

49,604

Sale-leaseback

20

69,200

Dollar General (8 properties)

Various, United States

Retail

Jul-25; Aug-25

15,796

Acquisition

15

85,046

Morrisons (2 properties) (c)

Loughborough and Ilkeston, United Kingdom

Retail

Jul-25

68,308

Acquisition

15

121,669

Sumitomo

Bedford, MA

Research and Development

Jul-25

44,000

Redevelopment

15

N/A

Ryerson

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 (35 properties) (c)

Various, Italy

Industrial, Warehouse

Aug-25

81,900

Acquisition

12

1,008,560

AeriTek Global (4 properties)

Monterrey and San Juan del Rio, Mexico

Industrial

Aug-25

44,033

Sale-leaseback

20

525,044

Canadian Solar

Mesquite, TX

Industrial

Sep-25

92,271

Acquisition

10

756,668

EOS Fitness

Kissimmee, FL

Retail

Sep-25

14,338

Acquisition

20

42,000

Polytainers (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

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W. P. Carey Inc.

Real Estate – Fourth Quarter 2025

Investment Activity – Investment Volume (continued)

Dollars in thousands. Pro rata. For the year ended December 31, 2025.

Property Type(s)

Closing Date / Asset Completion Date

Gross Investment Amount

Investment Type

Lease Term (Years) (a)

Gross Square Footage

Tenant

Property Location(s)

4Q25

Plaskolite

Compton, CA

Warehouse

Oct-25

5,937

Acquisition

21

23,925

NewEra Nobis (4 properties)

Various, United States

Specialty (Healthcare)

Oct-25

137,275

Acquisition

17

190,347

AeriTek Global

San Juan del Rio, Mexico

Industrial

Oct-25

9,999

Sale-leaseback

20

145,625

Dollar General (8 properties)

Various, United States

Retail

Oct-25; Dec-25

15,986

Acquisition

15

83,334

Novus Foods (b)

Delphos, OH

Industrial

Oct-25

8,693

Sale-leaseback

26

66,023

Tidal Wave

New Hartford, NY

Retail (Car Wash)

Nov-25

5,084

Sale-leaseback

18

3,450

RKW (c)

Wasserburg am Inn, Germany

Industrial

Dec-25

27,142

Sale-leaseback

20

235,010

Enel (2 properties) (c)

Cesena and Gela, Italy

Industrial, Warehouse

Dec-25

2,218

Acquisition

12

30,393

Life Time Fitness (10 properties)

Various, United States

Retail

Dec-25

321,826

Acquisition

10

1,254,645

Ontime (4 properties) (c)

Navarra and Zaragoza, Spain

Warehouse

Dec-25

80,020

Sale-leaseback

20

728,147

Fraikin (c)

Various, France

Industrial

Dec-25

5,947

Renovation

17

N/A

Solar Projects

Various, United States

Various

Dec-25

3,892

Solar Projects

N/A

N/A

4Q25 Total

624,019

14

2,760,899

Year-to-Date Total

2,098,192

17

12,682,476

												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						2026						476						1,556						18,367						23,449
SE Corner of Las Vegas & Elvis Presley (g)						Las Vegas, NV						Retail						Nov-24						2026						615						2,370						17,417						25,000
Total																														1,091						7,096						281,668						305,336
Year-to-Date Total Investment Volume																																				$	2,105,288

________

(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 year ended December 31, 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 – Fourth 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 Dec. 31, 2025 (c)						Total Funded Through Dec. 31, 2025						Maximum Commitment / Gross Investment Amount
Tenant						Location																																																Remaining						Total
Janus International (d) (e)						Surprise, AZ						Build-to-Suit						Industrial						Q1 2026						131,753						20						$	5,430					$	19,968					$	761					$	20,729
Hedin Mobility Group (d) (f) (g)						Amsterdam, The Netherlands						Build-to-Suit						Retail						Q1 2026						62,810						22						17,636						17,636						—						17,636
Scania (f)						Oskarshamn, Sweden						Build-to-Suit						Warehouse						Q1 2026						204,645						15						8,894						14,285						3,263						17,548
EOS Fitness (d) (e)						Surprise, AZ						Build-to-Suit						Retail						Q1 2026						40,000						20						1,993						7,948						3,697						11,645
Nord Anglia						Houston, TX						Expansion						Education						Q2 2026						13,150						20						12						12						8,488						8,500
Rocky Vista University						Billings, MT						Build-to-Suit						Education (Medical School)						Q3 2026						57,000						25						9,436						11,944						13,056						25,000
TI Automotive (formerly ABC Technologies) (e) (f)						Brampton, Canada						Build-to-Suit						Industrial						Q3 2026						120,222						20						4,358						4,827						13,962						18,845
NewEra Nobis (e)						Overland Park, KS						Expansion						Specialty (Healthcare)						Q3 2026						7,275						20						2,414						2,414						7,554						10,000
AEG Presents (h)						Austin, TX						Build-to-Suit						Specialty						Q4 2026						56,403						30						3,850						8,182						39,374						47,556
Novus Foods (e)						Delphos, OH						Build-to-Suit & Expansion						Industrial						Q4 2026						139,250						25						1,916						1,916						36,058						38,000
Untenanted						Atlanta, GA						Redevelopment						Warehouse						Q4 2026						99,000						N/A						36						147						11,532						11,679
Various						Various, US						Solar Projects						Various						Various						N/A						N/A						2,178						4,231						6,900						11,131
Expected Completion Date 2026 Total																														931,508						23						58,153						93,510						144,645						238,269
AEG Presents (h)						Portland, OR						Build-to-Suit						Specialty						Q1 2027						57,825						30						6,337						13,530						47,183						60,713
Untenanted						Atlanta, GA						Redevelopment						Warehouse						Q1 2027						432,800						N/A						340						960						39,812						40,772
Expected Completion Date 2027 Total																														490,625						30						6,677						14,490						86,995						101,485
Capital Investments and Commitments Total																														1,422,133						25						$	64,830					$	108,000					$	231,640					$	339,754

________

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

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

(c)Total funding during the three months ended December 31, 2025 excludes $0.7 million spent on pre-development work for potential projects in various phases.

(d)These projects were completed in January 2026.

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

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

(g)Project was funded upon completion and was contingent on building being constructed according to our standards.

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

						Investing for the Long Run® | 19

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W. P. Carey Inc.

Real Estate – Fourth Quarter 2025

Investment Activity – Dispositions

Dollars in thousands. Pro rata. For the year ended December 31, 2025.

Tenant

Property Location(s)

Gross Sale Price

Closing Date

Property Type(s)

Gross Square Footage

1Q25

Hedin Mobility Group (2 properties) (a)

Eindhoven and Amsterdam, The Netherlands

$

16,593

Jan-25

Retail

136,465

Pendragon (a)

Derby, United Kingdom

2,158

Jan-25

Retail

34,764

Pendragon (a)

Newport, United Kingdom

752

Jan-25

Retail

3,868

Vacant (formerly Pendragon) (a)

Milton Keynes, United Kingdom

6,560

Feb-25

Retail

25,942

Pendragon (a)

Portsmouth, United Kingdom

1,506

Feb-25

Retail

28,638

Vacant (former Prima Wawona)

Reedley, CA

21,500

Mar-25

Warehouse

325,981

Hellweg (a)

Gronau, Germany

3,569

Mar-25

Retail

45,876

Belk

Jonesville, SC

77,194

Mar-25

Warehouse

861,141

1Q25 Total

129,832

1,462,675

2Q25

Vita Euroland (a)

Gorinchem, The Netherlands

8,488

Apr-25

Warehouse

133,500

Accord Carton (2 properties) (b)

Alsip, IL

20,757

Apr-25

Industrial

471,890

Hellweg (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)

Saline, MI

7,900

May-25

Industrial

111,072

Memora Servicios Funerarios (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

San Diego, CA

26,250

Jun-25

Research & Development

157,721

Do It Best (formerly True Value) (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 (a)

Linkoping, Sweden

7,408

Jul-25

Retail

58,770

Leipold

Windsor, CT

6,600

Jul-25

Industrial

40,362

Wagon Automotive (a)

Nagold, Germany

18,221

Aug-25

Industrial

305,437

Vacant (d)

St. Petersburg, FL

7,000

Sep-25

Warehouse

70,322

Hellweg (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

						Investing for the Long Run® | 20

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W. P. Carey Inc.

Real Estate – Fourth Quarter 2025

Investment Activity – Dispositions (continued)

Dollars in thousands. Pro rata. For the year ended December 31, 2025.

Tenant

Property Location(s)

Gross Sale Price

Closing Date

Property Type(s)

Gross Square Footage

4Q25

TI Automotive (formerly ABC Technologies)

Southfield, MI

470

Oct-25

Office

16,752

Vacant (a)

Bad Wünnenberg, Germany

5,339

Oct-25

Warehouse

287,905

Self-Storage Operating Properties (31 properties)

Various, United States

323,221

Oct-25, Nov-25, Dec-25

Self-Storage (Operating)

2,169,286

Vacant

Mauldin, SC

6,028

Nov-25

Warehouse

72,600

Vacant (formerly Hellweg) (a)

Werl, Germany

1,506

Nov-25

Retail

66,672

Hellweg (2 properties) (a)

Quedlinburg and Leipzig, Germany

16,281

Dec-25

Retail

156,088

Vacant

Chicago, IL

14,000

Nov-25

Office

159,600

Vacant

Westlake, OH

17,250

Dec-25

Warehouse

408,251

COOP Ost SA (sold 90.1% controlling interest) (a)

Oslo, Norway

101,610

Dec-25

Retail

317,647

Hööks Hästsport AB (a)

Vantaa, Finland

2,454

Dec-25

Retail

17,115

Lincoln Tech

Philadelphia, PA

2,295

Dec-25

Education

31,020

Vacant

Kansas City, MO

10,500

Dec-25

Warehouse

414,680

AMC

Pensacola, FL

6,000

Dec-25

Retail

73,971

4Q25 Total

506,954

4,191,587

Year-to-Date Total Dispositions

$

1,496,190

10,808,459

________

(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® | 21

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W. P. Carey Inc.

Real Estate – Fourth Quarter 2025

Joint Ventures

Dollars in thousands. As of December 31, 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					$	22,592					$	116,795					$	10,731
Harmon Retail Corner						Common equity interest						15.00%						143,000						—						21,450						—
Kesko Senukai (f)						Net lease						70.00%						100,534						18,105						70,374						12,674
Total Unconsolidated Joint Ventures																		489,418						40,697						208,619						23,405
Consolidated Joint Ventures (g)
Fentonir (f)						Net lease						94.90%						—						2,948						—						2,798
McCoy Rockford						Net lease						90.00%						—						991						—						892
Iowa Board of Regents						Net lease						90.00%						—						707						—						636
Total Consolidated Joint Ventures																		—						4,646						—						4,326
Total Unconsolidated and Consolidated Joint Ventures																		$	489,418					$	45,343					$	208,619					$	27,731

________

(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 less than $0.1 million and unamortized deferred financing costs totaling $0.2 million as of December 31, 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 December 31, 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 December 31, 2025.

						Investing for the Long Run® | 22

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W. P. Carey Inc.

Real Estate – Fourth Quarter 2025

Top 25 Tenants

Dollars in thousands. Pro rata. As of December 31, 2025.

Tenant						Description						Number of Properties						ABR						ABR %						Weighted-Average Lease Term (Years)
Extra Space Storage						Net lease self-storage properties in the U.S. leased to publicly traded self-storage REIT						43						$	41,332					2.7		%				23.7
Apotex (a)						Pharmaceutical R&D and manufacturing properties in the Greater Toronto Area leased to generic drug manufacturer						11						33,448						2.2		%				17.2
Life Time Fitness						Health and fitness facilities in the U.S. leased to premium athletic club operator						12						32,450						2.1		%				7.9
Metro Italia (b)						Business-to-business retail stores in Italy leased to cash and carry wholesaler						19						30,893						2.0		%				4.4
Fortenova (b)						Grocery stores and one warehouse in Croatia leased to European food retailer						19						28,404						1.8		%				8.3
OBI (b)						Retail properties in Poland leased to German DIY retailer						26						27,524						1.8		%				5.3
Fedrigoni (b)						Industrial and warehouse facilities in Germany, Italy and Spain leased to global manufacturer of premium packaging and labels						16						25,517						1.6		%				17.9
TI Automotive (formerly ABC Technologies) (a) (c)						Automotive parts manufacturing properties in the U.S., Canada and Mexico leased to OEM supplier						21						25,313						1.6		%				19.2
Eroski (b)						Grocery stores and warehouses in Spain leased to Spanish food retailer						63						24,104						1.5		%				10.2
Nord Anglia						K-12 private schools in Orlando, Miami and Houston leased to international day and boarding school operator						3						23,599						1.5		%				18.7
Top 10 Total												233						292,584						18.8		%				13.5
Berry Global						Manufacturing facilities in the U.S. leased to international producer and supplier of packaging solutions						8						20,833						1.4		%				12.8
Quikrete (b)						Industrial facilities in the U.S. and Canada leased to concrete and building products manufacturer						27						20,661						1.3		%				17.5
Kesko Senukai (b)						Distribution facilities and retail properties in Lithuania, Estonia and Latvia leased to European DIY retailer						20						20,129						1.3		%				6.1
Pendragon (b)						Dealerships in the United Kingdom leased to automotive retailer						46						19,035						1.2		%				12.8
Advance Auto Parts						Distribution facilities in the U.S. leased to automotive aftermarket parts provider						28						18,980						1.2		%				7.1
Maker’s Pride (formerly Hearthside)						Production, packaging and distribution facilities in the U.S. leased to North American contract food manufacturer						18						17,636						1.2		%				16.6
Hellweg (b) (d)						Retail properties in Germany leased to German DIY retailer						19						17,223						1.1		%				14.6
Dollar General						Retail properties in the U.S. leased to discount retailer						126						17,199						1.1		%				13.5
Jumbo (b)						Logistics and cold storage warehouse facilities in the Netherlands leased to European supermarket chain						5						16,907						1.1		%				6.0
Danske Fragtmaend (b)						Distribution facilities in Denmark leased to Danish freight company						15						15,097						1.0		%				11.1
Top 20 Total												545						476,284						30.7		%				12.9
Intergamma (b)						Retail properties in the Netherlands leased to European DIY retailer						36						14,955						0.9		%				7.6
Do It Best (formerly True Value)						Distribution facilities and manufacturing facility in the U.S. leased to global hardware wholesaler						6						13,801						0.9		%				6.0
Dick’s Sporting Goods						Retail properties and single distribution facility in the U.S. leased to sporting goods retailer						9						13,616						0.9		%				5.6
Premium Brands						Food processing facility in Tennessee leased to global specialty food manufacturer						1						12,616						0.8		%				24.6
Canadian Solar						Distribution and manufacturing facilities in Dallas and Louisville leased to global renewable energy company						2						12,255						0.8		%				10.3
Top 25 Total (e)												599						$	543,527					35.0		%				12.6

________

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

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

(c)Of the 21 properties leased to TI Automotive, nine are located in Canada, six are located in the United States, and six are located in Mexico.

(d)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.

(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® | 23

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W. P. Carey Inc.

Real Estate – Fourth Quarter 2025

Diversification by Property Type

In thousands, except percentages. Pro rata. As of December 31, 2025.

						Total Net-Lease Portfolio
Property Type						ABR						ABR %						Square Footage (a)						Square Footage %
U.S.
Industrial						$	395,765					25.4		%				58,036						31.6		%
Warehouse						230,928						14.9		%				42,442						23.1		%
Retail (b)						136,708						8.8		%				6,382						3.5		%
Other (c)						183,656						11.9		%				9,452						5.2		%
U.S. Total						947,057						61.0		%				116,312						63.4		%
International
Industrial						200,103						12.9		%				25,720						14.0		%
Warehouse						159,989						10.3		%				23,234						12.7		%
Retail (b)						211,331						13.6		%				16,473						9.0		%
Other (c)						34,832						2.2		%				1,759						0.9		%
International Total						606,255						39.0		%				67,186						36.6		%
Total
Industrial						595,868						38.3		%				83,756						45.6		%
Warehouse						390,917						25.2		%				65,676						35.8		%
Retail (b)						348,039						22.4		%				22,855						12.5		%
Other (c)						218,488						14.1		%				11,211						6.1		%
Total (d)						$	1,553,312					100.0		%				183,498						100.0		%

________

(a)Includes square footage for vacant properties.

(b)Includes automotive dealerships.

(c)Includes ABR from tenants with the following property types: education facility, specialty, self-storage (net lease), 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® | 24

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W. P. Carey Inc.

Real Estate – Fourth Quarter 2025

Diversification by Tenant Industry

In thousands, except percentages. Pro rata. As of December 31, 2025.

						Total Net-Lease Portfolio
Industry Type (a)						ABR						ABR %						Square Footage						Square Footage %
Packaged Foods & Meats						$	149,136					9.6		%				18,625						10.2		%
Food Retail						146,151						9.4		%				10,704						5.8		%
Home Improvement Retail						96,221						6.2		%				11,937						6.5		%
Auto Parts & Equipment						81,819						5.3		%				12,148						6.6		%
Automotive Retail						78,203						5.0		%				7,079						3.9		%
Education Services						60,532						3.9		%				2,747						1.5		%
Air Freight & Logistics						51,599						3.3		%				7,982						4.3		%
Pharmaceuticals						48,155						3.1		%				3,076						1.7		%
Leisure Facilities						43,423						2.8		%				1,958						1.1		%
Industrial Machinery						41,888						2.7		%				5,716						3.1		%
Self-Storage REITs						41,332						2.7		%				3,170						1.7		%
Metal, Glass & Plastic Containers						39,646						2.6		%				5,318						2.9		%
Trading Companies & Distributors						37,752						2.4		%				8,663						4.7		%
Building Products						31,086						2.0		%				6,653						3.6		%
Other Specialty Retail						28,953						1.9		%				3,227						1.8		%
Paper Products						25,517						1.6		%				4,458						2.4		%
Specialty Chemicals						24,409						1.6		%				4,303						2.3		%
Diversified Support Services						24,000						1.5		%				2,372						1.3		%
Construction Materials						23,574						1.5		%				3,781						2.1		%
Food Distributors						20,621						1.3		%				1,552						0.8		%
Construction Machinery						19,645						1.3		%				2,528						1.4		%
Consumer Staples Merchandise Retail						19,404						1.3		%				1,624						0.9		%
Passenger Ground Transportation						18,970						1.2		%				850						0.5		%
Commodity Chemicals						16,848						1.1		%				2,517						1.4		%
Hotels & Resorts						16,556						1.1		%				1,073						0.6		%
Diversified Metals						16,289						1.0		%				3,290						1.8		%
Other (64 industries, each <1% ABR) (b)						351,583						22.6		%				46,147						25.1		%
Total (c)						$	1,553,312					100.0		%				183,498						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® | 25

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W. P. Carey Inc.

Real Estate – Fourth Quarter 2025

Diversification by Geography

In thousands, except percentages. Pro rata. As of December 31, 2025.

						Total Net-Lease Portfolio
Region						ABR						ABR %						Square Footage (a)						Square Footage %
U.S.
Midwest
Illinois						$	66,036					4.3		%				9,455						5.2		%
Ohio						45,660						2.9		%				8,218						4.5		%
Indiana						43,362						2.8		%				6,251						3.4		%
Michigan						27,158						1.7		%				4,486						2.4		%
Wisconsin						22,515						1.4		%				3,410						1.9		%
Other (b)						58,624						3.8		%				7,141						3.9		%
Total Midwest						263,355						16.9		%				38,961						21.3		%
South
Texas						93,471						6.0		%				11,702						6.4		%
Florida						44,548						2.9		%				3,633						2.0		%
Tennessee						39,281						2.5		%				4,572						2.5		%
Georgia						30,302						2.0		%				4,529						2.5		%
Alabama						23,484						1.5		%				3,607						2.0		%
Other (b)						29,031						1.9		%				3,072						1.7		%
Total South						260,117						16.8		%				31,115						17.1		%
East
North Carolina						41,210						2.7		%				8,852						4.8		%
Pennsylvania						32,527						2.1		%				3,385						1.8		%
Kentucky						29,768						1.9		%				4,485						2.4		%
Massachusetts						28,681						1.8		%				1,344						0.7		%
New Jersey						27,506						1.8		%				1,118						0.6		%
New York						23,080						1.5		%				2,287						1.2		%
South Carolina						19,531						1.3		%				4,413						2.4		%
Other (b)						37,266						2.4		%				5,359						2.9		%
Total East						239,569						15.5		%				31,243						16.8		%
West
California						76,277						4.9		%				5,375						2.9		%
Arizona						22,548						1.5		%				2,372						1.3		%
Nevada						17,861						1.1		%				485						0.3		%
Other (b)						67,330						4.3		%				6,761						3.7		%
Total West						184,016						11.8		%				14,993						8.2		%
U.S. Total						947,057						61.0		%				116,312						63.4		%
International
Italy						78,315						5.0		%				9,941						5.4		%
The Netherlands						68,092						4.4		%				6,847						3.7		%
Poland						65,529						4.2		%				8,448						4.6		%
United Kingdom						62,845						4.1		%				4,848						2.7		%
Canada (c)						59,680						3.8		%				5,737						3.1		%
Germany						48,061						3.1		%				5,304						2.9		%
Spain						42,550						2.7		%				4,251						2.3		%
Croatia						29,330						1.9		%				2,063						1.1		%
France						28,203						1.8		%				2,149						1.2		%
Mexico (d)						27,686						1.8		%				4,328						2.4		%
Denmark						27,613						1.8		%				3,002						1.6		%
Other (e)						68,351						4.4		%				10,268						5.6		%
International Total						606,255						39.0		%				67,186						36.6		%
Total (f)						$	1,553,312					100.0		%				183,498						100.0		%

________

(a)Includes square footage for vacant properties.

(b)Other properties within Midwest include assets in Minnesota, Kansas, Iowa, Missouri, Nebraska, South Dakota and North Dakota. Other properties within South include assets in Louisiana, Arkansas, Oklahoma and Mississippi. Other properties within East include assets in Virginia, 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 (84%) of ABR from properties in Canada is denominated in U.S. dollars, with the balance denominated in Canadian dollars.

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

(e)Includes assets in Lithuania, Slovakia, Belgium, the Czech Republic, 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 – Fourth Quarter 2025

Contractual Rent Increases

In thousands, except percentages. Pro rata. As of December 31, 2025.

						Total Net-Lease Portfolio
Rent Adjustment Measure						ABR						ABR %						Square Footage						Square Footage %
Uncapped CPI						$	463,873					29.9		%				45,063						24.6		%
Capped CPI						287,266						18.5		%				39,446						21.5		%
CPI-linked						751,139						48.4		%				84,509						46.1		%
Fixed						749,236						48.2		%				91,454						49.9		%
Other (a)						47,489						3.1		%				3,524						1.9		%
None						5,448						0.3		%				251						0.1		%
Vacant						—						—		%				3,760						2.0		%
Total (b)						$	1,553,312					100.0		%				183,498						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), which has both a percentage rent component and annual fixed rent increases in its lease.

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

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W. P. Carey Inc.

Real Estate – Fourth Quarter 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 December 31, 2024 to December 31, 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 December 31, 2025.

			ABR
			As of
			Dec. 31, 2025						Dec. 31, 2024						Increase						% Increase
Property Type
Industrial			$	459,515					$	448,239					$	11,276					2.5		%
Warehouse			344,394						337,278						7,116						2.1		%
Retail (a)			296,542						289,364						7,178						2.5		%
Other (b)			186,400						181,435						4,965						2.7		%
Total			$	1,286,851					$	1,256,316					$	30,535					2.4		%
Rent Adjustment Measure
Uncapped CPI			$	410,600					$	400,362					$	10,238					2.6		%
Capped CPI			255,067						248,507						6,560						2.6		%
CPI-linked			665,667						648,869						16,798						2.6		%
Fixed			573,289						561,635						11,654						2.1		%
Other (c)			43,797						41,714						2,083						5.0		%
None			4,098						4,098						—						—		%
Total			$	1,286,851					$	1,256,316					$	30,535					2.4		%
Geography
U.S.			$	754,545					$	737,812					$	16,733					2.3		%
Europe			448,125						436,653						11,472						2.6		%
Other International (d)			84,181						81,851						2,330						2.8		%
Total			$	1,286,851					$	1,256,316					$	30,535					2.4		%
Same-Store Portfolio Summary
Number of properties			1,388
Square footage (in thousands)			154,073

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W. P. Carey Inc.

Real Estate – Fourth Quarter 2025

Comprehensive Same-Store Growth

Same-store portfolio includes net leased properties that were continuously owned and in place during the quarter ended December 31, 2024 through December 31, 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 December 31, 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
			Dec. 31, 2025						Dec. 31, 2024						Increase						% Increase
Property Type
Industrial			$	115,402					$	112,633					$	2,769					2.5		%
Warehouse			87,831						88,307						(476)						(0.5)		%
Retail (a)			70,845						69,679						1,166						1.7		%
Other (b)			45,044						46,259						(1,215)						(2.6)		%
Total			$	319,122					$	316,878					$	2,244					0.7		%
Rent Adjustment Measure
Uncapped CPI			$	104,162					$	102,313					$	1,849					1.8		%
Capped CPI			65,675						66,985						(1,310)						(2.0)		%
CPI-linked			169,837						169,298						539						0.3		%
Fixed			137,282						136,086						1,196						0.9		%
Other (c)			10,967						10,430						537						5.1		%
None			1,036						1,064						(28)						(2.6)		%
Total			$	319,122					$	316,878					$	2,244					0.7		%
Geography
U.S.			$	188,281					$	183,444					$	4,837					2.6		%
Europe			111,381						114,452						(3,071)						(2.7)		%
Other International (d)			19,460						18,982						478						2.5		%
Total			$	319,122					$	316,878					$	2,244					0.7		%
Same-Store Portfolio Summary
Number of properties			1,314
Square footage (in thousands)			160,443

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W. P. Carey Inc.

Real Estate – Fourth Quarter 2025

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

			Three Months Ended
			Dec. 31, 2025						Dec. 31, 2024
Consolidated Lease Revenues
Total lease revenues – as reported			$	389,154					$	351,394
Income from finance leases and loans receivable			26,716						16,796
Less: Reimbursable tenant costs – as reported			(19,371)						(15,661)
Less: Income from secured loans receivable			(664)						(332)
			395,835						352,197
Adjustments for Pro Rata Ownership of Real Estate Joint Ventures:
Add: Pro rata share of adjustments from equity method investments			5,438						3,795
Less: Pro rata share of adjustments for noncontrolling interests			(264)						(185)
			5,174						3,610
Adjustments for Pro Rata Non-Cash Items:
Less: Straight-line and other leasing and financing adjustments			(20,758)						(24,849)
Add: Above- and below-market rent intangible lease amortization			941						10,047
Less: Adjustments for pro rata ownership			(48)						(1,265)
			(19,865)						(16,067)
Adjustment to normalize for (i) properties not continuously owned since October 1, 2024 and (ii) constant currency presentation for prior year quarter (e)			(62,022)						(22,862)
Same-Store Pro Rata Rental Income			$	319,122					$	316,878

________

(a)Includes automotive dealerships.

(b)Includes ABR or same-store pro rata rental income from tenants with the following property types: education facility, specialty, self-storage (net lease), 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 December 31, 2024 through December 31, 2025. In addition, for the three months ended December 31, 2024, an adjustment is made to reflect average exchange rates for the three months ended December 31, 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 – Fourth Quarter 2025

Leasing Activity

Dollars in thousands. For the three months ended December 31, 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						1,333,295						3						$	7,098					$	7,347					103.5		%				$	1,000					$	833					10.2 years
Warehouse						804,849						2						6,116						5,816						95.1		%				3,495						2,294						9.5 years
Retail						—						—						—						—						—		%				—						—						N/A
Other						323,278						1						6,876						6,876						100.0		%				—						—						3.3 years
Total / Weighted Average						2,461,422						6						$	20,090					$	20,039					99.7		%				$	4,495					$	3,127					7.7 years
Q4 Summary
Prior Lease ABR (% of Total Portfolio)																		1.3		%

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						299,733						3						3,376						4,748						1,886						10.2 years
Retail						46,733						1						637						2,000						203						15.1 years
Other						—						—						—						—						—						N/A
Total / Weighted Average (d)						346,466						4						$	4,013					$	6,748					$	2,089					11.0 years

_______

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

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

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

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

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W. P. Carey Inc.

Real Estate – Fourth Quarter 2025

Lease Expirations

Dollars and square footage in thousands. Pro rata. As of December 31, 2025.

Year of Lease Expiration (a)						Number of Leases Expiring						Number of Tenants with Leases Expiring						ABR						ABR %						Square Footage						Square Footage %
2026						19						20						$	44,906					2.9		%				5,972						3.3		%
2027						44						28						60,395						3.9		%				6,326						3.4		%
2028						45						27						67,268						4.3		%				7,419						4.0		%
2029						62						35						79,275						5.1		%				8,675						4.7		%
2030						32						26						39,625						2.6		%				3,793						2.1		%
2031						46						27						81,501						5.2		%				9,356						5.1		%
2032						45						23						54,804						3.5		%				7,244						4.0		%
2033						32						25						83,537						5.4		%				11,790						6.4		%
2034						59						27						96,161						6.2		%				9,464						5.2		%
2035						24						20						78,145						5.0		%				8,805						4.8		%
2036						45						21						66,933						4.3		%				7,891						4.3		%
2037						44						21						63,514						4.1		%				8,618						4.7		%
2038						46						13						28,148						1.8		%				2,766						1.5		%
2039						100						27						75,293						4.9		%				11,372						6.2		%
Thereafter (>2039)						302						115						633,807						40.8		%				70,247						38.3		%
Vacant						—						—						—						—		%				3,760						2.0		%
Total (b)						945												$	1,553,312					100.0		%				183,498						100.0		%

________

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

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

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W. P. Carey Inc.

Real Estate – Fourth Quarter 2025

Self-Storage Operating Properties Portfolio

Square footage in thousands. Pro rata. As of December 31, 2025.

State / District						Number of Properties						Number of Units						Square Footage						Square Footage %						Period End Occupancy
Illinois						10						4,822						666						90.1		%				87.4		%
Ohio						1						598						73						9.9		%				89.0		%
Total (a)						11						5,420						739						100.0		%				87.6		%

________

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

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W. P. Carey Inc.

Appendix

Fourth Quarter 2025

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W. P. Carey Inc.

Appendix – Fourth Quarter 2025

Normalized Pro Rata Cash NOI

In thousands.

			Three Months Ended Dec. 31, 2025
Consolidated Lease Revenues
Total lease revenues – as reported			$	389,154
Income from finance leases and loans receivable – as reported			26,716
Less: Income from secured loans receivable			(664)
Less: Consolidated Reimbursable and Non-Reimbursable Property Expenses
Reimbursable property expenses – as reported			19,371
Non-reimbursable property expenses – as reported			13,859
			381,976
Plus: NOI from Operating Properties
Self-storage revenues			8,297
Self-storage expenses			(3,868)
			4,429
Hotel revenues			8,596
Hotel expenses			(7,356)
			1,240
Student housing and other revenues			1,486
Student housing and other expenses			(639)
			847
			388,492
Adjustments for Pro Rata Ownership of Real Estate Joint Ventures:
Add: Pro rata share of NOI from equity method investments			4,812
Less: Pro rata share of NOI attributable to noncontrolling interests			(175)
			4,637
			393,129
Adjustments for Pro Rata Non-Cash Items:
Less: Straight-line and other leasing and financing adjustments			(20,758)
Add: Above- and below-market rent intangible lease amortization			941
Add: Other non-cash items			615
			(19,202)
Pro Rata Cash NOI (a)			373,927
Adjustment to normalize for net lease investments and dispositions (b)			7,498
Adjustment to normalize for operating property dispositions (b)			(3,331)
Normalized Pro Rata Cash NOI (a)			$	378,094

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W. P. Carey Inc.

Appendix – Fourth 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 Dec. 31, 2025
Net Income Attributable to W. P. Carey
Net income attributable to W. P. Carey – as reported			$	148,319
Adjustments for Consolidated Operating Expenses
Add: Operating expenses – as reported			265,149
Less: Property expenses, excluding reimbursable tenant costs – as reported			(13,859)
Less: Operating property expenses – as reported			(11,863)
			239,427
Adjustments for Other Consolidated Revenues and Expenses:
Add: Other income and (expenses) – as reported			26,146
Less: Reimbursable property expenses – as reported			(19,371)
Less: Other lease-related income – as reported			(8,137)
Add: Benefit from income taxes – as reported			(1,310)
Less: Asset management fees revenue – as reported			(1,085)
Less: Other advisory income and reimbursements – as reported			(1,076)
			(4,833)
Other Adjustments:
Less: Straight-line and other leasing and financing adjustments			(20,758)
Add: Adjustments for pro rata ownership			10,895
Adjustment to normalize for net lease investments and dispositions (b)			7,498
Adjustment to normalize for operating property dispositions (b)			(3,331)
Add: Above- and below-market rent intangible lease amortization			941
Less: Income from secured loans receivable			(664)
Add: Property expenses, excluding reimbursable tenant costs, non-cash			600
			(4,819)
Normalized Pro Rata Cash NOI (a)			$	378,094

________

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

(b)For properties acquired and capital investments and commitments completed during the three months ended December 31, 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 December 31, 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 – Fourth Quarter 2025

Adjusted EBITDA – Last Five Quarters

In thousands.

			Three Months Ended
			Dec. 31, 2025						Sep. 30, 2025						Jun. 30, 2025						Mar. 31, 2025						Dec. 31, 2024
Net income			$	154,562					$	141,225					$	51,312					$	125,816					$	47,038
Adjustments to Derive Adjusted EBITDA (a)
Depreciation and amortization			145,339						125,586						120,595						129,607						115,770
Interest expense			75,431						75,226						71,795						68,804						70,883
Gain on sale of real estate, net			(52,791)						(44,401)						(52,824)						(43,777)						(4,480)
Impairment charges — real estate			39,690						19,474						4,349						6,854						27,843
Straight-line and other leasing and financing adjustments (b)			(20,758)						(20,424)						(15,374)						(19,033)						(24,849)
Other (gains) and losses (c)			10,131						31,011						148,768						42,197						77,224
Stock-based compensation expense			8,650						11,153						10,943						9,148						9,667
(Benefit from) provision for income taxes			(1,310)						8,495						13,091						11,632						7,772
Above- and below-market rent intangible lease amortization			941						4,363						5,061						1,123						10,047
Merger and other expenses			478						1,021						192						556						(484)
Other amortization and non-cash charges			467						465						458						442						436
			206,268						211,969						307,054						207,553						289,829
Adjustments for Pro Rata Ownership
Real Estate Joint Ventures:
Add: Pro rata share of adjustments for equity method investments			2,961						5,220						3,312						2,309						5,975
Less: Pro rata share of adjustments for amounts attributable to noncontrolling interests			(429)						(430)						(308)						(179)						(214)
			2,532						4,790						3,004						2,130						5,761
Adjustment to normalize for intra-period acquisitions and dispositions (d)			3,312						2,545						3,222						7,117						91
Adjusted EBITDA (e)			$	366,674					$	360,529					$	364,592					$	342,616					$	342,719

________

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

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

(c)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 December 31, 2025 includes a mark-to-market unrealized loss for our investment in shares of Lineage of $11.7 million. 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.

(d)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.

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

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W. P. Carey Inc.

Appendix – Fourth Quarter 2025

Reconciliation of Net Debt to Adjusted EBITDA

In thousands.

			Three Months Ended
			Dec. 31, 2025
Adjusted EBITDA (a)			$	366,674
Adjusted EBITDA (Annualized)			$	1,466,696
			As of
			Dec. 31, 2025
Total Pro Rata Debt Outstanding (b)			$	8,883,770
Less: Cash and cash equivalents			(155,329)
Less: Cash held at qualified intermediaries (c)			(80,874)
Net Debt			$	8,647,567
Less: Expected proceeds from unsettled forward equity (d)			(412,152)
Net Debt – Inclusive of Unsettled Forward Equity			$	8,235,415
Net Debt to Adjusted EBITDA (Annualized)			5.9x
Net Debt to Adjusted EBITDA (Annualized) – Inclusive of Unsettled Forward Equity			5.6x

________

(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 $39.2 million and unamortized deferred financing costs totaling $30.1 million as of December 31, 2025.

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

(d)Reflects 6,258,496 shares of unsettled forward equity as of December 31, 2025, as if they had been settled for cash at a weighted-average net settlement price of $65.85 per share.

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W. P. Carey Inc.

Appendix – Fourth 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 because they are not the primary drivers in our decision-making process and excluding these items provides investors with 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 because we believe it will help them 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, alternatives to net cash provided by operating activities computed under GAAP, or indicators of our ability to fund our cash needs.

Same-Store Pro Rata Rental Income

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

Pro Rata Cash NOI

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

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W. P. Carey Inc.

Appendix – Fourth Quarter 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 because 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 an alternative to net income or an indicator of our financial performance. EBITDA and adjusted EBITDA as calculated by us may not be comparable to similarly titled measures of other companies.

Cash Interest Expense

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

Cash Interest Expense Coverage Ratio

Cash interest expense coverage ratio is a non-GAAP financial measure representing the ratio of Adjusted EBITDA to cash interest expense on a trailing 12 months basis. We believe this ratio is useful to investors as a supplemental measure of our ability to satisfy fixed interest expense obligations. Cash interest expense for the trailing 12 months as of December 31, 2025 is equal to $276.1 million, comprised of interest expense calculated in accordance with GAAP ($291.3 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 ($19.2 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 December 31, 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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