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

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

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

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

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

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

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

◦Non-Office Sale Program dispositions of $89.9 million

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

•Contractual same-store rent growth of 2.9%

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(c)    other dispositions totaling between $150 million and $350 million;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The Company has provided supplemental unaudited financial and operating information regarding the 2024 second quarter and certain prior quarters, including a description of non-GAAP financial measures and reconciliations to GAAP measures, in a Current Report on Form 8-K filed with the Securities and Exchange Commission (SEC) on July 30, 2024, and made available on the Company’s website at ir.wpcarey.com/investor-relations.

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

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

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

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

www.wpcarey.com

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

Peter Sands

1 (212) 492-1110

institutionalir@wpcarey.com

W. P. Carey Inc.

1 (212) 492-8920

ir@wpcarey.com

Anna McGrath

1 (212) 492-1166

amcgrath@wpcarey.com

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

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

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

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

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

			Six Months Ended June 30,
			2024						2023
Net income attributable to W. P. Carey			$	302,118					$	439,000
Adjustments:
Depreciation and amortization of real property			254,953						298,800
Gain on sale of real estate, net			(54,808)						(179,557)
Impairment charges			15,752						—
Proportionate share of adjustments to earnings from equity method investments (a)			5,964						5,489
Proportionate share of adjustments for noncontrolling interests (b)			(204)						(567)
Total adjustments			221,657						124,165
FFO (as defined by NAREIT) Attributable to W. P. Carey (c)			523,775						563,165
Adjustments:
Straight-line and other leasing and financing adjustments			(34,863)						(34,136)
Stock-based compensation			17,759						16,761
Other (gains) and losses			(16,343)						(6,734)
Above- and below-market rent intangible lease amortization, net			9,834						19,685
Amortization of deferred financing costs			9,143						10,844
Merger and other expenses			4,658						1,443
Tax (benefit) expense – deferred and other			(2,765)						1,643
Other amortization and non-cash items			1,159						999
Proportionate share of adjustments to earnings from equity method investments (a)			(3,165)						(1,181)
Proportionate share of adjustments for noncontrolling interests (b)			(201)						36
Total adjustments			(14,784)						9,360
AFFO Attributable to W. P. Carey (c)			$	508,991					$	572,525
Summary
FFO (as defined by NAREIT) attributable to W. P. Carey (c)			$	523,775					$	563,165
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share (c)			$	2.38					$	2.63
AFFO attributable to W. P. Carey (c)			$	508,991					$	572,525
AFFO attributable to W. P. Carey per diluted share (c)			$	2.31					$	2.68
Diluted weighted-average shares outstanding			220,261,525						213,875,471

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

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

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

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

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

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.

Supplemental Information – Second Quarter 2024

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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.

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

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

(c)Represents the reversal of amortization of above- or below-market lease intangibles of $5.7 million and the elimination of non-cash amounts related to straight-line rent and other of $16.8 million.

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

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

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

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

(h)Represents eliminations of gains (losses) related to the extinguishment of debt, unrealized gains (losses) on foreign currency exchange rate movements, gains (losses) on marketable securities, non-cash allowance for credit losses on loans receivable and finance leases, and other items.

(i)Primarily represents the elimination of deferred taxes.

________

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

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

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

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

(b)Debt data is presented on a pro rata basis as of June 30, 2024. See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of pro rata.

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

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

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

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

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

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