New York, NY – February 11, 2025 – 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 fourth quarter and full year ended December 31, 2024.

•2025 AFFO guidance range of between $4.82 and $4.92 per diluted share announced, based on anticipated full year investment volume of between $1.0 billion and $1.5 billion

•Fourth quarter cash dividend of $0.880 per share, equivalent to an annualized dividend rate of $3.52 per share

•Record investment volume for a quarter of $841.3 million completed during the fourth quarter, bringing total investment volume for 2024 to $1.6 billion

•Gross disposition proceeds of $118.8 million during the fourth quarter, bringing total dispositions for 2024 to $1.2 billion

•Contractual same-store rent growth of 2.6%

•Issued €600.0 million of 3.700% Senior Unsecured Notes due 2034

•Subsequent to quarter end, repaid $450 million of 4.0% Senior Unsecured Notes due February 2025

“The fourth quarter concluded a pivotal year for W. P. Carey during which we successfully exited the office sector, setting the foundation for future growth,” said Jason Fox, Chief Executive Officer. “We finished strongly with record investment volume for the quarter, and we’re well-positioned to capitalize on opportunities in 2025. We can fund our investments this year without needing to access the equity market, achieved through accretive sales of non-core assets — including self-storage operating properties — which should generate a meaningful spread to our net lease investments.

“Given the uncertainty in the broader market, however, particularly over the direction of interest rates and other macroeconomic factors, our guidance reflects a measured approach, which we hope proves conservative as the year progresses.”

•Revenues, including reimbursable costs, for the 2024 fourth quarter totaled $406.2 million, down 1.5% from $412.4 million for the 2023 fourth quarter.

◦Lease revenues increased primarily due to net investment activity and rent escalations, as well as outstanding rents collected in connection with a disposition during the current-year period, partly offset by the Net Lease Office Properties (NLOP) Spin-Off in November 2023 and dispositions under the Office Sale Program during 2023 and 2024, the majority of which occurred during the first quarter of 2024.

◦Operating property revenues decreased primarily as a result of the sale of five hotel operating properties during the 2023 fourth quarter 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 fourth quarter was $47.0 million, down 67.4% from $144.3 million for the 2023 fourth quarter, due primarily to lower gain on sale of real estate and a mark-to-market loss recognized on the Company’s shares of Lineage of $90.4 million during the current-year period, partly offset by lower impairment charges.

•AFFO for the 2024 fourth quarter was $1.21 per diluted share, up 1.7% from $1.19 per diluted share for the 2023 fourth quarter, primarily reflecting outstanding rents collected in connection with a disposition during the current-year period, along with the impact of net investment activity and rent escalations, which were partly offset by the impact of the NLOP Spin-Off and dispositions under the Office Sale Program.

•On December 12, 2024, the Company reported that its Board of Directors increased its quarterly cash dividend to $0.880 per share, equivalent to an annualized dividend rate of $3.52 per share. The dividend was paid on January 15, 2025 to shareholders of record as of December 31, 2024.

•Revenues, including reimbursable costs, for the 2024 full year totaled $1.58 billion, down 9.2% from $1.74 billion for the 2023 full year.

◦Lease revenues decreased primarily as a result of the NLOP Spin-Off in November 2023 and dispositions under the Office Sale Program during 2023 and 2024, partly offset by net investment activity and rent escalations.

◦Operating property revenues decreased primarily as a result of the sale of eight hotel operating properties during 2023 and one during 2024 (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 full year totaled $460.8 million, down 34.9% from $708.3 million for the 2023 full year, due primarily to lower gain on sale of real estate, the mark-to-market loss recognized on the Company’s shares of Lineage of $134.0 million during the current year and the impact of the NLOP Spin-Off and dispositions under the Office Sale Program. These declines were partly offset by lower impairment charges and a $31.8 million gain on change in control of interests recognized in connection with our acquisition of a third party joint venture partner’s interest in nine self-storage operating properties during the 2024 third quarter.

•AFFO for the 2024 full year was $4.70 per diluted share, down 9.3% from $5.18 per diluted share for the 2023 full year, primarily reflecting the impact of the NLOP Spin-Off and dispositions under the Office Sale Program.

•Dividends declared during 2024 totaled $3.490 per share, a decrease of 14.2% compared to total dividends declared during 2023 of $4.067 per share, reflecting the impact on dividends declared since the 2023 fourth quarter of both the Company's strategic exit from the office assets within its portfolio and a lower payout ratio.

•For the 2025 full year, the Company expects to report AFFO of between $4.82 and $4.92 per diluted share, based on the following key assumptions:

(i)    investment volume of between $1.0 billion and $1.5 billion;

(ii)    disposition volume of between $500 million and $1.0 billion;

(iii) total general and administrative expenses of between $100 million and $103 million;

(iv) property expenses, excluding reimbursable tenant costs of between $49 million and $53 million; and

(v) tax expense (on an AFFO basis) of between $39 million and $43 million.

•During the 2024 fourth quarter, the Company completed investments totaling $841.3 million, bringing total investment volume for the year ended December 31, 2024 to $1.6 billion.

•The Company currently has six capital investments and commitments totaling $98.6 million scheduled to be completed during 2025.

•During the 2024 fourth quarter, the Company disposed of five properties for gross proceeds totaling $118.8 million (including the sale of the final property under the Office Sale Program for gross proceeds of $26.8 million, thereby concluding the program), bringing total disposition proceeds for the year ended December 31, 2024 to $1.2 billion.

•As of December 31, 2024, contractual same store rent growth was 2.6% year over year, on a constant currency basis.

•As of December 31, 2024, the Company’s net lease portfolio consisted of 1,555 properties, comprising 176 million square feet leased to 355 tenants, with a weighted-average lease term of 12.3 years and an occupancy rate of 98.6%. In addition, the Company owned 78 self-storage operating properties, four hotel operating properties and two student housing operating properties, totaling approximately 6.4 million square feet.

•As of December 31, 2024, the Company had total liquidity of $2.6 billion, including approximately $1.9 billion of available capacity under its Senior Unsecured Credit Facility (net of amounts reserved for standby letters of credit) and $640.4 million of cash and cash equivalents.

•As previously announced, on November 19, 2024, the Company completed an underwritten public offering of €600 million aggregate principal amount of 3.700% Senior Notes due November 2034.

•Subsequent to quarter end, the Company repaid $450 million of 4.0% Senior Unsecured Notes due February 2025.

The Company has provided supplemental unaudited financial and operating information regarding the 2024 fourth 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 February 11, 2025, and made available on the Company’s website at ir.wpcarey.com/investor-relations.

Date/Time: Wednesday, February 12, 2025 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 1,555 net lease properties covering approximately 176 million square feet and a portfolio of 78 self-storage operating properties as of December 31, 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 acquisitions, dispositions, sources of capital, and expectations for future growth. 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, 2024. 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 $1.8 billion and $1.6 billion of accumulated depreciation on buildings and improvements as of December 31, 2024 and 2023, respectively, and $1.4 billion of accumulated amortization on lease intangibles as of both December 31, 2024 and 2023.

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(a)Amount for the three months ended December 31, 2024 is comprised of $1.4 million from NLOP and less than $0.1 million from CESH.

(b)Amount for the three months ended December 31, 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, 2024 is primarily comprised of a mark-to-market unrealized loss for our investment in shares of Lineage of $90.4 million, net gains on foreign currency exchange rate movements of $28.5 million and a non-cash allowance for credit losses of $16.8 million.

(d)Amount for the three months ended December 31, 2024 is comprised of interest income on deposits of $6.6 million, realized gains on foreign currency exchange derivatives of $4.5 million and a dividend of $2.8 million from our investment in shares of Lineage.

			Years Ended December 31,
			2024						2023
Net income attributable to W. P. Carey			$	460,839					$	708,334
Adjustments:
Depreciation and amortization of real property			485,088						571,750
Gain on sale of real estate, net			(74,822)						(315,984)
Impairment charges — real estate			43,595						86,411
Gain on change in control of interests			(31,849)						—
Proportionate share of adjustments to earnings from equity method investments (a)			11,871						11,381
Proportionate share of adjustments for noncontrolling interests (b)			(379)						(666)
Total adjustments			433,504						352,892
FFO (as defined by NAREIT) Attributable to W. P. Carey (c)			894,343						1,061,226
Adjustments:
Other (gains) and losses			137,988						36,184
Straight-line and other leasing and financing adjustments			(80,899)						(71,869)
Stock-based compensation			40,894						34,504
Above- and below-market rent intangible lease amortization, net			26,144						34,164
Amortization of deferred financing costs			18,845						20,544
Merger and other expenses			4,457						4,954
Tax benefit – deferred and other			(4,245)						(199)
Other amortization and non-cash items			2,303						1,735
Proportionate share of adjustments to earnings from equity method investments (a)			(3,531)						(2,535)
Proportionate share of adjustments for noncontrolling interests (b)			(354)						(441)
Total adjustments			141,602						57,041
AFFO Attributable to W. P. Carey (c)			$	1,035,945					$	1,118,267
Summary
FFO (as defined by NAREIT) attributable to W. P. Carey (c)			$	894,343					$	1,061,226
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share (c)			$	4.06					$	4.92
AFFO attributable to W. P. Carey (c)			$	1,035,945					$	1,118,267
AFFO attributable to W. P. Carey per diluted share (c)			$	4.70					$	5.18
Diluted weighted-average shares outstanding			220,520,457						215,760,496

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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 December 31, 2024 is primarily comprised of a mark-to-market unrealized loss for our investment in shares of Lineage of $90.4 million, net gains on foreign currency exchange rate movements of $28.5 million and a non-cash allowance for credit losses of $16.8 million.

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 – Fourth 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 $938.6 million and above-market rent intangible assets of $481.4 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 78 self-storage properties, four hotels and two student housing properties.

(j)Percentage of portfolio is based on ABR, as of December 31, 2024. Includes tenants or guarantors with investment grade ratings (16.3%) and subsidiaries of non-guarantor parent companies with investment grade ratings (7.9%). Investment grade refers to an entity with a rating of BBB- or higher from Standard & Poor’s Ratings Services or Baa3 or higher from Moody’s Investors Service. See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of ABR.

(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 5,546,547 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.

(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 $39.4 million and unamortized deferred financing costs totaling $31.0 million as of December 31, 2024.

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(a)Amount for the three months ended December 31, 2024 is comprised of $1.4 million from NLOP and less than $0.1 million from CESH.

(b)Amount for the three months ended December 31, 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.

(e)Amount for the three months ended December 31, 2024 is primarily comprised of a mark-to-market unrealized loss for our investment in shares of Lineage of $90.4 million, net gains on foreign currency exchange rate movements of $28.5 million and a non-cash allowance for credit losses of $16.8 million.

(f)Amount for the three months ended December 31, 2024 is comprised of interest income on deposits of $6.6 million, realized gains on foreign currency exchange derivatives of $4.5 million and a dividend of $2.8 million from our investment in shares of Lineage.

(g)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.

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

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(a)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.

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

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

(d)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.

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

(f)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.

(g)Amount for the three months ended December 31, 2024 is primarily comprised of a mark-to-market unrealized loss for our investment in shares of Lineage of $90.4 million, net gains on foreign currency exchange rate movements of $28.5 million and a non-cash allowance for credit losses of $16.8 million.

(h)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.

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 $10.0 million and the elimination of non-cash amounts related to straight-line rent and other of $26.6 million.

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

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

(f)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.

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

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

(i)Primarily represents the elimination of deferred taxes.

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(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 $1.8 billion and $1.6 billion of accumulated depreciation on buildings and improvements as of December 31, 2024 and 2023, respectively, and $1.4 billion of accumulated amortization on lease intangibles as of both December 31, 2024 and 2023.

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(a)Excludes unamortized discount, net totaling $39.4 million and unamortized deferred financing costs totaling $31.0 million as of December 31, 2024.

(b)In February 2025, we repaid our $450 million of 4.0% senior notes due 2025 at maturity.

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

(b)Debt data is presented on a pro rata basis as of December 31, 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 $39.4 million and unamortized deferred financing costs totaling $31.0 million as of December 31, 2024.

(d)Includes $76.2 million of non-recourse mortgage debt which is swapped to fixed-rate through mortgage maturity.

(e)In February 2025, we repaid our $450 million of 4.0% senior notes due 2025 at maturity.

(f)The interest rate swap expired on December 31, 2024, after which we incur interest on this term loan at EURIBOR, plus 0.80%.

(g)We incurred interest at SONIA or EURIBOR, plus 0.80% for both base rates, on our Unsecured term loans as of December 31, 2024.

(h)We incurred interest on our Unsecured revolving credit facility at SONIA or TIBOR, plus 0.725% for all base rates as of December 31, 2024. 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 $1.9 billion as of December 31, 2024.