New York, NY – July 29, 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 second quarter ended June 30, 2025.

•Raising 2025 AFFO guidance to between $4.87 and $4.95 per diluted share, which is based on anticipated full-year investment volume of between $1.4 billion and $1.8 billion

•Second quarter cash dividend of $0.900 per share, equivalent to an annualized dividend rate of $3.60 per share, representing a 3.4% increase compared to the 2024 second quarter

•Investment volume of $1.1 billion completed year to date, including $548.6 million during the second quarter and $227.2 million subsequent to quarter end

•Active capital investments and commitments of $109.5 million scheduled to be completed in 2025

•Gross disposition proceeds of $565.0 million year to date, including $364.2 million during the second quarter and $71.0 million subsequent to quarter end

◦Year-to-date dispositions include 15 self-storage operating properties for $175.0 million, comprising 10 sold during the second quarter and five subsequent to quarter end

•Contractual same-store rent growth of 2.3%

•Subsequent to quarter end, issued $400 million of 4.650% Senior Unsecured Notes due 2030

“As we pass the midpoint of the year, we’ve built considerable momentum across our business, driven by strong investment activity and disciplined execution of our disposition strategy — enabling us to reinvest proceeds at attractive spreads,” said Jason Fox, Chief Executive Officer. “As a result, we’ve raised our outlook for investment volume and increased our AFFO guidance to a range of $4.87 to $4.95 per share, representing 4.5% year-over-year growth at the midpoint.

“Looking ahead, we’re well positioned for the second half of the year. With a healthy pipeline, strong internal growth, and continued portfolio performance, we remain confident in our ability to deliver sustained AFFO growth and attractive total returns — supported by a well-covered, growing dividend.”

•Revenues, including reimbursable costs, for the 2025 second quarter totaled $430.8 million, up 10.5% from $389.7 million for the 2024 second quarter.

◦Lease revenues increased primarily due to net investment activity and rent escalations.

◦Income from finance leases and loans receivable increased primarily as a result of net investment activity.

◦Operating property revenues decreased primarily as a result of the sale of one hotel operating property during the 2024 second quarter and the conversion of certain self-storage operating properties to net leases during the 2024 third quarter and 2025 second quarter.

•Net income attributable to W. P. Carey for the 2025 second quarter was $51.2 million, down 64.2% from $142.9 million for the 2024 second quarter, due primarily to a mark-to-market loss recognized on the Company’s shares of Lineage of $69.0 million during the current-year period, higher losses from remeasurement of foreign debt and a higher non-cash allowance for credit loss on finance leases and loans receivable, partially offset by higher gain on sale of real estate.

•AFFO for the 2025 second quarter was $1.28 per diluted share, up 9.4% from $1.17 per diluted share for the 2024 second quarter, primarily reflecting the accretive impact of net investment activity, rent escalations and leasing activity.

•On June 12, 2025, the Company reported that its Board of Directors increased its quarterly cash dividend to $0.900 per share, equivalent to an annualized dividend rate of $3.60 per share, representing a 3.4% increase compared to the 2024 second quarter. The dividend was paid on July 15, 2025 to shareholders of record as of June 30, 2025.

•The Company has raised its guidance range for the 2025 full year, primarily reflecting higher expected investment volume and a lower estimate of potential rent loss from tenant credit events, and currently expects to report AFFO of between $4.87 and $4.95 per diluted share, based on the following key assumptions:

(i)    investment volume of between $1.4 billion and $1.8 billion, which is revised higher;

(ii)    disposition volume of between $900 million and $1.3 billion, which is revised higher;

(iii) total general and administrative expenses of between $99 million and $102 million, which is revised lower;

(iv) property expenses, excluding reimbursable tenant costs, of between $50 million and $54 million, which is revised higher; and

(v) tax expense (on an AFFO basis) of between $42 million and $46 million, which is revised higher.

•Year to date, the Company completed investments totaling $1.1 billion, including $548.6 million during the 2025 second quarter and $227.2 million subsequent to quarter end.

•The Company currently has six capital investments and commitments totaling $109.5 million scheduled to be completed during 2025.

•During the 2025 second quarter, the Company committed to fund new capital investments and commitments totaling $108.3 million, which are scheduled to be completed in 2027.

Year to date, the Company disposed of 61 properties for gross proceeds totaling $565.0 million, including 46 properties during the 2025 second quarter for gross proceeds totaling $364.2 million and six properties subsequent to quarter end for gross proceeds totaling $71.0 million.

•Year to date dispositions include the sale of 15 self-storage operating properties for gross proceeds totaling $175.0 million, including 10 sold during the second quarter for gross proceeds totaling $111.5 million and five sold subsequent to quarter end for gross proceeds totaling $63.5 million.

•As of June 30, 2025, contractual same-store rent growth was 2.3% year over year, on a constant currency basis.

•As of June 30, 2025, the Company’s net lease portfolio consisted of 1,600 properties, comprising 178 million square feet leased to 370 tenants, with a weighted-average lease term of 12.1 years and an occupancy rate of 98.2%. In addition, the Company owned 66 self-storage operating properties, four hotel operating properties and two student housing operating properties, totaling approximately 5.5 million square feet.

•As of June 30, 2025, the Company had total liquidity of $1.7 billion, including approximately $1.3 billion of available capacity under its Senior Unsecured Credit Facility (net of amounts reserved for standby letters of credit), $244.8 million of cash and cash equivalents and $135.2 million of cash held at qualified intermediaries.

•As previously announced, on July 10, 2025, the Company completed an underwritten public offering of $400 million aggregate principal amount of 4.650% Senior Notes due July 15, 2030.

The Company has provided supplemental unaudited financial and operating information regarding the 2025 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 29, 2025, and made available on the Company’s website at ir.wpcarey.com/investor-relations.

Date/Time: Wednesday, July 30, 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 1,600 net lease properties covering approximately 178 million square feet and a portfolio of 66 self-storage operating properties as of June 30, 2025. 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 deal volume, portfolio performance and expectations for future AFFO, total returns and dividend 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 and tariffs 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 $2.0 billion and $1.8 billion of accumulated depreciation on buildings and improvements as of June 30, 2025 and December 31, 2024, respectively, and $1.5 billion and $1.4 billion of accumulated amortization on lease intangibles as of June 30, 2025 and December 31, 2024, respectively.

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

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

			Six Months Ended June 30,
			2025						2024
Net income attributable to W. P. Carey			$	177,044					$	302,118
Adjustments:
Depreciation and amortization of real property			248,867						254,953
Gain on sale of real estate, net			(96,601)						(54,808)
Impairment charges — real estate			11,203						15,752
Proportionate share of adjustments to earnings from equity method investments (a)			3,874						5,964
Proportionate share of adjustments for noncontrolling interests (b)			(160)						(204)
Total adjustments			167,183						221,657
FFO (as defined by NAREIT) Attributable to W. P. Carey (c)			344,227						523,775
Adjustments:
Other (gains) and losses			190,965						(16,343)
Straight-line and other leasing and financing adjustments			(34,407)						(34,863)
Stock-based compensation			20,091						17,759
Amortization of deferred financing costs			9,410						9,143
Above- and below-market rent intangible lease amortization, net			6,184						9,834
Tax expense (benefit) – deferred and other			2,038						(2,765)
Other amortization and non-cash items			1,139						1,159
Merger and other expenses			748						4,658
Proportionate share of adjustments to earnings from equity method investments (a)			223						(3,165)
Proportionate share of adjustments for noncontrolling interests (b)			(128)						(201)
Total adjustments			196,263						(14,784)
AFFO Attributable to W. P. Carey (c)			$	540,490					$	508,991
Summary
FFO (as defined by NAREIT) attributable to W. P. Carey (c)			$	344,227					$	523,775
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share (c)			$	1.56					$	2.38
AFFO attributable to W. P. Carey (c)			$	540,490					$	508,991
AFFO attributable to W. P. Carey per diluted share (c)			$	2.45					$	2.31
Diluted weighted-average shares outstanding			220,913,225						220,261,525

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

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 2025

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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 $1.0 billion and above-market rent intangible assets of $504.6 million.

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

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

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

(i)Comprised of 66 self-storage properties, four hotels and two student housing properties.

(j)Percentage of portfolio is based on ABR, as of June 30, 2025. Includes tenants or guarantors with investment grade ratings (15.7%) and subsidiaries of non-guarantor parent companies with investment grade ratings (6.1%). Investment grade refers to an entity with a rating of BBB- or higher from Standard & Poor’s Ratings Services or Baa3 or higher from Moody’s Investors Service. See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of ABR.

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

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

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

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

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

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

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

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

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

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

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 $5.0 million and the elimination of non-cash amounts related to straight-line rent and other of $15.7 million.

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

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

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

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

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

(i)Primarily represents the elimination of deferred taxes.

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

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

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

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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 June 30, 2025. See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of pro rata.

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

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

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

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

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

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