# EDGAR Filing Document

**Accession Number:** 0001025378
**File Stem:** 0001025378-25-000125
**Filing Date:** 2025-7
**Character Count:** 199876
**Document Hash:** 7727f9f99f4c86ab85d89a0fb2fe86ed
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001025378-25-000125.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001025378-25-000125

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 50

**CONFORMED PERIOD OF REPORT**: 20250729

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** W. P. Carey Inc.
- **CENTRAL INDEX KEY:** 0001025378
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 133912578
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13779
- **FILM NUMBER:** 251161887

**BUSINESS ADDRESS:**
- **STREET 1:** ONE MANHATTAN WEST, 395 9TH AVENUE
- **STREET 2:** 58TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 2124921100

**MAIL ADDRESS:**
- **STREET 1:** ONE MANHATTAN WEST, 395 9TH AVENUE
- **STREET 2:** 58TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** W P CAREY & CO LLC
- **DATE OF NAME CHANGE:** 20110722

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CAREY W P & CO LLC
- **DATE OF NAME CHANGE:** 20001116

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CAREY DIVERSIFIED LLC
- **DATE OF NAME CHANGE:** 19971017

?xml version='1.0' encoding='ASCII'? wpc-20250729

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of report (Date of earliest event reported): July 29, 2025

![wpchighreslogoa26.jpg](wpc-20250729_g1.jpg)

**W. P. Carey Inc.** 

(Exact Name of Registrant as Specified in its Charter)

---

| | | | |
|:---|:---|:---|:---|
| **Maryland** | **Maryland** | **001-13779** | **45-4549771** |
| (State or other jurisdiction of incorporation) | (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
| **One Manhattan West, 395 9th Avenue, 58th Floor** | **One Manhattan West, 395 9th Avenue, 58th Floor** | | |
| **New York,** | **New York** | | **10001** |
| (Address of principal executive offices) | (Address of principal executive offices) | | (Zip Code) |

---

Registrant's telephone number, including area code: **(212) 492-1100** 

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, $0.001 Par Value | WPC | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02 Results of Operations and Financial Condition.**

On July 29, 2025, W. P. Carey Inc. (the "<u>Company</u>") issued an earnings release announcing its financial results for the quarter ended June 30, 2025. A copy of the earnings release is attached as Exhibit 99.1.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), or otherwise subject to the liability of that Section, and shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), or the Exchange Act.

**Item 7.01 Regulation FD Disclosure.**

On July 29, 2025, the Company made available certain unaudited supplemental financial information at June 30, 2025. A copy of this supplemental information is attached as Exhibit 99.2.

On July 29, 2025, the Company posted its second quarter investor presentation on its website at http://www.wpcarey.com. A copy of the investor presentation is also attached as Exhibit 99.3.

The information furnished pursuant to this Item 7.01, including Exhibits 99.2 and 99.3, shall not be deemed to be "filed" for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that Section, and shall not be incorporated by reference into any filing under the Securities Act or the Exchange Act.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | <u>[Earnings release of the Company for the quarter ended June 30, 2025.](wpc2025q28-kerexh991.htm)</u> |
| 99.2 | <u>[Supplemental financial information of the Company at June 30, 2025.](wpc2025q2supplementalexh992.htm)</u> |
| 99.3 | <u>[Investor presentation by the Company.](investorpresentation2q25.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | | | W. P. Carey Inc. |
| Date: | July 29, 2025 | By: | /s/ ToniAnn Sanzone |
|  |  |  | ToniAnn Sanzone |
|  |  |  | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![wpchighreslogoa26.jpg](wpchighreslogoa26.jpg)

**W. P. Carey Announces Second Quarter 2025 Financial Results**

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.

***Financial Highlights***

---

| | |
|:---|:---|
| | ***2025 Second Quarter*** |
| *Net income attributable to W. P. Carey (millions)* | *$51.2* |
| *Diluted earnings per share* | *$0.23* |
| *AFFO (millions)* | *$282.7* |
| *AFFO per diluted share* | *$1.28* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• 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*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• 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*

***Real Estate Portfolio***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• 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*

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• 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*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*◦ 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*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Contractual same-store rent growth of 2.3%*

***Balance Sheet and Capitalization***

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

**MANAGEMENT COMMENTARY**

"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.

*W. P. Carey Inc. 6/30/2025 Earnings Release 8-K –* **1**

------

"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."

**QUARTERLY FINANCIAL RESULTS**

**Revenues**

• 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.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ 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**

• 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.

**Adjusted Funds from Operations (AFFO)**

• 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.

*Note: Further information concerning AFFO, which is a non-GAAP supplemental performance metric, is presented in the accompanying tables and related notes.*

**Dividend**

• 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.

**AFFO GUIDANCE**

• 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:

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

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

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

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

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

*W. P. Carey Inc. 6/30/2025 Earnings Release 8-K –* **2**

------

*Note: The Company does not provide guidance on net income. The Company only provides guidance on AFFO and does not provide a reconciliation of this forward-looking non-GAAP guidance to net income due to the inherent difficulty in quantifying certain items necessary to provide such reconciliation as a result of their unknown effect, timing and potential significance. Examples of such items include impairments of assets, gains and losses from sales of assets, and depreciation and amortization from new acquisitions.*

**REAL ESTATE**

**Investments**

• 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.

**Dispositions**

• 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.

**Contractual Same-Store Rent Growth**

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

**Composition**

• 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.

**BALANCE SHEET AND CAPITALIZATION**

**Liquidity**

• 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.

**Senior Unsecured Notes – Subsequent to Quarter End**

• 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.

\* \* \* \* \*

*W. P. Carey Inc. 6/30/2025 Earnings Release 8-K –* **3**

------

**Supplemental Information**

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.

\* \* \* \* \*

**Live Conference Call and Audio Webcast Scheduled for Wednesday, July 30, 2025 at 11:00 a.m. Eastern Time** 

*Please dial in at least 10 minutes prior to the start time.*

**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 Inc.**

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

\* \* \* \* \*

*W. P. Carey Inc. 6/30/2025 Earnings Release 8-K –* **4**

------

***Cautionary Statement Concerning Forward-Looking Statements***

*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.*

**Institutional Investors:**

Peter Sands

1 (212) 492-1110

institutionalir@wpcarey.com

**Individual Investors:**

W. P. Carey Inc.

1 (212) 492-8920

ir@wpcarey.com

**Press Contact:**

Anna McGrath

1 (212) 492-1166

amcgrath@wpcarey.com

\* \* \* \* \*

*W. P. Carey Inc. 6/30/2025 Earnings Release 8-K –* **5**

------

**W. P. CAREY INC.**

**Consolidated Balance Sheets (Unaudited)**

*(in thousands, except share and per share amounts)*

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| **Assets** | | |
| Investments in real estate: |  |  |
| &nbsp;&nbsp;&nbsp;Land, buildings and improvements — net lease and other | $13627841 | $12842869 |
| &nbsp;&nbsp;&nbsp;Land, buildings and improvements — operating properties | 1005605 | 1198676 |
| &nbsp;&nbsp;&nbsp;Net investments in finance leases and loans receivable | 1063719 | 798259 |
| &nbsp;&nbsp;&nbsp;In-place lease intangible assets and other | 2407752 | 2297572 |
| &nbsp;&nbsp;&nbsp;Above-market rent intangible assets | 679068 | 665495 |
| Investments in real estate | 18783985 | 17802871 |
| &nbsp;&nbsp;&nbsp;Accumulated depreciation and amortization <sup>(a)</sup> | (3503850) | (3222396) |
| &nbsp;&nbsp;&nbsp;Assets held for sale, net | 60011 |  |
| Net investments in real estate | 15340146 | 14580475 |
| Equity method investments | 311411 | 301115 |
| Cash and cash equivalents | 244831 | 640373 |
| Other assets, net | 1115337 | 1045218 |
| Goodwill | 986472 | 967843 |
| &nbsp;&nbsp;&nbsp;**Total assets** | $**17998197** | $**17535024** |
| **Liabilities and Equity** |  |  |
| Debt: |  |  |
| &nbsp;&nbsp;&nbsp;Senior unsecured notes, net | $6540432 | $6505907 |
| &nbsp;&nbsp;&nbsp;Unsecured term loans, net | 1199256 | 1075826 |
| &nbsp;&nbsp;&nbsp;Unsecured revolving credit facility | 660872 | 55448 |
| &nbsp;&nbsp;&nbsp;Non-recourse mortgages, net | 235425 | 401821 |
| Debt, net | 8635985 | 8039002 |
| Accounts payable, accrued expenses and other liabilities | 654958 | 596994 |
| Below-market rent and other intangible liabilities, net | 111829 | 119831 |
| Deferred income taxes | 168184 | 147461 |
| Dividends payable | 201909 | 197612 |
| &nbsp;&nbsp;&nbsp;**Total liabilities** | **9772865** | **9100900** |
| Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued |  |  |
| Common stock, $0.001 par value, 450,000,000 shares authorized; 218,978,908 and 218,848,844 shares, respectively, issued and outstanding | 219 | 219 |
| Additional paid-in capital | 11803487 | 11805179 |
| Distributions in excess of accumulated earnings | (3424094) | (3203974) |
| Deferred compensation obligation | 97002 | 78503 |
| Accumulated other comprehensive loss | (264750) | (250232) |
| Total stockholders' equity | 8211864 | 8429695 |
| Noncontrolling interests | 13468 | 4429 |
| &nbsp;&nbsp;&nbsp;**Total equity** | **8225332** | **8434124** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and equity** | $**17998197** | $**17535024** |

---

________

*(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.*

*W. P. Carey Inc. 6/30/2025 Earnings Release 8-K –* **6**

------

**W. P. CAREY INC.**

**Quarterly Consolidated Statements of Income (Unaudited)**

*(in thousands, except share and per share amounts)*

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **June 30, 2025** | **March 31, 2025** | **June 30, 2024** |
| **Revenues** | | | |
| &nbsp;&nbsp;&nbsp;Real Estate: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease revenues | $364195 | $353768 | $324104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from finance leases and loans receivable | 20276 | 17458 | 14961 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating property revenues | 34287 | 33094 | 38715 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other lease-related income | 9643 | 3121 | 9149 |
|  | **428401** | **407441** | **386929** |
| &nbsp;&nbsp;&nbsp;Investment Management: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset management revenue | 1304 | 1350 | 1686 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other advisory income and reimbursements | 1072 | 1067 | 1057 |
|  | **2376** | **2417** | **2743** |
|  | **430777** | **409858** | **389672** |
| **Operating Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 120595 | 129607 | 137481 |
| &nbsp;&nbsp;&nbsp;General and administrative | 24150 | 26967 | 24168 |
| &nbsp;&nbsp;&nbsp;Reimbursable tenant costs | 17718 | 17092 | 14004 |
| &nbsp;&nbsp;&nbsp;Operating property expenses | 16721 | 16544 | 18565 |
| &nbsp;&nbsp;&nbsp;Property expenses, excluding reimbursable tenant costs | 13623 | 11706 | 13931 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense | 10943 | 9148 | 8903 |
| &nbsp;&nbsp;&nbsp;Impairment charges — real estate | 4349 | 6854 | 15752 |
| &nbsp;&nbsp;&nbsp;Merger and other expenses | 192 | 556 | 206 |
|  | **208291** | **218474** | **233010** |
| **Other Income and Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;Other gains and (losses) <sup>(a)</sup> | (148768) | (42197) | 2504 |
| &nbsp;&nbsp;&nbsp;Interest expense | (71795) | (68804) | (65307) |
| &nbsp;&nbsp;&nbsp;Gain on sale of real estate, net | 52824 | 43777 | 39363 |
| &nbsp;&nbsp;&nbsp;Earnings from equity method investments | 6161 | 5378 | 6636 |
| &nbsp;&nbsp;&nbsp;Non-operating income <sup>(b)</sup> | 3495 | 7910 | 9215 |
|  | **(158083)** | **(53936)** | **(7589)** |
| &nbsp;&nbsp;&nbsp;Income before income taxes | 64403 | 137448 | 149073 |
| &nbsp;&nbsp;&nbsp;Provision for income taxes | (13091) | (11632) | (6219) |
| **Net Income** | **51312** | **125816** | **142854** |
| &nbsp;&nbsp;&nbsp;Net (income) loss attributable to noncontrolling interests | (92) | 8 | 41 |
| **Net Income Attributable to W. P. Carey** | $**51220** | $**125824** | $**142895** |
| **Basic Earnings Per Share** | $0.23 | $0.57 | $0.65 |
| **Diluted Earnings Per Share** | $0.23 | $0.57 | $0.65 |
| **Weighted-Average Shares Outstanding** |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 220569259 | 220401156 | 220195910 |
| &nbsp;&nbsp;&nbsp;Diluted | 220874935 | 220720310 | 220214118 |
| **Dividends Declared Per Share** | $**0.900** | $**0.890** | $**0.870** |

---

__________

*(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.*

*W. P. Carey Inc. 6/30/2025 Earnings Release 8-K –* **7**

------

**W. P. CAREY INC.**

**Year-to-Date Consolidated Statements of Income (Unaudited)**

*(in thousands, except share and per share amounts)*

---

| | | |
|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** |
| **Revenues** |  |  |
| &nbsp;&nbsp;&nbsp;Real Estate: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease revenues | $717963 | $646355 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from finance leases and loans receivable | 37734 | 40754 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating property revenues | 67381 | 75358 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other lease-related income | 12764 | 11304 |
|  | **835842** | **773771** |
| &nbsp;&nbsp;&nbsp;Investment Management: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset management and other revenue | 2654 | 3579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other advisory income and reimbursements | 2139 | 2120 |
|  | **4793** | **5699** |
|  | **840635** | **779470** |
| **Operating Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 250202 | 256249 |
| &nbsp;&nbsp;&nbsp;General and administrative | 51117 | 52036 |
| &nbsp;&nbsp;&nbsp;Reimbursable tenant costs | 34810 | 26977 |
| &nbsp;&nbsp;&nbsp;Operating property expenses | 33265 | 36515 |
| &nbsp;&nbsp;&nbsp;Property expenses, excluding reimbursable tenant costs | 25329 | 26104 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense | 20091 | 17759 |
| &nbsp;&nbsp;&nbsp;Impairment charges — real estate | 11203 | 15752 |
| &nbsp;&nbsp;&nbsp;Merger and other expenses | 748 | 4658 |
|  | **426765** | **436050** |
| **Other Income and Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Other gains and (losses) | (190965) | 16343 |
| &nbsp;&nbsp;&nbsp;Interest expense | (140599) | (133958) |
| &nbsp;&nbsp;&nbsp;Gain on sale of real estate, net | 96601 | 54808 |
| &nbsp;&nbsp;&nbsp;Earnings from equity method investments | 11539 | 11500 |
| &nbsp;&nbsp;&nbsp;Non-operating income | 11405 | 24720 |
|  | **(212019)** | **(26587)** |
| &nbsp;&nbsp;&nbsp;Income before income taxes | 201851 | 316833 |
| &nbsp;&nbsp;&nbsp;Provision for income taxes | (24723) | (14893) |
| **Net Income** | **177128** | **301940** |
| &nbsp;&nbsp;&nbsp;Net (income) loss attributable to noncontrolling interests | (84) | 178 |
| **Net Income Attributable to W. P. Carey** | $**177044** | $**302118** |
| **Basic Earnings Per Share** | $0.80 | $1.37 |
| **Diluted Earnings Per Share** | $0.80 | $1.37 |
| **Weighted-Average Shares Outstanding** |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 220485859 | 220113753 |
| &nbsp;&nbsp;&nbsp;Diluted | 220913225 | 220261525 |
| **Dividends Declared Per Share** | $**1.790** | $**1.735** |

---

*W. P. Carey Inc. 6/30/2025 Earnings Release 8-K –* **8**

------

**W. P. CAREY INC.**

**Quarterly Reconciliation of Net Income to Adjusted Funds from Operations (AFFO) (Unaudited)**

*(in thousands, except share and per share amounts)*

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **June 30, 2025** | **March 31, 2025** | **June 30, 2024** |
| Net income attributable to W. P. Carey | $51220 | $125824 | $142895 |
| &nbsp;&nbsp;&nbsp;Adjustments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of real property | 119930 | 128937 | 136840 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of real estate, net | (52824) | (43777) | (39363) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charges — real estate | 4349 | 6854 | 15752 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proportionate share of adjustments to earnings from equity method investments <sup>(a)</sup> | 2231 | 1643 | 3015 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proportionate share of adjustments for noncontrolling interests <sup>(b)</sup> | (82) | (78) | (101) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjustments | 73604 | 93579 | 116143 |
| **FFO (as defined by NAREIT) Attributable to W. P. Carey** <sup>(c)</sup> | **124824** | **219403** | **259038** |
| &nbsp;&nbsp;&nbsp;Adjustments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (gains) and losses <sup>(d)</sup> | 148768 | 42197 | (2504) |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-line and other leasing and financing adjustments | (15374) | (19033) | (15310) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 10943 | 9148 | 8903 |
| &nbsp;&nbsp;&nbsp;&nbsp;Above- and below-market rent intangible lease amortization, net | 5061 | 1123 | 5766 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 4628 | 4782 | 4555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax expense (benefit) – deferred and other | 2820 | (782) | (1392) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other amortization and non-cash items | 579 | 560 | 580 |
| &nbsp;&nbsp;&nbsp;&nbsp;Merger and other expenses | 192 | 556 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proportionate share of adjustments to earnings from equity method investments <sup>(a)</sup> | 309 | (86) | (2646) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proportionate share of adjustments for noncontrolling interests <sup>(b)</sup> | (80) | (48) | (97) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjustments | 157846 | 38417 | (1939) |
| **AFFO Attributable to W. P. Carey** <sup>(c)</sup> | $**282670** | $**257820** | $**257099** |
| **Summary** |  |  |  |
| FFO (as defined by NAREIT) attributable to W. P. Carey <sup>(c)</sup> | $124824 | $219403 | $259038 |
| FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share <sup>(c)</sup> | $0.57 | $0.99 | $1.18 |
| AFFO attributable to W. P. Carey <sup>(c)</sup> | $282670 | $257820 | $257099 |
| AFFO attributable to W. P. Carey per diluted share <sup>(c)</sup> | $1.28 | $1.17 | $1.17 |
| Diluted weighted-average shares outstanding | 220874935 | 220720310 | 220214118 |

---

*W. P. Carey Inc. 6/30/2025 Earnings Release 8-K –* **9**

------

**W. P. CAREY INC.**

**Year-to-Date Reconciliation of Net Income to Adjusted Funds from Operations (AFFO) (Unaudited)**

*(in thousands, except share and per share amounts)*

---

| | | |
|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** |
| Net income attributable to W. P. Carey | $177044 | $302118 |
| &nbsp;&nbsp;&nbsp;Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of real property | 248867 | 254953 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of real estate, net | (96601) | (54808) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charges — real estate | 11203 | 15752 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proportionate share of adjustments to earnings from equity method investments <sup>(a)</sup> | 3874 | 5964 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proportionate share of adjustments for noncontrolling interests <sup>(b)</sup> | (160) | (204) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjustments | 167183 | 221657 |
| **FFO (as defined by NAREIT) Attributable to W. P. Carey** <sup>(c)</sup> | **344227** | **523775** |
| &nbsp;&nbsp;&nbsp;Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (gains) and losses | 190965 | (16343) |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-line and other leasing and financing adjustments | (34407) | (34863) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 20091 | 17759 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 9410 | 9143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Above- and below-market rent intangible lease amortization, net | 6184 | 9834 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax expense (benefit) – deferred and other | 2038 | (2765) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other amortization and non-cash items | 1139 | 1159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Merger and other expenses | 748 | 4658 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proportionate share of adjustments to earnings from equity method investments <sup>(a)</sup> | 223 | (3165) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proportionate share of adjustments for noncontrolling interests <sup>(b)</sup> | (128) | (201) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjustments | 196263 | (14784) |
| **AFFO Attributable to W. P. Carey** <sup>(c)</sup> | $**540490** | $**508991** |
| **Summary** |  |  |
| FFO (as defined by NAREIT) attributable to W. P. Carey <sup>(c)</sup> | $344227 | $523775 |
| FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share <sup>(c)</sup> | $1.56 | $2.38 |
| AFFO attributable to W. P. Carey <sup>(c)</sup> | $540490 | $508991 |
| AFFO attributable to W. P. Carey per diluted share <sup>(c)</sup> | $2.45 | $2.31 |
| Diluted weighted-average shares outstanding | 220913225 | 220261525 |

---

__________

*(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.*

*W. P. Carey Inc. 6/30/2025 Earnings Release 8-K –* **10**

------

**Non-GAAP Financial Disclosure**

***Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO)***

*Due to certain unique operating characteristics of real estate companies, as discussed below, the National Association of Real Estate Investment Trusts (NAREIT), an industry trade group, has promulgated a non-GAAP measure known as FFO, which we believe to be an appropriate supplemental measure, when used in addition to and in conjunction with results presented in accordance with GAAP, to reflect the operating performance of a REIT. The use of FFO is recommended by the REIT industry as a supplemental non-GAAP measure. FFO is not equivalent to, nor a substitute for, net income or loss as determined under GAAP.*

*We define FFO, a non-GAAP measure, consistent with the standards established by the White Paper on FFO approved by the Board of Governors of NAREIT, as restated in December 2018. The White Paper defines FFO as net income or loss computed in accordance with GAAP, excluding gains or losses from the sale of certain real estate, impairment charges on real estate or other assets incidental to the company's main business, gains or losses on changes in control of interests in real estate and depreciation and amortization from real estate assets; and after adjustments for unconsolidated partnerships and jointly owned investments. Adjustments for unconsolidated partnerships and jointly owned investments are calculated to reflect FFO on the same basis.*

*We also modify the NAREIT computation of FFO to adjust GAAP net income for certain non-cash charges, such as amortization of real estate-related intangibles, deferred income tax benefits and expenses, straight-line rent and related reserves, other non-cash rent adjustments, non-cash allowance for credit losses on loans receivable and finance leases, stock-based compensation, non-cash environmental accretion expense, amortization of discounts and premiums on debt and amortization of deferred financing costs. Our assessment of our operations is focused on long-term sustainability and not on such non-cash items, which may cause short-term fluctuations in net income but have no impact on cash flows. Additionally, we exclude non-core income and expenses, such as gains or losses from extinguishment of debt, gains or losses on the mark-to-market fair value of equity securities, merger and acquisition expenses, spin-off expenses, and income and expenses associated with our captive insurance company. We also exclude realized and unrealized gains/losses on foreign currency exchange rate movements (other than those realized on the settlement of foreign currency derivatives), which are not considered fundamental attributes of our business plan and do not affect our overall long-term operating performance. We refer to our modified definition of FFO as AFFO. We exclude these items from GAAP net income to arrive at AFFO as they are not the primary drivers in our decision-making process and excluding these items provides investors a view of our portfolio performance over time and makes it more comparable to other REITs. AFFO also reflects adjustments for unconsolidated partnerships and jointly owned investments. We use AFFO as one measure of our operating performance when we formulate corporate goals, evaluate the effectiveness of our strategies and determine executive compensation.*

*We believe that AFFO is a useful supplemental measure for investors to consider as we believe it will help them to better assess the sustainability of our operating performance without the potentially distorting impact of these short-term fluctuations. However, there are limits on the usefulness of AFFO to investors. For example, impairment charges and unrealized foreign currency exchange rate losses that we exclude may become actual realized losses upon the ultimate disposition of the properties in the form of lower cash proceeds or other considerations. We use our FFO and AFFO measures as supplemental financial measures of operating performance. We do not use our FFO and AFFO measures as, nor should they be considered to be, alternatives to net income computed under GAAP, or as alternatives to net cash provided by operating activities computed under GAAP, or as indicators of our ability to fund our cash needs.*

*W. P. Carey Inc. 6/30/2025 Earnings Release 8-K –* **11**

## Exhibit 99.2

**Exhibit 99.2**

**W. P. Carey Inc.**

*Supplemental Information*

*Second Quarter 2025* 

![financialdocumentcoverslidf.jpg](financialdocumentcoverslidf.jpg)

------

***Terms and Definitions***

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

---

| | |
|:---|:---|
| *REIT* | *Real estate investment trust* |
| *U.S.* | *United States* |
| *ABR* | *Contractual minimum annualized base rent* |
| *ASC* | *Accounting Standards Codification* |
| *NAREIT* | *National Association of Real Estate Investment Trusts (an industry trade group)* |
| *CPI* | *Consumer price index* |
| *EUR* | *Euro* |
| *EURIBOR* | *Euro Interbank Offered Rate* |
| *SOFR* | *Secured Overnight Financing Rate* |
| *NIBOR* | *Norwegian Interbank Offered Rate* |
| *TIBOR* | *Tokyo Interbank Offered Rate* |

---

***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 <u>[Disclosures Regarding Non-GAAP and Other Metrics](#i07cd349b24ef49a9bd73259d8c0128b2_100)</u> 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.*

------

*W. P. Carey Inc.* 

*Supplemental Information – Second Quarter 2025* 

**Table of Contents**

---

| | |
|:---|:---|
| **Overview** | |
| &nbsp;&nbsp;<u>[Summary Metrics](#i07cd349b24ef49a9bd73259d8c0128b2_10)</u> | <u>[1](#i07cd349b24ef49a9bd73259d8c0128b2_10)</u> |
| &nbsp;&nbsp;<u>[Components of Net Asset Value](#i07cd349b24ef49a9bd73259d8c0128b2_13)</u> | <u>[3](#i07cd349b24ef49a9bd73259d8c0128b2_13)</u> |
| **Financial Results** |  |
| &nbsp;&nbsp;<u>[Consolidated Statements of Income – Last Five Quarters](#i07cd349b24ef49a9bd73259d8c0128b2_19)</u> | <u>[6](#i07cd349b24ef49a9bd73259d8c0128b2_19)</u> |
| &nbsp;&nbsp;<u>[FFO and AFFO, Consolidated – Last Five Quarters](#i07cd349b24ef49a9bd73259d8c0128b2_22)</u> | <u>[7](#i07cd349b24ef49a9bd73259d8c0128b2_22)</u> |
| &nbsp;&nbsp;<u>[Elements of Pro Rata Statement of Income and AFFO Adjustments](#i07cd349b24ef49a9bd73259d8c0128b2_25)</u> | <u>[8](#i07cd349b24ef49a9bd73259d8c0128b2_25)</u> |
| &nbsp;&nbsp;<u>[Capital Expenditures](#i07cd349b24ef49a9bd73259d8c0128b2_28)</u> | <u>[9](#i07cd349b24ef49a9bd73259d8c0128b2_28)</u> |
| **Balance Sheets and Capitalization** |  |
| &nbsp;&nbsp;<u>[Consolidated Balance Sheets](#i07cd349b24ef49a9bd73259d8c0128b2_34)</u> | <u>[11](#i07cd349b24ef49a9bd73259d8c0128b2_34)</u> |
| &nbsp;&nbsp;<u>[Capitalization](#i07cd349b24ef49a9bd73259d8c0128b2_37)</u> | <u>[12](#i07cd349b24ef49a9bd73259d8c0128b2_37)</u> |
| &nbsp;&nbsp;<u>[Debt Overview](#i07cd349b24ef49a9bd73259d8c0128b2_40)</u> | <u>[13](#i07cd349b24ef49a9bd73259d8c0128b2_40)</u> |
| &nbsp;&nbsp;<u>[Debt Maturity](#i07cd349b24ef49a9bd73259d8c0128b2_43)</u> | <u>[14](#i07cd349b24ef49a9bd73259d8c0128b2_43)</u> |
| &nbsp;&nbsp;<u>[Senior Unsecured Notes](#i07cd349b24ef49a9bd73259d8c0128b2_46)</u> | <u>[15](#i07cd349b24ef49a9bd73259d8c0128b2_46)</u> |
| **Real Estate** |  |
| &nbsp;&nbsp;&nbsp;Investment Activity |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Investment Volume](#i07cd349b24ef49a9bd73259d8c0128b2_52)</u> | <u>[17](#i07cd349b24ef49a9bd73259d8c0128b2_52)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Capital Investments and Commitments](#i07cd349b24ef49a9bd73259d8c0128b2_55)</u> | <u>[18](#i07cd349b24ef49a9bd73259d8c0128b2_55)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Dispositions](#i07cd349b24ef49a9bd73259d8c0128b2_58)</u> | <u>[19](#i07cd349b24ef49a9bd73259d8c0128b2_58)</u> |
| &nbsp;&nbsp;<u>[Joint Ventures](#i07cd349b24ef49a9bd73259d8c0128b2_61)</u> | <u>[20](#i07cd349b24ef49a9bd73259d8c0128b2_61)</u> |
| &nbsp;&nbsp;<u>[Top 25 Tenants](#i07cd349b24ef49a9bd73259d8c0128b2_64)</u> | <u>[21](#i07cd349b24ef49a9bd73259d8c0128b2_64)</u> |
| &nbsp;&nbsp;<u>[Diversification by Property Type](#i07cd349b24ef49a9bd73259d8c0128b2_67)</u> | <u>[22](#i07cd349b24ef49a9bd73259d8c0128b2_67)</u> |
| &nbsp;&nbsp;<u>[Diversification by Tenant Industry](#i07cd349b24ef49a9bd73259d8c0128b2_70)</u> | <u>[23](#i07cd349b24ef49a9bd73259d8c0128b2_70)</u> |
| &nbsp;&nbsp;<u>[Diversification by Geography](#i07cd349b24ef49a9bd73259d8c0128b2_73)</u> | <u>[24](#i07cd349b24ef49a9bd73259d8c0128b2_73)</u> |
| &nbsp;&nbsp;<u>[Contractual Rent Increases](#i07cd349b24ef49a9bd73259d8c0128b2_76)</u> | <u>[25](#i07cd349b24ef49a9bd73259d8c0128b2_76)</u> |
| &nbsp;&nbsp;<u>[Same-Store Analysis](#i07cd349b24ef49a9bd73259d8c0128b2_79)</u> | <u>[26](#i07cd349b24ef49a9bd73259d8c0128b2_79)</u> |
| &nbsp;&nbsp;<u>[Leasing Activity](#i07cd349b24ef49a9bd73259d8c0128b2_82)</u> | <u>[29](#i07cd349b24ef49a9bd73259d8c0128b2_82)</u> |
| &nbsp;&nbsp;<u>[Lease Expirations](#i07cd349b24ef49a9bd73259d8c0128b2_85)</u> | <u>[30](#i07cd349b24ef49a9bd73259d8c0128b2_85)</u> |
| &nbsp;&nbsp;<u>[Self-Storage Operating Properties Portfolio](#i07cd349b24ef49a9bd73259d8c0128b2_88)</u> | <u>[31](#i07cd349b24ef49a9bd73259d8c0128b2_88)</u> |
| **Appendix** |  |
| &nbsp;&nbsp;<u>[Normalized Pro Rata Cash NOI](#i07cd349b24ef49a9bd73259d8c0128b2_94)</u> | <u>[33](#i07cd349b24ef49a9bd73259d8c0128b2_94)</u> |
| &nbsp;&nbsp;<u>[Adjusted EBITDA – Last Five Quarters](#i07cd349b24ef49a9bd73259d8c0128b2_97)</u> | <u>[35](#i07cd349b24ef49a9bd73259d8c0128b2_97)</u> |
| &nbsp;&nbsp;<u>[Disclosures Regarding Non-GAAP and Other Metrics](#i07cd349b24ef49a9bd73259d8c0128b2_100)</u> | <u>[36](#i07cd349b24ef49a9bd73259d8c0128b2_100)</u> |

---

------

*W. P. Carey Inc.* 

*Overview – Second Quarter 2025*

**Summary Metrics**

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

---

| | | |
|:---|:---|:---|
| **Financial Results** | | |
| Revenues, including reimbursable costs – consolidated ($000s) |  | $430777 |
| Net income attributable to W. P. Carey ($000s) |  | 51220 |
| Net income attributable to W. P. Carey per diluted share |  | 0.23 |
| Normalized pro rata cash NOI ($000s) <sup>(a) (b)</sup> |  | 369178 |
| Adjusted EBITDA ($000s) <sup>(a)</sup> <sup>(b)</sup> |  | 361370 |
| AFFO attributable to W. P. Carey ($000s) <sup>(a) (b)</sup> |  | 282670 |
| AFFO attributable to W. P. Carey per diluted share <sup>(a)</sup> <sup>(b)</sup> |  | 1.28 |
| Dividends declared per share – current quarter |  | 0.900 |
| Dividends declared per share – current quarter annualized |  | 3.600 |
| Dividend yield – annualized, based on quarter end share price of $62.38 |  | 5.8% |
| Dividend payout ratio – for the six months ended June 30, 2025 <sup>(c)</sup> |  | 73.1% |
| **Balance Sheet and Capitalization** |  |  |
| Equity market capitalization – based on quarter end share price of $62.38 ($000s) |  | $13659904 |
| Pro rata net debt ($000s) <sup>(d)</sup> |  | 8419490 |
| Enterprise value ($000s) |  | 22079394 |
| Total consolidated debt ($000s) |  | 8635985 |
| Gross assets ($000s) <sup>(e)</sup> |  | 19980920 |
| Liquidity ($000s) <sup>(f)</sup> |  | 1718601 |
| Pro rata net debt to enterprise value <sup>(b)</sup> |  | 38.1% |
| Pro rata net debt to adjusted EBITDA (annualized) <sup>(a)</sup> <sup>(b)</sup> |  | 5.8x |
| Total consolidated debt to gross assets |  | 43.2% |
| Total consolidated secured debt to gross assets |  | 1.2% |
| Cash interest expense coverage ratio <sup>(a) (b)</sup> |  | 5.1x |
| Weighted-average interest rate – for the three months ended June 30, 2025 <sup>(b)</sup> |  | 3.1% |
| Weighted-average interest rate – as of June 30, 2025 <sup>(b)</sup> |  | 3.2% |
| Weighted-average debt maturity (years) <sup>(b)</sup> |  | 4.7 |
| 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) <sup>(g)</sup> |  | $1469552 |
| ABR – unencumbered portfolio (% / $000s) <sup>(g) (h)</sup> | 96.5% / | $1418585 |
| Number of net-leased properties |  | 1600 |
| Number of operating properties <sup>(i)</sup> |  | 72 |
| Number of tenants – net-leased properties |  | 370 |
| ABR from top ten tenants as a % of total ABR – net-leased properties |  | 19.4% |
| ABR from investment grade tenants as a % of total ABR – net-leased properties <sup>(j)</sup> |  | 21.8% |
| Contractual same-store growth <sup>(k)</sup> |  | 2.3% |
| Net-leased properties – square footage (millions) |  | 178.0 |
| Occupancy – net-leased properties |  | 98.2% |
| Weighted-average lease term (years) |  | 12.1 |
| Investment volume – current quarter ($000s) | Investment volume – current quarter ($000s) | $548638 |
| Dispositions – current quarter ($000s) |  | 364203 |
| Maximum commitment for capital investments and commitments expected to be completed during 2025 ($000s) | Maximum commitment for capital investments and commitments expected to be completed during 2025 ($000s) | 109525 |

---

________

---

| | |
|:---|:---|
| ![navylogowhitebackground.jpg](navylogowhitebackground.jpg) | *Investing for the Long Run*<sup>®</sup> \| 1 |

---

------

*W. P. Carey Inc.* 

*Overview – Second Quarter 2025*

*(a)Normalized pro rata cash NOI, adjusted EBITDA, AFFO and cash interest expense coverage ratio are non-GAAP measures. See the <u>[Disclosures Regarding Non-GAAP and Other Metrics](#i07cd349b24ef49a9bd73259d8c0128b2_100)</u> 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 <u>[Disclosures Regarding Non-GAAP and Other Metrics](#i07cd349b24ef49a9bd73259d8c0128b2_100)</u> 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 <u>[Components of Net Asset Value](#i07cd349b24ef49a9bd73259d8c0128b2_13)</u> section for information about cash held at qualified intermediaries. See the <u>[Disclosures Regarding Non-GAAP and Other Metrics](#i07cd349b24ef49a9bd73259d8c0128b2_100)</u> 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 <u>[Components of Net Asset Value](#i07cd349b24ef49a9bd73259d8c0128b2_13)</u> section for information about cash held at qualified intermediaries.*

*(g)See the <u>[Disclosures Regarding Non-GAAP and Other Metrics](#i07cd349b24ef49a9bd73259d8c0128b2_100)</u> 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 <u>[Disclosures Regarding Non-GAAP and Other Metrics](#i07cd349b24ef49a9bd73259d8c0128b2_100)</u> section in the Appendix for a description of ABR.*

*(k)See the <u>[Same-Store Analysis](#i07cd349b24ef49a9bd73259d8c0128b2_79)</u> section for a description of contractual same-store growth.*

---

| | |
|:---|:---|
| ![navylogowhitebackground.jpg](navylogowhitebackground.jpg) | *Investing for the Long Run*<sup>®</sup> \| 2 |

---

------

*W. P. Carey Inc.*

*Overview – Second Quarter 2025*

**Components of Net Asset Value**

 *In thousands.*

---

| | |
|:---|:---|
| **<u>Normalized Pro Rata Cash NOI</u>** <sup>(a) (b)</sup> | **Three Months Ended Jun. 30, 2025** |
| &nbsp;&nbsp;&nbsp;Net lease properties | $353095 |
| &nbsp;&nbsp;Self-storage and other operating properties <sup>(c)</sup> | 16083 |
| **Total normalized pro rata cash NOI** <sup>(a) (b)</sup> | $369178 |
| **<u>Balance Sheet – Selected Information (Consolidated Unless Otherwise Stated)</u>** | **As of Jun. 30, 2025** |
| **Assets** |  |
| &nbsp;&nbsp;&nbsp;Book value of real estate excluded from normalized pro rata cash NOI <sup>(d)</sup> | $255786 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 244831 |
| &nbsp;&nbsp;&nbsp;Las Vegas retail complex construction loan <sup>(e)</sup> | 245884 |
| &nbsp;&nbsp;&nbsp;Other secured loans receivable, net | 33841 |
| &nbsp;&nbsp;&nbsp;Other assets, net: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent adjustments | $424839 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in shares of Lineage (a cold storage REIT) <sup>(f)</sup> | 201827 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash held at qualified intermediaries <sup>(g)</sup> | 135181 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred charges | 76595 |
| &nbsp;&nbsp;&nbsp;&nbsp;Office lease right-of-use assets, net | 49544 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-rent tenant and other receivables | 48027 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes receivable | 47160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash, including escrow (excludes cash held at qualified intermediaries) | 46137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 24136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 22682 |
| &nbsp;&nbsp;&nbsp;&nbsp;Leasehold improvements, furniture and fixtures | 11595 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rent receivables <sup>(h)</sup> | 2907 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities and derivatives | 1772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from affiliates | 1066 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 21869 |
| &nbsp;&nbsp;&nbsp;Total other assets, net | $1115337 |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;Total pro rata debt outstanding <sup>(b) (i)</sup> | $8799502 |
| &nbsp;&nbsp;&nbsp;Dividends payable | 201909 |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | 168184 |
| &nbsp;&nbsp;&nbsp;Accounts payable, accrued expenses and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | $173858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid and deferred rents | 153382 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 147216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenant security deposits | 57231 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued taxes payable | 45861 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities and derivatives | 29044 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 48366 |
| &nbsp;&nbsp;&nbsp;Total accounts payable, accrued expenses and other liabilities | $654958 |

---

________

*(a)Normalized pro rata cash NOI is a non-GAAP measure. See the <u>[Disclosures Regarding Non-GAAP and Other Metrics](#i07cd349b24ef49a9bd73259d8c0128b2_100)</u> 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 <u>[Disclosures Regarding Non-GAAP and Other Metrics](#i07cd349b24ef49a9bd73259d8c0128b2_100)</u> 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 <u>[Investment Activity – Investment Volume](#i07cd349b24ef49a9bd73259d8c0128b2_52)</u> 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.*

---

| | |
|:---|:---|
| ![navylogowhitebackground.jpg](navylogowhitebackground.jpg) | *Investing for the Long Run*<sup>®</sup> \| 3 |

---

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*W. P. Carey Inc.*

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

---

| | |
|:---|:---|
| ![navylogowhitebackground.jpg](navylogowhitebackground.jpg) | *Investing for the Long Run*<sup>®</sup> \| 4 |

---

------

**W. P. Carey Inc.**

*Financial Results*

*Second Quarter 2025* 

![financialdocumentcoverslid.jpg](financialdocumentcoverslid.jpg)

---

| | |
|:---|:---|
| ![navylogowhitebackground.jpg](navylogowhitebackground.jpg) | *Investing for the Long Run*<sup>®</sup> \| 5 |

---

------

*W. P. Carey Inc.*

*Financial Results – Second Quarter 2025*

**Consolidated Statements of Income – Last Five Quarters**

 *In thousands, except share and per share amounts.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **Jun. 30, 2025** | **Mar. 31, 2025** | **Dec. 31, 2024** | **Sep. 30, 2024** | **Jun. 30, 2024** |
| **Revenues** | | | | | |
| &nbsp;&nbsp;&nbsp;Real Estate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease revenues | $364195 | $353768 | $351394 | $334039 | $324104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from finance leases and loans receivable | 20276 | 17458 | 16796 | 15712 | 14961 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating property revenues | 34287 | 33094 | 34132 | 37323 | 38715 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other lease-related income | 9643 | 3121 | 1329 | 7701 | 9149 |
|  | **428401** | **407441** | **403651** | **394775** | **386929** |
| &nbsp;&nbsp;&nbsp;Investment Management: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset management revenue | 1304 | 1350 | 1461 | 1557 | 1686 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other advisory income and reimbursements | 1072 | 1067 | 1053 | 1051 | 1057 |
|  | **2376** | **2417** | **2514** | **2608** | **2743** |
|  | **430777** | **409858** | **406165** | **397383** | **389672** |
| **Operating Expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 120595 | 129607 | 115770 | 115705 | 137481 |
| &nbsp;&nbsp;&nbsp;General and administrative | 24150 | 26967 | 24254 | 22679 | 24168 |
| &nbsp;&nbsp;&nbsp;Reimbursable tenant costs | 17718 | 17092 | 15661 | 13337 | 14004 |
| &nbsp;&nbsp;&nbsp;Operating property expenses | 16721 | 16544 | 16586 | 17765 | 18565 |
| &nbsp;&nbsp;&nbsp;Property expenses, excluding reimbursable tenant costs | 13623 | 11706 | 12580 | 10993 | 13931 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense | 10943 | 9148 | 9667 | 13468 | 8903 |
| &nbsp;&nbsp;&nbsp;Impairment charges — real estate | 4349 | 6854 | 27843 |  | 15752 |
| &nbsp;&nbsp;&nbsp;Merger and other expenses | 192 | 556 | (484) | 283 | 206 |
|  | **208291** | **218474** | **221877** | **194230** | **233010** |
| **Other Income and Expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other gains and (losses) <sup>(a)</sup> | (148768) | (42197) | (77224) | (77107) | 2504 |
| &nbsp;&nbsp;&nbsp;Interest expense | (71795) | (68804) | (70883) | (72526) | (65307) |
| &nbsp;&nbsp;&nbsp;Gain on sale of real estate, net | 52824 | 43777 | 4480 | 15534 | 39363 |
| &nbsp;&nbsp;&nbsp;Earnings from equity method investments | 6161 | 5378 | 302 | 6124 | 6636 |
| &nbsp;&nbsp;&nbsp;Non-operating income <sup>(b)</sup> | 3495 | 7910 | 13847 | 13669 | 9215 |
| &nbsp;&nbsp;&nbsp;Gain on change in control of interests <sup>(c)</sup> |  |  |  | 31849 |  |
|  | **(158083)** | **(53936)** | **(129478)** | **(82457)** | **(7589)** |
| &nbsp;&nbsp;&nbsp;Income before income taxes | 64403 | 137448 | 54810 | 120696 | 149073 |
| &nbsp;&nbsp;&nbsp;Provision for income taxes | (13091) | (11632) | (7772) | (9044) | (6219) |
| **Net Income** | **51312** | **125816** | **47038** | **111652** | **142854** |
| &nbsp;&nbsp;&nbsp;Net (income) loss attributable to noncontrolling interests | (92) | 8 | (15) | 46 | 41 |
| **Net Income Attributable to W. P. Carey** | $**51220** | $**125824** | $**47023** | $**111698** | $**142895** |
| **Basic Earnings Per Share** | $0.23 | $0.57 | $0.21 | $0.51 | $0.65 |
| **Diluted Earnings Per Share** | $0.23 | $0.57 | $0.21 | $0.51 | $0.65 |
| **Weighted-Average Shares Outstanding** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 220569259 | 220401156 | 220223239 | 220221366 | 220195910 |
| &nbsp;&nbsp;&nbsp;Diluted | 220874935 | 220720310 | 220577900 | 220404149 | 220214118 |
| **Dividends Declared Per Share** | $**0.900** | $**0.890** | $**0.880** | $**0.875** | $**0.870** |

---

________

*(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.*

---

| | |
|:---|:---|
| ![navylogowhitebackground.jpg](navylogowhitebackground.jpg) | *Investing for the Long Run*<sup>®</sup> \| 6 |

---

------

*W. P. Carey Inc.*

*Financial Results – Second Quarter 2025*

**FFO and AFFO, Consolidated – Last Five Quarters**

 *In thousands, except share and per share amounts.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **Jun. 30, 2025** | **Mar. 31, 2025** | **Dec. 31, 2024** | **Sep. 30, 2024** | **Jun. 30, 2024** |
| Net income attributable to W. P. Carey | $51220 | $125824 | $47023 | $111698 | $142895 |
| &nbsp;&nbsp;&nbsp;Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of real property | 119930 | 128937 | 115107 | 115028 | 136840 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of real estate, net | (52824) | (43777) | (4480) | (15534) | (39363) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charges — real estate | 4349 | 6854 | 27843 |  | 15752 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on change in control of interests <sup>(a)</sup> |  |  |  | (31849) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proportionate share of adjustments to earnings from equity method investments <sup>(b)</sup> | 2231 | 1643 | 2879 | 3028 | 3015 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proportionate share of adjustments for noncontrolling interests <sup>(c)</sup> | (82) | (78) | (79) | (96) | (101) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjustments | 73604 | 93579 | 141270 | 70577 | 116143 |
| **FFO (as defined by NAREIT) Attributable to W. P. Carey** <sup>(d)</sup> | **124824** | **219403** | **188293** | **182275** | **259038** |
| &nbsp;&nbsp;&nbsp;Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (gains) and losses <sup>(e)</sup> | 148768 | 42197 | 77224 | 77107 | (2504) |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-line and other leasing and financing adjustments | (15374) | (19033) | (24849) | (21187) | (15310) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 10943 | 9148 | 9667 | 13468 | 8903 |
| &nbsp;&nbsp;&nbsp;&nbsp;Above- and below-market rent intangible lease amortization, net | 5061 | 1123 | 10047 | 6263 | 5766 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 4628 | 4782 | 4851 | 4851 | 4555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax expense (benefit) – deferred and other | 2820 | (782) | 96 | (1576) | (1392) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other amortization and non-cash items | 579 | 560 | 557 | 587 | 580 |
| &nbsp;&nbsp;&nbsp;&nbsp;Merger and other expenses | 192 | 556 | (484) | 283 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proportionate share of adjustments to earnings from equity method investments <sup>(b)</sup> | 309 | (86) | 2266 | (2632) | (2646) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proportionate share of adjustments for noncontrolling interests <sup>(c)</sup> | (80) | (48) | (62) | (91) | (97) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjustments | 157846 | 38417 | 79313 | 77073 | (1939) |
| **AFFO Attributable to W. P. Carey** <sup>(d)</sup> | $**282670** | $**257820** | $**267606** | $**259348** | $**257099** |
| **Summary** |  |  |  |  |  |
| FFO (as defined by NAREIT) attributable to W. P. Carey <sup>(d)</sup> | $124824 | $219403 | $188293 | $182275 | $259038 |
| FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share <sup>(d)</sup> | $0.57 | $0.99 | $0.85 | $0.83 | $1.18 |
| AFFO attributable to W. P. Carey <sup>(d)</sup> | $282670 | $257820 | $267606 | $259348 | $257099 |
| AFFO attributable to W. P. Carey per diluted share <sup>(d)</sup> | $1.28 | $1.17 | $1.21 | $1.18 | $1.17 |
| Diluted weighted-average shares outstanding | 220874935 | 220720310 | 220577900 | 220404149 | 220214118 |

---

________

*(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 <u>[Disclosures Regarding Non-GAAP and Other Metrics](#i07cd349b24ef49a9bd73259d8c0128b2_100)</u> 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.*

---

| | |
|:---|:---|
| ![navylogowhitebackground.jpg](navylogowhitebackground.jpg) | *Investing for the Long Run*<sup>®</sup> \| 7 |

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*W. P. Carey Inc.*

*Financial Results – Second Quarter 2025*

**Elements of Pro Rata Statement of Income and AFFO Adjustments**

 *In thousands. For the three months ended June 30, 2025.*

We believe that the table below is useful for investors to help them better understand our business by illustrating the impact of each of our AFFO adjustments on our GAAP statement of income line items. This presentation is not an alternative to the GAAP statement of income, nor is AFFO an alternative to net income as determined by GAAP.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Equity Method Investments** <sup>(a)</sup> | **Noncontrolling Interests** <sup>(b)</sup> | **AFFO Adjustments** | |
| **Revenues** | | | | |
| &nbsp;&nbsp;&nbsp;Real Estate: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease revenues | $7798 | $(269) | $(10699) | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from finance leases and loans receivable | 53 | (13) | 310 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating property revenues |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other lease-related income | 294 |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Management: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset management revenue |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other advisory income and reimbursements |  |  |  |  |
| **Operating Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 1994 | (82) | (121943) | <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;General and administrative |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reimbursable tenant costs | 740 | (46) |  |  |
| &nbsp;&nbsp;&nbsp;Operating property expenses |  |  | (30) | <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Property expenses, excluding reimbursable tenant costs | 368 | (21) | (454) | <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense |  |  | (10943) | <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Impairment charges — real estate |  |  | (4349) | <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Merger and other expenses |  |  | (192) |  |
| **Other Income and Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other gains and (losses) |  | 80 | 148688 | <sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Interest expense | (824) | 39 | 4669 | <sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;Gain on sale of real estate, net |  |  | (52824) |  |
| &nbsp;&nbsp;&nbsp;Earnings from equity method investments | (4226) |  | 376 | <sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp;Non-operating income | 190 | (1) |  |  |
| &nbsp;&nbsp;&nbsp;Provision for income taxes | (183) | 3 | 3019 | <sup>(i)</sup> |
| &nbsp;&nbsp;&nbsp;Net income attributable to noncontrolling interests |  | 12 |  |  |

---

________

*(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.*

---

| | |
|:---|:---|
| ![navylogowhitebackground.jpg](navylogowhitebackground.jpg) | *Investing for the Long Run*<sup>®</sup> \| 8 |

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*W. P. Carey Inc.*

*Financial Results – Second Quarter 2025*

**Capital Expenditures**

 *In thousands. For the three months ended June 30, 2025.* 

---

| | |
|:---|:---|
| **<u>Turnover Costs</u>** <sup>(a)</sup> | |
| &nbsp;&nbsp;&nbsp;Tenant improvements | $1345 |
| &nbsp;&nbsp;&nbsp;Leasing costs | 369 |
| **Total Tenant Improvements and Leasing Costs** | **1714** |
| &nbsp;&nbsp;&nbsp;Property improvements — net-lease properties | 306 |
| &nbsp;&nbsp;&nbsp;Property improvements — operating properties | 60 |
| **Total Turnover Costs** | $**2080** |
| **<u>Maintenance Capital Expenditures</u>** |  |
| Net-lease properties | $389 |
| Operating properties | 716 |
| &nbsp;&nbsp;&nbsp;**Total Maintenance Capital Expenditures** | $**1105** |

---

________

*(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 <u>[Investment Activity – Capital Investments and Commitments](#i07cd349b24ef49a9bd73259d8c0128b2_55)</u> section.*

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| | |
|:---|:---|
| ![navylogowhitebackground.jpg](navylogowhitebackground.jpg) | *Investing for the Long Run*<sup>®</sup> \| 9 |

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**W. P. Carey Inc.**

*Balance Sheets and Capitalization*

*Second Quarter 2025* 

![financialdocumentcoverslid.jpg](financialdocumentcoverslid.jpg)

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| | |
|:---|:---|
| ![navylogowhitebackground.jpg](navylogowhitebackground.jpg) | *Investing for the Long Run*<sup>®</sup> \| 10 |

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*W. P. Carey Inc.*

*Balance Sheets and Capitalization – Second Quarter 2025*

**Consolidated Balance Sheets**

 *In thousands, except share and per share amounts.* 

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| **Assets** | | |
| Investments in real estate: |  |  |
| &nbsp;&nbsp;&nbsp;Land, buildings and improvements — net lease and other | $13627841 | $12842869 |
| &nbsp;&nbsp;&nbsp;Land, buildings and improvements — operating properties | 1005605 | 1198676 |
| &nbsp;&nbsp;&nbsp;Net investments in finance leases and loans receivable | 1063719 | 798259 |
| &nbsp;&nbsp;&nbsp;In-place lease intangible assets and other | 2407752 | 2297572 |
| &nbsp;&nbsp;&nbsp;Above-market rent intangible assets | 679068 | 665495 |
| Investments in real estate | 18783985 | 17802871 |
| &nbsp;&nbsp;&nbsp;Accumulated depreciation and amortization <sup>(a)</sup> | (3503850) | (3222396) |
| &nbsp;&nbsp;&nbsp;Assets held for sale, net | 60011 |  |
| Net investments in real estate | 15340146 | 14580475 |
| Equity method investments | 311411 | 301115 |
| Cash and cash equivalents | 244831 | 640373 |
| Other assets, net | 1115337 | 1045218 |
| Goodwill | 986472 | 967843 |
| &nbsp;&nbsp;&nbsp;**Total assets** | $**17998197** | $**17535024** |
| **Liabilities and Equity** |  |  |
| Debt: |  |  |
| &nbsp;&nbsp;&nbsp;Senior unsecured notes, net | $6540432 | $6505907 |
| &nbsp;&nbsp;&nbsp;Unsecured term loans, net | 1199256 | 1075826 |
| &nbsp;&nbsp;&nbsp;Unsecured revolving credit facility | 660872 | 55448 |
| &nbsp;&nbsp;&nbsp;Non-recourse mortgages, net | 235425 | 401821 |
| Debt, net | 8635985 | 8039002 |
| Accounts payable, accrued expenses and other liabilities | 654958 | 596994 |
| Below-market rent and other intangible liabilities, net | 111829 | 119831 |
| Deferred income taxes | 168184 | 147461 |
| Dividends payable | 201909 | 197612 |
| &nbsp;&nbsp;&nbsp;**Total liabilities** | **9772865** | **9100900** |
| Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued |  |  |
| Common stock, $0.001 par value, 450,000,000 shares authorized; 218,978,908 and 218,848,844 shares, respectively, issued and outstanding | 219 | 219 |
| Additional paid-in capital | 11803487 | 11805179 |
| Distributions in excess of accumulated earnings | (3424094) | (3203974) |
| Deferred compensation obligation | 97002 | 78503 |
| Accumulated other comprehensive loss | (264750) | (250232) |
| Total stockholders' equity | 8211864 | 8429695 |
| Noncontrolling interests | 13468 | 4429 |
| &nbsp;&nbsp;&nbsp;**Total equity** | **8225332** | **8434124** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and equity** | $**17998197** | $**17535024** |

---

________

*(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.*

---

| | |
|:---|:---|
| ![navylogowhitebackground.jpg](navylogowhitebackground.jpg) | *Investing for the Long Run*<sup>®</sup> \| 11 |

---

------

*W. P. Carey Inc.*

*Balance Sheets and Capitalization – Second Quarter 2025*

**Capitalization**

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

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Shares** | **Share Price** | **Market Value** |
| **Equity** | | | |
| Common equity | 218978908 | $62.38 | $13659904 |
| Preferred equity |  |  |  |
| &nbsp;&nbsp;&nbsp;**Total Equity Market Capitalization** |  |  | **13659904** |
|  |  |  | **Outstanding Balance** <sup>(a)</sup> |
| **Pro Rata Debt** |  |  |  |
| Non-recourse mortgages |  |  | 332261 |
| Unsecured term loans (due February 14, 2028) |  |  | 621869 |
| Unsecured term loan (due April 24, 2029) |  |  | 586000 |
| Unsecured revolving credit facility (due February 14, 2029) |  |  | 660872 |
| Senior unsecured notes <sup>(b)</sup>: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Due April 9, 2026 (EUR) |  |  | 586000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due October 1, 2026 (USD) |  |  | 350000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due April 15, 2027 (EUR) |  |  | 586000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due April 15, 2028 (EUR) |  |  | 586000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due July 15, 2029 (USD) |  |  | 325000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due September 28, 2029 (EUR) |  |  | 175800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due June 1, 2030 (EUR) |  |  | 615300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due February 1, 2031 (USD) |  |  | 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due February 1, 2032 (USD) |  |  | 350000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due July 23, 2032 (EUR) |  |  | 761800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due September 28, 2032 (EUR) |  |  | 234400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due April 1, 2033 (USD) |  |  | 425000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due June 30, 2034 (USD) |  |  | 400000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due November 19, 2034 (EUR) |  |  | 703200 |
| &nbsp;&nbsp;&nbsp;**Total Pro Rata Debt** |  |  | **8799502** |
| &nbsp;&nbsp;&nbsp;**Total Capitalization** |  |  | $**22459406** |

---

________

*(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.*

---

| | |
|:---|:---|
| ![navylogowhitebackground.jpg](navylogowhitebackground.jpg) | *Investing for the Long Run*<sup>®</sup> \| 12 |

---

------

*W. P. Carey Inc.*

*Balance Sheets and Capitalization – Second Quarter 2025*

**Debt Overview**

 *Dollars in thousands. Pro rata. As of June 30, 2025.*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **USD-Denominated** | **USD-Denominated** | **EUR-Denominated** | **EUR-Denominated** | **Other Currencies** <sup>(a)</sup> | **Other Currencies** <sup>(a)</sup> | **Total** | **Total** | **Total** | **Total** |
| | | | | | | | **Outstanding Balance** | **Outstanding Balance** | | |
| |<br>**Out-standing Balance <br>(in USD)** |<br>**Weigh-ted<br>Avg. Interest <br>Rate** |<br>**Out-standing Balance <br>(in USD)** |<br>**Weigh-ted<br>Avg. Interest <br>Rate** |<br>**Out-standing Balance <br>(in USD)** |<br>**Weigh-ted<br>Avg. Interest <br>Rate** | **Amount<br>(in USD)** | **% of Total** |<br>**Weigh-ted<br>Avg. Interest <br>Rate** |<br>**Weigh-ted<br>Avg. Maturity (Years)** |
| **Non-Recourse Debt** <sup>(b) (c)</sup> | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Fixed <sup>(d)</sup> | $200604 | 4.8% | $74740 | 5.0% | $21066 | 4.6% | $296410 | 3.4% | 4.8% | 1.7 |
| &nbsp;&nbsp;&nbsp;Floating |  | —% | 35851 | 4.1% |  | —% | 35851 | 0.4% | 4.1% | 0.8 |
| **Total Pro Rata Non-Recourse Debt** | **200604** | **4.8%** | **110591** | **4.7%** | **21066** | **4.6%** | **332261** | **3.8%** | **4.8%** | **1.6** |
| **Recourse Debt** <sup>(b) (c)</sup> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fixed – Senior unsecured notes <sup>(e)</sup>: | &nbsp;&nbsp;&nbsp;Fixed – Senior unsecured notes <sup>(e)</sup>: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Due April 9, 2026 |  | —% | 586000 | 2.3% |  | —% | 586000 | 6.7% | 2.3% | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due October 1, 2026 | 350000 | 4.3% |  | —% |  | —% | 350000 | 4.0% | 4.3% | 1.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due April 15, 2027 |  | —% | 586000 | 2.1% |  | —% | 586000 | 6.7% | 2.1% | 1.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due April 15, 2028 |  | —% | 586000 | 1.4% |  | —% | 586000 | 6.7% | 1.4% | 2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due July 15, 2029 | 325000 | 3.9% |  | —% |  | —% | 325000 | 3.7% | 3.9% | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due September 28, 2029 |  | —% | 175800 | 3.4% |  | —% | 175800 | 2.0% | 3.4% | 4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due June 1, 2030 |  | —% | 615300 | 1.0% |  | —% | 615300 | 7.0% | 1.0% | 4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due February 1, 2031 | 500000 | 2.4% |  | —% |  | —% | 500000 | 5.7% | 2.4% | 5.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due February 1, 2032 | 350000 | 2.5% |  | —% |  | —% | 350000 | 4.0% | 2.5% | 6.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due July 23, 2032 |  | —% | 761800 | 4.3% |  | —% | 761800 | 8.6% | 4.3% | 7.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due September 28, 2032 |  | —% | 234400 | 3.7% |  | —% | 234400 | 2.7% | 3.7% | 7.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due April 1, 2033 | 425000 | 2.3% |  | —% |  | —% | 425000 | 4.8% | 2.3% | 7.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due June 30, 2034 | 400000 | 5.4% |  | —% |  | —% | 400000 | 4.4% | 5.4% | 9.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due November 19, 2034 |  | —% | 703200 | 3.7% |  | —% | 703200 | 8.0% | 3.7% | 9.4 |
| &nbsp;&nbsp;**Total Senior Unsecured Notes** | **2350000** | **3.4%** | **4248500** | **2.6%** | **—** | **— %** | **6598500** | **75.0%** | **2.9%** | **5.2** |
| &nbsp;&nbsp;&nbsp;Swapped to Fixed: | &nbsp;&nbsp;&nbsp;Swapped to Fixed: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unsecured term loan (due April 24, 2029) <sup>(f)</sup> |  | —% | 586000 | 2.8% |  | —% | 586000 | 6.7% | 2.8% | 3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unsecured term loan (due February 14, 2028) <sup>(f)</sup> |  | —% |  | —% | 369889 | 4.7% | 369889 | 4.2% | 4.7% | 2.6 |
| &nbsp;&nbsp;&nbsp;Floating: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unsecured revolving credit facility (due February 14, 2029) <sup>(g)</sup> | 590500 | 5.0% |  | —% | 70372 | 4.2% | 660872 | 7.4% | 4.9% | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unsecured term loan (due February 14, 2028) <sup>(h)</sup> |  | —% | 251980 | 2.8% |  | —% | 251980 | 2.9% | 2.8% | 2.6 |
| **Total Recourse Debt** | **2940500** | **3.7%** | **5086480** | **2.7%** | **440261** | **4.6%** | **8467241** | **96.2%** | **3.1%** | **4.8** |
| **Total Pro Rata Debt Outstanding** | $**3141104** | **3.8%** | $**5197071** | **2.7%** | $**461327** | **4.6%** | $**8799502** | **100.0%** | **3.2%** | **4.7** |

---

________

*(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 <u>[Disclosures Regarding Non-GAAP and Other Metrics](#i07cd349b24ef49a9bd73259d8c0128b2_100)</u> 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.*

---

| | |
|:---|:---|
| ![navylogowhitebackground.jpg](navylogowhitebackground.jpg) | *Investing for the Long Run*<sup>®</sup> \| 13 |

---

------

*W. P. Carey Inc.*

*Balance Sheets and Capitalization – Second Quarter 2025*

**Debt Maturity**

 *Dollars in thousands. Pro rata. As of June 30, 2025.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Real Estate** | **Real Estate** | **Debt** | **Debt** | **Debt** | **Debt** |
| | **Number of Properties** <sup>(a)</sup> | | **Weighted-Average Interest Rate** | | **Total Outstanding Balance** <sup>(b) (c)</sup> | **% of Total Outstanding Balance** |
|<br>**Year of Maturity** | **Number of Properties** <sup>(a)</sup> |<br>**ABR** <sup>(a)</sup> | **Weighted-Average Interest Rate** |<br>**Balloon** | **Total Outstanding Balance** <sup>(b) (c)</sup> | **% of Total Outstanding Balance** |
| **Non-Recourse Debt** | | | | | | |
| &nbsp;&nbsp;&nbsp;Remaining 2025 | 12 | $2397 | 4.6% | $42152 | $42537 | 0.5% |
| &nbsp;&nbsp;&nbsp;2026 | 36 | 28356 | 4.8% | 154899 | 162111 | 1.9% |
| &nbsp;&nbsp;&nbsp;2027 | 3 | 1272 | 4.2% | 28561 | 28946 | 0.4% |
| &nbsp;&nbsp;&nbsp;2028 | 5 | 13983 | 5.0% | 73869 | 81134 | 0.9% |
| &nbsp;&nbsp;&nbsp;2029 | 3 | 1435 | 4.0% | 10931 | 11871 | 0.1% |
| &nbsp;&nbsp;&nbsp;2031 | 1 | 1131 | 6.0% |  | 2236 | —% |
| &nbsp;&nbsp;&nbsp;2033 | 1 | 2393 | 5.6% | 1671 | 3426 | —% |
| **Total Pro Rata Non-Recourse Debt** | **61** | $**50967** | **4.8%** | $**312083** | **332261** | **3.8%** |
| **Recourse Debt** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fixed – Senior unsecured notes <sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Due April 9, 2026 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;Due April 9, 2026 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;Due April 9, 2026 (EUR) | 2.3% |  | 586000 | 6.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Due October 1, 2026 (USD) | &nbsp;&nbsp;&nbsp;&nbsp;Due October 1, 2026 (USD) | &nbsp;&nbsp;&nbsp;&nbsp;Due October 1, 2026 (USD) | 4.3% |  | 350000 | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Due April 15, 2027 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;Due April 15, 2027 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;Due April 15, 2027 (EUR) | 2.1% |  | 586000 | 6.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Due April 15, 2028 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;Due April 15, 2028 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;Due April 15, 2028 (EUR) | 1.4% |  | 586000 | 6.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Due July 15, 2029 (USD) | &nbsp;&nbsp;&nbsp;&nbsp;Due July 15, 2029 (USD) | &nbsp;&nbsp;&nbsp;&nbsp;Due July 15, 2029 (USD) | 3.9% |  | 325000 | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Due September 28, 2029 (EUR) |  |  | 3.4% |  | 175800 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Due June 1, 2030 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;Due June 1, 2030 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;Due June 1, 2030 (EUR) | 1.0% |  | 615300 | 7.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Due February 1, 2031 (USD) | &nbsp;&nbsp;&nbsp;&nbsp;Due February 1, 2031 (USD) | &nbsp;&nbsp;&nbsp;&nbsp;Due February 1, 2031 (USD) | 2.4% |  | 500000 | 5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Due February 1, 2032 (USD) | &nbsp;&nbsp;&nbsp;&nbsp;Due February 1, 2032 (USD) | &nbsp;&nbsp;&nbsp;&nbsp;Due February 1, 2032 (USD) | 2.5% |  | 350000 | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Due July 23, 2032 (EUR) |  |  | 4.3% |  | 761800 | 8.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Due September 28, 2032 (EUR) |  |  | 3.7% |  | 234400 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Due April 1, 2033 (USD) | &nbsp;&nbsp;&nbsp;&nbsp;Due April 1, 2033 (USD) | &nbsp;&nbsp;&nbsp;&nbsp;Due April 1, 2033 (USD) | 2.3% |  | 425000 | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Due June 30, 2034 (USD) | &nbsp;&nbsp;&nbsp;&nbsp;Due June 30, 2034 (USD) | &nbsp;&nbsp;&nbsp;&nbsp;Due June 30, 2034 (USD) | 5.4% |  | 400000 | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Due November 19, 2034 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;Due November 19, 2034 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;Due November 19, 2034 (EUR) | 3.7% |  | 703200 | 8.0% |
| &nbsp;&nbsp;&nbsp;**Total Senior Unsecured Notes** | &nbsp;&nbsp;&nbsp;**Total Senior Unsecured Notes** | &nbsp;&nbsp;&nbsp;**Total Senior Unsecured Notes** | **2.9%** |  | **6598500** | **75.0%** |
| &nbsp;&nbsp;&nbsp;Swapped to Fixed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unsecured term loan (due April 24, 2029) <sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Unsecured term loan (due April 24, 2029) <sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Unsecured term loan (due April 24, 2029) <sup>(e)</sup> | 2.8% |  | 586000 | 6.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Unsecured term loan (due Feb 14, 2028) <sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Unsecured term loan (due Feb 14, 2028) <sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Unsecured term loan (due Feb 14, 2028) <sup>(e)</sup> | 4.7% |  | 369889 | 4.2% |
| &nbsp;&nbsp;&nbsp;Floating: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unsecured revolving credit facility (due February 14, 2029) <sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Unsecured revolving credit facility (due February 14, 2029) <sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Unsecured revolving credit facility (due February 14, 2029) <sup>(f)</sup> | 4.9% |  | 660872 | 7.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Unsecured term loan (due February 14, 2028) <sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Unsecured term loan (due February 14, 2028) <sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Unsecured term loan (due February 14, 2028) <sup>(g)</sup> | 2.8% |  | 251980 | 2.9% |
| **Total Recourse Debt** | **Total Recourse Debt** | **Total Recourse Debt** | **3.1%** |  | **8467241** | **96.2%** |
| **Total Pro Rata Debt Outstanding** | **Total Pro Rata Debt Outstanding** | **Total Pro Rata Debt Outstanding** | **3.2%** |  | $**8799502** | **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 June 30, 2025. See the <u>[Disclosures Regarding Non-GAAP and Other Metrics](#i07cd349b24ef49a9bd73259d8c0128b2_100)</u> 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 $40.6 million and unamortized deferred financing costs totaling $29.9 million as of June 30, 2025.*

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

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

*(f)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.*

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

---

| | |
|:---|:---|
| ![navylogowhitebackground.jpg](navylogowhitebackground.jpg) | *Investing for the Long Run*<sup>®</sup> \| 14 |

---

------

*W. P. Carey Inc.*

*Balance Sheets and Capitalization – Second Quarter 2025*

**Senior Unsecured Notes**

 *As of June 30, 2025.*

**<u>Ratings</u>**

---

| | | | |
|:---|:---|:---|:---|
| | **Issuer** | **Issuer** | **Senior Unsecured Notes** |
|<br>**Ratings Agency** | **Rating** | **Outlook** | **Rating** |
| Moody's | Baa1 | Stable | Baa1 |
| Standard & Poor's | BBB+ | Stable | BBB+ |

---

**<u>Senior Unsecured Note Covenants</u>**

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 <br>Jun. 30, 2025** |
| Limitation on the incurrence of debt | "Total Debt" / <br>"Total Assets" | ≤ 60% | 42.1% |
| Limitation on the incurrence of secured debt | "Secured Debt" / <br>"Total Assets" | ≤ 40% | 1.2% |
| Limitation on the incurrence of debt based on consolidated EBITDA to annual debt service charge | "Consolidated EBITDA" / <br>"Annual Debt Service Charge" | ≥ 1.5x | 4.9x |
| Maintenance of unencumbered asset value | "Unencumbered Assets" / "Total Unsecured Debt" | ≥ 150% | 230.4% |

---

---

| | |
|:---|:---|
| ![navylogowhitebackground.jpg](navylogowhitebackground.jpg) | *Investing for the Long Run*<sup>®</sup> \| 15 |

---

------

**W. P. Carey Inc.**

*Real Estate*

*Second Quarter 2025* 

![financialdocumentcoverslid.jpg](financialdocumentcoverslid.jpg)

---

| | |
|:---|:---|
| ![navylogowhitebackground.jpg](navylogowhitebackground.jpg) | *Investing for the Long Run*<sup>®</sup> \| 16 |

---

------

*W. P. Carey Inc.*

*Real Estate – Second Quarter 2025*

**Investment Activity – Investment Volume**

 *Dollars in thousands. Pro rata. For the six months ended June 30, 2025.*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Property Type(s)** | **Closing Date / Asset Completion Date** | **Gross Investment Amount** | **Investment Type** | **Lease Term (Years)** <sup>(a)</sup> | **Gross Square Footage** |
|<br>**Tenant / Lease Guarantor** |<br>**Property Location(s)** | **Property Type(s)** | **Closing Date / Asset Completion Date** | **Gross Investment Amount** | **Investment Type** | **Lease Term (Years)** <sup>(a)</sup> | **Gross Square Footage** |
| **1Q25** | | | | | | | |
| Reddy Ice LLC (59 properties) | Various, United States | Industrial, Warehouse | Feb-25 | $136022 | Sale-leaseback | 20 | 1072575 |
| Las Vegas Retail Complex | Las Vegas, NV | Retail | Feb-25 | 5000 | 47.5% Joint Venture Acquisition | 8 | 75255 |
| Dollar General Corporation (4 properties) | Various, United States | Retail | Mar-25 | 8474 | Acquisition | 15 | 42388 |
| Ernest Health Holdings, LLC | Mishawaka, IN | Specialty (Healthcare) | Mar-25 | 31762 | Acquisition | 15 | 55210 |
| Majestic Steel USA, Inc. <sup>(b)</sup> | Blytheville, AR | Industrial | Mar-25 | 91910 | Sale-leaseback | 24 | 513633 |
| &nbsp;&nbsp;&nbsp;**1Q25 Total** |  |  |  | **273168** |  | **16** | **1759061** |
| **2Q25** |  |  |  |  |  |  |  |
| Linde + Wiemann SE & Co. KG (4 properties) <sup>(c)</sup> | Various, Germany (3 properties) and La Garriga, Spain | Industrial | Apr-25 | 42981 | Sale-leaseback | 25 | 640732 |
| United Natural Foods, Inc. | Santa Fe Springs, CA | Warehouse | Apr-25 | 128043 | Acquisition | 10 | 302850 |
| Berry Global Group, Inc. | Evansville, IN | Industrial | Apr-25 | 8150 | Renovation | 15 | N/A |
| Morato Pane S.p.A. (9 properties) <sup>(c)</sup> | Various, Italy (7 properties) and Málaga and Burgos, Spain | Industrial | May-25 | 73280 | Sale-leaseback | 20 | 1159154 |
| Soteria Intermediate Inc. | Chattanooga, TN | Industrial | Jun-25 | 20247 | Sale-leaseback | 15 | 211379 |
| Hertz Global Holdings, Inc (2 properties) | Newark, NJ and Boston, MA | Industrial | Jun-25 | 101856 | Sale-leaseback | 20 | 81664 |
| TI Automotive (formerly ABC Technologies Holdings Inc.) | Galeras, Mexico | Industrial | Jun-25 | 4843 | Expansion | 18 | 60181 |
| Premium Brands Holdings Corporation <sup>(b)</sup> | McDonald, TN | Industrial | Jun-25 | 166060 | Sale-leaseback | 25 | 356960 |
| &nbsp;&nbsp;&nbsp;**2Q25 Total** |  |  |  | **545460** |  | **19** | **2812920** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Year-to-Date Total** |  |  |  | **818628** |  | **18** | **4571981** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Property Type** | **Loan Origination** | **Loan Maturity Date** | **Funding** | **Funding** | **Outstanding** | **Maximum Commitment** |
|<br>**Description** |<br>**Property Location** | **Property Type** | **Loan Origination** | **Loan Maturity Date** | **Current Quarter** | **Year to Date** | **Outstanding** | **Maximum Commitment** |
| **<u>Construction Loan</u>** <sup>(d)</sup> | **<u>Construction Loan</u>** <sup>(d)</sup> | **<u>Construction Loan</u>** <sup>(d)</sup> | **<u>Construction Loan</u>** <sup>(d)</sup> | **<u>Construction Loan</u>** <sup>(d)</sup> | **<u>Construction Loan</u>** <sup>(d)</sup> | **<u>Construction Loan</u>** <sup>(d)</sup> | **<u>Construction Loan</u>** <sup>(d)</sup> | **<u>Construction Loan</u>** <sup>(d)</sup> |
| SW Corner of Las Vegas & Harmon <sup>(e) (f)</sup> | Las Vegas, NV | Retail | Jun-21 | 2026 | $2000 | $3170 | $245884 | $256887 |
| SE Corner of Las Vegas & Harmon <sup>(g)</sup> | Las Vegas, NV | Retail | Nov-24 | 2025 | 579 | 624 | 17435 | 23449 |
| SE Corner of Las Vegas & Elvis Presley <sup>(g)</sup> | Las Vegas, NV | Retail | Nov-24 | 2025 | 599 | 1360 | 16406 | 25000 |
| &nbsp;&nbsp;&nbsp;**Total** |  |  |  |  | **3178** | **5154** | **279725** | **305336** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Year-to-Date Total Investment Volume** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Year-to-Date Total Investment Volume** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Year-to-Date Total Investment Volume** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Year-to-Date Total Investment Volume** |  |  | $**823782** |  |  |

---

________

*(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 six months ended June 30, 2025.*

*(g)These construction loans are accounted for as secured loans receivable within Net investments in finance leases and loans receivable on our consolidated balance sheets, in accordance with U.S. GAAP. Interest income is recognized within Income from finance leases and loans receivable on our consolidated statements of income.*

---

| | |
|:---|:---|
| ![navylogowhitebackground.jpg](navylogowhitebackground.jpg) | *Investing for the Long Run*<sup>®</sup> \| 17 |

---

------

*W. P. Carey Inc.*

*Real Estate – Second Quarter 2025*

**Investment Activity – Capital Investments and Commitments** <sup>(a)</sup><br>

 *Dollars in thousands. Pro rata.*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Primary Transaction Type** | **Property Type** | **Expected Completion / Closing Date** | **Additional Gross Square Footage** | **Lease Term (Years)** <sup>(b)</sup> | **Funded During Three Months Ended Jun. 30, 2025** <sup>(c)</sup> | **Total Funded Through Jun. 30, 2025** | **Maximum Commitment / Gross Investment Amount** | **Maximum Commitment / Gross Investment Amount** |
|<br>**Tenant** |<br>**Location** | **Primary Transaction Type** | **Property Type** | **Expected Completion / Closing Date** | **Additional Gross Square Footage** | **Lease Term (Years)** <sup>(b)</sup> | **Funded During Three Months Ended Jun. 30, 2025** <sup>(c)</sup> | **Total Funded Through Jun. 30, 2025** | **Remaining** | **Total** |
| Sumitomo Heavy Industries, LTD. | Bedford, MA | Redevelopment | Research and Development | Q3 2025 | N/A | 15 | $8134 | $25069 | $19071 | $44140 |
| Janus International Group, Inc. <sup>(d)</sup> | Surprise, AZ | Build-to-Suit | Industrial | Q3 2025 | 131753 | 20 | 13 | 9937 | 11475 | 21713 |
| Hedin Mobility Group AB <sup>(e) (f)</sup> | Amsterdam, The Netherlands | Renovation | Retail | Q3 2025 | 39826 | 22 |  |  | 17580 | 17580 |
| Tidal Wave Auto Spa <sup>(f)</sup> | New Hartford, NY | Purchase Commitment | Retail (Car Wash) | Q3 2025 | 3600 | 18 |  |  | 5077 | 5077 |
| Fraikin SAS <sup>(e)</sup> | Various, France | Renovation | Industrial | Q4 2025 | N/A | 17 | 1254 | 4508 | 3579 | 8087 |
| Various | Various, United States | Solar Projects | Various | Various | N/A | N/A | 298 | 4298 | 8630 | 12928 |
| **Expected Completion Date 2025 Total** | **Expected Completion Date 2025 Total** | **Expected Completion Date 2025 Total** |  |  | **175179** | **17** | **9699** | **43812** | **65412** | **109525** |
| Scania CV AB <sup>(e)</sup> | Oskarshamn, Sweden | Build-to-Suit | Warehouse | Q1 2026 | 204645 | 15 | 1735 | 1748 | 15245 | 16993 |
| EOS Fitness OPCO Holdings, LLC <sup>(d)</sup> | Surprise, AZ | Build-to-Suit | Retail | Q1 2026 | 40000 | 20 | 2128 | 4721 | 7195 | 12000 |
| Rocky Vista University LLC | Billings, MT | Build-to-Suit | Education (Medical School) | Q2 2026 | 57000 | 25 |  | 2508 | 22492 | 25000 |
| TI Automotive (formerly ABC Technologies Holdings Inc.) <sup>(d) (e) (g)</sup> | Brampton, Canada | Build-to-Suit | Industrial | Q4 2026 | 110456 | 20 | 247 | 247 | 17695 | 17950 |
| **Expected Completion Date 2026 Total** | **Expected Completion Date 2026 Total** | **Expected Completion Date 2026 Total** |  |  | **412101** | **21** | **4110** | **9224** | **62627** | **71943** |
| AEG Presents LLC (h) | Austin, TX | Build-to-Suit | Specialty | Q2 2027 | 56403 | 30 | 3873 | 3873 | 43683 | 47556 |
| AEG Presents LLC <sup>(h)</sup> | Portland, OR | Build-to-Suit | Specialty | Q2 2027 | 57825 | 30 | 4801 | 4801 | 55912 | 60713 |
| **Expected Completion Date 2027 Total** | **Expected Completion Date 2027 Total** | **Expected Completion Date 2027 Total** |  |  | **114228** | **30** | **8674** | **8674** | **99595** | **108269** |
| **Capital Investments and Commitments Total** | **Capital Investments and Commitments Total** | **Capital Investments and Commitments Total** |  |  | **701508** | **23** | $**22483** | $**61710** | $**227634** | $**289737** |

---

________

*(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 <u>[Investment Activity – Investment Volume](#i07cd349b24ef49a9bd73259d8c0128b2_52)</u> 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 June 30, 2025 excludes $0.6 million spent on pre-development work for potential projects in various phases.*

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

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

*(f)Project will be funded upon completion and is contingent on building being constructed according to our standards.*

*(g)Project is contingent on securing certain construction permits.*

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

---

| | |
|:---|:---|
| ![navylogowhitebackground.jpg](navylogowhitebackground.jpg) | *Investing for the Long Run*<sup>®</sup> \| 18 |

---

------

*W. P. Carey Inc.*

*Real Estate – Second Quarter 2025*

**Investment Activity – Dispositions**

 *Dollars in thousands. Pro rata. For the six months ended June 30, 2025.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Tenant / Lease Guarantor** | **Property Location(s)** | **Gross Sale Price** | **Closing Date** | **Property Type(s)** | **Gross Square Footage** |
| **1Q25** | | | | | |
| Hedin Mobility Group AB (2 properties) <sup>(a)</sup> | Eindhoven and Amsterdam, The Netherlands | $16593 | Jan-25 | Retail | 136465 |
| Pendragon PLC <sup>(a)</sup> | Derby, United Kingdom | 2158 | Jan-25 | Retail | 34764 |
| Pendragon PLC <sup>(a)</sup> | Newport, United Kingdom | 752 | Jan-25 | Retail | 3868 |
| Vacant (formerly Pendragon PLC) <sup>(a)</sup> | Milton Keynes, United Kingdom | 6560 | Feb-25 | Retail | 25942 |
| Pendragon PLC <sup>(a)</sup> | Portsmouth, United Kingdom | 1506 | Feb-25 | Retail | 28638 |
| Vacant (former Prima Wawona Packing Co., LLC) | Reedley, CA | 21500 | Mar-25 | Warehouse | 325981 |
| Hellweg Die Profi-Baumärkte GmbH & Co. KG <sup>(a)</sup> | Gronau, Germany | 3569 | Mar-25 | Retail | 45876 |
| Belk, Inc. | Jonesville, SC | 77194 | Mar-25 | Warehouse | 861141 |
| &nbsp;&nbsp;&nbsp;**1Q25 Total** |  | **129832** |  |  | **1462675** |
| **2Q25** |  |  |  |  |  |
| Vita Euroland Agriculture B.V <sup>(a)</sup> | Gorinchem, The Netherlands | 8488 | Apr-25 | Warehouse | 133500 |
| Accord Carton LLC (2 properties) <sup>(b)</sup> | Alsip, IL | 20757 | Apr-25 | Industrial | 471890 |
| Hellweg Die Profi-Baumärkte GmbH & Co. KG (3 properties) <sup>(a)</sup> | Ennepetal, Nordhausen, and Paderborn, Germany | 14501 | May-25 | Retail | 198002 |
| Vacant | Middleburg Heights, OH | 2225 | May-25 | Industrial | 28185 |
| TI Automotive (formerly ABC Technologies Holdings Inc.) | Saline, MI | 7900 | May-25 | Industrial | 111072 |
| Memora Servicios Funerarios S.L (26 properties) <sup>(a)</sup> | Various, Spain | 161952 | Jun-25 | Specialty (Funeral Home) | 370204 |
| Self-Storage Operating Properties (10 properties) | Various, United States | 111525 | Jun-25 | Self-Storage (Operating) | 678767 |
| Serco Inc. | San Diego, CA | 26250 | Jun-25 | Research & Development | 157721 |
| Do It Best Corp. (formerly True Value Company, LLC) <sup>(c)</sup> | Mankato, MN | 10605 | Jun-25 | Warehouse | 309507 |
| &nbsp;&nbsp;&nbsp;**2Q25 Total** |  | **364203** |  |  | **2458848** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Year-to-Date Total Dispositions** | &nbsp;&nbsp;&nbsp;&nbsp;**Year-to-Date Total Dispositions** | $**494035** |  |  | **3921523** |

---

________

*(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.*

---

| | |
|:---|:---|
| ![navylogowhitebackground.jpg](navylogowhitebackground.jpg) | *Investing for the Long Run*<sup>®</sup> \| 19 |

---

------

*W. P. Carey Inc.*

*Real Estate – Second Quarter 2025*

**Joint Ventures**

 *Dollars in thousands. As of June 30, 2025.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Joint Venture or JV (Principal Tenant)** | **JV Partnership** | **JV Partnership** | **Consolidated** | **Consolidated** | **Pro Rata** <sup>(a)</sup> | **Pro Rata** <sup>(a)</sup> |
| **Joint Venture or JV (Principal Tenant)** | **Asset Type** | **WPC %** | **Debt Outstanding** <sup>(b)</sup> | **ABR** | **Debt Outstanding** <sup>(c)</sup> | **ABR** |
| **Unconsolidated Joint Venture (Equity Method Investment)** <sup>(d)</sup> | **Unconsolidated Joint Venture (Equity Method Investment)** <sup>(d)</sup> | **Unconsolidated Joint Venture (Equity Method Investment)** <sup>(d)</sup> | | | | |
| Las Vegas Retail Complex <sup>(e)</sup> | Net lease | 47.50% | $245884 | $22430 | $116795 | $10654 |
| Harmon Retail Corner | Common equity interest | 15.00% | 143000 |  | 21450 |  |
| Kesko Senukai <sup>(f)</sup> | Net lease | 70.00% | 102433 | 18059 | 71703 | 12641 |
| &nbsp;&nbsp;&nbsp;**Total Unconsolidated Joint Ventures** | &nbsp;&nbsp;&nbsp;**Total Unconsolidated Joint Ventures** |  | **491317** | **40489** | **209948** | **23295** |
| **Consolidated Joint Ventures** <sup>(g)</sup> |  |  |  |  |  |  |
| COOP Ost SA <sup>(f)</sup> | Net lease | 90.10% |  | 6984 |  | 6293 |
| Fentonir Trading & Investments Limited <sup>(f)</sup> | Net lease | 94.90% |  | 2862 |  | 2716 |
| McCoy-Rockford, Inc. | Net lease | 90.00% |  | 972 |  | 875 |
| State of Iowa Board of Regents | Net lease | 90.00% |  | 643 |  | 579 |
| &nbsp;&nbsp;&nbsp;**Total Consolidated Joint Ventures** | &nbsp;&nbsp;&nbsp;**Total Consolidated Joint Ventures** |  | **—** | **11461** | **—** | **10463** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Unconsolidated and Consolidated Joint Ventures** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Unconsolidated and Consolidated Joint Ventures** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Unconsolidated and Consolidated Joint Ventures** | $**491317** | $**51950** | $**209948** | $**33758** |

---

________

*(a)See the <u>[Disclosures Regarding Non-GAAP and Other Metrics](#i07cd349b24ef49a9bd73259d8c0128b2_100)</u> section in the Appendix for a description of pro rata.*

*(b)Excludes unamortized discount, net totaling $0.1 million and unamortized deferred financing costs totaling $0.3 million as of June 30, 2025.*

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

*(d)Excludes ownership of limited partnership units of Carey European Student Housing Fund I, L.P. (an affiliate), which is accounted for as an equity method investment.*

*(e)Debt outstanding for this investment is comprised of a construction loan, which is excluded from our pro rata debt outstanding disclosed in the <u>[Debt Overview](#i07cd349b24ef49a9bd73259d8c0128b2_40)</u> and <u>[Debt Maturity](#i07cd349b24ef49a9bd73259d8c0128b2_43)</u> sections. See the <u>[Investment Activity – Investment Volume](#i07cd349b24ef49a9bd73259d8c0128b2_52)</u> 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 June 30, 2025.*

---

| | |
|:---|:---|
| ![navylogowhitebackground.jpg](navylogowhitebackground.jpg) | *Investing for the Long Run*<sup>®</sup> \| 20 |

---

------

*W. P. Carey Inc.*

*Real Estate – Second Quarter 2025*

**Top 25 Tenants**

 *Dollars in thousands. Pro rata. As of June 30, 2025.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Tenant / Lease Guarantor** | **Description** | **Number of Properties** | **ABR** | **ABR %** | **Weighted-Average Lease Term (Years)** |
| Extra Space Storage, Inc. | Net lease self-storage properties in the U.S. leased to publicly traded self-storage REIT | 41 | $40139 | 2.7% | 24.2 |
| Apotex Pharmaceutical Holdings Inc. <sup>(a)</sup> | Pharmaceutical R&D and manufacturing properties in the Greater Toronto Area leased to generic drug manufacturer | 11 | 33448 | 2.3% | 17.7 |
| Metro Cash & Carry Italia S.p.A. <sup>(b)</sup> | Business-to-business retail stores in Italy leased to cash and carry wholesaler | 19 | 30767 | 2.1% | 4.9 |
| Fortenova Grupa d.d. <sup>(b)</sup> | Grocery stores and one warehouse in Croatia leased to European food retailer | 19 | 28332 | 1.9% | 8.8 |
| OBI Group <sup>(b)</sup> | Retail properties in Poland leased to German DIY retailer | 26 | 27395 | 1.9% | 5.8 |
| Hellweg Die Profi-Baumärkte GmbH & Co. KG <sup>(b) (c)</sup> | Retail properties in Germany leased to German DIY retailer | 31 | 26451 | 1.8% | 18.7 |
| TI Automotive (formerly ABC Technologies Holdings Inc.) <sup>(a) (d)</sup> | Automotive parts manufacturing properties in the U.S., Canada and Mexico leased to OEM supplier | 22 | 25510 | 1.8% | 17.8 |
| Fedrigoni S.p.A <sup>(b)</sup> | Industrial and warehouse facilities in Germany, Italy and Spain leased to global manufacturer of premium packaging and labels | 16 | 25033 | 1.7% | 18.4 |
| Eroski Sociedad Cooperative <sup>(b)</sup> | Grocery stores and warehouses in Spain leased to Spanish food retailer | 63 | 23811 | 1.6% | 10.7 |
| Nord Anglia Education, Inc. | K-12 private schools in Orlando, Miami and Houston leased to international day and boarding school operator | 3 | 23599 | 1.6% | 18.2 |
| &nbsp;&nbsp;**Top 10 Total** |  | 251 | 284485 | 19.4% | 14.8 |
| Quikrete Holdings, Inc. <sup>(b)</sup> | Industrial facilities in the U.S. and Canada leased to concrete and building products manufacturer | 27 | 20662 | 1.4% | 18.0 |
| Berry Global Inc. | Manufacturing facilities in the U.S. leased to international producer and supplier of packaging solutions | 8 | 20616 | 1.4% | 13.3 |
| Kesko Senukai <sup>(b)</sup> | Distribution facilities and retail properties in Lithuania, Estonia and Latvia leased to European DIY retailer | 20 | 20077 | 1.4% | 6.6 |
| Pendragon PLC <sup>(b)</sup> | Dealerships in the United Kingdom leased to automotive retailer | 47 | 19096 | 1.3% | 13.1 |
| Advance Auto Parts, Inc. | Distribution facilities in the U.S. leased to automotive aftermarket parts provider | 28 | 18980 | 1.3% | 7.6 |
| Do It Best Corp. (formerly True Value Company, LLC) <sup>(e)</sup> | Distribution facilities and manufacturing facility in the U.S. leased to global hardware wholesaler | 8 | 17889 | 1.2% | 5.2 |
| Maker's Pride (formerly Hearthside Food Solutions LLC) | Production, packaging and distribution facilities in the U.S. leased to North American contract food manufacturer | 18 | 17206 | 1.2% | 17.1 |
| Koninklijke Jumbo Food Groep B.V <sup>(b)</sup> | Logistics and cold storage warehouse facilities in the Netherlands leased to European supermarket chain | 5 | 16849 | 1.1% | 6.5 |
| Danske Fragtmaend Ejendomme A/S <sup>(b)</sup> | Distribution facilities in Denmark leased to Danish freight company | 15 | 15074 | 1.0% | 11.6 |
| Dollar General Corporation | Retail properties in the U.S. leased to discount retailer | 110 | 14836 | 1.0% | 13.8 |
| &nbsp;&nbsp;**Top 20 Total** |  | 537 | 465770 | 31.7% | 13.5 |
| Intergamma Bouwmarkten B.V. <sup>(b)</sup> | Retail properties in the Netherlands leased to European DIY retailer | 36 | 14410 | 1.0% | 8.1 |
| Dick's Sporting Goods, Inc. | Retail properties and single distribution facility in the U.S. leased to sporting goods retailer | 9 | 13616 | 0.9% | 6.1 |
| Premium Brands Holdings Corporation | Food processing facility in Tennessee leased to global specialty food manufacturer | 1 | 12616 | 0.9% | 25.1 |
| Lineage | Cold storage warehouse facilities in the Los Angeles and San Francisco areas leased to publicly traded cold storage REIT | 4 | 11862 | 0.8% | 5.4 |
| Henkel AG & Co. KGaA | Distribution facility in Kentucky leased to global provider of consumer products and adhesives | 1 | 11624 | 0.8% | 16.8 |
| &nbsp;&nbsp;**Top 25 Total** <sup>(f)</sup> |  | **588** | $**529898** | **36.1%** | **13.3** |

---

*________*

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

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

*(c)On March 28, 2025, we executed an agreement giving us the right to terminate the leases at (i) seven properties on September 15, 2025 with ABR totaling $5.2 million and (ii) five properties on September 15, 2026 with ABR totaling $3.5 million.*

*(d)Of the 22 properties leased to TI Automotive, nine are located in Canada, seven are located in the United States, and six are located in Mexico.*

*(e)In connection with certain lease assignments with Do It Best Corp., this tenant occupied two of these properties through June 30, 2025, after which those leases expired and the properties were vacated. Do It Best Corp. continues to occupy six properties with ABR totaling $14.2 million and a weighted-average lease term of 6.5 years.*

*(f)See the <u>[Disclosures Regarding Non-GAAP and Other Metrics](#i07cd349b24ef49a9bd73259d8c0128b2_100)</u> section in the Appendix for a description of pro rata.*

---

| | |
|:---|:---|
| ![navylogowhitebackground.jpg](navylogowhitebackground.jpg) | *Investing for the Long Run*<sup>®</sup> \| 21 |

---

------

*W. P. Carey Inc.*

*Real Estate – Second Quarter 2025*

**Diversification by Property Type**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Net-Lease Portfolio** | **Total Net-Lease Portfolio** | **Total Net-Lease Portfolio** | **Total Net-Lease Portfolio** |
|<br>**Property Type** | **ABR** | **ABR %** | **Square Footage** <sup>(a)</sup> | **Square Footage %** |
| **U.S.** | | | | |
| &nbsp;&nbsp;&nbsp;Industrial | $381081 | 25.9% | 56865 | 31.9% |
| &nbsp;&nbsp;&nbsp;Warehouse | 228174 | 15.5% | 43384 | 24.4% |
| &nbsp;&nbsp;&nbsp;Retail <sup>(b)</sup> | 108048 | 7.4% | 4994 | 2.8% |
| &nbsp;&nbsp;&nbsp;Other <sup>(c)</sup> | 167212 | 11.4% | 9385 | 5.3% |
| **U.S. Total** | **884515** | **60.2%** | **114628** | **64.4%** |
| **International** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Industrial | 173356 | 11.8% | 22387 | 12.6% |
| &nbsp;&nbsp;&nbsp;Warehouse | 156839 | 10.7% | 22077 | 12.4% |
| &nbsp;&nbsp;&nbsp;Retail <sup>(b)</sup> | 220134 | 14.9% | 17133 | 9.6% |
| &nbsp;&nbsp;&nbsp;Other <sup>(c)</sup> | 34708 | 2.4% | 1760 | 1.0% |
| **International Total** | **585037** | **39.8%** | **63357** | **35.6%** |
| **Total** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Industrial | 554437 | 37.7% | 79252 | 44.5% |
| &nbsp;&nbsp;&nbsp;Warehouse | 385013 | 26.2% | 65461 | 36.8% |
| &nbsp;&nbsp;&nbsp;Retail <sup>(b)</sup> | 328182 | 22.3% | 22127 | 12.4% |
| &nbsp;&nbsp;&nbsp;Other <sup>(c)</sup> | 201920 | 13.8% | 11145 | 6.3% |
| **Total** <sup>(d)</sup> | $**1469552** | **100.0%** | **177985** | **100.0%** |

---

________

*(a)Includes square footage for vacant properties.*

*(b)Includes automotive dealerships.*

*(c)Includes ABR from tenants with the following property types: education facility, self-storage (net lease), specialty, laboratory, research and development, hotel (net lease), office and land.*

*(d)See the <u>[Disclosures Regarding Non-GAAP and Other Metrics](#i07cd349b24ef49a9bd73259d8c0128b2_100)</u> section in the Appendix for a description of pro rata.*

---

| | |
|:---|:---|
| ![navylogowhitebackground.jpg](navylogowhitebackground.jpg) | *Investing for the Long Run*<sup>®</sup> \| 22 |

---

------

*W. P. Carey Inc.*

*Real Estate – Second Quarter 2025*

**Diversification by Tenant Industry**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Net-Lease Portfolio** | **Total Net-Lease Portfolio** | **Total Net-Lease Portfolio** | **Total Net-Lease Portfolio** |
|<br>**Industry Type** <sup>(a)</sup> | **ABR** | **ABR %** | **Square Footage** | **Square Footage %** |
| Food Retail | $151160 | 10.3% | 11744 | 6.6% |
| Packaged Foods & Meats | 134038 | 9.1% | 16478 | 9.3% |
| Home Improvement Retail | 105607 | 7.2% | 12823 | 7.2% |
| Auto Parts & Equipment | 83231 | 5.7% | 12471 | 7.0% |
| Automotive Retail | 77345 | 5.3% | 7038 | 4.0% |
| Education Services | 59787 | 4.1% | 2778 | 1.6% |
| Pharmaceuticals | 47850 | 3.3% | 3076 | 1.7% |
| Air Freight & Logistics | 46366 | 3.1% | 7075 | 4.0% |
| Trading Companies & Distributors | 41782 | 2.8% | 9486 | 5.3% |
| Self-Storage REITs | 40139 | 2.7% | 3082 | 1.7% |
| Building Products | 35315 | 2.4% | 7643 | 4.3% |
| Industrial Machinery | 32347 | 2.2% | 5045 | 2.8% |
| Metal & Glass Containers | 31465 | 2.1% | 4301 | 2.4% |
| Other Specialty Retail | 28845 | 2.0% | 3233 | 1.8% |
| Paper Products | 25033 | 1.7% | 4458 | 2.5% |
| Specialty Chemicals | 24393 | 1.7% | 4303 | 2.4% |
| Diversified Support Services | 23909 | 1.6% | 2372 | 1.3% |
| Construction Materials | 23575 | 1.6% | 3781 | 2.1% |
| Construction Machinery | 18832 | 1.3% | 2528 | 1.4% |
| Food Distributors | 18339 | 1.2% | 1552 | 0.9% |
| Diversified Metals | 17979 | 1.2% | 3622 | 2.0% |
| Leisure Facilities | 17593 | 1.2% | 645 | 0.4% |
| Consumer Staples Merchandise Retail | 17036 | 1.2% | 1456 | 0.8% |
| Hotels & Resorts | 16329 | 1.1% | 1073 | 0.6% |
| Commodity Chemicals | 16192 | 1.1% | 2493 | 1.4% |
| Passenger Ground Transportation | 15517 | 1.1% | 780 | 0.5% |
| Other (62 industries, each <1% ABR) <sup>(b)</sup> | 319548 | 21.7% | 42649 | 24.0% |
| **Total** <sup>(c)</sup> | $**1469552** | **100.0%** | **177985** | **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 <u>[Disclosures Regarding Non-GAAP and Other Metrics](#i07cd349b24ef49a9bd73259d8c0128b2_100)</u> section in the Appendix for a description of pro rata.*

---

| | |
|:---|:---|
| ![navylogowhitebackground.jpg](navylogowhitebackground.jpg) | *Investing for the Long Run*<sup>®</sup> \| 23 |

---

------

*W. P. Carey Inc.*

*Real Estate – Second Quarter 2025*

**Diversification by Geography**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Net-Lease Portfolio** | **Total Net-Lease Portfolio** | **Total Net-Lease Portfolio** | **Total Net-Lease Portfolio** |
|<br>**Region** | **ABR** | **ABR %** | **Square Footage** <sup>(a)</sup> | **Square Footage %** |
| **U.S.** | | | | |
| &nbsp;&nbsp;&nbsp;**Midwest** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Illinois | $63025 | 4.3% | 9474 | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ohio | 42946 | 2.9% | 8384 | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Indiana | 39978 | 2.7% | 6162 | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Michigan | 26827 | 1.8% | 4488 | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wisconsin | 19609 | 1.4% | 3340 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other <sup>(b)</sup> | 50803 | 3.5% | 6918 | 3.9% |
| &nbsp;&nbsp;&nbsp;**Total Midwest** | **243188** | **16.6%** | **38766** | **21.8%** |
| &nbsp;&nbsp;&nbsp;**South** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas | 86041 | 5.9% | 10780 | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Florida | 42845 | 2.9% | 3684 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tennessee | 39007 | 2.7% | 4572 | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Georgia | 25300 | 1.7% | 4378 | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alabama | 21171 | 1.4% | 3504 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other <sup>(b)</sup> | 26469 | 1.8% | 3024 | 1.7% |
| &nbsp;&nbsp;&nbsp;**Total South** | **240833** | **16.4%** | **29942** | **16.8%** |
| &nbsp;&nbsp;&nbsp;**East** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;North Carolina | 40969 | 2.8% | 8858 | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania | 32542 | 2.2% | 3416 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kentucky | 29249 | 2.0% | 4485 | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York | 22561 | 1.5% | 2284 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Jersey | 22330 | 1.5% | 1008 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Massachusetts | 20310 | 1.4% | 1216 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;South Carolina | 19428 | 1.3% | 4485 | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other <sup>(b)</sup> | 34978 | 2.4% | 5287 | 3.0% |
| &nbsp;&nbsp;&nbsp;**Total East** | **222367** | **15.1%** | **31039** | **17.4%** |
| &nbsp;&nbsp;&nbsp;**West** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;California | 71578 | 4.9% | 5282 | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arizona | 22299 | 1.5% | 2372 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nevada | 17714 | 1.2% | 485 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utah | 14860 | 1.0% | 2021 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other <sup>(b)</sup> | 51676 | 3.5% | 4721 | 2.7% |
| &nbsp;&nbsp;&nbsp;**Total West** | **178127** | **12.1%** | **14881** | **8.4%** |
| **U.S. Total** | **884515** | **60.2%** | **114628** | **64.4%** |
| **International** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Italy | 69128 | 4.7% | 8902 | 5.0% |
| &nbsp;&nbsp;&nbsp;The Netherlands | 66864 | 4.6% | 6784 | 3.8% |
| &nbsp;&nbsp;&nbsp;Poland | 65929 | 4.5% | 8460 | 4.8% |
| &nbsp;&nbsp;&nbsp;Germany | 56422 | 3.8% | 6114 | 3.4% |
| &nbsp;&nbsp;&nbsp;Canada <sup>(c)</sup> | 56261 | 3.8% | 5450 | 3.1% |
| &nbsp;&nbsp;&nbsp;United Kingdom | 54369 | 3.7% | 4412 | 2.5% |
| &nbsp;&nbsp;&nbsp;Spain | 34042 | 2.3% | 3266 | 1.8% |
| &nbsp;&nbsp;&nbsp;Croatia | 29254 | 2.0% | 2063 | 1.2% |
| &nbsp;&nbsp;&nbsp;Denmark | 27571 | 1.9% | 3002 | 1.7% |
| &nbsp;&nbsp;&nbsp;France | 25243 | 1.7% | 1679 | 0.9% |
| &nbsp;&nbsp;&nbsp;Mexico <sup>(d)</sup> | 22541 | 1.5% | 3604 | 2.0% |
| &nbsp;&nbsp;&nbsp;Lithuania | 15117 | 1.0% | 1640 | 0.9% |
| &nbsp;&nbsp;&nbsp;Other <sup>(e)</sup> | 62296 | 4.3% | 7981 | 4.5% |
| **International Total** | **585037** | **39.8%** | **63357** | **35.6%** |
| **Total** <sup>(f)</sup> | $**1469552** | **100.0%** | **177985** | **100.0%** |

---

________

*(a)Includes square footage for vacant properties.*

*(b)Other properties within Midwest include assets in Iowa, Minnesota, Kansas, Missouri, Nebraska, South Dakota and North Dakota. Other properties within South include assets in Arkansas, Louisiana, 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 Oregon, Colorado, Washington, Montana, Hawaii, Idaho, Wyoming and New Mexico.*

*(c)$50.3 million (89%) 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 Belgium, Hungary, Norway, Mauritius, Slovakia, Portugal, the Czech Republic, Austria, Sweden, Latvia, Japan, Finland and Estonia.*

*(f)See the <u>[Disclosures Regarding Non-GAAP and Other Metrics](#i07cd349b24ef49a9bd73259d8c0128b2_100)</u> section in the Appendix for a description of pro rata.*

---

| | |
|:---|:---|
| ![navylogowhitebackground.jpg](navylogowhitebackground.jpg) | *Investing for the Long Run*<sup>®</sup> \| 24 |

---

------

*W. P. Carey Inc.*

*Real Estate – Second Quarter 2025*

**Contractual Rent Increases**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Net-Lease Portfolio** | **Total Net-Lease Portfolio** | **Total Net-Lease Portfolio** | **Total Net-Lease Portfolio** |
|<br>**Rent Adjustment Measure** | **ABR** | **ABR %** | **Square Footage** | **Square Footage %** |
| Uncapped CPI | $463035 | 31.5% | 44566 | 25.0% |
| Capped CPI | 272027 | 18.5% | 37943 | 21.3% |
| CPI-linked | 735062 | 50.0% | 82509 | 46.3% |
| Fixed | 680581 | 46.3% | 88388 | 49.7% |
| Other <sup>(a)</sup> | 47859 | 3.3% | 3509 | 2.0% |
|  | 6050 | 0.4% | 298 | 0.2% |
| Vacant |  | —% | 3281 | 1.8% |
| **Total** <sup>(b)</sup> | $**1469552** | **100.0%** | **177985** | **100.0%** |

---

________

*(a)Represents leases which include a percentage rent component. Includes $40.1 million (2.7%) of ABR from a tenant (Extra Space Storage, Inc.), which has both a percentage rent component and annual fixed rent increases in its lease.*

*(b)See the <u>[Disclosures Regarding Non-GAAP and Other Metrics](#i07cd349b24ef49a9bd73259d8c0128b2_100)</u> section in the Appendix for a description of pro rata.*

---

| | |
|:---|:---|
| ![navylogowhitebackground.jpg](navylogowhitebackground.jpg) | *Investing for the Long Run*<sup>®</sup> \| 25 |

---

------

*W. P. Carey Inc.*

*Real Estate – Second Quarter 2025*

**Same-Store Analysis**

 *Dollars in thousands. Pro rata.* 

**<u>Contractual Same-Store Growth</u>**

Same-store portfolio includes leases on our net leased properties that were continuously in place during the period from June 30, 2024 to June 30, 2025. Excludes leases for properties that were acquired, sold or vacated, or were subject to lease renewals, extensions or modifications at any time that affected ABR during that period. For purposes of comparability, ABR is presented on a constant currency basis using exchange rates as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **ABR** | **ABR** | **ABR** | **ABR** |
| | **As of** | **As of** | | |
| | **Jun. 30, 2025** | **Jun. 30, 2024** |<br>**Increase** |<br>**% Increase** |
| **Property Type** | | | | |
| &nbsp;&nbsp;&nbsp;Industrial | $424319 | $414199 | $10120 | 2.4% |
| &nbsp;&nbsp;&nbsp;Warehouse | 359819 | 352339 | 7480 | 2.1% |
| &nbsp;&nbsp;&nbsp;Retail <sup>(a)</sup> | 287058 | 280586 | 6472 | 2.3% |
| &nbsp;&nbsp;&nbsp;Other <sup>(b)</sup> | 142647 | 138954 | 3693 | 2.7% |
| **Total** | $**1213843** | $**1186078** | $**27765** | **2.3%** |
| **Rent Adjustment Measure** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Uncapped CPI | $411012 | $399848 | $11164 | 2.8% |
| &nbsp;&nbsp;&nbsp;Capped CPI | 258380 | 252627 | 5753 | 2.3% |
| &nbsp;&nbsp;&nbsp;CPI-linked | 669392 | 652475 | 16917 | 2.6% |
| &nbsp;&nbsp;&nbsp;Fixed | 532473 | 521625 | 10848 | 2.1% |
| &nbsp;&nbsp;&nbsp;Other <sup>(c)</sup> | 7545 | 7545 |  | —% |
|  | 4433 | 4433 |  | —% |
| **Total** | $**1213843** | $**1186078** | $**27765** | **2.3%** |
| **Geography** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. | $676762 | $662692 | $14070 | 2.1% |
| &nbsp;&nbsp;&nbsp;Europe | 464105 | 452422 | 11683 | 2.6% |
| &nbsp;&nbsp;&nbsp;Other International <sup>(d)</sup> | 72976 | 70964 | 2012 | 2.8% |
| **Total** | $**1213843** | $**1186078** | $**27765** | **2.3%** |
| **Same-Store Portfolio Summary** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Number of properties | 1113 |  |  |  |
| &nbsp;&nbsp;&nbsp;Square footage (in thousands) | 149776 |  |  |  |

---

---

| | |
|:---|:---|
| ![navylogowhitebackground.jpg](navylogowhitebackground.jpg) | *Investing for the Long Run*<sup>®</sup> \| 26 |

---

------

*W. P. Carey Inc.*

*Real Estate – Second Quarter 2025*

**<u>Comprehensive Same-Store Growth</u>**

Same-store portfolio includes net leased properties that were continuously owned and in place during the quarter ended June 30, 2024 through June 30, 2025 (including properties that were subject to lease renewals, extensions or modifications at any time during that period). Excludes properties that were acquired, sold or listed as capital investments and commitments (see <u>[Investment Activity – Capital Investments and Commitments](#i07cd349b24ef49a9bd73259d8c0128b2_55)</u> 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 June 30, 2025. Same-store pro rata rental income is a non-GAAP measure. See the <u>[Disclosures Regarding Non-GAAP and Other Metrics](#i07cd349b24ef49a9bd73259d8c0128b2_100)</u> 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** | **Same-Store Pro Rata Rental Income** | **Same-Store Pro Rata Rental Income** | **Same-Store Pro Rata Rental Income** |
| | **Three Months Ended** | **Three Months Ended** | | |
| | **Jun. 30, 2025** | **Jun. 30, 2024** |<br>**Increase** |<br>**% Increase** |
| **Property Type** | | | | |
| &nbsp;&nbsp;&nbsp;Industrial | $112904 | $109034 | $3870 | 3.5% |
| &nbsp;&nbsp;&nbsp;Warehouse | 90578 | 88249 | 2329 | 2.6% |
| &nbsp;&nbsp;&nbsp;Retail <sup>(a)</sup> | 72811 | 69088 | 3723 | 5.4% |
| &nbsp;&nbsp;&nbsp;Other <sup>(b)</sup> | 41374 | 39196 | 2178 | 5.6% |
| **Total** | $**317667** | $**305567** | $**12100** | **4.0%** |
| **Rent Adjustment Measure** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Uncapped CPI | $107851 | $100920 | $6931 | 6.9% |
| &nbsp;&nbsp;&nbsp;Capped CPI | 65344 | 64604 | 740 | 1.1% |
| &nbsp;&nbsp;&nbsp;CPI-linked | 173195 | 165524 | 7671 | 4.6% |
| &nbsp;&nbsp;&nbsp;Fixed | 134268 | 130379 | 3889 | 3.0% |
| &nbsp;&nbsp;&nbsp;Other <sup>(c)</sup> | 8760 | 8266 | 494 | 6.0% |
|  | 1444 | 1398 | 46 | 3.3% |
| **Total** | $**317667** | $**305567** | $**12100** | **4.0%** |
| **Geography** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. | $181738 | $175678 | $6060 | 3.4% |
| &nbsp;&nbsp;&nbsp;Europe | 117463 | 111827 | 5636 | 5.0% |
| &nbsp;&nbsp;&nbsp;Other International <sup>(d)</sup> | 18466 | 18062 | 404 | 2.2% |
| **Total** | $**317667** | $**305567** | $**12100** | **4.0%** |
| **Same-Store Portfolio Summary** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Number of properties | 1185 |  |  |  |
| &nbsp;&nbsp;&nbsp;Square footage (in thousands) | 158641 |  |  |  |

---

---

| | |
|:---|:---|
| ![navylogowhitebackground.jpg](navylogowhitebackground.jpg) | *Investing for the Long Run*<sup>®</sup> \| 27 |

---

------

*W. P. Carey Inc.*

*Real Estate – Second Quarter 2025*

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

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **Jun. 30, 2025** | **Jun. 30, 2024** |
| **Consolidated Lease Revenues** | | |
| &nbsp;&nbsp;&nbsp;Total lease revenues – as reported | $364195 | $324104 |
| &nbsp;&nbsp;&nbsp;Income from finance leases and loans receivable | 20276 | 14961 |
| &nbsp;&nbsp;&nbsp;Less: Reimbursable tenant costs – as reported | (17718) | (14004) |
| &nbsp;&nbsp;&nbsp;Less: Income from secured loans receivable | (641) |  |
|  | **366112** | **325061** |
| **Adjustments for Pro Rata Ownership of Real Estate Joint Ventures:** |  |  |
| &nbsp;&nbsp;&nbsp;Add: Pro rata share of adjustments from equity method investments | 7059 | 3572 |
| &nbsp;&nbsp;&nbsp;Less: Pro rata share of adjustments for noncontrolling interests | (237) | (203) |
|  | **6822** | **3369** |
| **Adjustments for Pro Rata Non-Cash Items:** |  |  |
| &nbsp;&nbsp;&nbsp;Less: Straight-line and other leasing and financing adjustments | (15374) | (15310) |
| &nbsp;&nbsp;&nbsp;Add: Above- and below-market rent intangible lease amortization | 5061 | 5766 |
| &nbsp;&nbsp;&nbsp;Less: Adjustments for pro rata ownership | (77) | (1069) |
|  | **(10390)** | **(10613)** |
| Adjustment to normalize for (i) properties not continuously owned since April 1, 2024 and (ii) constant currency presentation for prior year quarter <sup>(e)</sup> | (44877) | (12250) |
| **Same-Store Pro Rata Rental Income** | $**317667** | $**305567** |

---

________

*(a)Includes automotive dealerships.*

*(b)Includes ABR or same-store pro rata rental income from tenants with the following property types: education facility, self-storage (net lease), specialty, laboratory, research and development, hotel (net lease), office and land.*

*(c)Represents leases attributable to percentage rent.*

*(d)Includes assets in Canada, Mexico, Mauritius and Japan.*

*(e)This adjustment excludes amounts attributable to properties that were acquired, sold or listed as capital investments and commitments (see <u>[Investment Activity – Capital Investments and Commitments](#i07cd349b24ef49a9bd73259d8c0128b2_55)</u> section) that were not continuously owned and in place during the quarter ended June 30, 2024 through June 30, 2025. In addition, for the three months ended June 30, 2024, an adjustment is made to reflect average exchange rates for the three months ended June 30, 2025 for purposes of comparability, since same-store pro rata rental income is presented on a constant currency basis.*

---

| | |
|:---|:---|
| ![navylogowhitebackground.jpg](navylogowhitebackground.jpg) | *Investing for the Long Run*<sup>®</sup> \| 28 |

---

------

*W. P. Carey Inc.*

*Real Estate – Second Quarter 2025*

**Leasing Activity**

 *Dollars in thousands. For the three months ended June 30, 2025, except ABR. Pro rata.*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Lease Renewals and Extensions</u>** <sup>(a)</sup> | **<u>Lease Renewals and Extensions</u>** <sup>(a)</sup> | **<u>Lease Renewals and Extensions</u>** <sup>(a)</sup> | | | | **Property and Tenant Improvements** <sup>(c)</sup> | **Leasing Commissions** | |
| | | | **ABR** | **ABR** | **ABR** | **Property and Tenant Improvements** <sup>(c)</sup> | **Leasing Commissions** | |
| **Property Type** | **Square Feet** | **Number of Leases** | **Prior Lease** | **New Lease** <sup>(b)</sup> | **Rent Recapture** | **Property and Tenant Improvements** <sup>(c)</sup> | **Leasing Commissions** |<br>**Incremental Lease Term** |
| Industrial |  |  | $— | $— | —% | $— | $— | N/A |
| Warehouse | 316362 | 1 | 2256 | 1512 | 67.0% |  |  | 5.0 years |
| Retail | 101641 | 1 | 957 | 957 | 100.0% |  |  | 6.0 years |
| Self-Storage (net lease) |  |  |  |  | —% |  |  | N/A |
| Other |  |  |  |  | —% |  |  | N/A |
| **Total / Weighted Average** | **418003** | **2** | $**3213** | $**2469** | **76.8%** | $**—** | $**—** | **5.4 years** |
| **Q2 Summary** |  |  |  |  |  |  |  |  |
| Prior Lease ABR (% of Total Portfolio) | Prior Lease ABR (% of Total Portfolio) | Prior Lease ABR (% of Total Portfolio) | 0.2% |  |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Property and Tenant Improvements** <sup>(c)</sup> | **Leasing Commissions** | |
| | | |<br>**ABR** | **Property and Tenant Improvements** <sup>(c)</sup> | **Leasing Commissions** | |
| **<u>New Leases</u>** <sup>(d)</sup><br><br>**Property Type** |<br>**Square Feet** |<br>**Number of Leases** | **New Lease** <sup>(b)</sup> | **Property and Tenant Improvements** <sup>(c)</sup> | **Leasing Commissions** |<br>**New Lease Term** |
| Industrial |  |  | $— | $— | $— | N/A |
| Warehouse | 162093 | 1 | 958 | 141 | 282 | 5.0 years |
| Retail | 17072 | 1 | 233 |  |  | 11.7 years |
| Self-Storage (net lease) <sup>(e)</sup> | 257679 | 2 | 2499 |  |  | 24.4 years |
| Other |  |  |  |  |  | N/A |
| **Total / Weighted Average** <sup>(f)</sup> | **436844** | **4** | $**3690** | $**141** | $**282** | **18.6 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)Excludes certain lease assignments from True Value Company, LLC to Do It Best Corp. at six properties, which resulted in no change to ABR.*

*(e)On April 1, 2025, we converted two self-storage operating properties to net leases.*

*(f)Weighted average refers to the new lease term.*

---

| | |
|:---|:---|
| ![navylogowhitebackground.jpg](navylogowhitebackground.jpg) | *Investing for the Long Run*<sup>®</sup> \| 29 |

---

------

*W. P. Carey Inc.*

*Real Estate – Second Quarter 2025*

**Lease Expirations**

 *Dollars and square footage in thousands. Pro rata. As of June 30, 2025.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Year of Lease Expiration** <sup>(a)</sup> | **Number of Leases Expiring** | **Number of Tenants with Leases Expiring** | **ABR** | **ABR %** | **Square Footage** | **Square Footage %** |
| Remaining 2025 | 14 | 11 | $17450 | 1.2% | 2414 | 1.4% |
| 2026 | 21 | 21 | 37954 | 2.6% | 5472 | 3.1% |
| 2027 | 44 | 27 | 63261 | 4.3% | 6844 | 3.8% |
| 2028 | 44 | 27 | 67692 | 4.6% | 6745 | 3.8% |
| 2029 | 60 | 33 | 78233 | 5.3% | 8649 | 4.9% |
| 2030 | 36 | 31 | 40329 | 2.7% | 4036 | 2.3% |
| 2031 | 45 | 26 | 88685 | 6.0% | 10428 | 5.9% |
| 2032 | 46 | 25 | 55531 | 3.8% | 7316 | 4.1% |
| 2033 | 32 | 25 | 82934 | 5.6% | 11790 | 6.6% |
| 2034 | 59 | 27 | 94918 | 6.5% | 9464 | 5.3% |
| 2035 | 23 | 19 | 49958 | 3.4% | 7348 | 4.1% |
| 2036 | 44 | 20 | 65324 | 4.5% | 7776 | 4.4% |
| 2037 | 41 | 18 | 46729 | 3.2% | 6826 | 3.8% |
| 2038 | 47 | 14 | 28162 | 1.9% | 2806 | 1.6% |
| Thereafter (>2038) | 359 | 125 | 652392 | 44.4% | 76790 | 43.1% |
| Vacant |  |  |  | —% | 3281 | 1.8% |
| **Total** <sup>(b)</sup> | **915** |  | $**1469552** | **100.0%** | **177985** | **100.0%** |

---

![chart-3cc42b7ae8004b0fa18.jpg](chart-3cc42b7ae8004b0fa18.jpg)

________

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

*(b)See the <u>[Disclosures Regarding Non-GAAP and Other Metrics](#i07cd349b24ef49a9bd73259d8c0128b2_100)</u> section in the Appendix for a description of pro rata.*

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| | |
|:---|:---|
| ![navylogowhitebackground.jpg](navylogowhitebackground.jpg) | *Investing for the Long Run*<sup>®</sup> \| 30 |

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*W. P. Carey Inc.*

*Real Estate – Second Quarter 2025*

**Self-Storage Operating Properties Portfolio**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **State / District** | **Number of Properties** <sup>(a)</sup> | **Number of Units** | **Square Footage** | **Square Footage %** | **Period End Occupancy** |
| Texas | 13 | 7512 | 936 | 19.5% | 89.0% |
| Florida | 12 | 8956 | 885 | 18.5% | 91.0% |
| Illinois | 10 | 4822 | 665 | 13.9% | 90.5% |
| California | 8 | 5440 | 677 | 14.2% | 94.4% |
| Nevada | 3 | 2423 | 243 | 5.1% | 85.4% |
| Delaware | 3 | 1678 | 241 | 5.0% | 93.4% |
| Georgia | 2 | 927 | 105 | 2.2% | 85.1% |
| Hawaii | 2 | 956 | 95 | 2.0% | 94.7% |
| Tennessee | 2 | 884 | 122 | 2.5% | 91.4% |
| North Carolina | 1 | 947 | 121 | 2.5% | 95.4% |
| Washington, DC | 1 | 880 | 67 | 1.4% | 94.7% |
| Arkansas | 1 | 843 | 115 | 2.4% | 66.0% |
| New York | 1 | 793 | 61 | 1.3% | 87.6% |
| Kentucky | 1 | 762 | 121 | 2.5% | 95.5% |
| Ohio | 1 | 598 | 73 | 1.5% | 88.8% |
| Louisiana | 1 | 541 | 59 | 1.3% | 90.2% |
| South Carolina | 1 | 490 | 63 | 1.3% | 94.3% |
| Massachusetts | 1 | 482 | 58 | 1.2% | 94.9% |
| Oregon | 1 | 442 | 40 | 0.8% | 96.1% |
| Missouri | 1 | 329 | 41 | 0.9% | 94.6% |
| **Total** <sup>(b)</sup> | **66** | **40705** | **4788** | **100.0%** | **90.6%** |

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________

*(a)We sold four properties in Florida and one property in Texas in July 2025.*

*(b)See the <u>[Disclosures Regarding Non-GAAP and Other Metrics](#i07cd349b24ef49a9bd73259d8c0128b2_100)</u> section in the Appendix for a description of pro rata.*

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| | |
|:---|:---|
| ![navylogowhitebackground.jpg](navylogowhitebackground.jpg) | *Investing for the Long Run*<sup>®</sup> \| 31 |

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**W. P. Carey Inc.**

*Appendix*

*Second Quarter 2025*

![financialdocumentcoverslid.jpg](financialdocumentcoverslid.jpg)

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| | |
|:---|:---|
| ![navylogowhitebackground.jpg](navylogowhitebackground.jpg) | *Investing for the Long Run*<sup>®</sup> \| 32 |

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*W. P. Carey Inc.*

*Appendix – Second Quarter 2025*

**Normalized Pro Rata Cash NOI**

 *In thousands.*

---

| | |
|:---|:---|
| | **Three Months Ended Jun. 30, 2025** |
| **Consolidated Lease Revenues** | |
| &nbsp;&nbsp;&nbsp;Total lease revenues – as reported | $364195 |
| &nbsp;&nbsp;&nbsp;Income from finance leases and loans receivable – as reported | 20276 |
| &nbsp;&nbsp;&nbsp;Less: Income from secured loans receivable | (641) |
| **Less: Consolidated Reimbursable and Non-Reimbursable Property Expenses** |  |
| &nbsp;&nbsp;&nbsp;Reimbursable property expenses – as reported | 17718 |
| &nbsp;&nbsp;&nbsp;Non-reimbursable property expenses – as reported | 13623 |
|  | **352489** |
| **Plus: NOI from Operating Properties** |  |
| &nbsp;&nbsp;&nbsp;Self-storage revenues | 20862 |
| &nbsp;&nbsp;&nbsp;Self-storage expenses | (7717) |
|  | 13145 |
| &nbsp;&nbsp;&nbsp;Hotel revenues | 10105 |
| &nbsp;&nbsp;&nbsp;Hotel expenses | (7784) |
|  | 2321 |
| &nbsp;&nbsp;&nbsp;Student housing and other revenues | 3320 |
| &nbsp;&nbsp;&nbsp;Student housing and other expenses | (1220) |
|  | 2100 |
|  | **370055** |
| **Adjustments for Pro Rata Ownership of Real Estate Joint Ventures:** |  |
| &nbsp;&nbsp;&nbsp;Add: Pro rata share of NOI from equity method investments | 6630 |
| &nbsp;&nbsp;&nbsp;Less: Pro rata share of NOI attributable to noncontrolling interests | (212) |
|  | 6418 |
|  | **376473** |
| **Adjustments for Pro Rata Non-Cash Items:** |  |
| &nbsp;&nbsp;&nbsp;Less: Straight-line and other leasing and financing adjustments | (15374) |
| &nbsp;&nbsp;&nbsp;Add: Above- and below-market rent intangible lease amortization | 5061 |
| &nbsp;&nbsp;&nbsp;Add: Other non-cash items | 486 |
|  | (9827) |
| **Pro Rata Cash NOI** <sup>(a)</sup> | **366646** |
| Adjustment to normalize for net lease investments and dispositions <sup>(b)</sup> | 4015 |
| Adjustment to normalize for operating property dispositions <sup>(b)</sup> | (1483) |
| **Normalized Pro Rata Cash NOI** <sup>(a)</sup> | $**369178** |

---

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| | |
|:---|:---|
| ![navylogowhitebackground.jpg](navylogowhitebackground.jpg) | *Investing for the Long Run*<sup>®</sup> \| 33 |

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------

*W. P. Carey Inc.*

*Appendix – Second 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 Jun. 30, 2025** |
| **Net Income Attributable to W. P. Carey** | |
| &nbsp;&nbsp;&nbsp;Net income attributable to W. P. Carey – as reported | $51220 |
| **Adjustments for Consolidated Operating Expenses** |  |
| &nbsp;&nbsp;&nbsp;Add: Operating expenses – as reported | 208291 |
| &nbsp;&nbsp;&nbsp;Less: Operating property expenses – as reported | (16721) |
| &nbsp;&nbsp;&nbsp;Less: Property expenses, excluding reimbursable tenant costs – as reported | (13623) |
|  | **177947** |
| **Adjustments for Other Consolidated Revenues and Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Add: Other income and (expenses) – as reported | 158083 |
| &nbsp;&nbsp;&nbsp;Less: Reimbursable property expenses – as reported | (17718) |
| &nbsp;&nbsp;&nbsp;Add: Provision for income taxes – as reported | 13091 |
| &nbsp;&nbsp;&nbsp;Less: Other lease-related income – as reported | (9643) |
| &nbsp;&nbsp;&nbsp;Less: Asset management fees revenue – as reported | (1304) |
| &nbsp;&nbsp;&nbsp;Less: Other advisory income and reimbursements – as reported | (1072) |
|  | **141437** |
| **Other Adjustments:** |  |
| &nbsp;&nbsp;&nbsp;Less: Straight-line and other leasing and financing adjustments | (15374) |
| &nbsp;&nbsp;&nbsp;Add: Adjustments for pro rata ownership | 6537 |
| &nbsp;&nbsp;&nbsp;Add: Above- and below-market rent intangible lease amortization | 5061 |
| &nbsp;&nbsp;&nbsp;Adjustment to normalize for net lease investments and dispositions <sup>(b)</sup> | 4015 |
| &nbsp;&nbsp;&nbsp;Adjustment to normalize for operating property dispositions <sup>(b)</sup> | (1483) |
| &nbsp;&nbsp;&nbsp;Less: Income from secured loans receivable | (641) |
| &nbsp;&nbsp;&nbsp;Add: Property expenses, excluding reimbursable tenant costs, non-cash | 459 |
|  | **(1426)** |
| **Normalized Pro Rata Cash NOI** <sup>(a)</sup> | $**369178** |

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________

*(a)Pro rata cash NOI and normalized pro rata cash NOI are non-GAAP measures. See the <u>[Disclosures Regarding Non-GAAP and Other Metrics](#i07cd349b24ef49a9bd73259d8c0128b2_100)</u> 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 June 30, 2025, the adjustment modifies our pro rata share of cash NOI for the partial period with an amount estimated to be equivalent to the additional pro rata share of cash NOI necessary to reflect ownership for the full quarter. For properties disposed of during the three months ended June 30, 2025, the adjustment eliminates our pro rata share of cash NOI for the period. If there is a rent abatement, we annualize the first monthly contractual base rent following the free rent period.*

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| | |
|:---|:---|
| ![navylogowhitebackground.jpg](navylogowhitebackground.jpg) | *Investing for the Long Run*<sup>®</sup> \| 34 |

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*W. P. Carey Inc.*

*Appendix – Second Quarter 2025*

**Adjusted EBITDA – Last Five Quarters**

 *In thousands.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **Jun. 30, 2025** | **Mar. 31, 2025** | **Dec. 31, 2024** | **Sep. 30, 2024** | **Jun. 30, 2024** |
| Net income | $51312 | $125816 | $47038 | $111652 | $142854 |
| **Adjustments to Derive Adjusted EBITDA** <sup>(a)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other (gains) and losses <sup>(b)</sup> | 148768 | 42197 | 77224 | 77107 | (2504) |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 120595 | 129607 | 115770 | 115705 | 137481 |
| &nbsp;&nbsp;&nbsp;Interest expense | 71795 | 68804 | 70883 | 72526 | 65307 |
| &nbsp;&nbsp;&nbsp;Gain on sale of real estate, net | (52824) | (43777) | (4480) | (15534) | (39363) |
| &nbsp;&nbsp;&nbsp;Straight-line and other leasing and financing adjustments <sup>(c)</sup> | (15374) | (19033) | (24849) | (21187) | (15310) |
| &nbsp;&nbsp;&nbsp;Provision for income taxes | 13091 | 11632 | 7772 | 9044 | 6219 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense | 10943 | 9148 | 9667 | 13468 | 8903 |
| &nbsp;&nbsp;&nbsp;Above- and below-market rent intangible lease amortization | 5061 | 1123 | 10047 | 6263 | 5766 |
| &nbsp;&nbsp;&nbsp;Impairment charges — real estate | 4349 | 6854 | 27843 |  | 15752 |
| &nbsp;&nbsp;&nbsp;Other amortization and non-cash charges | 458 | 442 | 436 | 459 | 454 |
| &nbsp;&nbsp;&nbsp;Merger and other expenses | 192 | 556 | (484) | 283 | 206 |
| &nbsp;&nbsp;&nbsp;Gain on change in control of interests <sup>(d)</sup> |  |  |  | (31849) |  |
|  | 307054 | 207553 | 289829 | 226285 | 182911 |
| &nbsp;&nbsp;&nbsp;**Adjustments for Pro Rata Ownership** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Real Estate Joint Ventures:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Pro rata share of adjustments for equity method investments | 3312 | 2309 | 5975 | 1312 | 1242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Pro rata share of adjustments for amounts attributable to noncontrolling interests | (308) | (179) | (214) | (213) | (234) |
|  | 3004 | 2130 | 5761 | 1099 | 1008 |
| **Adjusted EBITDA** <sup>(e)</sup> | $**361370** | $**335499** | $**342628** | $**339036** | $**326773** |

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**________**

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

*(b)Primarily comprised of gains and losses on the mark-to-market fair value of equity securities, foreign currency exchange rate movements, changes in the non-cash allowance for credit losses on loans receivable and finance leases, and extinguishment of debt. Amounts from period to period will not be comparable due to unpredictable fluctuations in these gains and losses. Amount for the three months ended June 30, 2025 includes a mark-to-market unrealized loss for our investment in shares of Lineage of $69.0 million. Amount for the three months ended December 31, 2024 includes a mark-to-market unrealized loss for our investment in shares of Lineage of $90.4 million. Amount for the three months ended September 30, 2024 includes a mark-to-market unrealized loss for our investment in shares of Lineage of $43.6 million.*

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

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

*(e)Adjusted EBITDA is a non-GAAP measure. See the <u>[Disclosures Regarding Non-GAAP and Other Metrics](#i07cd349b24ef49a9bd73259d8c0128b2_100)</u> section that follows for a description of our non-GAAP measures.*

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| | |
|:---|:---|
| ![navylogowhitebackground.jpg](navylogowhitebackground.jpg) | *Investing for the Long Run*<sup>®</sup> \| 35 |

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*W. P. Carey Inc.*

*Appendix – Second Quarter 2025*

**Disclosures Regarding Non-GAAP and Other Metrics**

**Non-GAAP Financial Disclosures**

***FFO and AFFO***

Due to certain unique operating characteristics of real estate companies, as discussed below, NAREIT, an industry trade group, has promulgated a non-GAAP measure known as FFO, which we believe to be an appropriate supplemental measure, when used in addition to and in conjunction with results presented in accordance with GAAP, to reflect the operating performance of a REIT. The use of FFO is recommended by the REIT industry as a supplemental non-GAAP measure. FFO is not equivalent to, nor a substitute for, net income or loss as determined under GAAP.

We define FFO, a non-GAAP measure, consistent with the standards established by the White Paper on FFO approved by the Board of Governors of NAREIT, as restated in December 2018. The White Paper defines FFO as net income or loss computed in accordance with GAAP, excluding gains or losses from the sale of certain real estate, impairment charges on real estate or other assets incidental to the company's main business, gains or losses on changes in control of interests in real estate and depreciation and amortization from real estate assets; and after adjustments for unconsolidated partnerships and jointly owned investments. Adjustments for unconsolidated partnerships and jointly owned investments are calculated to reflect FFO on the same basis.

We also modify the NAREIT computation of FFO to adjust GAAP net income for certain non-cash charges, such as amortization of real estate-related intangibles, deferred income tax benefits and expenses, straight-line rent and related reserves, other non-cash rent adjustments, non-cash allowance for credit losses on loans receivable and finance leases, stock-based compensation, non-cash environmental accretion expense, amortization of discounts and premiums on debt and amortization of deferred financing costs. Our assessment of our operations is focused on long-term sustainability and not on such non-cash items, which may cause short-term fluctuations in net income but have no impact on cash flows. Additionally, we exclude non-core income and expenses, such as gains or losses from extinguishment of debt, gains or losses on the mark-to-market fair value of equity securities, merger and acquisition expenses, spin-off expenses, and income and expenses associated with our captive insurance company. We also exclude realized and unrealized gains/losses on foreign currency exchange rate movements (other than those realized on the settlement of foreign currency derivatives), which are not considered fundamental attributes of our business plan and do not affect our overall long-term operating performance. We refer to our modified definition of FFO as AFFO. We exclude these items from GAAP net income to arrive at AFFO as they are not the primary drivers in our decision-making process and excluding these items provides investors a view of our portfolio performance over time and makes it more comparable to other REITs. AFFO also reflects adjustments for unconsolidated partnerships and jointly owned investments. We use AFFO as one measure of our operating performance when we formulate corporate goals, evaluate the effectiveness of our strategies and determine executive compensation.

We believe that AFFO is a useful supplemental measure for investors to consider as we believe it will help them to better assess the sustainability of our operating performance without the potentially distorting impact of these short-term fluctuations. However, there are limits on the usefulness of AFFO to investors. For example, impairment charges and unrealized foreign currency exchange rate losses that we exclude may become actual realized losses upon the ultimate disposition of the properties in the form of lower cash proceeds or other considerations. We use our FFO and AFFO measures as supplemental financial measures of operating performance. We do not use our FFO and AFFO measures as, nor should they be considered to be, alternatives to net income computed under GAAP, or as alternatives to net cash provided by operating activities computed under GAAP, or as indicators of our ability to fund our cash needs.

***Same-Store Pro Rata Rental Income***

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

***Pro Rata Cash NOI***

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

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| | |
|:---|:---|
| ![navylogowhitebackground.jpg](navylogowhitebackground.jpg) | *Investing for the Long Run*<sup>®</sup> \| 36 |

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*W. P. Carey Inc.*

*Appendix – Second 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 segments because (i) it removes the impact of our capital structure from our operating results and (ii) it is helpful when comparing our operating performance to that of companies in our industry without regard to such items, which can vary substantially from company to company. Adjusted EBITDA as disclosed represents EBITDA, modified to include other adjustments to GAAP net income for certain non-cash charges, such as impairments, non-cash rent adjustments and unrealized gains and losses from our hedging activity. Additionally, we exclude gains and losses on sale of real estate, which are not considered fundamental attributes of our business plans and do not affect our overall long-term operating performance. We exclude these items from adjusted EBITDA as they are not the primary drivers in our decision-making process. Adjusted EBITDA reflects adjustments for unconsolidated partnerships and jointly owned investments. 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 to investors and analysts, although it does not represent net income that is computed in accordance with GAAP. Accordingly, adjusted EBITDA should not be considered as an alternative to net income or as an indicator of our financial performance. EBITDA and adjusted EBITDA as calculated by us may not be comparable to similarly titled measures of other companies.

***Cash Interest Expense***

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

***Cash Interest Expense Coverage Ratio***

Cash interest expense coverage ratio is a non-GAAP financial measure representing the ratio of Adjusted EBITDA to cash interest expense on a trailing 12 months basis. We believe this ratio is useful to investors as a supplemental measure of our ability to satisfy fixed interest expense obligations. Cash interest expense for the trailing 12 months as of June 30, 2025 is equal to $269.1 million, comprised of interest expense calculated in accordance with GAAP ($284.0 million), plus capitalized interest ($1.1 million) and other non-cash amortization expense ($0.1 million), less amortization of deferred financing costs and debt premiums/discounts ($19.1 million), adjusted for pro rata ownership ($3.2 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 June 30, 2025. If there is a rent abatement, we annualize the first monthly contractual base rent following the free rent period. ABR is not applicable to operating properties and is presented on a pro rata basis.

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|:---|:---|
| ![navylogowhitebackground.jpg](navylogowhitebackground.jpg) | *Investing for the Long Run*<sup>®</sup> \| 37 |

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## Exhibit 99.3

![](investorpresentation2q25001.jpg)

50+ Years of Investing for the Long Run® 2Q25 W. P. Carey Inc. Investor Presentation Exhibit 99.3

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![](investorpresentation2q25002.jpg)

**Table of Contents** Unless otherwise noted, all data in this presentation is as of June 30, 2025. Amounts may not sum to totals due to rounding. Overview Real Estate Portfolio Balance Sheet Corporate Responsibility Appendix – Additional Tenant Data 3 7 20 24 26

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![](investorpresentation2q25003.jpg)

3 Overview

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![](investorpresentation2q25004.jpg)

4 Size One of the largest owners of net lease real estate and among the top 20 REITs in the MSCI US REIT Index Diversification Highly diversified portfolio by tenant, industry, property type and geography Track Record Successful track record of investing and operating through multiple economic cycles since 1973 led by an experienced management team Proactive Asset Management U.S. and Europe-based asset management teams Balance Sheet Investment grade balance sheet with access to multiple forms of capital Real Estate Earnings Stable cash flows derived from long-term leases that contain strong contractual rent bumps W. P. Carey (NYSE: WPC) is a REIT that specializes in investing in single-tenant net lease commercial real estate, primarily in the U.S. and Northern and Western Europe Company Highlights Orgill \| Warehouse \| Inwood, WV Apotex \| Industrial \| Ontario, Canada

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![](investorpresentation2q25005.jpg)

5 • Generate attractive risk-adjusted returns by investing in net lease commercial real estate, primarily in the U.S. and Northern and Western Europe • Protect downside by combining credit and real estate underwriting with sophisticated structuring and direct origination • Acquire "mission-critical" assets essential to a tenant's operations • Create upside through rent escalations, credit improvements and real estate appreciation • Capitalize on existing tenant relationships through accretive expansions, renovations and follow-on deals • Hallmarks of our approach: • Diversification by tenant, industry, property type and geography • Disciplined • Opportunistic • Proactive asset management • Conservative capital structure Investment Strategy Transactions Evaluated on Four Key Factors Creditworthiness of Tenant • Industry drivers and trends • Competitor analysis • Company history • Financial wherewithal Criticality of Asset • Key distribution facility or profitable manufacturing plant • Critical R&D or data-center • Top performing retail stores Fundamental Value of the Underlying Real Estate • Local market analysis • Property condition • 3rd party valuation / replacement cost • Downside analysis / cost to re-lease Transaction Structure and Pricing • Lease terms – rent growth and maturity • Financial covenants • Security deposits / letters of credit

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![](investorpresentation2q25006.jpg)

6 • Asset management offices in New York and Amsterdam • W. P. Carey has proven experience repositioning assets through re-leasing, restructuring and strategic disposition • Generates value creation opportunities within our existing portfolio • Five-point internal rating scale used to assess and monitor tenant credit and the quality, location and criticality of each asset Domestic and international asset management capabilities to address lease expirations, changing tenant credit profiles and asset repositioning or dispositions Proactive Asset Management Asset Management Risk AnalysisAsset Management Expertise Bankruptcy Watch List Implied IG Investment Grade StableTenant Credit Obsolete Residual Risk Stable Class B Class AAsset Quality Not Critical Non- Renewal Possible Renewal Critical- Renewal Likely Highly CriticalAsset Criticality Asset Location No Tenant Demand Limited Tenant Demand / Challenging Location Alternative Tenant Demand Good Location / Active Market Prime Location / High Tenant Demand Operational • Lease compliance • Insurance • Property inspections • Non-triple net lease administration • Real estate tax • Projections and portfolio valuation • Carbon emissions tracking and reporting Transaction • Leasing • Dispositions • Lease modifications • Credit and real estate risk analysis • Building expansions and redevelopment • Tenant distress and restructuring • Green Building Certifications (LEED, BREEAM) • Sustainability Solutions (solar, LED lighting, HVAC upgrades) Risk Management Scale

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![](investorpresentation2q25007.jpg)

7 Real Estate Portfolio

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![](investorpresentation2q25008.jpg)

8 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of June 30, 2025. 2. Other includes leases attributable to percentage rent (i.e., participation in the gross revenues of the tenant above a stated level), as well as leases with no escalations. Includes $40.1 million (2.7%) of ABR from a tenant (Extra Space Storage, Inc.), which has both a percentage rent component and annual fixed rent increases in its lease. 3. Metrics shown for operating self-storage portfolio only; excludes net-lease self-storage assets which are captured in net-lease portfolio metrics. 4. We sold four properties in Florida and one property in Texas in July 2025. Large Diversified Portfolio (1) Ne t-L ea se P or tfo lio Number of Properties 1,600 Number of Tenants 370 Square Footage 178.0 million ABR $1.47 billion North America / Europe / Other (% of ABR) 66% / 34% / 1% Contractual Rent Escalation: CPI-linked / Fixed / Other (2) 50% / 46% / 4% WALT 12.1 years Occupancy 98.2% Investment Grade Tenants (% of ABR) 21.8% Top 10 Tenant Concentration (% of ABR) 19.4% Se lf- St or ag e (3) Number of Properties (4) 66 Number of Units 40,705 Average Occupancy 90.6%

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9 Tenant Description Number of Properties ABR ($ millions) WALT (years) % of Total 1 Net lease self-storage properties in the U.S. leased to publicly traded self-storage REIT 41 40 24.2 2.7% 2 Pharmaceutical R&D and manufacturing properties in the Greater Toronto Area leased to generic drug manufacturer (2) 11 33 17.7 2.3% 3 Business-to-business retail stores in Italy leased to cash and carry wholesaler 19 31 4.9 2.1% 4 Grocery stores and one warehouse in Croatia leased to European food retailer 19 28 8.8 1.9% 5 Retail properties in Poland leased to German DIY retailer 26 27 5.8 1.9% 6 Retail properties in Germany leased to German DIY retailer (3) 31 26 18.7 1.8% 7 Automotive parts manufacturing properties in the U.S., Canada and Mexico leased to OEM supplier (formerly ABC Technologies) (2)(4) 22 26 17.8 1.8% 8 Industrial and warehouse facilities in Germany, Italy and Spain leased to global manufacturer of premium packaging and labels 16 25 18.4 1.7% 9 Grocery stores and warehouses in Spain leased to Spanish food retailer 63 24 10.7 1.6% 10 K-12 private schools in Orlando, Miami and Houston leased to international day and boarding school operator 3 24 18.2 1.6% Top 10 Total 251 $284 14.8 yrs 19.4% 11 Industrial facilities in the U.S. and Canada leased to concrete and building products manufacturer 27 21 18.0 1.4% 12 Manufacturing facilities in the U.S. leased to international producer and supplier of packaging solutions 8 21 13.3 1.4% 13 Distribution facilities and retail properties in Lithuania, Estonia and Latvia leased to European DIY retailer 20 20 6.6 1.4% One of the lowest Top 10 and 20 concentrations among the net lease peer group Top 25 Net Lease Tenants (1) 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of June 30, 2025. 2. ABR from these properties is denominated in U.S. dollars. 3. On March 28, 2025, we executed an agreement giving us the right to terminate the leases at (i) seven properties on September 15, 2025 with ABR totaling $5.2 million and (ii) five properties on September 15, 2026 with ABR totaling $3.5 million. 4. Of the 22 properties leased to the tenant, nine are located in Canada, seven are located in the United States and six are located in Mexico.

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10 Tenant Description Number of Properties ABR ($ millions) WALT (years) % of Total 14 Dealerships in the United Kingdom leased to automotive retailer 47 19 13.1 1.3% 15 Distribution facilities in the U.S. leased to automotive retailer 28 19 7.6 1.3% 16 Distribution facilities and manufacturing facility in the U.S. leased to global hardware wholesaler (formerly True Value) (2) 8 18 5.2 1.2% 17 Production, packaging and distribution facilities in the U.S. leased to North American contract food manufacturer (formerly Hearthside) 18 17 17.1 1.2% 18 Logistics and cold storage warehouse facilities in the Netherlands leased to European supermarket chain 5 17 6.5 1.1% 19 Distribution facilities in Denmark leased to Danish freight company 15 15 11.6 1.0% 20 Retail properties in the U.S. leased to discount retailer 110 15 13.8 1.0% Top 20 Total 537 $466 13.5 yrs 31.7% 21 Retail properties in the Netherlands leased to European DIY retailer 36 14 8.1 1.0% 22 Retail properties and single distribution facility in the U.S. leased to sporting good retailer 9 14 6.1 0.9% 23 Food processing facility in Tennessee leased to global specialty food manufacturer 1 13 25.1 0.9% 24 Cold storage warehouse facilities in the Los Angeles and San Francisco areas leased to publicly traded cold storage REIT 4 12 5.4 0.8% 25 Distribution facility in Kentucky leased to global provider of consumer products and adhesives 1 12 16.8 0.8% Top 25 Total 588 $530 13.3 yrs 36.1% Top 25 Net Lease Tenants (continued) (1) 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of June 30, 2025. 2. In connection with certain lease assignments, the tenant occupied two of these properties through June 30, 2025, after which those leases expired and the properties were vacated. The tenant continues to occupy six properties with ABR totaling $14.2 million and a weighted- average lease term of 6.5 years.

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11 Property Type Diversification (1) Property Type % of Total United States Europe Mexico & Canada Other (2) Industrial 37.7% 25.9% 6.9% 4.9% – Warehouse 26.2% 15.5% 10.1% 0.4% 0.2% Retail (3) 22.3% 7.4% 15.0% – – Other (4) 13.7% 11.4% 1.8% 0.1% 0.4% Total 100.0% 60.2% 33.9% 5.4% 0.6% 38% 26% 22% 14% 64% Industrial / Warehouse 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of June 30, 2025. 2. Includes Mauritius and Japan. 3. Includes automotive dealerships. 4. Includes education facility, self-storage (net lease), specialty, laboratory, research and development, hotel (net lease), office and land. Property Type by Region% of Total Portfolio ABR

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12 Industry Type % of Total United States Europe Mexico & Canada Other (2) Food Retail 10.3% 0.4% 9.9% – – Packaged Foods & Meats 9.1% 7.5% 1.6% – – Home Improvement Retail 7.2% 0.8% 6.4% – – Auto Parts & Equipment 5.7% 2.8% 1.4% 1.4% – Automotive Retail 5.3% 2.5% 2.7% – – Education Services 4.1% 4.1% – – – Pharmaceuticals 3.3% 0.9% – 2.4% – Air Freight & Logistics 3.2% 0.5% 2.6% – – Trading Companies & Distributors 2.8% 2.7% 0.2% – – Self-Storage REITs 2.7% 2.7% – – – Building Products 2.4% 2.1% 0.1% 0.2% – Industrial Machinery 2.2% 1.5% 0.7% – – Metal & Glass Containers 2.1% 2.0% 0.2% – – Other Specialty Retail 2.0% 2.0% 0.0% – – Paper Products 1.7% – 1.7% – – Specialty Chemicals 1.7% 1.3% – 0.4% – Diversified Support Services 1.6% 1.6% – – – Construction Materials 1.6% 1.5% – 0.1% – Construction Machinery 1.3% 0.3% 0.4% 0.5% – Food Distributors 1.2% 1.2% – – – Diversified Metals 1.2% 0.5% 0.7% – – Leisure Facilities 1.2% 1.2% – – – Consumer Staples Merchandise Retail 1.2% 1.1% 0.1% – – Hotels & Resorts 1.1% 0.4% 0.3% – 0.4% Commodity Chemicals 1.1% 1.1% – 0.0% – Passenger Ground Transportation 1.1% 0.5% 0.6% – – Other (62 industries, each <1% of ABR) 21.7% 17.1% 4.2% 0.3% 0.2% Total 100.0% 60.2% 33.9% 5.4% 0.6% GICS Tenant Industry Diversification (1) 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of June 30, 2025. 2. Includes Mauritius and Japan. 10% 9% 7% 6% 5% 4% 3% 3%3%3%2%2% 2% 2% 2% 2% 2% 2% 1% 1% 1% 1% 1% 1% 1% 1% 22% 62 industries, each <1% of ABR % of Total Portfolio ABR Industry Type by Region

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13 North America, 66% $963MM United States, 60% $885MM Canada (4), 4% $56MM Mexico (3), 2% $23MM Europe, 34% $498MM Other (2), 1% $8MM 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of June 30, 2025. 2. Includes Mauritius (0.4%) and Japan (0.2%). 3. All ABR from Mexico-based properties denominated in USD. 4. $50.3MM (89%) of ABR from Canada-based properties denominated in USD with the balance in CAD. W. P. Carey has been investing internationally for over 25 years, primarily in Northern and Western Europe Geographic Diversification (1) Through our financing and hedging strategies, we've significantly mitigated currency risk through a combination of over-weighting our debt in foreign currencies and utilizing contractual cash flow hedges.

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14 Uncapped CPI 32% Fixed 46% Capped CPI 19% Other (2) 3% CPI-linked 50% None <1% 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of June 30, 2025. 2. Represents leases attributable to percentage rent (i.e., participation in the gross revenues of the tenant above a stated level). Includes $40.1 million (2.7%) of ABR from a tenant (Extra Space Storage, Inc.), which has both a percentage rent component and annual fixed rent increases in its lease. Over 99% of ABR comes from leases with contractual rent increases, including 50% linked to CPI Internal Growth from Contractual Rent Increases (1)

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15 3.4% 3.4% 4.3% 4.3% 4.2% 4.1% 3.1% 2.9% 2.8% 2.6% 2.4% 2.3% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 1. Contractual same store portfolio includes leases that were continuously in place during the period from June 30, 2024 to June 30, 2025. Excludes leases for properties that were acquired, sold or vacated, or were subject to lease renewals, extensions or modifications at any time that affected ABR during that period. For purposes of comparability, ABR is presented on a constant currency basis using exchange rates as of June 30, 2025. Contractual same store growth of 2.3% (1) Same Store ABR Growth

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16 1.2% 2.6% 4.3% 4.6% 5.3% 2.7% 6.0% 3.8% 5.6% 6.5% 3.4% 54.0% 0% 10% 20% 30% 40% 50% 60% 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Thereafter 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of June 30, 2025. 2. Assumes tenants do not exercise any renewal or purchase options. Weighted-average lease term of 12.1 years Lease Expirations and Average Lease Term (1) Lease Expirations (% ABR) (2)

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17 Historical Occupancy (1) 1. Net lease properties only. Historical data through 2021 includes properties owned by W. P. Carey or non-traded REIT funds managed (and subsequently acquired) by W. P. Carey. 2. Represents occupancy for each completed year at December 31. Otherwise, occupancy shown is for the most recent quarter. Stable occupancy maintained during the aftermath of the global financial crisis and throughout the COVID-19 pandemic 96.6% 97.3% 98.4% 98.8% 99.0% 99.2% 99.3% 99.8% 98.3% 98.9% 98.5% 98.5% 98.8% 98.1% 98.6% 98.2% 0% 20% 40% 60% 80% 100% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2Q25 Occupancy (% Square Feet) (2)

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18 Recent investment activity has been focused primarily on mission critical industrial and warehouse properties and essential retail Recent Acquisitions Purchase Price: $56 million Transaction Type: Sale-leaseback Facility Type: Industrial Location: Various, Poland Gross Square Footage: 396,936 Lease Term: 30-year lease Rent Escalation: Eurozone CPI DBK November / December 2024 (11 properties) Purchase Price: $136 million Transaction Type: Sale-leaseback Facility Type: Industrial, Warehouse Location: Various, United States Gross Square Footage: 1,072,575 Lease Term: 20-year lease Rent Escalation: Fixed Reddy Ice February 2025 (59 properties) Soteria June 2025 (1 property) Purchase Price: $20 million Transaction Type: Sale-leaseback Facility Type: Industrial Location: Chattanooga, TN Gross Square Footage: 211,379 Lease Term: 15-year lease Rent Escalation: Fixed Recent Acquisitions – Case Studies

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19 Capital investments have become a more meaningful part of our investment activity and allow us to pursue follow-on opportunities with existing tenants Recent Capital Investments Investment: $14 million redevelopment Facility Type: Industrial Location: Irvine, CA Additional Gross Square Footage: 94,195 Lease Term: 10-year lease Rent Escalation: Fixed Terran Orbital Completed June 2024 Investment: $45 million redevelopment Facility Type: Research & Development Location: Washington, MI Additional Gross Square Footage: 81,086 Lease Term: 20-year lease Rent Escalation: Fixed ZF Completed December 2024 Investment: $8 million renovation Facility Type: Industrial Location: Evansville, IN Additional Gross Square Footage: N/A Lease Term: 15-year lease Rent Escalation: Uncapped U.S. CPI Berry Global Completed April 2025 Capital Investments – Case Studies

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20 Balance Sheet

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21 Capitalization ($MM) 6/30/25 Total Equity (2) $13,660 Pro Rata Net Debt Senior Unsecured Notes USD (3) 2,350 Senior Unsecured Notes EUR 4,249 Mortgage Debt, pro rata USD 201 Mortgage Debt, pro rata (EUR $111 / Other $21) 132 Unsecured Revolving Credit Facility USD 591 Unsecured Revolving Credit Facility (EUR $0 / Other $70) 70 Unsecured Term Loans (EUR $838 / GBP $370) 1,208 Total Pro Rata Debt $8,800 Less: Cash and Cash Equivalents (245) Less: Cash Held at Qualified Intermediaries (135) Total Pro Rata Net Debt $8,419 Enterprise Value $22,079 Total Capitalization $22,459 Leverage and Debt Metrics Pro Rata Net Debt / Adjusted EBITDA (4)(5) 5.8x Pro Rata Net Debt / Enterprise Value (2)(4) 38.1% Total Consolidated Debt / Gross Assets (6) 43.2% Weighted Average Interest Rate (three months ended Jun 30, 2025) (pro rata) 3.1% Weighted Average Debt Maturity (pro rata) 4.7 years Capitalization (%) • Size: Large, well-capitalized balance sheet with $22.1B in total enterprise value • Credit Rating: Investment grade rated Baa1 by Moody's and BBB+ by S&P • Liquidity: Ample liquidity of $1.7B at year end including $380MM cash on hand and 1031 proceeds • Leverage: Maintain conservative leverage, targeting mid-to-high 5s Net Debt to EBITDA • Capital Markets: Demonstrated strong access to capital markets – U.S. Bond Issuance: $400MM of 4.650% Senior Unsecured Notes due July 2030 issued July 2025 and $400MM of 5.375% Senior Unsecured Notes due 2034 issued June 2024 – Eurobond Issuances: €600MM of 3.70% Senior Unsecured Notes due 2034 issued November 2024 and €650MM of 4.25% Senior Unsecured Notes due 2032 issued May 2024 – ATM: $1.25B program refreshed in May 2025 – Term Loan: Recast €500MM term loan in 2025 extending maturity to 2029, with options to extend to 2030 and swapped to a fixed rate of 2.80%, inclusive of credit spread Balance Sheet Highlights 61% 29% 8% 1% Equity (2) Senior Unsecured Notes (3) Unsecured Revolving Credit Facility / Term Loans Mortgage Debt (pro rata) Balance Sheet Overview (1) 1. Amounts may not sum to totals due to rounding. 2. Based on a closing stock price of $62.38 on June 30, 2025 and 218,978,908 common shares outstanding as of June 30, 2025. 3. In July 2025, we issued $400 million 4.65% senior notes due 2030. Metrics are not pro forma for issuance. 4. Pro rata net debt to enterprise value and pro rata net debt to Adjusted EBITDA are based on pro rata debt less consolidated cash and cash equivalents and cash held at qualified intermediaries. 5. Adjusted EBITDA represents 2Q25 annualized Adjusted EBITDA, as reported in the Form 8-K filed with the SEC on July 29, 2025. 6. Gross assets represent consolidated total assets before accumulated depreciation on real estate. Gross assets are net of accumulated amortization on in-place lease and above-market rent intangible assets.

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22 % of Total (5) 0.5% 12.5% 7.0% 14.6% 20.0% 7.0% 5.7% 15.3% 4.9% 12.5% Interest Rate (5) 4.6% 3.3% 2.2% 2.8% 3.9% 1.0% 2.4% 3.7% 2.3% 4.3% $M M 1. Reflects amount due at maturity, excluding unamortized discount and unamortized deferred financing costs. 2. Reflects pro rata balloon payments due at maturity. W. P. Carey has two fully amortizing mortgages due in 2026 ($3.5MM) and 2031 ($2.2MM). 3. Includes amounts drawn under the credit facility as of June 30, 2025. 4. Based on total pro rata debt outstanding as of June 30, 2025. Includes debt which is swapped to fixed-rate. 5. Reflects the weighted average percentage of debt outstanding and the weighted average interest rate for each year based on the total outstanding balance as of June 30, 2025 (not pro forma for July 2025 bond issuance). 42 155 29 74 11 2 586 586 586 176 615 996 703 350 325 400 500 350 425 400 622 586 661 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Mortgage Debt Unsecured Bonds (EUR) Unsecured Bonds (USD) Unsecured Term Loans Unsecured Revolving Credit Facility (2) (3) Debt Maturity Schedule Principal at Maturity (1) 89% Fixed Rate Debt (4)In July 2025 we issued $400 million 4.65% senior notes due 2030

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23 Metric Covenant June 30, 2025 Total Leverage Total Debt / Total Assets ≤ 60% 42.1% Secured Debt Leverage Secured Debt / Total Assets ≤ 40% 1.2% Fixed Charge Coverage Consolidated EBITDA / Annual Debt Service Charge ≥ 1.5x 4.9x Maintenance of Unencumbered Asset Value Unencumbered Assets / Total Unsecured Debt ≥ 150% 230.4% 1. This is a summary of the key financial covenants for our Senior Unsecured Notes, along with 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 governing the Senior Unsecured Notes. 2. As of June 30, 2025, our Senior Unsecured Notes consisted of the following note issuances: (i) $350 million 4.25% senior unsecured notes due 2026, (ii) €500 million 2.25% senior unsecured notes due 2026, (iii) €500 million 2.125% senior unsecured notes due 2027, (iv) €500 million 1.35% senior unsecured notes due 2028, (v) $325 million 3.85% senior unsecured notes due 2029, (vi) €525 million 0.95% senior unsecured notes due 2030, (vii) $500 million 2.40% senior unsecured notes due 2031, (viii) $350 million 2.45% senior unsecured notes due 2032, (ix) €650 million 4.250% senior unsecured notes due 2032, (x) $425 million 2.25% senior unsecured notes due 2033, (xi) $400 million 5.375% senior unsecured notes due 2034, (xii) €600 million 3.70% due 2034. Excludes the €150MM 3.41% senior unsecured notes due 2029 and €200MM 3.70% senior unsecured notes due 2032 issued in the September 2022 private placement offering. 3. In July 2025, we issued $400 million 4.65% senior notes due 2030. Metrics are not pro forma for issuance. Investment grade balance sheet rated Baa1 (stable) by Moody's and BBB+ (stable) by S&P Senior Unsecured Notes (2)(3) Unsecured Bond Covenants (1)

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24 Corporate Responsibility

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25 6.1M sq. ft. of green-certified buildings (1)(2) 35% of portfolio under a green lease (2)(3) 63% of tenants enrolled in electricity usage data reporting (3)(4) Our 2024 Corporate Responsibility Report details our ongoing commitment to Doing Good While Doing Well® Corporate Responsibility Governance Social Environmental  Earned 2025 Great Place to Work Certification in the U.S. and Europe  Selected as one of the 2025 Best Small and Medium Workplaces in New York by Fortune, ranking fourth on the list  Continued to encourage our employees to participate in philanthropic and charitable activities through our Carey Forward program  Maintained the highest QualityScore rating of "1" from Institutional Shareholder Services (ISS) in Governance  Continued our commitment to managing risk, providing transparent disclosure and being accountable to our stakeholders Recent highlights include:  Increased the percentage of our leases that contain green lease provisions, improving our visibility into our portfolio's power consumption  Engaged with tenants to identify property-level sustainability opportunities within our portfolio, including renewable energy opportunities through CareySolar®, which we believe can reduce emissions, support tenants' sustainability goals and represent attractive investments Our Portfolio: 1. For a building to be considered "green-certified" under our investment criteria, it must at a minimum be certified by LEED, BREEAM or a similarly recognized organization or certification process. LEED —an acronym for Leadership in Energy and Environmental Design —and its related logo are trademarks owned by the U.S. Green Building Council and are used with permission. Learn more at www.usgbc.org/LEED. BREEAM is a registered trademark of BRE (the Building Research Establishment Ltd. Community Trade Mark E5778551). The BREEAM marks, logos and symbols are the Copyright of BRE and are reproduced by permission. 2. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of June 30, 2025. 3. As a percentage of square footage. 4. Enrollment as of December 31, 2024.

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26 Appendix – Additional Tenant Data

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27 <1% <1% 12% 12% 47% 26% <1% 1% Tenant Ownership & Size (1) 41% 32% 27% <1% 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of June 30, 2025. 2. Primarily includes family-owned businesses and independent companies. 3. Represents tenant size for tenants or guarantors or parent companies for which a tenant is a subsidiary based on year end 2024 financials (or where not available, the most recently available data). 4. Includes tenants without reporting. Tenant Ownership Profile (% of Total Portfolio ABR) Tenant Size by Revenue (% of Total Portfolio ABR) (3) Public Private Non-PE (2) Private Equity (PE) Government 97% Tenants with >$100MM Revenue & Government < $50MM > $50MM < $100MM > $100MM < $500MM > $500MM < $1.0Bn > $1.0Bn < $10.0Bn > $10.0Bn Government Other (4)

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28 Certain of the matters discussed in this communication constitute forward-looking statements within the meaning of the Securities Act of 1933 (as amended, the "Securities Act") and the Securities Exchange Act of 1934 (as amended, the "Exchange Act"), 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 the Company and can be identified by the use of words such as "may," "will," "should," "would," "will be," "will continue," "will likely result," "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 that are not historical facts. 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. All data presented herein is as of June 30, 2025 unless otherwise noted. Amounts may not sum to totals due to rounding. Past performance does not guarantee future results. Cautionary Statement Concerning Forward-Looking Statements

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29 EBITDA and Adjusted EBITDA We believe that EBITDA is a useful supplemental measure to investors and analysts for assessing the performance of our business segments because (i) it removes the impact of our capital structure from our operating results and (ii) it is helpful when comparing our operating performance to that of companies in our industry without regard to such items, which can vary substantially from company to company. Adjusted EBITDA as disclosed represents EBITDA, modified to include other adjustments to GAAP net income for certain non-cash charges, such as impairments, non-cash rent adjustments and unrealized gains and losses from our hedging activity. Additionally, we exclude gains and losses on sale of real estate, which are not considered fundamental attributes of our business plans and do not affect our overall long-term operating performance. We exclude these items from adjusted EBITDA as they are not the primary drivers in our decision-making process. Adjusted EBITDA reflects adjustments for unconsolidated partnerships and jointly owned investments. Our assessment of our operations is focused on long-term sustainability and not on such non- cash and noncore 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 to investors and analysts, although it does not represent net income that is computed in accordance with GAAP. Accordingly, adjusted EBITDA should not be considered as an alternative to net income or as an indicator of our financial performance. EBITDA and adjusted EBITDA as calculated by us may not be comparable to similarly titled measures of other companies. Other Metrics Pro Rata Metrics This presentation 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 June 30, 2025. If there is a rent abatement, we annualize the first monthly contractual base rent following the free rent period. ABR is not applicable to operating properties and is presented on a pro rata basis. Disclosures The following non-GAAP financial measures are used in this presentation

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