W. P. Carey (NYSE: WPC) posts Q1 2026 growth and lifts AFFO outlook

Q: What 2026 guidance did W. P. Carey (WPC) provide for AFFO?

The company raised its 2026 AFFO guidance range to $5.16–$5.26 per diluted share . This outlook is based on higher anticipated full-year investment volume of $1.5–$2.0 billion , reflecting management’s expectations for continued deal activity and portfolio performance.

Q: What dividend did W. P. Carey (WPC) declare for the first quarter of 2026?

W. P. Carey declared a first quarter 2026 cash dividend of $0.930 per share , equivalent to an annualized rate of $3.72 per share . The dividend payout ratio for the quarter was 71.5% of AFFO per diluted share, consistent with an income-focused REIT profile.

Q: How active was W. P. Carey’s investment and disposition activity in Q1 2026?

Year to date, W. P. Carey completed investment volume of $682.0 million , including $585.3 million during Q1 2026. It also generated disposition proceeds of $162.6 million , highlighted by $75.2 million from selling its remaining 11 self-storage operating properties.

Q: What is W. P. Carey’s leverage and liquidity position as of March 31, 2026?

At quarter end, W. P. Carey reported net debt of $8.69 billion and an enterprise value of $23.83 billion , implying net debt to enterprise value of 36.5% . Liquidity totaled $2.84 billion , including credit facility availability, cash and remaining forward equity proceeds.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

W. P. Carey Inc. reported solid first-quarter 2026 growth and raised its full-year outlook. Revenues including reimbursable costs reached $454.5 million, up 10.9% from $409.9 million a year earlier, driven mainly by net investment activity and rent escalations. Net income attributable to W. P. Carey was $176.3 million, or $0.80 per diluted share, up 40.1% from $125.8 million, helped by higher gains on foreign debt remeasurement, lower credit loss allowances and gains on real estate sales. AFFO was $288.7 million, or $1.30 per diluted share, an 11.1% increase from $1.17.

The company raised its 2026 AFFO guidance to $5.16–$5.26 per diluted share, supported by expected full-year investment volume of $1.5 billion to $2.0 billion. Year-to-date investment volume totaled $682.0 million, with $585.3 million completed in the quarter and $178.8 million of active capital investments and commitments scheduled for completion in 2026. Dispositions generated $162.6 million of gross proceeds, including $75.2 million from selling the final 11 self-storage operating properties.

Capital structure remained diversified and flexible. The company completed an underwritten equity offering of 6.9 million shares via forward sale agreements for gross proceeds of $496.8 million, settled $247.1 million of forward equity and retained $653.5 million of forward equity capacity. It issued €500 million of 3.250% notes due 2031 and €500 million of 3.750% notes due 2035, and repaid €500 million of 2.250% notes due 2026. At March 31, 2026, net debt was $8.69 billion, net debt to enterprise value was 36.5%, liquidity was $2.84 billion and occupancy on 1,703 net-leased properties was 98.1% with a 12.1-year weighted-average lease term.

Positive

Double-digit growth in key earnings metrics: Q1 2026 revenues grew 10.9% year over year to $454.5 million, while AFFO per diluted share increased 11.1% to $1.30, indicating stronger underlying cash generation.
Raised full-year 2026 AFFO guidance: The company lifted its AFFO outlook to $5.16–$5.26 per diluted share, underpinned by planned investment volume of $1.5–$2.0 billion, signaling confidence in continued earnings strength.

Negative

None.

Insights

Strong quarter with rising AFFO, raised guidance and active balance-sheet management.

W. P. Carey delivered first-quarter 2026 revenue of $454.5 million, up 10.9% year over year, with AFFO per diluted share rising 11.1% to $1.30. Net income attributable to the company grew 40.1% to $176.3 million, reflecting higher gains and accretive investment activity.

The company increased its 2026 AFFO guidance range to $5.16–$5.26 per diluted share, based on anticipated full-year investment volume of $1.5–$2.0 billion. Year-to-date investment volume was $682.0 million, while dispositions totaled $162.6 million, including exit from self-storage operating assets. Same-store contractual rent growth was 2.4%, supported by a high proportion of CPI-linked and fixed escalators.

Balance-sheet metrics remained conservative for a net-lease REIT. Net debt was $8.69 billion with net debt to enterprise value at 36.5% and net debt to annualized adjusted EBITDA at 5.7x, or 5.3x including unsettled forward equity. Investment-grade ratings of Baa1/BBB+ (stable) and liquidity of $2.84 billion provide capacity to fund the 2026–2027 investment pipeline while maintaining access to multiple debt and equity sources.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Q1 2026 revenue: $454.5 million Q1 2026 net income attributable: $176.3 million Q1 2026 AFFO per diluted share: $1.30 +5 more

8 metrics

Q1 2026 revenue $454.5 million Revenues including reimbursable costs; up 10.9% vs Q1 2025

Q1 2026 net income attributable $176.3 million Up 40.1% vs $125.8 million in Q1 2025

Q1 2026 AFFO per diluted share $1.30 AFFO per diluted share; up 11.1% from $1.17 a year earlier

2026 AFFO guidance $5.16–$5.26 per diluted share Raised full-year 2026 guidance range

Q1 2026 dividend $0.930 per share Quarterly dividend; $3.72 per share annualized; 71.5% AFFO payout

Year-to-date 2026 investment volume $682.0 million Includes $585.3 million completed in Q1 2026

Net debt to enterprise value 36.5% As of March 31, 2026; net debt $8.69 billion; EV $23.83 billion

Net-lease portfolio ABR $1.5838 billion Total ABR for 1,703 net-leased properties as of March 31, 2026

Key Terms

Adjusted Funds from Operations (AFFO), Normalized pro rata cash NOI, Adjusted EBITDA, Net debt to adjusted EBITDA, +2 more

6 terms

Adjusted Funds from Operations (AFFO) financial

"AFFO for the 2026 first quarter was $1.30 per diluted share, up 11.1%..."

Adjusted funds from operations (AFFO) is a cash-based measure used mainly for real estate companies that starts with net income and removes accounting items plus recurring maintenance costs to show the cash a property business actually generates for owners. Think of it like a household budget: after counting your income, AFFO subtracts routine upkeep and tenant turnover bills so investors can see the money likely available for dividends or reinvestment. It matters because it gives a clearer picture of sustainable cash flow than raw accounting profit.

Normalized pro rata cash NOI financial

"Normalized pro rata cash NOI ($000s) (a) (b) ... 388,177"

Adjusted EBITDA financial

"Adjusted EBITDA ($000s) (a) (b) ... 379,568"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

Net debt to adjusted EBITDA financial

"Net debt to adjusted EBITDA (annualized) (a) (b) ... 5.7x"

Net debt to adjusted EBITDA is a leverage ratio that compares a company’s net debt (total interest-bearing debt minus cash) to its recurring operating earnings after removing one-off items. Think of it like how many years of steady take-home pay the business would need to pay off its outstanding debt; investors use it to gauge debt burden, financial risk and relative creditworthiness, with lower ratios generally indicating a safer balance sheet.

Contractual same-store rent growth financial

"Contractual same-store growth (k) ... 2.4%"

Senior Unsecured Notes financial

"Issued €500 million of 3.250% Senior Unsecured Notes due 2031"

Senior unsecured notes are a type of loan a company borrows from investors, promising to pay back with interest. They are called "unsecured" because they aren’t backed by specific assets like buildings or equipment, but "senior" because they are paid back before other debts if the company gets into trouble. Investors see them as a relatively safer way for companies to raise money.

Earnings Snapshot

Revenue including reimbursable costs: $454.5 million · Guidance included

Q1 2026

Revenue including reimbursable costs $454.5 million +10.9% YoY

Net income attributable to W. P. Carey $176.3 million +40.1% YoY

Diluted EPS $0.80 up from $0.57 in Q1 2025

AFFO $288.7 million higher vs $257.8 million in Q1 2025

AFFO per diluted share $1.30 +11.1% YoY from $1.17

Guidance

2026 AFFO guidance raised to $5.16–$5.26 per diluted share, based on expected full-year investment volume of $1.5–$2.0 billion.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/28/2026 - 04:09 PM

FAQ

How did W. P. Carey (WPC) perform financially in Q1 2026?

W. P. Carey reported stronger Q1 2026 results, with revenues of $454.5 million, up 10.9% year over year. Net income attributable to the company rose to $176.3 million, or $0.80 per diluted share, and AFFO per diluted share increased 11.1% to $1.30.

What 2026 guidance did W. P. Carey (WPC) provide for AFFO?

The company raised its 2026 AFFO guidance range to $5.16–$5.26 per diluted share. This outlook is based on higher anticipated full-year investment volume of $1.5–$2.0 billion, reflecting management’s expectations for continued deal activity and portfolio performance.

What dividend did W. P. Carey (WPC) declare for the first quarter of 2026?

W. P. Carey declared a first quarter 2026 cash dividend of $0.930 per share, equivalent to an annualized rate of $3.72 per share. The dividend payout ratio for the quarter was 71.5% of AFFO per diluted share, consistent with an income-focused REIT profile.

How active was W. P. Carey’s investment and disposition activity in Q1 2026?

Year to date, W. P. Carey completed investment volume of $682.0 million, including $585.3 million during Q1 2026. It also generated disposition proceeds of $162.6 million, highlighted by $75.2 million from selling its remaining 11 self-storage operating properties.

What is W. P. Carey’s leverage and liquidity position as of March 31, 2026?

At quarter end, W. P. Carey reported net debt of $8.69 billion and an enterprise value of $23.83 billion, implying net debt to enterprise value of 36.5%. Liquidity totaled $2.84 billion, including credit facility availability, cash and remaining forward equity proceeds.

How stable is W. P. Carey’s net-lease portfolio at the start of 2026?

The net-lease portfolio remained highly occupied and diversified, with 1,703 net-leased properties, occupancy of 98.1%, ABR of $1.58 billion and a weighted-average lease term of 12.1 years. About 48.6% of ABR was CPI-linked, supporting rent growth.

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): April 28, 2026

W. P. Carey Inc.

(Exact Name of Registrant as Specified in its Charter)


Maryland		001-13779	45-4549771
(State or other jurisdiction of incorporation)		(Commission File Number)	(IRS Employer Identification No.)

One Manhattan West, 395 9th Avenue, 58th Floor
New York,	New York		10001
(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 April 28, 2026, W. P. Carey Inc. (the “Company”) issued an earnings release announcing its financial results for the quarter ended March 31, 2026. 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 “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 of 1933, as amended (the “Securities Act”), or the Exchange Act.

Item 7.01 Regulation FD Disclosure.

On April 28, 2026, the Company made available certain unaudited supplemental financial information at March 31, 2026. A copy of this supplemental information is attached as Exhibit 99.2.

On April 28, 2026, the Company posted its first 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						Earnings release of the Company for the quarter ended March 31, 2026.

99.2						Supplemental financial information of the Company at March 31, 2026.

99.3						Investor presentation by the Company.

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:	April 28, 2026	By:	/s/ ToniAnn Sanzone
			ToniAnn Sanzone
			Chief Financial Officer

Exhibit 99.1

W. P. Carey Announces First Quarter 2026 Financial Results

New York, NY – April 28, 2026 – 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 first quarter ended March 31, 2026.

Financial Highlights


			2026 First Quarter
Net income attributable to W. P. Carey (millions)			$176.3
Diluted earnings per share			$0.80

AFFO (millions)			$288.7
AFFO per diluted share			$1.30

•Raising 2026 AFFO guidance range to between $5.16 and $5.26 per diluted share, based on higher anticipated full-year investment volume of between $1.5 billion and $2.0 billion

•First quarter cash dividend of $0.930 per share, equivalent to an annualized dividend rate of $3.72 per share

Real Estate Portfolio

•Investment volume of $682.0 million completed year to date, including $585.3 million during the first quarter and $96.7 million subsequent to quarter end

•Active capital investments and commitments of $178.8 million scheduled to be completed in the remainder of 2026

•Gross disposition proceeds of $162.6 million during the first quarter, including $75.2 million from the sale of the Company’s 11 remaining self-storage operating properties

•Contractual same-store rent growth of 2.4% year over year

Balance Sheet and Capitalization

•Equity –

◦Completed an underwritten public offering, selling 6.9 million shares of common stock subject to forward sale agreements, representing total gross proceeds of $496.8 million

◦Settled a portion of outstanding forward sale agreements for net proceeds totaling $247.1 million

◦Approximately $653.5 million of equity subject to forward sale agreements remained available for settlement at quarter end

•Debt –

◦Issued €500 million of 3.250% Senior Unsecured Notes due 2031

◦Issued €500 million of 3.750% Senior Unsecured Notes due 2035

◦Repaid €500 million of 2.250% Senior Unsecured Notes due 2026

W. P. Carey Inc. 3/31/2026 Earnings Release 8-K – 1

◦Amended senior unsecured credit facility, replacing a €215 million term loan with a new CAD$347 million term loan with an all-in rate of 3.1% at quarter end

MANAGEMENT COMMENTARY

“We’ve had a strong start to the year, backed by continued investment momentum and successful execution in the capital markets. Combined with the depth of our pipeline and the performance of our portfolio, this has enabled us to raise our full-year outlook for both investment volume and AFFO per share,” said Jason Fox, Chief Executive Officer.

“With substantial liquidity and our 2026 equity needs already addressed, we’re confident in our ability to continue deploying capital accretively. And based on the investments we’ve completed to date, our current pipeline and capital projects delivering this year, we have visibility into well over a billion dollars of investments at cap rates averaging in the mid-sevens. When coupled with our best-in-class rent escalations, we believe the strength and consistency of that growth will drive long‑term shareholder value.”

QUARTERLY FINANCIAL RESULTS

Revenues

•Revenues, including reimbursable costs, for the 2026 first quarter totaled $454.5 million, up 10.9% from $409.9 million for the 2025 first quarter.

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

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

◦Operating property revenues decreased due primarily to the sale of the Company’s entire self-storage operating portfolio, comprising 63 properties sold during 2025 and 11 properties sold during the 2026 first quarter.

Net Income Attributable to W. P. Carey

•Net income attributable to W. P. Carey for the 2026 first quarter was $176.3 million, up 40.1% from $125.8 million for the 2025 first quarter, due primarily to higher gains from remeasurement of foreign debt, a lower non-cash allowance for credit loss on finance leases, higher gain on sale of real estate and the accretive impact of net investment activity, partly offset by higher impairment charges.

Adjusted Funds from Operations (AFFO)

•AFFO for the 2026 first quarter was $1.30 per diluted share, up 11.1% from $1.17 per diluted share for the 2025 first quarter, primarily reflecting the accretive impact of net investment activity, rent escalations and higher other lease-related income, partly offset by higher interest expense.

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

Dividend

•On March 12, 2026, the Company reported that its Board of Directors increased its quarterly cash dividend to $0.930 per share, equivalent to an annualized dividend rate of $3.72 per share, representing a 4.5% increase compared to the 2025 first quarter. The dividend was paid on April 15, 2026 to shareholders of record as of March 31, 2026.

W. P. Carey Inc. 3/31/2026 Earnings Release 8-K – 2

AFFO GUIDANCE

•The Company has raised its guidance range for the 2026 full year, primarily reflecting higher expected investment volume and lower estimated potential rent loss from tenant credit events, and currently expects to report AFFO of between $5.16 and $5.26 per diluted share, based on the following key assumptions:

(i) investment volume of between $1.5 billion and $2.0 billion, which is revised higher;

(ii) disposition volume of between $250 million and $750 million, which is unchanged;

(iii) total general and administrative expenses of between $103 million and $106 million, which is unchanged;

(iv) property expenses, excluding reimbursable tenant costs, of between $56 million and $60 million, which is unchanged; and

(v) tax expense (on an AFFO basis) of between $45 million and $49 million, which is unchanged.

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 $682.0 million, including $585.3 million during the 2026 first quarter and $96.7 million subsequent to quarter end.

•The Company currently has nine capital investments and commitments totaling $178.8 million scheduled to be completed during 2026. In addition, the Company has two capital investments and commitments totaling $101.5 million scheduled to be completed during 2027.

Dispositions

•During the 2026 first quarter, the Company disposed of 19 properties for gross proceeds totaling $162.6 million, including the sale of the Company’s 11 remaining self-storage operating properties for gross proceeds totaling $75.2 million.

Contractual Same-Store Rent Growth

•As of March 31, 2026, contractual same-store rent growth was 2.4% year over year, on a constant currency basis.

Composition

•As of March 31, 2026, the Company’s net lease portfolio consisted of 1,703 properties, comprising 185 million square feet leased to 374 tenants, with a weighted-average lease term of 12.1 years and an occupancy rate of 98.1%. In addition, the Company owned four hotel operating properties and one student housing operating property, totaling approximately 0.5 million square feet.

W. P. Carey Inc. 3/31/2026 Earnings Release 8-K – 3

BALANCE SHEET AND CAPITALIZATION

Liquidity

•As of March 31, 2026, the Company had total liquidity of $2.8 billion, primarily comprising $1.9 billion of available capacity under its Senior Unsecured Credit Facility (net of amounts reserved for standby letters of credit), in addition to cash and cash equivalents and available net proceeds under unsettled forward equity sale agreements.

Forward Equity

• As previously announced, on February 17, 2026, the Company sold 6,000,000 shares of common stock subject to forward sale agreements through an underwritten public offering, and on February 24, 2026 sold an additional 900,000 shares of common stock subject to forward sale agreements through the full exercise of the underwriters’ option to purchase additional shares, for aggregate gross proceeds totaling $496.8 million.

• On March 31, 2026, the Company settled a portion of its outstanding forward sale agreements, issuing 3,450,000 shares of common stock for net proceeds totaling $247.1 million.

• As of March 31, 2026, in combination with shares of common stock sold during 2025 under its ATM program subject to forward sale agreements, the Company had a total of 9,708,496 shares available for settlement under forward sale agreements, representing anticipated net proceeds totaling approximately $653.5 million.

Senior Unsecured Notes

•As previously announced, on February 24, 2026, the Company completed an underwritten public offering of €1.0 billion in aggregate principal amount of senior unsecured notes, comprising the following tranches:

◦€500 million aggregate principal amount of 3.250% Senior Unsecured Notes due October 2, 2031; and

◦€500 million aggregate principal amount of 3.750% Senior Unsecured Notes due May 10, 2035.

•On March 13, 2026, the Company used a portion of the net proceeds from the offering to repay €500 million of 2.250% Senior Unsecured Notes.

Senior Unsecured Credit Facility Amendment

•As previously announced, on March 11, 2026, the Company amended its senior unsecured credit facility, replacing the €215 million term loan that it repaid in February with a new CAD$347 million term loan of an equivalent notional amount and under the same terms, duration and extension options. Proceeds were used primarily to finance new investment activity in Canada and it has a floating interest rate of Term CORRA + 80 basis points, for an all-in rate of approximately 3.1% as of March 31, 2026.

•The amendment also improved the Company’s revolver pricing grid by 5 basis points across all levels.

* * * * *

Supplemental Information

The Company has provided supplemental unaudited financial and operating information regarding the 2026 first 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 April 28, 2026, and made available on the Company’s website at ir.wpcarey.com/investor-relations.

* * * * *

W. P. Carey Inc. 3/31/2026 Earnings Release 8-K – 4

Live Conference Call and Audio Webcast Scheduled for Wednesday, April 29, 2026 at 11:00 a.m. Eastern Time

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

Date/Time: Wednesday, April 29, 2026 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 1,703 net lease properties covering approximately 185 million square feet as of March 31, 2026. 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 Europe, under long-term net leases with built-in rent escalations.

www.wpcarey.com

* * * * *

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 W. P. Carey’s ability to deploy capital, its current pipeline, its visibility into investment volume and cap rates, and statements about long-term shareholder value. 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, 2025. 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

W. P. Carey Inc. 3/31/2026 Earnings Release 8-K – 5

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. 3/31/2026 Earnings Release 8-K – 6

W. P. CAREY INC.

Consolidated Balance Sheets (Unaudited)

(in thousands, except share and per share amounts)



	March 31, 2026		December 31, 2025
Assets
Investments in real estate:
Land, buildings and improvements — net lease and other	$	14,624,466	$	14,451,306
Land, buildings and improvements — operating properties	228,074		286,079
Net investments in finance leases and loans receivable	1,199,048		1,171,886
In-place lease intangible assets and other	2,467,240		2,466,199
Above-market rent intangible assets	658,128		668,707
Investments in real estate	19,176,956		19,044,177
Accumulated depreciation and amortization (a)	(3,573,321)		(3,578,330)
Assets held for sale, net	10,536		3,327
Net investments in real estate	15,614,171		15,469,174
Equity method investments	309,337		310,178
Cash and cash equivalents	239,266		155,329
Other assets, net	1,053,277		1,068,480
Goodwill	983,970		987,071
Total assets	$	18,200,021	$	17,990,232

Liabilities and Equity
Debt:
Senior unsecured notes, net	$	7,415,872	$	6,950,261
Unsecured term loans, net	1,174,835		1,196,366
Unsecured revolving credit facility	61,968		435,417
Non-recourse mortgages, net	101,074		140,646
Debt, net	8,753,749		8,722,690
Accounts payable, accrued expenses and other liabilities	624,424		670,038
Below-market rent and other intangible liabilities, net	98,329		104,055
Deferred income taxes	151,742		151,820
Dividends payable	211,084		207,487
Total liabilities	9,839,328		9,856,090

Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued	—		—
Common stock, $0.001 par value, 450,000,000 shares authorized; 222,738,368 and 219,145,876 shares, respectively, issued and outstanding	223		219
Additional paid-in capital	12,059,559		11,830,737
Distributions in excess of accumulated earnings	(3,574,363)		(3,539,592)
Deferred compensation obligation	100,549		80,239
Accumulated other comprehensive loss	(241,286)		(253,346)
Total stockholders’ equity	8,344,682		8,118,257
Noncontrolling interests	16,011		15,885
Total equity	8,360,693		8,134,142
Total liabilities and equity	$	18,200,021	$	17,990,232

________

(a)Includes $2.1 billion of accumulated depreciation on buildings and improvements as of both March 31, 2026 and December 31, 2025, and $1.5 billion of accumulated amortization on lease intangibles as of both March 31, 2026 and December 31, 2025.

W. P. Carey Inc. 3/31/2026 Earnings Release 8-K – 7

W. P. CAREY INC.

Quarterly Consolidated Statements of Income (Unaudited)

(in thousands, except share and per share amounts)


	Three Months Ended
	March 31, 2026		December 31, 2025		March 31, 2025
Revenues
Real Estate:
Lease revenues	$	402,831	$	389,154	$	353,768
Income from finance leases and loans receivable	27,686		26,716		17,458
Operating property revenues	12,050		18,379		33,094
Other lease-related income	10,452		8,137		3,121
	453,019		442,386		407,441
Investment Management:
Other advisory income and reimbursements	1,000		1,076		1,067
Asset management revenue	490		1,085		1,350
	1,490		2,161		2,417
	454,509		444,547		409,858
Operating Expenses
Depreciation and amortization	136,183		145,339		129,607
Impairment charges — real estate	40,008		39,690		6,854
General and administrative	27,348		25,899		26,967
Reimbursable tenant costs	19,692		19,371		17,092
Property expenses, excluding reimbursable tenant costs	14,552		13,859		11,706
Operating property expenses	8,694		11,863		16,544
Stock-based compensation expense	7,441		8,650		9,148
Merger and other expenses	1,180		478		556
	255,098		265,149		218,474
Other Income and Expenses
Interest expense	(78,460)		(75,431)		(68,804)
Gain on sale of real estate, net	54,141		52,791		43,777
Other gains and (losses) (a)	6,791		(10,131)		(42,197)
Non-operating income (b)	4,704		2,516		7,910
Earnings from equity method investments	4,543		4,109		5,378
	(8,281)		(26,146)		(53,936)
Income before income taxes	191,130		153,252		137,448
(Provision for) benefit from income taxes	(14,634)		1,310		(11,632)
Net Income	176,496		154,562		125,816
Net (income) loss attributable to noncontrolling interests	(194)		(6,243)		8
Net Income Attributable to W. P. Carey	$	176,302	$	148,319	$	125,824

Basic Earnings Per Share	$	0.80	$	0.67	$	0.57
Diluted Earnings Per Share	$	0.80	$	0.67	$	0.57
Weighted-Average Shares Outstanding
Basic	220,620,496		220,469,827		220,401,156
Diluted	221,618,296		221,169,776		220,720,310

Dividends Declared Per Share	$	0.930	$	0.920	$	0.890

__________

(a)Amount for the three months ended March 31, 2026 primarily comprises net gains on foreign currency exchange rate movements of $15.5 million, a mark-to-market unrealized loss for our investment in shares of Lineage of $10.3 million and non-cash unrealized gains on non-hedging derivatives of $2.2 million.

(b)Amount for the three months ended March 31, 2026 comprises a dividend of $2.9 million from our investment in shares of Lineage, interest income on deposits of $2.0 million and realized losses on foreign currency exchange derivatives of $0.2 million.

W. P. Carey Inc. 3/31/2026 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
	March 31, 2026		December 31, 2025		March 31, 2025
Net income attributable to W. P. Carey	$	176,302	$	148,319	$	125,824
Adjustments:
Depreciation and amortization of real property	135,480		144,641		128,937
Gain on sale of real estate, net	(54,141)		(52,791)		(43,777)
Impairment charges — real estate	40,008		39,690		6,854
Proportionate share of adjustments to earnings from equity method investments (a)	2,263		2,255		1,643
Proportionate share of adjustments for noncontrolling interests (b)	(25)		5,958		(78)
Total adjustments	123,585		139,753		93,579
FFO (as defined by NAREIT) Attributable to W. P. Carey (c)	299,887		288,072		219,403
Adjustments:
Straight-line and other leasing and financing adjustments	(24,178)		(20,758)		(19,033)
Stock-based compensation	7,441		8,650		9,148
Other (gains) and losses (d)	(6,791)		10,131		42,197
Amortization of deferred financing costs	5,139		4,888		4,782
Tax expense (benefit) – deferred and other	2,727		(11,708)		(782)
Above- and below-market rent intangible lease amortization, net	2,498		941		1,123
Merger and other expenses	1,180		478		556
Other amortization and non-cash items	593		589		560
Proportionate share of adjustments to earnings from equity method investments (a)	213		(43)		(86)
Proportionate share of adjustments for noncontrolling interests (b)	(52)		(116)		(48)
Total adjustments	(11,230)		(6,948)		38,417
AFFO Attributable to W. P. Carey (c)	$	288,657	$	281,124	$	257,820

Summary
FFO (as defined by NAREIT) attributable to W. P. Carey (c)	$	299,887	$	288,072	$	219,403
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share (c)	$	1.35	$	1.30	$	0.99
AFFO attributable to W. P. Carey (c)	$	288,657	$	281,124	$	257,820
AFFO attributable to W. P. Carey per diluted share (c)	$	1.30	$	1.27	$	1.17
Diluted weighted-average shares outstanding	221,618,296		221,169,776		220,720,310

__________

(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 March 31, 2026 primarily comprises net gains on foreign currency exchange rate movements of $15.5 million, a mark-to-market unrealized loss for our investment in shares of Lineage of $10.3 million, and non-cash unrealized gains on non-hedging derivatives of $2.2 million.

W. P. Carey Inc. 3/31/2026 Earnings Release 8-K – 9

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 because they are not the primary drivers in our decision-making process and excluding these items provides investors with a view of our portfolio performance over time and makes it more comparable to other REITs. AFFO also reflects adjustments for unconsolidated partnerships and jointly owned investments. We use AFFO as one measure of our operating performance when we formulate corporate goals, evaluate the effectiveness of our strategies and determine executive compensation.

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

W. P. Carey Inc. 3/31/2026 Earnings Release 8-K – 10

Exhibit 99.2

W. P. Carey Inc.

Supplemental Information

First Quarter 2026

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
TIBOR			Tokyo Interbank Offered Rate
CORRA			Canadian Overnight Repo Rate Average
SONIA			Sterling Overnight Index Average

Important Note Regarding Non-GAAP Financial Measures

This supplemental package includes certain “non-GAAP” supplemental measures that are not defined by generally accepted accounting principles (“GAAP”), including funds from operations (“FFO”); adjusted funds from operations (“AFFO”); earnings before interest, taxes, depreciation and amortization (“EBITDA”); adjusted EBITDA; pro rata cash net operating income (“pro rata cash NOI”); normalized pro rata cash NOI; and same-store pro rata rental income. FFO is a non-GAAP measure defined by NAREIT. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP measures are provided within this supplemental package. In addition, refer to the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of these non-GAAP financial measures and other metrics.

Amounts may not sum to totals due to rounding.

W. P. Carey Inc.

Supplemental Information – First Quarter 2026


Table of Contents


Overview
Summary Metrics			1
Components of Net Asset Value			3

Financial Results
Consolidated Statements of Income – Last Five Quarters			6
FFO and AFFO, Consolidated – Last Five Quarters			7
Elements of Pro Rata Statement of Income and AFFO Adjustments			8
Capital Expenditures			9

Balance Sheets and Capitalization
Consolidated Balance Sheets			11
Capitalization			12
Debt Overview			13
Debt Maturity			14
Senior Unsecured Notes			15

Real Estate
Investment Activity
Investment Volume			17
Capital Investments and Commitments			18
Dispositions			19
Joint Ventures			20
Top 25 Tenants			21
Diversification by Property Type			22
Diversification by Tenant Industry			23
Diversification by Geography			24
Contractual Rent Increases			25
Same-Store Analysis			26
Leasing Activity			29
Lease Expirations			30

Appendix
Normalized Pro Rata Cash NOI			32
Adjusted EBITDA – Last Five Quarters			34
Reconciliation of Net Debt to Adjusted EBITDA			35
Disclosures Regarding Non-GAAP and Other Metrics			36

W. P. Carey Inc.

Overview – First Quarter 2026


Summary Metrics

As of or for the three months ended March 31, 2026.


Financial Results
Revenues, including reimbursable costs – consolidated ($000s)	$	454,509
Net income attributable to W. P. Carey ($000s)	176,302
Net income attributable to W. P. Carey per diluted share	0.80
Normalized pro rata cash NOI ($000s) (a) (b)	388,177
Adjusted EBITDA ($000s) (a) (b)	379,568
AFFO attributable to W. P. Carey ($000s) (a) (b)	288,657
AFFO attributable to W. P. Carey per diluted share (a) (b)	1.30

Dividends declared per share – current quarter	0.930
Dividends declared per share – current quarter annualized	3.720
Dividend yield – annualized, based on quarter end share price of $67.96	5.5		%
Dividend payout ratio – for the three months ended March 31, 2026 (c)	71.5		%

Balance Sheet and Capitalization
Equity market capitalization – based on quarter end share price of $67.96 ($000s)	$	15,137,299
Net debt ($000s) (d)	8,690,382
Enterprise value ($000s)	23,827,681

Total consolidated debt ($000s)	8,753,749
Gross assets ($000s) (e)	20,290,644
Liquidity ($000s) (f)	2,839,374

Net debt to enterprise value (b)	36.5		%
Net debt to adjusted EBITDA (annualized) (a) (b)	5.7x
Net debt to adjusted EBITDA (annualized) – inclusive of unsettled forward equity (a) (b) (g)	5.3x
Total consolidated debt to gross assets	43.1		%
Total consolidated secured debt to gross assets	0.5		%


Weighted-average interest rate – for the three months ended March 31, 2026 (b)	3.1		%
Weighted-average interest rate – as of March 31, 2026 (b)	3.2		%
Weighted-average debt maturity (years) (b)	4.8

Moody's Investors Service – issuer rating	Baa1 (stable)
Standard & Poor's Ratings Services – issuer rating	BBB+ (stable)

Real Estate Portfolio (Pro Rata)
ABR – total portfolio ($000s) (h)	$	1,583,792

Number of net-leased properties	1,703
Number of operating properties (i)	5
Number of tenants – net-leased properties	374

ABR from top ten tenants as a % of total ABR – net-leased properties	18.3		%
ABR from investment grade tenants as a % of total ABR – net-leased properties (j)	21.6		%
Contractual same-store growth (k)	2.4		%

Net-leased properties – square footage (millions)	185.3

Occupancy – net-leased properties	98.1		%
Weighted-average lease term (years)	12.1

Investment volume – current quarter ($000s)	$	585,348
Dispositions – current quarter ($000s)	162,566

Maximum commitment for capital investments and commitments expected to be completed during 2026 ($000s)	178,835

________


						Investing for the Long Run® \| 1

W. P. Carey Inc.

Overview – First Quarter 2026

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

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

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

(d)Represents total pro rata debt outstanding less consolidated cash and cash equivalents. See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of pro rata.

(e)Gross assets represent consolidated total assets before accumulated depreciation on buildings and improvements. Gross assets are net of accumulated amortization on in-place lease intangible assets of $984.9 million and above-market rent intangible assets of $497.8 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) available proceeds under our forward equity agreements (based on 9,708,496 remaining shares and total expected net proceeds of $653.5 million as of March 31, 2026, which will be updated at each quarter end).

(g)Reflects the impact of 9,708,496 shares of unsettled forward equity, as if they had been settled for cash, for total expected net proceeds of $653.5 million as of March 31, 2026.

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

(i)Comprises four hotels and one student housing property.

(j)Percentage of portfolio is based on ABR, as of March 31, 2026. Includes tenants or guarantors with investment grade ratings (15.0%) and subsidiaries of non-guarantor parent companies with investment grade ratings (6.6%). Investment grade refers to an entity with a rating of BBB- or higher from Standard & Poor’s Ratings Services or Baa3 or higher from Moody’s Investors Service. See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of ABR.

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


						Investing for the Long Run® \| 2

W. P. Carey Inc.

Overview – First Quarter 2026


Components of Net Asset Value

In thousands.


Normalized Pro Rata Cash NOI (a) (b)	Three Months Ended Mar. 31, 2026
Net lease properties	$	385,913
Operating properties (c)	2,264
Total normalized pro rata cash NOI (a) (b)	$	388,177

Balance Sheet – Selected Information (Consolidated Unless Otherwise Stated)	As of Mar. 31, 2026
Assets
Book value of real estate excluded from normalized pro rata cash NOI (d)	$	209,840
Cash and cash equivalents	239,266
Las Vegas retail complex construction loan (e)	245,884
Other secured loans receivable, net	38,278
Other assets, net:
Straight-line rent adjustments	$	486,925
Investment in shares of Lineage (a cold storage REIT) (f)	157,195
Taxes receivable	92,590
Deferred charges	76,507
Non-rent tenant and other receivables	50,050
Restricted cash, including escrow	48,441
Office lease right-of-use assets, net	46,788
Deferred income taxes	31,272
Prepaid expenses	19,723
Securities and derivatives	11,504
Leasehold improvements, furniture and fixtures	10,506
Rent receivables (g)	2,095
Due from affiliates	590
Other	19,091
Total other assets, net	$	1,053,277

Liabilities
Total pro rata debt outstanding (b) (h)	$	8,929,648
Dividends payable	211,084
Deferred income taxes	151,742
Accounts payable, accrued expenses and other liabilities:
Accounts payable and accrued expenses	$	171,559
Prepaid and deferred rents	171,060
Operating lease liabilities	135,397
Tenant security deposits	56,317
Accrued taxes payable	40,615
Securities and derivatives	8,365
Other	41,111
Total accounts payable, accrued expenses and other liabilities	$	624,424

________

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

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

(c)Operating properties include four hotels and one student housing property.

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

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

(f)Our investment in 5,546,547 shares of Lineage is valued on the balance sheet using the closing share price at the end of each quarter, net of an estimated sponsor promote.


						Investing for the Long Run® \| 3

W. P. Carey Inc.

Overview – First Quarter 2026

(g)Comprises rent receivables that were substantially collected as of the date of this report.

(h)Excludes unamortized discount, net totaling $49.4 million and unamortized deferred financing costs totaling $37.0 million as of March 31, 2026.


						Investing for the Long Run® \| 4

W. P. Carey Inc.

Financial Results

First Quarter 2026


						Investing for the Long Run® \| 5

W. P. Carey Inc.

Financial Results – First Quarter 2026


Consolidated Statements of Income – Last Five Quarters

In thousands, except share and per share amounts.


	Three Months Ended
	Mar. 31, 2026		Dec. 31, 2025		Sep. 30, 2025		Jun. 30, 2025		Mar. 31, 2025
Revenues
Real Estate:
Lease revenues	$	402,831	$	389,154	$	372,087	$	364,195	$	353,768
Income from finance leases and loans receivable	27,686		26,716		26,498		20,276		17,458
Operating property revenues	12,050		18,379		26,771		34,287		33,094
Other lease-related income	10,452		8,137		3,660		9,643		3,121
	453,019		442,386		429,016		428,401		407,441
Investment Management:
Other advisory income and reimbursements	1,000		1,076		1,069		1,072		1,067
Asset management revenue	490		1,085		1,218		1,304		1,350
	1,490		2,161		2,287		2,376		2,417
	454,509		444,547		431,303		430,777		409,858
Operating Expenses
Depreciation and amortization	136,183		145,339		125,586		120,595		129,607
Impairment charges — real estate	40,008		39,690		19,474		4,349		6,854
General and administrative	27,348		25,899		23,656		24,150		26,967
Reimbursable tenant costs	19,692		19,371		14,562		17,718		17,092
Property expenses, excluding reimbursable tenant costs	14,552		13,859		14,637		13,623		11,706
Operating property expenses	8,694		11,863		15,049		16,721		16,544
Stock-based compensation expense	7,441		8,650		11,153		10,943		9,148
Merger and other expenses	1,180		478		1,021		192		556
	255,098		265,149		225,138		208,291		218,474
Other Income and Expenses
Interest expense	(78,460)		(75,431)		(75,226)		(71,795)		(68,804)
Gain on sale of real estate, net	54,141		52,791		44,401		52,824		43,777
Other gains and (losses) (a)	6,791		(10,131)		(31,011)		(148,768)		(42,197)
Non-operating income (b)	4,704		2,516		3,030		3,495		7,910
Earnings from equity method investments	4,543		4,109		2,361		6,161		5,378
	(8,281)		(26,146)		(56,445)		(158,083)		(53,936)
Income before income taxes	191,130		153,252		149,720		64,403		137,448
(Provision for) benefit from income taxes	(14,634)		1,310		(8,495)		(13,091)		(11,632)
Net Income	176,496		154,562		141,225		51,312		125,816
Net (income) loss attributable to noncontrolling interests (c)	(194)		(6,243)		(229)		(92)		8
Net Income Attributable to W. P. Carey	$	176,302	$	148,319	$	140,996	$	51,220	$	125,824

Basic Earnings Per Share	$	0.80	$	0.67	$	0.64	$	0.23	$	0.57
Diluted Earnings Per Share	$	0.80	$	0.67	$	0.64	$	0.23	$	0.57
Weighted-Average Shares Outstanding
Basic	220,620,496		220,469,827		220,562,909		220,569,259		220,401,156
Diluted	221,618,296		221,169,776		221,087,833		220,874,935		220,720,310

Dividends Declared Per Share	$	0.930	$	0.920	$	0.910	$	0.900	$	0.890

________

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


						Investing for the Long Run® \| 6

W. P. Carey Inc.

Financial Results – First Quarter 2026


FFO and AFFO, Consolidated – Last Five Quarters

In thousands, except share and per share amounts.


	Three Months Ended
	Mar. 31, 2026		Dec. 31, 2025		Sep. 30, 2025		Jun. 30, 2025		Mar. 31, 2025
Net income attributable to W. P. Carey	$	176,302	$	148,319	$	140,996	$	51,220	$	125,824
Adjustments:
Depreciation and amortization of real property	135,480		144,641		124,906		119,930		128,937
Gain on sale of real estate, net	(54,141)		(52,791)		(44,401)		(52,824)		(43,777)
Impairment charges — real estate	40,008		39,690		19,474		4,349		6,854
Proportionate share of adjustments to earnings from equity method investments (a)	2,263		2,255		2,271		2,231		1,643
Proportionate share of adjustments for noncontrolling interests (b) (c)	(25)		5,958		(82)		(82)		(78)
Total adjustments	123,585		139,753		102,168		73,604		93,579
FFO (as defined by NAREIT) Attributable to W. P. Carey (d)	299,887		288,072		243,164		124,824		219,403
Adjustments:
Straight-line and other leasing and financing adjustments	(24,178)		(20,758)		(20,424)		(15,374)		(19,033)
Stock-based compensation	7,441		8,650		11,153		10,943		9,148
Other (gains) and losses (e)	(6,791)		10,131		31,011		148,768		42,197
Amortization of deferred financing costs	5,139		4,888		4,874		4,628		4,782
Tax expense (benefit) — deferred and other	2,727		(11,708)		(1,215)		2,820		(782)
Above- and below-market rent intangible lease amortization, net	2,498		941		4,363		5,061		1,123
Merger and other expenses	1,180		478		1,021		192		556
Other amortization and non-cash items	593		589		587		579		560
Proportionate share of adjustments to earnings from equity method investments (a)	213		(43)		2,194		309		(86)
Proportionate share of adjustments for noncontrolling interests (b)	(52)		(116)		(99)		(80)		(48)
Total adjustments	(11,230)		(6,948)		33,465		157,846		38,417
AFFO Attributable to W. P. Carey (d)	$	288,657	$	281,124	$	276,629	$	282,670	$	257,820

Summary
FFO (as defined by NAREIT) attributable to W. P. Carey (d)	$	299,887	$	288,072	$	243,164	$	124,824	$	219,403
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share (d)	$	1.35	$	1.30	$	1.10	$	0.57	$	0.99
AFFO attributable to W. P. Carey (d)	$	288,657	$	281,124	$	276,629	$	282,670	$	257,820
AFFO attributable to W. P. Carey per diluted share (d)	$	1.30	$	1.27	$	1.25	$	1.28	$	1.17
Diluted weighted-average shares outstanding	221,618,296		221,169,776		221,087,833		220,874,935		220,720,310

________

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

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

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

(e)Amount for the three months ended March 31, 2026 primarily comprises net gains on foreign currency exchange rate movements of $15.5 million, a mark-to-market unrealized loss for our investment in shares of Lineage of $10.3 million, and non-cash unrealized gains on non-hedging derivatives of $2.2 million.


						Investing for the Long Run® \| 7

W. P. Carey Inc.

Financial Results – First Quarter 2026


Elements of Pro Rata Statement of Income and AFFO Adjustments

In thousands. For the three months ended March 31, 2026.

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


	Equity Method Investments (a)		Noncontrolling Interests (b)		AFFO Adjustments
Revenues
Real Estate:
Lease revenues	$	6,555	$	(89)	$	(20,890)	(c)
Income from finance leases and loans receivable	93		(75)		(828)
Operating property revenues	—				—
Other lease-related income	1		—		—

Investment Management:
Other advisory income and reimbursements	—		—		—
Asset management revenue	—		—		—

Operating Expenses
Depreciation and amortization	2,036		(25)		(137,593)		(d)
Impairment charges — real estate	—		—		(40,008)		(e)
General and administrative	2		—		—
Reimbursable tenant costs	575		(29)		—
Property expenses, excluding reimbursable tenant costs	645		(8)		(485)		(e)
Operating property expenses	—		—		(31)		(e)
Stock-based compensation expense	—		—		(7,441)		(e)
Merger and other expenses	—		—		(1,180)

Other Income and Expenses
Interest expense	(783)		—		5,167		(f)
Gain on sale of real estate, net	—		—		(54,141)
Other gains and (losses)	—		58		(6,849)		(g)
Non-operating income	98		—		—
Earnings from equity method investments	(2,608)		—		327		(h)

Provision for income taxes	(98)		(5)		2,831		(i)
Net income attributable to noncontrolling interests	—		49		—

________

(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 $2.5 million and the elimination of non-cash amounts related to straight-line rent and other of $23.4 million.

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

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

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

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

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

(i)Primarily represents the elimination of deferred taxes.


						Investing for the Long Run® \| 8

W. P. Carey Inc.

Financial Results – First Quarter 2026


Capital Expenditures

In thousands. For the three months ended March 31, 2026.


Turnover Costs (a)
Tenant improvements	$	3,689
Leasing costs	2,216
Total Tenant Improvements and Leasing Costs	5,905
Property improvements — net-lease properties	1,130
Property improvements — operating properties	—
Total Turnover Costs	$	7,035

Maintenance Capital Expenditures
Net-lease properties	$	2,607
Operating properties	269
Total Maintenance Capital Expenditures	$	2,876

________

(a)Turnover costs include the estimated landlord obligations in connection with the signing of a lease and exclude costs related to a first generation lease (for example, redevelopments and other capital commitments), which are included in the Investment Activity – Capital Investments and Commitments section.


						Investing for the Long Run® \| 9

W. P. Carey Inc.

Balance Sheets and Capitalization

First Quarter 2026


						Investing for the Long Run® \| 10

W. P. Carey Inc.

Balance Sheets and Capitalization – First Quarter 2026


Consolidated Balance Sheets

In thousands, except share and per share amounts.



	March 31, 2026		December 31, 2025
Assets
Investments in real estate:
Land, buildings and improvements — net lease and other	$	14,624,466	$	14,451,306
Land, buildings and improvements — operating properties	228,074		286,079
Net investments in finance leases and loans receivable	1,199,048		1,171,886
In-place lease intangible assets and other	2,467,240		2,466,199
Above-market rent intangible assets	658,128		668,707
Investments in real estate	19,176,956		19,044,177
Accumulated depreciation and amortization (a)	(3,573,321)		(3,578,330)
Assets held for sale, net	10,536		3,327
Net investments in real estate	15,614,171		15,469,174
Equity method investments	309,337		310,178
Cash and cash equivalents	239,266		155,329
Other assets, net	1,053,277		1,068,480
Goodwill	983,970		987,071
Total assets	$	18,200,021	$	17,990,232

Liabilities and Equity
Debt:
Senior unsecured notes, net	$	7,415,872	$	6,950,261
Unsecured term loans, net	1,174,835		1,196,366
Unsecured revolving credit facility	61,968		435,417
Non-recourse mortgages, net	101,074		140,646
Debt, net	8,753,749		8,722,690
Accounts payable, accrued expenses and other liabilities	624,424		670,038
Below-market rent and other intangible liabilities, net	98,329		104,055
Deferred income taxes	151,742		151,820
Dividends payable	211,084		207,487
Total liabilities	9,839,328		9,856,090

Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued	—		—
Common stock, $0.001 par value, 450,000,000 shares authorized; 222,738,368 and 219,145,876 shares, respectively, issued and outstanding	223		219
Additional paid-in capital	12,059,559		11,830,737
Distributions in excess of accumulated earnings	(3,574,363)		(3,539,592)
Deferred compensation obligation	100,549		80,239
Accumulated other comprehensive loss	(241,286)		(253,346)
Total stockholders' equity	8,344,682		8,118,257
Noncontrolling interests	16,011		15,885
Total equity	8,360,693		8,134,142
Total liabilities and equity	$	18,200,021	$	17,990,232

________


						Investing for the Long Run® \| 11

W. P. Carey Inc.

Balance Sheets and Capitalization – First Quarter 2026


Capitalization

In thousands, except share and per share amounts. As of March 31, 2026.


Description	Shares	Share Price		Market Value
Equity
Common equity	222,738,368	$	67.96	$	15,137,299
Preferred equity				—
Total Equity Market Capitalization				15,137,299

				Outstanding Balance (a)
Pro Rata Debt
Non-recourse mortgages				193,075
Unsecured term loans (due February 14, 2028)				606,780
Unsecured term loan (due April 24, 2029)				574,900
Unsecured revolving credit facility (due February 14, 2029)				61,968
Senior unsecured notes:
Due October 1, 2026 (USD)				350,000
Due April 15, 2027 (EUR)				574,900
Due April 15, 2028 (EUR)				574,900
Due July 15, 2029 (USD)				325,000
Due September 28, 2029 (EUR)				172,470
Due June 1, 2030 (EUR)				603,645
Due July 15, 2030 (USD)				400,000
Due February 1, 2031 (USD)				500,000
Due October 2, 2031 (EUR)				574,900
Due February 1, 2032 (USD)				350,000
Due July 23, 2032 (EUR)				747,370
Due September 28, 2032 (EUR)				229,960
Due April 1, 2033 (USD)				425,000
Due June 30, 2034 (USD)				400,000
Due November 19, 2034 (EUR)				689,880
Due May 10, 2035 (EUR)				574,900
Total Pro Rata Debt				8,929,648

Total Capitalization				$	24,066,947

________

(a)Excludes unamortized discount, net totaling $49.4 million and unamortized deferred financing costs totaling $37.0 million as of March 31, 2026.


						Investing for the Long Run® \| 12

W. P. Carey Inc.

Balance Sheets and Capitalization – First Quarter 2026


Debt Overview

Dollars in thousands. Pro rata. As of March 31, 2026.


	USD-Denominated				EUR-Denominated				Other Currencies (a)				Total
													Outstanding Balance
	Out-standing Balance (in USD)		Weigh-ted Avg. Interest Rate		Out-standing Balance (in USD)		Weigh-ted Avg. Interest Rate		Out-standing Balance (in USD)		Weigh-ted Avg. Interest Rate		Amount (in USD)		% of Total		Weigh-ted Avg. Interest Rate		Weigh-ted Avg. Maturity (Years)
Non-Recourse Debt (b) (c)
Fixed (d)	$	70,221	4.5	%	$	68,507	5.2	%	$	20,285	4.6	%	$	159,013	1.8	%	4.8	%	1.8
Floating	—		—	%	34,062		3.8	%	—		—	%	34,062		0.4	%	3.8	%	0.1
Total Pro Rata Non-Recourse Debt	70,221		4.5	%	102,569		4.7	%	20,285		4.6	%	193,075		2.2	%	4.6	%	1.5

Recourse Debt (b) (c)
Fixed – Senior unsecured notes:
Due October 1, 2026	350,000		4.3	%	—		—	%	—		—	%	350,000		3.9	%	4.3	%	0.5
Due April 15, 2027	—		—	%	574,900		2.1	%	—		—	%	574,900		6.4	%	2.1	%	1.0
Due April 15, 2028	—		—	%	574,900		1.4	%	—		—	%	574,900		6.4	%	1.4	%	2.0
Due July 15, 2029	325,000		3.9	%	—		—	%	—		—	%	325,000		3.6	%	3.9	%	3.3
Due September 28, 2029	—		—	%	172,470		3.4	%	—		—	%	172,470		1.9	%	3.4	%	3.5
Due June 1, 2030	—		—	%	603,645		1.0	%	—		—	%	603,645		6.8	%	1.0	%	4.2
Due July 15, 2030	400,000		4.7	%	—		—	%	—		—	%	400,000		4.5	%	4.7	%	4.3
Due February 1, 2031	500,000		2.4	%	—		—	%	—		—	%	500,000		5.6	%	2.4	%	4.8
Due October 2, 2031	—		—	%	574,900		3.3	%	—		—	%	574,900		6.4	%	3.3	%	5.5
Due February 1, 2032	350,000		2.5	%	—		—	%	—		—	%	350,000		3.9	%	2.5	%	5.8
Due July 23, 2032	—		—	%	747,370		4.3	%	—		—	%	747,370		8.4	%	4.3	%	6.3
Due September 28, 2032	—		—	%	229,960		3.7	%	—		—	%	229,960		2.7	%	3.7	%	6.5
Due April 1, 2033	425,000		2.3	%	—		—	%	—		—	%	425,000		4.8	%	2.3	%	7.0
Due June 30, 2034	400,000		5.4	%	—		—	%	—		—	%	400,000		4.5	%	5.4	%	8.3
Due November 19, 2034	—		—	%	689,880		3.7	%	—		—	%	689,880		7.7	%	3.7	%	8.6
Due May 10, 2035	—		—	%	574,900		3.8	%	—		—	%	574,900		6.4	%	3.8	%	9.1
Total Senior Unsecured Notes	2,750,000		3.6	%	4,742,925		2.9	%	—		—	%	7,492,925		83.9	%	3.1	%	5.2
Swapped to Fixed:
Unsecured term loan (due April 24, 2029) (e)	—		—	%	574,900		2.8	%	—		—	%	574,900		6.4	%	2.8	%	3.1
Unsecured term loan (due February 14, 2028) (e)	—		—	%	—		—	%	357,521		4.7	%	357,521		4.0	%	4.7	%	1.9
Floating:
Unsecured revolving credit facility (due February 14, 2029) (f)	—		—	%	5,749		2.6	%	56,219		3.4	%	61,968		0.7	%	3.4	%	2.9
Unsecured term loan (due February 14, 2028) (g)	—		—	%	—		—	%	249,259		3.1	%	249,259		2.8	%	3.1	%	1.9
Total Recourse Debt	2,750,000		3.6	%	5,323,574		2.9	%	662,999		4.0	%	8,736,573		97.8	%	3.2	%	4.8

Total Pro Rata Debt Outstanding	$	2,820,221	3.6	%	$	5,426,143	2.9	%	$	683,284	4.0	%	$	8,929,648	100.0	%	3.2	%	4.8

________

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

(b)Debt data is presented on a pro rata basis as of March 31, 2026. See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of pro rata.

(c)Excludes unamortized discount, net totaling $49.4 million and unamortized deferred financing costs totaling $37.0 million as of March 31, 2026.

(d)Includes $67.6 million of non-recourse mortgage debt which is swapped to fixed-rate through mortgage maturity.

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

(f)We incurred interest on our Unsecured revolving credit facility at TIBOR, CORRA, SONIA or EURIBOR, plus 0.685% for all base rates as of March 31, 2026. Each has a floor of 0.00% under the terms of our credit agreement. Availability under our Unsecured revolving credit facility (net of amounts reserved for standby letters of credit) was approximately $1.9 billion as of March 31, 2026.

(g)We incurred interest at CORRA, plus 0.80% on this Unsecured term loan as of March 31, 2026.


						Investing for the Long Run® \| 13

W. P. Carey Inc.

Balance Sheets and Capitalization – First Quarter 2026


Debt Maturity

Dollars in thousands. Pro rata. As of March 31, 2026.


	Real Estate			Debt
	Number of Properties (a)			Weighted-Average Interest Rate				Total Outstanding Balance (b) (c)		% of Total Outstanding Balance
Year of Maturity		ABR (a)				Balloon
Non-Recourse Debt
Remaining 2026	20	$	18,879	4.3	%	$	68,123	$	68,986	0.8	%
2027	3	1,272		4.2	%	28,411		28,655		0.4	%
2028	5	13,927		5.0	%	72,975		78,429		0.9	%
2029	3	1,464		4.0	%	10,911		11,712		0.1	%
2031	1	1,158		6.0	%	—		2,009		—	%
2033	1	1,504		5.6	%	1,648		3,284		—	%
Total Pro Rata Non-Recourse Debt	33	$	38,204	4.6	%	$	182,068	193,075		2.2	%

Recourse Debt
Fixed – Senior unsecured notes:
Due October 1, 2026 (USD)				4.3	%			350,000		3.9	%
Due April 15, 2027 (EUR)				2.1	%			574,900		6.4	%
Due April 15, 2028 (EUR)				1.4	%			574,900		6.4	%
Due July 15, 2029 (USD)				3.9	%			325,000		3.6	%
Due September 28, 2029 (EUR)				3.4	%			172,470		1.9	%
Due June 1, 2030 (EUR)				1.0	%			603,645		6.8	%
Due July 15, 2030 (USD)				4.7	%			400,000		4.5	%
Due February 1, 2031 (USD)				2.4	%			500,000		5.6	%
Due October 2, 2031 (EUR)				3.3	%			574,900		6.4	%
Due February 1, 2032 (USD)				2.5	%			350,000		3.9	%
Due July 23, 2032 (EUR)				4.3	%			747,370		8.4	%
Due September 28, 2032 (EUR)				3.7	%			229,960		2.7	%
Due April 1, 2033 (USD)				2.3	%			425,000		4.8	%
Due June 30, 2034 (USD)				5.4	%			400,000		4.5	%
Due November 19, 2034 (EUR)				3.7	%			689,880		7.7	%
Due May 10, 2035 (EUR)				3.8	%			574,900		6.4	%
Total Senior Unsecured Notes				3.1	%			7,492,925		83.9	%
Swapped to Fixed:
Unsecured term loan (due April 24, 2029) (d)				2.8	%			574,900		6.4	%
Unsecured term loan (due February 14, 2028) (d)				4.7	%			357,521		4.0	%
Floating:
Unsecured revolving credit facility (due February 14, 2029) (e)				3.4	%			61,968		0.7	%
Unsecured term loan (due February 14, 2028) (f)				3.1	%			249,259		2.8	%
Total Recourse Debt				3.2	%			8,736,573		97.8	%

Total Pro Rata Debt Outstanding				3.2	%			$	8,929,648	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 March 31, 2026. See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of pro rata. Total outstanding balance includes balloon payments and scheduled amortization for our non-recourse debt.

(c)Excludes unamortized discount, net totaling $49.4 million and unamortized deferred financing costs totaling $37.0 million as of March 31, 2026.

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

(e)We incurred interest on our Unsecured revolving credit facility at TIBOR, CORRA, SONIA or EURIBOR, plus 0.685% for all base rates as of March 31, 2026. Each has a floor of 0.00% under the terms of our credit agreement. Availability under our Unsecured revolving credit facility (net of amounts reserved for standby letters of credit) was approximately $1.9 billion as of March 31, 2026.

(f)We incurred interest at CORRA, plus 0.80% on this Unsecured term loan as of March 31, 2026.


						Investing for the Long Run® \| 14

W. P. Carey Inc.

Balance Sheets and Capitalization – First Quarter 2026


Senior Unsecured Notes

As of March 31, 2026.

Ratings

Issuer

Senior Unsecured Notes

Ratings Agency

Rating

Outlook

Rating

Moody's

Baa1

Stable

Baa1

Standard & Poor’s

BBB+

Stable

BBB+

Senior Unsecured Note Covenants

The following is a summary of the key financial covenants for the Senior Unsecured Notes, along with our estimated calculations of our compliance with those covenants at the end of the period presented. These ratios are not measures of our liquidity or performance and serve only to demonstrate our ability to incur additional debt, as permitted by the covenants for the Senior Unsecured Notes.

Covenant

Metric

Required

As of
Mar. 31, 2026

Limitation on the incurrence of debt

"Total Debt" /
"Total Assets"

≤ 60%

41.1%

Limitation on the incurrence of secured debt

"Secured Debt" /
"Total Assets"

≤ 40%

0.5%

Limitation on the incurrence of debt based on consolidated EBITDA to annual debt service charge

"Consolidated EBITDA" /
"Annual Debt Service Charge"

≥ 1.5x

4.7x

Maintenance of unencumbered asset value

"Unencumbered Assets" / "Total Unsecured Debt"

≥ 150%

236.9%


						Investing for the Long Run® \| 15

W. P. Carey Inc.

Real Estate

First Quarter 2026


						Investing for the Long Run® \| 16

W. P. Carey Inc.

Real Estate – First Quarter 2026


Investment Activity – Investment Volume

Dollars in thousands. Pro rata. For the three months ended March 31, 2026.

Property Type(s)

Closing Date / Asset Completion Date

Gross Investment Amount

Investment Type

Lease Term (Years) (a)

Gross Square Footage

Tenant

Property Location(s)

1Q26

Hedin Mobility Group (b)

Amsterdam, The Netherlands

Retail

Jan-26

17,636

Build-to-Suit

62,810

Dollar General

Las Vegas, NM

Retail

Jan-26

2,195

Acquisition

10,542

IMS Companies

Arlington Heights, IL

Industrial

Jan-26

9,432

Acquisition

126,948

Raben Group (8 properties) (b)

Various, Poland

Warehouse

Jan-26; Feb-26

201,789

Sale-leaseback

1,857,837

EOS Fitness

Surprise, AZ

Retail

Jan-26

11,646

Build-to-Suit

40,057

HB Chemical

Solon, OH

Warehouse

Jan-26

43,387

Acquisition

412,171

Janus International

Surprise, AZ

Industrial

Feb-26

20,732

Build-to-Suit

131,753

W.C. Bradley Co. (3 properties) (c)

Peebles, OH (2 properties) and Hope, AR (1 property)

Industrial

Feb-26

22,345

Sale-leaseback

422,802

Go Auto (14 properties) (b)

Various, Canada

Retail

Mar-26

211,883

Sale-leaseback

596,176

Barnes Molding Solutions (b)

Bahlingen am Kaiserstuhl, Germany

Industrial

Mar-26

23,621

Sale-leaseback

217,011

Scania (b)

Oskarshamn, Sweden

Warehouse

Mar-26

18,188

Build-to-Suit

204,645

Year-to-Date Total

582,854

4,082,752


		Property Type	Loan Origination	Loan Maturity Date	Funding				Outstanding		Maximum Commitment
Description	Property Location				Current Quarter		Year to Date
Construction Loan (d)
SW Corner of Las Vegas & Harmon (e) (f)	Las Vegas, NV	Retail	Jun-21	2026	$	—	$	—	$	245,884	$	256,887
SE Corner of Las Vegas & Harmon (f)	Las Vegas, NV	Retail	Nov-24	2026	2,254		2,254		20,621		23,449
SE Corner of Las Vegas & Elvis Presley (f)	Las Vegas, NV	Retail	Nov-24	2026	240		240		17,657		25,000
Total					2,494		2,494		284,162		305,336

Year-to-Date Total Investment Volume							$	585,348

________

(a)Total lease terms are based on weighted-average ABR for the investments as of the respective period ends.

(b)Amount reflects the applicable exchange rate on the date of the transaction.

(c)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.

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


						Investing for the Long Run® \| 17

W. P. Carey Inc.

Real Estate – First Quarter 2026


Investment Activity – Capital Investments and Commitments (a)

Dollars in thousands. Pro rata.


		Primary Transaction Type	Property Type	Expected Completion / Closing Date	Additional Gross Square Footage	Lease Term (Years) (b)	Funded During Three Months Ended Mar. 31, 2026 (c)		Total Funded Through Mar. 31, 2026		Maximum Commitment / Gross Investment Amount
Tenant	Location										Remaining		Total
NewEra Nobis (d)	Overland Park, KS	Expansion	Specialty (Healthcare)	Q2 2026	7,275	20	$	1,753	$	4,167	$	5,749	$	10,000
Nord Anglia (d)	Houston, TX	Expansion	Education	Q2 2026	13,150	20	857		869		7,619		8,500
Rocky Vista University	Billings, MT	Build-to-Suit	Education (Medical School)	Q3 2026	57,000	25	4,777		16,721		8,279		25,000
TI Automotive (d) (e)	Brampton, Canada	Build-to-Suit	Industrial	Q3 2026	120,222	20	2,623		7,450		10,913		18,517
AEG Presents (f)	Austin, TX	Build-to-Suit	Specialty (Entertainment)	Q4 2026	56,403	30	5,179		13,361		34,195		47,556
Novus Foods (d)	Delphos, OH	Build-to-Suit & Expansion	Industrial	Q4 2026	139,250	25	1,409		3,325		34,604		38,000
Untenanted	Atlanta, GA	Redevelopment	Warehouse	Q4 2026	99,000	N/A	166		313		11,366		11,679
Various	Various, US	Solar Projects	Various	Various	N/A	N/A	641		4,872		14,711		19,583
Expected Completion Date 2026 Total					492,300	25	17,405		51,078		127,436		178,835

AEG Presents (f)	Portland, OR	Build-to-Suit	Specialty (Entertainment)	Q1 2027	57,825	30	4,851		18,381		42,332		60,713
Untenanted	Atlanta, GA	Redevelopment	Warehouse	Q1 2027	432,800	N/A	293		1,253		39,519		40,772
Expected Completion Date 2027 Total					490,625	30	5,144		19,634		81,851		101,485

Capital Investments and Commitments Total					982,925	26	$	22,549	$	70,712	$	209,287	$	280,320

________

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

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

(c)Total funding during the three months ended March 31, 2026 excludes $0.4 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)We own a 90% interest in these joint venture projects and amounts in this table represent our pro rata share.


						Investing for the Long Run® \| 18

W. P. Carey Inc.

Real Estate – First Quarter 2026


Investment Activity – Dispositions

Dollars in thousands. Pro rata. For the three months ended March 31, 2026.

Tenant

Property Location(s)

Gross Sale Price

Closing Date

Property Type(s)

Gross Square Footage

1Q26

Vacant (formerly Hellweg) (a)

Chemnitz, Germany

3,278

Jan-26

Retail

82,699

Hellweg (2 properties) (a)

Dortmund-Kley and Bonn-Beuel, Germany

6,488

Jan-26; Mar-26

Retail

140,330

AutoZone

St. Louis, MO

391

Jan-26

Retail

5,400

Vacant

Opelika, AL

52,697

Feb-26

Warehouse

702,623

TI Automotive

Gallatin, TN

7,500

Feb-26

Industrial

95,920

Self-Storage Operating Properties (11 properties)

Various, United States

75,160

Mar-26

Self-Storage (Operating)

738,942

Vacant

Oceanside, CA

11,452

Mar-26

Warehouse

58,977

Vacant (formerly Hellweg) (a)

Duisburg, Germany

5,600

Mar-26

Retail

85,993

Year-to-Date Total Dispositions

162,566

1,910,884

________

(a)Amount reflects the applicable exchange rate on the date of the transaction.


						Investing for the Long Run® \| 19

W. P. Carey Inc.

Real Estate – First Quarter 2026


Joint Ventures

Dollars in thousands. As of March 31, 2026.


Joint Venture or JV (Principal Tenant)	JV Partnership		Consolidated				Pro Rata (a)
	Asset Type	WPC %	Debt Outstanding		ABR		Debt Outstanding		ABR
Unconsolidated Joint Venture (Equity Method Investment) (b)
Las Vegas Retail Complex (c)	Net lease	47.50%	$	245,884	$	22,697	$	116,795	$	10,781
Harmon Retail Corner	Common equity interest	15.00%	143,000		—		21,450		—
Kesko Senukai (d)	Net lease	70.00%	97,320		18,197		68,124		12,738
Total Unconsolidated Joint Ventures			486,204		40,894		206,369		23,519

Consolidated Joint Ventures (e)
Fentonir (d)	Net lease	94.90%	—		2,885		—		2,738
McCoy Rockford	Net lease	90.00%	—		991		—		892
Iowa Board of Regents	Net lease	90.00%	—		707		—		636
Total Consolidated Joint Ventures			—		4,583		—		4,266
Total Unconsolidated and Consolidated Joint Ventures			$	486,204	$	45,477	$	206,369	$	27,785

________

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

(b)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.

(c)Debt outstanding for this investment comprises a construction loan, which is excluded from our pro rata debt outstanding disclosed in the Debt Overview and Debt Maturity sections. See the Investment Activity – Investment Volume section for additional information about this investment. The asset is currently in lease-up and ABR reflects the current in-place leases. It does not reflect certain non-reimbursed expenses associated with the property, revenue generated from signage or interest income from our construction loan to the Las Vegas Retail Complex.

(d)Amounts are based on the applicable exchange rate at the end of the period.

(e)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 March 31, 2026.


						Investing for the Long Run® \| 20

W. P. Carey Inc.

Real Estate – First Quarter 2026


Top 25 Tenants

Dollars in thousands. Pro rata. As of March 31, 2026.


Tenant	Description	Number of Properties	ABR		ABR %		Weighted-Average Lease Term (Years)
Extra Space Storage	Net lease self-storage properties in the U.S. leased to publicly traded self-storage REIT	43	$	42,578	2.7	%	23.4
Apotex (a)	Pharmaceutical R&D and manufacturing properties in the Greater Toronto Area leased to generic drug manufacturer	11	33,448		2.1	%	17.0
Life Time Fitness	Health and fitness facilities in the U.S. leased to premium athletic club operator	12	32,450		2.0	%	7.6
Metro Italia (b)	Business-to-business retail stores in Italy leased to cash and carry wholesaler	18	28,833		1.8	%	5.1
Fortenova (b)	Grocery stores and one warehouse in Croatia leased to European food retailer	19	28,622		1.8	%	8.1
OBI (b)	Retail properties in Poland leased to German DIY retailer	26	27,286		1.7	%	7.9
Fedrigoni (b)	Industrial and warehouse facilities in Germany, Italy and Spain leased to global manufacturer of premium packaging and labels	16	24,970		1.6	%	17.7
TI Automotive (a) (c)	Automotive parts manufacturing properties in the U.S., Canada and Mexico leased to OEM supplier	20	24,675		1.6	%	18.9
Eroski (b)	Grocery stores and warehouses in Spain leased to Spanish food retailer	63	24,045		1.5	%	10.0
Nord Anglia	K-12 private schools in Orlando, Miami and Houston leased to international day and boarding school operator	3	23,599		1.5	%	18.5
Top 10 Total		231	290,506		18.3	%	13.7
Berry Global	Manufacturing facilities in the U.S. leased to international producer and supplier of packaging solutions	8	21,187		1.3	%	12.5
Quikrete (b)	Industrial facilities in the U.S. and Canada leased to concrete and building products manufacturer	27	20,643		1.3	%	17.2
Kesko Senukai (b)	Distribution facilities and retail properties in Lithuania, Estonia and Latvia leased to European DIY retailer	20	20,033		1.3	%	5.9
Advance Auto Parts	Distribution facilities in the U.S. leased to automotive aftermarket parts provider	28	19,929		1.3	%	6.8
Pendragon (b)	Auto dealerships in the United Kingdom leased to automotive retailer	46	18,718		1.2	%	12.6
Maker’s Pride	Production, packaging and distribution facilities in the U.S. leased to North American contract food manufacturer	18	17,636		1.1	%	16.3
Dollar General	Retail properties in the U.S. leased to discount retailer	127	17,363		1.1	%	13.3
Hellweg (b) (d)	Retail properties in Germany leased to German DIY retailer	17	15,980		1.0	%	14.1
Danske Fragtmaend (b)	Distribution facilities in Denmark leased to Danish freight company	15	15,097		1.0	%	10.9
Jumbo (b)	Logistics and cold storage warehouse facilities in the Netherlands leased to European supermarket chain	4	14,873		0.9	%	7.3
Top 20 Total		541	471,965		29.8	%	13.0
Intergamma (b)	Retail properties in the Netherlands leased to European DIY retailer	36	14,635		0.9	%	7.3
Go Auto (b)	Auto dealerships primarily in Vancouver with additional locations in Calgary and Edmonton leased to automotive retailer	14	14,107		0.9	%	25.0
Do It Best	Distribution facilities and manufacturing facility in the U.S. leased to global hardware wholesaler	6	13,878		0.9	%	5.8
Raben Group (b)	Distribution facilities in Poland leased to European logistics company	8	12,911		0.8	%	14.9
Premium Brands	Food processing facility in Tennessee leased to global specialty food manufacturer	1	12,616		0.8	%	24.3
Top 25 Total (e)		606	$	540,112	34.1	%	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)Of the 20 properties leased to TI Automotive, nine are located in Canada, six are located in Mexico, and five are located in the United States.

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

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


						Investing for the Long Run® \| 21

W. P. Carey Inc.

Real Estate – First Quarter 2026


Diversification by Property Type

In thousands, except percentages. Pro rata. As of March 31, 2026.


	Total Net-Lease Portfolio
Property Type	ABR		ABR %		Square Footage (a)	Square Footage %
U.S.
Industrial	$	399,308	25.2	%	57,945	31.3	%
Warehouse	230,580		14.5	%	41,772	22.5	%
Retail (b)	136,911		8.7	%	6,428	3.5	%
Other (c)	186,018		11.8	%	9,451	5.1	%
U.S. Total	952,817		60.2	%	115,596	62.4	%

International
Industrial	200,877		12.7	%	25,937	14.0	%
Warehouse	172,458		10.9	%	25,244	13.6	%
Retail (b)	222,238		14.0	%	16,744	9.0	%
Other (c)	35,402		2.2	%	1,812	1.0	%
International Total	630,975		39.8	%	69,737	37.6	%

Total
Industrial	600,185		37.9	%	83,882	45.3	%
Warehouse	403,038		25.4	%	67,016	36.1	%
Retail (b)	359,149		22.7	%	23,172	12.5	%
Other (c)	221,420		14.0	%	11,263	6.1	%
Total (d)	$	1,583,792	100.0	%	185,333	100.0	%

________

(a)Includes square footage for vacant properties.

(b)Includes automotive dealerships.

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

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


						Investing for the Long Run® \| 22

W. P. Carey Inc.

Real Estate – First Quarter 2026


Diversification by Tenant Industry

In thousands, except percentages. Pro rata. As of March 31, 2026.


	Total Net-Lease Portfolio
Industry Type (a)	ABR		ABR %		Square Footage	Square Footage %
Packaged Foods & Meats	$	149,854	9.5	%	18,625	10.0	%
Food Retail	141,049		8.9	%	10,266	5.5	%
Automotive Retail	95,023		6.0	%	7,723	4.2	%
Home Improvement Retail	94,344		6.0	%	11,796	6.4	%
Auto Parts & Equipment	80,983		5.1	%	12,052	6.5	%
Air Freight & Logistics	64,429		4.1	%	9,579	5.2	%
Education Services	60,594		3.8	%	2,747	1.5	%
Pharmaceuticals	48,238		3.0	%	3,075	1.7	%
Leisure Facilities	44,209		2.8	%	1,982	1.1	%
Industrial Machinery	43,638		2.8	%	5,933	3.2	%
Self-Storage REITs	42,578		2.7	%	3,170	1.7	%
Trading Companies & Distributors	40,929		2.6	%	9,076	4.9	%
Metal, Glass & Plastic Containers	39,843		2.5	%	5,318	2.9	%
Building Products	33,630		2.1	%	6,850	3.7	%
Paper Products	30,855		2.0	%	5,540	3.0	%
Other Specialty Retail	27,662		1.7	%	3,127	1.7	%
Specialty Chemicals	24,437		1.5	%	4,303	2.3	%
Diversified Support Services	23,976		1.5	%	1,992	1.1	%
Construction Materials	23,629		1.5	%	3,781	2.0	%
Construction Machinery	21,025		1.3	%	2,733	1.5	%
Food Distributors	20,712		1.3	%	1,552	0.8	%
Consumer Staples Merchandise Retail	19,562		1.2	%	1,635	0.9	%
Commodity Chemicals	17,050		1.1	%	2,517	1.3	%
Diversified Metals	16,752		1.1	%	3,417	1.8	%
Hotels & Resorts	16,313		1.0	%	1,073	0.6	%
Other (61 industries, each <1% ABR) (b)	362,478		22.9	%	45,471	24.5	%
Total (c)	$	1,583,792	100.0	%	185,333	100.0	%

________

(a)Industry classification is based on the Global Industry Classification Standard (GICS) framework.

(b)Includes square footage for vacant properties.

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


						Investing for the Long Run® \| 23

W. P. Carey Inc.

Real Estate – First Quarter 2026


Diversification by Geography

In thousands, except percentages. Pro rata. As of March 31, 2026.


	Total Net-Lease Portfolio
Region	ABR		ABR %		Square Footage (a)	Square Footage %
U.S.
Midwest
Illinois	$	67,369	4.3	%	9,582	5.2	%
Ohio	49,112		3.1	%	8,655	4.7	%
Indiana	43,756		2.8	%	6,251	3.4	%
Michigan	28,083		1.8	%	4,487	2.4	%
Wisconsin	21,812		1.4	%	3,410	1.8	%
Other (b)	58,987		3.7	%	7,136	3.8	%
Total Midwest	269,119		17.1	%	39,521	21.3	%
South
Texas	94,235		6.0	%	11,702	6.3	%
Florida	44,655		2.8	%	3,633	2.0	%
Tennessee	38,694		2.4	%	4,476	2.4	%
Georgia	25,286		1.6	%	3,503	1.9	%
Alabama	23,662		1.5	%	2,905	1.6	%
Other (b)	31,177		2.0	%	3,497	1.9	%
Total South	257,709		16.3	%	29,716	16.1	%
East
North Carolina	41,885		2.6	%	8,851	4.8	%
Kentucky	30,026		1.9	%	4,485	2.4	%
Pennsylvania	29,250		1.8	%	3,385	1.8	%
Massachusetts	28,719		1.8	%	1,344	0.7	%
New Jersey	26,684		1.7	%	1,118	0.6	%
New York	23,569		1.5	%	2,287	1.2	%
South Carolina	19,646		1.2	%	4,413	2.4	%
Other (b)	37,657		2.4	%	5,359	2.9	%
Total East	237,436		14.9	%	31,242	16.8	%
West
California	76,957		4.9	%	5,316	2.9	%
Arizona	25,111		1.6	%	2,544	1.4	%
Nevada	17,910		1.1	%	485	0.3	%
Other (b)	68,575		4.3	%	6,772	3.6	%
Total West	188,553		11.9	%	15,117	8.2	%
U.S. Total	952,817		60.2	%	115,596	62.4	%
International
Poland	78,720		5.0	%	10,306	5.6	%
Italy	75,328		4.8	%	9,941	5.4	%
Canada (c)	73,625		4.6	%	6,333	3.4	%
The Netherlands	68,548		4.3	%	6,847	3.7	%
United Kingdom	62,027		3.9	%	4,848	2.6	%
Germany	48,959		3.1	%	5,196	2.8	%
Spain	42,095		2.7	%	4,251	2.3	%
Croatia	29,546		1.9	%	2,063	1.1	%
France	27,943		1.8	%	2,149	1.2	%
Mexico (d)	27,686		1.7	%	4,328	2.3	%
Denmark	27,601		1.7	%	3,002	1.6	%
Other (e)	68,897		4.3	%	10,473	5.6	%
International Total	630,975		39.8	%	69,737	37.6	%
Total (f)	$	1,583,792	100.0	%	185,333	100.0	%

________

(a)Includes square footage for vacant properties.

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

(c)$50.4 million (68%) of ABR from properties in Canada is denominated in U.S. dollars, with the balance denominated in Canadian dollars.

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

(e)Includes assets in Lithuania, Slovakia, Belgium, the Czech Republic, Mauritius, Portugal, Sweden, Austria, Latvia, Finland, Japan, Estonia and Hungary.

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


						Investing for the Long Run® \| 24

W. P. Carey Inc.

Real Estate – First Quarter 2026


Contractual Rent Increases

In thousands, except percentages. Pro rata. As of March 31, 2026.


	Total Net-Lease Portfolio
Rent Adjustment Measure	ABR		ABR %		Square Footage	Square Footage %
Uncapped CPI	$	474,860	30.0	%	45,371	24.5	%
Capped CPI	294,389		18.6	%	40,430	21.8	%
CPI-linked	769,249		48.6	%	85,801	46.3	%
Fixed	760,879		48.0	%	92,262	49.8	%
Other (a)	48,222		3.1	%	3,455	1.9	%
None	5,442		0.3	%	251	0.1	%
Vacant	—		—	%	3,564	1.9	%
Total (b)	$	1,583,792	100.0	%	185,333	100.0	%

________

(a)Represents leases which include a percentage rent component. Includes $42.6 million (2.7%) of ABR from a tenant (Extra Space Storage), which has both a percentage rent component and annual fixed rent increases in its lease.

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


						Investing for the Long Run® \| 25

W. P. Carey Inc.

Real Estate – First Quarter 2026


Same-Store Analysis

Dollars in thousands. Pro rata.

Contractual Same-Store Growth

Same-store portfolio includes leases on our net leased properties that were continuously in place during the period from March 31, 2025 to March 31, 2026. 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 March 31, 2026.


	ABR
	As of
	Mar. 31, 2026		Mar. 31, 2025		Increase		% Increase
Property Type
Industrial	$	479,350	$	467,425	$	11,925	2.6	%
Warehouse	336,060		328,040		8,020		2.4	%
Retail (a)	302,401		296,089		6,312		2.1	%
Other (b)	187,820		183,269		4,551		2.5	%
Total	$	1,305,631	$	1,274,823	$	30,808	2.4	%

Rent Adjustment Measure
Uncapped CPI	$	394,007	$	385,316	$	8,691	2.3	%
Capped CPI	247,256		240,637		6,619		2.8	%
CPI-linked	641,263		625,953		15,310		2.4	%
Fixed	615,802		601,467		14,335		2.4	%
Other (c)	43,124		41,961		1,163		2.8	%
None	5,442		5,442		—		—	%
Total	$	1,305,631	$	1,274,823	$	30,808	2.4	%

Geography
U.S.	$	784,663	$	766,060	$	18,603	2.4	%
Europe	437,034		427,115		9,919		2.3	%
Other International (d)	83,934		81,648		2,286		2.8	%
Total	$	1,305,631	$	1,274,823	$	30,808	2.4	%

Same-Store Portfolio Summary
Number of properties	1,392
Square footage (in thousands)	153,558


						Investing for the Long Run® \| 26

W. P. Carey Inc.

Real Estate – First Quarter 2026

Comprehensive Same-Store Growth

Same-store portfolio includes net leased properties that were continuously owned and in place during the quarter ended March 31, 2025 through March 31, 2026 (including properties that were subject to lease renewals, extensions or modifications at any time during that period). Excludes properties that were acquired, sold or listed as capital investments and commitments (see Investment Activity – Capital Investments and Commitments section) during that period. For purposes of comparability, same-store pro rata rental income is presented on a constant currency basis using average exchange rates for the three months ended March 31, 2026. Same-store pro rata rental income is a non-GAAP measure. See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of same-store pro rata rental income and for details on how it is calculated.


	Same-Store Pro Rata Rental Income
	Three Months Ended
	Mar. 31, 2026		Mar. 31, 2025		Increase		% Increase
Property Type
Industrial	$	119,956	$	116,994	$	2,962	2.5	%
Warehouse	88,667		89,362		(695)		(0.8)	%
Retail (a)	74,526		75,407		(881)		(1.2)	%
Other (b)	47,532		45,795		1,737		3.8	%
Total	$	330,681	$	327,558	$	3,123	1.0	%

Rent Adjustment Measure
Uncapped CPI	$	105,460	$	105,344	$	116	0.1	%
Capped CPI	65,170		66,288		(1,118)		(1.7)	%
CPI-linked	170,630		171,632		(1,002)		(0.6)	%
Fixed	148,212		144,439		3,773		2.6	%
Other (c)	10,803		10,392		411		4.0	%
None	1,036		1,095		(59)		(5.4)	%
Total	$	330,681	$	327,558	$	3,123	1.0	%

Geography
U.S.	$	193,900	$	190,350	$	3,550	1.9	%
Europe	115,068		116,219		(1,151)		(1.0)	%
Other International (d)	21,713		20,989		724		3.4	%
Total	$	330,681	$	327,558	$	3,123	1.0	%

Same-Store Portfolio Summary
Number of properties	1,425
Square footage (in thousands)	161,742


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W. P. Carey Inc.

Real Estate – First Quarter 2026

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


	Three Months Ended
	Mar. 31, 2026		Mar. 31, 2025
Consolidated Lease Revenues
Total lease revenues – as reported	$	402,831	$	353,768
Income from finance leases and loans receivable	27,686		17,458
Less: Reimbursable tenant costs – as reported	(19,692)		(17,092)
Less: Income from secured loans receivable	(678)		(607)
	410,147		353,527

Adjustments for Pro Rata Ownership of Real Estate Joint Ventures:
Add: Pro rata share of adjustments from equity method investments	5,979		4,236
Less: Pro rata share of adjustments for noncontrolling interests	(135)		(188)
	5,844		4,048

Adjustments for Pro Rata Non-Cash Items:
Less: Straight-line and other leasing and financing adjustments	(24,178)		(19,033)
Add: Above- and below-market rent intangible lease amortization	2,498		1,123
Less: Adjustments for pro rata ownership	(44)		(50)
	(21,724)		(17,960)

Adjustment to normalize for (i) properties not continuously owned since January 1, 2025 and (ii) constant currency presentation for prior year quarter (e)	(63,586)		(12,057)

Same-Store Pro Rata Rental Income	$	330,681	$	327,558

________

(a)Includes automotive dealerships.

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

(c)Represents leases attributable to percentage rent.

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

(e)This adjustment excludes amounts attributable to properties that were acquired, sold or listed as capital investments and commitments (see Investment Activity – Capital Investments and Commitments section) that were not continuously owned and in place during the quarter ended March 31, 2025 through March 31, 2026. In addition, for the three months ended March 31, 2025, an adjustment is made to reflect average exchange rates for the three months ended March 31, 2026 for purposes of comparability, since same-store pro rata rental income is presented on a constant currency basis.


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W. P. Carey Inc.

Real Estate – First Quarter 2026


Leasing Activity

Dollars in thousands. For the three months ended March 31, 2026, except ABR. Pro rata.


Lease Renewals and Extensions (a)										Property and Tenant Improvements (c)		Leasing Commissions
			ABR
Property Type	Square Feet	Number of Leases	Prior Lease			New Lease (b)		Rent Recapture						Incremental Lease Term
Industrial	—	—	$	—		$	—	—	%	$	—	$	—	N/A
Warehouse	741,190	3	4,039			4,729		117.1	%	173		114		4.7 years
Retail	1,618,089	17	18,649			18,649		100.0	%	—		—		5.2 years
Other	20,236	1	203			203		100.0	%	—		—		5.0 years
Total / Weighted Average	2,379,515	21	$	22,891		$	23,581	103.0	%	$	173	$	114	5.1 years

Q1 Summary
Prior Lease ABR (% of Total Portfolio)			1.4		%


New Leases					Property and Tenant Improvements (c)		Leasing Commissions
			ABR
Property Type	Square Feet	Number of Leases	New Lease (b)						New Lease Term
Industrial	—	—	$	—	$	—	$	—	N/A
Warehouse	397,504	3	3,618		703		312		2.6 years
Retail	—	—	—		—		—		N/A
Other	—	—	—		—		—		N/A
Total / Weighted Average (d)	397,504	3	$	3,618	$	703	$	312	2.6 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)Weighted average refers to the new lease term.


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W. P. Carey Inc.

Real Estate – First Quarter 2026


Lease Expirations

Dollars and square footage in thousands. Pro rata. As of March 31, 2026.


Year of Lease Expiration (a)	Number of Leases Expiring	Number of Tenants with Leases Expiring	ABR		ABR %		Square Footage	Square Footage %
Remaining 2026	12	12	$	28,690	1.8	%	3,343	1.8	%
2027	39	26	55,547		3.5	%	6,036	3.3	%
2028	46	28	70,593		4.5	%	7,698	4.2	%
2029	51	37	64,667		4.1	%	7,392	4.0	%
2030	32	26	39,994		2.5	%	3,793	2.0	%
2031	49	31	81,438		5.1	%	9,769	5.3	%
2032	46	24	56,731		3.6	%	7,307	3.9	%
2033	35	26	87,972		5.5	%	12,001	6.5	%
2034	73	28	110,316		7.0	%	10,887	5.9	%
2035	24	20	77,953		4.9	%	8,805	4.7	%
2036	46	21	69,715		4.4	%	8,083	4.4	%
2037	45	22	66,906		4.2	%	9,030	4.9	%
2038	46	13	27,874		1.8	%	2,766	1.5	%
2039	100	27	75,528		4.8	%	11,372	6.1	%
Thereafter (>2039)	319	119	669,868		42.3	%	73,487	39.6	%
Vacant	—	—	—		—	%	3,564	1.9	%
Total (b)	963		$	1,583,792	100.0	%	185,333	100.0	%

________

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

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


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W. P. Carey Inc.

Appendix

First Quarter 2026


						Investing for the Long Run® \| 31

W. P. Carey Inc.

Appendix – First Quarter 2026


Normalized Pro Rata Cash NOI

In thousands.


	Three Months Ended Mar. 31, 2026
Consolidated Lease Revenues
Total lease revenues – as reported	$	402,831
Income from finance leases and loans receivable – as reported	27,686
Less: Income from secured loans receivable	(678)

Less: Consolidated Reimbursable and Non-Reimbursable Property Expenses
Reimbursable property expenses – as reported	19,692
Non-reimbursable property expenses – as reported	14,552
	395,595

Plus: NOI from Operating Properties
Self-storage revenues	1,906
Self-storage expenses	(814)
	1,092

Hotel revenues	8,684
Hotel expenses	(7,358)
	1,326

Student housing and other revenues	1,460
Student housing and other expenses	(522)
	938

	398,951

Adjustments for Pro Rata Ownership of Real Estate Joint Ventures:
Add: Pro rata share of NOI from equity method investments	5,296
Less: Pro rata share of NOI attributable to noncontrolling interests	(58)
	5,238

	404,189

Adjustments for Pro Rata Non-Cash Items:
Less: Straight-line and other leasing and financing adjustments	(24,178)
Add: Above- and below-market rent intangible lease amortization	2,498
Add: Other non-cash items	532
	(21,148)

Pro Rata Cash NOI (a)	383,041

Adjustment to normalize for net lease investments and dispositions (b)	6,228
Adjustment to normalize for operating property dispositions (b)	(1,092)

Normalized Pro Rata Cash NOI (a)	$	388,177


						Investing for the Long Run® \| 32

W. P. Carey Inc.

Appendix – First Quarter 2026

The following table presents a reconciliation from Net income attributable to W. P. Carey to Normalized pro rata cash NOI:


	Three Months Ended Mar. 31, 2026
Net Income Attributable to W. P. Carey
Net income attributable to W. P. Carey – as reported	$	176,302
Adjustments for Consolidated Operating Expenses
Add: Operating expenses – as reported	255,098
Less: Property expenses, excluding reimbursable tenant costs – as reported	(14,552)
Less: Operating property expenses – as reported	(8,694)
	231,852

Adjustments for Other Consolidated Revenues and Expenses:
Less: Reimbursable property expenses – as reported	(19,692)
Add: Benefit from income taxes – as reported	14,634
Less: Other lease-related income – as reported	(10,452)
Add: Other income and (expenses) – as reported	8,281
Less: Other advisory income and reimbursements – as reported	(1,000)
Less: Asset management fees revenue – as reported	(490)
	(8,719)

Other Adjustments:
Less: Straight-line and other leasing and financing adjustments	(24,178)
Adjustment to normalize for net lease investments and dispositions (b)	6,228
Add: Adjustments for pro rata ownership	5,459
Add: Above- and below-market rent intangible lease amortization	2,498
Adjustment to normalize for operating property dispositions (b)	(1,092)
Less: Income from secured loans receivable	(678)
Add: Property expenses, excluding reimbursable tenant costs, non-cash	505
	(11,258)

Normalized Pro Rata Cash NOI (a)	$	388,177

________

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

(b)For properties acquired and capital investments and commitments completed during the three months ended March 31, 2026, 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 March 31, 2026, the adjustment eliminates our pro rata share of cash NOI for the period. If there is a rent abatement, we annualize the first monthly contractual base rent following the free rent period.


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W. P. Carey Inc.

Appendix – First Quarter 2026


Adjusted EBITDA – Last Five Quarters

In thousands.


	Three Months Ended
	Mar. 31, 2026		Dec. 31, 2025		Sep. 30, 2025		Jun. 30, 2025		Mar. 31, 2025
Net income	$	176,496	$	154,562	$	141,225	$	51,312	$	125,816

Adjustments to Derive Adjusted EBITDA (a)
Depreciation and amortization	136,183		145,339		125,586		120,595		129,607
Interest expense	78,460		75,431		75,226		71,795		68,804
Gain on sale of real estate, net	(54,141)		(52,791)		(44,401)		(52,824)		(43,777)
Impairment charges — real estate	40,008		39,690		19,474		4,349		6,854
Straight-line and other leasing and financing adjustments (b)	(24,178)		(20,758)		(20,424)		(15,374)		(19,033)
Provision for (benefit from) income taxes	14,634		(1,310)		8,495		13,091		11,632
Stock-based compensation expense	7,441		8,650		11,153		10,943		9,148
Other (gains) and losses (c)	(6,791)		10,131		31,011		148,768		42,197
Above- and below-market rent intangible lease amortization	2,498		941		4,363		5,061		1,123
Merger and other expenses	1,180		478		1,021		192		556
Other amortization and non-cash charges	489		467		465		458		442
	195,783		206,268		211,969		307,054		207,553

Adjustments for Pro Rata Ownership
Real Estate Joint Ventures:
Add: Pro rata share of adjustments for equity method investments	3,206		2,961		5,220		3,312		2,309
Less: Pro rata share of adjustments for amounts attributable to noncontrolling interests	(280)		(429)		(430)		(308)		(179)
	2,926		2,532		4,790		3,004		2,130

Adjustment to normalize for intra-period acquisitions and dispositions (d)	4,363		3,312		2,545		3,222		7,117

Adjusted EBITDA (e)	$	379,568	$	366,674	$	360,529	$	364,592	$	342,616

________

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

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

(c)Primarily comprises 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.

(d)Reflects pro forma adjustments for recurring revenues and expenses related to properties acquired or disposed of, and capital investments and commitments completed, during the applicable period, assuming all activity occurred at the beginning of the applicable period.

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


						Investing for the Long Run® \| 34

W. P. Carey Inc.

Appendix – First Quarter 2026


Reconciliation of Net Debt to Adjusted EBITDA

In thousands.


	Three Months Ended
	Mar. 31, 2026
Adjusted EBITDA (a)	$	379,568

Adjusted EBITDA (Annualized)	$	1,518,272

	As of
	Mar. 31, 2026
Total Pro Rata Debt Outstanding (b)	$	8,929,648
Less: Cash and cash equivalents	(239,266)

Net Debt	$	8,690,382
Less: Expected proceeds from unsettled forward equity (c)	(653,472)
Net Debt – Inclusive of Unsettled Forward Equity	$	8,036,910

Net Debt to Adjusted EBITDA (Annualized)	5.7x
Net Debt to Adjusted EBITDA (Annualized) – Inclusive of Unsettled Forward Equity	5.3x

________

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

(b)Excludes unamortized discount, net totaling $49.4 million and unamortized deferred financing costs totaling $37.0 million as of March 31, 2026.

(c)Reflects the impact of (i) 3,450,000 shares of unsettled forward equity, as if they had been settled for cash at a net offering price of $70.70 per share and (ii) 6,258,496 shares of unsettled “at-the-market” forward equity as of March 31, 2026, as if they had been settled for cash at a weighted-average net settlement price of $65.44 per share.


						Investing for the Long Run® \| 35

W. P. Carey Inc.

Appendix – First Quarter 2026


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.

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.


						Investing for the Long Run® \| 36

W. P. Carey Inc.

Appendix – First Quarter 2026

Normalized Pro Rata Cash NOI

Normalized pro rata cash NOI is pro rata cash NOI as defined above adjusted primarily to exclude our pro rata share of cash NOI from properties disposed of during the most recent quarter and to include a full quarter of pro rata cash NOI related to properties acquired or capital investments and commitments completed during the period, as applicable. If there is a rent abatement, we annualize the first monthly contractual base rent following the free rent period. We believe this measure provides a helpful representation of our net operating income from our in-place leased and operating properties.

Adjusted EBITDA

We believe that EBITDA is a useful supplemental measure to investors and analysts for assessing the performance of our business because (i) it removes the impact of our capital structure from our operating results and (ii) it is helpful when comparing our operating performance to that of companies in our industry without regard to such items, which can vary substantially from company to company. Adjusted EBITDA as disclosed represents EBITDA modified to include other adjustments to GAAP net income for certain non-cash charges, such as impairments, non-cash rent adjustments and unrealized gains and losses from our hedging activity. Additionally, we exclude gains and losses on sale of real estate, which are not considered fundamental attributes of our business plans and do not affect our overall long-term operating performance. We exclude these items from adjusted EBITDA because they are not the primary drivers in our decision-making process. Adjusted EBITDA reflects adjustments for unconsolidated partnerships and jointly owned investments. Adjusted EBITDA is also modified to reflect the pro forma impact of our investment and disposition activity, assuming all activity occurred at the beginning of the applicable period. This includes adjustments to recurring revenue and expenses related to properties acquired or disposed of, and capital investments and commitments completed, during the applicable period. Our assessment of our operations is focused on long-term sustainability and not on such non-cash and non-core items, which may cause short-term fluctuations in net income but have no impact on cash flows. We believe that adjusted EBITDA is a useful supplemental measure and representation of the performance of our business to investors and analysts, although it does not represent net income that is computed in accordance with GAAP. Accordingly, adjusted EBITDA should not be considered an alternative to net income or an indicator of our financial performance. EBITDA and adjusted EBITDA as calculated by us may not be comparable to similarly titled measures of other companies.

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 March 31, 2026. 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.


						Investing for the Long Run® \| 37

1 50+ Years of Investing for the Long Run® 1Q26 W. P. Carey Inc. Investor Presentation Exhibit 99.3

2 Table of Contents Overview Real Estate Portfolio Balance Sheet Corporate Responsibility 3 7 20 24 Unless otherwise noted, all data in this presentation is as of March 31, 2026. Amounts may not sum to totals due to rounding.

3 Overview

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 Europe Company Highlights Orgill | Warehouse | Inwood, WV Apotex | Industrial | Ontario, Canada

5 • Generate attractive risk-adjusted returns by investing in net lease commercial real estate, primarily in the U.S. and 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

6 • Asset management offices in New York and Amsterdam • W. P. Carey has proven experience repositioning assets through re-leasing, restructuring and strategic disposition • Generate value-creation opportunities within our existing portfolio — focused on build-to-suits, redevelopments, and energy solutions — leveraging our Carey Tenant Solutions platform • 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

7 Real Estate Portfolio

8 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of March 31, 2026. 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 $42.6 million (2.7%) of ABR from a tenant (Extra Space Storage), which has both a percentage rent component and annual fixed rent increases in its lease. Large Diversified Portfolio (1) N et -L ea se P or tfo lio Number of Properties 1,703 Number of Tenants 374 Square Footage 185.3 million ABR $1.58 billion North America / Europe / Other (% of ABR) 67% / 33% / 1% Contractual Rent Escalation: CPI-linked / Fixed / Other (2) 49% / 48% / 3% WALT 12.1 years Occupancy 98.1% Investment Grade Tenants (% of ABR) 21.6% Top 10 Tenant Concentration (% of ABR) 18.3%

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 43 43 23.4 2.7% 2 Pharmaceutical R&D and manufacturing properties in the Greater Toronto Area leased to generic drug manufacturer (2) 11 33 17.0 2.1% 3 Health and fitness facilities in the U.S. leased to premium athletic club operator 12 32 7.6 2.0% 4 Business-to-business retail stores in Italy leased to cash and carry wholesaler 18 29 5.1 1.8% 5 Grocery stores and one warehouse in Croatia leased to European food retailer 19 29 8.1 1.8% 6 Retail properties in Poland leased to German DIY retailer 26 27 7.9 1.7% 7 Industrial and warehouse facilities in Germany, Italy and Spain leased to global manufacturer of premium packaging and labels 16 25 17.7 1.6% 8 Automotive parts manufacturing properties in the U.S., Canada and Mexico leased to OEM supplier (formerly ABC Technologies) (2)(3) 20 25 18.9 1.6% 9 Grocery stores and warehouses in Spain leased to Spanish food retailer 63 24 10.0 1.5% 10 K-12 private schools in Orlando, Miami and Houston leased to international day and boarding school operator 3 24 18.5 1.5% Top 10 Total 231 $291 13.7 yrs 18.3% 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 March 31, 2026. 2. ABR from these properties is denominated in U.S. dollars. 3. Of the 20 properties leased to the tenant, nine are located in Canada, six are located in Mexico and five are located in the United States.

10 Tenant Description Number of Properties ABR ($ millions) WALT (years) % of Total 11 Manufacturing facilities in the U.S. leased to international producer and supplier of packaging solutions 8 21 12.5 1.3% 12 Industrial facilities in the U.S. and Canada leased to concrete and building products manufacturer 27 21 17.2 1.3% 13 Distribution facilities and retail properties in Lithuania, Estonia and Latvia leased to European DIY retailer 20 20 5.9 1.3% 14 Distribution facilities in the U.S. leased to automotive retailer 28 20 6.8 1.3% 15 Auto dealerships in the United Kingdom leased to automotive retailer 46 19 12.6 1.2% 16 Production, packaging and distribution facilities in the U.S. leased to North American contract food manufacturer (formerly Hearthside) 18 18 16.3 1.1% 17 Retail properties in the U.S. leased to discount retailer 127 17 13.3 1.1% 18 Retail properties in Germany leased to German DIY retailer (2) 17 16 14.1 1.0% 19 Distribution facilities in Denmark leased to Danish freight company 15 15 10.9 1.0% 20 Logistics and cold storage warehouse facilities in the Netherlands leased to European supermarket chain 54 15 7.3 0.9% Top 20 Total 541 $472 13.0 yrs 29.8% 21 Retail properties in the Netherlands leased to European DIY retailer 36 15 7.3 0.9% 22 Auto dealerships primarily in Vancouver with additional locations in Calgary and Edmonton leased to automotive retailer 14 14 25.0 0.9% 23 Distribution facilities and manufacturing facility in the U.S. leased to global hardware wholesaler (formerly True Value) 6 14 5.8 0.9% 24 Distribution facilities in Poland leased to European logistics company 8 13 14.9 0.8% 25 Food processing facility in outside Chattanooga, TN leased to global specialty food manufacturer 1 13 24.3 0.8% Top 25 Total 606 $540 13.3 yrs 34.1% Top 25 Net Lease Tenants (continued) (1) 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of March 31, 2026. 2. On March 28, 2025, we executed an agreement giving us the right to terminate the leases at five properties on September 15, 2026 with ABR totaling $3.5 million.

11 38% 25% 23% 14% Property Type Diversification (1) Property Type % of Total United States Europe Mexico & Canada Other (2) Industrial 37.9% 25.2% 7.6% 5.1% – Warehouse 25.4% 14.6% 10.4% 0.3% 0.1% Retail (3) 22.7% 8.6% 13.1% 0.9% – Other (4) 14.0% 11.7% 1.7% 0.1% 0.4% Total 100.0% 60.2% 32.9% 6.4% 0.5% 63% Industrial / Warehouse 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of March 31, 2026. 2. Includes Mauritius and Japan. 3. Includes automotive dealerships. 4. Includes education facility, specialty, self-storage (net lease), laboratory, research and development, hotel (net lease), office and land. Property Type by Region% of Total Portfolio ABR

12 Industry Type (2) % of Total United States Europe Mexico & Canada Other (3) Packaged Foods & Meats 9.5% 7.1% 2.3% – – Food Retail 8.9% 0.4% 8.5% – – Automotive Retail 6.0% 2.5% 2.6% 0.9% – Home Improvement Retail 6.0% 0.7% 5.3% – – Auto Parts & Equipment 5.1% 2.5% 1.2% 1.3% – Air Freight & Logistics 4.1% 0.2% 3.9% – – Education Services 3.8% 3.8% – – – Pharmaceuticals 3.0% 0.8% – 2.2% – Leisure Facilities 2.8% 2.8% – – – Industrial Machinery 2.8% 1.7% 0.8% 0.3% – Self-Storage REITs 2.7% 2.7% – – – Trading Companies & Distributors 2.6% 2.4% 0.2% – – Metal, Glass & Plastic Containers 2.5% 2.0% 0.3% 0.2% – Building Products 2.1% 1.9% 0.1% 0.1% – Paper & Plastic Packaging 1.9% 0.4% 1.6% – – Other Specialty Retail 1.7% 1.7% – – – Specialty Chemicals 1.5% 1.2% – 0.4% – Diversified Support Services 1.5% 1.0% 0.4% – 0.1% Construction Materials 1.5% 1.4% – 0.1% – Construction Machinery 1.3% 0.3% 0.5% 0.5% – Food Distributors 1.3% 1.3% – – – Consumer Staples Merchandise Retail 1.2% 1.1% 0.1% – – Commodity Chemicals 1.1% 1.0% – 0.0% – Diversified Metals 1.1% 0.4% 0.6% – – Hotels & Resorts 1.0% 0.3% 0.3% – 0.4% Other (61 industries, each <1% of ABR) 22.9% 18.2% 4.3% 0.4% – Total 100.0% 60.2% 32.9% 6.4% 0.5% Tenant Industry Diversification (1) 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of March 31, 2026. 2. Industry classification is based on the Global Industry Classification Standard (GICS) framework. 3. Includes Mauritius and Japan. 9% 9% 6% 6% 5% 4% 4% 3% 3%3%3% 3% 3% 2% 2% 2% 2% 2% 1% 1% 1% 1% 1% 1% 1% 23% 61 industries, each <1% of ABR % of Total Portfolio ABR Industry Type by Region

13 North America, 67% $1.1B United States, 60% $953MM Canada (4), 5% $74MM Mexico (3), 2% $28MM Europe, 33% $522MM Other (2), 1% $8MM 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of March 31, 2026. 2. Includes Mauritius (0.4%) and Japan (0.1%). 3. All ABR from Mexico-based properties denominated in USD. 4. $50.4MM (68%) 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 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.

14 Uncapped CPI 30% Fixed 48% Capped CPI 19% Other (2) 3% CPI-linked 49% None <1% 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of March 31, 2026. 2. Represents leases attributable to percentage rent (i.e., participation in the gross revenues of the tenant above a stated level). Includes $42.6 million (2.7%) of ABR from a tenant (Extra Space Storage), which has both a percentage rent component and annual fixed rent increases in its lease. Over 99% of ABR comes from leases with contractual rent increases, including 49% linked to CPI Internal Growth from Contractual Rent Increases (1)

15 4.3% 4.2% 4.1% 3.1% 2.9% 2.8% 2.6% 2.4% 2.3% 2.4% 2.4% 2.4% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 1. Contractual same store portfolio includes leases that were continuously in place during the period from March 31, 2025 to March 31, 2026. 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 March 31, 2026. Contractual same store growth of 2.4% (1) Same Store ABR Growth

16 1.8% 3.5% 4.5% 4.1% 2.5% 5.1% 3.6% 5.5% 7.0% 4.9% 4.4% 4.2% 1.8% 4.8% 42.3% 0% 10% 20% 30% 40% 50% 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 Thereafter 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of March 31, 2026. 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)

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 is shown for the most recent quarter. Stable occupancy maintained during the aftermath of the global financial crisis and throughout the COVID-19 pandemic 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% 98.0% 98.1% 0% 20% 40% 60% 80% 100% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q26 Occupancy (% Square Feet) (2)

18 Recent investment activity has been focused primarily on mission critical industrial and warehouse properties and essential retail Recent Acquisitions Purchase Price: $322 million Transaction Type: Acquisition Property Type: Retail Location: Various, United States Gross Square Footage: 1,254,645 Lease Term: 10-year lease Rent Escalation: Fixed Life Time Fitness December 2025 (10 properties) Purchase Price: $202 million Transaction Type: Sale-leaseback Property Type: Warehouse Location: Various, Poland Gross Square Footage: 1,857,837 Lease Term: 15-year lease Rent Escalation: Capped Eurozone CPI Raben Group January / February 2026 (8 properties) W.C. Bradley February 2026 (3 properties) Purchase Price: $22 million Transaction Type: Sale-leaseback Property Type: Industrial Location: Peebles, OH and Hope, AR Gross Square Footage: 422,802 Lease Term: 15-year lease Rent Escalation: Fixed Recent Acquisitions – Case Studies

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: $6 million renovation Property Type: Industrial Location: Various, France Additional Gross Square Footage: N/A Lease Term: 17-year lease Rent Escalation: Uncapped French CPI Fraikin Completed December 2025 Investment: $21 million build-to-suit Property Type: Industrial Location: Surprise, AZ Gross Square Footage: 131,753 Lease Term: 20-year lease Rent Escalation: Fixed Janus International Completed February 2026 Investment: $18 million build-to-suit Property Type: Warehouse Location: Oskarshamn, Sweden Gross Square Footage: 204,645 Lease Term: 15-year lease Rent Escalation: Capped Swedish CPI Scania Completed March 2026 Capital Investments – Case Studies

20 Balance Sheet

21 Capitalization ($MM) 3/31/26 Total Equity (2) $15,137 Pro Rata Net Debt Senior Unsecured Notes USD 2,750 Senior Unsecured Notes EUR 4,743 Mortgage Debt, pro rata USD 70 Mortgage Debt, pro rata (EUR $103 / Other $20) 123 Unsecured Revolving Credit Facility USD 0 Unsecured Revolving Credit Facility (EUR $6 / Other $56) 62 Unsecured Term Loans (CAD $249 / EUR $575 / GBP $358) 1,182 Total Pro Rata Debt $8,930 Less: Cash and Cash Equivalents (239) Total Net Debt $8,690 Enterprise Value $23,828 Total Capitalization $24,067 Leverage and Debt Metrics Net Debt / Adjusted EBITDA (annualized) (3)(4) 5.7x Net Debt / Adjusted EBITDA (annualized) – inclusive of unsettled forward equity (3)(4)(5) 5.3x Net Debt / Enterprise Value (2)(3) 36.5% Total Consolidated Debt / Gross Assets (6) 43.1% Weighted Average Interest Rate (three months ended Mar 31, 2026) (pro rata) 3.1% Weighted Average Debt Maturity (pro rata) 4.8 years Capitalization (%) • Size: Large, well-capitalized balance sheet with ~$24B in total enterprise value • Credit Rating: Investment grade rated Baa1 by Moody’s and BBB+ by S&P • Liquidity: $2.8B at quarter end including revolver availability, unsettled forward equity and cash on hand • Leverage: Maintain conservative leverage, targeting mid-to-high 5s Net Debt to EBITDA • Capital Markets: Demonstrated strong access to capital markets – Forward Equity: Approximately $653MM of forward equity available for settlement at quarter end – U.S. Bond Issuances: $400MM of 4.650% Senior Unsecured Notes due July 2030 issued July 2025 and $400MM of 5.375% Senior Unsecured Notes due June 2034 issued June 2024 – Eurobond Issuances: €500MM of 3.250% Senior Unsecured Notes due October 2031 and €500MM of 3.750% Senior Unsecured Notes due May 2035 both issued in February 2026 – CAD Term Loan: Replaced existing €215MM Term Loan due 2028 with a ~C$347MM Term Loan due 2028 with options to extend to 2029 at an all-in rate of 3.1%, inclusive of credit spread – EUR 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 2.8%, inclusive of credit spread Balance Sheet Highlights 63%31% 5% 1% Equity (2) Senior Unsecured Notes 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 $67.96 on March 31, 2026 and 222,738,368 common shares outstanding as of March 31, 2026. 3. Net debt to Adjusted EBITDA and net debt to enterprise value are based on pro rata debt less consolidated cash and cash equivalents. 4. Adjusted EBITDA represents 1Q26 Adjusted EBITDA (annualized), as reported in the First Quarter 2026 Supplemental Information included in the Form 8-K filed with the SEC on April 28, 2026. 5. Additionally, reflects the impact of 9,708,496 shares of unsettled forward equity, as if they had been settled for cash, for total expected net proceeds of approximately $653.5 million as of March 31, 2026. 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.

22 % of Total (5) 4.7% 6.8% 14.1% 12.8% 11.2% 12.1% 14.9% 4.8% 12.2% 6.4% Interest Rate(5) 4.3% 2.2% 2.9% 3.2% 2.4% 2.9% 3.7% 2.3% 4.3% 3.8% $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 ($0.9MM) and 2031 ($2.0MM). 3. Includes amounts drawn under the credit facility as of March 31, 2026. 4. Based on total pro rata debt outstanding as of March 31, 2026. 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 March 31, 2026. 68 28 73 11 2 575 575 172 604 575 977 690 575 350 325 400 500 350 425 400 607 575 62 $418 $603 $1,255 $1,145 $1,004 $1,075 $1,327 $427 $1,090 $575 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Mortgage Debt Unsecured Bonds (EUR) Unsecured Bonds (USD) Unsecured Term Loans Unsecured Revolving Credit Facility(2) (3) Debt Maturity Schedule Principal at Maturity (1) 96% Fixed Rate Debt (4)

23 Metric Covenant March 31, 2026 Total Leverage Total Debt / Total Assets ≤ 60% 41.1% Secured Debt Leverage Secured Debt / Total Assets ≤ 40% 0.5% Fixed Charge Coverage Consolidated EBITDA / Annual Debt Service Charge ≥ 1.5x 4.7x Maintenance of Unencumbered Asset Value Unencumbered Assets / Total Unsecured Debt ≥ 150% 236.9% 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 March 31, 2026, our Senior Unsecured Notes consisted of the following note issuances: (i) $350 million 4.25% senior unsecured notes due 2026, (ii) €500 million 2.125% senior unsecured notes due 2027, (iii) €500 million 1.35% senior unsecured notes due 2028, (iv) $325 million 3.85% senior unsecured notes due 2029, (v) €525 million 0.95% senior unsecured notes due 2030, (vi) $400 million 4.65% senior unsecured notes due 2030, (vii) $500 million 2.40% senior unsecured notes due 2031, (viii) €500MM 3.25% senior unsecured notes due 2031, (ix) $350 million 2.45% senior unsecured notes due 2032, (x) €650 million 4.250% senior unsecured notes due 2032, (xi) $425 million 2.25% senior unsecured notes due 2033, (xii) $400 million 5.375% senior unsecured notes due 2034, (xiii) €600 million 3.70% due 2034 and (xiv) €500 million 3.75% senior unsecured notes due 2035. 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. Investment grade balance sheet rated Baa1 (stable) by Moody’s and BBB+ (stable) by S&P Senior Unsecured Notes (2) Unsecured Bond Covenants (1)

24 Corporate Responsibility

25 We remain steadfast in our longstanding commitment to Doing Good While Doing Well ® Corporate Responsibility Governance Social Environmental  Selected as one of Fortune's Best Workplaces in Real Estate , Best Medium Workplaces and Best Workplaces in New York  Certified by Great Place to Work® in both the U.S. and the Netherlands  Continued to encourage our employees to participate in philanthropic and charitable activities through our CareyForward 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  Continued to engage 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 March 31, 2026 3. As a percentage of square footage. 6.1M sq. ft. of green-certified buildings (1)(2) 39% of portfolio under a green lease (2)(3)

26 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, 2025. 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 March 31, 2026 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

27 Non-GAAP Financial Disclosures Adjusted EBITDA We believe that EBITDA is a useful supplemental measure to investors and analysts for assessing the performance of our business because (i) it removes the impact of our capital structure from our operating results and (ii) it is helpful when comparing our operating performance to that of companies in our industry without regard to such items, which can vary substantially from company to company. Adjusted EBITDA as disclosed represents EBITDA modified to include other adjustments to GAAP net income for certain non-cash charges, such as impairments, non-cash rent adjustments and unrealized gains and losses from our hedging activity. Additionally, we exclude gains and losses on sale of real estate, which are not considered fundamental attributes of our business plans and do not affect our overall long-term operating performance. We exclude these items from adjusted EBITDA because they are not the primary drivers in our decision-making process. Adjusted EBITDA reflects adjustments for unconsolidated partnerships and jointly owned investments. Adjusted EBITDA is also modified to reflect the pro forma impact of our investment and disposition activity, assuming all activity occurred at the beginning of the applicable period. This includes adjustments to recurring revenue and expenses related to properties acquired or disposed of, and capital investments and commitments completed, during the applicable period. Our assessment of our operations is focused on long-term sustainability and not on such non-cash and non-core items, which may cause short- term fluctuations in net income but have no impact on cash flows. We believe that adjusted EBITDA is a useful supplemental measure and representation of the performance of our business to investors and analysts, although it does not represent net income that is computed in accordance with GAAP. Accordingly, adjusted EBITDA should not be considered an alternative to net income or an indicator of our financial performance. EBITDA and adjusted EBITDA as calculated by us may not be comparable to similarly titled measures of other companies. 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 March 31, 2026. 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

Source: View Original Filing on SEC EDGAR

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W. P. Carey (NYSE: WPC) posts Q1 2026 growth and lifts AFFO outlook

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W. P. Carey (NYSE: WPC) posts Q1 2026 growth and lifts AFFO outlook

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