[8-K] W. P. Carey Inc. Reports Material Event

Q: How did WPC perform financially in the fourth quarter of 2025?

W. P. Carey reported Q4 2025 net income of $148.3 million, or $0.67 per diluted share. AFFO was $281.1 million, or $1.27 per diluted share, up 5.0% year over year, reflecting accretive investment activity and rent escalations.

Q: What were WPC’s full-year 2025 earnings and AFFO results?

For 2025, W. P. Carey generated net income attributable to the company of $466.4 million. Full‑year AFFO totaled $1,098.2 million, or $4.97 per diluted share, supported by record investment volume and strong portfolio occupancy of 98.0%.

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

W. P. Carey issued 2026 AFFO guidance of $5.13 to $5.23 per diluted share. This outlook is based on anticipated full‑year investment volume of $1.25 billion to $1.75 billion, reflecting a conservative stance on investment activity and potential credit‑related rent loss.

Q: How much did WPC invest and dispose of in real estate during 2025?

In 2025, W. P. Carey achieved record investment volume of $2.1 billion, including $625.1 million in Q4. The company also generated gross disposition proceeds of $1.5 billion, with $507.0 million completed in the fourth quarter across multiple asset sales.

Q: What dividend did W. P. Carey declare for the fourth quarter of 2025?

For Q4 2025, W. P. Carey declared a cash dividend of $0.920 per share, equivalent to an annualized rate of $3.68. This represented a 4.5% year‑over‑year increase and a 2025 dividend payout ratio of 72.8% of AFFO.

Q: What does WPC’s leverage and liquidity look like at year-end 2025?

At December 31, 2025, W. P. Carey reported net debt of $8.65 billion and enterprise value of $22.75 billion. Net debt to adjusted EBITDA was 5.9x (5.6x including unsettled forward equity), with $2.21 billion of liquidity and a cash interest coverage ratio of 5.2x.

Q: How strong is W. P. Carey’s real estate portfolio as of year-end 2025?

As of December 31, 2025, W. P. Carey’s net-lease portfolio produced ABR of $1,553.3 million with 1,682 properties and 98.0% occupancy. The weighted‑average lease term was 12.0 years, and contractual same‑store rent growth reached 2.4% year over year.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

W. P. Carey Inc. reported solid fourth quarter and full‑year 2025 results and issued initial 2026 AFFO guidance. For Q4 2025, net income attributable to W. P. Carey was $148.3 million, or $0.67 per diluted share, and AFFO was $281.1 million, or $1.27 per diluted share, up 5.0% year over year.

For full‑year 2025, net income attributable to W. P. Carey was $466.4 million and AFFO was $1,098.2 million, or $4.97 per diluted share. The company announced 2026 AFFO guidance of $5.13–$5.23 per diluted share, based on anticipated investment volume of $1.25–$1.75 billion. In 2025 it achieved record annual investment volume of $2.1 billion and gross disposition proceeds of $1.5 billion, while contractual same‑store rent grew 2.4%.

Balance sheet metrics as of December 31, 2025 show equity market capitalization of $14.1 billion, net debt of $8.65 billion, enterprise value of $22.75 billion, and net debt to adjusted EBITDA of 5.9x (5.6x including unsettled forward equity). The quarterly cash dividend was $0.920 per share (annualized $3.68), a 4.5% increase year over year, with a 2025 dividend payout ratio of 72.8% of AFFO.

Insights

W. P. Carey posted stronger earnings, record 2025 deal volume and modest internal rent growth, while leverage stayed moderate.

W. P. Carey delivered Q4 2025 AFFO of $281.1M, or $1.27 per diluted share, up 5.0% from Q4 2024. Same period revenues reached $444.5M, a 9.4% increase, mainly from net investment activity and rent escalations. Full‑year AFFO of $1,098.2M ($4.97 per diluted share) supports its status as an income‑oriented net‑lease REIT.

Operationally, the company recorded record 2025 investment volume of $2.1B and dispositions of $1.5B, while maintaining 98.0% net‑lease occupancy and a weighted‑average lease term of 12 years. Contractual same‑store rent grew 2.4%, with nearly half of ABR tied to CPI‑linked escalators, which can help offset inflation when indices are favorable.

The balance sheet at December 31, 2025 shows net debt of $8.65B, net debt to adjusted EBITDA of 5.9x (5.6x including unsettled forward equity) and a cash interest coverage ratio of 5.2x. Investment‑grade ratings of Baa1 and BBB+ with stable outlooks, along with liquidity of $2.21B and a weighted‑average debt maturity of 4.3 years, indicate capacity to fund the $1.25–$1.75B 2026 investment plan while sustaining the dividend, although actual outcomes will depend on capital market conditions and transaction execution.

02/10/2026 - 04:08 PM

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): February 10, 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 February 10, 2026, W. P. Carey Inc. (the “Company”) issued an earnings release announcing its financial results for the quarter ended December 31, 2025. A copy of the earnings release is attached as Exhibit 99.1.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “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 February 10, 2026, the Company made available certain unaudited supplemental financial information at December 31, 2025. A copy of this supplemental information is attached as Exhibit 99.2.

On February 10, 2026, the Company posted its fourth 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 December 31, 2025.

99.2						Supplemental financial information of the Company at December 31, 2025.

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:	February 10, 2026	By:	/s/ ToniAnn Sanzone
			ToniAnn Sanzone
			Chief Financial Officer

Exhibit 99.1

W. P. Carey Announces Fourth Quarter and Full Year 2025 Financial Results

New York, NY – February 10, 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 fourth quarter and full year ended December 31, 2025.

Financial Highlights


	2025
	Fourth Quarter	Full Year
Net income attributable to W. P. Carey (millions)	$148.3	$466.4
Diluted earnings per share	$0.67	$2.11

AFFO (millions)	$281.1	$1,098.2
AFFO per diluted share	$1.27	$4.97

•2026 AFFO guidance range of between $5.13 and $5.23 per diluted share announced, based on anticipated full-year investment volume of between $1.25 billion and $1.75 billion

•Fourth quarter cash dividend of $0.920 per share, equivalent to an annualized dividend rate of $3.68 per share, up 4.5% year over year

Real Estate Portfolio

•Record annual investment volume of $2.1 billion for 2025, including $625.1 million completed during the fourth quarter

•Year-to-date investment volume of $312.4 million

•Active capital investments and commitments of $238.3 million scheduled to be completed in 2026, including three projects totaling $50.0 million completed year to date

•Gross disposition proceeds of $1.5 billion for 2025, including $507.0 million completed during the fourth quarter

•Year-to-date gross disposition proceeds of $60.2 million

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

Balance Sheet and Capitalization

•$422.6 million of equity sold under the Company’s ATM program subject to forward sale agreements during 2025, all of which currently remains available for settlement

W. P. Carey Inc. 12/31/2025 Earnings Release 8-K – 1

MANAGEMENT COMMENTARY

“2025 was a year of meaningful progress for W. P. Carey, as execution of our business model translated into strong performance and laid the foundation for attractive, sustainable growth,” said Jason Fox, Chief Executive Officer.

“The momentum we built throughout the year has carried into 2026. Healthy year‑to‑date investment volume and an active pipeline are supported by our ability to draw on multiple sources of accretive equity capital — with the vast majority of our anticipated 2026 equity needs already accounted for. Furthermore, we expect to maintain an internal growth rate that’s among the best in the net lease sector, contributing a meaningful proportion of our overall AFFO growth.

“At the midpoint, our initial AFFO guidance implies growth in the low-to-mid 4% range, even as we maintain a conservative stance toward both investment volume and potential credit-related rent loss.”

QUARTERLY FINANCIAL RESULTS

Revenues

•Revenues, including reimbursable costs, for the 2025 fourth quarter totaled $444.5 million, up 9.4% from $406.2 million for the 2024 fourth quarter.

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

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

◦Operating property revenues decreased primarily due to the sale of 63 self-storage operating properties and a student housing operating property, as well as the conversion of four self-storage operating properties to net leases during 2025.

Net Income Attributable to W. P. Carey

•Net income attributable to W. P. Carey for the 2025 fourth quarter was $148.3 million, up 215.5% from $47.0 million for the 2024 fourth quarter, due primarily to lower mark-to-market losses recognized on the Company’s shares of Lineage, a higher gain on sale of real estate and the accretive impact of net investment activity, partly offset by lower gains from remeasurement of foreign debt.

Adjusted Funds from Operations (AFFO)

•AFFO for the 2025 fourth quarter was $1.27 per diluted share, up 5.0% from $1.21 per diluted share for the 2024 fourth quarter, primarily reflecting the accretive impact of net investment activity and rent escalations, partly offset by outstanding rents collected during the 2024 fourth quarter in connection with a disposition during that period.

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

Dividend

•On December 15, 2025, the Company reported that its Board of Directors increased its quarterly cash dividend to $0.920 per share, equivalent to an annualized dividend rate of $3.68 per share, representing a 4.5% increase compared to the 2024 fourth quarter. The dividend was paid on January 15, 2026 to shareholders of record as of December 31, 2025.

W. P. Carey Inc. 12/31/2025 Earnings Release 8-K – 2

FULL YEAR FINANCIAL RESULTS

Revenues

•Revenues, including reimbursable costs, for the 2025 full year totaled $1.72 billion, up 8.9% from $1.58 billion for the 2024 full year.

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

◦Income from finance leases and loans receivable increased primarily as a result of investment activity, partly offset by the disposition of the U-Haul portfolio during the 2024 first quarter.

◦Operating property revenues decreased primarily due to the sale of 63 self-storage operating properties and a student housing operating property during 2025, as well as the conversion of three self-storage operating properties to net leases during 2024 and four during 2025.

Net Income Attributable to W. P. Carey

•Net income attributable to W. P. Carey for the 2025 full year totaled $466.4 million, up 1.2% from $460.8 million for the 2024 full year, due primarily to a higher gain on sale of real estate, lower mark-to-market losses recognized on the Company’s shares of Lineage and the accretive impact of net investment activity, partly offset by higher losses from remeasurement of foreign debt, a gain on change in control of interests recognized in connection with the Company’s acquisition of a third-party joint venture partner’s interest in nine self-storage operating properties during 2024 and higher impairment charges.

AFFO

•AFFO for the 2025 full year was $4.97 per diluted share, up 5.7% from $4.70 per diluted share for the 2024 full year, primarily reflecting the accretive impact of net investment activity and rent escalations.

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

Dividend

•Dividends declared during 2025 totaled $3.620 per share, an increase of 3.7% compared to total dividends declared during 2024 of $3.490 per share.

AFFO GUIDANCE

•For the 2026 full year, the Company expects to report AFFO of between $5.13 and $5.23 per diluted share, based on the following key assumptions:

(i) investment volume of between $1.25 billion and $1.75 billion;

(ii) disposition volume of between $250 million and $750 million;

(iii) total general and administrative expenses of between $103 million and $106 million;

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

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

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.

W. P. Carey Inc. 12/31/2025 Earnings Release 8-K – 3

REAL ESTATE PORTFOLIO

Investments

•During the 2025 fourth quarter, the company completed investments totaling $625.1 million, bringing total investment volume for the year ended December 31, 2025 to a record $2.1 billion.

•Year to date through February 10, 2026, the Company completed investments totaling $312.4 million, comprising sale-leasebacks and acquisitions totaling $262.4 million and the completion of capital investments and commitments totaling $50.0 million.

•As of December 31, 2025, the Company had 13 capital investments and commitments totaling $238.3 million scheduled to be completed during 2026 (including three projects totaling $50.0 million completed year to date, as noted above). In addition, the Company has two capital investments and commitments totaling $101.5 million scheduled to be completed during 2027.

Dispositions

•During the 2025 fourth quarter, the Company disposed of 44 properties for gross proceeds totaling $507.0 million, bringing total dispositions for the year ended December 31, 2025, to 128 properties for gross proceeds totaling $1.5 billion.

•2025 fourth quarter dispositions included the sales of 31 self-storage operating properties for gross proceeds totaling $323.2 million, bringing total sales of self-storage operating properties for the year ended December 31, 2025, to 63 properties for gross proceeds totaling $784.0 million.

•Year to date through February 10, 2026, the company disposed of four properties for gross proceeds totaling $60.2 million.

Contractual Same-Store Rent Growth

•As of December 31, 2025, contractual same-store rent growth was 2.4% year over year, on a constant currency basis.

Rent Loss from Tenant Credit Events

•For the 2025 full year, the Company experienced rent loss from tenant credit events totaling $6.4 million.

Composition

•As of December 31, 2025, the Company’s net lease portfolio consisted of 1,682 properties, comprising 183 million square feet leased to 371 tenants, with a weighted-average lease term of 12.0 years and an occupancy rate of 98.0%. In addition, the Company owned 11 self-storage operating properties, four hotel operating properties and one student housing operating property, totaling approximately 1.3 million square feet.

BALANCE SHEET AND CAPITALIZATION

Liquidity

•As of December 31, 2025, the Company had total liquidity of $2.2 billion, primarily comprising $1.6 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, cash held at qualified intermediaries and available net proceeds under unsettled forward equity sale agreements.

Forward Equity

•During 2025, the Company sold 6,258,496 shares of common stock under its ATM program subject to forward sale agreements, at a weighted-average gross price of $67.53 per share, representing total gross proceeds of approximately $422.6 million, all of which currently remains available for settlement.

W. P. Carey Inc. 12/31/2025 Earnings Release 8-K – 4

•Sales of common stock subject to forward sale agreements in 2025 included 3,501,126 shares sold during the fourth quarter at a weighted-average gross price of $67.23 per share, representing total gross proceeds of approximately $235.4 million.

* * * * *

Supplemental Information

The Company has provided supplemental unaudited financial and operating information regarding the 2025 fourth quarter and certain prior quarters, including a description of non-GAAP financial measures and reconciliations to GAAP measures, in a Current Report on Form 8-K filed with the Securities and Exchange Commission (SEC) on February 10, 2026, and made available on the Company’s website at ir.wpcarey.com/investor-relations.

* * * * *

Live Conference Call and Audio Webcast Scheduled for Wednesday, February 11, 2026 at 12:00 p.m. Eastern Time

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

Date/Time: Wednesday, February 11, 2026 at 12:00 p.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 1,682 net lease properties covering approximately 183 million square feet as of December 31, 2025. With offices in New York, London, Amsterdam and Dallas, the company remains focused on investing primarily in single-tenant, industrial, warehouse and retail properties located in the U.S. and Europe, under long-term net leases with built-in rent escalations.

www.wpcarey.com

* * * * *

W. P. Carey Inc. 12/31/2025 Earnings Release 8-K – 5

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 investment pipeline, access to capital, internal growth and expectations for future AFFO growth. These statements are based on the current expectations of our management, and it is important to note that our actual results could be materially different from those projected in such forward-looking statements. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Other unknown or unpredictable risks or uncertainties, like the risks related to fluctuating interest rates, the impact of inflation and tariffs on our tenants and us, the effects of pandemics and global outbreaks of contagious diseases, and domestic or geopolitical crises, such as terrorism, military conflict, war or the perception that hostilities may be imminent, political instability or civil unrest, or other conflict, and those additional risk factors discussed in reports that we have filed with the SEC, could also have material adverse effects on our future results, performance or achievements. Discussions of some of these other important factors and assumptions are contained in W. P. Carey’s filings with the SEC and are available at the SEC’s website at http://www.sec.gov, including Part I, Item 1A. Risk Factors in W. P. Carey’s Annual Report on Form 10-K for the fiscal year ended December 31, 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

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. 12/31/2025 Earnings Release 8-K – 6

W. P. CAREY INC.

Consolidated Balance Sheets

(in thousands, except share and per share amounts)


	December 31,
	2025		2024
Assets
Investments in real estate:
Land, buildings and improvements — net lease and other	$	14,451,306	$	12,842,869
Land, buildings and improvements — operating properties	286,079		1,198,676
Net investments in finance leases and loans receivable	1,171,886		798,259
In-place lease intangible assets and other	2,466,199		2,297,572
Above-market rent intangible assets	668,707		665,495
Investments in real estate	19,044,177		17,802,871
Accumulated depreciation and amortization (a)	(3,578,330)		(3,222,396)
Assets held for sale, net	3,327		—
Net investments in real estate	15,469,174		14,580,475
Equity method investments	310,178		301,115
Cash and cash equivalents	155,329		640,373
Other assets, net	1,068,480		1,045,218
Goodwill	987,071		967,843
Total assets	$	17,990,232	$	17,535,024

Liabilities and Equity
Debt:
Senior unsecured notes, net	$	6,950,261	$	6,505,907
Unsecured term loans, net	1,196,366		1,075,826
Unsecured revolving credit facility	435,417		55,448
Non-recourse mortgages, net	140,646		401,821
Debt, net	8,722,690		8,039,002
Accounts payable, accrued expenses and other liabilities	670,038		596,994
Below-market rent and other intangible liabilities, net	104,055		119,831
Deferred income taxes	151,820		147,461
Dividends payable	207,487		197,612
Total liabilities	9,856,090		9,100,900

Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued	—		—
Common stock, $0.001 par value, 450,000,000 shares authorized; 219,145,876 and 218,848,844 shares, respectively, issued and outstanding	219		219
Additional paid-in capital	11,830,737		11,805,179
Distributions in excess of accumulated earnings	(3,539,592)		(3,203,974)
Deferred compensation obligation	80,239		78,503
Accumulated other comprehensive loss	(253,346)		(250,232)
Total stockholders’ equity	8,118,257		8,429,695
Noncontrolling interests	15,885		4,429
Total equity	8,134,142		8,434,124
Total liabilities and equity	$	17,990,232	$	17,535,024

________

(a)Includes $2.1 billion and $1.8 billion of accumulated depreciation on buildings and improvements as of December 31, 2025 and 2024, respectively, and $1.5 billion and $1.4 billion of accumulated amortization on lease intangibles as of December 31, 2025 and 2024, respectively.

W. P. Carey Inc. 12/31/2025 Earnings Release 8-K – 7

W. P. CAREY INC.

Quarterly Consolidated Statements of Income

(in thousands, except share and per share amounts)


	Three Months Ended
	December 31, 2025		September 30, 2025		December 31, 2024
Revenues
Real Estate:
Lease revenues	$	389,154	$	372,087	$	351,394
Income from finance leases and loans receivable	26,716		26,498		16,796
Operating property revenues	18,379		26,771		34,132
Other lease-related income	8,137		3,660		1,329
	442,386		429,016		403,651
Investment Management:
Asset management revenue	1,085		1,218		1,461
Other advisory income and reimbursements	1,076		1,069		1,053
	2,161		2,287		2,514
	444,547		431,303		406,165
Operating Expenses
Depreciation and amortization	145,339		125,586		115,770
Impairment charges — real estate	39,690		19,474		27,843
General and administrative	25,899		23,656		24,254
Reimbursable tenant costs	19,371		14,562		15,661
Property expenses, excluding reimbursable tenant costs	13,859		14,637		12,580
Operating property expenses	11,863		15,049		16,586
Stock-based compensation expense	8,650		11,153		9,667
Merger and other expenses	478		1,021		(484)
	265,149		225,138		221,877
Other Income and Expenses
Interest expense	(75,431)		(75,226)		(70,883)
Gain on sale of real estate, net	52,791		44,401		4,480
Other gains and (losses) (a)	(10,131)		(31,011)		(77,224)
Earnings from equity method investments	4,109		2,361		302
Non-operating income (b)	2,516		3,030		13,847
	(26,146)		(56,445)		(129,478)
Income before income taxes	153,252		149,720		54,810
Benefit from (provision for) income taxes	1,310		(8,495)		(7,772)
Net Income	154,562		141,225		47,038
Net income attributable to noncontrolling interests (c)	(6,243)		(229)		(15)
Net Income Attributable to W. P. Carey	$	148,319	$	140,996	$	47,023

Basic Earnings Per Share	$	0.67	$	0.64	$	0.21
Diluted Earnings Per Share	$	0.67	$	0.64	$	0.21
Weighted-Average Shares Outstanding
Basic	220,469,827		220,562,909		220,223,239
Diluted	221,169,776		221,087,833		220,577,900

Dividends Declared Per Share	$	0.920	$	0.910	$	0.880

__________

(a)Amount for the three months ended December 31, 2025 is primarily comprised of a mark-to-market unrealized loss for our investment in shares of Lineage of $11.7 million and non-cash unrealized gains on non-hedging derivatives of $1.1 million.

(b)Amount for the three months ended December 31, 2025 is comprised of a dividend of $2.8 million from our investment in shares of Lineage, interest income on deposits of $1.0 million and realized losses on foreign currency exchange derivatives of $1.3 million.

(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.

W. P. Carey Inc. 12/31/2025 Earnings Release 8-K – 8

W. P. CAREY INC.

Full Year Consolidated Statements of Income

(in thousands, except share and per share amounts)


	Years Ended December 31,
	2025		2024
Revenues
Real Estate:
Lease revenues	$	1,479,204	$	1,331,788
Income from finance leases and loans receivable	90,948		73,262
Operating property revenues	112,531		146,813
Other lease-related income	24,561		20,334
	1,707,244		1,572,197
Investment Management:
Asset management and other revenue	4,957		6,597
Other advisory income and reimbursements	4,284		4,224
	9,241		10,821
	1,716,485		1,583,018
Operating Expenses
Depreciation and amortization	521,127		487,724
General and administrative	100,672		98,969
Impairment charges — real estate	70,367		43,595
Reimbursable tenant costs	68,743		55,975
Operating property expenses	60,177		70,866
Property expenses, excluding reimbursable tenant costs	53,825		49,677
Stock-based compensation expense	39,894		40,894
Merger and other expenses	2,247		4,457
	917,052		852,157
Other Income and Expenses
Interest expense	(291,256)		(277,367)
Other gains and (losses)	(232,107)		(137,988)
Gain on sale of real estate, net	193,793		74,822
Earnings from equity method investments	18,009		17,926
Non-operating income	16,951		52,236
Gain on change in control of interests	—		31,849
	(294,610)		(238,522)
Income before income taxes	504,823		492,339
Provision for income taxes	(31,908)		(31,709)
Net Income	472,915		460,630
Net (income) loss attributable to noncontrolling interests	(6,556)		209
Net Income Attributable to W. P. Carey	$	466,359	$	460,839

Basic Earnings Per Share	$	2.11	$	2.09
Diluted Earnings Per Share	$	2.11	$	2.09
Weighted-Average Shares Outstanding
Basic	220,501,239		220,168,325
Diluted	221,112,343		220,520,457

Dividends Declared Per Share	$	3.620	$	3.490

W. P. Carey Inc. 12/31/2025 Earnings Release 8-K – 9

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
	December 31, 2025		September 30, 2025		December 31, 2024
Net income attributable to W. P. Carey	$	148,319	$	140,996	$	47,023
Adjustments:
Depreciation and amortization of real property	144,641		124,906		115,107
Gain on sale of real estate, net	(52,791)		(44,401)		(4,480)
Impairment charges — real estate	39,690		19,474		27,843
Proportionate share of adjustments to earnings from equity method investments (a)	2,255		2,271		2,879
Proportionate share of adjustments for noncontrolling interests (b) (c)	5,958		(82)		(79)
Total adjustments	139,753		102,168		141,270
FFO (as defined by NAREIT) Attributable to W. P. Carey (d)	288,072		243,164		188,293
Adjustments:
Straight-line and other leasing and financing adjustments	(20,758)		(20,424)		(24,849)
Tax (benefit) expense – deferred and other	(11,708)		(1,215)		96
Other (gains) and losses (e)	10,131		31,011		77,224
Stock-based compensation	8,650		11,153		9,667
Amortization of deferred financing costs	4,888		4,874		4,851
Above- and below-market rent intangible lease amortization, net	941		4,363		10,047
Other amortization and non-cash items	589		587		557
Merger and other expenses	478		1,021		(484)
Proportionate share of adjustments to earnings from equity method investments (a)	(43)		2,194		2,266
Proportionate share of adjustments for noncontrolling interests (b)	(116)		(99)		(62)
Total adjustments	(6,948)		33,465		79,313
AFFO Attributable to W. P. Carey (d)	$	281,124	$	276,629	$	267,606

Summary
FFO (as defined by NAREIT) attributable to W. P. Carey (d)	$	288,072	$	243,164	$	188,293
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share (d)	$	1.30	$	1.10	$	0.85
AFFO attributable to W. P. Carey (d)	$	281,124	$	276,629	$	267,606
AFFO attributable to W. P. Carey per diluted share (d)	$	1.27	$	1.25	$	1.21
Diluted weighted-average shares outstanding	221,169,776		221,087,833		220,577,900

W. P. Carey Inc. 12/31/2025 Earnings Release 8-K – 10

W. P. CAREY INC.

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

(in thousands, except share and per share amounts)


	Years Ended December 31,
	2025		2024
Net income attributable to W. P. Carey	$	466,359	$	460,839
Adjustments:
Depreciation and amortization of real property	518,414		485,088
Gain on sale of real estate, net	(193,793)		(74,822)
Impairment charges — real estate	70,367		43,595
Gain on change in control of interests	—		(31,849)
Proportionate share of adjustments to earnings from equity method investments (a)	8,400		11,871
Proportionate share of adjustments for noncontrolling interests (b)	5,716		(379)
Total adjustments	409,104		433,504
FFO (as defined by NAREIT) Attributable to W. P. Carey (d)	875,463		894,343
Adjustments:
Other (gains) and losses	232,107		137,988
Straight-line and other leasing and financing adjustments	(75,589)		(80,899)
Stock-based compensation	39,894		40,894
Amortization of deferred financing costs	19,172		18,845
Above- and below-market rent intangible lease amortization, net	11,488		26,144
Tax benefit – deferred and other	(10,885)		(4,245)
Other amortization and non-cash items	2,315		2,303
Merger and other expenses	2,247		4,457
Proportionate share of adjustments to earnings from equity method investments (a)	2,374		(3,531)
Proportionate share of adjustments for noncontrolling interests (b)	(343)		(354)
Total adjustments	222,780		141,602
AFFO Attributable to W. P. Carey (d)	$	1,098,243	$	1,035,945

Summary
FFO (as defined by NAREIT) attributable to W. P. Carey (d)	$	875,463	$	894,343
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share (d)	$	3.96	$	4.06
AFFO attributable to W. P. Carey (d)	$	1,098,243	$	1,035,945
AFFO attributable to W. P. Carey per diluted share (d)	$	4.97	$	4.70
Diluted weighted-average shares outstanding	221,112,343		220,520,457

__________

(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)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 below for a description of FFO and AFFO.

(e)Amount for the three months ended December 31, 2025 is primarily comprised of a mark-to-market unrealized loss for our investment in shares of Lineage of $11.7 million and non-cash unrealized gains on non-hedging derivatives of $1.1 million.

W. P. Carey Inc. 12/31/2025 Earnings Release 8-K – 11

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. 12/31/2025 Earnings Release 8-K – 12

Exhibit 99.2

W. P. Carey Inc.

Supplemental Information

Fourth Quarter 2025

Terms and Definitions

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


REIT			Real estate investment trust
U.S.			United States
ABR			Contractual minimum annualized base rent
ASC			Accounting Standards Codification
NAREIT			National Association of Real Estate Investment Trusts (an industry trade group)
CPI			Consumer price index
EUR			Euro
EURIBOR			Euro Interbank Offered Rate
SOFR			Secured Overnight Financing Rate
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; same-store pro rata rental income; cash interest expense; and cash interest expense coverage ratio. FFO is a non-GAAP measure defined by NAREIT. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP measures are provided within this supplemental package. In addition, refer to the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of these non-GAAP financial measures and other metrics.

Amounts may not sum to totals due to rounding.

W. P. Carey Inc.

Supplemental Information – Fourth Quarter 2025


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			19
Dispositions			20
Joint Ventures			22
Top 25 Tenants			23
Diversification by Property Type			24
Diversification by Tenant Industry			25
Diversification by Geography			26
Contractual Rent Increases			27
Same-Store Analysis			28
Leasing Activity			31
Lease Expirations			32
Self-Storage Operating Properties Portfolio			33

Appendix
Normalized Pro Rata Cash NOI			35
Adjusted EBITDA – Last Five Quarters			37
Reconciliation of Net Debt to Adjusted EBITDA			38
Disclosures Regarding Non-GAAP and Other Metrics			39

W. P. Carey Inc.

Overview – Fourth Quarter 2025


Summary Metrics

As of or for the three months ended December 31, 2025.


Financial Results
Revenues, including reimbursable costs – consolidated ($000s)	$	444,547
Net income attributable to W. P. Carey ($000s)	148,319
Net income attributable to W. P. Carey per diluted share	0.67
Normalized pro rata cash NOI ($000s) (a) (b)	378,094
Adjusted EBITDA ($000s) (a) (b)	366,674
AFFO attributable to W. P. Carey ($000s) (a) (b)	281,124
AFFO attributable to W. P. Carey per diluted share (a) (b)	1.27

Dividends declared per share – current quarter	0.920
Dividends declared per share – current quarter annualized	3.680
Dividend yield – annualized, based on quarter end share price of $64.36	5.7		%
Dividend payout ratio – for the year ended December 31, 2025 (c)	72.8		%

Balance Sheet and Capitalization
Equity market capitalization – based on quarter end share price of $64.36 ($000s)	$	14,104,229
Net debt ($000s) (d)	8,647,567
Enterprise value ($000s)	22,751,796

Total consolidated debt ($000s)	8,722,690
Gross assets ($000s) (e)	20,076,687
Liquidity ($000s) (f)	2,211,837

Net debt to enterprise value (b)	38.0		%
Net debt to adjusted EBITDA (annualized) (a) (b)	5.9x
Net debt to adjusted EBITDA (annualized) – inclusive of unsettled forward equity (a) (b) (g)	5.6x
Total consolidated debt to gross assets	43.4		%
Total consolidated secured debt to gross assets	0.7		%
Cash interest expense coverage ratio (a) (b)	5.2x

Weighted-average interest rate – for the three months ended December 31, 2025 (b)	3.2		%
Weighted-average interest rate – as of December 31, 2025 (b)	3.1		%
Weighted-average debt maturity (years) (b)	4.3

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)	$	1,553,312

Number of net-leased properties	1,682
Number of operating properties (i)	16
Number of tenants – net-leased properties	371

ABR from top ten tenants as a % of total ABR – net-leased properties	18.8		%
ABR from investment grade tenants as a % of total ABR – net-leased properties (j)	21.9		%
Contractual same-store growth (k)	2.4		%

Net-leased properties – square footage (millions)	183.5

Occupancy – net-leased properties	98.0		%
Weighted-average lease term (years)	12.0

Investment volume – current quarter ($000s)	$	625,110
Dispositions – current quarter ($000s)	506,954

Maximum commitment for capital investments and commitments expected to be completed during 2026 ($000s)	238,269

________


						Investing for the Long Run® \| 1

W. P. Carey Inc.

Overview – Fourth Quarter 2025

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

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

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

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

(e)Gross assets represent consolidated total assets before accumulated depreciation on buildings and improvements. Gross assets are net of accumulated amortization on in-place lease intangible assets of $993.7 million and above-market rent intangible assets of $498.1 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, (iii) cash held at qualified intermediaries, and (iv) available proceeds under our forward equity sale agreements. See the Components of Net Asset Value section for information about cash held at qualified intermediaries.

(g)Reflects the impact of 6,258,496 shares of unsettled forward equity as of December 31, 2025, as if they had been settled for cash at a weighted-average net settlement price of $65.85 per share.

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

(i)Comprised of 11 self-storage properties, four hotels and one student housing properties.

(j)Percentage of portfolio is based on ABR, as of December 31, 2025. Includes tenants or guarantors with investment grade ratings (15.4%) and subsidiaries of non-guarantor parent companies with investment grade ratings (6.5%). 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 – Fourth Quarter 2025


Components of Net Asset Value

In thousands.


Normalized Pro Rata Cash NOI (a) (b)	Three Months Ended Dec. 31, 2025
Net lease properties	$	374,909
Self-storage and other operating properties (c)	3,185
Total normalized pro rata cash NOI (a) (b)	$	378,094

Balance Sheet – Selected Information (Consolidated Unless Otherwise Stated)	As of Dec. 31, 2025
Assets
Book value of real estate excluded from normalized pro rata cash NOI (d)	$	292,589
Cash and cash equivalents	155,329
Las Vegas retail complex construction loan (e)	245,884
Other secured loans receivable, net	35,783
Other assets, net:
Straight-line rent adjustments	$	466,658
Investment in shares of Lineage (a cold storage REIT) (f)	167,526
Cash held at qualified intermediaries (g)	80,874
Deferred charges	77,420
Taxes receivable	57,193
Non-rent tenant and other receivables	49,118
Office lease right-of-use assets, net	47,719
Restricted cash, including escrow (excludes cash held at qualified intermediaries)	36,189
Deferred income taxes	33,151
Prepaid expenses	10,998
Leasehold improvements, furniture and fixtures	10,846
Rent receivables (h)	2,410
Securities and derivatives	1,845
Due from affiliates	996
Other	25,537
Total other assets, net	$	1,068,480

Liabilities
Total pro rata debt outstanding (b) (i)	$	8,883,770
Dividends payable	207,487
Deferred income taxes	151,820
Accounts payable, accrued expenses and other liabilities:
Prepaid and deferred rents	$	185,865
Accounts payable and accrued expenses	175,668
Operating lease liabilities	144,252
Tenant security deposits	54,877
Accrued taxes payable	45,319
Securities and derivatives	18,435
Other	45,622
Total accounts payable, accrued expenses and other liabilities	$	670,038

________

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

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

(c)Other operating properties include four hotels and 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 – Fourth Quarter 2025

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

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

(i)Excludes unamortized discount, net totaling $39.2 million and unamortized deferred financing costs totaling $30.1 million as of December 31, 2025.


						Investing for the Long Run® \| 4

W. P. Carey Inc.

Financial Results

Fourth Quarter 2025


						Investing for the Long Run® \| 5

W. P. Carey Inc.

Financial Results – Fourth Quarter 2025


Consolidated Statements of Income – Last Five Quarters

In thousands, except share and per share amounts.


	Three Months Ended
	Dec. 31, 2025		Sep. 30, 2025		Jun. 30, 2025		Mar. 31, 2025		Dec. 31, 2024
Revenues
Real Estate:
Lease revenues	$	389,154	$	372,087	$	364,195	$	353,768	$	351,394
Income from finance leases and loans receivable	26,716		26,498		20,276		17,458		16,796
Operating property revenues	18,379		26,771		34,287		33,094		34,132
Other lease-related income	8,137		3,660		9,643		3,121		1,329
	442,386		429,016		428,401		407,441		403,651
Investment Management:
Asset management revenue	1,085		1,218		1,304		1,350		1,461
Other advisory income and reimbursements	1,076		1,069		1,072		1,067		1,053
	2,161		2,287		2,376		2,417		2,514
	444,547		431,303		430,777		409,858		406,165
Operating Expenses
Depreciation and amortization	145,339		125,586		120,595		129,607		115,770
Impairment charges — real estate	39,690		19,474		4,349		6,854		27,843
General and administrative	25,899		23,656		24,150		26,967		24,254
Reimbursable tenant costs	19,371		14,562		17,718		17,092		15,661
Property expenses, excluding reimbursable tenant costs	13,859		14,637		13,623		11,706		12,580
Operating property expenses	11,863		15,049		16,721		16,544		16,586
Stock-based compensation expense	8,650		11,153		10,943		9,148		9,667
Merger and other expenses	478		1,021		192		556		(484)
	265,149		225,138		208,291		218,474		221,877
Other Income and Expenses
Interest expense	(75,431)		(75,226)		(71,795)		(68,804)		(70,883)
Gain on sale of real estate, net	52,791		44,401		52,824		43,777		4,480
Other gains and (losses) (a)	(10,131)		(31,011)		(148,768)		(42,197)		(77,224)
Earnings from equity method investments	4,109		2,361		6,161		5,378		302
Non-operating income (b)	2,516		3,030		3,495		7,910		13,847
	(26,146)		(56,445)		(158,083)		(53,936)		(129,478)
Income before income taxes	153,252		149,720		64,403		137,448		54,810
Benefit from (provision for) income taxes	1,310		(8,495)		(13,091)		(11,632)		(7,772)
Net Income	154,562		141,225		51,312		125,816		47,038
Net (income) loss attributable to noncontrolling interests (c)	(6,243)		(229)		(92)		8		(15)
Net Income Attributable to W. P. Carey	$	148,319	$	140,996	$	51,220	$	125,824	$	47,023

Basic Earnings Per Share	$	0.67	$	0.64	$	0.23	$	0.57	$	0.21
Diluted Earnings Per Share	$	0.67	$	0.64	$	0.23	$	0.57	$	0.21
Weighted-Average Shares Outstanding
Basic	220,469,827		220,562,909		220,569,259		220,401,156		220,223,239
Diluted	221,169,776		221,087,833		220,874,935		220,720,310		220,577,900

Dividends Declared Per Share	$	0.920	$	0.910	$	0.900	$	0.890	$	0.880

________

(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 – Fourth Quarter 2025


FFO and AFFO, Consolidated – Last Five Quarters

In thousands, except share and per share amounts.


	Three Months Ended
	Dec. 31, 2025		Sep. 30, 2025		Jun. 30, 2025		Mar. 31, 2025		Dec. 31, 2024
Net income attributable to W. P. Carey	$	148,319	$	140,996	$	51,220	$	125,824	$	47,023
Adjustments:
Depreciation and amortization of real property	144,641		124,906		119,930		128,937		115,107
Gain on sale of real estate, net	(52,791)		(44,401)		(52,824)		(43,777)		(4,480)
Impairment charges — real estate	39,690		19,474		4,349		6,854		27,843
Proportionate share of adjustments to earnings from equity method investments (a)	2,255		2,271		2,231		1,643		2,879
Proportionate share of adjustments for noncontrolling interests (b) (c)	5,958		(82)		(82)		(78)		(79)
Total adjustments	139,753		102,168		73,604		93,579		141,270
FFO (as defined by NAREIT) Attributable to W. P. Carey (d)	288,072		243,164		124,824		219,403		188,293
Adjustments:
Straight-line and other leasing and financing adjustments	(20,758)		(20,424)		(15,374)		(19,033)		(24,849)
Tax (benefit) expense — deferred and other	(11,708)		(1,215)		2,820		(782)		96
Other (gains) and losses (e)	10,131		31,011		148,768		42,197		77,224
Stock-based compensation	8,650		11,153		10,943		9,148		9,667
Amortization of deferred financing costs	4,888		4,874		4,628		4,782		4,851
Above- and below-market rent intangible lease amortization, net	941		4,363		5,061		1,123		10,047
Other amortization and non-cash items	589		587		579		560		557
Merger and other expenses	478		1,021		192		556		(484)
Proportionate share of adjustments to earnings from equity method investments (a)	(43)		2,194		309		(86)		2,266
Proportionate share of adjustments for noncontrolling interests (b)	(116)		(99)		(80)		(48)		(62)
Total adjustments	(6,948)		33,465		157,846		38,417		79,313
AFFO Attributable to W. P. Carey (d)	$	281,124	$	276,629	$	282,670	$	257,820	$	267,606

Summary
FFO (as defined by NAREIT) attributable to W. P. Carey (d)	$	288,072	$	243,164	$	124,824	$	219,403	$	188,293
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share (d)	$	1.30	$	1.10	$	0.57	$	0.99	$	0.85
AFFO attributable to W. P. Carey (d)	$	281,124	$	276,629	$	282,670	$	257,820	$	267,606
AFFO attributable to W. P. Carey per diluted share (d)	$	1.27	$	1.25	$	1.28	$	1.17	$	1.21
Diluted weighted-average shares outstanding	221,169,776		221,087,833		220,874,935		220,720,310		220,577,900

________

(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.


						Investing for the Long Run® \| 7

W. P. Carey Inc.

Financial Results – Fourth Quarter 2025


Elements of Pro Rata Statement of Income and AFFO Adjustments

In thousands. For the three months ended December 31, 2025.

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


	Equity Method Investments (a)		Noncontrolling Interests (b)		AFFO Adjustments
Revenues
Real Estate:
Lease revenues	$	6,069	$	(262)	$	(19,093)	(c)
Income from finance leases and loans receivable	95		(59)		(766)
Operating property revenues	—				—
Other lease-related income	—		—		—

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

Operating Expenses
Depreciation and amortization	2,027		(83)		(146,687)		(d)
Impairment charges — real estate	—		—		(39,690)		(e)
General and administrative	2		—		—
Reimbursable tenant costs	631		(57)		—
Property expenses, excluding reimbursable tenant costs	588		(40)		(464)		(e)
Operating property expenses	—		—		(30)		(e)
Stock-based compensation expense	—		—		(8,650)		(e)
Merger and other expenses	—		—		(478)

Other Income and Expenses
Interest expense	(803)		1		4,934		(f)
Gain on sale of real estate, net	—		(6,042)		(46,749)
Other gains and (losses)	—		125		10,006		(g)
Earnings from equity method investments	(1,909)		—		85		(h)
Non-operating income	(120)		—		—

Benefit from income taxes	(84)		(3)		(11,611)		(i)
Net income attributable to noncontrolling interests	—		6,060		—

________

(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 $0.9 million and the elimination of non-cash amounts related to straight-line rent and other of $20.0 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 – Fourth Quarter 2025


Capital Expenditures

In thousands. For the three months ended December 31, 2025.


Turnover Costs (a)
Tenant improvements	$	10,119
Leasing costs	2,501
Total Tenant Improvements and Leasing Costs	12,620
Property improvements — net-lease properties	3,749

Total Turnover Costs	$	16,369

Maintenance Capital Expenditures
Net-lease properties	$	5,135
Operating properties	1,637
Total Maintenance Capital Expenditures	$	6,772

________

(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

Fourth Quarter 2025


						Investing for the Long Run® \| 10

W. P. Carey Inc.

Balance Sheets and Capitalization – Fourth Quarter 2025


Consolidated Balance Sheets

In thousands, except share and per share amounts.


	December 31,
	2025		2024
Assets
Investments in real estate:
Land, buildings and improvements — net lease and other	$	14,451,306	$	12,842,869
Land, buildings and improvements — operating properties	286,079		1,198,676
Net investments in finance leases and loans receivable	1,171,886		798,259
In-place lease intangible assets and other	2,466,199		2,297,572
Above-market rent intangible assets	668,707		665,495
Investments in real estate	19,044,177		17,802,871
Accumulated depreciation and amortization (a)	(3,578,330)		(3,222,396)
Assets held for sale, net	3,327		—
Net investments in real estate	15,469,174		14,580,475
Equity method investments	310,178		301,115
Cash and cash equivalents	155,329		640,373
Other assets, net	1,068,480		1,045,218
Goodwill	987,071		967,843
Total assets	$	17,990,232	$	17,535,024

Liabilities and Equity
Debt:
Senior unsecured notes, net	$	6,950,261	$	6,505,907
Unsecured term loans, net	1,196,366		1,075,826
Unsecured revolving credit facility	435,417		55,448
Non-recourse mortgages, net	140,646		401,821
Debt, net	8,722,690		8,039,002
Accounts payable, accrued expenses and other liabilities	670,038		596,994
Below-market rent and other intangible liabilities, net	104,055		119,831
Deferred income taxes	151,820		147,461
Dividends payable	207,487		197,612
Total liabilities	9,856,090		9,100,900

Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued	—		—
Common stock, $0.001 par value, 450,000,000 shares authorized; 219,145,876 and 218,848,844 shares, respectively, issued and outstanding	219		219
Additional paid-in capital	11,830,737		11,805,179
Distributions in excess of accumulated earnings	(3,539,592)		(3,203,974)
Deferred compensation obligation	80,239		78,503
Accumulated other comprehensive loss	(253,346)		(250,232)
Total stockholders' equity	8,118,257		8,429,695
Noncontrolling interests	15,885		4,429
Total equity	8,134,142		8,434,124
Total liabilities and equity	$	17,990,232	$	17,535,024

________


						Investing for the Long Run® \| 11

W. P. Carey Inc.

Balance Sheets and Capitalization – Fourth Quarter 2025


Capitalization

In thousands, except share and per share amounts. As of December 31, 2025.


Description	Shares	Share Price		Market Value
Equity
Common equity	219,145,876	$	64.36	$	14,104,229
Preferred equity				—
Total Equity Market Capitalization				14,104,229

				Outstanding Balance (a)
Pro Rata Debt
Non-recourse mortgages				235,284
Unsecured term loans (due February 14, 2028)				616,194
Unsecured term loan (due April 24, 2029)				587,500
Unsecured revolving credit facility (due February 14, 2029)				435,417
Senior unsecured notes:
Due April 9, 2026 (EUR)				587,500
Due October 1, 2026 (USD)				350,000
Due April 15, 2027 (EUR)				587,500
Due April 15, 2028 (EUR)				587,500
Due July 15, 2029 (USD)				325,000
Due September 28, 2029 (EUR)				176,250
Due June 1, 2030 (EUR)				616,875
Due July 15, 2030 (USD)				400,000
Due February 1, 2031 (USD)				500,000
Due February 1, 2032 (USD)				350,000
Due July 23, 2032 (EUR)				763,750
Due September 28, 2032 (EUR)				235,000
Due April 1, 2033 (USD)				425,000
Due June 30, 2034 (USD)				400,000
Due November 19, 2034 (EUR)				705,000
Total Pro Rata Debt				8,883,770

Total Capitalization				$	22,987,999

________

(a)Excludes unamortized discount, net totaling $39.2 million and unamortized deferred financing costs totaling $30.1 million as of December 31, 2025.


						Investing for the Long Run® \| 12

W. P. Carey Inc.

Balance Sheets and Capitalization – Fourth Quarter 2025


Debt Overview

Dollars in thousands. Pro rata. As of December 31, 2025.


	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)	$	107,667	4.8	%	$	71,650	5.1	%	$	20,780	4.6	%	$	200,097	2.2	%	4.9	%	1.7
Floating	—		—	%	35,187		3.8	%	—		—	%	35,187		0.4	%	3.8	%	0.3
Total Pro Rata Non-Recourse Debt	107,667		4.8	%	106,837		4.7	%	20,780		4.6	%	235,284		2.6	%	4.7	%	1.5

Recourse Debt (b) (c)
Fixed – Senior unsecured notes:
Due April 9, 2026	—		—	%	587,500		2.3	%	—		—	%	587,500		6.6	%	2.3	%	0.3
Due October 1, 2026	350,000		4.3	%	—		—	%	—		—	%	350,000		3.9	%	4.3	%	0.8
Due April 15, 2027	—		—	%	587,500		2.1	%	—		—	%	587,500		6.6	%	2.1	%	1.3
Due April 15, 2028	—		—	%	587,500		1.4	%	—		—	%	587,500		6.6	%	1.4	%	2.3
Due July 15, 2029	325,000		3.9	%	—		—	%	—		—	%	325,000		3.7	%	3.9	%	3.5
Due September 28, 2029	—		—	%	176,250		3.4	%	—		—	%	176,250		2.0	%	3.4	%	3.7
Due June 1, 2030	—		—	%	616,875		1.0	%	—		—	%	616,875		7.0	%	1.0	%	4.4
Due July 15, 2030	400,000		4.7	%	—		—	%	—		—	%	400,000		4.5	%	4.7	%	4.5
Due February 1, 2031	500,000		2.4	%	—		—	%	—		—	%	500,000		5.6	%	2.4	%	5.1
Due February 1, 2032	350,000		2.5	%	—		—	%	—		—	%	350,000		3.9	%	2.5	%	6.1
Due July 23, 2032	—		—	%	763,750		4.3	%	—		—	%	763,750		8.6	%	4.3	%	6.6
Due September 28, 2032	—		—	%	235,000		3.7	%	—		—	%	235,000		2.7	%	3.7	%	6.7
Due April 1, 2033	425,000		2.3	%	—		—	%	—		—	%	425,000		4.8	%	2.3	%	7.3
Due June 30, 2034	400,000		5.4	%	—		—	%	—		—	%	400,000		4.5	%	5.4	%	8.5
Due November 19, 2034	—		—	%	705,000		3.7	%	—		—	%	705,000		7.9	%	3.7	%	8.9
Total Senior Unsecured Notes	2,750,000		3.6	%	4,259,375		2.6	%	—		—	%	7,009,375		78.9	%	3.0	%	4.7
Swapped to Fixed:
Unsecured term loan (due April 24, 2029) (e)	—		—	%	587,500		2.8	%	—		—	%	587,500		6.6	%	2.8	%	3.3
Unsecured term loan (due February 14, 2028) (e)	—		—	%	—		—	%	363,569		4.7	%	363,569		4.1	%	4.7	%	2.1
Floating:
Unsecured revolving credit facility (due February 14, 2029) (f)	258,000		4.4	%	66,976		2.6	%	110,441		3.3	%	435,417		4.9	%	3.9	%	3.1
Unsecured term loan (due February 14, 2028) (g)	—		—	%	252,625		2.7	%	—		—	%	252,625		2.9	%	2.7	%	2.1
Total Recourse Debt	3,008,000		3.6	%	5,166,476		2.7	%	474,010		4.4	%	8,648,486		97.4	%	3.1	%	4.3

Total Pro Rata Debt Outstanding	$	3,115,667	3.7	%	$	5,273,313	2.7	%	$	494,790	4.4	%	$	8,883,770	100.0	%	3.1	%	4.3

________

(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 December 31, 2025. See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of pro rata.

(c)Excludes unamortized discount, net totaling $39.2 million and unamortized deferred financing costs totaling $30.1 million as of December 31, 2025.

(d)Includes $81.2 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 SOFR, TIBOR, CORRA, SONIA or EURIBOR, plus 0.735% for all base rates as of December 31, 2025. Each has a floor of 0.00% under the terms of our credit agreement. Availability under our Unsecured revolving credit facility (net of amounts reserved for standby letters of credit) was approximately $1.6 billion as of December 31, 2025.

(g)We incurred interest at EURIBOR, plus 0.80% on this Unsecured term loan as of December 31, 2025.


						Investing for the Long Run® \| 13

W. P. Carey Inc.

Balance Sheets and Capitalization – Fourth Quarter 2025


Debt Maturity

Dollars in thousands. Pro rata. As of December 31, 2025.


	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
2026	23	$	28,809	4.7	%	$	105,969	$	109,255	1.2	%
2027	3	1,272		4.2	%	28,534		28,835		0.4	%
2028	5	14,123		5.0	%	73,853		80,009		0.9	%
2029	3	1,464		4.0	%	10,911		11,767		0.1	%
2031	1	1,158		6.0	%	—		2,086		—	%
2033	1	2,393		5.6	%	1,648		3,332		—	%
Total Pro Rata Non-Recourse Debt	36	$	49,219	4.7	%	$	220,915	235,284		2.6	%

Recourse Debt
Fixed – Senior unsecured notes:
Due April 9, 2026 (EUR)				2.3	%			587,500		6.6	%
Due October 1, 2026 (USD)				4.3	%			350,000		3.9	%
Due April 15, 2027 (EUR)				2.1	%			587,500		6.6	%
Due April 15, 2028 (EUR)				1.4	%			587,500		6.6	%
Due July 15, 2029 (USD)				3.9	%			325,000		3.7	%
Due September 28, 2029 (EUR)				3.4	%			176,250		2.0	%
Due June 1, 2030 (EUR)				1.0	%			616,875		7.0	%
Due July 15, 2030 (USD)				4.7	%			400,000		4.5	%
Due February 1, 2031 (USD)				2.4	%			500,000		5.6	%
Due February 1, 2032 (USD)				2.5	%			350,000		3.9	%
Due July 23, 2032 (EUR)				4.3	%			763,750		8.6	%
Due September 28, 2032 (EUR)				3.7	%			235,000		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	%			705,000		7.9	%
Total Senior Unsecured Notes				3.0	%			7,009,375		78.9	%
Swapped to Fixed:
Unsecured term loan (due April 24, 2029) (d)				2.8	%			587,500		6.6	%
Unsecured term loan (due Feb 14, 2028) (d)				4.7	%			363,569		4.1	%
Floating:
Unsecured revolving credit facility (due February 14, 2029) (e)				3.9	%			435,417		4.9	%
Unsecured term loan (due February 14, 2028) (f)				2.7	%			252,625		2.9	%
Total Recourse Debt				3.1	%			8,648,486		97.4	%

Total Pro Rata Debt Outstanding				3.1	%			$	8,883,770	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 December 31, 2025. 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 $39.2 million and unamortized deferred financing costs totaling $30.1 million as of December 31, 2025.

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

(e)We incurred interest on our Unsecured revolving credit facility at SOFR, TIBOR, CORRA, SONIA or EURIBOR, plus 0.735% for all base rates as of December 31, 2025. Each has a floor of 0.00% under the terms of our credit agreement. Availability under our Unsecured revolving credit facility (net of amounts reserved for standby letters of credit) was approximately $1.6 billion as of December 31, 2025.

(f)We incurred interest at EURIBOR, plus 0.80% on this Unsecured term loan as of December 31, 2025.


						Investing for the Long Run® \| 14

W. P. Carey Inc.

Balance Sheets and Capitalization – Fourth Quarter 2025


Senior Unsecured Notes

As of December 31, 2025.

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
Dec. 31, 2025

Limitation on the incurrence of debt

"Total Debt" /
"Total Assets"

≤ 60%

42.1%

Limitation on the incurrence of secured debt

"Secured Debt" /
"Total Assets"

≤ 40%

0.7%

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

"Consolidated EBITDA" /
"Annual Debt Service Charge"

≥ 1.5x

5.0x

Maintenance of unencumbered asset value

"Unencumbered Assets" / "Total Unsecured Debt"

≥ 150%

230.5%


						Investing for the Long Run® \| 15

W. P. Carey Inc.

Real Estate

Fourth Quarter 2025


						Investing for the Long Run® \| 16

W. P. Carey Inc.

Real Estate – Fourth Quarter 2025


Investment Activity – Investment Volume

Dollars in thousands. Pro rata. For the year ended December 31, 2025.

Property Type(s)

Closing Date / Asset Completion Date

Gross Investment Amount

Investment Type

Lease Term (Years) (a)

Gross Square Footage

Tenant

Property Location(s)

1Q25

Reddy Ice (59 properties)

Various, United States

Industrial, Warehouse

Feb-25

136,022

Sale-leaseback

1,072,575

Las Vegas Retail Complex

Las Vegas, NV

Retail

Feb-25

5,000

47.5% Joint Venture Acquisition

75,255

Dollar General (4 properties)

Various, United States

Retail

Mar-25

8,474

Acquisition

42,388

Ernest Health

Mishawaka, IN

Specialty (Healthcare)

Mar-25

31,762

Acquisition

55,210

Majestic Steel (b)

Blytheville, AR

Industrial

Mar-25

91,910

Sale-leaseback

513,633

1Q25 Total

273,168

1,759,061

2Q25

Linde + Wiemann (4 properties) (c)

Various, Germany (3 properties) and La Garriga, Spain

Industrial

Apr-25

42,981

Sale-leaseback

640,732

UNFI

Santa Fe Springs, CA

Warehouse

Apr-25

128,043

Acquisition

302,850

Berry Global

Evansville, IN

Industrial

Apr-25

8,150

Renovation

N/A

Morato (9 properties) (c)

Various, Italy (7 properties) and Málaga and Burgos, Spain

Industrial

May-25

73,280

Sale-leaseback

1,159,154

Soteria

Chattanooga, TN

Industrial

Jun-25

20,247

Sale-leaseback

211,379

Hertz (2 properties)

Newark, NJ and Boston, MA

Industrial

Jun-25

101,856

Sale-leaseback

81,664

TI Automotive (formerly ABC Technologies)

Galeras, Mexico

Industrial

Jun-25

4,843

Expansion

60,181

Premium Brands (b)

McDonald, TN

Industrial

Jun-25

166,060

Sale-leaseback

356,960

2Q25 Total

545,460

2,812,920

3Q25

Valeo Foods (6 properties) (b) (c)

Various, United Kingdom (3 properties), Czech Republic (2 properties), and Slovakia (1 property)

Industrial

Jul-25

103,380

Sale-leaseback

1,354,721

Hertz

San Francisco, CA

Industrial

Jul-25

49,604

Sale-leaseback

69,200

Dollar General (8 properties)

Various, United States

Retail

Jul-25; Aug-25

15,796

Acquisition

85,046

Morrisons (2 properties) (c)

Loughborough and Ilkeston, United Kingdom

Retail

Jul-25

68,308

Acquisition

121,669

Sumitomo

Bedford, MA

Research and Development

Jul-25

44,000

Redevelopment

N/A

Ryerson

Houston, TX

Industrial

Jul-25

18,357

Acquisition

170,178

Europe Snacks (4 properties) (c)

Various, France (3 properties) and Medina del Campo, Spain

Industrial

Jul-25

56,388

Sale-leaseback

726,538

Enel (35 properties) (c)

Various, Italy

Industrial, Warehouse

Aug-25

81,900

Acquisition

1,008,560

AeriTek Global (4 properties)

Monterrey and San Juan del Rio, Mexico

Industrial

Aug-25

44,033

Sale-leaseback

525,044

Canadian Solar

Mesquite, TX

Industrial

Sep-25

92,271

Acquisition

756,668

EOS Fitness

Kissimmee, FL

Retail

Sep-25

14,338

Acquisition

42,000

Polytainers (3 properties) (c)

Toronto and Markham, Canada; and Lee's Summit, MO

Industrial

Sep-25

67,170

Sale-leaseback

489,972

3Q25 Total

655,545

5,349,596


						Investing for the Long Run® \| 17

W. P. Carey Inc.

Real Estate – Fourth Quarter 2025


Investment Activity – Investment Volume (continued)

Dollars in thousands. Pro rata. For the year ended December 31, 2025.

Property Type(s)

Closing Date / Asset Completion Date

Gross Investment Amount

Investment Type

Lease Term (Years) (a)

Gross Square Footage

Tenant

Property Location(s)

4Q25

Plaskolite

Compton, CA

Warehouse

Oct-25

5,937

Acquisition

23,925

NewEra Nobis (4 properties)

Various, United States

Specialty (Healthcare)

Oct-25

137,275

Acquisition

190,347

AeriTek Global

San Juan del Rio, Mexico

Industrial

Oct-25

9,999

Sale-leaseback

145,625

Dollar General (8 properties)

Various, United States

Retail

Oct-25; Dec-25

15,986

Acquisition

83,334

Novus Foods (b)

Delphos, OH

Industrial

Oct-25

8,693

Sale-leaseback

66,023

Tidal Wave

New Hartford, NY

Retail (Car Wash)

Nov-25

5,084

Sale-leaseback

3,450

RKW (c)

Wasserburg am Inn, Germany

Industrial

Dec-25

27,142

Sale-leaseback

235,010

Enel (2 properties) (c)

Cesena and Gela, Italy

Industrial, Warehouse

Dec-25

2,218

Acquisition

30,393

Life Time Fitness (10 properties)

Various, United States

Retail

Dec-25

321,826

Acquisition

1,254,645

Ontime (4 properties) (c)

Navarra and Zaragoza, Spain

Warehouse

Dec-25

80,020

Sale-leaseback

728,147

Fraikin (c)

Various, France

Industrial

Dec-25

5,947

Renovation

N/A

Solar Projects

Various, United States

Various

Dec-25

3,892

Solar Projects

N/A

4Q25 Total

624,019

2,760,899

Year-to-Date Total

2,098,192

12,682,476


		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	$	—	$	3,170	$	245,884	$	256,887
SE Corner of Las Vegas & Harmon (g)	Las Vegas, NV	Retail	Nov-24	2026	476		1,556		18,367		23,449
SE Corner of Las Vegas & Elvis Presley (g)	Las Vegas, NV	Retail	Nov-24	2026	615		2,370		17,417		25,000
Total					1,091		7,096		281,668		305,336

Year-to-Date Total Investment Volume							$	2,105,288

________

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

(b)This investment is accounted for as a loan receivable within Net investments in finance leases and loans receivable on our consolidated balance sheets, in accordance with ASC 310, Receivables and ASC 842, Leases.

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

(d)The borrowers for these construction loans retain certain loan maturity extension options.

(e)This construction loan is accounted for as an equity method investment on our consolidated balance sheets, in accordance with U.S. GAAP. Interest income is recognized within Earnings from equity method investments on our consolidated statements of income.

(f)Loan outstanding and maximum commitment reflect a repayment of $5.0 million to us during the year ended December 31, 2025.

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


						Investing for the Long Run® \| 18

W. P. Carey Inc.

Real Estate – Fourth Quarter 2025


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 Dec. 31, 2025 (c)		Total Funded Through Dec. 31, 2025		Maximum Commitment / Gross Investment Amount
Tenant	Location										Remaining		Total
Janus International (d) (e)	Surprise, AZ	Build-to-Suit	Industrial	Q1 2026	131,753	20	$	5,430	$	19,968	$	761	$	20,729
Hedin Mobility Group (d) (f) (g)	Amsterdam, The Netherlands	Build-to-Suit	Retail	Q1 2026	62,810	22	17,636		17,636		—		17,636
Scania (f)	Oskarshamn, Sweden	Build-to-Suit	Warehouse	Q1 2026	204,645	15	8,894		14,285		3,263		17,548
EOS Fitness (d) (e)	Surprise, AZ	Build-to-Suit	Retail	Q1 2026	40,000	20	1,993		7,948		3,697		11,645
Nord Anglia	Houston, TX	Expansion	Education	Q2 2026	13,150	20	12		12		8,488		8,500
Rocky Vista University	Billings, MT	Build-to-Suit	Education (Medical School)	Q3 2026	57,000	25	9,436		11,944		13,056		25,000
TI Automotive (formerly ABC Technologies) (e) (f)	Brampton, Canada	Build-to-Suit	Industrial	Q3 2026	120,222	20	4,358		4,827		13,962		18,845
NewEra Nobis (e)	Overland Park, KS	Expansion	Specialty (Healthcare)	Q3 2026	7,275	20	2,414		2,414		7,554		10,000
AEG Presents (h)	Austin, TX	Build-to-Suit	Specialty	Q4 2026	56,403	30	3,850		8,182		39,374		47,556
Novus Foods (e)	Delphos, OH	Build-to-Suit & Expansion	Industrial	Q4 2026	139,250	25	1,916		1,916		36,058		38,000
Untenanted	Atlanta, GA	Redevelopment	Warehouse	Q4 2026	99,000	N/A	36		147		11,532		11,679
Various	Various, US	Solar Projects	Various	Various	N/A	N/A	2,178		4,231		6,900		11,131
Expected Completion Date 2026 Total					931,508	23	58,153		93,510		144,645		238,269

AEG Presents (h)	Portland, OR	Build-to-Suit	Specialty	Q1 2027	57,825	30	6,337		13,530		47,183		60,713
Untenanted	Atlanta, GA	Redevelopment	Warehouse	Q1 2027	432,800	N/A	340		960		39,812		40,772
Expected Completion Date 2027 Total					490,625	30	6,677		14,490		86,995		101,485

Capital Investments and Commitments Total					1,422,133	25	$	64,830	$	108,000	$	231,640	$	339,754

________

(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 December 31, 2025 excludes $0.7 million spent on pre-development work for potential projects in various phases.

(d)These projects were completed in January 2026.

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

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

(g)Project was funded upon completion and was contingent on building being constructed according to our standards.

(h)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® \| 19

W. P. Carey Inc.

Real Estate – Fourth Quarter 2025


Investment Activity – Dispositions

Dollars in thousands. Pro rata. For the year ended December 31, 2025.

Tenant

Property Location(s)

Gross Sale Price

Closing Date

Property Type(s)

Gross Square Footage

1Q25

Hedin Mobility Group (2 properties) (a)

Eindhoven and Amsterdam, The Netherlands

16,593

Jan-25

Retail

136,465

Pendragon (a)

Derby, United Kingdom

2,158

Jan-25

Retail

34,764

Pendragon (a)

Newport, United Kingdom

752

Jan-25

Retail

3,868

Vacant (formerly Pendragon) (a)

Milton Keynes, United Kingdom

6,560

Feb-25

Retail

25,942

Pendragon (a)

Portsmouth, United Kingdom

1,506

Feb-25

Retail

28,638

Vacant (former Prima Wawona)

Reedley, CA

21,500

Mar-25

Warehouse

325,981

Hellweg (a)

Gronau, Germany

3,569

Mar-25

Retail

45,876

Belk

Jonesville, SC

77,194

Mar-25

Warehouse

861,141

1Q25 Total

129,832

1,462,675

2Q25

Vita Euroland (a)

Gorinchem, The Netherlands

8,488

Apr-25

Warehouse

133,500

Accord Carton (2 properties) (b)

Alsip, IL

20,757

Apr-25

Industrial

471,890

Hellweg (3 properties) (a)

Ennepetal, Nordhausen, and Paderborn, Germany

14,501

May-25

Retail

198,002

Vacant

Middleburg Heights, OH

2,225

May-25

Industrial

28,185

TI Automotive (formerly ABC Technologies)

Saline, MI

7,900

May-25

Industrial

111,072

Memora Servicios Funerarios (26 properties) (a)

Various, Spain

161,952

Jun-25

Specialty (Funeral Home)

370,204

Self-Storage Operating Properties (10 properties)

Various, United States

111,525

Jun-25

Self-Storage (Operating)

678,767

Serco

San Diego, CA

26,250

Jun-25

Research & Development

157,721

Do It Best (formerly True Value) (c)

Mankato, MN

10,605

Jun-25

Warehouse

309,507

2Q25 Total

364,203

2,458,848

3Q25

Self-Storage Operating Properties (22 properties)

Various, United States

349,225

Jul-25, Aug-25

Self-Storage (Operating)

1,797,870

Plantasjen (a)

Linkoping, Sweden

7,408

Jul-25

Retail

58,770

Leipold

Windsor, CT

6,600

Jul-25

Industrial

40,362

Wagon Automotive (a)

Nagold, Germany

18,221

Aug-25

Industrial

305,437

Vacant (d)

St. Petersburg, FL

7,000

Sep-25

Warehouse

70,322

Hellweg (3 properties) (a)

Bünde, Guben, and Wuppertal, Germany

28,834

Sep-25

Retail

232,113

Student Housing Operating Property

Austin, TX

77,913

Sep-25

Student Housing (Operating)

190,475

3Q25 Total

495,201

2,695,349


						Investing for the Long Run® \| 20

W. P. Carey Inc.

Real Estate – Fourth Quarter 2025


Investment Activity – Dispositions (continued)

Dollars in thousands. Pro rata. For the year ended December 31, 2025.

Tenant

Property Location(s)

Gross Sale Price

Closing Date

Property Type(s)

Gross Square Footage

4Q25

TI Automotive (formerly ABC Technologies)

Southfield, MI

470

Oct-25

Office

16,752

Vacant (a)

Bad Wünnenberg, Germany

5,339

Oct-25

Warehouse

287,905

Self-Storage Operating Properties (31 properties)

Various, United States

323,221

Oct-25, Nov-25, Dec-25

Self-Storage (Operating)

2,169,286

Vacant

Mauldin, SC

6,028

Nov-25

Warehouse

72,600

Vacant (formerly Hellweg) (a)

Werl, Germany

1,506

Nov-25

Retail

66,672

Hellweg (2 properties) (a)

Quedlinburg and Leipzig, Germany

16,281

Dec-25

Retail

156,088

Vacant

Chicago, IL

14,000

Nov-25

Office

159,600

Vacant

Westlake, OH

17,250

Dec-25

Warehouse

408,251

COOP Ost SA (sold 90.1% controlling interest) (a)

Oslo, Norway

101,610

Dec-25

Retail

317,647

Hööks Hästsport AB (a)

Vantaa, Finland

2,454

Dec-25

Retail

17,115

Lincoln Tech

Philadelphia, PA

2,295

Dec-25

Education

31,020

Vacant

Kansas City, MO

10,500

Dec-25

Warehouse

414,680

AMC

Pensacola, FL

6,000

Dec-25

Retail

73,971

4Q25 Total

506,954

4,191,587

Year-to-Date Total Dispositions

1,496,190

10,808,459

________

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

(b)One of the properties was vacant on the date of the transaction.

(c)The lease at this property expired on the date of sale, which was June 30, 2025.

(d)Represents the disposition of a portion of this property.


						Investing for the Long Run® \| 21

W. P. Carey Inc.

Real Estate – Fourth Quarter 2025


Joint Ventures

Dollars in thousands. As of December 31, 2025.


Joint Venture or JV (Principal Tenant)	JV Partnership		Consolidated				Pro Rata (a)
	Asset Type	WPC %	Debt Outstanding (b)		ABR		Debt Outstanding (c)		ABR
Unconsolidated Joint Venture (Equity Method Investment) (d)
Las Vegas Retail Complex (e)	Net lease	47.50%	$	245,884	$	22,592	$	116,795	$	10,731
Harmon Retail Corner	Common equity interest	15.00%	143,000		—		21,450		—
Kesko Senukai (f)	Net lease	70.00%	100,534		18,105		70,374		12,674
Total Unconsolidated Joint Ventures			489,418		40,697		208,619		23,405

Consolidated Joint Ventures (g)
Fentonir (f)	Net lease	94.90%	—		2,948		—		2,798
McCoy Rockford	Net lease	90.00%	—		991		—		892
Iowa Board of Regents	Net lease	90.00%	—		707		—		636
Total Consolidated Joint Ventures			—		4,646		—		4,326
Total Unconsolidated and Consolidated Joint Ventures			$	489,418	$	45,343	$	208,619	$	27,731

________

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

(b)Excludes unamortized discount, net totaling less than $0.1 million and unamortized deferred financing costs totaling $0.2 million as of December 31, 2025.

(c)Excludes unamortized discount, net totaling less than $0.1 million and unamortized deferred financing costs totaling less than $0.1 million as of December 31, 2025.

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

(e)Debt outstanding for this investment is comprised of a construction loan, which is excluded from our pro rata debt outstanding disclosed in the 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.

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

(g)Excludes two consolidated joint venture build-to-suit projects with the same tenant in which we own a 90% ownership interest. These investments have no debt or ABR as of December 31, 2025.


						Investing for the Long Run® \| 22

W. P. Carey Inc.

Real Estate – Fourth Quarter 2025


Top 25 Tenants

Dollars in thousands. Pro rata. As of December 31, 2025.


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	$	41,332	2.7	%	23.7
Apotex (a)	Pharmaceutical R&D and manufacturing properties in the Greater Toronto Area leased to generic drug manufacturer	11	33,448		2.2	%	17.2
Life Time Fitness	Health and fitness facilities in the U.S. leased to premium athletic club operator	12	32,450		2.1	%	7.9
Metro Italia (b)	Business-to-business retail stores in Italy leased to cash and carry wholesaler	19	30,893		2.0	%	4.4
Fortenova (b)	Grocery stores and one warehouse in Croatia leased to European food retailer	19	28,404		1.8	%	8.3
OBI (b)	Retail properties in Poland leased to German DIY retailer	26	27,524		1.8	%	5.3
Fedrigoni (b)	Industrial and warehouse facilities in Germany, Italy and Spain leased to global manufacturer of premium packaging and labels	16	25,517		1.6	%	17.9
TI Automotive (formerly ABC Technologies) (a) (c)	Automotive parts manufacturing properties in the U.S., Canada and Mexico leased to OEM supplier	21	25,313		1.6	%	19.2
Eroski (b)	Grocery stores and warehouses in Spain leased to Spanish food retailer	63	24,104		1.5	%	10.2
Nord Anglia	K-12 private schools in Orlando, Miami and Houston leased to international day and boarding school operator	3	23,599		1.5	%	18.7
Top 10 Total		233	292,584		18.8	%	13.5
Berry Global	Manufacturing facilities in the U.S. leased to international producer and supplier of packaging solutions	8	20,833		1.4	%	12.8
Quikrete (b)	Industrial facilities in the U.S. and Canada leased to concrete and building products manufacturer	27	20,661		1.3	%	17.5
Kesko Senukai (b)	Distribution facilities and retail properties in Lithuania, Estonia and Latvia leased to European DIY retailer	20	20,129		1.3	%	6.1
Pendragon (b)	Dealerships in the United Kingdom leased to automotive retailer	46	19,035		1.2	%	12.8
Advance Auto Parts	Distribution facilities in the U.S. leased to automotive aftermarket parts provider	28	18,980		1.2	%	7.1
Maker’s Pride (formerly Hearthside)	Production, packaging and distribution facilities in the U.S. leased to North American contract food manufacturer	18	17,636		1.2	%	16.6
Hellweg (b) (d)	Retail properties in Germany leased to German DIY retailer	19	17,223		1.1	%	14.6
Dollar General	Retail properties in the U.S. leased to discount retailer	126	17,199		1.1	%	13.5
Jumbo (b)	Logistics and cold storage warehouse facilities in the Netherlands leased to European supermarket chain	5	16,907		1.1	%	6.0
Danske Fragtmaend (b)	Distribution facilities in Denmark leased to Danish freight company	15	15,097		1.0	%	11.1
Top 20 Total		545	476,284		30.7	%	12.9
Intergamma (b)	Retail properties in the Netherlands leased to European DIY retailer	36	14,955		0.9	%	7.6
Do It Best (formerly True Value)	Distribution facilities and manufacturing facility in the U.S. leased to global hardware wholesaler	6	13,801		0.9	%	6.0
Dick’s Sporting Goods	Retail properties and single distribution facility in the U.S. leased to sporting goods retailer	9	13,616		0.9	%	5.6
Premium Brands	Food processing facility in Tennessee leased to global specialty food manufacturer	1	12,616		0.8	%	24.6
Canadian Solar	Distribution and manufacturing facilities in Dallas and Louisville leased to global renewable energy company	2	12,255		0.8	%	10.3
Top 25 Total (e)		599	$	543,527	35.0	%	12.6

________

(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 21 properties leased to TI Automotive, nine are located in Canada, six are located in the United States, and six are located in Mexico.

(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® \| 23

W. P. Carey Inc.

Real Estate – Fourth Quarter 2025


Diversification by Property Type

In thousands, except percentages. Pro rata. As of December 31, 2025.


	Total Net-Lease Portfolio
Property Type	ABR		ABR %		Square Footage (a)	Square Footage %
U.S.
Industrial	$	395,765	25.4	%	58,036	31.6	%
Warehouse	230,928		14.9	%	42,442	23.1	%
Retail (b)	136,708		8.8	%	6,382	3.5	%
Other (c)	183,656		11.9	%	9,452	5.2	%
U.S. Total	947,057		61.0	%	116,312	63.4	%

International
Industrial	200,103		12.9	%	25,720	14.0	%
Warehouse	159,989		10.3	%	23,234	12.7	%
Retail (b)	211,331		13.6	%	16,473	9.0	%
Other (c)	34,832		2.2	%	1,759	0.9	%
International Total	606,255		39.0	%	67,186	36.6	%

Total
Industrial	595,868		38.3	%	83,756	45.6	%
Warehouse	390,917		25.2	%	65,676	35.8	%
Retail (b)	348,039		22.4	%	22,855	12.5	%
Other (c)	218,488		14.1	%	11,211	6.1	%
Total (d)	$	1,553,312	100.0	%	183,498	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® \| 24

W. P. Carey Inc.

Real Estate – Fourth Quarter 2025


Diversification by Tenant Industry

In thousands, except percentages. Pro rata. As of December 31, 2025.


	Total Net-Lease Portfolio
Industry Type (a)	ABR		ABR %		Square Footage	Square Footage %
Packaged Foods & Meats	$	149,136	9.6	%	18,625	10.2	%
Food Retail	146,151		9.4	%	10,704	5.8	%
Home Improvement Retail	96,221		6.2	%	11,937	6.5	%
Auto Parts & Equipment	81,819		5.3	%	12,148	6.6	%
Automotive Retail	78,203		5.0	%	7,079	3.9	%
Education Services	60,532		3.9	%	2,747	1.5	%
Air Freight & Logistics	51,599		3.3	%	7,982	4.3	%
Pharmaceuticals	48,155		3.1	%	3,076	1.7	%
Leisure Facilities	43,423		2.8	%	1,958	1.1	%
Industrial Machinery	41,888		2.7	%	5,716	3.1	%
Self-Storage REITs	41,332		2.7	%	3,170	1.7	%
Metal, Glass & Plastic Containers	39,646		2.6	%	5,318	2.9	%
Trading Companies & Distributors	37,752		2.4	%	8,663	4.7	%
Building Products	31,086		2.0	%	6,653	3.6	%
Other Specialty Retail	28,953		1.9	%	3,227	1.8	%
Paper Products	25,517		1.6	%	4,458	2.4	%
Specialty Chemicals	24,409		1.6	%	4,303	2.3	%
Diversified Support Services	24,000		1.5	%	2,372	1.3	%
Construction Materials	23,574		1.5	%	3,781	2.1	%
Food Distributors	20,621		1.3	%	1,552	0.8	%
Construction Machinery	19,645		1.3	%	2,528	1.4	%
Consumer Staples Merchandise Retail	19,404		1.3	%	1,624	0.9	%
Passenger Ground Transportation	18,970		1.2	%	850	0.5	%
Commodity Chemicals	16,848		1.1	%	2,517	1.4	%
Hotels & Resorts	16,556		1.1	%	1,073	0.6	%
Diversified Metals	16,289		1.0	%	3,290	1.8	%
Other (64 industries, each <1% ABR) (b)	351,583		22.6	%	46,147	25.1	%
Total (c)	$	1,553,312	100.0	%	183,498	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® \| 25

W. P. Carey Inc.

Real Estate – Fourth Quarter 2025


Diversification by Geography

In thousands, except percentages. Pro rata. As of December 31, 2025.


	Total Net-Lease Portfolio
Region	ABR		ABR %		Square Footage (a)	Square Footage %
U.S.
Midwest
Illinois	$	66,036	4.3	%	9,455	5.2	%
Ohio	45,660		2.9	%	8,218	4.5	%
Indiana	43,362		2.8	%	6,251	3.4	%
Michigan	27,158		1.7	%	4,486	2.4	%
Wisconsin	22,515		1.4	%	3,410	1.9	%
Other (b)	58,624		3.8	%	7,141	3.9	%
Total Midwest	263,355		16.9	%	38,961	21.3	%
South
Texas	93,471		6.0	%	11,702	6.4	%
Florida	44,548		2.9	%	3,633	2.0	%
Tennessee	39,281		2.5	%	4,572	2.5	%
Georgia	30,302		2.0	%	4,529	2.5	%
Alabama	23,484		1.5	%	3,607	2.0	%
Other (b)	29,031		1.9	%	3,072	1.7	%
Total South	260,117		16.8	%	31,115	17.1	%
East
North Carolina	41,210		2.7	%	8,852	4.8	%
Pennsylvania	32,527		2.1	%	3,385	1.8	%
Kentucky	29,768		1.9	%	4,485	2.4	%
Massachusetts	28,681		1.8	%	1,344	0.7	%
New Jersey	27,506		1.8	%	1,118	0.6	%
New York	23,080		1.5	%	2,287	1.2	%
South Carolina	19,531		1.3	%	4,413	2.4	%
Other (b)	37,266		2.4	%	5,359	2.9	%
Total East	239,569		15.5	%	31,243	16.8	%
West
California	76,277		4.9	%	5,375	2.9	%
Arizona	22,548		1.5	%	2,372	1.3	%
Nevada	17,861		1.1	%	485	0.3	%
Other (b)	67,330		4.3	%	6,761	3.7	%
Total West	184,016		11.8	%	14,993	8.2	%
U.S. Total	947,057		61.0	%	116,312	63.4	%
International
Italy	78,315		5.0	%	9,941	5.4	%
The Netherlands	68,092		4.4	%	6,847	3.7	%
Poland	65,529		4.2	%	8,448	4.6	%
United Kingdom	62,845		4.1	%	4,848	2.7	%
Canada (c)	59,680		3.8	%	5,737	3.1	%
Germany	48,061		3.1	%	5,304	2.9	%
Spain	42,550		2.7	%	4,251	2.3	%
Croatia	29,330		1.9	%	2,063	1.1	%
France	28,203		1.8	%	2,149	1.2	%
Mexico (d)	27,686		1.8	%	4,328	2.4	%
Denmark	27,613		1.8	%	3,002	1.6	%
Other (e)	68,351		4.4	%	10,268	5.6	%
International Total	606,255		39.0	%	67,186	36.6	%
Total (f)	$	1,553,312	100.0	%	183,498	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 Louisiana, Arkansas, 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, Montana, Hawaii, Idaho, Wyoming and New Mexico.

(c)$50.4 million (84%) 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, Austria, Latvia, Sweden, 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® \| 26

W. P. Carey Inc.

Real Estate – Fourth Quarter 2025


Contractual Rent Increases

In thousands, except percentages. Pro rata. As of December 31, 2025.


	Total Net-Lease Portfolio
Rent Adjustment Measure	ABR		ABR %		Square Footage	Square Footage %
Uncapped CPI	$	463,873	29.9	%	45,063	24.6	%
Capped CPI	287,266		18.5	%	39,446	21.5	%
CPI-linked	751,139		48.4	%	84,509	46.1	%
Fixed	749,236		48.2	%	91,454	49.9	%
Other (a)	47,489		3.1	%	3,524	1.9	%
None	5,448		0.3	%	251	0.1	%
Vacant	—		—	%	3,760	2.0	%
Total (b)	$	1,553,312	100.0	%	183,498	100.0	%

________

(a)Represents leases which include a percentage rent component. Includes $41.3 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® \| 27

W. P. Carey Inc.

Real Estate – Fourth Quarter 2025


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 December 31, 2024 to December 31, 2025. Excludes leases for properties that were acquired, sold or vacated, or were subject to lease renewals, extensions or modifications at any time that affected ABR during that period. For purposes of comparability, ABR is presented on a constant currency basis using exchange rates as of December 31, 2025.


	ABR
	As of
	Dec. 31, 2025		Dec. 31, 2024		Increase		% Increase
Property Type
Industrial	$	459,515	$	448,239	$	11,276	2.5	%
Warehouse	344,394		337,278		7,116		2.1	%
Retail (a)	296,542		289,364		7,178		2.5	%
Other (b)	186,400		181,435		4,965		2.7	%
Total	$	1,286,851	$	1,256,316	$	30,535	2.4	%

Rent Adjustment Measure
Uncapped CPI	$	410,600	$	400,362	$	10,238	2.6	%
Capped CPI	255,067		248,507		6,560		2.6	%
CPI-linked	665,667		648,869		16,798		2.6	%
Fixed	573,289		561,635		11,654		2.1	%
Other (c)	43,797		41,714		2,083		5.0	%
None	4,098		4,098		—		—	%
Total	$	1,286,851	$	1,256,316	$	30,535	2.4	%

Geography
U.S.	$	754,545	$	737,812	$	16,733	2.3	%
Europe	448,125		436,653		11,472		2.6	%
Other International (d)	84,181		81,851		2,330		2.8	%
Total	$	1,286,851	$	1,256,316	$	30,535	2.4	%

Same-Store Portfolio Summary
Number of properties	1,388
Square footage (in thousands)	154,073


						Investing for the Long Run® \| 28

W. P. Carey Inc.

Real Estate – Fourth Quarter 2025

Comprehensive Same-Store Growth

Same-store portfolio includes net leased properties that were continuously owned and in place during the quarter ended December 31, 2024 through December 31, 2025 (including properties that were subject to lease renewals, extensions or modifications at any time during that period). Excludes properties that were acquired, sold or listed as capital investments and commitments (see 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 December 31, 2025. 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
	Dec. 31, 2025		Dec. 31, 2024		Increase		% Increase
Property Type
Industrial	$	115,402	$	112,633	$	2,769	2.5	%
Warehouse	87,831		88,307		(476)		(0.5)	%
Retail (a)	70,845		69,679		1,166		1.7	%
Other (b)	45,044		46,259		(1,215)		(2.6)	%
Total	$	319,122	$	316,878	$	2,244	0.7	%

Rent Adjustment Measure
Uncapped CPI	$	104,162	$	102,313	$	1,849	1.8	%
Capped CPI	65,675		66,985		(1,310)		(2.0)	%
CPI-linked	169,837		169,298		539		0.3	%
Fixed	137,282		136,086		1,196		0.9	%
Other (c)	10,967		10,430		537		5.1	%
None	1,036		1,064		(28)		(2.6)	%
Total	$	319,122	$	316,878	$	2,244	0.7	%

Geography
U.S.	$	188,281	$	183,444	$	4,837	2.6	%
Europe	111,381		114,452		(3,071)		(2.7)	%
Other International (d)	19,460		18,982		478		2.5	%
Total	$	319,122	$	316,878	$	2,244	0.7	%

Same-Store Portfolio Summary
Number of properties	1,314
Square footage (in thousands)	160,443


						Investing for the Long Run® \| 29

W. P. Carey Inc.

Real Estate – Fourth Quarter 2025

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


	Three Months Ended
	Dec. 31, 2025		Dec. 31, 2024
Consolidated Lease Revenues
Total lease revenues – as reported	$	389,154	$	351,394
Income from finance leases and loans receivable	26,716		16,796
Less: Reimbursable tenant costs – as reported	(19,371)		(15,661)
Less: Income from secured loans receivable	(664)		(332)
	395,835		352,197

Adjustments for Pro Rata Ownership of Real Estate Joint Ventures:
Add: Pro rata share of adjustments from equity method investments	5,438		3,795
Less: Pro rata share of adjustments for noncontrolling interests	(264)		(185)
	5,174		3,610

Adjustments for Pro Rata Non-Cash Items:
Less: Straight-line and other leasing and financing adjustments	(20,758)		(24,849)
Add: Above- and below-market rent intangible lease amortization	941		10,047
Less: Adjustments for pro rata ownership	(48)		(1,265)
	(19,865)		(16,067)

Adjustment to normalize for (i) properties not continuously owned since October 1, 2024 and (ii) constant currency presentation for prior year quarter (e)	(62,022)		(22,862)

Same-Store Pro Rata Rental Income	$	319,122	$	316,878

________

(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 December 31, 2024 through December 31, 2025. In addition, for the three months ended December 31, 2024, an adjustment is made to reflect average exchange rates for the three months ended December 31, 2025 for purposes of comparability, since same-store pro rata rental income is presented on a constant currency basis.


						Investing for the Long Run® \| 30

W. P. Carey Inc.

Real Estate – Fourth Quarter 2025


Leasing Activity

Dollars in thousands. For the three months ended December 31, 2025, 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	1,333,295	3	$	7,098		$	7,347	103.5	%	$	1,000	$	833	10.2 years
Warehouse	804,849	2	6,116			5,816		95.1	%	3,495		2,294		9.5 years
Retail	—	—	—			—		—	%	—		—		N/A
Other	323,278	1	6,876			6,876		100.0	%	—		—		3.3 years
Total / Weighted Average	2,461,422	6	$	20,090		$	20,039	99.7	%	$	4,495	$	3,127	7.7 years

Q4 Summary
Prior Lease ABR (% of Total Portfolio)			1.3		%


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	299,733	3	3,376		4,748		1,886		10.2 years
Retail	46,733	1	637		2,000		203		15.1 years
Other	—	—	—		—		—		N/A
Total / Weighted Average (d)	346,466	4	$	4,013	$	6,748	$	2,089	11.0 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.


						Investing for the Long Run® \| 31

W. P. Carey Inc.

Real Estate – Fourth Quarter 2025


Lease Expirations

Dollars and square footage in thousands. Pro rata. As of December 31, 2025.


Year of Lease Expiration (a)	Number of Leases Expiring	Number of Tenants with Leases Expiring	ABR		ABR %		Square Footage	Square Footage %
2026	19	20	$	44,906	2.9	%	5,972	3.3	%
2027	44	28	60,395		3.9	%	6,326	3.4	%
2028	45	27	67,268		4.3	%	7,419	4.0	%
2029	62	35	79,275		5.1	%	8,675	4.7	%
2030	32	26	39,625		2.6	%	3,793	2.1	%
2031	46	27	81,501		5.2	%	9,356	5.1	%
2032	45	23	54,804		3.5	%	7,244	4.0	%
2033	32	25	83,537		5.4	%	11,790	6.4	%
2034	59	27	96,161		6.2	%	9,464	5.2	%
2035	24	20	78,145		5.0	%	8,805	4.8	%
2036	45	21	66,933		4.3	%	7,891	4.3	%
2037	44	21	63,514		4.1	%	8,618	4.7	%
2038	46	13	28,148		1.8	%	2,766	1.5	%
2039	100	27	75,293		4.9	%	11,372	6.2	%
Thereafter (>2039)	302	115	633,807		40.8	%	70,247	38.3	%
Vacant	—	—	—		—	%	3,760	2.0	%
Total (b)	945		$	1,553,312	100.0	%	183,498	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.


						Investing for the Long Run® \| 32

W. P. Carey Inc.

Real Estate – Fourth Quarter 2025


Self-Storage Operating Properties Portfolio

Square footage in thousands. Pro rata. As of December 31, 2025.


State / District	Number of Properties	Number of Units	Square Footage	Square Footage %		Period End Occupancy
Illinois	10	4,822	666	90.1	%	87.4	%
Ohio	1	598	73	9.9	%	89.0	%
Total (a)	11	5,420	739	100.0	%	87.6	%

________

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


						Investing for the Long Run® \| 33

W. P. Carey Inc.

Appendix

Fourth Quarter 2025


						Investing for the Long Run® \| 34

W. P. Carey Inc.

Appendix – Fourth Quarter 2025


Normalized Pro Rata Cash NOI

In thousands.


	Three Months Ended Dec. 31, 2025
Consolidated Lease Revenues
Total lease revenues – as reported	$	389,154
Income from finance leases and loans receivable – as reported	26,716
Less: Income from secured loans receivable	(664)

Less: Consolidated Reimbursable and Non-Reimbursable Property Expenses
Reimbursable property expenses – as reported	19,371
Non-reimbursable property expenses – as reported	13,859
	381,976

Plus: NOI from Operating Properties
Self-storage revenues	8,297
Self-storage expenses	(3,868)
	4,429

Hotel revenues	8,596
Hotel expenses	(7,356)
	1,240

Student housing and other revenues	1,486
Student housing and other expenses	(639)
	847

	388,492

Adjustments for Pro Rata Ownership of Real Estate Joint Ventures:
Add: Pro rata share of NOI from equity method investments	4,812
Less: Pro rata share of NOI attributable to noncontrolling interests	(175)
	4,637

	393,129

Adjustments for Pro Rata Non-Cash Items:
Less: Straight-line and other leasing and financing adjustments	(20,758)
Add: Above- and below-market rent intangible lease amortization	941
Add: Other non-cash items	615
	(19,202)

Pro Rata Cash NOI (a)	373,927

Adjustment to normalize for net lease investments and dispositions (b)	7,498
Adjustment to normalize for operating property dispositions (b)	(3,331)

Normalized Pro Rata Cash NOI (a)	$	378,094


						Investing for the Long Run® \| 35

W. P. Carey Inc.

Appendix – Fourth Quarter 2025

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


	Three Months Ended Dec. 31, 2025
Net Income Attributable to W. P. Carey
Net income attributable to W. P. Carey – as reported	$	148,319
Adjustments for Consolidated Operating Expenses
Add: Operating expenses – as reported	265,149
Less: Property expenses, excluding reimbursable tenant costs – as reported	(13,859)
Less: Operating property expenses – as reported	(11,863)
	239,427

Adjustments for Other Consolidated Revenues and Expenses:
Add: Other income and (expenses) – as reported	26,146
Less: Reimbursable property expenses – as reported	(19,371)
Less: Other lease-related income – as reported	(8,137)
Add: Benefit from income taxes – as reported	(1,310)
Less: Asset management fees revenue – as reported	(1,085)
Less: Other advisory income and reimbursements – as reported	(1,076)
	(4,833)

Other Adjustments:
Less: Straight-line and other leasing and financing adjustments	(20,758)
Add: Adjustments for pro rata ownership	10,895
Adjustment to normalize for net lease investments and dispositions (b)	7,498
Adjustment to normalize for operating property dispositions (b)	(3,331)
Add: Above- and below-market rent intangible lease amortization	941
Less: Income from secured loans receivable	(664)
Add: Property expenses, excluding reimbursable tenant costs, non-cash	600
	(4,819)

Normalized Pro Rata Cash NOI (a)	$	378,094

________

(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 December 31, 2025, the adjustment modifies our pro rata share of cash NOI for the partial period with an amount estimated to be equivalent to the additional pro rata share of cash NOI necessary to reflect ownership for the full quarter. For properties disposed of during the three months ended December 31, 2025, the adjustment eliminates our pro rata share of cash NOI for the period. If there is a rent abatement, we annualize the first monthly contractual base rent following the free rent period.


						Investing for the Long Run® \| 36

W. P. Carey Inc.

Appendix – Fourth Quarter 2025


Adjusted EBITDA – Last Five Quarters

In thousands.


	Three Months Ended
	Dec. 31, 2025		Sep. 30, 2025		Jun. 30, 2025		Mar. 31, 2025		Dec. 31, 2024
Net income	$	154,562	$	141,225	$	51,312	$	125,816	$	47,038

Adjustments to Derive Adjusted EBITDA (a)
Depreciation and amortization	145,339		125,586		120,595		129,607		115,770
Interest expense	75,431		75,226		71,795		68,804		70,883
Gain on sale of real estate, net	(52,791)		(44,401)		(52,824)		(43,777)		(4,480)
Impairment charges — real estate	39,690		19,474		4,349		6,854		27,843
Straight-line and other leasing and financing adjustments (b)	(20,758)		(20,424)		(15,374)		(19,033)		(24,849)
Other (gains) and losses (c)	10,131		31,011		148,768		42,197		77,224
Stock-based compensation expense	8,650		11,153		10,943		9,148		9,667
(Benefit from) provision for income taxes	(1,310)		8,495		13,091		11,632		7,772
Above- and below-market rent intangible lease amortization	941		4,363		5,061		1,123		10,047
Merger and other expenses	478		1,021		192		556		(484)
Other amortization and non-cash charges	467		465		458		442		436
	206,268		211,969		307,054		207,553		289,829

Adjustments for Pro Rata Ownership
Real Estate Joint Ventures:
Add: Pro rata share of adjustments for equity method investments	2,961		5,220		3,312		2,309		5,975
Less: Pro rata share of adjustments for amounts attributable to noncontrolling interests	(429)		(430)		(308)		(179)		(214)
	2,532		4,790		3,004		2,130		5,761

Adjustment to normalize for intra-period acquisitions and dispositions (d)	3,312		2,545		3,222		7,117		91

Adjusted EBITDA (e)	$	366,674	$	360,529	$	364,592	$	342,616	$	342,719

________

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

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

(c)Primarily comprised of gains and losses on the mark-to-market fair value of equity securities, foreign currency exchange rate movements, changes in the non-cash allowance for credit losses on loans receivable and finance leases, and extinguishment of debt. Amounts from period to period will not be comparable due to unpredictable fluctuations in these gains and losses. Amount for the three months ended December 31, 2025 includes a mark-to-market unrealized loss for our investment in shares of Lineage of $11.7 million. Amount for the three months ended September 30, 2025 includes a mark-to-market unrealized loss for our investment in shares of Lineage of $22.6 million. Amount for the three months ended June 30, 2025 includes a mark-to-market unrealized loss for our investment in shares of Lineage of $69.0 million. Amount for the three months ended December 31, 2024 includes a mark-to-market unrealized loss for our investment in shares of Lineage of $90.4 million.

(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® \| 37

W. P. Carey Inc.

Appendix – Fourth Quarter 2025


Reconciliation of Net Debt to Adjusted EBITDA

In thousands.


	Three Months Ended
	Dec. 31, 2025
Adjusted EBITDA (a)	$	366,674

Adjusted EBITDA (Annualized)	$	1,466,696

	As of
	Dec. 31, 2025
Total Pro Rata Debt Outstanding (b)	$	8,883,770
Less: Cash and cash equivalents	(155,329)
Less: Cash held at qualified intermediaries (c)	(80,874)
Net Debt	$	8,647,567
Less: Expected proceeds from unsettled forward equity (d)	(412,152)
Net Debt – Inclusive of Unsettled Forward Equity	$	8,235,415

Net Debt to Adjusted EBITDA (Annualized)	5.9x
Net Debt to Adjusted EBITDA (Annualized) – Inclusive of Unsettled Forward Equity	5.6x

________

(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 $39.2 million and unamortized deferred financing costs totaling $30.1 million as of December 31, 2025.

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

(d)Reflects 6,258,496 shares of unsettled forward equity as of December 31, 2025, as if they had been settled for cash at a weighted-average net settlement price of $65.85 per share.


						Investing for the Long Run® \| 38

W. P. Carey Inc.

Appendix – Fourth Quarter 2025


Disclosures Regarding Non-GAAP and Other Metrics

Non-GAAP Financial Disclosures

FFO and AFFO

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

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® \| 39

W. P. Carey Inc.

Appendix – Fourth Quarter 2025

Normalized Pro Rata Cash NOI

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

Adjusted EBITDA

We believe that EBITDA is a useful supplemental measure to investors and analysts for assessing the performance of our business 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.

Cash Interest Expense

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

Cash Interest Expense Coverage Ratio

Cash interest expense coverage ratio is a non-GAAP financial measure representing the ratio of Adjusted EBITDA to cash interest expense on a trailing 12 months basis. We believe this ratio is useful to investors as a supplemental measure of our ability to satisfy fixed interest expense obligations. Cash interest expense for the trailing 12 months as of December 31, 2025 is equal to $276.1 million, comprised of interest expense calculated in accordance with GAAP ($291.3 million), plus capitalized interest ($1.1 million) and other non-cash amortization expense ($0.1 million), less amortization of deferred financing costs and debt premiums/discounts ($19.2 million), adjusted for pro rata ownership ($3.1 million).

Other Metrics

Pro Rata Metrics

This supplemental package contains certain metrics prepared on a pro rata basis. We refer to these metrics as pro rata metrics. We have certain investments in which our economic ownership is less than 100%. On a full consolidation basis, we report 100% of the assets, liabilities, revenues and expenses of those investments that are deemed to be under our control or for which we are deemed to be the primary beneficiary, even if our ownership is less than 100%. Also, for all other jointly owned investments, which we do not control, we report our net investment and our net income or loss from that investment. On a pro rata basis, we generally present our proportionate share, based on our economic ownership of these jointly owned investments, of the assets, liabilities, revenues and expenses of those investments. Multiplying each of our jointly owned investments’ financial statement line items by our percentage ownership and adding or subtracting those amounts from our totals, as applicable, may not accurately depict the legal and economic implications of holding an ownership interest of less than 100% in our jointly owned investments.

ABR

ABR represents contractual minimum annualized base rent for our net-leased properties and reflects exchange rates as of December 31, 2025. If there is a rent abatement, we annualize the first monthly contractual base rent following the free rent period. ABR is not applicable to operating properties and is presented on a pro rata basis.


						Investing for the Long Run® \| 40

50+ Years of Investing for the Long Run® 4Q25 W. P. Carey Inc. Investor Presentation Exhibit 99.3

Table of Contents Unless otherwise noted, all data in this presentation is as of December 31, 2025. Amounts may not sum to totals due to rounding. Overview Real Estate Portfolio Balance Sheet Corporate Responsibility 3 7 20 24

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

7 Real Estate Portfolio

8 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of December 31, 2025. 2. Other includes leases attributable to percentage rent (i.e., participation in the gross revenues of the tenant above a stated level), as well as leases with no escalations. Includes $41.3 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. 3. Metrics shown for operating self-storage portfolio only; excludes net-lease self-storage assets which are captured in net-lease portfolio metrics. Large Diversified Portfolio (1) N et -L ea se P or tfo lio Number of Properties 1,682 Number of Tenants 371 Square Footage 183.5 million ABR $1.55 billion North America / Europe / Other (% of ABR) 67% / 33% / 1% Contractual Rent Escalation: CPI-linked / Fixed / Other (2) 48% / 48% / 3% WALT 12.0 years Occupancy 98.0% Investment Grade Tenants (% of ABR) 21.9% Top 10 Tenant Concentration (% of ABR) 18.8% Se lf- St or ag e (3 ) Number of Properties 11 Number of Units 5,420 Average Occupancy 87.6%

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 41 23.7 2.7% 2 Pharmaceutical R&D and manufacturing properties in the Greater Toronto Area leased to generic drug manufacturer (2) 11 33 17.2 2.2% 3 Health and fitness facilities in the U.S. leased to premium athletic club operator 12 32 7.9 2.1% 4 Business-to-business retail stores in Italy leased to cash and carry wholesaler 19 31 4.4 2.0% 5 Grocery stores and one warehouse in Croatia leased to European food retailer 19 28 8.3 1.8% 6 Retail properties in Poland leased to German DIY retailer 26 28 5.3 1.8% 7 Industrial and warehouse facilities in Germany, Italy and Spain leased to global manufacturer of premium packaging and labels 16 26 17.9 1.6% 8 Automotive parts manufacturing properties in the U.S., Canada and Mexico leased to OEM supplier (formerly ABC Technologies) (2)(3) 21 25 19.2 1.6% 9 Grocery stores and warehouses in Spain leased to Spanish food retailer 63 24 10.2 1.5% 10 K-12 private schools in Orlando, Miami and Houston leased to international day and boarding school operator 3 24 18.7 1.5% Top 10 Total 233 $293 13.5 yrs 18.8% 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 December 31, 2025. 2. ABR from these properties is denominated in U.S. dollars. 3. Of the 21 properties leased to the tenant, nine are located in Canada, six are located in the United States and six are located in Mexico.

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 12.8 1.4% 12 Industrial facilities in the U.S. and Canada leased to concrete and building products manufacturer 27 21 17.5 1.3% 13 Distribution facilities and retail properties in Lithuania, Estonia and Latvia leased to European DIY retailer 20 20 6.1 1.3% 14 Dealerships in the United Kingdom leased to automotive retailer 46 19 12.8 1.2% 15 Distribution facilities in the U.S. leased to automotive retailer 28 19 7.1 1.2% 16 Production, packaging and distribution facilities in the U.S. leased to North American contract food manufacturer (formerly Hearthside) 18 18 16.6 1.2% 17 Retail properties in Germany leased to German DIY retailer (2) 19 17 14.6 1.1% 18 Retail properties in the U.S. leased to discount retailer 126 17 13.5 1.1% 19 Logistics and cold storage warehouse facilities in the Netherlands leased to European supermarket chain 5 17 6.0 1.1% 20 Distribution facilities in Denmark leased to Danish freight company 15 15 11.1 1.0% Top 20 Total 545 $476 12.9 yrs 30.7% 21 Retail properties in the Netherlands leased to European DIY retailer 36 15 7.6 0.9% 22 Distribution facilities and manufacturing facility in the U.S. leased to global hardware wholesaler (formerly True Value) 6 14 6.0 0.9% 23 Retail properties and single distribution facility in the U.S. leased to sporting good retailer 9 14 5.6 0.9% 24 Food processing facility in outside Chattanooga, TN leased to global specialty food manufacturer 1 13 24.6 0.8% 25 Distribution and manufacturing facilities in Dallas and Louisville leased to global renewable energy company 2 12 10.3 0.8% Top 25 Total 599 $544 12.6 yrs 35.0% Top 25 Net Lease Tenants (continued) (1) 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of December 31, 2025. 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% 22% 14% Property Type Diversification (1) Property Type % of Total United States Europe Mexico & Canada Other (2) Industrial 38.4% 25.5% 7.7% 5.2% – Warehouse 25.2% 14.9% 9.8% 0.4% 0.1% Retail (3) 22.4% 8.8% 13.6% – – Other (4) 14.1% 11.8% 1.7% 0.1% 0.4% Total 100.0% 61.0% 32.9% 5.6% 0.5% 64% Industrial / Warehouse 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of December 31, 2025. 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 9.6% 7.2% 2.4% – – Food Retail 9.4% 0.4% 9.0% – – Home Improvement Retail 6.2% 0.7% 5.5% – – Auto Parts & Equipment 5.3% 2.7% 1.2% 1.3% – Automotive Retail 5.0% 2.4% 2.6% – – Education Services 3.9% 3.9% – – – Air Freight & Logistics 3.3% 0.4% 2.9% – – Pharmaceuticals 3.1% 0.9% – 2.2% – Leisure Facilities 2.8% 2.8% 0.0% – – Industrial Machinery 2.7% 1.7% 0.7% 0.3% – Self-Storage REITs 2.7% 2.7% – – – Metal & Glass Containers 2.6% 2.0% 0.3% 0.2% – Trading Companies & Distributors 2.4% 2.3% 0.2% – – Building Products 2.0% 1.8% 0.1% 0.1% – Other Specialty Retail 1.9% 1.9% – – – Paper Products 1.6% – 1.6% – – Specialty Chemicals 1.6% 1.2% – 0.4% – Diversified Support Services 1.5% 1.5% – – – Construction Materials 1.5% 1.5% – 0.1% – Food Distributors 1.3% 1.3% – – – Construction Machinery 1.3% 0.3% 0.4% 0.5% – Consumer Staples Merchandise Retail 1.2% 1.2% 0.1% – – Passenger Ground Transportation 1.2% 0.7% 0.6% – – Commodity Chemicals 1.1% 1.1% – 0.0% – Hotels & Resorts 1.1% 0.3% 0.3% – 0.4% Diversified Metals 1.0% 0.4% 0.7% – – Other (64 industries, each <1% of ABR) 22.6% 17.8% 4.3% 0.4% 0.1% Total 100.0% 61.0% 32.9% 5.6% 0.5% Tenant Industry Diversification (1) 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of December 31, 2025. 2. Industry classification is based on the Global Industry Classification Standard (GICS) framework. 3. Includes Mauritius and Japan. 10% 9% 6% 5% 5% 4% 3% 3% 3%3%3% 3% 2% 2% 2% 2% 2% 2% 2% 1% 1% 1% 1% 1% 1% 1% 23% 64 industries, each <1% of ABR % of Total Portfolio ABR Industry Type by Region

13 North America, 67% $1.0B United States, 61% $947MM Canada (4), 4% $60MM Mexico (3), 2% $28MM Europe, 33% $511MM Other (2), 1% $8MM 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of December 31, 2025. 2. Includes Mauritius (0.4%) and Japan (0.1%). 3. All ABR from Mexico-based properties denominated in USD. 4. $50.4MM (84%) 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 18% Other (2) 3% CPI-linked 48% None <1% 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of December 31, 2025. 2. Represents leases attributable to percentage rent (i.e., participation in the gross revenues of the tenant above a stated level). Includes $41.3 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 48% linked to CPI Internal Growth from Contractual Rent Increases (1)

15 4.3% 4.3% 4.2% 4.1% 3.1% 2.9% 2.8% 2.6% 2.4% 2.3% 2.4% 2.4% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1. Contractual same store portfolio includes leases that were continuously in place during the period from December 31, 2024 to December 31, 2025. Excludes leases for properties that were acquired, sold or vacated, or were subject to lease renewals, extensions or modifications at any time that affected ABR during that period. For purposes of comparability, ABR is presented on a constant currency basis using exchange rates as of December 31, 2025. Contractual same store growth of 2.4% (1) Same Store ABR Growth

16 2.9% 3.9% 4.3% 5.1% 2.6% 5.2% 3.5% 5.4% 6.2% 5.0% 4.3% 51.6% 0% 10% 20% 30% 40% 50% 60% 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Thereafter 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of December 31, 2025. 2. Assumes tenants do not exercise any renewal or purchase options. Weighted-average lease term of 12.0 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. Stable occupancy maintained during the aftermath of the global financial crisis and throughout the COVID-19 pandemic 96.6% 97.3% 98.4% 98.8% 99.0% 99.2% 99.3% 99.8% 98.3% 98.9% 98.5% 98.5% 98.8% 98.1% 98.6% 98.0% 0% 20% 40% 60% 80% 100% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 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: $92 million Transaction Type: Acquisition Facility Type: Industrial Location: Mesquite, TX Gross Square Footage: 756,668 Lease Term: 10-year lease Rent Escalation: Fixed * Follow-on transaction to 2024 deal Canadian Solar* September 2025 (1 property) Purchase Price: $80 million Transaction Type: Sale-leaseback Property Type: Warehouse Location: Navarra and Zaragoza, Spain Gross Square Footage: 728,147 Lease Term: 20-year lease Rent Escalation: Uncapped Spanish CPI Ontime December 2025 (4 properties) Life Time Fitness December 2025 (10 properties) 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 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: $45 million redevelopment Property Type: Research & Development Location: Washington, MI Additional Gross Square Footage: 81,086 Lease Term: 20-year lease Rent Escalation: Fixed ZF Completed December 2024 Investment: $8 million renovation Property Type: Industrial Location: Evansville, IN Additional Gross Square Footage: N/A Lease Term: 15-year lease Rent Escalation: Uncapped U.S. CPI Berry Global Completed April 2025 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 Capital Investments – Case Studies

20 Balance Sheet

21 Capitalization ($MM) 12/31/25 Total Equity (2) $14,104 Pro Rata Net Debt Senior Unsecured Notes USD 2,750 Senior Unsecured Notes EUR 4,259 Mortgage Debt, pro rata USD 108 Mortgage Debt, pro rata (EUR $107 / Other $21) 128 Unsecured Revolving Credit Facility USD 258 Unsecured Revolving Credit Facility (EUR $67 / Other $110) 177 Unsecured Term Loans (EUR $840 / GBP $364) 1,204 Total Pro Rata Debt $8,884 Less: Cash and Cash Equivalents (155) Less: Cash Held at Qualified Intermediaries (81) Total Net Debt $8,647 Enterprise Value $22,752 Total Capitalization $22,988 Leverage and Debt Metrics Net Debt / Adjusted EBITDA (annualized) (3)(4) 5.9x Net Debt / Adjusted EBITDA (annualized) – inclusive of unsettled forward equity (3)(4)(5) 5.6x Net Debt / Enterprise Value (2)(3) 38.0% Total Consolidated Debt / Gross Assets (6) 43.4% Weighted Average Interest Rate (three months ended Dec 31, 2025) (pro rata) 3.2% Weighted Average Debt Maturity (pro rata) 4.3 years Capitalization (%) • Size: Large, well-capitalized balance sheet with $22.8B in total enterprise value • Credit Rating: Investment grade rated Baa1 by Moody’s and BBB+ by S&P • Liquidity: $2.2B at year end including revolver availability, unsettled forward equity, cash on hand and 1031 proceeds • Leverage: Maintain conservative leverage, targeting mid-to-high 5s Net Debt to EBITDA • Capital Markets: Demonstrated strong access to capital markets – ATM: $423MM of forward equity issued in 2025, all of which remains available for settlement – 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 2034 issued June 2024 – Eurobond Issuances: €600MM of 3.70% Senior Unsecured Notes due 2034 issued November 2024 and €650MM of 4.25% Senior Unsecured Notes due 2032 issued May 2024 – Term Loan: Recast €500MM term loan in 2025 extending maturity to 2029, with options to extend to 2030 and swapped to a fixed rate of 2.80%, inclusive of credit spread Balance Sheet Highlights 61% 30% 7% 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 $64.36 on December 31, 2025 and 219,145,876 common shares outstanding as of December 31, 2025. 3. Net debt to Adjusted EBITDA and net debt to enterprise value are based on pro rata debt less consolidated cash and cash equivalents and cash held at qualified intermediaries. 4. Adjusted EBITDA represents 4Q25 Adjusted EBITDA (annualized), as reported in the Fourth Quarter 2025 Supplemental Information included in the Form 8-K filed with the SEC on February 10, 2026. 5. Additionally, reflects the impact of 6,258,496 shares of unsettled forward equity as of December 31, 2025, as if they had been settled for cash at a weighted-average net settlement price of $65.85 per share. 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) 11.8% 6.9% 14.4% 17.3% 11.4% 5.7% 15.2% 4.8% 12.4% Interest Rate (5) 3.2% 2.2% 2.8% 3.4% 2.4% 2.4% 3.7% 2.3% 4.3% $M M 1. Reflects amount due at maturity, excluding unamortized discount and unamortized deferred financing costs. 2. Reflects pro rata balloon payments due at maturity. W. P. Carey has two fully amortizing mortgages due in 2026 ($1.8MM) and 2031 ($2.1MM). 3. Includes amounts drawn under the credit facility as of December 31, 2025. 4. Based on total pro rata debt outstanding as of December 31, 2025. Includes debt which is swapped to fixed-rate. 5. Reflects the weighted average percentage of debt outstanding and the weighted average interest rate for each year based on the total outstanding balance as of December 31, 2025. 106 29 74 11 2 588 588 588 176 617 999 705 350 325 400 500 350 425 400 616 588 435 $1,043 $616 $1,278 $1,535 $1,017 $500 $1,349 $427 $1,105 2026 2027 2028 2029 2030 2031 2032 2033 2034 Mortgage Debt Unsecured Bonds (EUR) Unsecured Bonds (USD) Unsecured Term Loans Unsecured Revolving Credit Facility(2) (3) Debt Maturity Schedule Principal at Maturity (1) 92% Fixed Rate Debt (4)

23 Metric Covenant December 31, 2025 Total Leverage Total Debt / Total Assets ≤ 60% 42.1% Secured Debt Leverage Secured Debt / Total Assets ≤ 40% 0.7% Fixed Charge Coverage Consolidated EBITDA / Annual Debt Service Charge ≥ 1.5x 5.0x Maintenance of Unencumbered Asset Value Unencumbered Assets / Total Unsecured Debt ≥ 150% 230.5% 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 December 31, 2025, our Senior Unsecured Notes consisted of the following note issuances: (i) €500 million 2.25% senior unsecured notes due 2026, (ii) $350 million 4.25% senior unsecured notes due 2026, (iii) €500 million 2.125% senior unsecured notes due 2027, (iv) €500 million 1.35% senior unsecured notes due 2028, (v) $325 million 3.85% senior unsecured notes due 2029, (vi) €525 million 0.95% senior unsecured notes due 2030, (vii) $400 million 4.65% senior unsecured notes due 2030, (viii) $500 million 2.40% 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 and (xiii) €600 million 3.70% due 2034. Excludes the €150MM 3.41% senior unsecured notes due 2029 and €200MM 3.70% senior unsecured notes due 2032 issued in the September 2022 private placement offering. 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 Our 2024 Corporate Responsibility Report details our ongoing commitment to Doing Good While Doing Well ® Corporate Responsibility Governance Social Environmental  Recognized by GlobeSt as one of CRE’s Best Places to Work in 2025  Earned 2025 Great Place to Work Certification in the U.S. and Europe, in addition to being selected as one of the 2025 Best Workplaces in New York by Fortune  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 December 31, 2025. 3. As a percentage of square footage. 6.1M sq. ft. of green-certified buildings (1)(2) 38% 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 December 31, 2025 unless otherwise noted. Amounts may not sum to totals due to rounding. Past performance does not guarantee future results. Cautionary Statement Concerning Forward-Looking Statements

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 December 31, 2025. If there is a rent abatement, we annualize the first monthly contractual base rent following the free rent period. ABR is not applicable to operating properties and is presented on a pro rata basis. Disclosures The following non-GAAP financial measures are used in this presentation

Source: View Original Filing on SEC EDGAR

FAQ

How did WPC perform financially in the fourth quarter of 2025?

W. P. Carey reported Q4 2025 net income of $148.3 million, or $0.67 per diluted share. AFFO was $281.1 million, or $1.27 per diluted share, up 5.0% year over year, reflecting accretive investment activity and rent escalations.

What were WPC’s full-year 2025 earnings and AFFO results?

For 2025, W. P. Carey generated net income attributable to the company of $466.4 million. Full‑year AFFO totaled $1,098.2 million, or $4.97 per diluted share, supported by record investment volume and strong portfolio occupancy of 98.0%.

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

W. P. Carey issued 2026 AFFO guidance of $5.13 to $5.23 per diluted share. This outlook is based on anticipated full‑year investment volume of $1.25 billion to $1.75 billion, reflecting a conservative stance on investment activity and potential credit‑related rent loss.

How much did WPC invest and dispose of in real estate during 2025?

In 2025, W. P. Carey achieved record investment volume of $2.1 billion, including $625.1 million in Q4. The company also generated gross disposition proceeds of $1.5 billion, with $507.0 million completed in the fourth quarter across multiple asset sales.

What dividend did W. P. Carey declare for the fourth quarter of 2025?

For Q4 2025, W. P. Carey declared a cash dividend of $0.920 per share, equivalent to an annualized rate of $3.68. This represented a 4.5% year‑over‑year increase and a 2025 dividend payout ratio of 72.8% of AFFO.

What does WPC’s leverage and liquidity look like at year-end 2025?

At December 31, 2025, W. P. Carey reported net debt of $8.65 billion and enterprise value of $22.75 billion. Net debt to adjusted EBITDA was 5.9x (5.6x including unsettled forward equity), with $2.21 billion of liquidity and a cash interest coverage ratio of 5.2x.

How strong is W. P. Carey’s real estate portfolio as of year-end 2025?

As of December 31, 2025, W. P. Carey’s net-lease portfolio produced ABR of $1,553.3 million with 1,682 properties and 98.0% occupancy. The weighted‑average lease term was 12.0 years, and contractual same‑store rent growth reached 2.4% year over year.

Filing Exhibits & Attachments

6 documents

[8-K] W. P. Carey Inc. Reports Material Event

Rhea-AI Filing Summary

Positive

Negative

Insights

FAQ

How did WPC perform financially in the fourth quarter of 2025?

What were WPC’s full-year 2025 earnings and AFFO results?

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

How much did WPC invest and dispose of in real estate during 2025?

What dividend did W. P. Carey declare for the fourth quarter of 2025?

What does WPC’s leverage and liquidity look like at year-end 2025?

How strong is W. P. Carey’s real estate portfolio as of year-end 2025?

Filing Exhibits & Attachments

Press Releases

Other Documents

NYSE:WPC

WPC Rankings

WPC Latest News

WPC Latest SEC Filings

WPC Stock Data

Trending News

[8-K] W. P. Carey Inc. Reports Material Event

Rhea-AI Filing Summary

Positive

Negative

Insights

REIT and income-investing analyst neutral

FAQ

How did WPC perform financially in the fourth quarter of 2025?

What were WPC’s full-year 2025 earnings and AFFO results?

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

How much did WPC invest and dispose of in real estate during 2025?

What dividend did W. P. Carey declare for the fourth quarter of 2025?

What does WPC’s leverage and liquidity look like at year-end 2025?

How strong is W. P. Carey’s real estate portfolio as of year-end 2025?

Filing Exhibits & Attachments

Press Releases

Other Documents

NYSE:WPC

WPC Rankings

WPC Latest News

WPC Latest SEC Filings

WPC Stock Data