W. P. Carey 8K W. P. Carey Announces Second Quarter 2024 Financial Results | WPC 30 Jul 24

Exhibit 99.2

W. P. Carey Inc.

Supplemental Information

Second Quarter 2024

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
NLOP			Net Lease Office Properties
Spin-Off			The spin-off of 59 office properties owned by WPC into NLOP, a separate publicly-traded REIT, which was completed on November 1, 2023
U.S.			United States
ABR			Contractual minimum annualized base rent
SEC			Securities and Exchange Commission
ASC			Accounting Standards Codification
NAREIT			National Association of Real Estate Investment Trusts (an industry trade group)
EUR			Euro
Hellweg			Hellweg Die Profi-Baumärkte GmbH & Co. KG (one of our tenants)
EURIBOR			Euro Interbank Offered Rate
SOFR			Secured Overnight Financing Rate
SONIA			Sterling Overnight Index Average
TIBOR			Tokyo Interbank Offered Rate

Important Note Regarding Non-GAAP Financial Measures

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

Effective January 1, 2024, we no longer separately analyze our business between real estate operations and investment management operations, and instead view the business as one reportable segment. As a result of this change, we have conformed prior period segment information to reflect how we currently view our business.

W. P. Carey Inc.

Supplemental Information – Second Quarter 2024


Table of Contents


Overview
Summary Metrics			1
Components of Net Asset Value			3

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

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

Real Estate
Investment Activity
Investment Volume			17
Capital Investments and Commitments			18
Dispositions			19
Joint Ventures			20
Top 25 Tenants			21
Diversification by Property Type			22
Diversification by Tenant Industry			23
Diversification by Geography			24
Contractual Rent Increases			25
Same-Store Analysis			26
Leasing Activity			29
Lease Expirations			30
Self-Storage Operating Properties Portfolio			31

Appendix
Normalized Pro Rata Cash NOI			33
Adjusted EBITDA – Last Five Quarters			35
Disclosures Regarding Non-GAAP and Other Metrics			36

W. P. Carey Inc.

Overview – Second Quarter 2024


Summary Metrics

As of or for the three months ended June 30, 2024.


Financial Results
Revenues, including reimbursable costs – consolidated ($000s)		$	389,672
Net income attributable to W. P. Carey ($000s)		142,895
Net income attributable to W. P. Carey per diluted share		0.65
Normalized pro rata cash NOI ($000s) (a) (b)		328,680
Adjusted EBITDA ($000s) (a) (b)		326,773
AFFO attributable to W. P. Carey ($000s) (a) (b)		257,099
AFFO attributable to W. P. Carey per diluted share (a) (b)		1.17

Dividends declared per share – current quarter		0.870
Dividends declared per share – current quarter annualized		3.480
Dividend yield – annualized, based on quarter end share price of $55.05		6.3		%
Dividend payout ratio – for the six months ended June 30, 2024 (c)		75.1		%

Balance Sheet and Capitalization
Equity market capitalization – based on quarter end share price of $55.05 ($000s)		$	12,046,694
Pro rata net debt ($000s) (d)		7,058,297
Enterprise value ($000s)		19,104,991

Total consolidated debt ($000s)		8,102,448
Gross assets ($000s) (e)		19,448,136
Liquidity ($000s) (f)		3,172,116

Pro rata net debt to enterprise value (b)		36.9		%
Pro rata net debt to adjusted EBITDA (annualized) (a) (b)		5.4x
Total consolidated debt to gross assets		41.7		%
Total consolidated secured debt to gross assets		2.4		%
Cash interest expense coverage ratio (a) (b)		5.1x

Weighted-average interest rate – for the three months ended June 30, 2024 (b)		3.1		%
Weighted-average interest rate – as of June 30, 2024 (b)		3.3		%
Weighted-average debt maturity (years) (b)		4.4

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) (g)		$	1,294,521
ABR – unencumbered portfolio (% / $000s) (g) (h)	94.4% /	$	1,222,606
Number of net-leased properties		1,291
Number of operating properties (i)		95
Number of tenants – net-leased properties		346

ABR from top ten tenants as a % of total ABR – net-leased properties		19.5		%
ABR from investment grade tenants as a % of total ABR – net-leased properties (j)		23.1		%
Contractual same-store growth (k)		2.9		%

Net-leased properties – square footage (millions)		170.1

Occupancy – net-leased properties		98.8		%
Weighted-average lease term (years)		12.0

Investment volume – current quarter ($000s)		$	293,352
Dispositions – current quarter ($000s)		152,228

Maximum commitment for capital investments and commitments expected to be completed during 2024 ($000s)		37,969

________


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W. P. Carey Inc.

Overview – Second Quarter 2024

(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 $945.3 million and above-market rent intangible assets of $472.4 million.

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

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

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

(i)Comprised of 89 self-storage properties, four hotels and two student housing properties.

(j)Percentage of portfolio is based on ABR, as of June 30, 2024. Includes tenants or guarantors with investment grade ratings (16.8%) and subsidiaries of non-guarantor parent companies with investment grade ratings (6.3%). Investment grade refers to an entity with a rating of BBB- or higher from Standard & Poor’s Ratings Services or Baa3 or higher from Moody’s Investors Service. See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of ABR.

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


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W. P. Carey Inc.

Overview – Second Quarter 2024


Components of Net Asset Value

Dollars in thousands.


Normalized Pro Rata Cash NOI (a) (b)	Three Months Ended Jun. 30, 2024
Net lease properties	$	306,850
Self-storage and other operating properties (c)	21,830
Total normalized pro rata cash NOI (a) (b)	$	328,680

Balance Sheet – Selected Information (Consolidated Unless Otherwise Stated)	As of Jun. 30, 2024
Assets
Book value of real estate excluded from normalized pro rata cash NOI (d)	$	260,883
Cash and cash equivalents	1,085,967
Las Vegas retail complex construction loan (e)	239,848
Other secured loans receivable, net	15,000
Other assets, net:
Investment in shares of Lineage (a cold storage REIT) (f)	$	404,921
Straight-line rent adjustments	339,530
Cash held at qualified intermediaries (g)	106,935
Deferred charges	75,529
Taxes receivable	67,945
Non-rent tenant and other receivables	53,170
Office lease right-of-use assets, net	53,046
Restricted cash, including escrow (excludes cash held at qualified intermediaries)	36,768
Prepaid expenses	26,998
Deferred income taxes	18,677
Securities and derivatives	17,623
Leasehold improvements, furniture and fixtures	13,097
Rent receivables (h)	2,440
Due from affiliates	1,108
Other	43,435
Total other assets, net	$	1,261,222

Liabilities
Total pro rata debt outstanding (b) (i)	$	8,251,199
Dividends payable	194,515
Deferred income taxes	155,716
Accounts payable, accrued expenses and other liabilities:
Accounts payable and accrued expenses	$	158,381
Operating lease liabilities	137,394
Prepaid and deferred rents	112,656
Accrued taxes payable	49,488
Tenant security deposits	45,072
Other	45,406
Total accounts payable, accrued expenses and other liabilities	$	548,397

________

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

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

(c)Other operating properties include four hotels and two student housing properties.

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

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

(f)Our investment in 5,541,478 shares of Lineage is valued on the balance sheet net of an estimated sponsor promote. The valuation was determined based on the last private capital raising round in December 2022. Going forward, the investment in Lineage will be valued using the closing share price at the end of each quarter, net of the estimated promote.


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W. P. Carey Inc.

Overview – Second Quarter 2024

(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 $35.7 million and unamortized deferred financing costs totaling $28.7 million as of June 30, 2024.


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W. P. Carey Inc.

Financial Results

Second Quarter 2024


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W. P. Carey Inc.

Financial Results – Second Quarter 2024


Consolidated Statements of Income – Last Five Quarters

In thousands, except share and per share amounts.


	Three Months Ended
	Jun. 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		Jun. 30, 2023
Revenues
Real Estate:
Lease revenues	$	324,104	$	322,251	$	336,757	$	369,159	$	369,124
Income from finance leases and loans receivable	14,961		25,793		31,532		27,575		27,311
Operating property revenues	38,715		36,643		39,477		49,218		50,676
Other lease-related income	9,149		2,155		2,610		2,310		5,040
	386,929		386,842		410,376		448,262		452,151
Investment Management:
Asset management revenue (a)	1,686		1,893		1,348		194		303
Other advisory income and reimbursements (b)	1,057		1,063		713		97		124
	2,743		2,956		2,061		291		427
	389,672		389,798		412,437		448,553		452,578
Operating Expenses
Depreciation and amortization	137,481		118,768		129,484		144,771		143,548
General and administrative	24,168		27,868		21,579		23,355		24,912
Operating property expenses	18,565		17,950		20,403		26,570		26,919
Impairment charges — real estate (c)	15,752		—		71,238		15,173		—
Reimbursable tenant costs	14,004		12,973		18,942		20,498		20,523
Property expenses, excluding reimbursable tenant costs	13,931		12,173		13,287		13,021		5,371
Stock-based compensation expense	8,903		8,856		8,693		9,050		8,995
Merger and other expenses (d)	206		4,452		(641)		4,152		1,419
	233,010		203,040		282,985		256,590		231,687
Other Income and Expenses
Interest expense	(65,307)		(68,651)		(72,194)		(76,974)		(75,488)
Gain on sale of real estate, net (e)	39,363		15,445		134,026		2,401		1,808
Non-operating income (f)	9,215		15,505		7,445		4,862		4,509
Earnings from equity method investments	6,636		4,864		5,006		4,978		4,355
Other gains and (losses) (g)	2,504		13,839		(45,777)		2,859		(1,366)
	(7,589)		(18,998)		28,506		(61,874)		(66,182)
Income before income taxes	149,073		167,760		157,958		130,089		154,709
Provision for income taxes	(6,219)		(8,674)		(13,714)		(5,090)		(10,129)
Net Income	142,854		159,086		144,244		124,999		144,580
Net loss attributable to noncontrolling interests	41		137		50		41		40
Net Income Attributable to W. P. Carey	$	142,895	$	159,223	$	144,294	$	125,040	$	144,620

Basic Earnings Per Share	$	0.65	$	0.72	$	0.66	$	0.58	$	0.67
Diluted Earnings Per Share	$	0.65	$	0.72	$	0.66	$	0.58	$	0.67
Weighted-Average Shares Outstanding
Basic	220,195,910		220,031,597		219,277,446		215,097,114		215,075,114
Diluted	220,214,118		220,129,870		219,469,641		215,252,969		215,184,485

Dividends Declared Per Share	$	0.870	$	0.865	$	0.860	$	1.071	$	1.069

________

(a)Amount for the three months ended June 30, 2024 is comprised of $1.6 million from NLOP and less than $0.1 million from CESH.

(b)Amount for the three months ended June 30, 2024 is comprised of (i) $1.0 million of administrative reimbursement for our management of NLOP and (ii) less than $0.1 million of reimbursable costs from CESH.

(c)Amount for the three months ended December 31, 2023 includes an impairment charge of $47.3 million recognized on the 59 properties contributed to NLOP in connection with the Spin-Off.

(d)Amount for the three months ended March 31, 2024 is primarily comprised of the write-off of a value added tax receivable that was previously recorded in connection with an international investment. Amount for the three months ended September 30, 2023 is primarily comprised of costs incurred in connection with the Spin-Off.

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

(f)Amount for the three months ended June 30, 2024 is comprised of interest income on deposits of $5.9 million and realized gains on foreign currency exchange derivatives of $3.3 million.

(g)Amount for the three months ended June 30, 2024 is primarily comprised of net gains on foreign currency exchange rate movements of $1.4 million and a release of a non-cash allowance for credit losses of $1.1 million.


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W. P. Carey Inc.

Financial Results – Second Quarter 2024


FFO and AFFO, Consolidated – Last Five Quarters

In thousands, except share and per share amounts.


	Three Months Ended
	Jun. 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		Jun. 30, 2023
Net income attributable to W. P. Carey	$	142,895	$	159,223	$	144,294	$	125,040	$	144,620
Adjustments:
Depreciation and amortization of real property	136,840		118,113		128,839		144,111		142,932
Gain on sale of real estate, net (a)	(39,363)		(15,445)		(134,026)		(2,401)		(1,808)
Impairment charges — real estate (b)	15,752		—		71,238		15,173		—
Proportionate share of adjustments to earnings from equity method investments (c)	3,015		2,949		2,942		2,950		2,883
Proportionate share of adjustments for noncontrolling interests (d)	(101)		(103)		(133)		34		(268)
Total adjustments	116,143		105,514		68,860		159,867		143,739
FFO (as defined by NAREIT) Attributable to W. P. Carey (e)	259,038		264,737		213,154		284,907		288,359
Adjustments:
Straight-line and other leasing and financing adjustments	(15,310)		(19,553)		(19,071)		(18,662)		(19,086)
Stock-based compensation	8,903		8,856		8,693		9,050		8,995
Above- and below-market rent intangible lease amortization, net	5,766		4,068		6,644		7,835		8,824
Amortization of deferred financing costs	4,555		4,588		4,895		4,805		5,904
Other (gains) and losses (f)	(2,504)		(13,839)		45,777		(2,859)		1,366
Tax (benefit) expense – deferred and other	(1,392)		(1,373)		2,507		(4,349)		(2,723)
Other amortization and non-cash items	580		579		152		584		527
Merger and other expenses (g)	206		4,452		(641)		4,152		1,419
Proportionate share of adjustments to earnings from equity method investments (c)	(2,646)		(519)		(663)		(691)		(255)
Proportionate share of adjustments for noncontrolling interests (d)	(97)		(104)		(97)		(380)		(24)
Total adjustments	(1,939)		(12,845)		48,196		(515)		4,947
AFFO Attributable to W. P. Carey (e)	$	257,099	$	251,892	$	261,350	$	284,392	$	293,306

Summary
FFO (as defined by NAREIT) attributable to W. P. Carey (e)	$	259,038	$	264,737	$	213,154	$	284,907	$	288,359
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share (e)	$	1.18	$	1.20	$	0.97	$	1.32	$	1.34
AFFO attributable to W. P. Carey (e)	$	257,099	$	251,892	$	261,350	$	284,392	$	293,306
AFFO attributable to W. P. Carey per diluted share (e)	$	1.17	$	1.14	$	1.19	$	1.32	$	1.36
Diluted weighted-average shares outstanding	220,214,118		220,129,870		219,469,641		215,252,969		215,184,485

________

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

(b)Amount for the three months ended December 31, 2023 includes an impairment charge of $47.3 million recognized on the 59 properties contributed to NLOP in connection with the Spin-Off.

(c)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.

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

(e)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.

(f)Amount for the three months ended June 30, 2024 is primarily comprised of net gains on foreign currency exchange rate movements of $1.4 million and a release of a non-cash allowance for credit losses of $1.1 million.

(g)Amount for the three months ended March 31, 2024 is primarily comprised of the write-off of a value added tax receivable that was previously recorded in connection with an international investment. Amount for the three months ended September 30, 2023 is primarily comprised of costs incurred in connection with the Spin-Off.


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W. P. Carey Inc.

Financial Results – Second Quarter 2024


Elements of Pro Rata Statement of Income and AFFO Adjustments

In thousands. For the three months ended June 30, 2024.

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	$	3,801	$	(247)	$	(11,116)	(c)
Income from finance leases and loans receivable	—		—		503
Operating property revenues:
Self-storage revenues	2,450		—		—
Hotel revenues	—		—		—
Student housing revenues	—		—		—
Other lease-related income	—		—		—

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

Operating Expenses
Depreciation and amortization	2,861		(101)		(139,698)		(d)
General and administrative	—		—		—
Operating property expenses:
Self-storage expenses	799		—		(29)
Hotel expenses	—		—		—
Student housing expenses	—		—		—
Impairment charges — real estate	—		—		(15,752)		(e)
Reimbursable tenant costs	229		(44)		—
Property expenses, excluding reimbursable tenant costs	155		(16)		(450)		(e)
Stock-based compensation expense	—		—		(8,903)		(e)
Merger and other expenses	—		—		(206)

Other Income and Expenses
Interest expense	(935)		68		4,607		(f)
Gain on sale of real estate, net	—		—		(39,363)
Non-operating income	12		(2)		—
Earnings from equity method investments:
Income related to joint ventures	(1,533)		—		(1,252)		(g)
Other gains and (losses)	14		97		(2,615)		(h)

Provision for income taxes	235		(9)		(1,598)		(i)
Net loss attributable to noncontrolling interests	—		(68)		—

________

(a)Represents the break-out by line item of amounts recorded in Earnings from equity method investments.

(b)Represents the break-out by line item of amounts recorded in Net income attributable to noncontrolling interests.

(c)Represents the reversal of amortization of above- or below-market lease intangibles of $5.7 million and the elimination of non-cash amounts related to straight-line rent and other of $16.8 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)Adjustments to include our pro rata share of AFFO adjustments from equity method investments.

(h)Represents eliminations of gains (losses) related to the extinguishment of debt, unrealized gains (losses) on foreign currency exchange rate movements, gains (losses) on marketable securities, non-cash allowance for credit losses on loans receivable and finance leases, and other items.

(i)Primarily represents the elimination of deferred taxes.


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W. P. Carey Inc.

Financial Results – Second Quarter 2024


Capital Expenditures

In thousands. For the three months ended June 30, 2024.


Turnover Costs (a)
Tenant improvements	$	2,363
Leasing costs	4,389
Total Tenant Improvements and Leasing Costs	6,752
Property improvements — net-lease properties	7,640
Property improvements — operating properties	46
Total Turnover Costs	$	14,438

Maintenance Capital Expenditures
Net-lease properties	$	1,627
Operating properties	1,711
Total Maintenance Capital Expenditures	$	3,338

________

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


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W. P. Carey Inc.

Balance Sheets and Capitalization

Second Quarter 2024


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W. P. Carey Inc.

Balance Sheets and Capitalization – Second Quarter 2024


Consolidated Balance Sheets

In thousands, except share and per share amounts.



	June 30, 2024		December 31, 2023
Assets
Investments in real estate:
Land, buildings and improvements — net lease and other	$	12,341,979	$	12,095,458
Land, buildings and improvements — operating properties	1,238,340		1,256,249
Net investments in finance leases and loans receivable	667,667		1,514,923
In-place lease intangible assets and other	2,256,793		2,308,853
Above-market rent intangible assets	676,666		706,773
Investments in real estate	17,181,445		17,882,256
Accumulated depreciation and amortization (a)	(3,096,516)		(3,005,479)
Assets held for sale, net	7,743		37,122
Net investments in real estate	14,092,672		14,913,899
Equity method investments	356,220		354,261
Cash and cash equivalents	1,085,967		633,860
Other assets, net	1,261,222		1,096,474
Goodwill	973,204		978,289
Total assets	$	17,769,285	$	17,976,783

Liabilities and Equity
Debt:
Senior unsecured notes, net	$	6,519,887	$	6,035,686
Unsecured term loans, net	1,100,356		1,125,564
Unsecured revolving credit facility	15,005		403,785
Non-recourse mortgages, net	467,200		579,147
Debt, net	8,102,448		8,144,182
Accounts payable, accrued expenses and other liabilities	548,397		615,750
Below-market rent and other intangible liabilities, net	128,710		136,872
Deferred income taxes	155,716		180,650
Dividends payable	194,515		192,332
Total liabilities	9,129,786		9,269,786

Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued	—		—
Common stock, $0.001 par value, 450,000,000 shares authorized; 218,831,869 and 218,671,874 shares, respectively, issued and outstanding	219		219
Additional paid-in capital	11,782,157		11,784,461
Distributions in excess of accumulated earnings	(2,975,236)		(2,891,424)
Deferred compensation obligation	78,379		62,046
Accumulated other comprehensive loss	(252,640)		(254,867)
Total stockholders' equity	8,632,879		8,700,435
Noncontrolling interests	6,620		6,562
Total equity	8,639,499		8,706,997
Total liabilities and equity	$	17,769,285	$	17,976,783

________

(a)Includes $1.7 billion and $1.6 billion of accumulated depreciation on buildings and improvements as of June 30, 2024 and December 31, 2023, respectively, and $1.4 billion of accumulated amortization on lease intangibles as of both June 30, 2024 and December 31, 2023.


						Investing for the Long Run® \| 11

W. P. Carey Inc.

Balance Sheets and Capitalization – Second Quarter 2024


Capitalization

In thousands, except share and per share amounts. As of June 30, 2024.


Description	Shares	Share Price		Market Value
Equity
Common equity	218,831,869	$	55.05	$	12,046,694
Preferred equity				—
Total Equity Market Capitalization				12,046,694

				Outstanding Balance (a)
Pro Rata Debt
Non-recourse mortgages				555,778
Unsecured term loans (due February 14, 2028)				571,653
Unsecured term loans (due April 24, 2026)				535,250
Unsecured revolving credit facility (due February 14, 2029)				15,005
Senior unsecured notes:
Due July 19, 2024 (EUR) (b)				535,250
Due February 1, 2025 (USD)				450,000
Due April 9, 2026 (EUR)				535,250
Due October 1, 2026 (USD)				350,000
Due April 15, 2027 (EUR)				535,250
Due April 15, 2028 (EUR)				535,250
Due July 15, 2029 (USD)				325,000
Due September 28, 2029 (EUR)				160,575
Due June 1, 2030 (EUR)				562,013
Due February 1, 2031 (USD)				500,000
Due February 1, 2032 (USD)				350,000
Due July 23, 2032 (EUR)				695,825
Due September 28, 2032 (EUR)				214,100
Due April 1, 2033 (USD)				425,000
Due June 30, 2034 (USD)				400,000
Total Pro Rata Debt				8,251,199

Total Capitalization				$	20,297,893

________

(a)Excludes unamortized discount, net totaling $35.7 million and unamortized deferred financing costs totaling $28.7 million as of June 30, 2024.

(b)In July 2024, we repaid our €500 million of 2.25% senior notes due 2024 at maturity.


						Investing for the Long Run® \| 12

W. P. Carey Inc.

Balance Sheets and Capitalization – Second Quarter 2024


Debt Overview

Dollars in thousands. Pro rata. As of June 30, 2024.


	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)	$	343,026	4.6	%	$	105,054	4.2	%	$	46,125	4.2	%	$	494,205	6.0	%	4.5	%	1.6
Floating	—		—	%	61,573		5.5	%	—		—	%	61,573		0.7	%	5.5	%	1.4
Total Pro Rata Non-Recourse Debt	343,026		4.6	%	166,627		4.7	%	46,125		4.2	%	555,778		6.7	%	4.6	%	1.6

Recourse Debt (b) (c)
Fixed – Senior unsecured notes:
Due July 19, 2024 (e)	—		—	%	535,250		2.3	%	—		—	%	535,250		6.5	%	2.3	%	0.1
Due February 1, 2025	450,000		4.0	%	—		—	%	—		—	%	450,000		5.5	%	4.0	%	0.6
Due April 9, 2026	—		—	%	535,250		2.3	%	—		—	%	535,250		6.5	%	2.3	%	1.8
Due October 1, 2026	350,000		4.3	%	—		—	%	—		—	%	350,000		4.2	%	4.3	%	2.3
Due April 15, 2027	—		—	%	535,250		2.1	%	—		—	%	535,250		6.5	%	2.1	%	2.8
Due April 15, 2028	—		—	%	535,250		1.4	%	—		—	%	535,250		6.5	%	1.4	%	3.8
Due July 15, 2029	325,000		3.9	%	—		—	%	—		—	%	325,000		3.9	%	3.9	%	5.0
Due September 28, 2029	—		—	%	160,575		3.4	%	—		—	%	160,575		1.9	%	3.4	%	5.2
Due June 1, 2030	—		—	%	562,013		1.0	%	—		—	%	562,013		6.8	%	1.0	%	5.9
Due February 1, 2031	500,000		2.4	%	—		—	%	—		—	%	500,000		6.1	%	2.4	%	6.6
Due February 1, 2032	350,000		2.5	%	—		—	%	—		—	%	350,000		4.2	%	2.5	%	7.6
Due July 23, 2032	—		—	%	695,825		4.3	%	—		—	%	695,825		8.4	%	4.3	%	8.1
Due September 28, 2032	—		—	%	214,100		3.7	%	—		—	%	214,100		2.6	%	3.7	%	8.3
Due April 1, 2033	425,000		2.3	%	—		—	%	—		—	%	425,000		5.2	%	2.3	%	8.8
Due June 30, 2034	400,000		5.4	%	—		—	%	—		—	%	400,000		4.9	%	5.4	%	10.0
Total Senior Unsecured Notes	2,800,000		3.5	%	3,773,513		2.4	%	—		—	%	6,573,513		79.7	%	2.9	%	4.9
Swapped to Fixed:
Unsecured term loans (due April 24, 2026) (f)	—		—	%	535,250		4.3	%	—		—	%	535,250		6.5	%	4.3	%	1.8
Floating:
Unsecured term loans (due February 14, 2028) (g)	—		—	%	230,158		4.6	%	341,495		6.1	%	571,653		6.9	%	5.5	%	3.6
Unsecured revolving credit facility (due February 14, 2029) (h)	—		—	%	—		—	%	15,005		1.1	%	15,005		0.2	%	1.1	%	4.6
Total Recourse Debt	2,800,000		3.5	%	4,538,921		2.7	%	356,500		5.8	%	7,695,421		93.3	%	3.2	%	4.6

Total Pro Rata Debt Outstanding	$	3,143,026	3.6	%	$	4,705,548	2.8	%	$	402,625	5.7	%	$	8,251,199	100.0	%	3.3	%	4.4

________

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

(b)Debt data is presented on a pro rata basis as of June 30, 2024. See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of pro rata.

(c)Excludes unamortized discount, net totaling $35.7 million and unamortized deferred financing costs totaling $28.7 million as of June 30, 2024.

(d)Includes $102.8 million of non-recourse mortgage debt which is swapped to fixed-rate through mortgage maturity.

(e)In July 2024, we repaid our €500 million of 2.25% senior notes due 2024 at maturity.

(f)Interest rate swap expiration date is December 31, 2024.

(g)We incurred interest at SONIA or EURIBOR, plus 0.85% for both base rates, on our Unsecured term loans.

(h)We incurred interest on our Unsecured revolving credit facility at TIBOR plus 0.775%. TIBOR 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 $2.0 billion as of June 30, 2024.


						Investing for the Long Run® \| 13

W. P. Carey Inc.

Balance Sheets and Capitalization – Second Quarter 2024


Debt Maturity

Dollars in thousands. Pro rata. As of June 30, 2024.


	Real Estate			Debt
	Number of Properties (a)			Weighted-Average Interest Rate				Total Outstanding Balance (b) (c)		% of Total Outstanding Balance
Year of Maturity		ABR (a)				Balloon
Non-Recourse Debt
Remaining 2024	25	$	11,914	3.6	%	$	61,010	$	61,750	0.7	%
2025	38	22,274		4.5	%	240,155		246,975		3.0	%
2026	36	25,774		5.1	%	149,671		163,853		2.0	%
2027	1	—		4.3	%	21,450		21,450		0.3	%
2028	3	9,433		5.1	%	43,306		55,621		0.7	%
2031	1	1,096		6.0	%	—		2,522		—	%
2033	1	1,424		5.6	%	1,671		3,607		—	%
2034	—	—		—	%	—		—		—	%
Total Pro Rata Non-Recourse Debt	105	$	71,915	4.6	%	$	517,263	555,778		6.7	%

Recourse Debt
Fixed – Senior unsecured notes:
Due July 19, 2024 (EUR) (d)				2.3	%			535,250		6.5	%
Due February 1, 2025 (USD)				4.0	%			450,000		5.5	%
Due April 9, 2026 (EUR)				2.3	%			535,250		6.5	%
Due October 1, 2026 (USD)				4.3	%			350,000		4.2	%
Due April 15, 2027 (EUR)				2.1	%			535,250		6.5	%
Due April 15, 2028 (EUR)				1.4	%			535,250		6.5	%
Due July 15, 2029 (USD)				3.9	%			325,000		3.9	%
Due September 28, 2029 (EUR)				3.4	%			160,575		1.9	%
Due June 1, 2030 (EUR)				1.0	%			562,013		6.8	%
Due February 1, 2031 (USD)				2.4	%			500,000		6.1	%
Due February 1, 2032 (USD)				2.5	%			350,000		4.2	%
Due July 23, 2032 (EUR)				4.3	%			695,825		8.4	%
Due September 28, 2032 (EUR)				3.7	%			214,100		2.6	%
Due April 1, 2033 (USD)				2.3	%			425,000		5.2	%
Due June 30, 2034 (USD)				5.4	%			400,000		4.9	%
Total Senior Unsecured Notes				2.9	%			6,573,513		79.7	%
Swapped to Fixed:
Unsecured term loans (due April 24, 2026) (e)				4.3	%			535,250		6.5	%
Floating:
Unsecured term loans (due February 14, 2028) (f)				5.5	%			571,653		6.9	%
Unsecured revolving credit facility (due February 14, 2029) (g)				1.1	%			15,005		0.2	%
Total Recourse Debt				3.2	%			7,695,421		93.3	%

Total Pro Rata Debt Outstanding				3.3	%			$	8,251,199	100.0	%

________

(a)Represents the number of properties and ABR associated with the debt that is maturing in each respective year.

(b)Debt maturity data is presented on a pro rata basis as of June 30, 2024. 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 $35.7 million and unamortized deferred financing costs totaling $28.7 million as of June 30, 2024.

(d)In July 2024, we repaid our €500 million of 2.25% senior notes due 2024 at maturity.

(e)Interest rate swap expiration date is December 31, 2024.

(f)We incurred interest at SONIA or EURIBOR, plus 0.85% for both base rates, on our Unsecured term loans.

(g)We incurred interest on our Unsecured revolving credit facility at TIBOR plus 0.775%. TIBOR 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 $2.0 billion as of June 30, 2024.


						Investing for the Long Run® \| 14

W. P. Carey Inc.

Balance Sheets and Capitalization – Second Quarter 2024


Senior Unsecured Notes

As of June 30, 2024.

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
Jun. 30, 2024

Limitation on the incurrence of debt

"Total Debt" /
"Total Assets"

≤ 60%

41.4%

Limitation on the incurrence of secured debt

"Secured Debt" /
"Total Assets"

≤ 40%

2.4%

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

"Consolidated EBITDA" /
"Annual Debt Service Charge"

≥ 1.5x

4.4x

Maintenance of unencumbered asset value

"Unencumbered Assets" / "Total Unsecured Debt"

≥ 150%

230.6%


						Investing for the Long Run® \| 15

W. P. Carey Inc.

Real Estate

Second Quarter 2024


						Investing for the Long Run® \| 16

W. P. Carey Inc.

Real Estate – Second Quarter 2024


Investment Activity – Investment Volume

Dollars in thousands. Pro rata. For the six months ended June 30, 2024.

Property Type(s)

Closing Date / Asset Completion Date

Gross Investment Amount

Investment Type

Lease Term (Years) (a)

Gross Square Footage

Tenant / Lease Guarantor

Property Location(s)

1Q24

WM Morrison Supermarkets PLC (2 properties) (b)

Doncaster, United Kingdom

Retail

Jan-24

30,055

Acquisition

93,007

Fedrigoni S.p.A (5 properties) (b)

Various, Italy

Industrial, Warehouse

Jan-24

148,131

Sale-leaseback

1,739,312

Hexagon Composites ASA

Salisbury, NC

Industrial

Mar-24

13,800

Expansion

125,549

Metra S.p.A (5 properties) (b) (c)

Various, Italy (4 properties) and Laval, Canada (1 property)

Industrial, Warehouse

Mar-24

86,494

Sale-leaseback

1,081,900

1Q24 Total

278,480

3,039,768

2Q24

Danske Fragtmaend Ejendomme A/S (b)

Fredericia, Denmark

Warehouse

Apr-24

2,029

Renovation

N/A

Hanesbrands Inc.

Commercial Point, OH

Warehouse

Apr-24

94,220

Acquisition

1,194,865

Storage Space

Little Rock, AR

Self-Storage (Operating)

Apr-24

3,254

Expansion

N/A

59,472

Belden Inc.

Tucson, AZ

Warehouse

May-24

38,783

Acquisition

302,445

Portfolio Acquisition:

AMCP Clean Holding Company, LLC (5 properties)

Various, United States

Industrial, Warehouse

May-24

44,400

Acquisition

432,233

Hadley Products Corporation (4 properties)

Various, United States

Industrial

May-24

23,330

Acquisition

514,462

Cleveland-Cliffs Inc.

Sylacauga, AL

Industrial

May-24

5,852

Acquisition

111,249

Specialty Building Products, Inc. (2 properties)

Moxee, WA and La Porte, IN

Industrial

Jun-24

37,019

Acquisition

741,870

Portfolio Total (12 properties)

110,601

1,799,814

EOS Fitness OPCO Holdings, LLC (2 properties)

Mesa and Laveen, AZ

Retail

Jun-24

26,964

Acquisition

84,000

Terran Orbital Corporation

Irvine, CA

Industrial

Jun-24

14,462

Redevelopment

94,195

2Q24 Total

290,313

3,534,791

Year-to-Date Total

568,793

6,574,559


		Property Type(s)	Funded During Current Quarter		Funded Year to Date		Expected Funding Completion Date	Total Funded		Maximum Commitment
Description	Property Location(s)
Construction Loan
Southwest Corner of Las Vegas Boulevard & Harmon Avenue Retail Complex (d)	Las Vegas, NV	Retail	$	3,039	$	4,874	2025	$	236,261	$	261,887
Total					4,874

Year-to-Date Total Investment Volume					$	573,667

________

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

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

(c)This acquisition is comprised of (i) four properties located in Italy with a gross investment amount of $83.9 million and 1,061,900 square feet and (ii) one property located in Laval, Canada, with a gross investment amount of $2.6 million and 20,000 square feet. The properties located in Italy are accounted for as a loan receivable within Net investments in finance leases and loans receivable on our consolidated balance sheets, in accordance with ASC 310, Receivables and ASC 842, Leases.

(d)This construction loan is accounted for as an equity method investment on our consolidated balance sheets, in accordance with U.S. GAAP. The interest rate is 6.0% and interest income is recognized within Earnings from equity method investments on our consolidated statements of income.


						Investing for the Long Run® \| 17

W. P. Carey Inc.

Real Estate – Second Quarter 2024


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 Jun. 30, 2024 (c)		Total Funded Through Jun. 30, 2024		Maximum Commitment / Gross Investment Amount
Tenant	Location										Remaining		Total
TWAS Holdings, LLC (4 properties) (d)	Various, US	Purchase Commitment	Retail (Car Wash)	Q3 2024	14,420	19	$	—	$	—	$	20,317	$	20,317
Unidentified	Atlanta, GA	Redevelopment	Warehouse	Q4 2024	213,834	N/A	1,430		2,504		15,148		17,652
Expected Completion Date 2024 Total					228,254	19	1,430		2,504		35,465		37,969

ZF Friedrichshafen AG (e)	Washington, MI	Redevelopment	Research and Development	Q1 2025	81,200	20	6,655		12,379		34,740		47,823
Sumitomo Heavy Industries, LTD.	Bedford, MA	Redevelopment	Research and Development	Q3 2025	N/A	15	2,023		2,023		42,117		44,140
Fraikin SAS (f)	Various, France	Renovation	Industrial	Q4 2025	N/A	18	—		2,075		5,311		7,386
Expected Completion Date 2025 Total					81,200	18	8,678		16,477		82,168		99,349

Capital Investments and Commitments Total					309,454	18	$	10,108	$	18,981	$	117,633	$	137,318

________

(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 June 30, 2024 excludes $0.7 million spent on pre-development work for potential projects in various phases.

(d)Projects will be funded upon completion and are contingent on buildings being constructed according to our standards.

(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.


						Investing for the Long Run® \| 18

W. P. Carey Inc.

Real Estate – Second Quarter 2024


Investment Activity – Dispositions

Dollars in thousands. Pro rata. For the six months ended June 30, 2024.

Tenant / Lease Guarantor

Property Location(s)

Gross Sale Price

Closing Date

Property Type(s)

Gross Square Footage

1Q24

State of Andalusia (70 properties) (a)

Various, Spain

359,340

Jan-24

Office

2,788,704

Cargotec Corporation (a)

Tampere, Finland

28,444

Jan-24

Office

183,568

Vacant

Fairfax, VA

8,198

Jan-24

Retail

103,277

Vacant (formerly Pendragon PLC) (a)

Aylesbury, United Kingdom

5,258

Feb-24

Retail

27,355

Vacant (formerly Pendragon PLC) (a)

Peterlee, United Kingdom

1,085

Feb-24

Retail

13,719

U-Haul Moving Partners Inc. and Mercury Partners, LP (78 properties)

Various, United States

464,104

Feb-24

Self-Storage (Net Lease)

3,996,703

Sec of State Communities and Local Gov (a)

Salford, United Kingdom

22,750

Feb-24

Office

211,367

1Q24 Total

889,179

7,324,693

2Q24

Vacant (former Prima Wawona Packing Co., LLC) (2 properties)

Sanger and Kerman, CA

16,500

Apr-24; May-24

Industrial

370,051

Pendragon PLC (a)

Stourbridge, United Kingdom

1,554

Apr-24

Retail

6,796

Silgan Containers Manufacturing Corp. (3 properties)

Various, United States

24,000

Apr-24

Industrial

402,893

Clayco, Inc. (2 properties)

St. Louis, MO

14,126

Jun-24

Office

130,170

Cornerstone Building Brands, Inc. (a)

Calgary, Canada

7,275

Jun-24

Industrial

302,884

Marriott Corporation

Sacramento, CA

20,300

Jun-24

Hotel (Operating)

82,905

Banco Santander, S.A. (a)

Monchengladbach, Germany

48,173

Jun-24

Office

212,000

Vacant

Chandler, AZ

20,300

Jun-24

Industrial

355,307

2Q24 Total

152,228

1,863,006

Year-to-Date Total Dispositions

1,041,407

9,187,699

________

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


						Investing for the Long Run® \| 19

W. P. Carey Inc.

Real Estate – Second Quarter 2024


Joint Ventures

Dollars in thousands. As of June 30, 2024.


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)
Harmon Retail Corner	Common equity interest	15.00%	$	143,000	$	—	$	21,450	$	—
Kesko Senukai (e)	Net lease	70.00%	97,501		16,050		68,251		11,235
Johnson Self Storage	Self-storage operating	90.00%	—		N/A		—		N/A
Total Unconsolidated Joint Ventures			240,501		16,050		89,701		11,235

Consolidated Joint Ventures
COOP Ost SA (e)	Net lease	90.10%	51,193		6,434		46,125		5,797
Fentonir Trading & Investments Limited (e)	Net lease	94.90%	—		8,463		—		8,032
McCoy-Rockford, Inc.	Net lease	90.00%	—		948		—		853
State of Iowa Board of Regents	Net lease	90.00%	—		643		—		579
Total Consolidated Joint Ventures			51,193		16,488		46,125		15,261
Total Unconsolidated and Consolidated Joint Ventures			$	291,694	$	32,538	$	135,826	$	26,496

________

(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 $0.6 million and unamortized deferred financing costs totaling $0.4 million as of June 30, 2024.

(c)Excludes unamortized discount, net totaling $0.5 million and unamortized deferred financing costs totaling less than $0.1 million as of June 30, 2024.

(d)Excludes a construction loan for a retail complex in Las Vegas, Nevada, accounted for as an equity method investment in real estate, as described in the Components of Net Asset Value section.

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


						Investing for the Long Run® \| 20

W. P. Carey Inc.

Real Estate – Second Quarter 2024


Top 25 Tenants

Dollars in thousands. Pro rata. As of June 30, 2024.


Tenant / Lease Guarantor	Description	Number of Properties	ABR		ABR %		Weighted-Average Lease Term (Years)
Apotex Pharmaceutical Holdings Inc. (a)	Pharmaceutical R&D and manufacturing properties in the Greater Toronto Area leased to generic drug manufacturer	11	$	32,473	2.5	%	18.7
Metro Cash & Carry Italia S.p.A. (b)	Business-to-business retail stores in Italy leased to cash and carry wholesaler	19	27,838		2.1	%	4.3
Extra Space Storage, Inc.	Net lease self-storage properties in the U.S. leased to publicly traded self-storage REIT	27	25,808		2.0	%	19.8
Hellweg Die Profi-Baumärkte GmbH & Co. KG (b) (c)	Retail properties in Germany leased to German DIY retailer	35	25,302		2.0	%	19.7
ABC Technologies Holdings Inc. (a) (d)	Automotive parts manufacturing properties in the U.S., Canada and Mexico leased to OEM supplier	23	24,978		1.9	%	18.8
Fortenova Grupa d.d. (b)	Grocery stores and warehouses in Croatia leased to European food retailer	19	24,587		1.9	%	9.8
OBI Group (b)	Retail properties in Poland leased to German DIY retailer	26	24,421		1.9	%	6.9
Nord Anglia Education, Inc.	K-12 private schools in Orlando, Miami and Houston leased to international day and boarding school operator	3	22,963		1.8	%	19.2
Fedrigoni S.p.A (b)	Industrial and warehouse facilities in Germany, Italy and Spain leased to global manufacturer of premium packaging and labels	16	22,695		1.8	%	19.4
Eroski Sociedad Cooperative (b)	Grocery stores and warehouses in Spain leased to Spanish food retailer	63	21,140		1.6	%	11.7
Top 10 Total		242	252,205		19.5	%	14.9
Quikrete Holdings, Inc. (a)	Industrial facilities in the U.S. and Canada leased to concrete and building products manufacturer	27	20,255		1.6	%	19.0
Advance Auto Parts, Inc.	Distribution facilities in the U.S. leased to automotive aftermarket parts provider	29	19,851		1.5	%	8.6
Berry Global Inc.	Manufacturing facilities in the U.S. leased to international producer and supplier of packaging solutions	8	19,504		1.5	%	14.2
Pendragon PLC (b)	Dealerships in the United Kingdom leased to automotive retailer	55	19,210		1.5	%	12.8
True Value Company, LLC	Distribution facilities and manufacturing facility in the U.S. leased to global hardware wholesaler	9	18,707		1.4	%	14.1
Kesko Senukai (b)	Distribution facilities and retail properties in Lithuania, Estonia and Latvia leased to European DIY retailer	20	17,819		1.4	%	7.6
Hearthside Food Solutions LLC	Production, packaging and distribution facilities in the U.S. leased to North American contract food manufacturer	18	16,786		1.3	%	18.1
Koninklijke Jumbo Food Groep B.V (b)	Logistics and cold storage warehouse facilities in the Netherlands leased to European supermarket chain	5	14,856		1.2	%	4.7
Danske Fragtmaend Ejendomme A/S (b)	Distribution facilities in Denmark leased to Danish freight company	15	13,526		1.0	%	12.6
Dick’s Sporting Goods, Inc.	Retail properties and single distribution facility in the U.S. leased to sporting goods retailer	9	12,955		1.0	%	6.0
Top 20 Total		437	425,674		32.9	%	13.7
Intergamma Bouwmarkten B.V. (b)	Retail properties in the Netherlands leased to European DIY retailer	36	12,770		1.0	%	9.1
Lineage	Cold storage warehouse facilities in the Los Angeles and San Francisco areas leased to cold storage REIT	4	11,573		0.9	%	6.4
Henkel AG & Co. KGaA	Distribution facility in Kentucky leased to global provider of consumer products and adhesives	1	11,374		0.9	%	17.8
FM Logistics Corporate SAS (b)	Logistics facilities in the Czech Republic, Poland and Slovakia leased to French third-party logistics provider	4	11,000		0.8	%	1.3
Harbor Freight Tools USA, Inc.	Distribution facilities in South Carolina leased to U.S. tool and equipment retailer	3	10,862		0.8	%	14.7
Top 25 Total (e)		485	$	483,253	37.3	%	13.3

________

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

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

(c)During the first quarter of 2024, we entered into a lease restructuring with Hellweg, which included (i) abated rent from January 1, 2024 to March 31, 2024, (ii) a €4.0 million reduction in annual base rent and (iii) a seven-year lease extension, with a new lease maturity of February 2044.

(d)Of the 23 properties leased to ABC Technologies Holdings Inc., nine are located in Canada, eight are located in the United States, and six are located in Mexico.

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


						Investing for the Long Run® \| 21

W. P. Carey Inc.

Real Estate – Second Quarter 2024


Diversification by Property Type

In thousands, except percentages. Pro rata. As of June 30, 2024.


	Total Net-Lease Portfolio
Property Type	ABR		ABR %		Square Footage (a)	Square Footage %
U.S.
Industrial	$	319,469	24.7	%	53,154	31.3	%
Warehouse	225,607		17.4	%	44,610	26.2	%
Retail (b)	78,600		6.1	%	3,643	2.1	%
Other (c)	139,197		10.7	%	7,955	4.7	%
U.S. Total	762,873		58.9	%	109,362	64.3	%

International
Industrial	138,933		10.7	%	18,776	11.0	%
Warehouse	143,277		11.1	%	21,916	12.9	%
Retail (b)	197,972		15.3	%	17,497	10.3	%
Other (c)	51,466		4.0	%	2,582	1.5	%
International Total	531,648		41.1	%	60,771	35.7	%

Total
Industrial	458,402		35.4	%	71,930	42.3	%
Warehouse	368,884		28.5	%	66,526	39.1	%
Retail (b)	276,572		21.4	%	21,140	12.4	%
Other (c)	190,663		14.7	%	10,537	6.2	%
Total (d)	$	1,294,521	100.0	%	170,133	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, office, self-storage (net lease), laboratory, hotel (net lease), research and development, and land.

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


						Investing for the Long Run® \| 22

W. P. Carey Inc.

Real Estate – Second Quarter 2024


Diversification by Tenant Industry

In thousands, except percentages. Pro rata. As of June 30, 2024.


	Total Net-Lease Portfolio
Industry Type	ABR		ABR %		Square Footage	Square Footage %
Retail Stores (a)	$	300,723	23.2	%	37,095	21.8	%
Beverage and Food	108,156		8.4	%	14,988	8.8	%
Consumer Services	104,498		8.1	%	5,735	3.4	%
Automotive	98,546		7.6	%	15,017	8.8	%
Grocery	84,403		6.5	%	7,406	4.4	%
Healthcare and Pharmaceuticals	72,451		5.6	%	6,594	3.9	%
Containers, Packaging, and Glass	58,392		4.5	%	9,966	5.9	%
Capital Equipment	50,463		3.9	%	8,858	5.2	%
Cargo Transportation	47,322		3.7	%	7,723	4.5	%
Construction and Building	45,681		3.5	%	8,443	5.0	%
Durable Consumer Goods	44,461		3.4	%	9,715	5.7	%
Hotel and Leisure	43,506		3.4	%	2,137	1.3	%
Non-Durable Consumer Goods	38,630		3.0	%	8,000	4.7	%
Chemicals, Plastics, and Rubber	33,783		2.6	%	6,131	3.6	%
High Tech Industries	32,655		2.5	%	4,479	2.6	%
Business Services	31,566		2.4	%	3,415	2.0	%
Metals	28,735		2.2	%	4,976	2.9	%
Wholesale	14,823		1.2	%	2,614	1.5	%
Telecommunications	14,266		1.1	%	1,500	0.9	%
Other (b)	41,461		3.2	%	5,341	3.1	%
Total (c)	$	1,294,521	100.0	%	170,133	100.0	%

________

(a)Includes automotive dealerships.

(b)Includes ABR from tenants in the following industries: aerospace and defense, insurance, sovereign and public finance, environmental industries, media: advertising, printing, and publishing, oil and gas, consumer transportation, forest products and paper, banking, and electricity. Also includes square footage for vacant properties.

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


						Investing for the Long Run® \| 23

W. P. Carey Inc.

Real Estate – Second Quarter 2024


Diversification by Geography

In thousands, except percentages. Pro rata. As of June 30, 2024.


	Total Net-Lease Portfolio
Region	ABR		ABR %		Square Footage (a)	Square Footage %
U.S.
Midwest
Illinois	$	62,230	4.8	%	9,892	5.8	%
Ohio	40,595		3.1	%	8,275	4.9	%
Indiana	31,556		2.4	%	5,516	3.2	%
Michigan	25,262		2.0	%	4,423	2.6	%
Wisconsin	15,423		1.2	%	2,904	1.7	%
Other (b)	47,983		3.7	%	7,127	4.2	%
Total Midwest	223,049		17.2	%	38,137	22.4	%
South
Texas	79,957		6.2	%	10,426	6.1	%
Florida	36,711		2.8	%	3,134	1.8	%
Georgia	25,413		2.0	%	4,067	2.4	%
Tennessee	23,900		1.9	%	3,864	2.3	%
Alabama	22,549		1.7	%	3,394	2.0	%
Other (b)	15,880		1.2	%	2,300	1.4	%
Total South	204,410		15.8	%	27,185	16.0	%
East
North Carolina	36,998		2.9	%	8,226	4.8	%
Pennsylvania	31,028		2.4	%	3,375	2.0	%
New York	20,492		1.6	%	2,220	1.3	%
South Carolina	19,356		1.5	%	4,952	2.9	%
Kentucky	18,645		1.4	%	3,141	1.8	%
Massachusetts	16,248		1.3	%	1,188	0.7	%
New Jersey	14,364		1.1	%	835	0.5	%
Other (b)	33,516		2.6	%	5,219	3.1	%
Total East	190,647		14.8	%	29,156	17.1	%
West
California	55,782		4.3	%	5,669	3.3	%
Arizona	20,880		1.6	%	2,269	1.4	%
Utah	14,755		1.1	%	2,021	1.2	%
Other (b)	53,350		4.1	%	4,925	2.9	%
Total West	144,767		11.1	%	14,884	8.8	%
U.S. Total	762,873		58.9	%	109,362	64.3	%
International
Germany	61,629		4.8	%	6,323	3.7	%
The Netherlands	60,852		4.7	%	7,054	4.1	%
Poland	59,599		4.6	%	8,157	4.8	%
Italy	58,750		4.5	%	8,183	4.8	%
Canada (c)	51,617		4.0	%	4,804	2.8	%
United Kingdom	47,318		3.7	%	4,266	2.5	%
Spain	35,172		2.7	%	3,073	1.8	%
Croatia	25,414		2.0	%	2,063	1.2	%
Denmark	24,792		1.9	%	3,002	1.8	%
France	21,913		1.7	%	1,679	1.0	%
Mexico	13,592		1.1	%	2,489	1.5	%
Lithuania	13,410		1.0	%	1,640	1.0	%
Other (d)	57,590		4.4	%	8,038	4.7	%
International Total	531,648		41.1	%	60,771	35.7	%
Total (e)	$	1,294,521	100.0	%	170,133	100.0	%

________

(a)Includes square footage for vacant properties.

(b)Other properties within Midwest include assets in Minnesota, Iowa, Kansas, 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, Connecticut, Maryland, West Virginia, New Hampshire and Maine. Other properties within West include assets in Oregon, Colorado, Washington, Nevada, Hawaii, Idaho, Montana, Wyoming and New Mexico.

(c)$48.2 million (93%) of ABR from properties in Canada is denominated in U.S. dollars, with the balance denominated in Canadian dollars.

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

(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® \| 24

W. P. Carey Inc.

Real Estate – Second Quarter 2024


Contractual Rent Increases

In thousands, except percentages. Pro rata. As of June 30, 2024.


	Total Net-Lease Portfolio
Rent Adjustment Measure	ABR		ABR %		Square Footage	Square Footage %
Uncapped CPI	$	432,051	33.4	%	44,577	26.2	%
Capped CPI	257,649		19.9	%	38,177	22.4	%
CPI-linked	689,700		53.3	%	82,754	48.6	%
Fixed	566,418		43.7	%	82,844	48.7	%
Other (a)	33,353		2.6	%	2,235	1.3	%
None	5,050		0.4	%	272	0.2	%
Vacant	—		—	%	2,028	1.2	%
Total (b)	$	1,294,521	100.0	%	170,133	100.0	%

________

(a)Represents leases attributable to percentage rent.

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


						Investing for the Long Run® \| 25

W. P. Carey Inc.

Real Estate – Second Quarter 2024


Same-Store Analysis

Dollars in thousands. Pro rata.

Contractual Same-Store Growth

Same-store portfolio includes leases that were continuously in place during the period from June 30, 2023 to June 30, 2024. Excludes leases for properties that were acquired, sold or vacated, or were subject to lease renewals, extensions or modifications at any time that affected ABR during that period. For purposes of comparability, ABR is presented on a constant currency basis using exchange rates as of June 30, 2024.


	ABR
	As of
	Jun. 30, 2024		Jun. 30, 2023		Increase		% Increase
Property Type
Industrial	$	409,252	$	396,953	$	12,299	3.1	%
Warehouse	328,222		321,607		6,615		2.1	%
Retail (a)	245,754		237,362		8,392		3.5	%
Other (b)	185,022		179,861		5,161		2.9	%
Total	$	1,168,250	$	1,135,783	$	32,467	2.9	%

Rent Adjustment Measure
Uncapped CPI	$	406,534	$	390,536	$	15,998	4.1	%
Capped CPI	218,777		213,262		5,515		2.6	%
CPI-linked	625,311		603,798		21,513		3.6	%
Fixed	506,771		496,589		10,182		2.1	%
Other (c)	32,278		31,506		772		2.5	%
None	3,890		3,890		—		—	%
Total	$	1,168,250	$	1,135,783	$	32,467	2.9	%

Geography
U.S.	$	691,589	$	674,696	$	16,893	2.5	%
Europe	404,217		390,706		13,511		3.5	%
Other International (d)	72,444		70,381		2,063		2.9	%
Total	$	1,168,250	$	1,135,783	$	32,467	2.9	%

Same-Store Portfolio Summary
Number of properties	1,153
Square footage (in thousands)	149,089


						Investing for the Long Run® \| 26

W. P. Carey Inc.

Real Estate – Second Quarter 2024

Comprehensive Same-Store Growth

Same-store portfolio includes leased properties that were continuously owned and in place during the quarter ended June 30, 2023 through June 30, 2024 (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 June 30, 2024. 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
	Jun. 30, 2024		Jun. 30, 2023		Increase		% Increase
Property Type
Industrial	$	102,190	$	101,845	$	345	0.3	%
Warehouse	84,264		84,818		(554)		(0.7)	%
Retail (a)	65,653		66,595		(942)		(1.4)	%
Other (b)	41,646		41,551		95		0.2	%
Total	$	293,753	$	294,809	$	(1,056)	(0.4)	%

Rent Adjustment Measure
Uncapped CPI	$	105,619	$	106,116	$	(497)	(0.5)	%
Capped CPI	55,240		53,809		1,431		2.7	%
CPI-linked	160,859		159,925		934		0.6	%
Fixed	123,464		124,673		(1,209)		(1.0)	%
Other (c)	8,266		8,361		(95)		(1.1)	%
None	1,164		1,850		(686)		(37.1)	%
Total	$	293,753	$	294,809	$	(1,056)	(0.4)	%

Geography
U.S.	$	173,660	$	174,498	$	(838)	(0.5)	%
Europe	103,564		104,231		(667)		(0.6)	%
Other International (d)	16,529		16,080		449		2.8	%
Total	$	293,753	$	294,809	$	(1,056)	(0.4)	%

Same-Store Portfolio Summary
Number of properties	1,183
Square footage (in thousands)	155,824


						Investing for the Long Run® \| 27

W. P. Carey Inc.

Real Estate – Second Quarter 2024

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


	Three Months Ended
	Jun. 30, 2024		Jun. 30, 2023
Consolidated Lease Revenues
Total lease revenues – as reported	$	324,104	$	369,124
Income from finance leases and loans receivable	14,961		27,311
Less: Reimbursable tenant costs – as reported	(14,004)		(20,523)
Less: Income from secured loans receivable	—		(1,188)
	325,061		374,724

Adjustments for Pro Rata Ownership of Real Estate Joint Ventures:
Add: Pro rata share of adjustments from equity method investments	3,572		4,146
Less: Pro rata share of adjustments for noncontrolling interests	(203)		(321)
	3,369		3,825

Adjustments for Pro Rata Non-Cash Items:
Less: Straight-line and other leasing and financing adjustments	(15,310)		(19,086)
Add: Above- and below-market rent intangible lease amortization	5,766		8,824
Less: Adjustments for pro rata ownership	(1,070)		(1,763)
	(10,614)		(12,025)

Adjustment to normalize for (i) properties not continuously owned since April 1, 2023 and (ii) constant currency presentation for prior year quarter (e)	(24,063)		(71,715)

Same-Store Pro Rata Rental Income	$	293,753	$	294,809

________

(a)Includes automotive dealerships.

(b)Includes ABR or same-store pro rata rental income from tenants with the following property types: education facility, specialty, office, self-storage (net lease), laboratory, hotel (net lease), research and development, 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 June 30, 2023 through June 30, 2024. In addition, for the three months ended June 30, 2023, an adjustment is made to reflect average exchange rates for the three months ended June 30, 2024 for purposes of comparability, since same-store pro rata rental income is presented on a constant currency basis.


						Investing for the Long Run® \| 28

W. P. Carey Inc.

Real Estate – Second Quarter 2024


Leasing Activity

Dollars in thousands. For the three months ended June 30, 2024, 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	961,478	4	$	4,456		$	5,227	117.3	%	$	1,452	$	—	3.8 years
Warehouse	—	—	—			—		—	%	—		—		N/A
Retail	105,932	2	1,683			1,868		111.0	%	11,712		202		13.7 years
Other	—	—	—			—		—	%	—		—		N/A
Total / Weighted Average (d)	1,067,410	6	$	6,139		$	7,095	115.6	%	$	13,164	$	202	6.5 years

Q2 Summary
Prior Lease ABR (% of Total Portfolio)			0.5		%


New Leases					Property and Tenant Improvements (c)		Leasing Commissions
			ABR
Property Type	Square Feet	Number of Leases	New Lease (b)						New Lease Term
Industrial (e)	202,448	5	$	2,106	$	1,795	$	970	7.6 years
Warehouse	—	—	—		—		—		N/A
Retail	—	—	—		—		—		N/A
Other	—	—	—		—		—		N/A
Total / Weighted Average (f)	202,448	5	$	2,106	$	1,795	$	970	7.6 years

_______

(a)Excludes lease extensions for a period of one year or less.

(b)New lease amounts are based on in-place rents at time of lease commencement and exclude any free rent periods.

(c)Property and tenant improvements include the estimated landlord obligations in connection with the signing of the lease.

(d)Weighted average refers to the incremental lease term.

(e)Four of these leases relate to properties that were previously leased to a tenant through May 31, 2029. The existing lease was restructured and new leases were signed with four separate tenants.

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


						Investing for the Long Run® \| 29

W. P. Carey Inc.

Real Estate – Second Quarter 2024


Lease Expirations

Dollars and square footage in thousands. Pro rata. As of June 30, 2024.


Year of Lease Expiration (a)	Number of Leases Expiring	Number of Tenants with Leases Expiring	ABR		ABR %		Square Footage	Square Footage %
Remaining 2024	12	11	$	11,499	0.9	%	1,826	1.1	%
2025	34	16	42,836		3.3	%	5,621	3.3	%
2026	38	29	59,980		4.6	%	8,539	5.0	%
2027	43	26	62,471		4.8	%	7,149	4.2	%
2028	41	25	53,893		4.2	%	4,465	2.6	%
2029	62	35	76,721		5.9	%	9,421	5.5	%
2030	33	29	36,978		2.9	%	3,964	2.3	%
2031	36	20	68,132		5.3	%	8,448	5.0	%
2032	39	20	41,739		3.2	%	5,835	3.4	%
2033	29	22	77,795		6.0	%	11,791	6.9	%
2034	56	25	79,459		6.1	%	9,509	5.6	%
2035	16	14	30,481		2.4	%	5,572	3.3	%
2036	44	18	69,813		5.4	%	10,827	6.4	%
2037	27	15	35,456		2.7	%	4,665	2.8	%
Thereafter (>2037)	269	116	547,268		42.3	%	70,473	41.4	%
Vacant	—	—	—		—	%	2,028	1.2	%
Total (b)	779		$	1,294,521	100.0	%	170,133	100.0	%

________

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

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


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W. P. Carey Inc.

Real Estate – Second Quarter 2024


Self-Storage Operating Properties Portfolio

Square footage in thousands. Pro rata. As of June 30, 2024.


State / District	Number of Properties	Number of Units	Square Footage	Square Footage %		Period End Occupancy
Florida	22	16,350	1,844	28.1	%	90.8	%
Texas	14	8,111	995	15.2	%	86.1	%
California	10	6,577	860	13.1	%	93.9	%
Illinois	10	4,821	665	10.2	%	88.7	%
South Carolina	6	3,722	377	5.7	%	95.9	%
Georgia	5	2,060	250	3.8	%	88.9	%
North Carolina	4	2,842	301	4.6	%	94.5	%
Nevada	3	2,423	243	3.7	%	90.3	%
Delaware	3	1,678	241	3.7	%	93.6	%
Hawaii	2	956	95	1.5	%	94.9	%
Tennessee	2	887	122	1.9	%	89.0	%
Washington, DC	1	880	67	1.0	%	92.7	%
Arkansas	1	858	115	1.8	%	72.5	%
New York	1	793	61	0.9	%	82.8	%
Kentucky	1	762	121	1.8	%	96.3	%
Louisiana	1	541	59	0.9	%	88.0	%
Massachusetts	1	482	58	0.9	%	90.9	%
Oregon	1	442	40	0.6	%	92.3	%
Missouri	1	329	41	0.6	%	88.5	%
Total (a)	89	55,514	6,555	100.0	%	90.5	%

________

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


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W. P. Carey Inc.

Appendix

Second Quarter 2024


						Investing for the Long Run® \| 32

W. P. Carey Inc.

Appendix – Second Quarter 2024


Normalized Pro Rata Cash NOI

In thousands.


	Three Months Ended Jun. 30, 2024
Consolidated Lease Revenues
Total lease revenues – as reported	$	324,104
Income from finance leases and loans receivable – as reported	14,961


Less: Consolidated Reimbursable and Non-Reimbursable Property Expenses
Reimbursable property expenses – as reported	14,004
Non-reimbursable property expenses – as reported	13,931
	311,130

Plus: NOI from Operating Properties
Self-storage revenues	23,157
Self-storage expenses	(8,105)
	15,052

Hotel revenues	12,380
Hotel expenses	(9,167)
	3,213

Student housing and other revenues	3,178
Student housing and other expenses	(1,293)
	1,885

	331,280

Adjustments for Pro Rata Ownership of Real Estate Joint Ventures:
Add: Pro rata share of NOI from equity method investments (a)	4,015
Less: Pro rata share of NOI attributable to noncontrolling interests	(204)
	3,811

	335,091

Adjustments for Pro Rata Non-Cash Items:
Less: Straight-line and other leasing and financing adjustments	(15,310)
Add: Above- and below-market rent intangible lease amortization	5,766
Add: Other non-cash items	485
	(9,059)

Pro Rata Cash NOI (b)	326,032

Adjustment to normalize for investments and dispositions (c)	2,648

Normalized Pro Rata Cash NOI (b)	$	328,680


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W. P. Carey Inc.

Appendix – Second Quarter 2024

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


	Three Months Ended Jun. 30, 2024
Net Income Attributable to W. P. Carey
Net income attributable to W. P. Carey – as reported	$	142,895
Adjustments for Consolidated Operating Expenses
Add: Operating expenses – as reported	233,010
Less: Operating property expenses – as reported	(18,565)
Less: Property expenses, excluding reimbursable tenant costs – as reported	(13,931)
	200,514

Adjustments for Other Consolidated Revenues and Expenses:
Less: Reimbursable property expenses – as reported	(14,004)
Less: Other lease-related income – as reported	(9,149)
Add: Other income and (expenses) – as reported	7,589
Add: Provision for income taxes – as reported	6,219
Less: Asset management fees revenue – as reported	(1,686)
Less: Other advisory income and reimbursements – as reported	(1,057)
	(12,088)

Other Adjustments:
Less: Straight-line and other leasing and financing adjustments	(15,310)
Add: Above- and below-market rent intangible lease amortization	5,766
Add: Adjustments for pro rata ownership	3,795
Adjustment to normalize for investments and dispositions (c)	2,648

Add: Property expenses, excluding reimbursable tenant costs, non-cash	460
	(2,641)

Normalized Pro Rata Cash NOI (b)	$	328,680

________

(a)Includes $1.7 million from equity method investments in self-storage operating properties.

(b)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.

(c)For properties acquired and capital investments and commitments completed during the three months ended June 30, 2024, the adjustment modifies our pro rata share of cash NOI for the partial period with an amount estimated to be equivalent to the additional pro rata share of cash NOI necessary to reflect ownership for the full quarter. For properties disposed of during the three months ended June 30, 2024, 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® \| 34

W. P. Carey Inc.

Appendix – Second Quarter 2024


Adjusted EBITDA – Last Five Quarters

In thousands.


	Three Months Ended
	Jun. 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		Jun. 30, 2023
Net income	$	142,854	$	159,086	$	144,244	$	124,999	$	144,580

Adjustments to Derive Adjusted EBITDA (a)
Depreciation and amortization	137,481		118,768		129,484		144,771		143,548
Interest expense	65,307		68,651		72,194		76,974		75,488
Gain on sale of real estate, net (b)	(39,363)		(15,445)		(134,026)		(2,401)		(1,808)
Impairment charges — real estate (c)	15,752		—		71,238		15,173		—
Straight-line and other leasing and financing adjustments (d)	(15,310)		(19,553)		(19,071)		(18,662)		(19,086)
Stock-based compensation expense	8,903		8,856		8,693		9,050		8,995
Provision for income taxes	6,219		8,674		13,714		5,090		10,129
Above- and below-market rent intangible lease amortization	5,766		4,068		6,644		7,835		8,824
Other (gains) and losses (e)	(2,504)		(13,839)		45,777		(2,859)		1,366
Other amortization and non-cash charges	454		448		21		457		411
Merger and other expenses (f)	206		4,452		(641)		4,152		1,419
	182,911		165,080		194,027		239,580		229,286

Adjustments for Pro Rata Ownership
Real Estate Joint Ventures:
Add: Pro rata share of adjustments for equity method investments	1,242		2,814		2,664		2,656		3,013
Less: Pro rata share of adjustments for amounts attributable to noncontrolling interests	(234)		(154)		(267)		(400)		(347)
	1,008		2,660		2,397		2,256		2,666

Adjusted EBITDA (g)	$	326,773	$	326,826	$	340,668	$	366,835	$	376,532

________

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

(c)Amount for the three months ended December 31, 2023 includes an impairment charge of $47.3 million recognized on the 59 properties contributed to NLOP in connection with the Spin-Off.

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

(e)Primarily comprised of gains and losses on extinguishment of debt, the mark-to-market fair value of equity securities, and foreign currency exchange rate movements, as well as non-cash allowance for credit losses on loans receivable and finance leases. Amounts from period to period will not be comparable due to unpredictable fluctuations in these gains and losses.

(f)Amount for the three months ended March 31, 2024 is primarily comprised of the write-off of a value added tax receivable that was previously recorded in connection with an international investment. Amount for the three months ended September 30, 2023 is primarily comprised of costs incurred in connection with the Spin-Off.

(g)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.


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W. P. Carey Inc.

Appendix – Second Quarter 2024


Disclosures Regarding Non-GAAP and Other Metrics

Non-GAAP Financial Disclosures

FFO and AFFO

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

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

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

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

Same-Store Pro Rata Rental Income

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

Pro Rata Cash NOI

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


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W. P. Carey Inc.

Appendix – Second Quarter 2024

Normalized Pro Rata Cash NOI

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

Adjusted EBITDA

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

Cash Interest Expense

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

Cash Interest Expense Coverage Ratio

Cash interest expense coverage ratio is a non-GAAP financial measure representing the ratio of Adjusted EBITDA to cash interest expense on a trailing 12 months basis. We believe this ratio is useful to investors as a supplemental measure of our ability to satisfy fixed interest expense obligations. Cash interest expense for the trailing 12 months as of June 30, 2024 is equal to $267.0 million, comprised of interest expense calculated in accordance with GAAP ($283.1 million), plus capitalized interest ($1.0 million) and other non-cash amortization expense ($0.1 million), less amortization of deferred financing costs and debt premiums/discounts ($18.8 million), adjusted for pro rata ownership ($1.9 million).

Other Metrics

Pro Rata Metrics

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

ABR

ABR represents contractual minimum annualized base rent for our net-leased properties and reflects exchange rates as of June 30, 2024. If there is a rent abatement, we annualize the first monthly contractual base rent following the free rent period. ABR is not applicable to operating properties and is presented on a pro rata basis.


						Investing for the Long Run® \| 37

W. P. Carey (WPC) 8-KW. P. Carey Announces Second Quarter 2024 Financial Results