0001025378false00010253782022-07-292022-07-29

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of report (Date of earliest event reported): July 29, 2022

W. P. Carey Inc.

(Exact Name of Registrant as Specified in its Charter)

Maryland						001-13779			45-4549771
(State 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

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

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 (see General Instruction A.2. below):

☑ 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))

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. ☐

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Item 2.02 Results of Operations and Financial Condition.

On July 29, 2022, W. P. Carey Inc. (the “Company”) issued an earnings release announcing its financial results for the quarter ended June 30, 2022. 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 July 29, 2022, the Company made available certain unaudited supplemental financial information at June 30, 2022. A copy of this supplemental information is attached as Exhibit 99.2.

On July 29, 2022, the Company posted its second quarter investor presentation on its website at http://www.wpcarey.com. A copy of the investor presentation is also attached as Exhibit 99.3.

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

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.						Description
99.1						Earnings release of the Company for the quarter ended June 30, 2022.
99.2						Supplemental financial information of the Company at June 30, 2022.
99.3						Investor presentation by the Company.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

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 (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,” “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 regarding: the statements made by Mr. Jason Fox regarding our investment momentum and the potential benefits of an inflationary environment and any other comments made by representatives of W. P. Carey Inc. (“W. P. Carey”); the anticipated benefits of the proposed merger with Corporate Property Associates 18 – Global Incorporated (“CPA:18”); our ability to close the proposed merger; the impact of the proposed merger on our earnings and on our credit profile; the strategic rationale and transaction benefits; and other 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 factors that could have material adverse effects on our future results, performance or achievements and cause our actual results to differ materially from the forward-looking statements. These factors include, but are not limited to, the timing of consummation of the proposed merger, the ability to achieve anticipated benefits and savings, risks related to the potential disruption of management’s attention due to the pending merger, operating results and businesses generally, the outcome of any legal proceedings related to the proposed merger and the general risks associated with the respective businesses of W. P. Carey and CPA:18 including the general volatility of the capital markets, terms and employment of capital, the volatility of W. P. Carey’s share price, changes in the real estate investment trust industry, interest rates or general economy, potential adverse effects or changes to the relationships with W. P. Carey or CPA:18 tenants, employees, service providers or other parties resulting from the announcement or completion of the proposed merger, unpredictability and severity of catastrophic events, including but not limited to the risks related to the effects of

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pandemics and global outbreaks of contagious diseases (such as the current COVID-19 pandemic) and domestic or geopolitical crises, such as terrorism, military conflict (including the ongoing conflict between Russia and Ukraine and the global response to it), war or the perception that hostilities may be imminent, political instability or civil unrest, or other conflict. 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, 2021, and Part II, Item 1A. Risk Factors in W. P. Carey’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2022. 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.

Additional Information and Where to Find It

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, and otherwise in accordance with applicable law. In connection with the proposed merger, on April 25, 2022, W. P. Carey filed with the SEC an amendment to the registration statement on Form S-4 originally filed on April 4, 2022, which includes a prospectus of W. P. Carey and a proxy statement of CPA:18 (together with W. P. Carey’s prospectus, the “proxy statement/prospectus”), and each party will file other documents regarding the proposed transaction with the SEC. The registration statement was declared effective by the SEC on April 27, 2022, and CPA:18 commenced mailing of the definitive proxy statement/prospectus to CPA:18’s stockholders on or about May 2, 2022.

WE URGE INVESTORS TO READ THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS FILED BY W. P. CAREY AND CPA:18 IN CONNECTION WITH THE PROPOSED MERGER BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT W. P. CAREY, CPA:18 AND THE PROPOSED MERGER. INVESTORS ARE URGED TO READ THESE DOCUMENTS CAREFULLY AND IN THEIR ENTIRETY.

Investors will be able to obtain these materials and other documents filed with the SEC free of charge at the SEC’s website (http://www.sec.gov). In addition, these materials are available free of charge by accessing W. P. Carey’s website (http://www.wpcarey.com) or by accessing CPA:18’s website (http://www.cpa18global.com). Investors may also read and copy any reports, statements and other information filed by W. P. Carey or CPA:18 with the SEC, at the SEC public reference room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 or visit the SEC’s website for further information on its public reference room.

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SIGNATURES

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

									W. P. Carey Inc.
Date:			July 29, 2022			By:			/s/ ToniAnn Sanzone
									ToniAnn Sanzone
									Chief Financial Officer

Exhibit 99.1

Filed by W. P. Carey Inc.

pursuant to Rule 425 under the Securities Act of 1933, as amended,

and deemed filed pursuant to Rule 14a-6 under the

Securities Exchange Act of 1934, as amended

Subject Company: Corporate Property Associates 18 – Global Incorporated

Commission File No.: 000-54970

FOR IMMEDIATE RELEASE

Institutional Investors:

Peter Sands

1 (212) 492-1110

[email protected]

Individual Investors:

W. P. Carey Inc.

1 (212) 492-8920

[email protected]

Press Contact:

Anna McGrath

1 (212) 492-1166

[email protected]

W. P. Carey Inc. Announces Second Quarter 2022 Financial Results

New York, NY – July 29, 2022 – W. P. Carey Inc. (NYSE: WPC) (W. P. Carey or the Company), a net lease real estate investment trust, today reported its financial results for the second quarter ended June 30, 2022.

Financial Highlights

			2022 Second Quarter
Net income attributable to W. P. Carey (millions)			$127.7
Diluted earnings per share			$0.66
Net income from Real Estate attributable to W. P. Carey (millions)			$123.2
Diluted earnings per share from Real Estate			$0.64
AFFO (millions)			$254.4
AFFO per diluted share			$1.31
Real Estate segment AFFO (millions)			$247.2
Real Estate segment AFFO per diluted share			$1.27

•2022 AFFO guidance range raised and narrowed to between $5.22 and $5.30 per diluted share, including Real Estate AFFO with a guidance range of between $5.13 and $5.21 per diluted share based on full-year investment volume raised to between $1.75 billion and $2.25 billion, and closing of the proposed merger with CPA®:18 on August 1, 2022

•Quarterly cash dividend raised to $1.059 per share, equivalent to an annualized dividend rate of $4.236 per share

W. P. Carey Inc. 6/30/2022 Earnings Release 8-K – 1

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Real Estate Portfolio

•Investment volume of $1.1 billion completed year to date, including $477.8 million during the second quarter and $307.6 million subsequent to quarter end

•Active capital investments and commitments of $97.4 million and construction loan funding of $37.7 million scheduled to be completed in the remainder of 2022

•Gross disposition proceeds of $92.7 million during the second quarter, bringing total dispositions for the first half of 2022 to $119.4 million

Balance Sheet and Capitalization

•Utilized ATM program to raise approximately $218 million in net proceeds year to date, including $39 million during the second quarter

•Approximately $586 million in anticipated net proceeds currently available for settlement pursuant to forward sale agreements, including approximately $301 million pursuant to forward sale agreements sold through the Company’s ATM program during the second quarter

•As previously announced, exercised the accordion feature on the Company’s Senior Unsecured Credit Facility during the second quarter

MANAGEMENT COMMENTARY

“We continue to perform well on a number of fronts, with same store rent growth reaching a new high and increased expectations for the investment volume we can achieve this year,” said Jason Fox, Chief Executive Officer of W. P. Carey. “And the outperformance of our stock has enabled us to enter into additional equity forwards at prices that partly offset the impact of higher interest rates on our investment spreads.

“With ample liquidity and cap rates moving higher, we’re confident in our ability to continue successfully navigating a dynamic market backdrop during the latter half of the year. We’re also on track to close our merger with CPA:18 on August 1, and expect to be to the high end of our original accretion estimates — which, along with our performance year to date, is reflected in our raised full-year AFFO guidance.

“Lastly, amid an uncertain economic outlook, we believe we remain uniquely positioned within net lease, given the inflation protection inherent in our portfolio and the proven stability of its cash flows.”

QUARTERLY FINANCIAL RESULTS

Revenues

•Total Company: Revenues, including reimbursable costs, for the 2022 second quarter totaled $344.4 million, up 7.7% from $319.7 million for the 2021 second quarter.

•Real Estate: Real Estate revenues, including reimbursable costs, for the 2022 second quarter were $339.8 million, up 7.9% from $314.8 million for the 2021 second quarter, due primarily to higher lease revenues resulting from net acquisitions and rent escalations, partly offset by the impact of a stronger U.S. dollar relative to foreign currencies, primarily the euro.

Note: Starting with the 2021 fourth quarter, income from direct financing leases and loans receivable are presented on a separate line item on the consolidated statements of income (for both current and prior year periods). Prior to the 2021 fourth quarter, the Company presented income from direct financing leases within lease revenues and income from loans receivable within lease termination income and other.

W. P. Carey Inc. 6/30/2022 Earnings Release 8-K – 2

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Net Income Attributable to W. P. Carey

•Net income attributable to W. P. Carey for the 2022 second quarter was $127.7 million, up 6.2% from $120.2 million for the 2021 second quarter. Net income from Real Estate attributable to W. P. Carey was $123.2 million, which increased due primarily to a non-cash mark-to-market gain of $15.4 million recognized on our investment in common stock of Watermark Lodging Trust (WLT), a higher aggregate gain on sale of real estate and the impact of net acquisitions and rent escalations, partly offset by the net impact of a stronger U.S. dollar relative to foreign currencies, primarily the euro, and impairment charges recognized during the current year period.

Adjusted Funds from Operations (AFFO)

•AFFO for the 2022 second quarter was $1.31 per diluted share, up 3.1% from $1.27 per diluted share for the 2021 second quarter, driven by the company’s Real Estate segment, which generated AFFO of $1.27 per diluted share, primarily reflecting higher lease revenues resulting from net investment activity and rent escalations. These increases were partly offset by the net impact of a stronger U.S. dollar relative to foreign currencies, primarily the euro, and accrued dividends received during the prior year period on preferred shares of WLT, which were redeemed in the 2022 first quarter.

Note: Further information concerning AFFO and Real Estate AFFO, which are both non-GAAP supplemental performance metrics, is presented in the accompanying tables and related notes.

Dividend

•As previously announced, on June 16, 2022, the Company’s Board of Directors declared a quarterly cash dividend of $1.059 per share, equivalent to an annualized dividend rate of $4.236 per share. The dividend was paid on July 15, 2022 to stockholders of record as of June 30, 2022.

AFFO GUIDANCE

•For the 2022 full year, the Company has raised and narrowed its guidance for total AFFO to between $5.22 and $5.30 per diluted share, including Real Estate AFFO with a guidance range of between $5.13 and $5.21 per diluted share, based on the following key assumptions:

(i) investments for the Company's Real Estate portfolio of between $1.75 billion and $2.25 billion, which has been revised higher;

(ii) dispositions from the Company's Real Estate portfolio of between $250 million and $350 million, which is unchanged;

(iii) total general and administrative expenses of between $88 million and $91 million, which has been revised higher; and

(iv)    includes the expected impact of the Company’s proposed merger with CPA:18

Note: The Company does not provide guidance on net income. The Company only provides guidance on total AFFO (and Real Estate 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. 6/30/2022 Earnings Release 8-K – 3

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REAL ESTATE

Investments

•Year to date, the Company has completed investments totaling $1.1 billion, including $477.8 million during the 2022 second quarter and $307.6 million subsequent to quarter end, comprising sale-leasebacks totaling $281.9 million and the completion of a $25.7 million capital investment.

•Currently, the Company has four capital investments and commitments totaling $97.4 million and construction loan funding of $37.7 million, scheduled to be completed during the remainder of 2022, for an aggregate total of $135.1 million.

Dispositions

•During the 2022 second quarter, the Company disposed of eight properties for gross proceeds of $92.7 million, bringing total disposition proceeds for the six months ended June 30, 2022 to $119.4 million.

COVID-19 Update on Rent Collections

•The Company received over 99.6% of contractual base rent that was due in the 2022 second quarter.

Composition

•As of June 30, 2022, the Company’s net lease portfolio consisted of 1,357 properties, comprising 161 million square feet leased to 356 tenants, with a weighted-average lease term of 11.0 years and an occupancy rate of 99.1%. In addition, the Company owned 19 self-storage operating properties and one hotel operating property, totaling approximately 1.4 million square feet.

BALANCE SHEET AND CAPITALIZATION

“At-The-Market” (ATM) Program

•During the 2022 second quarter, the Company issued 491,068 shares of common stock under its ATM program at a weighted-average price of $81.70 per share, for net proceeds of $39 million.

•This activity brought issuances under the Company’s ATM program during the six months ended June 30, 2022 to 2,740,295 shares of common stock at a weighted-average price of $80.79 per share, for net proceeds of approximately $218 million.

Forward Equity

•During the 2022 second quarter, the Company used forward sale agreements under its ATM program to sell 3,674,187 shares of common stock at a weighted-average gross price of $83.98 per share, all of which remain available for settlement, for anticipated net proceeds of approximately $301 million.

•As of June 30, 2022, the Company continued to have 3,925,000 shares available for settlement pursuant to forward sale agreements previously entered into, for anticipated net proceeds of approximately $285 million.

Increase in Capacity of Senior Unsecured Credit Facility

•As previously announced, during the 2022 second quarter, the Company entered into a Second Amendment to its Credit Agreement, exercising a portion of the Accordion Feature on its Senior Unsecured Credit Facility to increase (i) the amount outstanding on its Term Loan by £120 million to £270 million (approximately $350 million USD equivalent) and (ii) the amount outstanding on its Delayed Draw Term Loan by €118.5 million to €215 million (approximately $230 million USD equivalent), thereby increasing the total capacity of the Senior Unsecured Credit Facility from approximately $2.1 billion to approximately $2.4 billion.

•The Company used the proceeds from this increase in capacity to partially repay amounts outstanding under its Unsecured Revolving Credit Facility. There were no other changes to the terms of the Credit Agreement.

W. P. Carey Inc. 6/30/2022 Earnings Release 8-K – 4

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Green Bond Allocation Report

•Since quarter end, on July 27, 2022, the Company published an allocation report regarding the $350 million of green bonds it issued in October 2021, reporting that proceeds were 100% allocated to eligible green projects and entirely to properties with either BREEAM “Very Good” or LEED “Gold” ratings, or better.

PROPOSED MERGER WITH CPA:18

•As previously announced, on July 26, 2022, the Company’s proposed merger with CPA:18 was approved by the stockholders of CPA:18, in a transaction initially estimated to be valued at approximately $2.7 billion and expected to add approximately $2.0 billion of assets after proposed asset sales, the substantial majority of which have been completed.

•The Company currently expects the proposed merger to close on August 1, 2022.

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Supplemental Information

The Company has provided supplemental unaudited financial and operating information regarding the 2022 second quarter and certain prior quarters, including a description of non-GAAP financial measures and reconciliations to GAAP measures, in a Current Report on Form 8-K filed with the Securities and Exchange Commission (SEC) on July 29, 2022, and made available on the Company’s website at ir.wpcarey.com/investor-relations.

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Live Conference Call and Audio Webcast Scheduled for 10:00 a.m. Eastern Time

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

Date/Time: Friday, July 29, 2022 at 10:00 a.m. Eastern Time

Call-in Number: 1 (877) 465-1289 (U.S.) or +1 (201) 689-8762 (international)

Live Audio Webcast and Replay: www.wpcarey.com/earnings

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W. P. Carey Inc.

W. P. Carey ranks among the largest net lease REITs with an enterprise value of approximately $23 billion and a diversified portfolio of operationally critical commercial real estate that includes 1,357 net lease properties covering approximately 161 million square feet as of June 30, 2022. For nearly five decades, the company has invested in high-quality single-tenant industrial, warehouse, office, retail and self-storage properties subject to long-term net leases with built-in rent escalators. Its portfolio is located primarily in the U.S. and Northern and Western Europe and is well-diversified by tenant, property type, geographic location and tenant industry. 

www.wpcarey.com

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W. P. Carey Inc. 6/30/2022 Earnings Release 8-K – 5

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Cautionary Statement Concerning Forward-Looking Statements and COVID-19 Update on Rent Collections

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 the Company 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 regarding: the statements made by Mr. Jason Fox regarding our investment volume and the potential benefits of an inflationary environment and any other comments made by representatives of WPC; the anticipated benefits of the proposed merger with CPA:18; our ability to close the proposed merger; the impact of the proposed merger on our earnings and on our credit profile; the strategic rationale and transaction benefits; and other 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 factors that could have material adverse effects on our future results, performance or achievements and cause our actual results to differ materially from the forward-looking statements. These factors include, but are not limited to, the timing of consummation of the proposed merger, the ability to achieve anticipated benefits and savings, risks related to the potential disruption of management’s attention due to the pending merger, operating results and businesses generally, the outcome of any legal proceedings related to the proposed merger and the general risks associated with the respective businesses of W. P. Carey and CPA:18 including the general volatility of the capital markets, terms and employment of capital, the volatility of W. P. Carey’s share price, changes in the real estate investment trust industry, interest rates or general economy, potential adverse effects or changes to the relationships with W. P. Carey or CPA:18 tenants, employees, service providers or other parties resulting from the announcement or completion of the proposed merger, unpredictability and severity of catastrophic events, including but not limited to the risks related to the effects of pandemics and global outbreaks of contagious diseases (such as the current COVID-19 pandemic) and domestic or geopolitical crises, such as terrorism, military conflict (including the ongoing conflict between Russia and Ukraine and the global response to it), war or the perception that hostilities may be imminent, political instability or civil unrest, or other conflict. 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, 2021, and Part II, Item 1A. Risk Factors in W. P. Carey’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2022. 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.

In addition, given the significant uncertainty regarding the duration and severity of the impact of the COVID-19 pandemic, the Company is unable to predict its tenants’ continued ability to pay rent. Therefore, information provided regarding historical rent collections should not serve as an indication of expected future rent collections.

Additional Information and Where to Find It

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, and otherwise in accordance with applicable law. In connection with the proposed merger, on April 25, 2022, W. P. Carey filed with the SEC an amendment to the registration statement on Form S-4 originally filed on April 4, 2022, which includes a prospectus of W. P. Carey and a proxy statement of CPA:18 (together with W. P. Carey’s prospectus, the “proxy statement/prospectus”), and each party will file other documents regarding the proposed transaction with the SEC. The registration statement was declared effective by the SEC on April 27, 2022, and CPA:18 commenced mailing of the definitive proxy statement/prospectus to CPA:18’s stockholders on or about May 2, 2022.

WE URGE INVESTORS TO READ THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS FILED BY W. P. CAREY AND CPA:18 IN CONNECTION WITH THE PROPOSED MERGER BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT W. P. CAREY, CPA:18 AND THE PROPOSED MERGER. INVESTORS ARE URGED TO READ THESE DOCUMENTS CAREFULLY AND IN THEIR ENTIRETY.

W. P. Carey Inc. 6/30/2022 Earnings Release 8-K – 6

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Investors will be able to obtain these materials and other documents filed with the SEC free of charge at the SEC’s website (http://www.sec.gov). In addition, these materials are available free of charge by accessing W. P. Carey’s website (http://www.wpcarey.com) or by accessing CPA:18’s website (http://www.cpa18global.com). Investors may also read and copy any reports, statements and other information filed by W. P. Carey or CPA:18 with the SEC, at the SEC public reference room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 or visit the SEC’s website for further information on its public reference room.

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W. P. Carey Inc. 6/30/2022 Earnings Release 8-K – 7

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W. P. CAREY INC.

Consolidated Balance Sheets (Unaudited)

(in thousands, except share and per share amounts)

			June 30, 2022						December 31, 2021
Assets
Investments in real estate:
Land, buildings and improvements (a)			$	12,026,671					$	11,875,407
Net investments in direct financing leases and loans receivable			786,462						813,577
In-place lease intangible assets and other			2,384,032						2,386,000
Above-market rent intangible assets			822,470						843,410
Investments in real estate			16,019,635						15,918,394
Accumulated depreciation and amortization (b)			(3,043,146)						(2,889,294)
Assets held for sale, net			—						8,269
Net investments in real estate			12,976,489						13,037,369
Equity method investments (c)			344,360						356,637
Cash and cash equivalents			103,590						165,427
Due from affiliates			18,937						1,826
Other assets, net			1,119,389						1,017,842
Goodwill			891,464						901,529
Total assets			$	15,454,229					$	15,480,630
Liabilities and Equity
Debt:
Senior unsecured notes, net			$	5,471,066					$	5,701,913
Unsecured term loans, net			548,287						310,583
Unsecured revolving credit facility			417,455						410,596
Non-recourse mortgages, net			328,820						368,524
Debt, net			6,765,628						6,791,616
Accounts payable, accrued expenses and other liabilities			529,719						572,846
Below-market rent and other intangible liabilities, net			174,766						183,286
Deferred income taxes			135,128						145,572
Dividends payable			207,526						203,859
Total liabilities			7,812,767						7,897,179
Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued			—						—
Common stock, $0.001 par value, 450,000,000 shares authorized; 192,891,792 and 190,013,751 shares, respectively, issued and outstanding			193						190
Additional paid-in capital			10,201,614						9,977,686
Distributions in excess of accumulated earnings			(2,352,839)						(2,224,231)
Deferred compensation obligation			57,012						49,810
Accumulated other comprehensive loss			(266,157)						(221,670)
Total stockholders’ equity			7,639,823						7,581,785
Noncontrolling interests			1,639						1,666
Total equity			7,641,462						7,583,451
Total liabilities and equity			$	15,454,229					$	15,480,630

________

(a)Includes $83.7 million of amounts attributable to operating properties as of both June 30, 2022 and December 31, 2021.

(b)Includes $1.5 billion of accumulated depreciation on buildings and improvements as of both June 30, 2022 and December 31, 2021, and $1.5 billion and $1.4 billion of accumulated amortization on lease intangibles as of June 30, 2022 and December 31, 2021, respectively.

(c)Our equity method investments in real estate totaled $280.7 million and $291.9 million as of June 30, 2022 and December 31, 2021, respectively. Our equity method investments in the Managed Programs totaled $63.7 million and $64.7 million as of June 30, 2022 and December 31, 2021, respectively.

W. P. Carey Inc. 6/30/2022 Earnings Release 8-K – 8

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W. P. CAREY INC.

Quarterly Consolidated Statements of Income (Unaudited)

(in thousands, except share and per share amounts)

			Three Months Ended
			June 30, 2022						March 31, 2022						June 30, 2021
Revenues
Real Estate:
Lease revenues			$	314,354					$	307,725					$	289,064
Income from direct financing leases and loans receivable			17,778						18,379						17,422
Operating property revenues			5,064						3,865						3,245
Lease termination income and other			2,591						14,122						5,059
			339,787						344,091						314,790
Investment Management:
Asset management and other revenue			3,467						3,420						3,966
Reimbursable costs from affiliates			1,143						927						968
			4,610						4,347						4,934
			344,397						348,438						319,724
Operating Expenses
Depreciation and amortization			115,080						115,393						114,348
General and administrative			20,841						23,084						20,464
Reimbursable tenant costs			16,704						16,960						15,092
Property expenses, excluding reimbursable tenant costs			11,851						13,779						11,815
Stock-based compensation expense			9,758						7,833						9,048
Impairment charges			6,206						20,179						—
Operating property expenses			3,191						2,787						2,049
Merger and other expenses (a)			1,984						(2,322)						(2,599)
Reimbursable costs from affiliates			1,143						927						968
			186,758						198,620						171,185
Other Income and Expenses
Interest expense			(46,417)						(46,053)						(49,252)
Gain on sale of real estate, net			31,119						11,248						19,840
Other gains and (losses) (b)			(21,746)						35,745						7,545
Earnings (losses) from equity method investments			7,401						4,772						(156)
Non-operating income (c)			5,974						8,546						3,065
			(23,669)						14,258						(18,958)
Income before income taxes			133,970						164,076						129,581
Provision for income taxes			(6,252)						(7,083)						(9,298)
Net Income			127,718						156,993						120,283
Net loss (income) attributable to noncontrolling interests			(40)						2						(38)
Net Income Attributable to W. P. Carey			$	127,678					$	156,995					$	120,245
Basic Earnings Per Share			$	0.66					$	0.82					$	0.67
Diluted Earnings Per Share			$	0.66					$	0.82					$	0.67
Weighted-Average Shares Outstanding
Basic			194,019,451						191,911,414						180,099,370
Diluted			194,763,695						192,416,642						180,668,732
Dividends Declared Per Share			$	1.059					$	1.057					$	1.050

W. P. Carey Inc. 6/30/2022 Earnings Release 8-K – 9

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W. P. CAREY INC.

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

(in thousands, except share and per share amounts)

			Six Months Ended June 30,
			2022						2021
Revenues
Real Estate:
Lease revenues			$	622,079					$	573,729
Income from direct financing leases and loans receivable			36,157						35,164
Lease termination income and other			16,713						6,644
Operating property revenues			8,929						5,424
			683,878						620,961
Investment Management:
Asset management and other revenue			6,887						7,920
Reimbursable costs from affiliates			2,070						2,009
			8,957						9,929
			692,835						630,890
Operating Expenses
Depreciation and amortization			230,473						224,670
General and administrative			43,925						42,547
Reimbursable tenant costs			33,664						30,850
Impairment charges			26,385						—
Property expenses, excluding reimbursable tenant costs			25,630						22,698
Stock-based compensation expense			17,591						14,429
Operating property expenses			5,978						3,960
Reimbursable costs from affiliates			2,070						2,009
Merger and other expenses			(338)						(3,075)
			385,378						338,088
Other Income and Expenses
Interest expense			(92,470)						(100,892)
Gain on sale of real estate, net			42,367						29,212
Non-operating income			14,520						9,421
Other gains and (losses)			13,999						(33,643)
Earnings (losses) from equity method investments			12,173						(9,889)
			(9,411)						(105,791)
Income before income taxes			298,046						187,011
Provision for income taxes			(13,335)						(15,087)
Net Income			284,711						171,924
Net income attributable to noncontrolling interests			(38)						(45)
Net Income Attributable to W. P. Carey			$	284,673					$	171,879
Basic Earnings Per Share			$	1.48					$	0.96
Diluted Earnings Per Share			$	1.47					$	0.96
Weighted-Average Shares Outstanding
Basic			192,971,256						178,379,654
Diluted			193,706,035						178,902,259
Dividends Declared Per Share			$	2.116					$	2.098

__________

(a)Amounts are primarily comprised of costs incurred in connection with the proposed merger with CPA:18 and/or reversals of estimated liabilities for German real estate transfer taxes that were previously recorded in connection with mergers in prior years.

(b)Amount for the three months ended June 30, 2022 is primarily comprised of net loss on foreign currency exchange rate movements of $(37.3) million and a mark-to-market unrealized gain on our investment in common shares of WLT of $15.4 million.

(c)Amount for the three months ended June 30, 2022 is comprised of realized gains on foreign currency exchange derivatives of $5.9 million and interest income on deposits and loans to affiliates of $0.1 million.

W. P. Carey Inc. 6/30/2022 Earnings Release 8-K – 10

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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
			June 30, 2022						March 31, 2022						June 30, 2021
Net income attributable to W. P. Carey			$	127,678					$	156,995					$	120,245
Adjustments:
Depreciation and amortization of real property			114,333						114,646						112,997
Gain on sale of real estate, net			(31,119)						(11,248)						(19,840)
Impairment charges			6,206						20,179						—
Proportionate share of adjustments to earnings from equity method investments (a)			2,934						7,683						3,434
Proportionate share of adjustments for noncontrolling interests (b)			(4)						(4)						(4)
Total adjustments			92,350						131,256						96,587
FFO (as defined by NAREIT) Attributable to W. P. Carey (c)			220,028						288,251						216,832
Adjustments:
Other (gains) and losses (d)			21,746						(35,745)						(7,545)
Straight-line and other leasing and financing adjustments			(14,492)						(10,847)						(10,313)
Above- and below-market rent intangible lease amortization, net			10,548						11,004						14,384
Stock-based compensation			9,758						7,833						9,048
Amortization of deferred financing costs			3,147						3,128						3,447
Merger and other expenses (e)			1,984						(2,322)						(2,599)
Other amortization and non-cash items			530						552						563
Tax (benefit) expense – deferred and other			(355)						(1,242)						217
Proportionate share of adjustments to earnings from equity method investments (a)			1,486						(1,781)						4,650
Proportionate share of adjustments for noncontrolling interests (b)			(6)						(5)						(8)
Total adjustments			34,346						(29,425)						11,844
AFFO Attributable to W. P. Carey (c)			$	254,374					$	258,826					$	228,676
Summary
FFO (as defined by NAREIT) attributable to W. P. Carey (c)			$	220,028					$	288,251					$	216,832
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share (c)			$	1.13					$	1.50					$	1.20
AFFO attributable to W. P. Carey (c)			$	254,374					$	258,826					$	228,676
AFFO attributable to W. P. Carey per diluted share (c)			$	1.31					$	1.35					$	1.27
Diluted weighted-average shares outstanding			194,763,695						192,416,642						180,668,732

W. P. Carey Inc. 6/30/2022 Earnings Release 8-K – 11

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W. P. CAREY INC.

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

(in thousands, except share and per share amounts)

			Three Months Ended
			June 30, 2022						March 31, 2022						June 30, 2021
Net income from Real Estate attributable to W. P. Carey			$	123,228					$	146,858					$	114,687
Adjustments:
Depreciation and amortization of real property			114,333						114,646						112,997
Gain on sale of real estate, net			(31,119)						(11,248)						(19,840)
Impairment charges			6,206						20,179						—
Proportionate share of adjustments to earnings from equity method investments (a)			2,934						7,683						3,434
Proportionate share of adjustments for noncontrolling interests (b)			(4)						(4)						(4)
Total adjustments			92,350						131,256						96,587
FFO (as defined by NAREIT) Attributable to W. P. Carey – Real Estate (c)			215,578						278,114						211,274
Adjustments:
Other (gains) and losses (d)			20,155						(34,418)						(7,472)
Straight-line and other leasing and financing adjustments			(14,492)						(10,847)						(10,313)
Above- and below-market rent intangible lease amortization, net			10,548						11,004						14,384
Stock-based compensation			9,758						7,833						9,048
Amortization of deferred financing costs			3,147						3,128						3,447
Merger and other expenses (e)			1,984						(2,325)						(2,599)
Other amortization and non-cash items			530						552						563
Tax (benefit) expense – deferred and other			(324)						(1,189)						208
Proportionate share of adjustments to earnings from equity method investments (a)			368						167						3,845
Proportionate share of adjustments for noncontrolling interests (b)			(6)						(5)						(8)
Total adjustments			31,668						(26,100)						11,103
AFFO Attributable to W. P. Carey – Real Estate (c)			$	247,246					$	252,014					$	222,377
Summary
FFO (as defined by NAREIT) attributable to W. P. Carey – Real Estate (c)			$	215,578					$	278,114					$	211,274
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share – Real Estate (c)			$	1.11					$	1.45					$	1.17
AFFO attributable to W. P. Carey – Real Estate (c)			$	247,246					$	252,014					$	222,377
AFFO attributable to W. P. Carey per diluted share – Real Estate (c)			$	1.27					$	1.31					$	1.23
Diluted weighted-average shares outstanding			194,763,695						192,416,642						180,668,732

W. P. Carey Inc. 6/30/2022 Earnings Release 8-K – 12

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W. P. CAREY INC.

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

(in thousands, except share and per share amounts)

			Six Months Ended June 30,
			2022						2021
Net income attributable to W. P. Carey			$	284,673					$	171,879
Adjustments:
Depreciation and amortization of real property			228,979						222,201
Gain on sale of real estate, net			(42,367)						(29,212)
Impairment charges			26,385						—
Proportionate share of adjustments to earnings from equity method investments (a)			10,617						13,740
Proportionate share of adjustments for noncontrolling interests (b)			(8)						(8)
Total adjustments			223,606						206,721
FFO (as defined by NAREIT) Attributable to W. P. Carey (c)			508,279						378,600
Adjustments:
Straight-line and other leasing and financing adjustments			(25,339)						(19,064)
Above- and below-market rent intangible lease amortization, net			21,552						26,499
Stock-based compensation			17,591						14,429
Other (gains) and losses			(13,999)						33,643
Amortization of deferred financing costs			6,275						6,860
Tax benefit – deferred and other			(1,597)						(3,170)
Other amortization and non-cash items			1,082						592
Merger and other expenses (e)			(338)						(3,075)
Proportionate share of adjustments to earnings from equity method investments (a)			(295)						9,861
Proportionate share of adjustments for noncontrolling interests (b)			(11)						(13)
Total adjustments			4,921						66,562
AFFO Attributable to W. P. Carey (c)			$	513,200					$	445,162
Summary
FFO (as defined by NAREIT) attributable to W. P. Carey (c)			$	508,279					$	378,600
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share (c)			$	2.62					$	2.12
AFFO attributable to W. P. Carey (c)			$	513,200					$	445,162
AFFO attributable to W. P. Carey per diluted share (c)			$	2.65					$	2.49
Diluted weighted-average shares outstanding			193,706,035						178,902,259

W. P. Carey Inc. 6/30/2022 Earnings Release 8-K – 13

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W. P. CAREY INC.

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

(in thousands, except share and per share amounts)

			Six Months Ended June 30,
			2022						2021
Net income from Real Estate attributable to W. P. Carey			$	270,086					$	159,274
Adjustments:
Depreciation and amortization of real property			228,979						222,201
Gain on sale of real estate, net			(42,367)						(29,212)
Impairment charges			26,385						—
Proportionate share of adjustments to earnings from equity method investments (a)			10,617						13,740
Proportionate share of adjustments for noncontrolling interests (b)			(8)						(8)
Total adjustments			223,606						206,721
FFO (as defined by NAREIT) Attributable to W. P. Carey – Real Estate (c)			493,692						365,995
Adjustments:
Straight-line and other leasing and financing adjustments			(25,339)						(19,064)
Above- and below-market rent intangible lease amortization, net			21,552						26,499
Stock-based compensation			17,591						14,429
Other (gains) and losses			(14,263)						34,717
Amortization of deferred financing costs			6,275						6,860
Tax benefit – deferred and other			(1,513)						(2,387)
Other amortization and non-cash items			1,082						592
Merger and other expenses (e)			(341)						(3,090)
Proportionate share of adjustments to earnings from equity method investments (a)			535						8,167
Proportionate share of adjustments for noncontrolling interests (b)			(11)						(13)
Total adjustments			5,568						66,710
AFFO Attributable to W. P. Carey – Real Estate (c)			$	499,260					$	432,705
Summary
FFO (as defined by NAREIT) attributable to W. P. Carey – Real Estate (c)			$	493,692					$	365,995
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share – Real Estate (c)			$	2.55					$	2.05
AFFO attributable to W. P. Carey – Real Estate (c)			$	499,260					$	432,705
AFFO attributable to W. P. Carey per diluted share – Real Estate (c)			$	2.58					$	2.42
Diluted weighted-average shares outstanding			193,706,035						178,902,259

__________

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

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

(c)FFO and AFFO are non-GAAP measures. See below for a description of FFO and AFFO.

(d)AFFO adjustment amounts for the three months ended June 30, 2022 are primarily comprised of a net loss on foreign currency exchange rate movements of $(37.3) million and a mark-to-market unrealized gain on our investment in common shares of WLT of $15.4 million. Real Estate AFFO adjustment amounts for the three months ended June 30, 2022 are primarily comprised of a net loss on foreign currency exchange rate movements of $(37.0) million and a mark-to-market unrealized gain on our investment in common shares of WLT of $15.4 million.

(e)Amounts are primarily comprised of costs incurred in connection with the proposed merger with CPA:18 and/or reversals of estimated liabilities for German real estate transfer taxes that were previously recorded in connection with mergers in prior years.

W. P. Carey Inc. 6/30/2022 Earnings Release 8-K – 14

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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, Inc. (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 sales of property, impairment charges on real estate, 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.

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 direct financing 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 and merger and acquisition 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 losses that we exclude may become actual realized losses upon the ultimate disposition of the properties in the form of lower cash proceeds or other considerations. We use our FFO and AFFO measures as supplemental financial measures of operating performance. We do not use our FFO and AFFO measures as, nor should they be considered to be, alternatives to net income computed under GAAP, or as alternatives to net cash provided by operating activities computed under GAAP, or as indicators of our ability to fund our cash needs.

W. P. Carey Inc. 6/30/2022 Earnings Release 8-K – 15

Exhibit 99.2

Filed by W. P. Carey Inc.

pursuant to Rule 425 under the Securities Act of 1933, as amended,

and deemed filed pursuant to Rule 14a-6 under the

Securities Exchange Act of 1934, as amended

Subject Company: Corporate Property Associates 18 – Global Incorporated

Commission File No.: 000-54970

W. P. Carey Inc.

Supplemental Information

Second Quarter 2022

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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
CPA:18 – Global			Corporate Property Associates 18 – Global Incorporated
CESH			Carey European Student Housing Fund I, L.P.
WLT			Watermark Lodging Trust, Inc.
Managed Programs			CPA:18 – Global and CESH
U.S.			United States
AUM			Assets under management
ABR			Contractual minimum annualized base rent
NAV			Net asset value per share
SEC			Securities and Exchange Commission
ASC			Accounting Standards Codification
EUR			Euro
EURIBOR			Euro Interbank Offered Rate
SONIA			Sterling Overnight Index Average
TIBOR			Tokyo Interbank Offered Rate
LIBOR			London Interbank Offered Rate
Proposed Merger			Our proposed merger with CPA:18 – Global, pursuant to a merger agreement that we entered into on February 27, 2022, which was filed as Exhibit 2.1 to a Current Report on Form 8-K that we filed with the SEC on February 28, 2022

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 the National Association of Real Estate Investments Trusts, Inc. (“NAREIT”), an industry trade group. 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.

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W. P. Carey Inc.

Supplemental Information – Second Quarter 2022

Table of Contents

Overview
Summary Metrics			1
Components of Net Asset Value			3
Financial Results
Statements of Income – Last Five Quarters
Consolidated			6
Real Estate			7
Investment Management			8
FFO and AFFO – Last Five Quarters
Consolidated			9
Real Estate			10
Investment Management			11
Elements of Pro Rata Statement of Income and AFFO Adjustments			12
Capital Expenditures			13
Balance Sheets and Capitalization
Consolidated Balance Sheets			15
Capitalization			16
Debt Overview			17
Debt Maturity			18
Senior Unsecured Notes			19
Real Estate
Investment Activity
Capital Investments and Commitments			21
Investment Volume			22
Dispositions			23
Joint Ventures			24
Top Ten Tenants			25
Diversification by Property Type			26
Diversification by Tenant Industry			27
Diversification by Geography			28
Contractual Rent Increases			29
Same Store Analysis			30
Leasing Activity			33
Lease Expirations			34
Investment Management
Selected Information and Fee Summary – Managed Programs			36
Summary of Future Liquidity Considerations for the Managed Programs			37
Appendix
Normalized Pro Rata Cash NOI			39
Adjusted EBITDA – Last Five Quarters
Consolidated			41
Real Estate			42
Investment Management			43
Disclosures Regarding Non-GAAP and Other Metrics			44

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W. P. Carey Inc.

Overview – Second Quarter 2022

Summary Metrics

As of or for the three months ended June 30, 2022.

Financial Results
															Segment
															Real Estate						Investment Management						Total
Revenues, including reimbursable costs – consolidated ($000s)															$	339,787					$	4,610					$	344,397
Net income attributable to W. P. Carey ($000s)															123,228						4,450						127,678
Net income attributable to W. P. Carey per diluted share															0.64						0.02						0.66
Normalized pro rata cash NOI from real estate ($000s) (a) (b)															311,331						N/A						311,331
Adjusted EBITDA ($000s) (a) (b)															298,419						6,814						305,233
AFFO attributable to W. P. Carey ($000s) (a) (b)															247,246						7,128						254,374
AFFO attributable to W. P. Carey per diluted share (a) (b)															1.27						0.04						1.31
Dividends declared per share – current quarter																											1.059
Dividends declared per share – current quarter annualized																											4.236
Dividend yield – annualized, based on quarter end share price of $82.86																											5.1		%
Dividend payout ratio – for the six months ended June 30, 2022 (c)																											79.8		%
Balance Sheet and Capitalization
Equity market capitalization – based on quarter end share price of $82.86 ($000s)																											$	15,983,014
Pro rata net debt ($000s) (d)																											6,886,378
Enterprise value ($000s)																											22,869,392
Total consolidated debt ($000s)																											6,765,628
Gross assets ($000s) (e)																											17,002,286
Liquidity ($000s) (f)																											2,071,551
Pro rata net debt to enterprise value (b)																											30.1		%
Pro rata net debt to adjusted EBITDA (annualized) (a) (b)																											5.6x
Total consolidated debt to gross assets																											39.8		%
Total consolidated secured debt to gross assets																											1.9		%
Cash interest expense coverage ratio (a)																											6.6x
Weighted-average interest rate (b)																											2.6		%
Weighted-average debt maturity (years) (b)																											4.9
Moody's Investors Service – issuer rating																											Baa2 (positive)
Standard & Poor's Ratings Services – issuer rating																											BBB (positive)
Real Estate Portfolio (Pro Rata)
ABR – total portfolio ($000s) (g)																											$	1,270,226
ABR – unencumbered portfolio (% / $000s) (g) (h)																					92.7% /						$	1,177,709
Number of net-leased properties																											1,357
Number of operating properties (i)																											20
Number of tenants – net-leased properties																											356
ABR from investment grade tenants as a % of total ABR – net-leased properties (j)																											31.2		%
Net-leased properties – square footage (millions)																											161.3
Occupancy – net-leased properties																											99.1		%
Weighted-average lease term (years)																											11.0
Investment volume – current quarter ($000s)																											$	477,813
Dispositions – current quarter ($000s)																											92,748
Maximum commitment for capital investments and commitments expected to be completed during 2022 ($000s)																											123,076
Construction loan funding expected to be completed during 2022 ($000s)																											37,688
Total capital investments, commitments and construction loan funding expected to be completed during 2022 ($000s)																											160,764

________

						Investing for the long runTM | 1

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W. P. Carey Inc.

Overview – Second Quarter 2022

(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. 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 $983.3 million and above-market rent intangible assets of $511.8 million.

(f)Represents (i) availability under our Senior Unsecured Credit Facility (net of amounts reserved for standby letters of credit), (ii) consolidated cash and cash equivalents, (iii) available proceeds under our forward sale agreements (based on 3,925,000 remaining shares and a net offering price of $72.61 per share as of June 30, 2022, which will be updated at each quarter end) and (iv) available proceeds under our “at-the-market” forward sale agreements (based on 3,674,187 remaining shares and a net offering price of $81.93 per share as of June 30, 2022, which will be updated at each quarter end).

(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 19 self-storage properties and one hotel.

(j)Percentage of portfolio is based on ABR, as of June 30, 2022. Includes tenants or guarantors with investment grade ratings (23.3%) and subsidiaries of non-guarantor parent companies with investment grade ratings (7.9%). 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.

						Investing for the long runTM | 2

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W. P. Carey Inc.

Overview – Second Quarter 2022

Components of Net Asset Value

Dollars in thousands, except per share amounts.

Real Estate									Three Months Ended Jun. 30, 2022						Annualized
Normalized pro rata cash NOI (a) (b)									$	311,331					$	1,245,324
Investment Management
Adjusted EBITDA (a) (b)									6,814						27,256
Selected Components of Adjusted EBITDA:
Asset management revenue									3,467						13,868
Operating partnership interest in real estate cash flow of CPA:18 – Global (c)									2,814						11,256
Back-end fees and interests associated with the Managed Programs									See the Summary of Future Liquidity Considerations for the Managed Programs section for details.
Balance Sheet – Selected Information (Consolidated Unless Otherwise Stated)															As of Jun. 30, 2022
Assets
Book value of real estate excluded from normalized pro rata cash NOI (d)															$	174,060
Las Vegas retail complex construction loan (e)															141,341
Cash and cash equivalents															103,590
Other secured loans receivable, net															24,143
Due from affiliates															18,937
Other assets, net:
Investment in shares of Lineage Logistics (a cold storage REIT)															$	366,339
Straight-line rent adjustments															255,654
Restricted cash, including escrow															96,903
Investment in common shares of WLT															76,790
Office lease right-of-use assets, net															58,300
Deferred charges															54,064
Taxes receivable															51,032
Securities and derivatives															48,061
Non-rent tenant and other receivables															45,053
Prepaid expenses															21,051
Deferred income taxes															16,002
Leasehold improvements, furniture and fixtures															15,361
Rent receivables (f)															3,798
Investment in shares of Guggenheim Credit Income Fund															3,316
Other intangible assets, net															738
Other															6,927
Total other assets, net															$	1,119,389
Liabilities
Total pro rata debt outstanding (b) (g)															$	6,989,968
Dividends payable															207,526
Deferred income taxes															135,128
Accounts payable, accrued expenses and other liabilities:
Operating lease liabilities															$	139,266
Accounts payable and accrued expenses															131,291
Prepaid and deferred rents															115,635
Tenant security deposits															58,004
Accrued taxes payable															38,772
Other															46,751
Total accounts payable, accrued expenses and other liabilities															$	529,719

						Investing for the long runTM | 3

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W. P. Carey Inc.

Overview – Second Quarter 2022

Other			Ownership %						Estimated Value
Ownership in Managed Programs: (h)
CPA:18 – Global (i)			5.7		%				$	77,610
CESH (j)			2.4		%				1,013
									$	78,623

________

(a)Normalized pro rata cash NOI and adjusted EBITDA 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 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)We are entitled to receive distributions of up to 10% of the Available Cash of CPA:18 – Global, as defined in its operating partnership agreement.

(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 was entered into in June 2021 and 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)Comprised of rent receivables that were substantially collected as of the date of this report.

(g)Excludes unamortized discount, net totaling $28.3 million and unamortized deferred financing costs totaling $25.8 million as of June 30, 2022.

(h)Separate from operating partnership interest in our affiliate, CPA:18 – Global, and our interests in unconsolidated real estate joint ventures with CPA:18 – Global.

(i)The estimated value of CPA:18 – Global is based on the estimated NAV of its Class A common stock of $9.07 as of September 30, 2021, which was calculated by relying in part on an estimate of the fair market value of the real estate portfolio adjusted to give effect to mortgage loans, both provided by third parties, as well as other adjustments. Refer to the SEC filings of CPA:18 – Global for the calculation methodology of its NAVs.

(j)We own limited partnership units of CESH. The value above reflects its private placement price, net of cash distributions. We do not intend to calculate a NAV for CESH.

						Investing for the long runTM | 4

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W. P. Carey Inc.

Financial Results

Second Quarter 2022

						Investing for the long runTM | 5

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W. P. Carey Inc.

Financial Results – Second Quarter 2022

Consolidated Statements of Income – Last Five Quarters

In thousands, except share and per share amounts.

			Three Months Ended
			Jun. 30, 2022						Mar. 31, 2022						Dec. 31, 2021						Sep. 30, 2021						Jun. 30, 2021
Revenues
Real Estate:
Lease revenues			$	314,354					$	307,725					$	305,093					$	298,616					$	289,064
Income from direct financing leases and loans receivable			17,778						18,379						15,637						16,754						17,422
Operating property revenues			5,064						3,865						4,004						4,050						3,245
Lease termination income and other (a)			2,591						14,122						45,590						1,421						5,059
			339,787						344,091						370,324						320,841						314,790
Investment Management:
Asset management and other revenue			3,467						3,420						3,571						3,872						3,966
Reimbursable costs from affiliates			1,143						927						985						1,041						968
			4,610						4,347						4,556						4,913						4,934
			344,397						348,438						374,880						325,754						319,724
Operating Expenses
Depreciation and amortization			115,080						115,393						135,662						115,657						114,348
General and administrative			20,841						23,084						19,591						19,750						20,464
Reimbursable tenant costs			16,704						16,960						16,475						15,092						15,092
Property expenses, excluding reimbursable tenant costs			11,851						13,779						11,466						13,734						11,815
Stock-based compensation expense			9,758						7,833						6,091						4,361						9,048
Impairment charges			6,206						20,179						7,945						16,301						—
Operating property expenses			3,191						2,787						2,887						3,001						2,049
Merger and other expenses (b)			1,984						(2,322)						(563)						(908)						(2,599)
Reimbursable costs from affiliates			1,143						927						985						1,041						968
			186,758						198,620						200,539						188,029						171,185
Other Income and Expenses
Interest expense			(46,417)						(46,053)						(47,208)						(48,731)						(49,252)
Gain on sale of real estate, net			31,119						11,248						9,511						1,702						19,840
Other gains and (losses) (c)			(21,746)						35,745						(28,461)						49,219						7,545
Earnings (losses) from equity method investments (d)			7,401						4,772						(6,675)						5,735						(156)
Non-operating income (e)			5,974						8,546						3,156						1,283						3,065
			(23,669)						14,258						(69,677)						9,208						(18,958)
Income before income taxes			133,970						164,076						104,664						146,933						129,581
Provision for income taxes			(6,252)						(7,083)						(5,052)						(8,347)						(9,298)
Net Income			127,718						156,993						99,612						138,586						120,283
Net (income) loss attributable to noncontrolling interests			(40)						2						(50)						(39)						(38)
Net Income Attributable to W. P. Carey			$	127,678					$	156,995					$	99,562					$	138,547					$	120,245
Basic Earnings Per Share			$	0.66					$	0.82					$	0.53					$	0.75					$	0.67
Diluted Earnings Per Share			$	0.66					$	0.82					$	0.53					$	0.74					$	0.67
Weighted-Average Shares Outstanding
Basic			194,019,451						191,911,414						187,630,036						185,422,639						180,099,370
Diluted			194,763,695						192,416,642						188,317,117						186,012,478						180,668,732
Dividends Declared Per Share			$	1.059					$	1.057					$	1.055					$	1.052					$	1.050

________

(a)Amount for the three months ended December 31, 2021 includes $37.8 million of lease termination fees that was determined to be non-core income and thus excluded from AFFO.

(b)Amounts are primarily comprised of costs incurred in connection with the Proposed Merger and/or reversals of estimated liabilities for German real estate transfer taxes that were previously recorded in connection with mergers in prior years.

(c)Amount for the three months ended June 30, 2022 is primarily comprised of a net loss on foreign currency exchange rate movements of $(37.3) million and a mark-to-market unrealized gain on our investment in common shares of WLT of $15.4 million. Amount for the three months ended March 31, 2022 includes a mark-to-market unrealized gain on our investment in common shares of WLT of $28.0 million and a realized gain recognized on the redemption of our investment in preferred shares of WLT of $18.7 million. Amount for the three months ended September 30, 2021 includes a mark-to-market unrealized gain for our investment in shares of Lineage Logistics of $52.9 million.

(d)Amounts for the three months ended March 31, 2022 and December 31, 2021 include non-cash impairment charges of $4.6 million and $13.2 million, respectively, recognized on certain equity method investments in real estate.

(e)Amount for the three months ended June 30, 2022 is comprised of realized gains on foreign currency exchange derivatives of $5.9 million and interest income on deposits and loans to affiliates of $0.1 million.

						Investing for the long runTM | 6

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W. P. Carey Inc.

Financial Results – Second Quarter 2022

Statements of Income, Real Estate – Last Five Quarters

In thousands, except share and per share amounts.

			Three Months Ended
			Jun. 30, 2022						Mar. 31, 2022						Dec. 31, 2021						Sep. 30, 2021						Jun. 30, 2021
Revenues
Lease revenues			$	314,354					$	307,725					$	305,093					$	298,616					$	289,064
Income from direct financing leases and loans receivable			17,778						18,379						15,637						16,754						17,422
Operating property revenues			5,064						3,865						4,004						4,050						3,245
Lease termination income and other (a)			2,591						14,122						45,590						1,421						5,059
			339,787						344,091						370,324						320,841						314,790
Operating Expenses
Depreciation and amortization			115,080						115,393						135,662						115,657						114,348
General and administrative			20,841						23,084						19,591						19,750						20,464
Reimbursable tenant costs			16,704						16,960						16,475						15,092						15,092
Property expenses, excluding reimbursable tenant costs			11,851						13,779						11,466						13,734						11,815
Stock-based compensation expense			9,758						7,833						6,091						4,361						9,048
Impairment charges			6,206						20,179						7,945						16,301						—
Operating property expenses			3,191						2,787						2,887						3,001						2,049
Merger and other expenses (b)			1,984						(2,325)						(599)						(908)						(2,599)
			185,615						197,690						199,518						186,988						170,217
Other Income and Expenses
Interest expense			(46,417)						(46,053)						(47,208)						(48,731)						(49,252)
Gain on sale of real estate, net			31,119						11,248						9,511						1,702						19,840
Other gains and (losses) (c)			(20,155)						34,418						(27,131)						48,172						7,472
Non-operating income			5,975						8,542						3,158						1,283						3,065
Earnings (losses) from equity method investments in real estate (d)			4,529						(787)						(9,121)						2,445						(1,854)
			(24,949)						7,368						(70,791)						4,871						(20,729)
Income before income taxes			129,223						153,769						100,015						138,724						123,844
Provision for income taxes			(5,955)						(6,913)						(5,331)						(7,827)						(9,119)
Net Income from Real Estate			123,268						146,856						94,684						130,897						114,725
Net (income) loss attributable to noncontrolling interests			(40)						2						(50)						(39)						(38)
Net Income from Real Estate Attributable to W. P. Carey			$	123,228					$	146,858					$	94,634					$	130,858					$	114,687
Basic Earnings Per Share			$	0.64					$	0.77					$	0.50					$	0.71					$	0.64
Diluted Earnings Per Share			$	0.64					$	0.77					$	0.50					$	0.70					$	0.64
Weighted-Average Shares Outstanding
Basic			194,019,451						191,911,414						187,630,036						185,422,639						180,099,370
Diluted			194,763,695						192,416,642						188,317,117						186,012,478						180,668,732

________.

(a)Amount for the three months ended December 31, 2021 includes $37.8 million of lease termination fees that was determined to be non-core income and thus excluded from AFFO.

(b)Amounts are primarily comprised of costs incurred in connection with the Proposed Merger and/or reversals of estimated liabilities for German real estate transfer taxes that were previously recorded in connection with mergers in prior years.

(c)Amount for the three months ended June 30, 2022 is primarily comprised of a net loss on foreign currency exchange rate movements of $(37.0) million and a mark-to-market unrealized gain on our investment in common shares of WLT of $15.4 million. Amount for the three months ended March 31, 2022 includes a mark-to-market unrealized gain on our investment in common shares of WLT of $28.0 million and a realized gain recognized on the redemption of our investment in preferred shares of WLT of $18.7 million. Amount for the three months ended September 30, 2021 includes a mark-to-market unrealized gain for our investment in shares of Lineage Logistics of $52.9 million.

(d)Amounts for the three months ended March 31, 2022 and December 31, 2021 include non-cash impairment charges of $4.6 million and $13.2 million, respectively, recognized on certain equity method investments in real estate.

						Investing for the long runTM | 7

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W. P. Carey Inc.

Financial Results – Second Quarter 2022

Statements of Income, Investment Management – Last Five Quarters

In thousands, except share and per share amounts.

			Three Months Ended
			Jun. 30, 2022						Mar. 31, 2022						Dec. 31, 2021						Sep. 30, 2021						Jun. 30, 2021
Revenues
Asset management and other revenue			$	3,467					$	3,420					$	3,571					$	3,872					$	3,966
Reimbursable costs from affiliates			1,143						927						985						1,041						968
			4,610						4,347						4,556						4,913						4,934
Operating Expenses
Reimbursable costs from affiliates			1,143						927						985						1,041						968
Merger and other expenses			—						3						36						—						—
			1,143						930						1,021						1,041						968
Other Income and Expenses
Earnings from equity method investments in the Managed Programs			2,872						5,559						2,446						3,290						1,698
Other gains and (losses)			(1,591)						1,327						(1,330)						1,047						73
Non-operating (loss) income			(1)						4						(2)						—						—
			1,280						6,890						1,114						4,337						1,771
Income before income taxes			4,747						10,307						4,649						8,209						5,737
(Provision for) benefit from income taxes			(297)						(170)						279						(520)						(179)
Net Income from Investment Management Attributable to W. P. Carey			$	4,450					$	10,137					$	4,928					$	7,689					$	5,558
Basic Earnings Per Share			$	0.02					$	0.05					$	0.03					$	0.04					$	0.03
Diluted Earnings Per Share			$	0.02					$	0.05					$	0.03					$	0.04					$	0.03
Weighted-Average Shares Outstanding
Basic			194,019,451						191,911,414						187,630,036						185,422,639						180,099,370
Diluted			194,763,695						192,416,642						188,317,117						186,012,478						180,668,732

						Investing for the long runTM | 8

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W. P. Carey Inc.

Financial Results – Second Quarter 2022

FFO and AFFO, Consolidated – Last Five Quarters

In thousands, except share and per share amounts.

			Three Months Ended
			Jun. 30, 2022						Mar. 31, 2022						Dec. 31, 2021						Sep. 30, 2021						Jun. 30, 2021
Net income attributable to W. P. Carey			$	127,678					$	156,995					$	99,562					$	138,547					$	120,245
Adjustments:
Depreciation and amortization of real property			114,333						114,646						134,149						114,204						112,997
Gain on sale of real estate, net			(31,119)						(11,248)						(9,511)						(1,702)						(19,840)
Impairment charges			6,206						20,179						7,945						16,301						—
Proportionate share of adjustments to earnings from equity method investments (a) (b)			2,934						7,683						15,183						3,290						3,434
Proportionate share of adjustments for noncontrolling interests (c)			(4)						(4)						(4)						(4)						(4)
Total adjustments			92,350						131,256						147,762						132,089						96,587
FFO (as defined by NAREIT) Attributable to W. P. Carey (d)			220,028						288,251						247,324						270,636						216,832
Adjustments:
Other (gains) and losses (e)			21,746						(35,745)						28,461						(49,219)						(7,545)
Straight-line and other leasing and financing adjustments (f)			(14,492)						(10,847)						(53,380)						(10,823)						(10,313)
Above- and below-market rent intangible lease amortization, net			10,548						11,004						15,082						12,004						14,384
Stock-based compensation			9,758						7,833						6,091						4,361						9,048
Amortization of deferred financing costs			3,147						3,128						3,239						3,424						3,447
Merger and other expenses (g) (h)			1,984						(2,322)						(563)						(908)						(2,599)
Other amortization and non-cash items			530						552						560						557						563
Tax (benefit) expense – deferred and other			(355)						(1,242)						(2,507)						(290)						217
Proportionate share of adjustments to earnings from equity method investments (b)			1,486						(1,781)						1,303						988						4,650
Proportionate share of adjustments for noncontrolling interests			(6)						(5)						(5)						(6)						(8)
Total adjustments			34,346						(29,425)						(1,719)						(39,912)						11,844
AFFO Attributable to W. P. Carey (d)			$	254,374					$	258,826					$	245,605					$	230,724					$	228,676
Summary
FFO (as defined by NAREIT) attributable to W. P. Carey (d)			$	220,028					$	288,251					$	247,324					$	270,636					$	216,832
FFO (as defined by NAREIT) attributable to W. P. Carey    per diluted share (d)			$	1.13					$	1.50					$	1.31					$	1.45					$	1.20
AFFO attributable to W. P. Carey (d)			$	254,374					$	258,826					$	245,605					$	230,724					$	228,676
AFFO attributable to W. P. Carey per diluted share (d)			$	1.31					$	1.35					$	1.30					$	1.24					$	1.27
Diluted weighted-average shares outstanding			194,763,695						192,416,642						188,317,117						186,012,478						180,668,732

________

(a)Amounts for the three months ended March 31, 2022 and December 31, 2021 include non-cash impairment charges of $4.6 million and $13.2 million, respectively, recognized on certain equity method investments in real estate.

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

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

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

(e)Amount for the three months ended June 30, 2022 is primarily comprised of a net loss on foreign currency exchange rate movements of $(37.3) million and a mark-to-market unrealized gain on our investment in common shares of WLT of $15.4 million.

(f)Amount for the three months ended December 31, 2021 includes an adjustment to exclude $37.8 million of lease termination fees received from a tenant. as such amount was determined to be non-core income.

(g)Amounts for the three months ended March 31, 2022, September 30, 2021 and June 30, 2021 are primarily comprised of reversals of estimated liabilities for German real estate transfer taxes that were previously recorded in connection with mergers in prior years.

(h)Amounts are primarily comprised of costs incurred in connection with the Proposed Merger and/or reversals of estimated liabilities for German real estate transfer taxes that were previously recorded in connection with mergers in prior years.

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W. P. Carey Inc.

Financial Results – Second Quarter 2022

FFO and AFFO, Real Estate – Last Five Quarters

In thousands, except share and per share amounts.

			Three Months Ended
			Jun. 30, 2022						Mar. 31, 2022						Dec. 31, 2021						Sep. 30, 2021						Jun. 30, 2021
Net income from Real Estate attributable to W. P. Carey			$	123,228					$	146,858					$	94,634					$	130,858					$	114,687
Adjustments:
Depreciation and amortization of real property			114,333						114,646						134,149						114,204						112,997
Gain on sale of real estate, net			(31,119)						(11,248)						(9,511)						(1,702)						(19,840)
Impairment charges			6,206						20,179						7,945						16,301						—
Proportionate share of adjustments to earnings from equity method investments (a) (b)			2,934						7,683						15,183						3,290						3,434
Proportionate share of adjustments for noncontrolling interests (c)			(4)						(4)						(4)						(4)						(4)
Total adjustments			92,350						131,256						147,762						132,089						96,587
FFO (as defined by NAREIT) Attributable to W. P. Carey – Real Estate (d)			215,578						278,114						242,396						262,947						211,274
Adjustments:
Other (gains) and losses (e)			20,155						(34,418)						27,131						(48,172)						(7,472)
Straight-line and other leasing and financing adjustments (f)			(14,492)						(10,847)						(53,380)						(10,823)						(10,313)
Above- and below-market rent intangible lease amortization, net			10,548						11,004						15,082						12,004						14,384
Stock-based compensation			9,758						7,833						6,091						4,361						9,048
Amortization of deferred financing costs			3,147						3,128						3,239						3,424						3,447
Merger and other expenses (g) (h)			1,984						(2,325)						(599)						(908)						(2,599)
Other amortization and non-cash items			530						552						560						557						563
Tax (benefit) expense – deferred and other			(324)						(1,189)						(1,851)						(700)						208
Proportionate share of adjustments to earnings from equity method investments (b)			368						167						325						1,761						3,845
Proportionate share of adjustments for noncontrolling interests (c)			(6)						(5)						(5)						(6)						(8)
Total adjustments			31,668						(26,100)						(3,407)						(38,502)						11,103
AFFO Attributable to W. P. Carey – Real Estate (d)			$	247,246					$	252,014					$	238,989					$	224,445					$	222,377
Summary
FFO (as defined by NAREIT) attributable to W. P. Carey – Real Estate (d)			$	215,578					$	278,114					$	242,396					$	262,947					$	211,274
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share – Real Estate (d)			$	1.11					$	1.45					$	1.29					$	1.41					$	1.17
AFFO attributable to W. P. Carey – Real Estate (d)			$	247,246					$	252,014					$	238,989					$	224,445					$	222,377
AFFO attributable to W. P. Carey per diluted share – Real Estate (d)			$	1.27					$	1.31					$	1.27					$	1.21					$	1.23
Diluted weighted-average shares outstanding			194,763,695						192,416,642						188,317,117						186,012,478						180,668,732

________

(a)Amounts for the three months ended March 31, 2022 and December 31, 2021 include non-cash impairment charges of $4.6 million and $13.2 million, respectively, recognized on certain equity method investments in real estate.

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

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

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

(e)Amount for the three months ended June 30, 2022 is primarily comprised of a net loss on foreign currency exchange rate movements of $(37.0) million and a mark-to-market unrealized gain on our investment in common shares of WLT of $15.4 million.

(f)Amount for the three months ended December 31, 2021 includes an adjustment to exclude $37.8 million of lease termination fees received from a tenant. as such amount was determined to be non-core income.

(g)Amounts for the three months ended March 31, 2022, September 30, 2021 and June 30, 2021 are primarily comprised of reversals of estimated liabilities for German real estate transfer taxes that were previously recorded in connection with mergers in prior years.

(h)Amounts are primarily comprised of costs incurred in connection with the Proposed Merger and/or reversals of estimated liabilities for German real estate transfer taxes that were previously recorded in connection with mergers in prior years.

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W. P. Carey Inc.

Financial Results – Second Quarter 2022

FFO and AFFO, Investment Management – Last Five Quarters

In thousands, except share and per share amounts.

			Three Months Ended
			Jun. 30, 2022						Mar. 31, 2022						Dec. 31, 2021						Sep. 30, 2021						Jun. 30, 2021
Net income from Investment Management attributable to W. P. Carey			$	4,450					$	10,137					$	4,928					$	7,689					$	5,558
FFO (as defined by NAREIT) Attributable to W. P. Carey – Investment Management (a)			4,450						10,137						4,928						7,689						5,558
Adjustments:
Other (gains) and losses			1,591						(1,327)						1,330						(1,047)						(73)
Tax (benefit) expense – deferred and other			(31)						(53)						(656)						410						9
Merger and other expenses			—						3						36						—						—
Proportionate share of adjustments to earnings from equity method investments (b)			1,118						(1,948)						978						(773)						805
Total adjustments			2,678						(3,325)						1,688						(1,410)						741
AFFO Attributable to W. P. Carey – Investment Management (a)			$	7,128					$	6,812					$	6,616					$	6,279					$	6,299
Summary
FFO (as defined by NAREIT) attributable to W. P. Carey – Investment Management (a)			$	4,450					$	10,137					$	4,928					$	7,689					$	5,558
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share – Investment Management (a)			$	0.02					$	0.05					$	0.02					$	0.04					$	0.03
AFFO attributable to W. P. Carey – Investment Management (a)			$	7,128					$	6,812					$	6,616					$	6,279					$	6,299
AFFO attributable to W. P. Carey per diluted share – Investment Management (a)			$	0.04					$	0.04					$	0.03					$	0.03					$	0.04
Diluted weighted-average shares outstanding			194,763,695						192,416,642						188,317,117						186,012,478						180,668,732

________

(a)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.

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

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W. P. Carey Inc.

Financial Results – Second Quarter 2022

Elements of Pro Rata Statement of Income and AFFO Adjustments

In thousands. For the three months ended June 30, 2022.

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			$	6,026					$	(29)					$	(4,372)		(c)
Income from direct financing leases and loans receivable			—						—						453
Operating property revenues:
Hotel revenues			—						—						—
Self-storage revenues			2,312						—						—
Lease termination income and other			29						—						—
Investment Management:
Asset management and other revenue			—						—						—
Reimbursable costs from affiliates			—						—						—
Operating Expenses
Depreciation and amortization			2,912						(4)						(117,438)			(d)
General and administrative			8						—						—
Reimbursable tenant costs			651						(7)						—
Property expenses, excluding reimbursable tenant costs			335						—						(367)			(e)
Stock-based compensation expense			—						—						(9,758)			(e)
Impairment charges			—						—						(6,206)			(e)
Operating property expenses:			—
Hotel expenses			—						—						—
Self-storage expenses			794						—						(28)
Merger and other expenses			—						—						(1,984)			(f)
Reimbursable costs from affiliates			—						—						—
Other Income and Expenses
Interest expense			(1,195)						—						3,125			(g)
Gain on sale of real estate, net			—						—						(31,119)
Other gains and (losses)			(111)						5						21,852			(h)
Earnings from equity method investments:
Income related to our general partnership interest in CPA:18 – Global			—						—						—
Income related to joint ventures			(2,451)						—						177			(i)
Income related to our ownership in the Managed Programs			—						—						1,118
Non-operating income			(3)						—						—
Provision for income taxes			93						—						(319)			(j)
Net income attributable to noncontrolling interests			—						13						—

________

(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 $10.5 million and the elimination of non-cash amounts related to straight-line rent and other of $14.9 million.

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

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

(f)Primarily comprised of costs incurred in connection with the Proposed Merger.

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

(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 direct financing leases, and other items.

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

(j)Primarily represents the elimination of deferred taxes.

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W. P. Carey Inc.

Financial Results – Second Quarter 2022

Capital Expenditures

In thousands. For the three months ended June 30, 2022.

Tenant Improvements and Leasing Costs
Tenant improvements			$	2,904
Leasing costs			1,731
Tenant Improvements and Leasing Costs			4,635
Maintenance Capital Expenditures
Net-lease properties			1,465
Operating properties			33
Maintenance Capital Expenditures			1,498
Total: Tenant Improvements and Leasing Costs, and Maintenance Capital Expenditures			$	6,133
Non-Maintenance Capital Expenditures
Net-lease properties			$	—
Operating properties			—
Non-Maintenance Capital Expenditures			$	—
Other Capital Expenditures
Net-lease properties			$	978
Operating properties			—
Other Capital Expenditures			$	978

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W. P. Carey Inc.

Balance Sheets and Capitalization

Second Quarter 2022

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W. P. Carey Inc.

Balance Sheets and Capitalization – Second Quarter 2022

Consolidated Balance Sheets

In thousands, except share and per share amounts.

			June 30, 2022						December 31, 2021
Assets
Investments in real estate:
Land, buildings and improvements (a)			$	12,026,671					$	11,875,407
Net investments in direct financing leases and loans receivable			786,462						813,577
In-place lease intangible assets and other			2,384,032						2,386,000
Above-market rent intangible assets			822,470						843,410
Investments in real estate			16,019,635						15,918,394
Accumulated depreciation and amortization (b)			(3,043,146)						(2,889,294)
Assets held for sale, net			—						8,269
Net investments in real estate			12,976,489						13,037,369
Equity method investments (c)			344,360						356,637
Cash and cash equivalents			103,590						165,427
Due from affiliates			18,937						1,826
Other assets, net			1,119,389						1,017,842
Goodwill			891,464						901,529
Total assets			$	15,454,229					$	15,480,630
Liabilities and Equity
Debt:
Senior unsecured notes, net			$	5,471,066					$	5,701,913
Unsecured term loans, net			548,287						310,583
Unsecured revolving credit facility			417,455						410,596
Non-recourse mortgages, net			328,820						368,524
Debt, net			6,765,628						6,791,616
Accounts payable, accrued expenses and other liabilities			529,719						572,846
Below-market rent and other intangible liabilities, net			174,766						183,286
Deferred income taxes			135,128						145,572
Dividends payable			207,526						203,859
Total liabilities			7,812,767						7,897,179
Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued			—						—
Common stock, $0.001 par value, 450,000,000 shares authorized; 192,891,792 and 190,013,751 shares, respectively, issued and outstanding			193						190
Additional paid-in capital			10,201,614						9,977,686
Distributions in excess of accumulated earnings			(2,352,839)						(2,224,231)
Deferred compensation obligation			57,012						49,810
Accumulated other comprehensive loss			(266,157)						(221,670)
Total stockholders' equity			7,639,823						7,581,785
Noncontrolling interests			1,639						1,666
Total equity			7,641,462						7,583,451
Total liabilities and equity			$	15,454,229					$	15,480,630

________

(a)Includes $83.7 million of amounts attributable to operating properties as of both June 30, 2022 and December 31, 2021.

(b)Includes $1.5 billion of accumulated depreciation on buildings and improvements as of both June 30, 2022 and December 31, 2021, and $1.5 billion and $1.4 billion of accumulated amortization on lease intangibles as of June 30, 2022 and December 31, 2021, respectively.

(c)Our equity method investments in real estate totaled $280.7 million and $291.9 million as of June 30, 2022 and December 31, 2021, respectively. Our equity method investments in the Managed Programs totaled $63.7 million and $64.7 million as of June 30, 2022 and December 31, 2021, respectively.

						Investing for the long runTM | 15

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W. P. Carey Inc.

Balance Sheets and Capitalization – Second Quarter 2022

Capitalization

In thousands, except share and per share amounts. As of June 30, 2022.

Description												Shares						Share Price						Market Value
Equity
Common equity												192,891,792						$	82.86					$	15,983,014
Preferred equity																								—
Total Equity Market Capitalization																								15,983,014
																								Outstanding Balance (a)
Pro Rata Debt
Unsecured term loans (due February 20, 2025)																								550,108
Non-recourse mortgages																								499,687
Unsecured revolving credit facility (due February 20, 2025)																								417,455
Senior unsecured notes:
Due April 1, 2024 (USD)																								500,000
Due July 19, 2024 (EUR)																								519,350
Due February 1, 2025 (USD)																								450,000
Due April 9, 2026 (EUR)																								519,350
Due October 1, 2026 (USD)																								350,000
Due April 15, 2027 (EUR)																								519,350
Due April 15, 2028 (EUR)																								519,350
Due July 15, 2029 (USD)																								325,000
Due June 1, 2030 (EUR)																								545,318
Due February 1, 2031 (USD)																								500,000
Due February 1, 2032 (USD)																								350,000
Due April 1, 2033 (USD)																								425,000
Total Pro Rata Debt																								6,989,968
Total Capitalization																								$	22,972,982

________

(a)Excludes unamortized discount, net totaling $28.3 million and unamortized deferred financing costs totaling $25.8 million as of June 30, 2022.

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W. P. Carey Inc.

Balance Sheets and Capitalization – Second Quarter 2022

Debt Overview

Dollars in thousands. Pro rata. As of June 30, 2022.

			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			$	204,987					5.3		%							$	65,148					2.9		%							$	17,607					4.4		%							$	287,742					4.1		%				4.7		%				2.3
Variable:
Swapped			9,811						3.9		%							121,352						2.2		%							—						—		%							131,163						1.9		%				2.3		%				1.5
Floating			—						—		%							69,764						1.7		%							—						—		%							69,764						0.9		%				1.7		%				0.7
Capped			—						—		%							11,018						1.6		%							—						—		%							11,018						0.2		%				1.6		%				1.1
Total Pro Rata Non-Recourse Debt			214,798						5.3		%							267,282						2.2		%							17,607						4.4		%							499,687						7.1		%				3.6		%				1.8
Recourse Debt (b) (c)
Fixed – Senior unsecured notes:
Due April 1, 2024			500,000						4.6		%							—						—		%							—						—		%							500,000						7.2		%				4.6		%				1.8
Due July 19, 2024			—						—		%							519,350						2.3		%							—						—		%							519,350						7.4		%				2.3		%				2.1
Due February 1, 2025			450,000						4.0		%							—						—		%							—						—		%							450,000						6.4		%				4.0		%				2.6
Due April 9, 2026			—						—		%							519,350						2.3		%							—						—		%							519,350						7.4		%				2.3		%				3.8
Due October 1, 2026			350,000						4.3		%							—						—		%							—						—		%							350,000						5.0		%				4.3		%				4.3
Due April 15, 2027			—						—		%							519,350						2.1		%							—						—		%							519,350						7.4		%				2.1		%				4.8
Due April 15, 2028			—						—		%							519,350						1.4		%							—						—		%							519,350						7.4		%				1.4		%				5.8
Due July 15, 2029			325,000						3.9		%							—						—		%							—						—		%							325,000						4.7		%				3.9		%				7.0
Due June 1, 2030			—						—		%							545,318						1.0		%							—						—		%							545,318						7.8		%				1.0		%				7.9
Due February 1, 2031			500,000						2.4		%							—						—		%							—						—		%							500,000						7.2		%				2.4		%				8.6
Due February 1, 2032			350,000						2.5		%							—						—		%							—						—		%							350,000						5.0		%				2.5		%				4.8
Due April 1, 2033			425,000						2.3		%							—						—		%							—						—		%							425,000						6.1		%				2.3		%				10.8
Total Senior Unsecured Notes			2,900,000						3.4		%							2,622,718						1.8		%							—						—		%							5,522,718						79.0		%				2.6		%				5.3
Variable:
Unsecured term loans (due February 20, 2025) (d)			—						—		%							223,321						1.0		%							326,787						2.2		%							550,108						7.9		%				1.7		%				2.6
Unsecured revolving credit facility (due February 20, 2025) (e)			151,000						2.4		%							248,769						0.9		%							17,686						0.9		%							417,455						6.0		%				1.4		%				2.6
Total Recourse Debt			3,051,000						3.4		%							3,094,808						1.6		%							344,473						2.1		%							6,490,281						92.9		%				2.5		%				4.9
Total Pro Rata Debt Outstanding			$	3,265,798					3.5		%							$	3,362,090					1.7		%							$	362,080					2.2		%							$	6,989,968					100.0		%				2.6		%				4.9

________

(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. 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 $28.3 million and unamortized deferred financing costs totaling $25.8 million as of June 30, 2022.

(d)We incurred interest at SONIA plus 0.9826% or EURIBOR plus 0.95% on our Unsecured term loans.

(e)Depending on the currency, we incurred interest on our Unsecured revolving credit facility at LIBOR plus 0.85%, EURIBOR plus 0.85% or TIBOR plus 0.85%. 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 $1.4 billion as of June 30, 2022.

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W. P. Carey Inc.

Balance Sheets and Capitalization – Second Quarter 2022

Debt Maturity

Dollars in thousands. Pro rata. As of June 30, 2022.

						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 2022						4						$	12,034					4.6		%				$	40,068					$	40,413					0.6		%
2023						20						39,369						3.0		%				225,720						232,747						3.3		%
2024						30						19,893						2.9		%				100,443						108,244						1.5		%
2025						9						11,345						4.8		%				43,953						55,834						0.8		%
2026						4						8,872						6.0		%				30,638						37,953						0.6		%
2027						1						—						4.3		%				21,450						21,450						0.3		%
2031						1						1,004						6.0		%				—						3,046						—		%
Total Pro Rata Non-Recourse Debt						69						$	92,517					3.6		%				$	462,272					499,687						7.1		%
Recourse Debt
Fixed – Senior unsecured notes:
Due April 1, 2024 (USD)																		4.6		%										500,000						7.2		%
Due July 19, 2024 (EUR)																		2.3		%										519,350						7.4		%
Due February 1, 2025 (USD)																		4.0		%										450,000						6.4		%
Due April 9, 2026 (EUR)																		2.3		%										519,350						7.4		%
Due October 1, 2026 (USD)																		4.3		%										350,000						5.0		%
Due April 15, 2027 (EUR)																		2.1		%										519,350						7.4		%
Due April 15, 2028 (EUR)																		1.4		%										519,350						7.4		%
Due July 15, 2029 (USD)																		3.9		%										325,000						4.7		%
Due June 1, 2030 (EUR)																		1.0		%										545,318						7.8		%
Due February 1, 2031 (USD)																		2.4		%										500,000						7.2		%
Due February 1, 2032 (USD)																		2.5		%										350,000						5.0		%
Due April 1, 2033 (USD)																		2.3		%										425,000						6.1		%
Total Senior Unsecured Notes																		2.6		%										5,522,718						79.0		%
Variable:
Unsecured term loans (due February 20, 2025) (d)																		1.7		%										550,108						7.9		%
Unsecured revolving credit facility (due February 20, 2025) (e)																		1.4		%										417,455						6.0		%
Total Recourse Debt																		2.5		%										6,490,281						92.9		%
Total Pro Rata Debt Outstanding																		2.6		%										$	6,989,968					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. 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 $28.3 million and unamortized deferred financing costs totaling $25.8 million as of June 30, 2022.

(d)We incurred interest at SONIA plus 0.9826% or EURIBOR plus 0.95% on our Unsecured term loans.

(e)Depending on the currency, we incurred interest on our Unsecured revolving credit facility at LIBOR plus 0.85%, EURIBOR plus 0.85% or TIBOR plus 0.85%. 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 $1.4 billion as of June 30, 2022.

						Investing for the long runTM | 18

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W. P. Carey Inc.

Balance Sheets and Capitalization – Second Quarter 2022

Senior Unsecured Notes

As of June 30, 2022.

Ratings

Issuer

Senior Unsecured Notes

Ratings Agency

Rating

Outlook

Rating

Moody's

Baa2

Positive

Baa2

Standard & Poor’s

BBB

Positive

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, 2022

Limitation on the incurrence of debt

"Total Debt" / "Total Assets"

≤ 60%

38.2%

Limitation on the incurrence of secured debt

"Secured Debt" / "Total Assets"

≤ 40%

1.8%

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

"Consolidated EBITDA" / "Annual Debt Service Charge"

≥ 1.5x

6.8x

Maintenance of unencumbered asset value

"Unencumbered Assets" / "Total Unsecured Debt"

≥ 150%

246.0%

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W. P. Carey Inc.

Real Estate

Second Quarter 2022

						Investing for the long runTM | 20

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W. P. Carey Inc.

Real Estate – Second Quarter 2022

Investment Activity – Capital Investments and Commitments (a)

Dollars in thousands. Pro rata.

												Primary Transaction Type						Property Type						Expected Completion / Closing Date						Gross Square Footage						Lease Term (Years) (b)						Funded During Three Months Ended Jun. 30, 2022						Total Funded Through Jun. 30, 2022						Maximum Commitment / Gross Investment Amount
Tenant						Location																																																Remaining						Total
Upfield Group B.V. (c)						Wageningen, The Netherlands						Build-to-Suit						Laboratory						Q3 2022						63,762						20						$	1,005					$	24,483					$	1,177					$	25,660
Ontex BVBA (d)						Radomsko, Poland						Expansion						Industrial						Q3 2022						463,817						20						13,309						18,127						5,638						23,765
Berry Global Inc. (2 properties)						Various, USA						Renovation						Industrial						Q4 2022						N/A						17						—						—						20,000						20,000
COOP Danmark A/S (13 properties) (d) (e)						Various, Denmark						Purchase Commitment						Retail						Various						200,177						15						—						—						49,342						49,342
Outfront Media, LLC (3 properties)						Various, NJ						Build-to-Suit						Outdoor Advertising						Various						N/A						30						—						4,172						137						4,309
Expected Completion Date 2022 Total																														727,756						18						14,314						46,782						76,294						123,076
Hellweg Die Profi-Baumärkte GmbH & Co. KG (2 properties) (d)						Various, Germany						Renovation						Retail						Q1 2023						N/A						15						—						—						2,181						2,181
National Coatings & Supplies, Inc.						Nashville, TN						Expansion						Warehouse						Q1 2023						13,500						17						—						—						2,100						2,100
Chattem, Inc.						Chattanooga, TN						Expansion						Warehouse						Q2 2023						120,000						10						—						—						22,752						22,752
Expected Completion Date 2023 Total																														133,500						11						—						—						27,033						27,033
Fraikin SAS (d)						Various, France						Renovation						Industrial						Q4 2024						N/A						18						—						—						7,167						7,167
Expected Completion Date 2024 Total																														N/A						18						—						—						7,167						7,167
Capital Investments and Commitments Total																														861,256						17						$	14,314					$	46,782					$	110,494					$	157,276

________

(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)This project was completed in July 2022. Maximum commitment excludes construction rent and is based on the exchange rate of the euro on the date of completion.

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

(e)Properties are expected to be acquired upon completion of renovations.

						Investing for the long runTM | 21

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W. P. Carey Inc.

Real Estate – Second Quarter 2022

Investment Activity – Investment Volume

Dollars in thousands. Pro rata. For the six months ended June 30, 2022.

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)

1Q22

Balcan Innovations Inc.

Pleasant Prairie, WI

Industrial

Jan-22

$

20,024

Sale-leaseback

20

175,168

Memora Servicios Funerarios S.L (26 properties) (b)

Various, Spain

Funeral Home

Feb-22

146,364

Sale-leaseback

30

370,204

COOP Danmark A/S (8 properties) (b)

Various, Denmark

Retail

Feb-22

33,976

Sale-leaseback

15

121,263

Metra S.p.A. (b)

Laval, Canada

Industrial

Feb-22

21,459

Sale-leaseback

25

162,600

Chattem, Inc. (c)

Chattanooga, TN

Warehouse

Mar-22

43,198

Acquisition

7

689,450

Orgill, Inc.

Hurricane, UT

Warehouse

Mar-22

20,000

Expansion

20

427,680

Jumbo Food Groep B.V. (b)

Breda, Netherlands

Warehouse

Mar-22

4,721

Expansion

14

41,893

1Q22 Total

289,742

23

1,988,258

2Q22

Henkel AG & Co.

Bowling Green, KY

Warehouse

Apr-22

69,475

Renovation

15

N/A

Innophos Holdings, Inc. (6 properties)

Various, United States (4 properties), Canada (1 property), and Mexico (1 property)

Industrial

Apr-22; May-22

80,595

Sale-leaseback

25

1,169,654

Highline Warren LLC (6 properties)

Various, United States

Industrial; Warehouse

May-22

110,381

Sale-leaseback

24

1,578,198

COOP Danmark A/S (10 properties) (b)

Various, Denmark

Retail

Jun-22

42,635

Sale-leaseback

15

163,000

Friction Products Co.

Medina, OH

Industrial

Jun-22

28,913

Sale-leaseback

20

368,465

Turkey Hill, LLC (2 properties)

Searcy, AR and Conestoga, PA

Industrial

Jun-22

10,000

Renovation

25

N/A

Van Mossel Automotive (5 properties) (b) (d)

Various, Belgium

Retail

Jun-22

19,795

Sale-leaseback

17

125,755

Greenyard NV (b)

Bree, Belgium

Warehouse

Jun-22

96,697

Sale-leaseback

20

1,876,456

2Q22 Total

458,491

21

5,281,528

Year-to-Date Total

748,233

21

7,269,786

												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 (e)						Las Vegas, NV						Retail						$	19,322					$	37,281					Q4 2023						$	140,995					$	261,887
Total																								37,281
Year-to-Date Total Investment Volume																								$	785,514

________

(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)We also committed to fund an additional $22.8 million for an expansion at this facility, which is expected to be completed in the second quarter of 2023.

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

(e)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 runTM | 22

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W. P. Carey Inc.

Real Estate – Second Quarter 2022

Investment Activity – Dispositions

Dollars in thousands. Pro rata. For the six months ended June 30, 2022.

Tenant / Lease Guarantor

Property Location(s)

Gross Sale Price

Closing Date

Property Type(s)

Gross Square Footage

1Q22

Vacant

Flora, MS

$

5,500

Jan-22

Warehouse

102,498

Barnes & Noble, Inc.

Braintree, MA

13,800

Feb-22

Retail

19,661

Pendragon PLC (3 properties) (a)

Ardrossan, Blackpool and Stourbridge, United Kingdom

3,234

Mar-22

Retail

36,199

Vacant

Anchorage, AK

4,075

Mar-22

Warehouse

40,512

1Q22 Total

26,609

198,870

2Q22

Pendragon PLC (2 properties) (a)

Livingston and Stoke-on-Trent, United Kingdom

3,275

Apr-22

Retail

29,678

Barrett Steel Limited (a)

Newbridge, United Kingdom

17,444

Apr-22

Warehouse

213,394

Plastic Technology Holdings, LLC

Baraboo, WI

18,650

Apr-22

Industrial

615,048

Vacant

Waterford Township, MI

3,690

Apr-22

Retail

103,018

Vacant (a)

Kotka, Finland

1,689

May-22

Warehouse

150,884

TNT Crust Parent, LLC (2 properties)

St. Charles, MO and Green Bay, WI

48,000

Jun-22

Industrial

176,993

2Q22 Total

92,748

1,289,015

Year-to-Date Total Dispositions

$

119,357

1,487,885

________

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

						Investing for the long runTM | 23

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W. P. Carey Inc.

Real Estate – Second Quarter 2022

Joint Ventures

Dollars in thousands. As of June 30, 2022.

Joint Venture or JV (Principal Tenant)						JV Partnership												Consolidated												Pro Rata (a)
						Partner						WPC %						Debt Outstanding (b)						ABR						Debt Outstanding (c)						ABR
Unconsolidated Joint Ventures (Equity Method Investments) (d)
Kesko Senukai (e)						Third party						70.00%						$	104,236					$	13,629					$	72,966					$	9,540
State Farm Mutual Automobile Insurance Co.						CPA:18 – Global						50.00%						72,800						8,152						36,400						4,076
Bank Pekao (e)						CPA:18 – Global						50.00%						38,097						8,576						19,049						4,288
Apply Sørco AS (e)						CPA:18 – Global						49.00%						35,933						4,249						17,607						2,082
Fortenova Grupa d.d. (e)						CPA:18 – Global						20.00%						14,805						3,232						2,961						646
Total Unconsolidated Joint Ventures																		265,871						37,838						148,983						20,632
Consolidated Joint Ventures
McCoy-Rockford, Inc.						Third party						90.00%						—						917						—						826
Total Consolidated Joint Ventures																		—						917						—						826
Total Unconsolidated and Consolidated Joint Ventures																		$	265,871					$	38,755					$	148,983					$	21,458

________

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

(b)Excludes unamortized deferred financing costs totaling less than $0.1 million and unamortized discount, net totaling $0.2 million as of June 30, 2022.

(c)Excludes unamortized deferred financing costs totaling less than $0.1 million and unamortized discount, net totaling $0.1 million as of June 30, 2022.

(d)Excludes (i) a 90.00% equity position in a jointly owned investment, Johnson Self Storage (comprised of nine self-storage operating properties), which did not have debt outstanding as of June 30, 2022, (ii) a 15.00% common equity interest in a jointly owned investment, the Harmon Retail Corner in Las Vegas, and (iii) 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 runTM | 24

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W. P. Carey Inc.

Real Estate – Second Quarter 2022

Top Ten Tenants

Dollars in thousands. Pro rata. As of June 30, 2022.

Tenant / Lease Guarantor						Description						Number of Properties						ABR						ABR %						Weighted-Average Lease Term (Years)
U-Haul Moving Partners Inc. and Mercury Partners, LP						Net lease self-storage properties in the U.S.						78						$	38,751					3.0		%				1.8
State of Andalucía (a)						Government office properties in Spain						70						28,506						2.2		%				12.5
Hellweg Die Profi-Baumärkte GmbH & Co. KG (a)						Do-it-yourself retail properties in Germany						35						26,537						2.1		%				14.7
Metro Cash & Carry Italia S.p.A. (a)						Business-to-business wholesale stores in Italy and Germany						20						26,492						2.1		%				6.3
Extra Space Storage, Inc.						Net lease self-storage properties in the U.S.						27						22,957						1.8		%				21.8
OBI Group (a)						Do-it-yourself retail properties in Poland						26						21,515						1.7		%				8.1
Marriott Corporation						Net lease hotel properties in the U.S.						18						21,350						1.7		%				1.6
Nord Anglia Education, Inc.						K-12 private schools in the U.S.						3						20,981						1.7		%				21.2
Pendragon PLC (a)						Automotive dealerships in the United Kingdom						63						20,214						1.6		%				12.9
Advance Auto Parts, Inc.						Distribution facilities in the U.S.						29						19,851						1.6		%				10.6
Total (b)												369						$	247,154					19.5		%				10.5

________

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

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

						Investing for the long runTM | 25

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W. P. Carey Inc.

Real Estate – Second Quarter 2022

Diversification by Property Type

In thousands, except percentages. Pro rata. As of June 30, 2022.

						Total Net-Lease Portfolio
Property Type						ABR						ABR %						Square Footage (a)						Square Footage %
U.S.
Industrial						$	266,281					20.9		%				45,625						28.3		%
Warehouse						189,326						14.9		%				37,968						23.6		%
Office						151,960						12.0		%				9,677						6.0		%
Retail (b)						45,730						3.6		%				2,800						1.7		%
Self Storage (net lease)						61,708						4.9		%				5,810						3.6		%
Other (c)						105,958						8.3		%				5,400						3.3		%
U.S. Total						820,963						64.6		%				107,280						66.5		%
International
Industrial						72,789						5.8		%				10,836						6.7		%
Warehouse						117,349						9.2		%				19,888						12.3		%
Office						85,194						6.7		%				6,336						3.9		%
Retail (b)						167,169						13.2		%				16,584						10.3		%
Self Storage (net lease)						—						—		%				—						—		%
Other (c)						6,762						0.5		%				370						0.3		%
International Total						449,263						35.4		%				54,014						33.5		%
Total
Industrial						339,070						26.7		%				56,461						35.0		%
Warehouse						306,675						24.1		%				57,856						35.9		%
Office						237,154						18.7		%				16,013						9.9		%
Retail (b)						212,899						16.8		%				19,384						12.0		%
Self Storage (net lease)						61,708						4.9		%				5,810						3.6		%
Other (c)						112,720						8.8		%				5,770						3.6		%
Total (d)						$	1,270,226					100.0		%				161,294						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, hotel (net lease), laboratory, theater, fitness facility, student housing (net lease), funeral home, restaurant 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 runTM | 26

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W. P. Carey Inc.

Real Estate – Second Quarter 2022

Diversification by Tenant Industry

In thousands, except percentages. Pro rata. As of June 30, 2022.

						Total Net-Lease Portfolio
Industry Type						ABR						ABR %						Square Footage						Square Footage %
Retail Stores (a)						$	265,377					20.9		%				34,369						21.3		%
Consumer Services						110,204						8.7		%				8,067						5.0		%
Beverage and Food						86,945						6.8		%				12,263						7.6		%
Automotive						79,095						6.2		%				12,310						7.6		%
Grocery						69,117						5.4		%				7,756						4.8		%
Cargo Transportation						61,358						4.8		%				9,485						5.9		%
Healthcare and Pharmaceuticals						60,276						4.7		%				5,372						3.3		%
Construction and Building						51,403						4.1		%				9,077						5.6		%
Business Services						47,521						3.7		%				3,981						2.5		%
Capital Equipment						47,088						3.7		%				7,755						4.8		%
Durable Consumer Goods						44,337						3.5		%				10,276						6.4		%
Hotel and Leisure						42,259						3.3		%				2,214						1.4		%
Containers, Packaging, and Glass						40,660						3.2		%				6,714						4.2		%
Sovereign and Public Finance						37,455						3.0		%				3,241						2.0		%
High Tech Industries						31,066						2.5		%				3,315						2.1		%
Chemicals, Plastics, and Rubber						27,710						2.2		%				4,431						2.7		%
Insurance						25,973						2.0		%				1,749						1.1		%
Non-Durable Consumer Goods						23,869						1.9		%				5,940						3.7		%
Banking						19,210						1.5		%				1,216						0.8		%
Aerospace and Defense						16,227						1.3		%				1,358						0.8		%
Telecommunications						15,007						1.2		%				1,479						0.9		%
Metals						14,913						1.2		%				3,068						1.9		%
Media: Broadcasting and Subscription						12,723						1.0		%				784						0.5		%
Other (b)						40,433						3.2		%				5,074						3.1		%
Total (c)						$	1,270,226					100.0		%				161,294						100.0		%

________

(a)Includes automotive dealerships.

(b)Includes ABR from tenants in the following industries: media: advertising, printing, and publishing, wholesale, oil and gas, environmental industries, consumer transportation, forest products and paper, real estate 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 runTM | 27

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W. P. Carey Inc.

Real Estate – Second Quarter 2022

Diversification by Geography

In thousands, except percentages. Pro rata. As of June 30, 2022.

						Total Net-Lease Portfolio
Region						ABR						ABR %						Square Footage (a)						Square Footage %
U.S.
South
Texas						$	105,724					8.3		%				11,983						7.4		%
Florida						53,372						4.2		%				4,456						2.7		%
Tennessee						25,193						2.0		%				4,136						2.6		%
Georgia						24,804						2.0		%				3,512						2.2		%
Alabama						19,386						1.5		%				3,334						2.1		%
Other (b)						15,469						1.2		%				2,237						1.4		%
Total South						243,948						19.2		%				29,658						18.4		%
Midwest
Illinois						62,824						4.9		%				8,734						5.4		%
Minnesota						32,584						2.6		%				3,225						2.0		%
Indiana						26,882						2.1		%				4,734						2.9		%
Ohio						21,055						1.7		%				4,503						2.8		%
Wisconsin						15,962						1.3		%				2,726						1.7		%
Michigan						15,410						1.2		%				2,496						1.6		%
Other (b)						35,706						2.8		%				5,634						3.5		%
Total Midwest						210,423						16.6		%				32,052						19.9		%
East
North Carolina						36,505						2.9		%				8,098						5.0		%
Pennsylvania						31,890						2.5		%				3,673						2.3		%
New Jersey						23,178						1.8		%				1,235						0.8		%
Massachusetts						22,159						1.7		%				1,387						0.8		%
New York						18,881						1.5		%				2,221						1.4		%
Kentucky						17,796						1.4		%				3,063						1.9		%
South Carolina						14,982						1.2		%				4,088						2.5		%
Other (b)						37,234						2.9		%				5,300						3.3		%
Total East						202,625						15.9		%				29,065						18.0		%
West
California						70,710						5.5		%				6,420						4.0		%
Arizona						30,099						2.4		%				3,365						2.1		%
Other (b)						63,158						5.0		%				6,720						4.1		%
Total West						163,967						12.9		%				16,505						10.2		%
U.S. Total						820,963						64.6		%				107,280						66.5		%
International
Spain						60,420						4.8		%				5,078						3.2		%
Germany						57,205						4.5		%				6,440						4.0		%
Poland						55,570						4.4		%				7,959						4.9		%
United Kingdom						52,424						4.1		%				4,804						3.0		%
The Netherlands						52,200						4.1		%				6,990						4.3		%
Italy						24,912						2.0		%				2,386						1.5		%
Denmark						20,475						1.6		%				2,844						1.8		%
France						19,013						1.5		%				1,685						1.0		%
Croatia						15,988						1.3		%				1,726						1.1		%
Canada						15,644						1.2		%				2,448						1.5		%
Other (c)						75,412						5.9		%				11,654						7.2		%
International Total						449,263						35.4		%				54,014						33.5		%
Total (d)						$	1,270,226					100.0		%				161,294						100.0		%

________

(a)Includes square footage for vacant properties.

(b)Other properties within South include assets in Louisiana, Arkansas, Oklahoma and Mississippi. Other properties within Midwest include assets in Missouri, Kansas, Iowa, Nebraska, North Dakota and South Dakota. Other properties within East include assets in Virginia, Maryland, Connecticut, West Virginia, New Hampshire and Maine. Other properties within West include assets in Oregon, Utah, Colorado, Washington, Nevada, Hawaii, New Mexico, Idaho, Wyoming and Montana.

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

(d)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 2022

Contractual Rent Increases

In thousands, except percentages. Pro rata. As of June 30, 2022.

						Total Net-Lease Portfolio
Rent Adjustment Measure						ABR						ABR %						Square Footage						Square Footage %
(Uncapped) CPI						$	470,506					37.0		%				53,745						33.3		%
CPI-based						264,746						20.8		%				36,516						22.7		%
CPI-linked						735,252						57.8		%				90,261						56.0		%
Fixed						476,220						37.5		%				65,619						40.7		%
Other (a)						49,066						3.9		%				3,373						2.1		%
None						9,688						0.8		%				517						0.3		%
Vacant						—						—		%				1,524						0.9		%
Total (b)						$	1,270,226					100.0		%				161,294						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.

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W. P. Carey Inc.

Real Estate – Second Quarter 2022

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, 2021 to June 30, 2022. 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, 2022.

			ABR
			As of
			Jun. 30, 2022						Jun. 30, 2021						Increase						% Increase
Property Type
Industrial			$	292,813					$	282,746					$	10,067					3.6		%
Warehouse			262,238						255,445						6,793						2.7		%
Office			222,268						217,559						4,709						2.2		%
Retail (a)			190,622						184,526						6,096						3.3		%
Self Storage (net lease)			61,708						59,438						2,270						3.8		%
Other (b)			92,259						89,153						3,106						3.5		%
Total			$	1,121,908					$	1,088,867					$	33,041					3.0		%
Rent Adjustment Measure
(Uncapped) CPI			$	443,286					$	425,664					$	17,622					4.1		%
CPI-based			228,864						222,661						6,203						2.8		%
CPI-linked			672,150						648,325						23,825						3.7		%
Fixed			392,580						385,634						6,946						1.8		%
Other (c)			48,031						45,761						2,270						5.0		%
None			9,147						9,147						—						—		%
Total			$	1,121,908					$	1,088,867					$	33,041					3.0		%
Geography
U.S.			$	722,074					$	701,390					$	20,684					2.9		%
Europe			377,579						365,968						11,611						3.2		%
Other International (d)			22,255						21,509						746						3.5		%
Total			$	1,121,908					$	1,088,867					$	33,041					3.0		%
Same Store Portfolio Summary
Number of properties			1,136
Square footage (in thousands)			137,368

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W. P. Carey Inc.

Real Estate – Second Quarter 2022

Comprehensive Same Store Growth

Same store portfolio includes leased properties that were continuously owned and in place during the quarter ended June 30, 2021 through June 30, 2022 (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, 2022. 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, 2022						Jun. 30, 2021						Increase						% Increase
Property Type
Industrial			$	71,540					$	68,883					$	2,657					3.9		%
Warehouse			63,224						61,408						1,816						3.0		%
Office			59,696						59,848						(152)						(0.3)		%
Retail (a)			47,807						44,831						2,976						6.6		%
Self Storage (net lease)			15,401						14,834						567						3.8		%
Other (b)			24,692						23,556						1,136						4.8		%
Total			$	282,360					$	273,360					$	9,000					3.3		%
Rent Adjustment Measure
(Uncapped) CPI			$	114,267					$	108,085					$	6,182					5.7		%
CPI-based			56,830						55,894						936						1.7		%
CPI-linked			171,097						163,979						7,118						4.3		%
Fixed			96,942						95,314						1,628						1.7		%
Other (c)			12,186						11,551						635						5.5		%
None			2,135						2,516						(381)						(15.1)		%
Total			$	282,360					$	273,360					$	9,000					3.3		%
Geography
U.S.			$	181,520					$	177,387					$	4,133					2.3		%
Europe			94,816						90,119						4,697						5.2		%
Other International (d)			6,024						5,854						170						2.9		%
Total			$	282,360					$	273,360					$	9,000					3.3		%
Same Store Portfolio Summary
Number of properties			1,205
Square footage (in thousands)			138,342

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W. P. Carey Inc.

Real Estate – Second Quarter 2022

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

			Three Months Ended
			Jun. 30, 2022						Jun. 30, 2021
Consolidated Lease Revenues
Total lease revenues – as reported			$	314,354					$	289,064
Income from direct financing leases and loans receivable			17,778						17,422
Less: Reimbursable tenant costs – as reported			(16,704)						(15,092)
Less: Income from secured loans receivable			(1,175)						(1,175)
			314,253						290,219
Adjustments for Pro Rata Ownership of Real Estate Joint Ventures:
Add: Pro rata share of adjustments from equity method investments			5,373						5,790
Less: Pro rata share of adjustments for noncontrolling interests			(22)						(22)
			5,351						5,768
Adjustments for Pro Rata Non-Cash Items:
Less: Straight-line and other leasing and financing adjustments			(14,492)						(10,313)
Add: Above- and below-market rent intangible lease amortization			10,548						14,384
Less: Adjustments for pro rata ownership			27						14
			(3,917)						4,085
Adjustment to normalize for (i) properties not continuously owned since April 1, 2021 and (ii) constant currency presentation for prior year quarter (e)			(33,327)						(26,712)
Same Store Pro Rata Rental Income			$	282,360					$	273,360

________

(a)Includes automotive dealerships.

(b)Includes ABR or same store pro rata rental income from tenants with the following property types: education facility, hotel (net lease), laboratory, theater, fitness facility, student housing (net lease), restaurant and land.

(c)Represents leases attributable to percentage rent.

(d)Includes assets in Canada, Mexico 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, 2021 through June 30, 2022. In addition, for the three months ended June 30, 2021, an adjustment is made to reflect average exchange rates for the three months ended June 30, 2022 for purposes of comparability, since same store pro rata rental income is presented on a constant currency basis.

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W. P. Carey Inc.

Real Estate – Second Quarter 2022

Leasing Activity

For the three months ended June 30, 2022, except ABR. Pro rata.

Lease Renewals and Extensions (a)																																				Expected Tenant Improvements ($000s)						Leasing Commissions ($000s)
																		ABR
Property Type						Square Feet						Number of Leases						Prior Lease ($000s)						New Lease ($000s) (b)						Rent Recapture																		Incremental Lease Term
Industrial						2,462,309						5						$	18,497					$	18,497					100.0		%				$	—					$	—					5.7 years
Warehouse						—						—						—						—						—		%				—						—						N/A
Office						45,004						1						1,044						1,065						102.0		%				—						523						7.0 years
Retail						3,261						1						44						44						100.0		%				—						—						4.0 years
Self Storage (net lease)						—						—						—						—						—		%				—						—						N/A
Other						190,379						1						4,866						4,866						100.0		%				2,470						1,450						7.0 years
Total / Weighted Average (c)						2,700,953						8						$	24,451					$	24,472					100.1		%				$	2,470					$	1,973					6.0 years
Q2 Summary
Prior Lease ABR (% of Total Portfolio)																		1.9		%

New Leases																								Expected Tenant Improvements ($000s)						Leasing Commissions ($000s)
																		ABR
Property Type						Square Feet						Number of Leases						New Lease ($000s) (b)																		New Lease Term
Industrial						—						—						$	—					$	—					$	—					N/A
Warehouse						—						—						—						—						—						N/A
Office						—						—						—						—						—						N/A
Retail						—						—						—						—						—						N/A
Self Storage (net lease)						—						—						—						—						—						N/A
Other (d)						—						1						330						—						153						15.0 years
Total / Weighted Average (e)						—						1						$	330					$	—					$	153					15.0 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)Weighted average refers to the incremental lease term.

(d)Represents a land lease.

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

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W. P. Carey Inc.

Real Estate – Second Quarter 2022

Lease Expirations

Dollars and square footage in thousands. Pro rata. As of June 30, 2022.

Year of Lease Expiration (a)						Number of Leases Expiring						Number of Tenants with Leases Expiring						ABR						ABR %						Square Footage						Square Footage %
Remaining 2022						20						17						$	24,073					1.9		%				1,500						0.9		%
2023 (b)						32						27						46,942						3.7		%				5,127						3.2		%
2024 (c)						43						37						94,116						7.4		%				12,221						7.6		%
2025						52						30						58,981						4.6		%				7,144						4.4		%
2026						41						30						56,375						4.4		%				8,222						5.1		%
2027						57						33						79,785						6.3		%				8,715						5.4		%
2028						42						24						62,132						4.9		%				5,571						3.5		%
2029						51						24						55,657						4.4		%				6,882						4.3		%
2030						28						24						65,273						5.1		%				5,565						3.4		%
2031						33						17						64,229						5.1		%				8,056						5.0		%
2032						37						18						40,780						3.2		%				5,409						3.4		%
2033						28						22						74,922						5.9		%				10,159						6.3		%
2034						48						16						76,288						6.0		%				7,955						4.9		%
2035						13						13						26,224						2.1		%				4,725						2.9		%
Thereafter (>2035)						277						109						444,449						35.0		%				62,519						38.8		%
Vacant						—						—						—						—		%				1,524						0.9		%
Total (d)						802												$	1,270,226					100.0		%				161,294						100.0		%

________

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

(b)Includes ABR of $16.1 million from a tenant (Marriott Corporation) with a lease expiration in January 2023.

(c)Includes ABR of $38.8 million from a tenant (U-Haul Moving Partners, Inc. and Mercury Partners, LP) that holds an option to repurchase the 78 properties it is leasing in April 2024. There can be no assurance that such repurchase will be completed.

(d)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.

Investment Management

Second Quarter 2022

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W. P. Carey Inc.

Investment Management – Second Quarter 2022

Selected Information and Fee Summary – Managed Programs

Dollars and square footage in thousands. As of or for the three months ended June 30, 2022.

			CPA:18 – Global						CESH						Total
Selected Information
General
Year established			2013						2016
AUM – current quarter (a) (b)			$	2,298,911					$	171,083					$	2,469,994
Net-lease AUM – current quarter			$	1,197,159					$	113,717					$	1,310,876
Fundraising status			Closed						Closed
Portfolio
Investment type			Net lease / Diversified REIT						Student Housing
Number of operating properties			66						—
Number of net-leased properties			43						3
Number of active build-to-suit projects			1						1
Number of tenants – net-leased properties			46						1
Square footage – net-leased properties			9,286						367
Occupancy (c)			99.3		%				100.0		%
Balance Sheet (Book Value)
Total assets			$	1,862,628					$	180,119
Total debt			$	957,655					$	65,111
Total debt / total assets			51.4		%				36.1		%
Fee Summary
Asset Management Fees
Asset management fee (% of average AUM, per annum)			0.50% (d)						1.00% (e)
Average AUM (of current quarter and prior quarter)			$	2,382,222					$	177,164					$	2,559,386
Asset management revenue – current quarter			$	3,047					$	420					$	3,467
Operating Partnership Interests (f)
Operating partnership interests (% of Available Cash)			10.00%						N/A
Earnings from equity method investments in the Managed Programs (profits interest) – current quarter			$	2,814					N/A						$	2,814

________

(a)Represents appraised value of real estate assets as of September 30, 2021 (plus cash and cash equivalents, less distributions payable as of June 30, 2022) for CPA:18 – Global. Represents appraised value of real estate assets as of December 31, 2021 (plus cash and cash equivalents as of June 30, 2022) for CESH. These values were used to calculate asset management fees during the three months ended June 30, 2022 in accordance with the respective advisory agreements.

(b)In June 2022, CPA:18 – Global sold 11 net-lease student housing properties in Spain and Portugal (following the exercise of their purchase options) to the tenant at such properties for a contractual sales price totaling approximately $404 million (amount reflects the applicable exchange rate on the date of the transaction).

(c)Represents occupancy for single-tenant net-leased properties.

(d)Based on average market value of assets. CPA:18 – Global has an option to pay asset management fees in cash or shares, under the terms of the advisory agreement with CPA:18 – Global. Asset management fees are recorded in Asset management and other revenue in our consolidated financial statements.

(e)Based on gross assets at fair value. In February and July 2020, CESH sold two student housing properties located in Lisbon, Portugal, and Madrid, Spain, for gross proceeds of $49.3 million and $30.4 million, respectively. In January, September and December 2021, CESH sold three student housing properties located in Valencia, Spain; Norwich, United Kingdom; and Porto, Portugal, for gross proceeds of $40.8 million, $126.8 million and $50.4 million, respectively (amounts reflect the applicable exchange rate on the date of the transaction).

(f)Available Cash means cash generated by operating partnership operations and investments, excluding cash from sales and refinancings, after the payment of debt service and other operating expenses, but before distributions to partners. Amounts are recorded in Earnings from equity method investments in our consolidated financial statements.

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W. P. Carey Inc.

Investment Management – Second Quarter 2022

Summary of Future Liquidity Considerations for the Managed Programs

As of June 30, 2022.

Future Liquidity Strategies for the Managed Programs

The timeframes in the table below are based on general liquidation guidelines set forth in CPA:18 – Global’s and CESH’s respective offering documents. Ultimately, the liquidation of CPA:18 – Global is approved by its board of directors and the liquidation of CESH is determined by its general partner.

			General Liquidation Guideline
			CPA:18 – Global (a)						CESH
Timeframe			Beginning after the seventh anniversary of the closing of the initial public offering in 2015						Beginning five years after raising the minimum offering amount in 2016

Back-End Fees for / Interest in the Managed Programs

The overview below is intended to provide a summary of current disclosures regarding various back-end fees and interests that we may be entitled to upon each Managed Program’s liquidity event. Such a liquidity event for CPA:18 – Global is at the discretion of CPA:18 – Global’s board of directors and there is no assurance that any of the fees or interests described below will be realized. Please refer to CPA:18 – Global’s filings with the SEC for a complete description of its liquidity strategy.

			Back-End Fees and Interests
			CPA:18 – Global (a) (b)						CESH
Disposition Fees			Equal to the lesser of (i) 50% of the brokerage commission paid or (ii) 3% of the contract sales price of a property. (c)						N/A
Interest in Disposition Proceeds			Special general partner interest entitled to receive distributions of up to 15% of the net proceeds from the sale, exchange or other disposition of operating partnership assets remaining after the corporation has received a return of 100% of its initial investment in the operating partnership, through certain liquidity events or distributions, plus the 6% preferred return rate.						Available Cash (as defined in In “Principal Terms”), subject to any other limitations provided for herein, will be initially apportioned among the Limited Partners in proportion to their respective capital contributions and the General Partner as provided in connection with its Carried Interest and distributed. (d)
Purchase of Special GP Interest			Lesser of (i) 5.0x the distributions of the last completed fiscal year and (ii) the discounted value of expected future distributions from point of valuation to March 2025 using a discount rate used by the independent third-party valuation firm to determine the most recent appraisal.						N/A
Distribution Related to Ownership of Shares			5.7% ownership as of 6/30/2022						2.4% ownership as of 6/30/2022

________

(a)On February 27, 2022, our board of directors unanimously approved a definitive merger agreement pursuant to which CPA:18 – Global will merge with and into an indirect subsidiary of ours in a transaction valued at approximately $2.7 billion, adding approximately $2.0 billion of assets after approximately $700 million of proposed asset sales, the substantial majority of which have been completed. The Proposed Merger and related transactions were approved by the stockholders of CPA:18 – Global at a special meeting on July 26, 2022. We currently expect the transaction to close on August 1, 2022.

(b)Subject to the terms and conditions of the merger agreement, upon consummation of the Proposed Merger, we have agreed to waive certain back-end fees that we would have been entitled to receive from CPA:18 – Global upon its liquidation pursuant to the terms of our advisory agreement and partnership agreement with CPA:18 – Global.

(c)Not applicable to dispositions of individual assets.

(d)Order of distributions are as follows: (1) First, to a Limited Partner until it has received an amount equal to its total capital contributions or deemed capital contribution with respect to the Advisor Units in the case of the Advisor (or a wholly owned subsidiary of the Advisor); (2) Second, to a Limited Partner until such Limited Partner has received a cumulative, non-compounding, annual 10% return on its unreturned capital contributions (the “Preferred Return”); (3) Third, to the General Partner until the General Partner has received 20% of the aggregate amounts distributed pursuant to clause (2) and this clause (3); (4) Thereafter, 80% to such Limited Partner and 20% to the General Partner (together with the amounts received under clause (3), the General Partner’s “Carried Interest”). The Advisor’s capital contribution for purposes of the Partnership Agreement will be deemed to be the value of the Advisor Units upon their issuance.

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W. P. Carey Inc.

Appendix

Second Quarter 2022

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W. P. Carey Inc.

Appendix – Second Quarter 2022

Normalized Pro Rata Cash NOI

In thousands. From real estate.

			Three Months Ended Jun. 30, 2022
Consolidated Lease Revenues
Total lease revenues – as reported			$	314,354
Income from direct financing leases and loans receivable			17,778
Less: Income from secured loans receivable			(1,175)
Less: Consolidated Reimbursable and Non-Reimbursable Property Expenses
Reimbursable property expenses – as reported			16,704
Non-reimbursable property expenses – as reported			11,851
			302,402
Plus: NOI from Operating Properties
Hotel revenues			3,264
Hotel expenses			(2,597)
			667
Self-storage revenues			1,800
Self-storage expenses			(594)
			1,206
			304,275
Adjustments for Pro Rata Ownership of Real Estate Joint Ventures:
Add: Pro rata share of NOI from equity method investments (a)			6,585
Less: Pro rata share of NOI attributable to noncontrolling interests			(22)
			6,563
			310,838
Adjustments for Pro Rata Non-Cash Items:
Less: Straight-line and other leasing and financing adjustments			(14,492)
Add: Above- and below-market rent intangible lease amortization			10,548
Add: Other non-cash items			367
			(3,577)
Pro Rata Cash NOI (b)			307,261
Adjustment to normalize for intra-period acquisition volume and dispositions (c)			4,070
Normalized Pro Rata Cash NOI (b)			$	311,331

						Investing for the long runTM | 39

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W. P. Carey Inc.

Appendix – Second Quarter 2022

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

			Three Months Ended Jun. 30, 2022
Net Income from Real Estate Attributable to W. P. Carey
Net income from Real Estate attributable to W. P. Carey – as reported			$	123,228
Adjustments for Consolidated Operating Expenses
Add: Operating expenses – as reported			185,615
Less: Property expenses, excluding reimbursable tenant costs – as reported			(11,851)
Less: Operating property expenses – as reported			(3,191)
			170,573
Adjustments for Other Consolidated Revenues and Expenses:
Less: Lease termination income and other – as reported			(2,591)
Less: Reimbursable property expenses – as reported			(16,704)
Add: Other income and (expenses)			24,949
Add: Provision for income taxes			5,955
			11,609
Other Adjustments:
Less: Straight-line and other leasing and financing adjustments			(14,492)
Add: Above- and below-market rent intangible lease amortization			10,548
Add: Adjustments for pro rata ownership			6,644
Adjustment to normalize for intra-period acquisition volume and dispositions (c)			4,070
Less: Income from secured loans receivable			(1,175)
Add: Property expenses, excluding reimbursable tenant costs, non-cash			326
			5,921
Normalized Pro Rata Cash NOI (b)			$	311,331

________

(a)Includes $1.5 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, 2022, 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, 2022, the adjustment eliminates our pro rata share of cash NOI for the period.

						Investing for the long runTM | 40

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W. P. Carey Inc.

Appendix – Second Quarter 2022

Adjusted EBITDA, Consolidated – Last Five Quarters

In thousands.

			Three Months Ended
			Jun. 30, 2022						Mar. 31, 2022						Dec. 31, 2021						Sep. 30, 2021						Jun. 30, 2021
Net income			$	127,718					$	156,993					$	99,612					$	138,586					$	120,283
Adjustments to Derive Adjusted EBITDA (a)
Depreciation and amortization			115,080						115,393						135,662						115,657						114,348
Interest expense			46,417						46,053						47,208						48,731						49,252
Gain on sale of real estate, net			(31,119)						(11,248)						(9,511)						(1,702)						(19,840)
Other (gains) and losses (b)			21,746						(35,745)						28,461						(49,219)						(7,545)
Straight-line and other leasing and financing adjustments (c) (d)			(14,492)						(10,847)						(53,380)						(10,823)						(10,313)
Above- and below-market rent intangible lease amortization			10,548						11,004						15,082						12,004						14,384
Stock-based compensation expense			9,758						7,833						6,091						4,361						9,048
Provision for income taxes			6,252						7,083						5,052						8,347						9,298
Impairment charges			6,206						20,179						7,945						16,301						—
Merger and other expenses (e)			1,984						(2,322)						(563)						(908)						(2,599)
Other amortization and non-cash charges			353						379						385						386						391
			172,733						147,762						182,432						143,135						156,424
Adjustments for Pro Rata Ownership
Real Estate Joint Ventures:
Add: Pro rata share of adjustments for equity method investments (f)			4,329						9,426						16,136						5,144						4,923
Less: Pro rata share of adjustments for amounts attributable to noncontrolling interests			(23)						(23)						(23)						(23)						(22)
			4,306						9,403						16,113						5,121						4,901
Equity Method Investment in WLT: (g)
Less: Loss from equity method investment in WLT			—						—						926						1,376						4,005
Add: Distributions received from equity method investment in WLT			—						—						—						—						—
			—						—						926						1,376						4,005
Equity Method Investments in the    Managed Programs: (h)
Add: Distributions received from equity method investments in the Managed Programs			535						520						2,142						477						454
Less: (Income) loss from equity method investments in the Managed Programs			(59)						(2,972)						(50)						(1,667)						90
			476						(2,452)						2,092						(1,190)						544
Adjusted EBITDA (i)			$	305,233					$	311,706					$	301,175					$	287,028					$	286,157

________

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

(b)Primarily comprised of gains and losses on 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 direct financing leases. Amounts from period to period will not be comparable due to unpredictable fluctuations in these gains and losses.

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

(d)Amount for the three months ended December 31, 2021 includes an adjustment to exclude $37.8 million of lease termination fees received from a tenant, as such amount was determined to be non-core income.

(e)Amounts are primarily comprised of costs incurred in connection with the Proposed Merger and/or reversals of estimated liabilities for German real estate transfer taxes that were previously recorded in connection with mergers in prior years.

(f)Amounts for the three months ended March 31, 2022 and December 31, 2021 include non-cash impairment charges of $4.6 million and $13.2 million, respectively, recognized on certain equity method investments in real estate.

(g)We recorded income and distributions from our equity method investment in WLT on a one quarter lag. In January 2022, we reclassified our equity investment in WLT to equity securities at fair value within Other assets, net on our consolidated balance sheets. Any future dividends, if received, will be recognized within Non-operating income on our consolidated statements of income.

(h)Adjustments to include cash distributions received from the Managed Programs in place of our pro rata share of net income from our ownership in the Managed Programs. Distributions for the three months ended December 31, 2021 included a special distribution from CPA:18 – Global totaling $1.6 million.

(i)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 runTM | 41

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W. P. Carey Inc.

Appendix – Second Quarter 2022

Adjusted EBITDA, Real Estate – Last Five Quarters

In thousands.

			Three Months Ended
			Jun. 30, 2022						Mar. 31, 2022						Dec. 31, 2021						Sep. 30, 2021						Jun. 30, 2021
Net income from Real Estate			$	123,268					$	146,856					$	94,684					$	130,897					$	114,725
Adjustments to Derive Adjusted EBITDA (a)
Depreciation and amortization			115,080						115,393						135,662						115,657						114,348
Interest expense			46,417						46,053						47,208						48,731						49,252
Gain on sale of real estate, net			(31,119)						(11,248)						(9,511)						(1,702)						(19,840)
Other (gains) and losses (b)			20,155						(34,418)						27,131						(48,172)						(7,472)
Straight-line and other leasing and financing adjustments (c) (d)			(14,492)						(10,847)						(53,380)						(10,823)						(10,313)
Above- and below-market rent intangible lease amortization			10,548						11,004						15,082						12,004						14,384
Stock-based compensation expense			9,758						7,833						6,091						4,361						9,048
Impairment charges			6,206						20,179						7,945						16,301						—
Provision for income taxes			5,955						6,913						5,331						7,827						9,119
Merger and other expenses (e)			1,984						(2,325)						(599)						(908)						(2,599)
Other amortization and non-cash charges			353						379						385						386						391
			170,845						148,916						181,345						143,662						156,318
Adjustments for Pro Rata Ownership
Real Estate Joint Ventures:
Add: Pro rata share of adjustments for equity method investments (f)			4,329						9,426						16,136						5,144						4,923
Less: Pro rata share of adjustments for amounts attributable to noncontrolling interests			(23)						(23)						(23)						(23)						(22)
			4,306						9,403						16,113						5,121						4,901
Equity Method Investment in WLT: (g)
Less: Loss from equity method investment in WLT			—						—						926						1,376						4,005
Add: Distributions received from equity method investment in WLT			—						—						—						—						—
			—						—						926						1,376						4,005
Adjusted EBITDA – Real Estate (h)			$	298,419					$	305,175					$	293,068					$	281,056					$	279,949

________

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

(b)Primarily comprised of gains and losses on 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 direct financing leases. Amounts from period to period will not be comparable due to unpredictable fluctuations in these gains and losses.

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

(d)Amount for the three months ended December 31, 2021 includes an adjustment to exclude $37.8 million of lease termination fees received from a tenant, as such amount was determined to be non-core income.

(e)Amounts are primarily comprised of costs incurred in connection with the Proposed Merger and/or reversals of estimated liabilities for German real estate transfer taxes that were previously recorded in connection with mergers in prior years.

(f)Amounts for the three months ended March 31, 2022 and December 31, 2021 include non-cash impairment charges of $4.6 million and $13.2 million, respectively, recognized on certain equity method investments in real estate.

(g)We recorded income and distributions from our equity method investment in WLT on a one quarter lag. In January 2022, we reclassified our equity investment in WLT to equity securities at fair value within Other assets, net on our consolidated balance sheets. Any future dividends, if received, will be recognized within Non-operating income on our consolidated statements of income.

(h)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 runTM | 42

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W. P. Carey Inc.

Appendix – Second Quarter 2022

Adjusted EBITDA, Investment Management – Last Five Quarters

In thousands.

			Three Months Ended
			Jun. 30, 2022						Mar. 31, 2022						Dec. 31, 2021						Sep. 30, 2021						Jun. 30, 2021
Net income from Investment Management			$	4,450					$	10,137					$	4,928					$	7,689					$	5,558
Adjustments to Derive Adjusted EBITDA (a)
Other (gains) and losses (b)			1,591						(1,327)						1,330						(1,047)						(73)
Provision for (benefit from) income taxes			297						170						(279)						520						179
Merger and other expenses			—						3						36						—						—
			1,888						(1,154)						1,087						(527)						106
Adjustments for Pro Rata Ownership
Equity Method Investments in the Managed Programs: (c)
Add: Distributions received from equity method investments in the Managed Programs			535						520						2,142						477						454
Less: (Income) loss from equity method investments in the Managed Programs			(59)						(2,972)						(50)						(1,667)						90
			476						(2,452)						2,092						(1,190)						544
Adjusted EBITDA – Investment Management (d)			$	6,814					$	6,531					$	8,107					$	5,972					$	6,208

________

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

(b)Primarily comprised of gains and losses from foreign currency exchange rate movements and marketable securities. Amounts from period to period will not be comparable due to unpredictable fluctuations in these gains and losses.

(c)Adjustments to include cash distributions received from the Managed Programs in place of our pro rata share of net income from our ownership in the Managed Programs. Distributions for the three months ended December 31, 2021 included a special distribution from CPA:18 – Global totaling $1.6 million.

(d)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 runTM | 43

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W. P. Carey Inc.

Appendix – Second Quarter 2022

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 sales of property, impairment charges on real estate, 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.

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 direct financing 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 and merger and acquisition 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.

						Investing for the long runTM | 44

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W. P. Carey Inc.

Appendix – Second Quarter 2022

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. 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, 2022 is equal to $183.0 million, comprised of interest expense calculated in accordance with GAAP ($188.4 million), plus capitalized interest ($2.4 million) and other non-cash amortization expense ($0.1 million), less amortization of deferred financing costs and debt premiums/discounts ($12.9 million), adjusted for pro rata ownership ($5.1 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 a number of investments, usually with our affiliates, 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, 2022. 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 runTM | 45

Exhibit 99.3

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W. P. Carey Pre-Merger Post-CPA:18 Merger

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✓ ✓ ✓ ✓ ✓ ✓ ✓

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