wpc-20230728

Exhibit 99.1

W. P. Carey Announces Second Quarter 2023 Financial Results

New York, NY – July 28, 2023 – 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, 2023.

Financial Highlights



			2023 Second Quarter
Net income attributable to W. P. Carey (millions)			$144.6
Diluted earnings per share			$0.67



AFFO (millions)			$293.3
AFFO per diluted share			$1.36

•2023 AFFO guidance range narrowed to between $5.32 and $5.38 per diluted share, based on anticipated full year investment volume of between $1.75 billion and $2.25 billion

•Quarterly cash dividend raised to $1.069 per share, equivalent to an annualized dividend rate of $4.276 per share

Real Estate Portfolio

•Investment volume of $938.5 million completed year to date, including $760.7 million during the second quarter

•Gross disposition proceeds of $5.5 million during the second quarter, bringing total disposition proceeds for the first half of 2023 to $48.2 million

•Contractual same-store rent growth of 4.3%

Balance Sheet and Capitalization

•As previously announced, the Company entered into a new three-year €500 million unsecured term loan and executed an interest rate swap fixing the interest rate at 4.34% per annum through the end of 2024

•Approximately $384 million in anticipated net proceeds currently available for settlement pursuant to forward sale agreements

MANAGEMENT COMMENTARY

“Our performance over the first half of the year continued to be driven by the strength of our investment activity — completing close to $1 billion of investments — and contractual same-store rent growth that remained over 4%,” said Jason Fox, Chief Executive Officer of W. P. Carey. “We expect further deal momentum over the second half of the year, given the competitiveness of sale-leasebacks as an alternative source of financing and the investment spreads we’re achieving. We're also confident in our ability to fund our investments and other capital needs without having to raise additional capital this year, something we view as a distinct competitive advantage in the current environment. Furthermore, we expect rent growth to remain elevated, reflecting the lagged impact of CPI on rents, as well as higher fixed increases.”

W. P. Carey Inc. 6/30/2023 Earnings Release 8-K – 1

QUARTERLY FINANCIAL RESULTS

Revenues

•Total Company: Revenues, including reimbursable costs, for the 2023 second quarter totaled $452.6 million, up 31.4% from $344.4 million for the 2022 second quarter.

•Real Estate: Real Estate revenues, including reimbursable costs, for the 2023 second quarter were $452.2 million, up 33.1% from $339.8 million for the 2022 second quarter.

◦Lease revenues increased primarily as a result of net investment activity, net lease properties acquired in the CPA:18 Merger and rent escalations.

◦Operating property revenues increased primarily as a result of the self-storage and other operating properties acquired in the CPA:18 Merger, as well as the conversion of 12 hotel properties from net lease to operating during the 2023 first quarter.

◦Income from finance leases and loans receivable increased primarily as a result of the reclassification of lease revenues after receiving notice during the 2023 first quarter from a related party of U-Haul of its intention to exercise its repurchase option on a portfolio of 78 net leased self-storage properties. The reclassification had no impact on total Real Estate revenues.

Net Income Attributable to W. P. Carey

•Net income attributable to W. P. Carey for the 2023 second quarter was $144.6 million, up 13.2% from $127.7 million for the 2022 second quarter. Net income from Real Estate attributable to W. P. Carey was $144.7 million, which increased due primarily to the impact of net investment activity (including properties acquired in the CPA:18 Merger) and rent escalations, partly offset by a lower gain on sale of real estate and higher interest expense. Net loss from Investment Management attributable to W. P. Carey was less than $0.1 million, which decreased due primarily to the cessation of Investment Management revenues and distributions as a result of the CPA:18 Merger.

Adjusted Funds from Operations (AFFO)

•AFFO for the 2023 second quarter was $1.36 per diluted share, up 3.8% from $1.31 per diluted share for the 2022 second quarter, driven by the Company’s Real Estate segment, which generated AFFO of $1.36 per diluted share, up 7.1% from $1.27 per diluted share for the 2022 second quarter, primarily reflecting the impact of net investment activity, rent escalations and the accretive impact of the CPA:18 Merger, partly offset by higher interest expense. AFFO for the 2023 second quarter also included certain non-recurring items that largely offset one another but resulted in lower non-reimbursed property expenses (due to the reversal of certain property tax accruals) and higher provision for income taxes (due to the settlement a tax audit on a portfolio of properties in Europe). AFFO from the Company's Investment Management segment declined due primarily to the cessation of Investment Management revenues and distributions as a result of the CPA:18 Merger.

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

•On June 15, 2023, the Company reported that its Board of Directors increased its quarterly cash dividend to $1.069 per share, equivalent to an annualized dividend rate of $4.28 per share. The dividend was paid on July 14, 2023 to shareholders of record as of June 30, 2023.

W. P. Carey Inc. 6/30/2023 Earnings Release 8-K – 2

AFFO GUIDANCE

•For the 2023 full year, the Company has narrowed its guidance range for total AFFO to between $5.32 and $5.38 per diluted share based on the following key assumptions:

(i) investment volume of between $1.75 billion and $2.25 billion, which is unchanged;

(ii) disposition volume of between $300 million and $400 million, which is unchanged; and

(iii) total general and administrative expenses of between $97 million and $100 million, which is unchanged.

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

REAL ESTATE

Investments

•Year to date, the Company completed investments totaling $938.5 million, including $760.7 million during the 2023 second quarter.

•The Company currently has four capital investments and commitments totaling $51.4 million and construction loan funding of $45.0 million scheduled to be completed during the second half of 2023, for an aggregate total of $96.4 million.

Dispositions

•During the 2023 second quarter, the Company disposed of three properties for gross proceeds of $5.5 million, bringing total disposition proceeds for the six months ended June 30, 2023 to $48.2 million.

Contractual Same-Store Rent Growth

•The Company’s net lease portfolio generated contractual same-store rent growth of 4.3% on a constant currency basis.

Composition

•As of June 30, 2023, the Company’s net lease portfolio consisted of 1,475 properties, comprising 180 million square feet leased to 398 tenants, with a weighted-average lease term of 11.2 years and an occupancy rate of 99.0%. In addition, the Company owned 85 self-storage operating properties, 13 hotel operating properties and two student housing operating properties, totaling approximately 7.8 million square feet.

BALANCE SHEET AND CAPITALIZATION

Forward Equity

•As of June 30, 2023, the Company had an aggregate of $384 million in anticipated net proceeds available for settlement pursuant to forward sale agreements.

W. P. Carey Inc. 6/30/2023 Earnings Release 8-K – 3

Unsecured Term Loan

•As previously announced, on April 24, 2023, the Company entered into a new €500 million unsecured term loan maturing on April 24, 2026 (the Term Loan), with a syndicate of 10 participating banks. The Term Loan was drawn in full at closing and includes an accordion feature enabling the aggregate amount to be increased up to €250 million (for a Term Loan totaling up to €750 million) subject to approvals and the satisfaction of certain conditions. Proceeds from the Term Loan were used for the repayment of debt, including amounts outstanding on the Company’s unsecured revolving credit facility.

•The borrowing rate pursuant to the credit agreement is 85 basis points over EURIBOR. In conjunction with the closing, W. P. Carey executed a variable-to-fixed interest rate swap fixing the interest rate at 4.34% through the end of 2024.

* * * * *

Supplemental Information

The Company has provided supplemental unaudited financial and operating information regarding the 2023 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 28, 2023, and made available on the Company’s website at ir.wpcarey.com/investor-relations.

* * * * *

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 28, 2023 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

* * * * *

W. P. Carey Inc.

Celebrating its 50th anniversary, W. P. Carey ranks among the largest net lease REITs with an enterprise value of approximately $23 billion and a well-diversified portfolio of high-quality, operationally critical commercial real estate, which includes 1,475 net lease properties covering approximately 180 million square feet and a portfolio of 85 self-storage operating properties, as of June 30, 2023. With offices in New York, London, Amsterdam and Dallas, the company remains focused on investing primarily in single-tenant, industrial, warehouse and retail properties located in the U.S. and Northern and Western Europe, under long-term net leases with built-in rent escalations.

www.wpcarey.com

* * * * *

W. P. Carey Inc. 6/30/2023 Earnings Release 8-K – 4

Cautionary Statement Concerning Forward-Looking Statements

Certain of the matters discussed in this communication constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, both as amended by the Private Securities Litigation Reform Act of 1995. The forward-looking statements include, among other things, statements regarding the intent, belief or expectations of W. P. Carey and can be identified by the use of words such as “may,” “will,” “should,” “would,” “will be,” “goals,” “believe,” “project,” “expect,” “anticipate,” “intend,” “estimate” “opportunities,” “possibility,” “strategy,” “maintain” or the negative version of these words and other comparable terms. These forward-looking statements include, but are not limited to, statements made by Mr. Jason Fox regarding deal momentum and our ability to fund capital needs. These statements are based on the current expectations of our management, and it is important to note that our actual results could be materially different from those projected in such forward-looking statements. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Other unknown or unpredictable risks or uncertainties, like the risks related to inflation and increased interest rates, the effects of pandemics and global outbreaks of contagious diseases (such as the 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, and those additional risk factors discussed in reports that we have filed with the SEC, could also have material adverse effects on our future results, performance or achievements. Discussions of some of these other important factors and assumptions are contained in W. P. Carey’s filings with the SEC and are available at the SEC’s website at http://www.sec.gov, including Part I, Item 1A. Risk Factors in W. P. Carey’s Annual Report on Form 10-K for the fiscal year ended December 31, 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.

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. 6/30/2023 Earnings Release 8-K – 5

W. P. CAREY INC.

Consolidated Balance Sheets (Unaudited)

(in thousands, except share and per share amounts)



	June 30, 2023		December 31, 2022
Assets
Investments in real estate:
Land, buildings and improvements — net lease and other	$	13,563,837	$	13,338,857
Land, buildings and improvements — operating properties	1,334,501		1,095,892
Net investments in finance leases and loans receivable	1,222,439		771,761
In-place lease intangible assets and other	2,748,013		2,659,750
Above-market rent intangible assets	806,619		833,751
Investments in real estate	19,675,409		18,700,011
Accumulated depreciation and amortization (a)	(3,378,385)		(3,269,057)
Assets held for sale, net	43,002		57,944
Net investments in real estate	16,340,026		15,488,898
Equity method investments	340,285		327,502
Cash and cash equivalents	204,103		167,996
Other assets, net	1,154,945		1,080,227
Goodwill	1,036,966		1,037,412
Total assets	$	19,076,325	$	18,102,035

Liabilities and Equity
Debt:
Senior unsecured notes, net	$	5,978,294	$	5,916,400
Unsecured term loans, net	1,113,491		552,539
Unsecured revolving credit facility	528,705		276,392
Non-recourse mortgages, net	995,435		1,132,417
Debt, net	8,615,925		7,877,748
Accounts payable, accrued expenses and other liabilities	643,830		623,843
Below-market rent and other intangible liabilities, net	157,728		184,584
Deferred income taxes	179,449		178,959
Dividends payable	232,461		228,257
Total liabilities	9,829,393		9,093,391

Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued	—		—
Common stock, $0.001 par value, 450,000,000 shares authorized; 213,901,170 and 210,620,949 shares, respectively, issued and outstanding	214		211
Additional paid-in capital	11,959,060		11,706,836
Distributions in excess of accumulated earnings	(2,510,816)		(2,486,633)
Deferred compensation obligation	62,046		57,012
Accumulated other comprehensive loss	(279,931)		(283,780)
Total stockholders’ equity	9,230,573		8,993,646
Noncontrolling interests	16,359		14,998
Total equity	9,246,932		9,008,644
Total liabilities and equity	$	19,076,325	$	18,102,035

________

(a)Includes $1.8 billion and $1.7 billion of accumulated depreciation on buildings and improvements as of June 30, 2023 and December 31, 2022, respectively, and $1.6 billion of accumulated amortization on lease intangibles as of both June 30, 2023 and December 31, 2022.

W. P. Carey Inc. 6/30/2023 Earnings Release 8-K – 6

W. P. CAREY INC.

Quarterly Consolidated Statements of Income (Unaudited)

(in thousands, except share and per share amounts)


	Three Months Ended
	June 30, 2023		March 31, 2023		June 30, 2022
Revenues
Real Estate:
Lease revenues	$	369,124	$	352,336	$	314,354
Income from finance leases and loans receivable	27,311		20,755		17,778
Operating property revenues	50,676		40,886		5,064
Other lease-related income	5,040		13,373		2,591
	452,151		427,350		339,787
Investment Management:
Asset management revenue	303		339		3,467
Reimbursable costs from affiliates	124		101		1,143
	427		440		4,610
	452,578		427,790		344,397
Operating Expenses
Depreciation and amortization	143,548		156,409		115,080
Operating property expenses	26,919		21,249		3,191
General and administrative	24,788		26,448		20,841
Reimbursable tenant costs	20,523		21,976		16,704
Stock-based compensation expense	8,995		7,766		9,758
Property expenses, excluding reimbursable tenant costs	5,371		12,772		11,851
Merger and other expenses	1,419		24		1,984
Reimbursable costs from affiliates	124		101		1,143
Impairment charges — real estate	—		—		6,206
	231,687		246,745		186,758
Other Income and Expenses
Interest expense	(75,488)		(67,196)		(46,417)
Non-operating income (a)	4,509		4,626		5,974
Earnings from equity method investments	4,355		5,236		7,401
Gain on sale of real estate, net (b)	1,808		177,749		31,119
Other gains and (losses) (c)	(1,366)		8,100		(21,746)
	(66,182)		128,515		(23,669)
Income before income taxes	154,709		309,560		133,970
Provision for income taxes	(10,129)		(15,119)		(6,252)
Net Income	144,580		294,441		127,718
Net loss (income) attributable to noncontrolling interests	40		(61)		(40)
Net Income Attributable to W. P. Carey	$	144,620	$	294,380	$	127,678

Basic Earnings Per Share	$	0.67	$	1.39	$	0.66
Diluted Earnings Per Share	$	0.67	$	1.39	$	0.66
Weighted-Average Shares Outstanding
Basic	215,075,114		211,951,930		194,019,451
Diluted	215,184,485		212,345,047		194,763,695

Dividends Declared Per Share	$	1.069	$	1.067	$	1.059

W. P. Carey Inc. 6/30/2023 Earnings Release 8-K – 7

W. P. CAREY INC.

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

(in thousands, except share and per share amounts)


	Six Months Ended June 30,
	2023		2022
Revenues
Real Estate:
Lease revenues	$	721,460	$	622,079
Income from finance leases and loans receivable	48,066		36,157
Operating property revenues	91,562		8,929
Other lease-related income	18,413		16,713
	879,501		683,878
Investment Management:
Asset management and other revenue	642		6,887
Reimbursable costs from affiliates	225		2,070
	867		8,957
	880,368		692,835
Operating Expenses
Depreciation and amortization	299,957		230,473
General and administrative	51,236		43,925
Operating property expenses	48,168		5,978
Reimbursable tenant costs	42,499		33,664
Property expenses, excluding reimbursable tenant costs	18,143		25,630
Stock-based compensation expense	16,761		17,591
Merger and other expenses	1,443		(338)
Reimbursable costs from affiliates	225		2,070
Impairment charges — real estate	—		26,385
	478,432		385,378
Other Income and Expenses
Gain on sale of real estate, net	179,557		42,367
Interest expense	(142,684)		(92,470)
Earnings from equity method investments	9,591		12,173
Non-operating income	9,135		14,520
Other gains and (losses)	6,734		13,999
	62,333		(9,411)
Income before income taxes	464,269		298,046
Provision for income taxes	(25,248)		(13,335)
Net Income	439,021		284,711
Net income attributable to noncontrolling interests	(21)		(38)
Net Income Attributable to W. P. Carey	$	439,000	$	284,673

Basic Earnings Per Share	$	2.06	$	1.48
Diluted Earnings Per Share	$	2.05	$	1.47
Weighted-Average Shares Outstanding
Basic	213,522,150		192,971,256
Diluted	213,875,471		193,706,035

Dividends Declared Per Share	$	2.136	$	2.116

__________

(a)Amount for the three months ended June 30, 2023 is comprised of realized gains on foreign currency exchange derivatives of $3.7 million and interest income on deposits of $0.8 million.

(b)Amount for the three months ended March 31, 2023 includes a gain on sale of real estate of $176.2 million recognized upon a related party of a tenant’s notice of its intention to repurchase a portfolio of 78 net-lease self-storage properties and the reclassification of the investment to net investments in sales-type leases totaling $451.4 million.

(c)Amount for the three months ended June 30, 2023 is primarily comprised of net losses on foreign currency exchange rate movements of $(1.1) million.

W. P. Carey Inc. 6/30/2023 Earnings Release 8-K – 8

W. P. CAREY INC.

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

(in thousands, except share and per share amounts)


	Three Months Ended
	June 30, 2023		March 31, 2023		June 30, 2022
Net income attributable to W. P. Carey	$	144,620	$	294,380	$	127,678
Adjustments:
Depreciation and amortization of real property	142,932		155,868		114,333
Gain on sale of real estate, net (a)	(1,808)		(177,749)		(31,119)
Impairment charges — real estate	—		—		6,206
Proportionate share of adjustments to earnings from equity method investments (b)	2,883		2,606		2,934
Proportionate share of adjustments for noncontrolling interests (c)	(268)		(299)		(4)
Total adjustments	143,739		(19,574)		92,350
FFO (as defined by NAREIT) Attributable to W. P. Carey (d)	288,359		274,806		220,028
Adjustments:
Straight-line and other leasing and financing adjustments	(19,086)		(15,050)		(14,492)
Stock-based compensation	8,995		7,766		9,758
Above- and below-market rent intangible lease amortization, net	8,824		10,861		10,548
Amortization of deferred financing costs	5,904		4,940		3,147
Tax (benefit) expense – deferred and other	(2,723)		4,366		(355)
Merger and other expenses	1,419		24		1,984
Other (gains) and losses (e)	1,366		(8,100)		21,746
Other amortization and non-cash items	527		472		530
Proportionate share of adjustments to earnings from equity method investments (a)	(255)		(926)		1,486
Proportionate share of adjustments for noncontrolling interests (c)	(24)		60		(6)
Total adjustments	4,947		4,413		34,346
AFFO Attributable to W. P. Carey (d)	$	293,306	$	279,219	$	254,374

Summary
FFO (as defined by NAREIT) attributable to W. P. Carey (d)	$	288,359	$	274,806	$	220,028
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share (d)	$	1.34	$	1.29	$	1.13
AFFO attributable to W. P. Carey (d)	$	293,306	$	279,219	$	254,374
AFFO attributable to W. P. Carey per diluted share (d)	$	1.36	$	1.31	$	1.31
Diluted weighted-average shares outstanding	215,184,485		212,345,047		194,763,695

W. P. Carey Inc. 6/30/2023 Earnings Release 8-K – 9

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, 2023		March 31, 2023		June 30, 2022
Net income from Real Estate attributable to W. P. Carey	$	144,686	$	293,231	$	123,228
Adjustments:
Depreciation and amortization of real property	142,932		155,868		114,333
Gain on sale of real estate, net (a)	(1,808)		(177,749)		(31,119)
Impairment charges — real estate	—		—		6,206
Proportionate share of adjustments to earnings from equity method investments (b)	2,883		2,606		2,934
Proportionate share of adjustments for noncontrolling interests (c)	(268)		(299)		(4)
Total adjustments	143,739		(19,574)		92,350
FFO (as defined by NAREIT) Attributable to W. P. Carey – Real Estate (d)	288,425		273,657		215,578
Adjustments:
Straight-line and other leasing and financing adjustments	(19,086)		(15,050)		(14,492)
Stock-based compensation	8,995		7,766		9,758
Above- and below-market rent intangible lease amortization, net	8,824		10,861		10,548
Amortization of deferred financing costs	5,904		4,940		3,147
Tax (benefit) expense – deferred and other	(2,723)		4,366		(324)
Merger and other expenses	1,419		24		1,984
Other (gains) and losses (e)	890		(7,586)		20,155
Other amortization and non-cash items	527		472		530
Proportionate share of adjustments to earnings from equity method investments (b)	(255)		(926)		368
Proportionate share of adjustments for noncontrolling interests (c)	(24)		60		(6)
Total adjustments	4,471		4,927		31,668
AFFO Attributable to W. P. Carey – Real Estate (d)	$	292,896	$	278,584	$	247,246

Summary
FFO (as defined by NAREIT) attributable to W. P. Carey – Real Estate (d)	$	288,425	$	273,657	$	215,578
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share – Real Estate (d)	$	1.34	$	1.29	$	1.11
AFFO attributable to W. P. Carey – Real Estate (d)	$	292,896	$	278,584	$	247,246
AFFO attributable to W. P. Carey per diluted share – Real Estate (d)	$	1.36	$	1.31	$	1.27
Diluted weighted-average shares outstanding	215,184,485		212,345,047		194,763,695

W. P. Carey Inc. 6/30/2023 Earnings Release 8-K – 10

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,
	2023		2022
Net income attributable to W. P. Carey	$	439,000	$	284,673
Adjustments:
Depreciation and amortization of real property	298,800		228,979
Gain on sale of real estate, net	(179,557)		(42,367)
Impairment charges — real estate	—		26,385
Proportionate share of adjustments to earnings from equity method investments (b)	5,489		10,617
Proportionate share of adjustments for noncontrolling interests (c)	(567)		(8)
Total adjustments	124,165		223,606
FFO (as defined by NAREIT) Attributable to W. P. Carey (d)	563,165		508,279
Adjustments:
Straight-line and other leasing and financing adjustments	(34,136)		(25,339)
Above- and below-market rent intangible lease amortization, net	19,685		21,552
Stock-based compensation	16,761		17,591
Amortization of deferred financing costs	10,844		6,275
Other (gains) and losses	(6,734)		(13,999)
Tax expense (benefit) – deferred and other	1,643		(1,597)
Merger and other expenses	1,443		(338)
Other amortization and non-cash items	999		1,082
Proportionate share of adjustments to earnings from equity method investments (b)	(1,181)		(295)
Proportionate share of adjustments for noncontrolling interests (c)	36		(11)
Total adjustments	9,360		4,921
AFFO Attributable to W. P. Carey (d)	$	572,525	$	513,200

Summary
FFO (as defined by NAREIT) attributable to W. P. Carey (d)	$	563,165	$	508,279
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share (d)	$	2.63	$	2.62
AFFO attributable to W. P. Carey (d)	$	572,525	$	513,200
AFFO attributable to W. P. Carey per diluted share (d)	$	2.68	$	2.65
Diluted weighted-average shares outstanding	213,875,471		193,706,035

W. P. Carey Inc. 6/30/2023 Earnings Release 8-K – 11

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,
	2023		2022
Net income from Real Estate attributable to W. P. Carey	$	437,917	$	270,086
Adjustments:
Depreciation and amortization of real property	298,800		228,979
Gain on sale of real estate, net	(179,557)		(42,367)
Impairment charges — real estate	—		26,385
Proportionate share of adjustments to earnings from equity method investments (b)	5,489		10,617
Proportionate share of adjustments for noncontrolling interests (c)	(567)		(8)
Total adjustments	124,165		223,606
FFO (as defined by NAREIT) Attributable to W. P. Carey – Real Estate (d)	562,082		493,692
Adjustments:
Straight-line and other leasing and financing adjustments	(34,136)		(25,339)
Above- and below-market rent intangible lease amortization, net	19,685		21,552
Stock-based compensation	16,761		17,591
Amortization of deferred financing costs	10,844		6,275
Other (gains) and losses	(6,696)		(14,263)
Tax benefit – deferred and other	1,643		(1,513)
Merger and other expenses	1,443		(341)
Other amortization and non-cash items	999		1,082
Proportionate share of adjustments to earnings from equity method investments (b)	(1,181)		535
Proportionate share of adjustments for noncontrolling interests (c)	36		(11)
Total adjustments	9,398		5,568
AFFO Attributable to W. P. Carey – Real Estate (d)	$	571,480	$	499,260

Summary
FFO (as defined by NAREIT) attributable to W. P. Carey – Real Estate (d)	$	562,082	$	493,692
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share – Real Estate (d)	$	2.63	$	2.55
AFFO attributable to W. P. Carey – Real Estate (d)	$	571,480	$	499,260
AFFO attributable to W. P. Carey per diluted share – Real Estate (d)	$	2.67	$	2.58
Diluted weighted-average shares outstanding	213,875,471		193,706,035

__________

(a)Amount for the three months ended March 31, 2023 includes a gain on sale of real estate of $176.2 million recognized upon a related party of a tenant’s notice of its intention to repurchase a portfolio of 78 net-lease self-storage properties and the reclassification of the investment to net investments in sales-type leases totaling $451.4 million.

(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 below for a description of FFO and AFFO.

(e)AFFO and Real Estate AFFO adjustment amounts for the three months ended June 30, 2023 are primarily comprised of net losses on foreign currency exchange rate movements of $(1.1) million.

W. P. Carey Inc. 6/30/2023 Earnings Release 8-K – 12

Non-GAAP Financial Disclosure

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

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

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

We also modify the NAREIT computation of FFO to adjust GAAP net income for certain non-cash charges, such as amortization of real estate-related intangibles, deferred income tax benefits and expenses, straight-line rent and related reserves, other non-cash rent adjustments, non-cash allowance for credit losses on loans receivable and finance leases, stock-based compensation, non-cash environmental accretion expense, amortization of discounts and premiums on debt and amortization of deferred financing costs. Our assessment of our operations is focused on long-term sustainability and not on such non-cash items, which may cause short-term fluctuations in net income but have no impact on cash flows. Additionally, we exclude non-core income and expenses, such as gains or losses from extinguishment of debt 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. 6/30/2023 Earnings Release 8-K – 13

Exhibit 99.2

W. P. Carey Inc.

Supplemental Information

Second Quarter 2023

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.
Managed Programs			CPA:18 – Global (prior to the CPA:18 Merger on August 1, 2022) and CESH
U.S.			United States
ABR			Contractual minimum annualized base rent
SEC			Securities and Exchange Commission
NAREIT			National Association of Real Estate Investment Trusts (an industry trade group)
EUR			Euro
EURIBOR			Euro Interbank Offered Rate
SOFR			Secured Overnight Financing Rate
SONIA			Sterling Overnight Index Average
TIBOR			Tokyo Interbank Offered Rate
CPA:18 Merger			Our merger with CPA:18 – Global, which was completed on August 1, 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 NAREIT. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP measures are provided within this supplemental package. In addition, refer to the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of these non-GAAP financial measures and other metrics.

Amounts may not sum to totals due to rounding.

W. P. Carey Inc.

Supplemental Information – Second Quarter 2023


Table of Contents


Overview
Summary Metrics			1
Components of Net Asset Value			3

Financial Results
Statements of Income – Last Five Quarters
Consolidated			5
Real Estate			6
Investment Management			7
FFO and AFFO – Last Five Quarters
Consolidated			8
Real Estate			9
Investment Management			10
Elements of Pro Rata Statement of Income and AFFO Adjustments			11
Capital Expenditures			12

Balance Sheets and Capitalization
Consolidated Balance Sheets			14
Capitalization			15
Debt Overview			16
Debt Maturity			17
Senior Unsecured Notes			18

Real Estate
Investment Activity
Capital Investments and Commitments			20
Investment Volume			21
Dispositions			22
Joint Ventures			23
Top Ten Tenants			24
Diversification by Property Type			25
Diversification by Tenant Industry			26
Diversification by Geography			27
Contractual Rent Increases			28
Same-Store Analysis			29
Leasing Activity			32
Lease Expirations			33
Self Storage Operating Properties Portfolio			34

Appendix
Normalized Pro Rata Cash NOI			36
Adjusted EBITDA – Last Five Quarters
Consolidated			38
Real Estate			39
Investment Management			40
Disclosures Regarding Non-GAAP and Other Metrics			41

W. P. Carey Inc.

Overview – Second Quarter 2023


Summary Metrics

As of or for the three months ended June 30, 2023.


Financial Results
	Real Estate Segment
			Total (a)
Revenues, including reimbursable costs – consolidated ($000s)	$	452,151		$	452,578
Net income attributable to W. P. Carey ($000s)	144,686			144,620
Net income attributable to W. P. Carey per diluted share	0.67			0.67
Normalized pro rata cash NOI from real estate ($000s) (b) (c)	389,661			389,661
Adjusted EBITDA ($000s) (b) (c)	376,229			376,532
AFFO attributable to W. P. Carey ($000s) (b) (c)	292,896			293,306
AFFO attributable to W. P. Carey per diluted share (b) (c)	1.36			1.36

Dividends declared per share – current quarter				1.069
Dividends declared per share – current quarter annualized				4.276
Dividend yield – annualized, based on quarter end share price of $67.56				6.3		%
Dividend payout ratio – for the six months ended June 30, 2023 (d)				79.7		%

Balance Sheet and Capitalization
Equity market capitalization – based on quarter end share price of $67.56 ($000s)				$	14,451,163
Pro rata net debt ($000s) (e)				8,558,583
Enterprise value ($000s)				23,009,746

Total consolidated debt ($000s)				8,615,925
Gross assets ($000s) (f)				20,846,864
Liquidity ($000s) (g)				1,857,727

Pro rata net debt to enterprise value (c)				37.2		%
Pro rata net debt to adjusted EBITDA (annualized) (b) (c)				5.7x
Total consolidated debt to gross assets				41.3		%
Total consolidated secured debt to gross assets				4.8		%
Cash interest expense coverage ratio (b) (c)				5.7x

Weighted-average interest rate (c)				3.3		%
Weighted-average debt maturity (years) (c)				3.9

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

Real Estate Portfolio (Pro Rata)
ABR – total portfolio ($000s) (h)				$	1,469,750
ABR – unencumbered portfolio (% / $000s) (h) (i)	90.3% /			$	1,327,621
Number of net-leased properties				1,475
Number of operating properties (j)				100
Number of tenants – net-leased properties				398

ABR from top ten tenants as a % of total ABR – net-leased properties				19.0		%
ABR from investment grade tenants as a % of total ABR – net-leased properties (k)				29.9		%
Contractual same-store growth (l)				4.3		%

Net-leased properties – square footage (millions)				180.0

Occupancy – net-leased properties				99.0		%
Weighted-average lease term (years)				11.2

Investment volume – current quarter ($000s)				$	760,695
Dispositions – current quarter ($000s)				5,496

Maximum commitment for capital investments and commitments expected to be completed during 2023 ($000s)				51,381
Construction loan funding expected to be completed during 2023 ($000s)				45,042
Total capital investments, commitments and construction loan funding expected to be completed during 2023 ($000s)			96,423

________


						Investing for the Long Run® \| 1

W. P. Carey Inc.

Overview – Second Quarter 2023

(a)Includes immaterial amounts from our Investment Management segment.

(b)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.

(c)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.

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

(e)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.

(f)Gross assets represent consolidated total assets before accumulated depreciation on buildings and improvements. Gross assets are net of accumulated amortization on in-place lease intangible assets of $1.1 billion and above-market rent intangible assets of $509.2 million.

(g)Represents (i) availability under our Senior Unsecured Credit Facility (net of amounts reserved for standby letters of credit), (ii) consolidated cash and cash equivalents, and (iii) available proceeds under our equity forward sale agreements.

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

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

(j)Comprised of 85 self-storage properties, 13 hotels and two student housing properties.

(k)Percentage of portfolio is based on ABR, as of June 30, 2023. Includes tenants or guarantors with investment grade ratings (21.9%) and subsidiaries of non-guarantor parent companies with investment grade ratings (8.0%). 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.

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


						Investing for the Long Run® \| 2

W. P. Carey Inc.

Overview – Second Quarter 2023


Components of Net Asset Value

Dollars in thousands, except per share amounts.


Normalized Pro Rata Cash NOI (a) (b)	Three Months Ended Jun. 30, 2023		Year-to-Date Jun. 30, 2023
Net lease properties	$	364,407	$	700,867
Self-storage and other operating properties (c)	25,254		46,376
Total normalized pro rata cash NOI (a) (b)	$	389,661	$	747,243

Balance Sheet – Selected Information (Consolidated Unless Otherwise Stated)			As of Jun. 30, 2023
Assets
Book value of real estate excluded from normalized pro rata cash NOI (d)			$	157,325
Cash and cash equivalents			204,103
Las Vegas retail complex construction loan (e)			220,088
Other secured loans receivable, net			39,250
Other assets, net:
Investment in shares of Lineage Logistics (a cold storage REIT)			$	404,921
Straight-line rent adjustments			328,642
Restricted cash, including escrow			82,184
Deferred charges			63,821
Office lease right-of-use assets, net			56,372
Non-rent tenant and other receivables			51,482
Taxes receivable			45,958
Securities and derivatives			29,459
Prepaid expenses			28,615
Deferred income taxes			19,213
Leasehold improvements, furniture and fixtures			14,431
Rent receivables (f)			4,774
Due from affiliates			674
Other			24,399
Total other assets, net			$	1,154,945

Liabilities
Total pro rata debt outstanding (b) (g)			$	8,762,686
Dividends payable			232,461
Deferred income taxes			179,449
Accounts payable, accrued expenses and other liabilities:
Accounts payable and accrued expenses			$	152,454
Prepaid and deferred rents			151,931
Operating lease liabilities			145,564
Tenant security deposits			90,942
Accrued taxes payable			47,201
Other			55,738
Total accounts payable, accrued expenses and other liabilities			$	643,830

________

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

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

(c)Other operating properties include 13 hotels and two student housing properties.

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

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

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

(g)Excludes unamortized discount, net totaling $34.7 million and unamortized deferred financing costs totaling $23.9 million as of June 30, 2023.


						Investing for the Long Run® \| 3

W. P. Carey Inc.

Financial Results

Second Quarter 2023


						Investing for the Long Run® \| 4

W. P. Carey Inc.

Financial Results – Second Quarter 2023


Consolidated Statements of Income – Last Five Quarters

In thousands, except share and per share amounts.


	Three Months Ended
	Jun. 30, 2023		Mar. 31, 2023		Dec. 31, 2022		Sep. 30, 2022		Jun. 30, 2022
Revenues
Real Estate:
Lease revenues	$	369,124	$	352,336	$	347,636	$	331,902	$	314,354
Income from finance leases and loans receivable	27,311		20,755		17,472		20,637		17,778
Operating property revenues	50,676		40,886		28,951		21,350		5,064
Other lease-related income	5,040		13,373		8,083		8,192		2,591
	452,151		427,350		402,142		382,081		339,787
Investment Management:
Asset management revenue	303		339		383		1,197		3,467
Reimbursable costs from affiliates	124		101		104		344		1,143
	427		440		487		1,541		4,610
	452,578		427,790		402,629		383,622		344,397
Operating Expenses
Depreciation and amortization	143,548		156,409		140,749		132,181		115,080
Operating property expenses	26,919		21,249		11,719		9,357		3,191
General and administrative	24,788		26,448		22,728		22,299		20,841
Reimbursable tenant costs	20,523		21,976		21,084		18,874		16,704
Stock-based compensation expense	8,995		7,766		9,739		5,511		9,758
Property expenses, excluding reimbursable tenant costs	5,371		12,772		13,879		11,244		11,851
Merger and other expenses	1,419		24		2,058		17,667		1,984
Reimbursable costs from affiliates	124		101		104		344		1,143
Impairment charges — real estate	—		—		12,734		—		6,206
Impairment charges — Investment Management goodwill (a)	—		—		—		29,334		—
	231,687		246,745		234,794		246,811		186,758
Other Income and Expenses
Interest expense	(75,488)		(67,196)		(67,668)		(59,022)		(46,417)
Non-operating income (b)	4,509		4,626		6,526		9,263		5,974
Earnings from equity method investments	4,355		5,236		6,032		11,304		7,401
Gain (loss) on sale of real estate, net (c)	1,808		177,749		5,845		(4,736)		31,119
Other gains and (losses) (d)	(1,366)		8,100		97,059		(15,020)		(21,746)
Gain on change in control of interests (e)	—		—		—		33,931		—
	(66,182)		128,515		47,794		(24,280)		(23,669)
Income before income taxes	154,709		309,560		215,629		112,531		133,970
Provision for income taxes	(10,129)		(15,119)		(6,126)		(8,263)		(6,252)
Net Income	144,580		294,441		209,503		104,268		127,718
Net loss (income) attributable to noncontrolling interests	40		(61)		35		660		(40)
Net Income Attributable to W. P. Carey	$	144,620	$	294,380	$	209,538	$	104,928	$	127,678

Basic Earnings Per Share	$	0.67	$	1.39	$	1.00	$	0.52	$	0.66
Diluted Earnings Per Share	$	0.67	$	1.39	$	1.00	$	0.51	$	0.66
Weighted-Average Shares Outstanding
Basic	215,075,114		211,951,930		209,281,888		203,093,553		194,019,451
Diluted	215,184,485		212,345,047		209,822,650		204,098,116		194,763,695

Dividends Declared Per Share	$	1.069	$	1.067	$	1.065	$	1.061	$	1.059

________

(a)Amount for the three months ended September 30, 2022 represents an impairment charge recognized on goodwill within our Investment Management segment, since future Investment Management cash flows are expected to be minimal.

(b)Amount for the three months ended June 30, 2023 is comprised of realized gains on foreign currency exchange derivatives of $3.7 million and interest income on deposits of $0.8 million.

(c)Amount for the three months ended March 31, 2023 includes a gain on sale of real estate of $176.2 million recognized upon a related party of a tenant’s notice of its intention to repurchase a portfolio of 78 net-lease self-storage properties and the reclassification of the investment to net investments in sales-type leases.

(d)Amount for the three months ended June 30, 2023 is primarily comprised of net losses on foreign currency exchange rate movements of $(1.1) million.

(e)Amount for the three months ended September 30, 2022 represents gains recognized on (i) the remaining interests in four investments acquired in the CPA:18 Merger, which we had previously accounted for under the equity method, and (ii) our previously held interest in shares of CPA:18 – Global common stock in connection with the CPA:18 Merger.


						Investing for the Long Run® \| 5

W. P. Carey Inc.

Financial Results – Second Quarter 2023


Statements of Income, Real Estate – Last Five Quarters

In thousands, except share and per share amounts.


	Three Months Ended
	Jun. 30, 2023		Mar. 31, 2023		Dec. 31, 2022		Sep. 30, 2022		Jun. 30, 2022
Revenues
Lease revenues	$	369,124	$	352,336	$	347,636	$	331,902	$	314,354
Income from finance leases and loans receivable	27,311		20,755		17,472		20,637		17,778
Operating property revenues	50,676		40,886		28,951		21,350		5,064
Other lease-related income	5,040		13,373		8,083		8,192		2,591
	452,151		427,350		402,142		382,081		339,787
Operating Expenses
Depreciation and amortization	143,548		156,409		140,749		132,181		115,080
Operating property expenses	26,919		21,249		11,719		9,357		3,191
General and administrative	24,788		26,448		22,728		22,299		20,841
Reimbursable tenant costs	20,523		21,976		21,084		18,874		16,704
Stock-based compensation expense	8,995		7,766		9,739		5,511		9,758
Property expenses, excluding reimbursable tenant costs	5,371		12,772		13,879		11,244		11,851
Merger and other expenses	1,419		24		2,058		17,667		1,984
Impairment charges — real estate	—		—		12,734		—		6,206
	231,563		246,644		234,690		217,133		185,615
Other Income and Expenses
Interest expense	(75,488)		(67,196)		(67,668)		(59,022)		(46,417)
Non-operating income	4,509		4,613		6,508		9,264		5,975
Earnings (losses) from equity method investments in real estate	4,355		5,236		6,032		6,447		4,529
Gain (loss) on sale of real estate, net (a)	1,808		177,749		5,845		(4,736)		31,119
Other gains and (losses) (b)	(890)		7,586		96,846		(13,960)		(20,155)
Gain on change in control of interests (c)	—		—		—		11,405		—
	(65,706)		127,988		47,563		(50,602)		(24,949)
Income before income taxes	154,882		308,694		215,015		114,346		129,223
Provision for income taxes	(10,236)		(15,402)		(4,908)		(3,631)		(5,955)
Net Income from Real Estate	144,646		293,292		210,107		110,715		123,268
Net loss (income) attributable to noncontrolling interests	40		(61)		35		660		(40)
Net Income from Real Estate Attributable to W. P. Carey	$	144,686	$	293,231	$	210,142	$	111,375	$	123,228

Basic Earnings Per Share	$	0.67	$	1.38	$	1.00	$	0.55	$	0.64
Diluted Earnings Per Share	$	0.67	$	1.38	$	1.00	$	0.54	$	0.64
Weighted-Average Shares Outstanding
Basic	215,075,114		211,951,930		209,281,888		203,093,553		194,019,451
Diluted	215,184,485		212,345,047		209,822,650		204,098,116		194,763,695

________

(b)Amount for the three months ended June 30, 2023 is primarily comprised of net losses on foreign currency exchange rate movements of $(1.1) million.

(c)Amount for the three months ended September 30, 2022 represents a gain recognized on the remaining interests in four investments acquired in the CPA:18 Merger, which we had previously accounted for under the equity method.


						Investing for the Long Run® \| 6

W. P. Carey Inc.

Financial Results – Second Quarter 2023


Statements of Income, Investment Management – Last Five Quarters

In thousands, except share and per share amounts.


	Three Months Ended
	Jun. 30, 2023		Mar. 31, 2023		Dec. 31, 2022		Sep. 30, 2022		Jun. 30, 2022
Revenues
Asset management revenue	$	303	$	339	$	383	$	1,197	$	3,467
Reimbursable costs from affiliates	124		101		104		344		1,143
	427		440		487		1,541		4,610
Operating Expenses
Reimbursable costs from affiliates	124		101		104		344		1,143
Impairment charges — Investment Management goodwill (a)	—		—		—		29,334		—
	124		101		104		29,678		1,143
Other Income and Expenses
Other gains and (losses)	(476)		514		213		(1,060)		(1,591)
Non-operating income (loss)	—		13		18		(1)		(1)
Gain on change in control of interests (b)	—		—		—		22,526		—
Earnings from equity method investments in the Managed Programs	—		—		—		4,857		2,872
	(476)		527		231		26,322		1,280
(Loss) income before income taxes	(173)		866		614		(1,815)		4,747
Benefit from (provision for) income taxes	107		283		(1,218)		(4,632)		(297)
Net (Loss) Income from Investment Management Attributable to W. P. Carey	$	(66)	$	1,149	$	(604)	$	(6,447)	$	4,450

Basic Earnings (Loss) Per Share	$	0.00	$	0.01	$	0.00	$	(0.03)	$	0.02
Diluted Earnings (Loss) Per Share	$	0.00	$	0.01	$	0.00	$	(0.03)	$	0.02
Weighted-Average Shares Outstanding
Basic	215,075,114		211,951,930		209,281,888		203,093,553		194,019,451
Diluted	215,184,485		212,345,047		209,822,650		204,098,116		194,763,695

________

(b)Amount for the three months ended September 30, 2022 represents a gain recognized on our previously held interest in shares of CPA:18 – Global common stock in connection with the CPA:18 Merger.


						Investing for the Long Run® \| 7

W. P. Carey Inc.

Financial Results – Second Quarter 2023


FFO and AFFO, Consolidated – Last Five Quarters

In thousands, except share and per share amounts.


	Three Months Ended
	Jun. 30, 2023		Mar. 31, 2023		Dec. 31, 2022		Sep. 30, 2022		Jun. 30, 2022
Net income attributable to W. P. Carey	$	144,620	$	294,380	$	209,538	$	104,928	$	127,678
Adjustments:
Depreciation and amortization of real property	142,932		155,868		140,157		131,628		114,333
(Gain) loss on sale of real estate, net (a)	(1,808)		(177,749)		(5,845)		4,736		(31,119)
Impairment charges — real estate	—		—		12,734		—		6,206
Gain on change in control of interests (b)	—		—		—		(33,931)		—
Impairment charges — Investment Management goodwill (c)	—		—		—		29,334		—
Proportionate share of adjustments to earnings from equity method investments (d)	2,883		2,606		2,296		2,242		2,934
Proportionate share of adjustments for noncontrolling interests (e)	(268)		(299)		(294)		(189)		(4)
Total adjustments	143,739		(19,574)		149,048		133,820		92,350
FFO (as defined by NAREIT) Attributable to W. P. Carey (f)	288,359		274,806		358,586		238,748		220,028
Adjustments:
Straight-line and other leasing and financing adjustments	(19,086)		(15,050)		(14,766)		(14,326)		(14,492)
Stock-based compensation	8,995		7,766		9,739		5,511		9,758
Above- and below-market rent intangible lease amortization, net	8,824		10,861		8,652		11,186		10,548
Amortization of deferred financing costs	5,904		4,940		5,705		5,223		3,147
Tax (benefit) expense – deferred and other	(2,723)		4,366		(3,325)		1,163		(355)
Merger and other expenses	1,419		24		2,058		17,667		1,984
Other (gains) and losses (g)	1,366		(8,100)		(97,059)		15,020		21,746
Other amortization and non-cash items	527		472		490		359		530
Proportionate share of adjustments to earnings from equity method investments (d)	(255)		(926)		(319)		(2,156)		1,486
Proportionate share of adjustments for noncontrolling interests (e)	(24)		60		(85)		(673)		(6)
Total adjustments	4,947		4,413		(88,910)		38,974		34,346
AFFO Attributable to W. P. Carey (f)	$	293,306	$	279,219	$	269,676	$	277,722	$	254,374

Summary
FFO (as defined by NAREIT) attributable to W. P. Carey (f)	$	288,359	$	274,806	$	358,586	$	238,748	$	220,028
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share (f)	$	1.34	$	1.29	$	1.70	$	1.17	$	1.13
AFFO attributable to W. P. Carey (f)	$	293,306	$	279,219	$	269,676	$	277,722	$	254,374
AFFO attributable to W. P. Carey per diluted share (f)	$	1.36	$	1.31	$	1.29	$	1.36	$	1.31
Diluted weighted-average shares outstanding	215,184,485		212,345,047		209,822,650		204,098,116		194,763,695

________

(b)Amount for the three months ended September 30, 2022 represents gains recognized on (i) the remaining interests in four investments acquired in the CPA:18 Merger, which we had previously accounted for under the equity method, and (ii) our previously held interest in shares of CPA:18 – Global common stock in connection with the CPA:18 Merger.

(c)Amount for the three months ended September 30, 2022 represents an impairment charge recognized on goodwill within our Investment Management segment, since future Investment Management cash flows are expected to be minimal.

(d)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.

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

(f)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.

(g)Amount for the three months ended June 30, 2023 is primarily comprised of net losses on foreign currency exchange rate movements of $(1.1) million.


						Investing for the Long Run® \| 8

W. P. Carey Inc.

Financial Results – Second Quarter 2023


FFO and AFFO, Real Estate – Last Five Quarters

In thousands, except share and per share amounts.


	Three Months Ended
	Jun. 30, 2023		Mar. 31, 2023		Dec. 31, 2022		Sep. 30, 2022		Jun. 30, 2022
Net income from Real Estate attributable to W. P. Carey	$	144,686	$	293,231	$	210,142	$	111,375	$	123,228
Adjustments:
Depreciation and amortization of real property	142,932		155,868		140,157		131,628		114,333
(Gain) loss on sale of real estate, net (a)	(1,808)		(177,749)		(5,845)		4,736		(31,119)
Impairment charges — real estate	—		—		12,734		—		6,206
Gain on change in control of interests (b)	—		—		—		(11,405)		—
Proportionate share of adjustments to earnings from equity method investments (c)	2,883		2,606		2,296		2,242		2,934
Proportionate share of adjustments for noncontrolling interests (d)	(268)		(299)		(294)		(189)		(4)
Total adjustments	143,739		(19,574)		149,048		127,012		92,350
FFO (as defined by NAREIT) Attributable to W. P. Carey – Real Estate (e)	288,425		273,657		359,190		238,387		215,578
Adjustments:
Straight-line and other leasing and financing adjustments	(19,086)		(15,050)		(14,766)		(14,326)		(14,492)
Stock-based compensation	8,995		7,766		9,739		5,511		9,758
Above- and below-market rent intangible lease amortization, net	8,824		10,861		8,652		11,186		10,548
Amortization of deferred financing costs	5,904		4,940		5,705		5,223		3,147
Tax (benefit) expense – deferred and other	(2,723)		4,366		(3,862)		(2,789)		(324)
Merger and other expenses	1,419		24		2,058		17,667		1,984
Other (gains) and losses (f)	890		(7,586)		(96,846)		13,960		20,155
Other amortization and non-cash items	527		472		490		359		530
Proportionate share of adjustments to earnings from equity method investments (c)	(255)		(926)		(320)		(938)		368
Proportionate share of adjustments for noncontrolling interests (d)	(24)		60		(85)		(673)		(6)
Total adjustments	4,471		4,927		(89,235)		35,180		31,668
AFFO Attributable to W. P. Carey – Real Estate (e)	$	292,896	$	278,584	$	269,955	$	273,567	$	247,246

Summary
FFO (as defined by NAREIT) attributable to W. P. Carey – Real Estate (e)	$	288,425	$	273,657	$	359,190	$	238,387	$	215,578
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share – Real Estate (e)	$	1.34	$	1.29	$	1.70	$	1.17	$	1.11
AFFO attributable to W. P. Carey – Real Estate (e)	$	292,896	$	278,584	$	269,955	$	273,567	$	247,246
AFFO attributable to W. P. Carey per diluted share – Real Estate (e)	$	1.36	$	1.31	$	1.29	$	1.34	$	1.27
Diluted weighted-average shares outstanding	215,184,485		212,345,047		209,822,650		204,098,116		194,763,695

________

(b)Amount for the three months ended September 30, 2022 represents a gain recognized on the remaining interests in four investments acquired in the CPA:18 Merger, which we had previously accounted for under the equity method.

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

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

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

(f)Amount for the three months ended June 30, 2023 is primarily comprised of net losses on foreign currency exchange rate movements of $(1.1) million.


						Investing for the Long Run® \| 9

W. P. Carey Inc.

Financial Results – Second Quarter 2023


FFO and AFFO, Investment Management – Last Five Quarters

In thousands, except share and per share amounts.


	Three Months Ended
	Jun. 30, 2023		Mar. 31, 2023		Dec. 31, 2022		Sep. 30, 2022		Jun. 30, 2022
Net (loss) income from Investment Management attributable to W. P. Carey	$	(66)	$	1,149	$	(604)	$	(6,447)	$	4,450
Adjustments:
Impairment charges — Investment Management goodwill (a)	—		—		—		29,334		—
Gain on change in control of interests (b)	—		—		—		(22,526)		—
Total adjustments	—		—		—		6,808		—
FFO (as defined by NAREIT) Attributable to W. P. Carey – Investment Management (c)	(66)		1,149		(604)		361		4,450
Adjustments:
Other (gains) and losses	476		(514)		(213)		1,060		1,591
Tax expense (benefit) – deferred and other	—		—		537		3,952		(31)
Proportionate share of adjustments to earnings from equity method investments (d)	—		—		1		(1,218)		1,118
Total adjustments	476		(514)		325		3,794		2,678
AFFO Attributable to W. P. Carey – Investment Management (c)	$	410	$	635	$	(279)	$	4,155	$	7,128

Summary
FFO (as defined by NAREIT) attributable to W. P. Carey – Investment Management (c)	$	(66)	$	1,149	$	(604)	$	361	$	4,450
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share – Investment Management (c)	$	0.00	$	0.00	$	0.00	$	0.00	$	0.02
AFFO attributable to W. P. Carey – Investment Management (c)	$	410	$	635	$	(279)	$	4,155	$	7,128
AFFO attributable to W. P. Carey per diluted share – Investment Management (c)	$	0.00	$	0.00	$	0.00	$	0.02	$	0.04
Diluted weighted-average shares outstanding	215,184,485		212,345,047		209,822,650		204,098,116		194,763,695

________

(b)Amount for the three months ended September 30, 2022 represents a gain recognized on our previously held interest in shares of CPA:18 – Global common stock in connection with the CPA:18 Merger.

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


						Investing for the Long Run® \| 10

W. P. Carey Inc.

Financial Results – Second Quarter 2023


Elements of Pro Rata Statement of Income and AFFO Adjustments

In thousands. For the three months ended June 30, 2023.

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	$	4,412	$	(387)	$	(12,519)	(c)
Income from finance leases and loans receivable	—		—		494
Operating property revenues:
Hotel revenues	—		—		—
Self-storage revenues	2,392		—		—
Student housing revenues	—		(143)		—
Other lease-related income	6		—		—

Investment Management:
Asset management revenue	—		—		—
Reimbursable costs from affiliates	—		—		—

Operating Expenses
Depreciation and amortization	2,728		(268)		(145,480)		(d)

Operating property expenses:
Hotel expenses	—		—		—
Self-storage expenses	841		—		(28)
Student housing expenses	—		(61)		—
General and administrative	—		—		—
Reimbursable tenant costs	265		(63)		—
Stock-based compensation expense	—		—		(8,995)		(e)
Property expenses, excluding reimbursable tenant costs	117		(24)		(409)		(e)
Merger and other expenses	—		—		(1,419)
Reimbursable costs from affiliates	—		—		—

Other Income and Expenses
Interest expense	(395)		92		5,902		(f)
Non-operating income	21		(4)		—
Earnings from equity method investments:
Income related to joint ventures	(2,481)		—		1,602		(g)
Gain on sale of real estate, net	—		—		(1,808)
Other gains and (losses)	64		38		1,263		(h)

Provision for income taxes	(68)		(58)		(2,579)		(i)
Net income attributable to noncontrolling interests	—		46		—

________

(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 $8.8 million and the elimination of non-cash amounts related to straight-line rent and other of $21.3 million.

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

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

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

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

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

(i)Primarily represents the elimination of deferred taxes.


						Investing for the Long Run® \| 11

W. P. Carey Inc.

Financial Results – Second Quarter 2023


Capital Expenditures

In thousands. For the three months ended June 30, 2023.


Tenant Improvements and Leasing Costs
Tenant improvements	$	3,394
Leasing costs	4,550
Tenant Improvements and Leasing Costs	7,944

Maintenance Capital Expenditures
Net-lease properties	452
Operating properties	1,061
Maintenance Capital Expenditures	1,513

Total: Tenant Improvements and Leasing Costs, and Maintenance Capital Expenditures	$	9,457

Non-Maintenance Capital Expenditures
Net-lease properties	$	7
Operating properties	—
Non-Maintenance Capital Expenditures	$	7

Other Capital Expenditures
Net-lease properties	$	683
Operating properties	—
Other Capital Expenditures	$	683


						Investing for the Long Run® \| 12

W. P. Carey Inc.

Balance Sheets and Capitalization

Second Quarter 2023


						Investing for the Long Run® \| 13

W. P. Carey Inc.

Balance Sheets and Capitalization – Second Quarter 2023


Consolidated Balance Sheets

In thousands, except share and per share amounts.



	June 30, 2023		December 31, 2022
Assets
Investments in real estate:
Land, buildings and improvements — net lease and other	$	13,563,837	$	13,338,857
Land, buildings and improvements — operating properties	1,334,501		1,095,892
Net investments in finance leases and loans receivable	1,222,439		771,761
In-place lease intangible assets and other	2,748,013		2,659,750
Above-market rent intangible assets	806,619		833,751
Investments in real estate	19,675,409		18,700,011
Accumulated depreciation and amortization (a)	(3,378,385)		(3,269,057)
Assets held for sale, net	43,002		57,944
Net investments in real estate	16,340,026		15,488,898
Equity method investments	340,285		327,502
Cash and cash equivalents	204,103		167,996
Other assets, net	1,154,945		1,080,227
Goodwill	1,036,966		1,037,412
Total assets	$	19,076,325	$	18,102,035

Liabilities and Equity
Debt:
Senior unsecured notes, net	$	5,978,294	$	5,916,400
Unsecured term loans, net	1,113,491		552,539
Unsecured revolving credit facility	528,705		276,392
Non-recourse mortgages, net	995,435		1,132,417
Debt, net	8,615,925		7,877,748
Accounts payable, accrued expenses and other liabilities	643,830		623,843
Below-market rent and other intangible liabilities, net	157,728		184,584
Deferred income taxes	179,449		178,959
Dividends payable	232,461		228,257
Total liabilities	9,829,393		9,093,391

Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued	—		—
Common stock, $0.001 par value, 450,000,000 shares authorized; 213,901,170 and 210,620,949 shares, respectively, issued and outstanding	214		211
Additional paid-in capital	11,959,060		11,706,836
Distributions in excess of accumulated earnings	(2,510,816)		(2,486,633)
Deferred compensation obligation	62,046		57,012
Accumulated other comprehensive loss	(279,931)		(283,780)
Total stockholders' equity	9,230,573		8,993,646
Noncontrolling interests	16,359		14,998
Total equity	9,246,932		9,008,644
Total liabilities and equity	$	19,076,325	$	18,102,035

________


						Investing for the Long Run® \| 14

W. P. Carey Inc.

Balance Sheets and Capitalization – Second Quarter 2023


Capitalization

In thousands, except share and per share amounts. As of June 30, 2023.


Description	Shares	Share Price		Market Value
Equity
Common equity	213,901,170	$	67.56	$	14,451,163
Preferred equity				—
Total Equity Market Capitalization				14,451,163

				Outstanding Balance (a)
Pro Rata Debt
Non-recourse mortgages				1,091,262
Unsecured term loans (due February 20, 2025)				575,444
Unsecured term loans (due April 24, 2026)				543,300
Unsecured revolving credit facility (due February 20, 2025)				528,705
Senior unsecured notes:
Due April 1, 2024 (USD)				500,000
Due July 19, 2024 (EUR)				543,300
Due February 1, 2025 (USD)				450,000
Due April 9, 2026 (EUR)				543,300
Due October 1, 2026 (USD)				350,000
Due April 15, 2027 (EUR)				543,300
Due April 15, 2028 (EUR)				543,300
Due July 15, 2029 (USD)				325,000
Due September 28, 2029 (EUR)				162,990
Due June 1, 2030 (EUR)				570,465
Due February 1, 2031 (USD)				500,000
Due February 1, 2032 (USD)				350,000
Due September 28, 2032 (EUR)				217,320
Due April 1, 2033 (USD)				425,000
Total Pro Rata Debt				8,762,686

Total Capitalization				$	23,213,849

________

(a)Excludes unamortized discount, net totaling $34.7 million and unamortized deferred financing costs totaling $23.9 million as of June 30, 2023.


						Investing for the Long Run® \| 15

W. P. Carey Inc.

Balance Sheets and Capitalization – Second Quarter 2023


Debt Overview

Dollars in thousands. Pro rata. As of June 30, 2023.


	USD-Denominated				EUR-Denominated				Other Currencies (a)				Total
													Outstanding Balance
	Out-standing Balance (in USD)		Weigh-ted Avg. Interest Rate		Out-standing Balance (in USD)		Weigh-ted Avg. Interest Rate		Out-standing Balance (in USD)		Weigh-ted Avg. Interest Rate		Amount (in USD)		% of Total		Weigh-ted Avg. Interest Rate		Weigh-ted Avg. Maturity (Years)
Non-Recourse Debt (b) (c)
Fixed (d)	$	661,226	4.8	%	$	221,317	2.7	%	$	45,589	4.2	%	$	928,132	10.6	%	4.3	%	1.5
Variable:
Floating	—		—	%	112,330		5.0	%	39,613		4.6	%	151,943		1.8	%	4.9	%	1.2
Capped	—		—	%	11,187		4.6	%	—		—	%	11,187		0.1	%	4.6	%	0.1
Total Pro Rata Non-Recourse Debt	661,226		4.8	%	344,834		3.5	%	85,202		4.4	%	1,091,262		12.5	%	4.3	%	1.5

Recourse Debt (b) (c)
Fixed – Senior unsecured notes:
Due April 1, 2024	500,000		4.6	%	—		—	%	—		—	%	500,000		5.7	%	4.6	%	0.8
Due July 19, 2024	—		—	%	543,300		2.3	%	—		—	%	543,300		6.2	%	2.3	%	1.1
Due February 1, 2025	450,000		4.0	%	—		—	%	—		—	%	450,000		5.1	%	4.0	%	1.6
Due April 9, 2026	—		—	%	543,300		2.3	%	—		—	%	543,300		6.2	%	2.3	%	2.8
Due October 1, 2026	350,000		4.3	%	—		—	%	—		—	%	350,000		4.0	%	4.3	%	3.3
Due April 15, 2027	—		—	%	543,300		2.1	%	—		—	%	543,300		6.2	%	2.1	%	3.8
Due April 15, 2028	—		—	%	543,300		1.4	%	—		—	%	543,300		6.2	%	1.4	%	4.8
Due July 15, 2029	325,000		3.9	%	—		—	%	—		—	%	325,000		3.7	%	3.9	%	6.0
Due September 28, 2029	—		—	%	162,990		3.4	%	—		—	%	162,990		1.9	%	3.4	%	6.3
Due June 1, 2030	—		—	%	570,465		1.0	%	—		—	%	570,465		6.5	%	1.0	%	6.9
Due February 1, 2031	500,000		2.4	%	—		—	%	—		—	%	500,000		5.7	%	2.4	%	7.6
Due February 1, 2032	350,000		2.5	%	—		—	%	—		—	%	350,000		4.0	%	2.5	%	8.6
Due September 28, 2032	—		—	%	217,320		3.7	%	—		—	%	217,320		2.5	%	3.7	%	9.3
Due April 1, 2033	425,000		2.3	%	—		—	%	—		—	%	425,000		4.8	%	2.3	%	9.8
Total Senior Unsecured Notes	2,900,000		3.4	%	3,123,975		2.0	%	—		—	%	6,023,975		68.7	%	2.7	%	4.8
Swapped to Fixed:
Unsecured term loans (due April 24, 2026) (e)	—		—	%	543,300		4.3	%	—		—	%	543,300		6.2	%	4.3	%	2.8
Variable:
Unsecured term loans (due February 20, 2025) (f)	—		—	%	233,619		4.4	%	341,825		5.8	%	575,444		6.6	%	5.3	%	1.6
Unsecured revolving credit facility (due February 20, 2025) (g)	110,000		5.9	%	402,042		4.2	%	16,663		0.9	%	528,705		6.0	%	4.5	%	1.6
Total Recourse Debt	3,010,000		3.5	%	4,302,936		2.6	%	358,488		5.6	%	7,671,424		87.5	%	3.1	%	4.2

Total Pro Rata Debt Outstanding	$	3,671,226	3.7	%	$	4,647,770	2.7	%	$	443,690	5.3	%	$	8,762,686	100.0	%	3.3	%	3.9

________

(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 $34.7 million and unamortized deferred financing costs totaling $23.9 million as of June 30, 2023.

(d)Includes $155.4 million of non-recourse mortgage debt which is swapped to fixed-rate through mortgage maturity.

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

(f)We incurred interest at SONIA or EURIBOR, plus 0.85% for both base rates, on our Unsecured term loans. SONIA includes a spread adjustment of 0.0326%.

(g)Depending on the currency, we incurred interest on our Unsecured revolving credit facility at EURIBOR, SOFR or TIBOR, plus 0.775% for all base rates. Each has a floor of 0.00% under the terms of our credit agreement. SOFR includes a spread adjustment of 0.10%. Availability under our Unsecured revolving credit facility (net of amounts reserved for standby letters of credit) was approximately $1.3 billion as of June 30, 2023.


						Investing for the Long Run® \| 16

W. P. Carey Inc.

Balance Sheets and Capitalization – Second Quarter 2023


Debt Maturity

Dollars in thousands. Pro rata. As of June 30, 2023.


	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 2023	14	$	36,648	4.4	%	$	265,329	$	265,706	3.0	%
2024	51	38,165		3.9	%	254,065		258,581		3.0	%
2025	48	46,219		4.4	%	404,494		422,744		4.8	%
2026	20	17,937		4.9	%	97,760		113,664		1.3	%
2027	1	—		4.3	%	21,450		21,450		0.3	%
2031	1	1,054		6.0	%	—		2,792		—	%
2033	1	1,375		5.6	%	1,671		3,777		0.1	%
2039	1	731		5.3	%	—		2,548		—	%
Total Pro Rata Non-Recourse Debt	137	$	142,129	4.3	%	$	1,044,769	1,091,262		12.5	%

Recourse Debt
Fixed – Senior unsecured notes:
Due April 1, 2024 (USD)				4.6	%			500,000		5.7	%
Due July 19, 2024 (EUR)				2.3	%			543,300		6.2	%
Due February 1, 2025 (USD)				4.0	%			450,000		5.1	%
Due April 9, 2026 (EUR)				2.3	%			543,300		6.2	%
Due October 1, 2026 (USD)				4.3	%			350,000		4.0	%
Due April 15, 2027 (EUR)				2.1	%			543,300		6.2	%
Due April 15, 2028 (EUR)				1.4	%			543,300		6.2	%
Due July 15, 2029 (USD)				3.9	%			325,000		3.7	%
Due September 28, 2029 (EUR)				3.4	%			162,990		1.9	%
Due June 1, 2030 (EUR)				1.0	%			570,465		6.5	%
Due February 1, 2031 (USD)				2.4	%			500,000		5.7	%
Due February 1, 2032 (USD)				2.5	%			350,000		4.0	%
Due September 28, 2032 (EUR)				3.7	%			217,320		2.5	%
Due April 1, 2033 (USD)				2.3	%			425,000		4.8	%
Total Senior Unsecured Notes				2.7	%			6,023,975		68.7	%
Swapped to Fixed:
Unsecured term loans (due April 24, 2026) (d)				4.3	%			543,300		6.2	%
Variable:
Unsecured term loans (due February 20, 2025) (e)				5.3	%			575,444		6.6	%
Unsecured revolving credit facility (due February 20, 2025) (f)				4.5	%			528,705		6.0	%
Total Recourse Debt				3.1	%			7,671,424		87.5	%

Total Pro Rata Debt Outstanding				3.3	%			$	8,762,686	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 $34.7 million and unamortized deferred financing costs totaling $23.9 million as of June 30, 2023.

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

(e)We incurred interest at SONIA or EURIBOR, plus 0.85% for both base rates, on our Unsecured term loans. SONIA includes a spread adjustment of 0.0326%.

(f)Depending on the currency, we incurred interest on our Unsecured revolving credit facility at EURIBOR, SOFR, or TIBOR, plus 0.775% for all base rates. Each has a floor of 0.00% under the terms of our credit agreement. SOFR includes a spread adjustment of 0.10%. Availability under our Unsecured revolving credit facility (net of amounts reserved for standby letters of credit) was approximately $1.3 billion as of June 30, 2023.


						Investing for the Long Run® \| 17

W. P. Carey Inc.

Balance Sheets and Capitalization – Second Quarter 2023


Senior Unsecured Notes

As of June 30, 2023.

Ratings

Issuer

Senior Unsecured Notes

Ratings Agency

Rating

Outlook

Rating

Moody's

Baa1

Stable

Baa1

Standard & Poor’s

BBB+

Stable

BBB+

Senior Unsecured Note Covenants

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

Covenant

Metric

Required

As of Jun. 30, 2023

Limitation on the incurrence of debt

"Total Debt" /
"Total Assets"

≤ 60%

40.9%

Limitation on the incurrence of secured debt

"Secured Debt" /
"Total Assets"

≤ 40%

4.7%

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

"Consolidated EBITDA" /
"Annual Debt Service Charge"

≥ 1.5x

5.2x

Maintenance of unencumbered asset value

"Unencumbered Assets" / "Total Unsecured Debt"

≥ 150%

234.2%


						Investing for the Long Run® \| 18

W. P. Carey Inc.

Real Estate

Second Quarter 2023


						Investing for the Long Run® \| 19

W. P. Carey Inc.

Real Estate – Second Quarter 2023


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, 2023		Total Funded Through Jun. 30, 2023		Maximum Commitment / Gross Investment Amount
Tenant	Location										Remaining		Total
Chattem, Inc.	Chattanooga, TN	Expansion	Warehouse	Q3 2023	120,000	10	$	5,837	$	5,837	$	20,715	$	26,552
Unchained Labs, LLC	Pleasanton, CA	Redevelopment	Laboratory	Q3 2023	N/A	16	6,459		12,694		1,203		13,897
TWAS Holdings, LLC (2 properties) (c)	Various, United States	Purchase Commitment	Retail (Car Wash)	Q3 2023	8,614	20	—		—		8,650		8,650
Hellweg Die Profi-Baumärkte GmbH & Co. KG (2 properties) (d)	Various, Germany	Renovation	Retail	Q4 2023	N/A	14	—		—		2,282		2,282
Expected Completion Date 2023 Total					128,614	15	12,296		18,531		32,850		51,381

Terran Orbital Corporation	Irvine, CA	Redevelopment	Industrial	Q1 2024	94,195	10	970		1,744		13,356		15,100
Hexagon Composites ASA	Salisbury, NC	Expansion	Industrial	Q1 2024	113,000	15	3,137		3,137		10,663		13,800
Storage Space	Little Rock, AR	Expansion	Self-Storage (Operating)	Q2 2024	59,850	N/A	—		—		3,570		3,570
Fraikin SAS (d)	Various, France	Renovation	Industrial	Q4 2024	N/A	17	—		—		7,498		7,498
Outfront Media, LLC (6 properties)	Various, NJ	Build-to-Suit	Outdoor Advertising	Various	N/A	30	—		7,272		474		7,746
Expected Completion Date 2024 Total					267,045	15	4,107		12,153		35,561		47,714

ZF Friedrichshafen AG (e)	Washington, MI	Redevelopment	Research and Development	Q1 2025	81,200	20	713		893		45,689		46,611
Expected Completion Date 2025 Total					81,200	20	713		893		45,689		46,611

Capital Investments and Commitments Total					476,859	16	$	17,116	$	31,577	$	114,100	$	145,706

________

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

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

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


						Investing for the Long Run® \| 20

W. P. Carey Inc.

Real Estate – Second Quarter 2023


Investment Activity – Investment Volume

Dollars in thousands. Pro rata. For the six months ended June 30, 2023.

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)

1Q23

Plaskolite, LLC (6 properties)

Various, United States

Industrial

Jan-23

64,861

Sale-leaseback

931,521

Siderforgerossi Group S.P.A. (8 properties) (b)

Various, Italy (5 properties) and Spain (3 properties)

Industrial

Mar-23

79,218

Sale-leaseback

1,256,209

Berry Global Inc. (2 properties)

Evansville, IN and Lawrence, KS

Industrial

Mar-23

20,000

Renovation

N/A

1Q23 Total

164,079

2,187,730

2Q23

Apotex Pharmaceutical Holdings (11 properties)

Various, Canada

Industrial, Warehouse

Apr-23

467,811

Sale-leaseback

2,268,417

ABC Technologies Holdings Inc. (9 properties) (c)

Various, United States (4 properties), Canada (3 properties), and Mexico (2 properties)

Industrial

Apr-23

97,952

Sale-leaseback

1,225,951

TWAS Holdings, LLC (9 properties)

Various, United States

Retail (Car Wash)

May-23

39,713

Sale-leaseback

33,433

Bear Holdings, LP (4 properties)

Various, United States

Education (Medical School)

Jun-23

139,092

Sale-leaseback

410,332

Storage Space (d)

Little Rock, AR

Self-Storage (Operating)

Jun-23

6,166

Operating

N/A

55,850

2Q23 Total

750,734

3,993,983

Year-to-Date Total

914,813

6,181,713


		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	$	9,961	$	23,677	Q4 2023	$	216,845	$	261,887
Total					23,677

Year-to-Date Total Investment Volume					$	938,490

________

(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)Amount includes $3.1 million for an expansion at a property leased to this tenant that we already own.

(d)We also committed to fund an additional $3.6 million for an expansion at this facility, which is expected to be completed in the second quarter of 2024.

(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 Run® \| 21

W. P. Carey Inc.

Real Estate – Second Quarter 2023


Investment Activity – Dispositions

Dollars in thousands. Pro rata. For the six months ended June 30, 2023.

Tenant / Lease Guarantor

Property Location(s)

Gross Sale Price

Closing Date

Property Type(s)

Gross Square Footage

1Q23

Adler Modemarkte AG (a)

Haibach, Germany

11,151

Jan-23

Office

180,909

Vacant

Columbus, GA

8,000

Feb-23

Industrial

273,667

Vacant

Bloomington, MN

3,150

Mar-23

Office

221,800

Vacant

Chicago, IL

17,500

Mar-23

Office

178,490

Vacant

Virginia, MN

2,900

Mar-23

Office

62,973

1Q23 Total

42,701

917,839

2Q23

Vacant (a)

Doncaster, United Kingdom

945

May-23

Land

N/A

Vacant (formerly Pendragon PLC) (a)

West Bromwich, United Kingdom

3,285

May-23

Retail

23,236

Vacant (formerly Pendragon PLC) (a)

Cardiff, United Kingdom

1,266

Jun-23

Retail

14,894

2Q23 Total

5,496

38,130

Year-to-Date Total Dispositions

48,197

955,969

________

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


						Investing for the Long Run® \| 22

W. P. Carey Inc.

Real Estate – Second Quarter 2023


Joint Ventures

Dollars in thousands. As of June 30, 2023.


Joint Venture or JV (Principal Tenant)	JV Partnership		Consolidated				Pro Rata (a)
	Asset Type	WPC %	Debt Outstanding (b)		ABR		Debt Outstanding (c)		ABR
Unconsolidated Joint Venture (Equity Method Investment) (d)
Harmon Retail Corner	Common equity interest	15.00%	$	143,000	$	—	$	21,450	$	—
Kesko Senukai (e)	Net lease	70.00%	106,606		15,833		74,624		11,083
Johnson Self Storage	Self-storage operating	90.00%	—		N/A		—		N/A
Total Unconsolidated Joint Ventures			249,606		15,833		96,074		11,083

Consolidated Joint Ventures
COOP Ost SA (e)	Net lease	90.10%	50,598		6,626		45,589		5,970
Fentonir Trading & Investments Limited (e)	Net lease	94.90%	46,181		8,346		43,825		7,921
State of Iowa Board of Regents	Net lease	90.00%	6,205		4,258		5,585		3,833
McCoy-Rockford, Inc.	Net lease	90.00%	—		932		—		839
Austin, TX Student Housing	Student housing operating	90.00%	—		N/A		—		N/A
Total Consolidated Joint Ventures			102,984		20,162		94,999		18,563
Total Unconsolidated and Consolidated Joint Ventures			$	352,590	$	35,995	$	191,073	$	29,646

________

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

(b)Excludes unamortized discount, net totaling $0.9 million and unamortized deferred financing costs totaling $0.4 million as of June 30, 2023.

(c)Excludes unamortized discount, net totaling $0.8 million and unamortized deferred financing costs totaling less than $0.1 million as of June 30, 2023.

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

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


						Investing for the Long Run® \| 23

W. P. Carey Inc.

Real Estate – Second Quarter 2023


Top Ten Tenants

Dollars in thousands. Pro rata. As of June 30, 2023.


Tenant / Lease Guarantor	Description	Number of Properties	ABR		ABR %		Weighted-Average Lease Term (Years)
U-Haul Moving Partners Inc. and Mercury Partners, LP (a)	Net lease self-storage properties in the U.S.	78	$	38,751	2.6	%	0.8
State of Andalucía (b)	Government office properties in Spain	70	31,997		2.2	%	11.5
Apotex Pharmaceutical Holdings Inc. (c)	Pharmaceutical R&D and advanced manufacturing properties in Canada	11	31,528		2.1	%	19.8
Metro Cash & Carry Italia S.p.A. (b)	Business-to-business wholesale stores in Italy and Germany	20	29,686		2.0	%	5.2
Hellweg Die Profi-Baumärkte GmbH & Co. KG (b)	Do-it-yourself retail properties in Germany	35	29,680		2.0	%	13.7
Extra Space Storage, Inc.	Net lease self-storage properties in the U.S.	27	25,036		1.7	%	20.8
OBI Group (b)	Do-it-yourself retail properties in Poland	26	24,348		1.7	%	8.0
ABC Technologies Holdings Inc. (d)	Automotive component manufacturing properties in North America	23	24,251		1.7	%	19.8
Nord Anglia Education, Inc.	K-12 private schools in the U.S.	3	22,245		1.5	%	20.2
Fortenova Grupa d.d. (b)	Grocery stores and warehouses in Croatia	19	21,994		1.5	%	10.8
Total (e)		312	$	279,516	19.0	%	12.4

________

(a)As of June 30, 2023, Mercury Partners, LP (a related party of U-Haul Moving Partners Inc.) provided notice that it intends to exercise its option to repurchase the 78 properties it is leasing.

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

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

(d)Of the 23 properties leased to ABC Technologies Holdings Inc., nine are located in Canada, eight are located in the United States, and six are located in Mexico. ABR from the properties in Canada and Mexico is denominated in U.S. dollars.

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


						Investing for the Long Run® \| 24

W. P. Carey Inc.

Real Estate – Second Quarter 2023


Diversification by Property Type

In thousands, except percentages. Pro rata. As of June 30, 2023.


	Total Net-Lease Portfolio
Property Type	ABR		ABR %		Square Footage (a)	Square Footage %
U.S.
Industrial	$	312,960	21.3	%	53,207	29.6	%
Warehouse	210,091		14.3	%	42,274	23.5	%
Retail (b)	48,593		3.3	%	2,801	1.6	%
Office	151,172		10.3	%	9,610	5.3	%
Self Storage (net lease)	63,786		4.3	%	5,810	3.2	%
Other (c)	109,737		7.5	%	5,081	2.8	%
U.S. Total	896,339		61.0	%	118,783	66.0	%

International
Industrial	114,835		7.8	%	14,798	8.2	%
Warehouse	135,226		9.2	%	20,737	11.5	%
Retail (b)	199,265		13.6	%	17,466	9.7	%
Office	86,152		5.8	%	6,461	3.6	%
Self Storage (net lease)	—		—	%	—	—	%
Other (c)	37,933		2.6	%	1,774	1.0	%
International Total	573,411		39.0	%	61,236	34.0	%

Total
Industrial	427,795		29.1	%	68,005	37.8	%
Warehouse	345,317		23.5	%	63,011	35.0	%
Retail (b)	247,858		16.9	%	20,267	11.3	%
Office	237,324		16.1	%	16,071	8.9	%
Self Storage (net lease)	63,786		4.3	%	5,810	3.2	%
Other (c)	147,670		10.1	%	6,855	3.8	%
Total (d)	$	1,469,750	100.0	%	180,019	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, specialty, research and development, fitness facility, student housing (net lease), theater, funeral home, restaurant, land, outdoor advertising and parking.

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


						Investing for the Long Run® \| 25

W. P. Carey Inc.

Real Estate – Second Quarter 2023


Diversification by Tenant Industry

In thousands, except percentages. Pro rata. As of June 30, 2023.


	Total Net-Lease Portfolio
Industry Type	ABR		ABR %		Square Footage	Square Footage %
Retail Stores (a)	$	296,390	20.2	%	36,258	20.1	%
Consumer Services	127,046		8.6	%	8,511	4.7	%
Beverage and Food	108,860		7.4	%	15,759	8.8	%
Automotive	95,549		6.5	%	14,648	8.1	%
Healthcare and Pharmaceuticals	88,412		6.0	%	7,825	4.4	%
Grocery	88,380		6.0	%	8,404	4.7	%
Cargo Transportation	65,929		4.5	%	9,550	5.3	%
Capital Equipment	56,603		3.9	%	8,459	4.7	%
Containers, Packaging, and Glass	49,899		3.4	%	8,266	4.6	%
Construction and Building	48,689		3.3	%	9,233	5.1	%
Business Services	48,672		3.3	%	4,113	2.3	%
Durable Consumer Goods	47,153		3.2	%	10,299	5.7	%
Sovereign and Public Finance	45,595		3.1	%	3,560	2.0	%
Hotel and Leisure	41,562		2.8	%	2,024	1.1	%
High Tech Industries	35,590		2.4	%	3,486	1.9	%
Chemicals, Plastics, and Rubber	35,249		2.4	%	6,186	3.4	%
Insurance	30,730		2.1	%	1,961	1.1	%
Telecommunications	26,710		1.8	%	2,137	1.2	%
Metals	26,096		1.8	%	4,515	2.5	%
Non-Durable Consumer Goods	25,614		1.7	%	5,971	3.3	%
Banking	15,543		1.1	%	1,006	0.6	%
Other (b)	65,479		4.5	%	7,848	4.4	%
Total (c)	$	1,469,750	100.0	%	180,019	100.0	%

________

(a)Includes automotive dealerships.

(b)Includes ABR from tenants in the following industries: aerospace and defense, wholesale, media: advertising, printing, and publishing, oil and gas, media: broadcasting and subscription, utilities: electric, environmental industries, consumer transportation, forest products and paper, electricity, finance and real estate. Also includes square footage for vacant properties.

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


						Investing for the Long Run® \| 26

W. P. Carey Inc.

Real Estate – Second Quarter 2023


Diversification by Geography

In thousands, except percentages. Pro rata. As of June 30, 2023.


	Total Net-Lease Portfolio
Region	ABR		ABR %		Square Footage (a)	Square Footage %
U.S.
Midwest
Illinois	$	73,739	5.0	%	10,582	5.9	%
Minnesota	34,901		2.4	%	3,406	1.9	%
Ohio	33,341		2.3	%	7,008	3.9	%
Indiana	29,756		2.0	%	5,137	2.8	%
Michigan	29,166		2.0	%	4,816	2.7	%
Wisconsin	18,853		1.3	%	3,276	1.8	%
Other (b)	44,413		3.0	%	6,237	3.5	%
Total Midwest	264,169		18.0	%	40,462	22.5	%
South
Texas	116,359		7.9	%	12,609	7.0	%
Florida	53,160		3.6	%	4,380	2.4	%
Georgia	28,404		1.9	%	4,454	2.5	%
Tennessee	26,871		1.8	%	4,296	2.4	%
Alabama	21,195		1.5	%	3,346	1.9	%
Other (b)	15,827		1.1	%	2,402	1.3	%
Total South	261,816		17.8	%	31,487	17.5	%
East
North Carolina	39,544		2.7	%	8,404	4.7	%
Pennsylvania	33,270		2.2	%	3,574	2.0	%
New York	20,194		1.4	%	2,256	1.2	%
South Carolina	18,675		1.3	%	4,949	2.7	%
Massachusetts	18,357		1.2	%	1,387	0.8	%
Kentucky	17,380		1.2	%	2,980	1.7	%
Virginia	15,986		1.1	%	1,854	1.0	%
Other (b)	38,358		2.6	%	4,662	2.6	%
Total East	201,764		13.7	%	30,066	16.7	%
West
California	63,404		4.3	%	6,100	3.4	%
Arizona	30,692		2.1	%	3,437	1.9	%
Utah	15,144		1.0	%	2,085	1.1	%
Other (b)	59,350		4.1	%	5,146	2.9	%
Total West	168,590		11.5	%	16,768	9.3	%
U.S. Total	896,339		61.0	%	118,783	66.0	%
International
Germany	74,207		5.1	%	6,839	3.8	%
Spain	72,367		4.9	%	5,631	3.1	%
The Netherlands	60,440		4.1	%	7,054	3.9	%
Poland	59,408		4.0	%	8,635	4.8	%
United Kingdom	54,633		3.7	%	4,742	2.6	%
Canada (c)	50,761		3.5	%	5,087	2.8	%
Italy	32,694		2.2	%	3,354	1.9	%
Denmark	25,022		1.7	%	3,039	1.7	%
Croatia	22,810		1.6	%	2,063	1.2	%
France	21,143		1.4	%	1,679	0.9	%
Norway	15,118		1.0	%	753	0.4	%
Other (d)	84,808		5.8	%	12,360	6.9	%
International Total	573,411		39.0	%	61,236	34.0	%
Total (e)	$	1,469,750	100.0	%	180,019	100.0	%

________

(a)Includes square footage for vacant properties.

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

(c)$46.8 million (92%) of ABR from properties in Canada is denominated in U.S. dollars, with the balance denominated in Canadian dollars.

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

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


						Investing for the Long Run® \| 27

W. P. Carey Inc.

Real Estate – Second Quarter 2023


Contractual Rent Increases

In thousands, except percentages. Pro rata. As of June 30, 2023.


	Total Net-Lease Portfolio
Rent Adjustment Measure	ABR		ABR %		Square Footage	Square Footage %
Uncapped CPI	$	541,068	36.8	%	55,222	30.7	%
Capped CPI	245,307		16.7	%	34,031	18.9	%
CPI-linked	786,375		53.5	%	89,253	49.6	%
Fixed	634,531		43.2	%	85,964	47.7	%
Other (a)	35,199		2.4	%	2,337	1.3	%
None	13,645		0.9	%	636	0.4	%
Vacant	—		—	%	1,829	1.0	%
Total (b)	$	1,469,750	100.0	%	180,019	100.0	%

________

(a)Represents leases attributable to percentage rent.

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


						Investing for the Long Run® \| 28

W. P. Carey Inc.

Real Estate – Second Quarter 2023


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, 2022 to June 30, 2023. 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. Excludes leases for properties acquired in the CPA:18 Merger on August 1, 2022. For purposes of comparability, ABR is presented on a constant currency basis using exchange rates as of June 30, 2023.


	ABR
	As of
	Jun. 30, 2023		Jun. 30, 2022		Increase		% Increase
Property Type
Industrial	$	314,008	$	302,040	$	11,968	4.0	%
Warehouse	318,164		306,224		11,940		3.9	%
Retail (a)	230,778		216,685		14,093		6.5	%
Office	198,404		191,954		6,450		3.4	%
Self Storage (net lease)	63,786		61,708		2,078		3.4	%
Other (b)	104,493		100,659		3,834		3.8	%
Total	$	1,229,633	$	1,179,270	$	50,363	4.3	%

Rent Adjustment Measure
Uncapped CPI	$	475,525	$	442,544	$	32,981	7.5	%
Capped CPI	233,320		226,762		6,558		2.9	%
CPI-linked	708,845		669,306		39,539		5.9	%
Fixed	471,955		463,210		8,745		1.9	%
Other (c)	35,199		33,120		2,079		6.3	%
None	13,634		13,634		—		—	%
Total	$	1,229,633	$	1,179,270	$	50,363	4.3	%

Geography
U.S.	$	755,121	$	734,415	$	20,706	2.8	%
Europe	446,429		417,693		28,736		6.9	%
Other International (d)	28,083		27,162		921		3.4	%
Total	$	1,229,633	$	1,179,270	$	50,363	4.3	%

Same-Store Portfolio Summary
Number of properties	1,230
Square footage (in thousands)	147,565


						Investing for the Long Run® \| 29

W. P. Carey Inc.

Real Estate – Second Quarter 2023

Comprehensive Same-Store Growth

Same-store portfolio includes leased properties that were continuously owned and in place during the quarter ended June 30, 2022 through June 30, 2023 (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. Excludes properties acquired in the CPA:18 Merger on August 1, 2022. 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, 2023. 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, 2023		Jun. 30, 2022		Increase		% Increase
Property Type
Industrial	$	78,941	$	75,387	$	3,554	4.7	%
Warehouse	58,006		54,626		3,380		6.2	%
Retail (a)	52,730		51,456		1,274		2.5	%
Office	74,656		72,533		2,123		2.9	%
Self Storage (net lease)	15,899		15,401		498		3.2	%
Other (b)	28,737		27,863		874		3.1	%
Total	$	308,969	$	297,266	$	11,703	3.9	%

Rent Adjustment Measure
Uncapped CPI	$	124,032	$	116,336	$	7,696	6.6	%
Capped CPI	56,364		56,061		303		0.5	%
CPI-linked	180,396		172,397		7,999		4.6	%
Fixed	116,739		113,587		3,152		2.8	%
Other (c)	8,634		8,157		477		5.8	%
None	3,200		3,125		75		2.4	%
Total	$	308,969	$	297,266	$	11,703	3.9	%

Geography
U.S.	$	189,965	$	184,255	$	5,710	3.1	%
Europe	112,844		107,056		5,788		5.4	%
Other International (d)	6,160		5,955		205		3.4	%
Total	$	308,969	$	297,266	$	11,703	3.9	%

Same-Store Portfolio Summary
Number of properties	1,281
Square footage (in thousands)	148,044


						Investing for the Long Run® \| 30

W. P. Carey Inc.

Real Estate – Second Quarter 2023

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


	Three Months Ended
	Jun. 30, 2023		Jun. 30, 2022
Consolidated Lease Revenues
Total lease revenues – as reported	$	369,124	$	314,354
Income from finance leases and loans receivable	27,311		17,778
Less: Reimbursable tenant costs – as reported	(20,523)		(16,704)
Less: Income from secured loans receivable	(1,188)		(1,175)
	374,724		314,253

Adjustments for Pro Rata Ownership of Real Estate Joint Ventures:
Add: Pro rata share of adjustments from equity method investments	4,146		5,374
Less: Pro rata share of adjustments for noncontrolling interests	(322)		(22)
	3,824		5,352

Adjustments for Pro Rata Non-Cash Items:
Less: Straight-line and other leasing and financing adjustments	(19,086)		(14,492)
Add: Above- and below-market rent intangible lease amortization	8,824		10,548
Less: Adjustments for pro rata ownership	(1,763)		27
	(12,025)		(3,917)

Adjustment to normalize for (i) properties not continuously owned since April 1, 2022 and (ii) constant currency presentation for prior year quarter (e)	(57,554)		(18,422)

Same-Store Pro Rata Rental Income	$	308,969	$	297,266

________

(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, specialty, fitness facility, research and development, student housing (net lease), theater, funeral home, restaurant, land, parking and outdoor advertising.

(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, 2022 through June 30, 2023. In addition, for the three months ended June 30, 2022, an adjustment is made to reflect average exchange rates for the three months ended June 30, 2023 for purposes of comparability, since same-store pro rata rental income is presented on a constant currency basis.


						Investing for the Long Run® \| 31

W. P. Carey Inc.

Real Estate – Second Quarter 2023


Leasing Activity

For the three months ended June 30, 2023, 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	2,705,570	6	$	19,466		$	19,416	99.7	%	$	1,250	$	1,500	6.4 years
Warehouse	74,486	2	493			493		100.0	%	100		22		4.5 years
Retail	—	—	—			—		—	%	—		—		N/A
Office	16,752	1	97			97		100.0	%	—		—		6.4 years
Self Storage (net lease)	—	—	—			—		—	%	—		—		N/A
Other	259,584	3	2,524			2,495		98.9	%	—		—		1.4 years
Total / Weighted Average (c)	3,056,392	12	$	22,580		$	22,501	99.6	%	$	1,350	$	1,522	5.8 years

Q2 Summary
Prior Lease ABR (% of Total Portfolio)			1.5		%


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
Retail	21,477	1	209		617		165		15.0 years
Office	—	—	—		—		—		N/A
Self Storage (net lease)	—	—	—		—		—		N/A
Other	—	—	—		—		—		N/A
Total / Weighted Average (d)	21,477	1	$	209	$	617	$	165	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)Weighted average refers to the new lease term.


						Investing for the Long Run® \| 32

W. P. Carey Inc.

Real Estate – Second Quarter 2023


Lease Expirations

Dollars and square footage in thousands. Pro rata. As of June 30, 2023.


Year of Lease Expiration (a)	Number of Leases Expiring	Number of Tenants with Leases Expiring	ABR		ABR %		Square Footage	Square Footage %
Remaining 2023	23	19	$	20,650	1.4	%	3,232	1.8	%
2024 (b)	40	34	89,035		6.1	%	10,933	6.1	%
2025	53	32	64,002		4.4	%	7,076	3.9	%
2026	46	37	67,475		4.6	%	9,088	5.0	%
2027	57	34	83,863		5.7	%	8,868	4.9	%
2028	47	29	70,175		4.8	%	5,224	2.9	%
2029	58	30	73,378		5.0	%	8,575	4.8	%
2030	34	30	75,751		5.2	%	6,165	3.4	%
2031	37	21	72,284		4.9	%	8,749	4.9	%
2032	41	22	45,915		3.1	%	6,200	3.4	%
2033	30	23	82,225		5.6	%	11,196	6.2	%
2034	50	19	93,321		6.3	%	9,023	5.0	%
2035	14	14	29,734		2.0	%	4,957	2.8	%
2036	47	19	72,504		4.9	%	11,260	6.3	%
Thereafter (>2036)	278	117	529,438		36.0	%	67,644	37.6	%
Vacant	—	—	—		—	%	1,829	1.0	%
Total (c)	855		$	1,469,750	100.0	%	180,019	100.0	%

________

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

(b)Includes ABR of $38.8 million from Mercury Partners, LP (a related party of U-Haul Moving Partners, Inc.) that as of June 30, 2023 provided notice of its intention to exercise its option to repurchase the 78 properties it is leasing.

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


						Investing for the Long Run® \| 33

W. P. Carey Inc.

Real Estate – Second Quarter 2023


Self Storage Operating Properties Portfolio

Square footage in thousands. Pro rata. As of June 30, 2023.


State / District	Number of Properties	Number of Units	Square Footage	Square Footage %		Period End Occupancy
Florida	22	15,961	1,851	29.5	%	92.0	%
Texas	12	6,886	843	13.4	%	91.8	%
California	10	6,581	859	13.7	%	93.2	%
Illinois	10	4,797	665	10.6	%	90.0	%
South Carolina	6	3,713	412	6.6	%	95.4	%
Georgia	5	2,052	250	4.0	%	89.2	%
North Carolina	4	2,829	322	5.1	%	94.4	%
Nevada	3	2,423	243	3.9	%	90.6	%
Delaware	3	1,678	241	3.8	%	94.1	%
Hawaii	2	954	95	1.5	%	90.9	%
Washington, DC	1	880	67	1.1	%	96.4	%
New York	1	792	61	1.0	%	88.3	%
Kentucky	1	764	121	1.9	%	94.7	%
Arkansas	1	588	56	0.9	%	94.9	%
Louisiana	1	541	59	0.9	%	74.7	%
Massachusetts	1	482	58	0.9	%	91.2	%
Oregon	1	442	40	0.6	%	97.4	%
Missouri	1	330	41	0.6	%	66.6	%
Total (a)	85	52,693	6,284	100.0	%	91.9	%

________

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


						Investing for the Long Run® \| 34

W. P. Carey Inc.

Appendix

Second Quarter 2023


						Investing for the Long Run® \| 35

W. P. Carey Inc.

Appendix – Second Quarter 2023


Normalized Pro Rata Cash NOI

In thousands. From real estate.


	Three Months Ended Jun. 30, 2023
Consolidated Lease Revenues
Total lease revenues – as reported	$	369,124
Income from finance leases and loans receivable	27,311
Less: Income from secured loans receivable	(1,188)

Less: Consolidated Reimbursable and Non-Reimbursable Property Expenses
Reimbursable property expenses – as reported	20,523
Non-reimbursable property expenses – as reported	5,371
	369,353

Plus: NOI from Operating Properties
Self-storage revenues	23,292
Self-storage expenses	(7,939)
	15,353

Hotel revenues	24,694
Hotel expenses	(17,352)
	7,342

Student housing and other revenues	2,690
Student housing and other expenses	(1,628)
	1,062

	393,110

Adjustments for Pro Rata Ownership of Real Estate Joint Ventures:
Add: Pro rata share of NOI from equity method investments (a)	3,864
Less: Pro rata share of NOI attributable to noncontrolling interests (b)	(426)
	3,438

	396,548

Adjustments for Pro Rata Non-Cash Items:
Less: Straight-line and other leasing and financing adjustments	(19,086)
Add: Above- and below-market rent intangible lease amortization	8,824
Add: Other non-cash items	460
	(9,802)

Pro Rata Cash NOI (c)	386,746

Adjustment to normalize for intra-period acquisition volume and dispositions (d)	2,915

Normalized Pro Rata Cash NOI (c)	$	389,661


						Investing for the Long Run® \| 36

W. P. Carey Inc.

Appendix – Second Quarter 2023

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, 2023
Net Income from Real Estate Attributable to W. P. Carey
Net income from Real Estate attributable to W. P. Carey – as reported	$	144,686
Adjustments for Consolidated Operating Expenses
Add: Operating expenses – as reported	231,563
Less: Property expenses, excluding reimbursable tenant costs – as reported	(5,371)
Less: Operating property expenses – as reported	(26,919)
	199,273

Adjustments for Other Consolidated Revenues and Expenses:
Less: Other lease-related income – as reported	(5,040)
Less: Reimbursable property expenses – as reported	(20,523)
Add: Other income and (expenses)	65,706
Add: Provision for income taxes	10,236
	50,379

Other Adjustments:
Less: Straight-line and other leasing and financing adjustments	(19,086)
Add: Above- and below-market rent intangible lease amortization	8,824
Add: Adjustments for pro rata ownership	3,424
Less: Income from secured loans receivable	(1,188)
Adjustment to normalize for intra-period acquisition volume and dispositions (d)	2,915
Add: Property expenses, excluding reimbursable tenant costs, non-cash	434
	(4,677)

Normalized Pro Rata Cash NOI (c)	$	389,661

________

(a)Includes $1.6 million from equity method investments in self-storage operating properties.

(b)Includes $0.1 million from noncontrolling interests attributable to student housing operating properties.

(c)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.

(d)For properties acquired and capital investments and commitments completed during the three months ended June 30, 2023, 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, 2023, the adjustment eliminates our pro rata share of cash NOI for the period.


						Investing for the Long Run® \| 37

W. P. Carey Inc.

Appendix – Second Quarter 2023


Adjusted EBITDA, Consolidated – Last Five Quarters

In thousands.


	Three Months Ended
	Jun. 30, 2023		Mar. 31, 2023		Dec. 31, 2022		Sep. 30, 2022		Jun. 30, 2022
Net income	$	144,580	$	294,441	$	209,503	$	104,268	$	127,718

Adjustments to Derive Adjusted EBITDA (a)
Depreciation and amortization	143,548		156,409		140,749		132,181		115,080
Interest expense	75,488		67,196		67,668		59,022		46,417
Straight-line and other leasing and financing adjustments (b)	(19,086)		(15,050)		(14,766)		(14,326)		(14,492)
Provision for income taxes	10,129		15,119		6,126		8,263		6,252
Stock-based compensation expense	8,995		7,766		9,739		5,511		9,758
Above- and below-market rent intangible lease amortization	8,824		10,861		8,652		11,186		10,548
(Gain) loss on sale of real estate, net (c)	(1,808)		(177,749)		(5,845)		4,736		(31,119)
Merger and other expenses	1,419		24		2,058		17,667		1,984
Other (gains) and losses (d)	1,366		(8,100)		(97,059)		15,020		21,746
Other amortization and non-cash charges	411		404		399		349		353
Impairment charges — real estate	—		—		12,734		—		6,206
Gain on change in control of interests (e)	—		—		—		(33,931)		—
Impairment charges — Investment Management goodwill (f)	—		—		—		29,334		—
	229,286		56,880		130,455		235,012		172,733

Adjustments for Pro Rata Ownership
Real Estate Joint Ventures:
Add: Pro rata share of adjustments for equity method investments	3,013		2,050		2,076		2,124		4,329
Less: Pro rata share of adjustments for amounts attributable to noncontrolling interests	(347)		(443)		(511)		(308)		(23)
	2,666		1,607		1,565		1,816		4,306
Equity Method Investments in the Managed Programs: (g)
Less: Income from equity method investments in the Managed Programs	—		—		—		(1,512)		(59)
Add: Distributions received from equity method investments in the Managed Programs	—		—		—		535		535
	—		—		—		(977)		476
Add: Intra-period normalization of CPA:18 Merger (closed August 1, 2022) (h)	—		—		—		7,456		—
Adjusted EBITDA (i)	$	376,532	$	352,928	$	341,523	$	347,575	$	305,233

________

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

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

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

(f)Amount for the three months ended September 30, 2022 represents an impairment charge recognized on goodwill within our Investment Management segment, since future Investment Management cash flows are expected to be minimal.

(g)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.

(h)The adjustment modifies Adjusted EBITDA for the 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. The adjustment is reduced for advisory fees received from CPA:18 – Global during the three months ended September 30, 2022.

(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 Run® \| 38

W. P. Carey Inc.

Appendix – Second Quarter 2023


Adjusted EBITDA, Real Estate – Last Five Quarters

In thousands.


	Three Months Ended
	Jun. 30, 2023		Mar. 31, 2023		Dec. 31, 2022		Sep. 30, 2022		Jun. 30, 2022
Net income from Real Estate	$	144,646	$	293,292	$	210,107	$	110,715	$	123,268

Adjustments to Derive Adjusted EBITDA (a)
Depreciation and amortization	143,548		156,409		140,749		132,181		115,080
Interest expense	75,488		67,196		67,668		59,022		46,417
Straight-line and other leasing and financing adjustments (b)	(19,086)		(15,050)		(14,766)		(14,326)		(14,492)
Provision for income taxes	10,236		15,402		4,908		3,631		5,955
Stock-based compensation expense	8,995		7,766		9,739		5,511		9,758
Above- and below-market rent intangible lease amortization	8,824		10,861		8,652		11,186		10,548
(Gain) loss on sale of real estate, net (c)	(1,808)		(177,749)		(5,845)		4,736		(31,119)
Merger and other expenses	1,419		24		2,058		17,667		1,984
Other (gains) and losses (d)	890		(7,586)		(96,846)		13,960		20,155
Other amortization and non-cash charges	411		404		399		349		353
Impairment charges — real estate	—		—		12,734		—		6,206
Gain on change in control of interests (e)	—		—		—		(11,405)		—
	228,917		57,677		129,450		222,512		170,845

Adjustments for Pro Rata Ownership
Real Estate Joint Ventures:
Add: Pro rata share of adjustments for equity method investments	3,013		2,050		2,076		2,124		4,329
Less: Pro rata share of adjustments for amounts attributable to noncontrolling interests	(347)		(443)		(511)		(308)		(23)
	2,666		1,607		1,565		1,816		4,306
Add: Intra-period normalization of CPA:18 Merger (closed August 1, 2022) (f)	—		—		—		11,892		—
Adjusted EBITDA – Real Estate (g)	$	376,229	$	352,576	$	341,122	$	346,935	$	298,419

________

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

(e)Amount for the three months ended September 30, 2022 represents a gain recognized on the remaining interests in four investments acquired in the CPA:18 Merger, which we had previously accounted for under the equity method.

(f)The adjustment modifies Adjusted EBITDA for the 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.

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


						Investing for the Long Run® \| 39

W. P. Carey Inc.

Appendix – Second Quarter 2023


Adjusted EBITDA, Investment Management – Last Five Quarters

In thousands.


	Three Months Ended
	Jun. 30, 2023		Mar. 31, 2023		Dec. 31, 2022		Sep. 30, 2022		Jun. 30, 2022
Net (loss) income from Investment Management	$	(66)	$	1,149	$	(604)	$	(6,447)	$	4,450

Adjustments to Derive Adjusted EBITDA (a)
Other (gains) and losses (b)	476		(514)		(213)		1,060		1,591
(Benefit from) provision for income taxes	(107)		(283)		1,218		4,632		297
Impairment charges — Investment Management goodwill (c)	—		—		—		29,334		—
Gain on change in control of interests (d)	—		—		—		(22,526)		—
	369		(797)		1,005		12,500		1,888

Adjustments for Pro Rata Ownership
Equity Method Investments in the Managed Programs: (e)
Less: Income from equity method investments in the Managed Programs	—		—		—		(1,512)		(59)
Add: Distributions received from equity method investments in the Managed Programs	—		—		—		535		535
	—		—		—		(977)		476
Add: Intra-period normalization of CPA:18 Merger (closed August 1, 2022) (f)	—		—		—		(4,436)		—
Adjusted EBITDA – Investment Management (g)	$	303	$	352	$	401	$	640	$	6,814

________

(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.

(d)Amount for the three months ended September 30, 2022 represents a gain recognized on our previously held interest in shares of CPA:18 – Global common stock in connection with the CPA:18 Merger.

(e)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.

(f)The adjustment reduces Adjusted EBITDA for advisory fees received from CPA:18 – Global during the three months ended September 30, 2022.

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


						Investing for the Long Run® \| 40

W. P. Carey Inc.

Appendix – Second Quarter 2023


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 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 Run® \| 41

W. P. Carey Inc.

Appendix – Second Quarter 2023

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, 2023 is equal to $249.2 million, comprised of interest expense calculated in accordance with GAAP ($269.4 million), plus capitalized interest ($0.4 million) and other non-cash amortization expense ($0.1 million), less amortization of deferred financing costs and debt premiums/discounts ($21.8 million), adjusted for pro rata ownership ($1.4 million).

Other Metrics

Pro Rata Metrics

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

ABR

ABR represents contractual minimum annualized base rent for our net-leased properties and reflects exchange rates as of June 30, 2023. If there is a rent abatement, we annualize the first monthly contractual base rent following the free rent period. ABR is not applicable to operating properties and is presented on a pro rata basis.


						Investing for the Long Run® \| 42

Investing for the Long Run® 2Q23 W. P. Carey Inc. Investor Presentation Exhibit 99.3

Table of Contents Overview Real Estate Portfolio Balance Sheet ESG 3 7 18 23 Unless otherwise noted, all data in this presentation is as of June 30, 2023. Amounts may not sum to totals due to rounding.

3 Overview

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

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

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

7 Real Estate Portfolio

8 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of June 30, 2023. 2. Other includes leases with percentage rent (i.e., participation in the gross revenues of the tenant above a stated level) and other increases, as well as leases with no escalations. 3. Metrics shown for operating self-storage portfolio only; excludes net-lease self-storage assets which are captured in net-lease portfolio metrics. Large Diversified Portfolio (1) N et -L ea se P or tfo lio Number of Properties 1,475 Number of Tenants 398 Square Footage 180.0 million ABR $1.47 billion North America / Europe / Other (% of ABR) 65% / 34% / 1% Contractual Rent Escalation: CPI-linked / Fixed / Other (2) 54% / 43% / 3% WALT 11.2 years Occupancy 99.0% Investment Grade Tenants (% of ABR) 29.9% Top 10 Tenant Concentration (% of ABR) 19.0% Se lf St or ag e (3 ) Number of Properties 85 Number of Units 52,693 Average Occupancy 91.9%

9 29% 24% 17% 16% 4% 10% 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of June 30, 2023. 2. Includes automotive dealerships. 3. Includes education facility, hotel (net lease), laboratory, specialty, research and development, fitness facility, student housing (net lease), theater, funeral home, restaurant, land, outdoor advertising and parking. 4. Includes tenants in the following industries: chemicals, plastics and rubber; insurance; telecommunications; metals; non-durable consumer goods; banking; aerospace and defense; wholesale; media: advertising, printing and publishing; oil and gas; media: broadcasting and subscription; utilities: electric; environmental industries; consumer transportation; forest products and paper; electricity; finance and real estate. Property and Industry Diversification (1) Tenant Industry Diversification (% of ABR) Property Type Diversification (% of ABR) 53% Industrial / Warehouse Industrial 29% Warehouse 24% Retail (2) 17% Office 16% Self-storage (Net Lease) 4% Other (3) 10% 20% 9% 7% 7% 6%6% 5% 4% 3% 3% 3% 3% 3% 3% 2% 16% Retail Stores (2) 20% Consumer Services 9% Beverage and Food 7% Automotive 7% Healthcare and Pharmaceuticals 6% Grocery 6% Cargo Transportation 5% Capital Equipment 4% Containers, Packaging and Glass 3% Construction and Building 3% Business Services 3% Durable Consumer Goods 3% Sovereign and Public Finance 3% Hotels and Leisure 3% High Tech Industries 2% Other (4) 16%

10 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of June 30, 2023. 2. The Company received notice during the 2023 first quarter from a related party of U-Haul of its intention to exercise its repurchase option on the properties in the U-Haul net lease self-storage portfolio. 3. ABR from these properties is denominated in U.S. dollars. 4. Of the 23 properties leased to the tenant, nine are located in Canada, eight are located in the United States and six are located in Mexico. ABR from the properties in Canada and Mexico is denominated in U.S. dollars. One of the lowest Top 10 concentrations among the net lease peer group Top Ten Net Lease Tenants (1) Tenant Description Number of Properties ABR ($ millions) WALT (years) % of Total Net lease self-storage properties in the U.S.(2) 78 $39 0.8 2.6% Government office properties in Spain 70 32 11.5 2.2% Pharmaceutical R&D and advanced manufacturing properties in Canada(3) 11 32 19.8 2.1% Business-to-business wholesale stores in Italy and Germany 20 30 5.2 2.0% Do-it-yourself retail properties in Germany 35 30 13.7 2.0% Net lease self-storage properties in the U.S. 27 25 20.8 1.7% Do-it-yourself retail properties in Poland 26 24 8.0 1.7% Automotive component manufacturing properties in North America(4) 23 24 19.8 1.7% K-12 private schools in the U.S. 3 22 20.2 1.5% Grocery stores and warehouses in Croatia 19 22 10.8 1.5% Top 10 312 $280 12.4 yrs 19.0% State of Andalucia

11 North America, 65% $960MM United States, 61% $896MM Canada (4), 3% $51MM Mexico (3), 1% $13MM Europe, 34% $502MM Other (2), 1% $8MM 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of June 30, 2023. 2. Includes Mauritius (0.4%) and Japan (0.1%). 3. All ABR from Mexican-based properties denominated in USD. 4. $47MM or 92% of ABR from Canadian-based properties denominated in USD with the balance in CAD. W. P. Carey has been investing internationally for approximately 25 years, primarily in Northern and Western Europe Geographic Diversification (1) Through our financing and hedging strategies, we’ve significantly mitigated currency risk through a combination of over-weighting our debt in foreign currencies and utilizing contractual cash flow hedges.

12 Uncapped CPI 37% Fixed 43% Capped CPI 17% Other (2) 2% CPI-linked 54% None 1% 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of June 30, 2023. 2. Represents leases with percentage rent (i.e., participation in the gross revenues of the tenant above a stated level) and other increases. Over 99% of ABR comes from leases with contractual rent increases, including 54% linked to CPI Internal Growth from Contractual Rent Increases (1)

13 1.6% 1.5% 1.6% 1.5% 1.6% 1.8% 2.7% 3.0% 3.4% 3.4% 4.3% 4.3% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 1. Contractual same store portfolio includes leases that were continuously in place during the period from June 30, 2022 to June 30, 2023. 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, 2023. Contractual same store growth of 4.3% (1) Same Store ABR Growth

14 1.4% 6.1% 4.4% 4.6% 5.7% 4.8% 5.0% 5.2% 4.9% 3.1% 5.6% 49.2% 0% 10% 20% 30% 40% 50% 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Thereafter 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of June 30, 2023. 2. Assumes tenants do not exercise any renewal or purchase options. 3. Includes ABR of $38.8 million from the U-Haul net lease self-storage portfolio. The Company received notice during the 2023 first quarter from a related party of U-Haul of its intention to exercise its repurchase option on the properties in this portfolio. Weighted-average lease term of 11.2 years Lease Expirations and Average Lease Term (1) Lease Expirations (% ABR) (2) (3)

15 1. Historical data through 2021 includes W. P. Carey and the following CPA REITs: Corporate Property Associates 12 Incorporated, Corporate Property Associates 14 Incorporated, Corporate Property Associates 15 Incorporated, Corporate Property Associates 16 – Global Incorporated, Corporate Property Associates 17 – Global Incorporated (CPA:17) and Corporate Property Associates 18 – Global Incorporated (CPA:18). Portfolio information excludes operating properties. 2. Represents occupancy for each completed year at December 31. Otherwise, occupancy shown is for the most recent quarter. Stable occupancy maintained during the global financial crisis and throughout the COVID-19 pandemic Historical Occupancy (1) 96.6% 97.3% 98.4% 98.8% 99.0% 99.2% 99.3% 99.8% 98.3% 98.9% 98.5% 98.5% 98.8% 99.0% 0% 20% 40% 60% 80% 100% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2Q23 Occupancy (% Square Feet) (2)

16 Recent investment activity has been focused primarily on mission critical industrial and warehouse properties and essential retail Recent Acquisitions – Case Studies Recent Acquisitions Purchase Price: $122 million Transaction Type: Sale-leaseback Facility Type: Retail (Grocery) Location: Various, Denmark Size: 479,444 square feet Lease Term: 15-year lease Rent Escalation: Danish CPI Coop February - November 2022 (30 properties) Purchase Price: $468 million Transaction Type: Sale-leaseback Facility Type: Industrial / Warehouse Location: Various, Canada Size: 2,268,417 square feet Lease Term: 20-year lease Rent Escalation: Fixed (with all rent paid in USD) Apotex April 2023 (11 properties) ABC April 2023 (9 properties) Purchase Price: $98 million Transaction Type: Sale-leaseback (follow-on deal with existing tenant) Facility Type: Industrial Location: Various, U.S. (4) / Canada (3) / Mexico (2) Size: 1,225,951 square feet Lease Term: 20-year lease Rent Escalation: Fixed (with all rent paid in USD)

17 Capital investments have become a more meaningful part of our investment activity and allow us to pursue follow-on opportunities with existing tenants Capital Investments – Case Studies Recent Capital Investments Investment: $25 million build-to-suit Facility Type: Research and Development Location: Wageningen, The Netherlands Size: 63,762 square feet Lease Term: 20-year lease Rent Escalation: Dutch CPI Upfield Group Completed July 2022 Investment: $23 million expansion Facility Type: Industrial Location: Radomsko, Poland Size: 463,816 square feet Lease Term: 20-year lease Rent Escalation: Euro CPI Ontex Completed August 2022 Investment: $20 million renovation Facility Type: Industrial Location: Evansville, IN and Lawrence, KS Size: N/A Lease Term: 17-year lease Rent Escalation: U.S. CPI Berry Plastics Completed March 2023

18 Balance Sheet

19 1. Amounts may not sum to totals due to rounding. 2. Based on a closing stock price of $67.56 on June 30, 2023 and 213,901,170 common shares outstanding as of June 30, 2023. 3. Pro rata net debt to enterprise value and pro rata net debt to Adjusted EBITDA are based on pro rata debt less consolidated cash and cash equivalents. 4. Adjusted EBITDA represents 2Q23 annualized Adjusted EBITDA, as reported in the Form 8-K filed with the SEC on July 28, 2023. 5. Gross assets represent consolidated total assets before accumulated depreciation on real estate. Gross assets are net of accumulated amortization on in-place lease and above-market rent intangible assets. Balance Sheet Overview Capitalization (%) • Size: Large, well-capitalized balance sheet with $23.0B in total enterprise value • Liquidity: Ample liquidity of $1.9B at quarter end, including $384MM of forward equity • Credit Rating: Upgraded to Baa1 (stable) by Moody’s and BBB+ (stable) by S&P in September 2022 and January 2023, respectively • Leverage: Maintain conservative leverage targets (mid-to-high 5s Net Debt to EBITDA) • Capital Markets: Demonstrated strong access to capital markets – Term Loan: €500MM term loan swapped to 4.34% due April 2026 in April 2023 – ATM: $104MM of forward equity issued year-to-date – Private Placement: €150MM of 3.41% Senior Unsecured Notes due 2029 and €200MM of 3.70% Senior Unsecured Notes due 2032 issued in September 2022 – Green Bonds: $350MM, 2.45% Notes due 2032 issued in 2021 Balance Sheet Highlights Capitalization ($MM) (1) 6/30/23 Total Equity (2) $14,451 Pro Rata Net Debt Senior Unsecured Notes USD 2,900 Senior Unsecured Notes EUR 3,124 Mortgage Debt, pro rata USD 661 Mortgage Debt, pro rata (EUR $345 / Other $85) 430 Unsecured Revolving Credit Facility USD 110 Unsecured Revolving Credit Facility (EUR $402 / Other $17) 419 Unsecured Term Loans (EUR $777 / GBP $342) 1,119 Total Pro Rata Debt $8,763 Less: Cash and Cash Equivalents (204) Total Pro Rata Net Debt $8,559 Enterprise Value $23,010 Total Capitalization $23,214 Leverage Metrics Pro Rata Net Debt / Adjusted EBITDA (3)(4) 5.7x Pro Rata Net Debt / Enterprise Value (2)(3) 37.2% Total Consolidated Debt / Gross Assets (5) 41.3% Weighted Average Interest Rate (pro rata) 3.3% Weighted Average Debt Maturity (pro rata) 3.9 years 62% 26% 7% 5% Equity (2) Senior Unsecured Notes Unsecured Revolving Credit Facility / Term Loans Mortgage Debt (pro rata)

20 Principal at Maturity (1) Debt Maturity Schedule % of Total (4) 3.0% 14.9% 22.6% 17.7% 6.4% 6.2% 5.6% 6.5% 5.7% 6.5% 4.9% Interest Rate (4) 4.4% 3.5% 4.6% 3.2% 2.2% 1.4% 3.7% 1.0% 2.4% 2.9% 2.3% $M M 1. Reflects amount due at maturity, excluding unamortized discount and unamortized deferred financing costs. 2. Reflects pro rata balloon payments due at maturity. W. P. Carey has two fully amortizing mortgages due in 2031 ($3MM) and 2039 ($3MM). 3. Includes amounts drawn under the credit facility as of June 30, 2023. 4. Reflects the weighted average percentage of debt outstanding and the weighted average interest rate for each year based on the total outstanding balance. 265 254 404 98 21 2 543 543 543 543 163 570 217 500 450 350 325 500 350 425 575 543 529 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Mortgage Debt Unsecured Bonds (EUR) Unsecured Bonds (USD) Unsecured Term Loans Unsecured Revolving Credit Facility (2) (2) (3)

21 Metric Covenant June 30, 2023 Total Leverage Total Debt / Total Assets ≤ 60% 40.9% Secured Debt Leverage Secured Debt / Total Assets ≤ 40% 4.7% Fixed Charge Coverage Consolidated EBITDA / Annual Debt Service Charge ≥ 1.5x 5.2x Maintenance of Unencumbered Asset Value Unencumbered Assets / Total Unsecured Debt ≥ 150% 234.2% 1. This is a summary of the key financial covenants for our Senior Unsecured Notes, along with estimated calculations of our compliance with those covenants at the end of the period presented. These ratios are not measures of our liquidity or performance and serve only to demonstrate our ability to incur additional debt, as permitted by the covenants governing the Senior Unsecured Notes. 2. As of June 30, 2023, our Senior Unsecured Notes consisted of the following note issuances: (i) $500 million 4.60% senior unsecured notes due 2024, (ii) €500 million 2.25% senior unsecured notes due 2024, (iii) $450 million 4.00% senior unsecured notes due 2025, (iv) $350 million 4.25% senior unsecured notes due 2026, (v) €500 million 2.25% senior unsecured notes due 2026, (vi) €500 million 2.125% senior unsecured notes due 2027, (vii) €500 million 1.35% senior unsecured notes due 2028, (viii) $325 million 3.85% senior unsecured notes due 2029, (ix) €525 million 0.95% senior unsecured notes due 2030, (x) $500 million 2.40% senior unsecured notes due 2031, (xi) $350 million 2.45% senior unsecured notes due 2032 and (xii) $425 million 2.25% senior unsecured notes due 2033. Excludes the €150MM 3.41% senior unsecured notes due 2029 and €200MM 3.70% senior unsecured notes due 2032 issued in the September 2022 private placement offering. Unsecured Bond Covenants (1) Investment grade balance sheet with recent upgrades to Baa1 (stable) from Moody’s and BBB+ (stable) from S&P Senior Unsecured Notes (2)

22 $1.65 $1.67 $1.69 $1.70 $1.72 $1.73 $1.76 $1.79 $1.82 $1.88 $1.96 $2.00 $2.03 $2.19 $2.44 $3.39 $3.69 $3.83 $3.93 $4.01 $4.09 $4.14 $4.17 $4.21 $4.24 $4.28 $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Note: Past performance does not guarantee future results. 1. Based on a stock price of $67.56 as of June 30, 2023, and a cash dividend of $1.069 per share declared during 2Q23. 2. Full year dividends declared per share, excluding special dividends. 2023 represents 2Q23 annualized. W. P. Carey has increased its dividend every year since going public in 1998 History of Consistent Dividend Growth Dividends per Share (2) • Current annualized dividend of $4.28 with a yield of 6.3% (1) • Conservative and stable payout ratio since conversion to a REIT in September 2012

23 ESG

24 • Prioritize our employees and maintain a safe and inclusive work environment, where we can attract and retain a high- caliber workforce • Promote employee volunteer efforts and foster productive relationships with the communities in which we operate through our Carey Forward program • Strive to create a diverse, challenging and positive work environment where hard work and dedication are recognized and rewarded – Achieved U.S. certification as a Great Place to Work® for second consecutive year(4) and included in the Bloomberg Gender-Equality Index for a third consecutive year – Signed both the UN Women’s Empowerment Principles (WEPs) and CEO Action for Diversity and Inclusion™ • Our workforce(5): • Employees who identify as women represent(5): • Collect tenant energy usage data in an effort to quantify and reduce our portfolio’s global carbon footprint and integrate with benchmarking organizations • Evaluate and target new sustainability-linked investment opportunities, with the goal of growing ABR and portfolio prominence from green certified buildings(1) • Continue to identify and evaluate property level sustainability opportunities within our portfolio, which we believe can reduce carbon footprints, support our tenants’ own sustainability goals and also represent attractive investments – Launched CareySolar™, a turnkey solution providing tenants with on-site renewable energy via rooftop and carport solar installations • Achieved Gold level recognition as a Green Lease Leader for the second consecutive year(2) • Fully allocated proceeds from inaugural $350 million green bond to new and existing eligible green projects(3) • Established a Climate Disclosure Working Group to focus on preparations for anticipated climate disclosure reporting requirements ESG Strategy Environmental Social Governance 190+ Global Employees 46% of Global Workforce 38 Average Employee Age 33% of Executive Team 36% Racial / Ethnic Diversity (6) 46% of Managers • Committed to managing risk, providing transparent disclosure and being accountable to our stakeholders • Maintained the highest QualityScore rating of “1” from ISS in Governance • Key Governance Highlights – 10 out of 11 independent Directors, including a separate independent chair – Women represent 36% of our Board – No related-party transactions – Independence of Directors reviewed annually – Limitation on over-boarding – Proxy access with “3/3/20/20” market standard – Opted out of Maryland staggered board provisions; all Directors elected annually – No poison pill – Human Rights Policy, in addition to our Code of Business Conduct and Ethics • As we celebrate our 50th anniversary, we remain committed to our founder’s dedication to Investing for the Long Run® and Doing Good While Doing Well® and his ongoing commitment to making a positive difference within our business, local communities and beyond • Our cross-functional ESG Committee serves to support our ongoing commitment to environmental and sustainability initiatives, corporate social responsibility and corporate governance 1. For a building to be considered “green certified” under our investment criteria, it must at a minimum be certified by LEED, BREEAM or a similarly recognized organization or certification process. 2. In 2022 and 2023 we were recognized as a Green Lease Leader at the Gold level by the Institute for Market Transformation (IMT) and the U.S. Department of Energy's (DOE) Better Buildings Alliance. 3. Eligible Green Projects are defined in WPC’s Green Financing Framework, available on our website. 4. In 2022 and 2023 we were Certified™ by Great Place to Work® based on a survey of U.S. employees. 5. As of December 31, 2022. 6. Data is collected by our Human Resources Department and is only for our U.S.-based employees.

25 Certain of the matters discussed in this communication constitute forward-looking statements within the meaning of the Securities Act of 1933 (as amended, the “Securities Act”) and the Securities Exchange Act of 1934 (as amended, the “Exchange Act”), both as amended by the Private Securities Litigation Reform Act of 1995. The forward-looking statements include, among other things, statements regarding the intent, belief or expectations of the Company and can be identified by the use of words such as “may,” “will,” “should,” “would,” “will be,” “will continue,” “will likely result,” “believe,” “project,” “expect,” “anticipate,” “intend,” “estimate” “opportunities,” “possibility,” “strategy,” “maintain” or the negative version of these words and other comparable terms. These forward- looking statements include, but are not limited to, statements that are not historical facts. These statements are based on the current expectations of our management, and it is important to note that our actual results could be materially different from those projected in such forward- looking statements. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Other unknown or unpredictable risks or uncertainties, like the risks related to inflation and increased interest rates, the effects of pandemics and global outbreaks of contagious diseases (such as the 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, and those additional risk factors discussed in reports that we have filed with the SEC, could also have material adverse effects on our future results, performance or achievements. Discussions of some of these other important factors and assumptions are contained in W. P. Carey’s filings with the SEC and are available at the SEC’s website at http://www.sec.gov, including Part I, Item 1A. Risk Factors in W. P. Carey’s Annual Report on Form 10-K for the fiscal year ended December 31, 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. Cautionary Statement Concerning Forward-Looking Statements All data presented herein is as of June 30, 2023 unless otherwise noted. Amounts may not sum to totals due to rounding. Past performance does not guarantee future results.

26 EBITDA and Adjusted EBITDA We believe that EBITDA is a useful supplemental measure to investors and analysts for assessing the performance of our business segments because (i) it removes the impact of our capital structure from our operating results and (ii) it is helpful when comparing our operating performance to that of companies in our industry without regard to such items, which can vary substantially from company to company. Adjusted EBITDA as disclosed represents EBITDA, modified to include other adjustments to GAAP net income for certain non-cash charges, such as impairments, non-cash rent adjustments and unrealized gains and losses from our hedging activity. Additionally, we exclude gains and losses on sale of real estate, which are not considered fundamental attributes of our business plans and do not affect our overall long-term operating performance. We exclude these items from adjusted EBITDA as they are not the primary drivers in our decision-making process. Adjusted EBITDA reflects adjustments for unconsolidated partnerships and jointly owned investments. Our assessment of our operations is focused on long-term sustainability and not on such non- cash and noncore items, which may cause short-term fluctuations in net income but have no impact on cash flows. We believe that adjusted EBITDA is a useful supplemental measure to investors and analysts, although it does not represent net income that is computed in accordance with GAAP. Accordingly, adjusted EBITDA should not be considered as an alternative to net income or as an indicator of our financial performance. EBITDA and adjusted EBITDA as calculated by us may not be comparable to similarly titled measures of other companies. Other Metrics Pro Rata Metrics This presentation contains certain metrics prepared on a pro rata basis. We refer to these metrics as pro rata metrics. We have certain investments in which our economic ownership is less than 100%. On a full consolidation basis, we report 100% of the assets, liabilities, revenues and expenses of those investments that are deemed to be under our control or for which we are deemed to be the primary beneficiary, even if our ownership is less than 100%. Also, for all other jointly owned investments, which we do not control, we report our net investment and our net income or loss from that investment. On a pro rata basis, we generally present our proportionate share, based on our economic ownership of these jointly owned investments, of the assets, liabilities, revenues and expenses of those investments. Multiplying each of our jointly owned investments’ financial statement line items by our percentage ownership and adding or subtracting those amounts from our totals, as applicable, may not accurately depict the legal and economic implications of holding an ownership interest of less than 100% in our jointly owned investments. ABR ABR represents contractual minimum annualized base rent for our net-leased properties and reflects exchange rates as of June 30, 2023. 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. The following non-GAAP financial measures are used in this presentation Disclosures


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)


			W. P. Carey Inc.

Date:	July 28, 2023	By:	/s/ ToniAnn Sanzone
			ToniAnn Sanzone
			Chief Financial Officer


Exhibit No.						Description
99.1						Earnings release of the Company for the quarter ended June 30, 2023.

99.2						Supplemental financial information of the Company at June 30, 2023.

99.3						Investor presentation by the Company.

104						Cover Page Interactive Data File (embedded within the Inline XBRL document).