Document

Exhibit 99.2

W. P. Carey Inc.

Supplemental Information

First Quarter 2026

Terms and Definitions

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


REIT			Real estate investment trust
U.S.			United States
ABR			Contractual minimum annualized base rent
ASC			Accounting Standards Codification
NAREIT			National Association of Real Estate Investment Trusts (an industry trade group)
CPI			Consumer price index
EUR			Euro
EURIBOR			Euro Interbank Offered Rate
TIBOR			Tokyo Interbank Offered Rate
CORRA			Canadian Overnight Repo Rate Average
SONIA			Sterling Overnight Index Average

Important Note Regarding Non-GAAP Financial Measures

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

Amounts may not sum to totals due to rounding.

W. P. Carey Inc.

Supplemental Information – First Quarter 2026


Table of Contents


Overview
Summary Metrics			1
Components of Net Asset Value			3

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

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

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

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

W. P. Carey Inc.

Overview – First Quarter 2026


Summary Metrics

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


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

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

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

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

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


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

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

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

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

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

Net-leased properties – square footage (millions)	185.3

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

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

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

________


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W. P. Carey Inc.

Overview – First Quarter 2026

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

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

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

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

(e)Gross assets represent consolidated total assets before accumulated depreciation on buildings and improvements. Gross assets are net of accumulated amortization on in-place lease intangible assets of $984.9 million and above-market rent intangible assets of $497.8 million.

(f)Represents (i) availability under our Senior Unsecured Credit Facility (net of amounts reserved for standby letters of credit), (ii) consolidated cash and cash equivalents, and (iii) available proceeds under our forward equity agreements (based on 9,708,496 remaining shares and total expected net proceeds of $653.5 million as of March 31, 2026, which will be updated at each quarter end).

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

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

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

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

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


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W. P. Carey Inc.

Overview – First Quarter 2026


Components of Net Asset Value

In thousands.


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

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

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

________

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

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

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

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

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

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


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W. P. Carey Inc.

Overview – First Quarter 2026

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

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


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W. P. Carey Inc.

Financial Results

First Quarter 2026


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W. P. Carey Inc.

Financial Results – First Quarter 2026


Consolidated Statements of Income – Last Five Quarters

In thousands, except share and per share amounts.


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

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

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

________

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

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

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


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W. P. Carey Inc.

Financial Results – First Quarter 2026


FFO and AFFO, Consolidated – Last Five Quarters

In thousands, except share and per share amounts.


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

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

________

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

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

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

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

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


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W. P. Carey Inc.

Financial Results – First Quarter 2026


Elements of Pro Rata Statement of Income and AFFO Adjustments

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

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


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

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

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

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

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

________

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

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

(c)Represents the reversal of amortization of above- or below-market lease intangibles of $2.5 million and the elimination of non-cash amounts related to straight-line rent and other of $23.4 million.

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

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

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

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

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

(i)Primarily represents the elimination of deferred taxes.


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W. P. Carey Inc.

Financial Results – First Quarter 2026


Capital Expenditures

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


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

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

________

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


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W. P. Carey Inc.

Balance Sheets and Capitalization

First Quarter 2026


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W. P. Carey Inc.

Balance Sheets and Capitalization – First Quarter 2026


Consolidated Balance Sheets

In thousands, except share and per share amounts.



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

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

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

________

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


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W. P. Carey Inc.

Balance Sheets and Capitalization – First Quarter 2026


Capitalization

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


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

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

Total Capitalization				$	24,066,947

________

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


						Investing for the Long Run® \| 12

W. P. Carey Inc.

Balance Sheets and Capitalization – First Quarter 2026


Debt Overview

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


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

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

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

________

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

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

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

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

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

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

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


						Investing for the Long Run® \| 13

W. P. Carey Inc.

Balance Sheets and Capitalization – First Quarter 2026


Debt Maturity

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


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

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

Total Pro Rata Debt Outstanding				3.2	%			$	8,929,648	100.0	%

________

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

(b)Debt maturity data is presented on a pro rata basis as of March 31, 2026. See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of pro rata. Total outstanding balance includes balloon payments and scheduled amortization for our non-recourse debt.

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

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

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

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


						Investing for the Long Run® \| 14

W. P. Carey Inc.

Balance Sheets and Capitalization – First Quarter 2026


Senior Unsecured Notes

As of March 31, 2026.

Ratings

Issuer

Senior Unsecured Notes

Ratings Agency

Rating

Outlook

Rating

Moody's

Baa1

Stable

Baa1

Standard & Poor’s

BBB+

Stable

BBB+

Senior Unsecured Note Covenants

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

Covenant

Metric

Required

As of
Mar. 31, 2026

Limitation on the incurrence of debt

"Total Debt" /
"Total Assets"

≤ 60%

41.1%

Limitation on the incurrence of secured debt

"Secured Debt" /
"Total Assets"

≤ 40%

0.5%

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

"Consolidated EBITDA" /
"Annual Debt Service Charge"

≥ 1.5x

4.7x

Maintenance of unencumbered asset value

"Unencumbered Assets" / "Total Unsecured Debt"

≥ 150%

236.9%


						Investing for the Long Run® \| 15

W. P. Carey Inc.

Real Estate

First Quarter 2026


						Investing for the Long Run® \| 16

W. P. Carey Inc.

Real Estate – First Quarter 2026


Investment Activity – Investment Volume

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

Property Type(s)

Closing Date / Asset Completion Date

Gross Investment Amount

Investment Type

Lease Term (Years) (a)

Gross Square Footage

Tenant

Property Location(s)

1Q26

Hedin Mobility Group (b)

Amsterdam, The Netherlands

Retail

Jan-26

17,636

Build-to-Suit

62,810

Dollar General

Las Vegas, NM

Retail

Jan-26

2,195

Acquisition

10,542

IMS Companies

Arlington Heights, IL

Industrial

Jan-26

9,432

Acquisition

126,948

Raben Group (8 properties) (b)

Various, Poland

Warehouse

Jan-26; Feb-26

201,789

Sale-leaseback

1,857,837

EOS Fitness

Surprise, AZ

Retail

Jan-26

11,646

Build-to-Suit

40,057

HB Chemical

Solon, OH

Warehouse

Jan-26

43,387

Acquisition

412,171

Janus International

Surprise, AZ

Industrial

Feb-26

20,732

Build-to-Suit

131,753

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

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

Industrial

Feb-26

22,345

Sale-leaseback

422,802

Go Auto (14 properties) (b)

Various, Canada

Retail

Mar-26

211,883

Sale-leaseback

596,176

Barnes Molding Solutions (b)

Bahlingen am Kaiserstuhl, Germany

Industrial

Mar-26

23,621

Sale-leaseback

217,011

Scania (b)

Oskarshamn, Sweden

Warehouse

Mar-26

18,188

Build-to-Suit

204,645

Year-to-Date Total

582,854

4,082,752


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

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

________

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

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

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

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

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

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


						Investing for the Long Run® \| 17

W. P. Carey Inc.

Real Estate – First Quarter 2026


Investment Activity – Capital Investments and Commitments (a)

Dollars in thousands. Pro rata.


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

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

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

________

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

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

(c)Total funding during the three months ended March 31, 2026 excludes $0.4 million spent on pre-development work for potential projects in various phases.

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

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

(f)We own a 90% interest in these joint venture projects and amounts in this table represent our pro rata share.


						Investing for the Long Run® \| 18

W. P. Carey Inc.

Real Estate – First Quarter 2026


Investment Activity – Dispositions

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

Tenant

Property Location(s)

Gross Sale Price

Closing Date

Property Type(s)

Gross Square Footage

1Q26

Vacant (formerly Hellweg) (a)

Chemnitz, Germany

3,278

Jan-26

Retail

82,699

Hellweg (2 properties) (a)

Dortmund-Kley and Bonn-Beuel, Germany

6,488

Jan-26; Mar-26

Retail

140,330

AutoZone

St. Louis, MO

391

Jan-26

Retail

5,400

Vacant

Opelika, AL

52,697

Feb-26

Warehouse

702,623

TI Automotive

Gallatin, TN

7,500

Feb-26

Industrial

95,920

Self-Storage Operating Properties (11 properties)

Various, United States

75,160

Mar-26

Self-Storage (Operating)

738,942

Vacant

Oceanside, CA

11,452

Mar-26

Warehouse

58,977

Vacant (formerly Hellweg) (a)

Duisburg, Germany

5,600

Mar-26

Retail

85,993

Year-to-Date Total Dispositions

162,566

1,910,884

________

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


						Investing for the Long Run® \| 19

W. P. Carey Inc.

Real Estate – First Quarter 2026


Joint Ventures

Dollars in thousands. As of March 31, 2026.


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

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

________

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

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

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

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

(e)Excludes two consolidated joint venture build-to-suit projects with the same tenant in which we own a 90% ownership interest. These investments have no debt or ABR as of March 31, 2026.


						Investing for the Long Run® \| 20

W. P. Carey Inc.

Real Estate – First Quarter 2026


Top 25 Tenants

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


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

________

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

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

(c)Of the 20 properties leased to TI Automotive, nine are located in Canada, six are located in Mexico, and five are located in the United States.

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

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


						Investing for the Long Run® \| 21

W. P. Carey Inc.

Real Estate – First Quarter 2026


Diversification by Property Type

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


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

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

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

________

(a)Includes square footage for vacant properties.

(b)Includes automotive dealerships.

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

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


						Investing for the Long Run® \| 22

W. P. Carey Inc.

Real Estate – First Quarter 2026


Diversification by Tenant Industry

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


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

________

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

(b)Includes square footage for vacant properties.

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


						Investing for the Long Run® \| 23

W. P. Carey Inc.

Real Estate – First Quarter 2026


Diversification by Geography

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


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

________

(a)Includes square footage for vacant properties.

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

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

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

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

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


						Investing for the Long Run® \| 24

W. P. Carey Inc.

Real Estate – First Quarter 2026


Contractual Rent Increases

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


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

________

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

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


						Investing for the Long Run® \| 25

W. P. Carey Inc.

Real Estate – First Quarter 2026


Same-Store Analysis

Dollars in thousands. Pro rata.

Contractual Same-Store Growth

Same-store portfolio includes leases on our net leased properties that were continuously in place during the period from March 31, 2025 to March 31, 2026. Excludes leases for properties that were acquired, sold or vacated, or were subject to lease renewals, extensions or modifications at any time that affected ABR during that period. For purposes of comparability, ABR is presented on a constant currency basis using exchange rates as of March 31, 2026.


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

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

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

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


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W. P. Carey Inc.

Real Estate – First Quarter 2026

Comprehensive Same-Store Growth

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


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

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

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

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


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W. P. Carey Inc.

Real Estate – First Quarter 2026

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


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

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

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

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

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

________

(a)Includes automotive dealerships.

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

(c)Represents leases attributable to percentage rent.

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

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


						Investing for the Long Run® \| 28

W. P. Carey Inc.

Real Estate – First Quarter 2026


Leasing Activity

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


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

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


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

_______

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

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

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

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


						Investing for the Long Run® \| 29

W. P. Carey Inc.

Real Estate – First Quarter 2026


Lease Expirations

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


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

________

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

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


						Investing for the Long Run® \| 30

W. P. Carey Inc.

Appendix

First Quarter 2026


						Investing for the Long Run® \| 31

W. P. Carey Inc.

Appendix – First Quarter 2026


Normalized Pro Rata Cash NOI

In thousands.


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

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

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

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

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

	398,951

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

	404,189

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

Pro Rata Cash NOI (a)	383,041

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

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


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W. P. Carey Inc.

Appendix – First Quarter 2026

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


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

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

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

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

________

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

(b)For properties acquired and capital investments and commitments completed during the three months ended March 31, 2026, the adjustment modifies our pro rata share of cash NOI for the partial period with an amount estimated to be equivalent to the additional pro rata share of cash NOI necessary to reflect ownership for the full quarter. For properties disposed of during the three months ended March 31, 2026, the adjustment eliminates our pro rata share of cash NOI for the period. If there is a rent abatement, we annualize the first monthly contractual base rent following the free rent period.


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W. P. Carey Inc.

Appendix – First Quarter 2026


Adjusted EBITDA – Last Five Quarters

In thousands.


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

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

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

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

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

________

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

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

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

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

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


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W. P. Carey Inc.

Appendix – First Quarter 2026


Reconciliation of Net Debt to Adjusted EBITDA

In thousands.


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

Adjusted EBITDA (Annualized)	$	1,518,272

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

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

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

________

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

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

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


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W. P. Carey Inc.

Appendix – First Quarter 2026


Disclosures Regarding Non-GAAP and Other Metrics

Non-GAAP Financial Disclosures

FFO and AFFO

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

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

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

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

Same-Store Pro Rata Rental Income

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

Pro Rata Cash NOI

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


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W. P. Carey Inc.

Appendix – First Quarter 2026

Normalized Pro Rata Cash NOI

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

Adjusted EBITDA

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

Other Metrics

Pro Rata Metrics

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

ABR

ABR represents contractual minimum annualized base rent for our net-leased properties and reflects exchange rates as of March 31, 2026. If there is a rent abatement, we annualize the first monthly contractual base rent following the free rent period. ABR is not applicable to operating properties and is presented on a pro rata basis.


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