wpc-20240430

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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

Date of report (Date of earliest event reported): April 30, 2024

(Exact Name of Registrant as Specified in its Charter)


Maryland		001-13779	45-4549771
(State of incorporation)		(Commission File Number)	(IRS Employer Identification No.)

One Manhattan West, 395 9th Avenue, 58th Floor
New York,	New York		10001
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: (212) 492-1100

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.001 Par Value

WPC

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On April 30, 2024, W. P. Carey Inc. (the “Company”) issued an earnings release announcing its financial results for the quarter ended March 31, 2024. A copy of the earnings release is attached as Exhibit 99.1.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that Section, and shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act.

Item 7.01 Regulation FD Disclosure.

On April 30, 2024, the Company made available certain unaudited supplemental financial information at March 31, 2024. A copy of this supplemental information is attached as Exhibit 99.2.

On April 30, 2024, the Company posted its first quarter investor presentation on its website at http://www.wpcarey.com. A copy of the investor presentation is also attached as Exhibit 99.3.

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

Item 9.01 Financial Statements and Exhibits.


Exhibit No.						Description
99.1						Earnings release of the Company for the quarter ended March 31, 202 4 .

99.2						Supplemental financial information of the Company at March 31, 202 4 .

99.3						Investor presentation by the Company.

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

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


			W. P. Carey Inc.

Date:	April 30, 2024	By:	/s/ ToniAnn Sanzone
			ToniAnn Sanzone
			Chief Financial Officer

W. P. Carey Announces First Quarter 2024 Financial Results

New York, NY – April 30, 2024 – 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 first quarter ended March 31, 2024.

Financial Highlights



			2024 First Quarter
Net income attributable to W. P. Carey (millions)			$159.2
Diluted earnings per share			$0.72

AFFO (millions)			$251.9
AFFO per diluted share			$1.14

•Affirming 2024 AFFO guidance of between $4.65 and $4.75 per diluted share, based on anticipated full year investment volume of between $1.5 billion and $2.0 billion

•First quarter cash dividend of $0.865 per share, equivalent to an annualized dividend rate of $3.46 per share

Real Estate Portfolio

•Investment volume of $374.5 million completed year to date, including $280.3 million during the first quarter and $94.2 million subsequent to quarter end

•Active capital investments and commitments of $66.4 million scheduled to be completed in 2024

•Gross disposition proceeds of $889.2 million during the first quarter, comprising:

◦Dispositions of $410.5 million under the Office Sale Program, primarily from the sale of the State of Andalusia portfolio; and

◦Non-Office Sale Program dispositions of $478.6 million, primarily from the sale of the U-Haul portfolio through the completion of a purchase option

•Contractual same-store rent growth of 3.1%

Balance Sheet and Capitalization

•Subsequent to quarter end, repaid $500 million of 4.6% Senior Unsecured Notes due 2024

W. P. Carey Inc. 3/31/2024 Earnings Release 8-K – 1

MANAGEMENT COMMENTARY

“We've had a productive start to the year, closing $375 million of investments and building a strong deal pipeline, which positions us well in relation to our investment guidance,” said Jason Fox, Chief Executive Officer of W. P. Carey. “We also made excellent progress toward completing our office exit strategy and addressing recent tenant-specific issues, further strengthening our well-diversified portfolio. We believe that we have a distinct advantage both in terms of deploying the substantial capital we’ve amassed into new investments and the strength of our rent escalations, putting us on a path to generate future growth based off the new baseline AFFO set in 2024.”

QUARTERLY FINANCIAL RESULTS

Note: Effective January 1, 2024, the Company no longer separately analyzes its business between real estate operations and investment management operations, and instead views the business as one reportable segment. As a result of this change, the Company has conformed prior period segment information to reflect how it currently views its business.

•Revenues, including reimbursable costs, for the 2024 first quarter totaled $389.8 million, down 8.9% from $427.8 million for the 2023 first quarter.

◦Lease revenues decreased primarily as a result of (i) executing the Company’s strategic plan to exit the office assets within its portfolio, including the NLOP Spin-Off in November 2023 and dispositions under the Office Sale Program during 2023 and the 2024 first quarter, and (ii) the reclassification of lease revenues during the 2023 first quarter for a portfolio of 78 U-Haul self-storage net lease properties (the U-Haul portfolio) in conjunction with the exercise of a purchase option on the portfolio. These two items more than offset the impact of higher lease revenues from net investment activity and rent escalations.

◦Income from finance leases and loans receivable increased primarily as a result of the reclassification of lease revenues for the U-Haul portfolio during the 2023 first quarter (as described above), which was sold during the 2024 first quarter. This reclassification had no impact on total revenues.

◦Operating property revenues decreased primarily as a result of the sale of eight hotel operating properties during 2023 (out of 12 hotel properties that converted from net lease to operating upon lease expiration during the 2023 first quarter).

◦Other lease-related income decreased primarily as a result of higher lease termination income during the 2023 first quarter in connection with the sales of two properties.

Net Income Attributable to W. P. Carey

•Net income attributable to W. P. Carey for the 2024 first quarter was $159.2 million, down 45.9% from $294.4 million for the 2023 first quarter, due primarily to lower gain on sale of real estate.

Adjusted Funds from Operations (AFFO)

•AFFO for the 2024 first quarter was $1.14 per diluted share, down 13.0% from $1.31 per diluted share for the 2023 first quarter, primarily reflecting the impact of the NLOP Spin-Off and the Office Sale Program, as well as lower other lease-related income, which more than offset the impact of net investment activity and rent escalations.

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

W. P. Carey Inc. 3/31/2024 Earnings Release 8-K – 2

•On March 14, 2024, the Company reported that its Board of Directors declared a quarterly cash dividend of $0.865 per share, equivalent to an annualized dividend rate of $3.46 per share. The dividend was paid on April 15, 2024 to shareholders of record as of March 28, 2024.

•For the 2024 full year, the Company affirms its expectation that it will report AFFO of between $4.65 and $4.75 per diluted share, based on the following key assumptions, which are substantially unchanged:

(i) investment volume of between $1.5 billion and $2.0 billion;

(ii) disposition volume of between $1.2 billion and $1.4 billion, including:

(a) substantial completion of the Company’s strategic plan to exit office, including anticipated asset sales under the Office Sale Program totaling between $550 million and $600 million during the first half of 2024;

(b) completion of the U-Haul purchase option during the 2024 first quarter, which generated gross proceeds of $464 million; and

(iii) total general and administrative expenses of between $100 million and $103 million.

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

•Year to date, the Company completed investments totaling $374.5 million, including $280.3 million during the 2024 first quarter and $94.2 million subsequent to quarter end, comprising a 1.2 million square foot distribution facility located in Commercial Point, Ohio.

•The Company currently has six capital investments and commitments totaling $66.4 million scheduled to be completed during 2024.

W. P. Carey Inc. 3/31/2024 Earnings Release 8-K – 3

•During the 2024 first quarter, the Company disposed of 153 properties for gross proceeds totaling $889.2 million, comprising:

◦The disposition of 72 properties under an asset sale program (the Office Sale Program) for gross proceeds totaling $410.5 million, primarily from the sale of a portfolio of 70 office properties net leased to the State of Andalusia (the State of Andalusia portfolio) for $359.3 million, and

◦The disposition of 81 non-Office Sale Program properties for gross proceeds totaling $478.6 million, primarily from the sale of the U-Haul portfolio for $464.1 million through the completion of a purchase option on the portfolio.

•The Company is nearing completion of the strategic plan it announced on September 21, 2023 to exit the office assets within its portfolio, primarily through:

◦The spin-off of 59 office properties into Net Lease Office Properties, a separate publicly-traded REIT (the NLOP Spin-Off), completed on November 1, 2023; and

◦The disposition of 87 properties retained by W. P. Carey under the Office Sale Program.

•To date, the Company has sold 80 properties under the Office Sale Program for gross proceeds totaling approximately $630.8 million. Seven office properties generating $17.2 million of ABR and representing 1.3% of total ABR remain to be sold under the program, which are targeted for sale during the first half of 2024.

Contractual Same-Store Rent Growth

•As of March 31, 2024, contractual same store rent growth was 3.1% year over year, on a constant currency basis.

•On February 15, 2024, the Company entered into a lease restructuring for a 35-property retail portfolio in Germany leased to Hellweg, including a rent abatement for the 2024 first quarter, a €4.0 million rent reduction commencing on April 1, 2024 (resulting in annual rent of €23.3 million) and a seven-year extension of the lease term to February 2044.

•As of March 31, 2024, the Company’s net lease portfolio occupancy rate was 99.1%, up 100 basis points from 98.1% as of December 31, 2023, due primarily to the lease-up of an approximately 1.6 million square foot warehouse property located in University Park, Illinois.

•As of March 31, 2024, the Company’s net lease portfolio consisted of 1,282 properties, comprising 168 million square feet leased to 335 tenants, with a weighted-average lease term of 12.2 years and an occupancy rate of 99.1%. In addition, the Company owned 89 self-storage operating properties, five hotel operating properties and two student housing operating properties, totaling approximately 7.3 million square feet.

W. P. Carey Inc. 3/31/2024 Earnings Release 8-K – 4

BALANCE SHEET AND CAPITALIZATION

•As of March 31, 2024, the Company had total liquidity of $2.8 billion, including approximately $1.7 billion of available capacity under its Senior Unsecured Credit Facility (net of amounts reserved for standby letters of credit), $777.0 million of cash and cash equivalents, and $283.8 million of cash held at qualified intermediaries.

Senior Unsecured Notes

•Subsequent to quarter end, the Company repaid $500 million of 4.6% Senior Unsecured Notes due 2024.

Supplemental Information

The Company has provided supplemental unaudited financial and operating information regarding the 2024 first 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 April 30, 2024, and made available on the Company’s website at ir.wpcarey.com/investor-relations.

Live Conference Call and Audio Webcast Scheduled for Wednesday, May 1, 2024 at 11:00 a.m. Eastern Time

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

Date/Time: Wednesday, May 1, 2024 at 11:00 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 ranks among the largest net lease REITs with a well-diversified portfolio of high-quality, operationally critical commercial real estate, which includes 1,282 net lease properties covering approximately 168 million square feet and a portfolio of 89 self-storage operating properties as of March 31, 2024. 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.

W. P. Carey Inc. 3/31/2024 Earnings Release 8-K – 5

Cautionary Statement Concerning Forward-Looking Statements

Certain of the matters discussed in this communication constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, both as amended by the Private Securities Litigation Reform Act of 1995. The forward-looking statements include, among other things, statements regarding the intent, belief or expectations of W. P. Carey and can be identified by the use of words such as “may,” “will,” “should,” “would,” “will be,” “goals,” “believe,” “project,” “expect,” “anticipate,” “intend,” “estimate” “opportunities,” “possibility,” “strategy,” “maintain” or the negative version of these words and other comparable terms. These forward-looking statements include, but are not limited to, statements made by Mr. Jason Fox regarding 2024 investment volume, the completion of W. P. Carey’s strategic plan to exit office, and expectations regarding future growth. These statements are based on the current expectations of our management, and it is important to note that our actual results could be materially different from those projected in such forward-looking statements. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Other unknown or unpredictable risks or uncertainties, like the risks related to fluctuating interest rates, the impact of inflation on our tenants and us, the effects of pandemics and global outbreaks of contagious diseases, and domestic or geopolitical crises, such as terrorism, military conflict, war or the perception that hostilities may be imminent, political instability or civil unrest, or other conflict, and those additional risk factors discussed in reports that we have filed with the SEC, could also have material adverse effects on our future results, performance or achievements. Discussions of some of these other important factors and assumptions are contained in W. P. Carey’s filings with the SEC and are available at the SEC’s website at http://www.sec.gov, including Part I, Item 1A. Risk Factors in W. P. Carey’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. 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:

institutionalir@wpcarey.com

Individual Investors:

amcgrath@wpcarey.com

W. P. Carey Inc. 3/31/2024 Earnings Release 8-K – 6

Consolidated Balance Sheets (Unaudited)

(in thousands, except share and per share amounts)



	March 31, 2024		December 31, 2023
Assets
Investments in real estate:
Land, buildings and improvements — net lease and other	$	12,260,873	$	12,095,458
Land, buildings and improvements — operating properties	1,256,171		1,256,249
Net investments in finance leases and loans receivable	660,585		1,514,923
In-place lease intangible assets and other	2,278,593		2,308,853
Above-market rent intangible assets	693,294		706,773
Investments in real estate	17,149,516		17,882,256
Accumulated depreciation and amortization (a)	(3,067,292)		(3,005,479)
Assets held for sale, net	—		37,122
Net investments in real estate	14,082,224		14,913,899
Equity method investments	355,668		354,261
Cash and cash equivalents	776,966		633,860
Other assets, net	1,422,597		1,096,474
Goodwill	974,052		978,289
Total assets	$	17,611,507	$	17,976,783

Liabilities and Equity
Debt:
Senior unsecured notes, net	$	5,969,622	$	6,035,686
Unsecured term loans, net	1,107,164		1,125,564
Unsecured revolving credit facility	291,621		403,785
Non-recourse mortgages, net	504,808		579,147
Debt, net	7,873,215		8,144,182
Accounts payable, accrued expenses and other liabilities	575,832		615,750
Below-market rent and other intangible liabilities, net	131,517		136,872
Deferred income taxes	158,820		180,650
Dividends payable	192,948		192,332
Total liabilities	8,932,332		9,269,786

Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued	—		—
Common stock, $0.001 par value, 450,000,000 shares authorized; 218,823,907 and 218,671,874 shares, respectively, issued and outstanding	219		219
Additional paid-in capital	11,772,948		11,784,461
Distributions in excess of accumulated earnings	(2,926,085)		(2,891,424)
Deferred compensation obligation	78,491		62,046
Accumulated other comprehensive loss	(252,516)		(254,867)
Total stockholders’ equity	8,673,057		8,700,435
Noncontrolling interests	6,118		6,562
Total equity	8,679,175		8,706,997
Total liabilities and equity	$	17,611,507	$	17,976,783

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

W. P. Carey Inc. 3/31/2024 Earnings Release 8-K – 7

Quarterly Consolidated Statements of Income (Unaudited)

(in thousands, except share and per share amounts)


	Three Months Ended
	March 31, 2024		December 31, 2023		March 31, 2023
Revenues
Real Estate:
Lease revenues	$	322,251	$	336,757	$	352,336
Income from finance leases and loans receivable	25,793		31,532		20,755
Operating property revenues	36,643		39,477		40,886
Other lease-related income	2,155		2,610		13,373
	386,842		410,376		427,350
Investment Management:
Asset management revenue (a)	1,893		1,348		339
Other advisory income and reimbursements (b)	1,063		713		101
	2,956		2,061		440
	389,798		412,437		427,790
Operating Expenses
Depreciation and amortization	118,768		129,484		156,409
General and administrative	27,868		21,579		26,549
Operating property expenses	17,950		20,403		21,249
Reimbursable tenant costs	12,973		18,942		21,976
Property expenses, excluding reimbursable tenant costs	12,173		13,287		12,772
Stock-based compensation expense	8,856		8,693		7,766
Merger and other expenses (c)	4,452		(641)		24
Impairment charges — real estate	—		71,238		—
	203,040		282,985		246,745
Other Income and Expenses
Interest expense	(68,651)		(72,194)		(67,196)
Non-operating income (d)	15,505		7,445		4,626
Gain on sale of real estate, net	15,445		134,026		177,749
Other gains and (losses) (e)	13,839		(45,777)		8,100
Earnings from equity method investments	4,864		5,006		5,236
	(18,998)		28,506		128,515
Income before income taxes	167,760		157,958		309,560
Provision for income taxes	(8,674)		(13,714)		(15,119)
Net Income	159,086		144,244		294,441
Net loss (income) attributable to noncontrolling interests	137		50		(61)
Net Income Attributable to W. P. Carey	$	159,223	$	144,294	$	294,380

Basic Earnings Per Share	$	0.72	$	0.66	$	1.39
Diluted Earnings Per Share	$	0.72	$	0.66	$	1.39
Weighted-Average Shares Outstanding
Basic	220,031,597		219,277,446		211,951,930
Diluted	220,129,870		219,469,641		212,345,047

Dividends Declared Per Share	$	0.865	$	0.860	$	1.067

(a)Amount for the three months ended March 31, 2024 is comprised of $1.8 million from NLOP and $0.1 million from CESH.

(b)Amount for the three months ended March 31, 2024 is comprised of (i) $1.0 million of administrative reimbursement for our management of NLOP and (ii) less than $0.1 million of reimbursable costs from CESH.

(d)Amount for the three months ended March 31, 2024 is comprised of interest income on deposits of $9.4 million, realized gains on foreign currency exchange derivatives of $3.1 million and a cash dividend of $3.0 million from our investment in shares of Lineage.

(e)Amount for the three months ended March 31, 2024 is primarily comprised of a gain on the repayment of a loan receivable of $10.7 million, a release of a non-cash allowance for credit losses of $4.0 million and net losses on foreign currency exchange rate movements of $1.1 million.

W. P. Carey Inc. 3/31/2024 Earnings Release 8-K – 8

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

(in thousands, except share and per share amounts)


	Three Months Ended
	March 31, 2024		December 31, 2023		March 31, 2023
Net income attributable to W. P. Carey	$	159,223	$	144,294	$	294,380
Adjustments:
Depreciation and amortization of real property	118,113		128,839		155,868
Gain on sale of real estate, net (a)	(15,445)		(134,026)		(177,749)
Impairment charges — real estate (b)	—		71,238		—
Proportionate share of adjustments to earnings from equity method investments (c)	2,949		2,942		2,606
Proportionate share of adjustments for noncontrolling interests (d)	(103)		(133)		(299)
Total adjustments	105,514		68,860		(19,574)
FFO (as defined by NAREIT) Attributable to W. P. Carey (e)	264,737		213,154		274,806
Adjustments:
Straight-line and other leasing and financing adjustments	(19,553)		(19,071)		(15,050)
Other (gains) and losses (f)	(13,839)		45,777		(8,100)
Stock-based compensation	8,856		8,693		7,766
Amortization of deferred financing costs	4,588		4,895		4,940
Merger and other expenses (g)	4,452		(641)		24
Above- and below-market rent intangible lease amortization, net	4,068		6,644		10,861
Tax (benefit) expense – deferred and other	(1,373)		2,507		4,366
Other amortization and non-cash items	579		152		472
Proportionate share of adjustments to earnings from equity method investments (c)	(519)		(663)		(926)
Proportionate share of adjustments for noncontrolling interests (d)	(104)		(97)		60
Total adjustments	(12,845)		48,196		4,413
AFFO Attributable to W. P. Carey (e)	$	251,892	$	261,350	$	279,219

Summary
FFO (as defined by NAREIT) attributable to W. P. Carey (e)	$	264,737	$	213,154	$	274,806
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share (e)	$	1.20	$	0.97	$	1.29
AFFO attributable to W. P. Carey (e)	$	251,892	$	261,350	$	279,219
AFFO attributable to W. P. Carey per diluted share (e)	$	1.14	$	1.19	$	1.31
Diluted weighted-average shares outstanding	220,129,870		219,469,641		212,345,047

(a)Amounts for the three months ended December 31, 2023 and March 31, 2023 include gains on sale of real estate of $59.1 million and $176.2 million, respectively, recognized upon the reclassification of certain portfolios of properties to net investments in sales-type leases. All of these properties were sold in the first quarter of 2024.

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

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

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

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

(f)Amount for the three months ended March 31, 2024 is primarily comprised of a gain on the repayment of a loan receivable of $10.7 million, a release of a non-cash allowance for credit losses of $4.0 million and net losses on foreign currency exchange rate movements of $1.1 million.

W. P. Carey Inc. 3/31/2024 Earnings Release 8-K – 9

Non-GAAP Financial Disclosure

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

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

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

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

We believe that AFFO is a useful supplemental measure for investors to consider as we believe it will help them to better assess the sustainability of our operating performance without the potentially distorting impact of these short-term fluctuations. However, there are limits on the usefulness of AFFO to investors. For example, impairment charges and unrealized foreign currency 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. 3/31/2024 Earnings Release 8-K – 10

Supplemental Information

Terms and Definitions

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


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

Important Note Regarding Non-GAAP Financial Measures

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

Amounts may not sum to totals due to rounding.

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

Supplemental Information – First Quarter 2024

Overview – First Quarter 2024

As of or for the three months ended March 31, 2024.


Financial Results
Revenues, including reimbursable costs – consolidated ($000s)		$	389,798
Net income attributable to W. P. Carey ($000s)		159,223
Net income attributable to W. P. Carey per diluted share		0.72
Normalized pro rata cash NOI ($000s) (a) (b)		328,305
Adjusted EBITDA ($000s) (a) (b)		326,826
AFFO attributable to W. P. Carey ($000s) (a) (b)		251,892
AFFO attributable to W. P. Carey per diluted share (a) (b)		1.14

Dividends declared per share – current quarter		0.865
Dividends declared per share – current quarter annualized		3.460
Dividend yield – annualized, based on quarter end share price of $56.44		6.1		%
Dividend payout ratio – for the three months ended March 31, 2024 (c)		75.9		%

Balance Sheet and Capitalization
Equity market capitalization – based on quarter end share price of $56.44 ($000s)		$	12,350,421
Pro rata net debt ($000s) (d)		6,950,742
Enterprise value ($000s)		19,301,163

Total consolidated debt ($000s)		7,873,215
Gross assets ($000s) (e)		19,262,428
Liquidity ($000s) (f)		2,763,308

Pro rata net debt to enterprise value (b)		36.0		%
Pro rata net debt to adjusted EBITDA (annualized) (a) (b)		5.3x
Total consolidated debt to gross assets		40.9		%
Total consolidated secured debt to gross assets		2.6		%
Cash interest expense coverage ratio (a) (b)		5.1x

Weighted-average interest rate (b)		3.2		%
Weighted-average debt maturity (years) (b)		3.7

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

Real Estate Portfolio (Pro Rata)
ABR – total portfolio ($000s) (g)		$	1,279,391
ABR – unencumbered portfolio (% / $000s) (g) (h)	93.8% /	$	1,200,570
Number of net-leased properties		1,282
Number of operating properties (i)		96
Number of tenants – net-leased properties		335

ABR from top ten tenants as a % of total ABR – net-leased properties		19.8		%
ABR from investment grade tenants as a % of total ABR – net-leased properties (j)		23.7		%
Contractual same-store growth (k)		3.1		%

Net-leased properties – square footage (millions)		168.4

Occupancy – net-leased properties		99.1		%
Weighted-average lease term (years)		12.2

Investment volume – current quarter ($000s)		$	280,315
Dispositions – current quarter ($000s)		889,179

Maximum commitment for capital investments and commitments expected to be completed during 2024 ($000s)		66,414


						Investing for the Long Run® \| 1

Overview – First Quarter 2024

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

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

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

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

(e)Gross assets represent consolidated total assets before accumulated depreciation on buildings and improvements. Gross assets are net of accumulated amortization on in-place lease intangible assets of $937.1 million and above-market rent intangible assets of $479.2 million.

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

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

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

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

(j)Percentage of portfolio is based on ABR, as of March 31, 2024. Includes tenants or guarantors with investment grade ratings (17.6%) and subsidiaries of non-guarantor parent companies with investment grade ratings (6.1%). Investment grade refers to an entity with a rating of BBB- or higher from Standard & Poor’s Ratings Services or Baa3 or higher from Moody’s Investors Service. See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of ABR.

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


						Investing for the Long Run® \| 2

Overview – First Quarter 2024


Components of Net Asset Value

Dollars in thousands.


Normalized Pro Rata Cash NOI (a) (b)	Three Months Ended Mar. 31, 2024
Net lease properties	$	308,008
Self-storage and other operating properties (c)	20,297
Total normalized pro rata cash NOI (a) (b)	$	328,305

Balance Sheet – Selected Information (Consolidated Unless Otherwise Stated)	As of Mar. 31, 2024
Assets
Book value of real estate excluded from normalized pro rata cash NOI (d)	$	231,262
Cash and cash equivalents	776,966
Las Vegas retail complex construction loan (e)	238,598
Other assets, net:
Investment in shares of Lineage (a cold storage REIT)	$	404,921
Straight-line rent adjustments	324,344
Cash held at qualified intermediaries (f)	283,824
Deferred charges	75,372
Taxes receivable	70,598
Office lease right-of-use assets, net	53,893
Non-rent tenant and other receivables	53,576
Restricted cash, including escrow (excludes cash held at qualified intermediaries)	43,233
Securities and derivatives	18,751
Prepaid expenses	18,497
Deferred income taxes	18,171
Leasehold improvements, furniture and fixtures	13,446
Rent receivables (g)	2,962
Due from affiliates	1,225
Other	39,784
Total other assets, net	$	1,422,597

Liabilities
Total pro rata debt outstanding (b) (h)	$	8,011,532
Dividends payable	192,948
Deferred income taxes	158,820
Accounts payable, accrued expenses and other liabilities:
Accounts payable and accrued expenses	$	174,994
Operating lease liabilities	137,621
Prepaid and deferred rents	117,567
Tenant security deposits	52,705
Accrued taxes payable	49,811
Other	43,134
Total accounts payable, accrued expenses and other liabilities	$	575,832

(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 five 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 proceeds from a disposition during the first quarter of 2024 that have been designated for future 1031 exchange transactions.

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

(h)Excludes unamortized discount, net totaling $29.0 million and unamortized deferred financing costs totaling $20.1 million as of March 31, 2024.


						Investing for the Long Run® \| 3


						Investing for the Long Run® \| 4

Financial Results – First Quarter 2024


Consolidated Statements of Income – Last Five Quarters

In thousands, except share and per share amounts.


	Three Months Ended
	Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		Jun. 30, 2023		Mar. 31, 2023
Revenues
Real Estate:
Lease revenues	$	322,251	$	336,757	$	369,159	$	369,124	$	352,336
Income from finance leases and loans receivable	25,793		31,532		27,575		27,311		20,755
Operating property revenues	36,643		39,477		49,218		50,676		40,886
Other lease-related income	2,155		2,610		2,310		5,040		13,373
	386,842		410,376		448,262		452,151		427,350
Investment Management:
Asset management revenue (a)	1,893		1,348		194		303		339
Other advisory income and reimbursements (b)	1,063		713		97		124		101
	2,956		2,061		291		427		440
	389,798		412,437		448,553		452,578		427,790
Operating Expenses
Depreciation and amortization	118,768		129,484		144,771		143,548		156,409
General and administrative	27,868		21,579		23,355		24,912		26,549
Operating property expenses	17,950		20,403		26,570		26,919		21,249
Reimbursable tenant costs	12,973		18,942		20,498		20,523		21,976
Property expenses, excluding reimbursable tenant costs	12,173		13,287		13,021		5,371		12,772
Stock-based compensation expense	8,856		8,693		9,050		8,995		7,766
Merger and other expenses (c)	4,452		(641)		4,152		1,419		24
Impairment charges — real estate (d)	—		71,238		15,173		—		—
	203,040		282,985		256,590		231,687		246,745
Other Income and Expenses
Interest expense	(68,651)		(72,194)		(76,974)		(75,488)		(67,196)
Non-operating income (e)	15,505		7,445		4,862		4,509		4,626
Gain on sale of real estate, net (f)	15,445		134,026		2,401		1,808		177,749
Other gains and (losses) (g)	13,839		(45,777)		2,859		(1,366)		8,100
Earnings from equity method investments	4,864		5,006		4,978		4,355		5,236
	(18,998)		28,506		(61,874)		(66,182)		128,515
Income before income taxes	167,760		157,958		130,089		154,709		309,560
Provision for income taxes	(8,674)		(13,714)		(5,090)		(10,129)		(15,119)
Net Income	159,086		144,244		124,999		144,580		294,441
Net loss (income) attributable to noncontrolling interests	137		50		41		40		(61)
Net Income Attributable to W. P. Carey	$	159,223	$	144,294	$	125,040	$	144,620	$	294,380

Basic Earnings Per Share	$	0.72	$	0.66	$	0.58	$	0.67	$	1.39
Diluted Earnings Per Share	$	0.72	$	0.66	$	0.58	$	0.67	$	1.39
Weighted-Average Shares Outstanding
Basic	220,031,597		219,277,446		215,097,114		215,075,114		211,951,930
Diluted	220,129,870		219,469,641		215,252,969		215,184,485		212,345,047

Dividends Declared Per Share	$	0.865	$	0.860	$	1.071	$	1.069	$	1.067

(a)Amount for the three months ended March 31, 2024 is comprised of $1.8 million from NLOP and $0.1 million from CESH.

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

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

(e)Amount for the three months ended March 31, 2024 is comprised of interest income on deposits of $9.4 million, realized gains on foreign currency exchange derivatives of $3.1 million and a cash dividend of $3.0 million from our investment in shares of Lineage.

(f)Amounts for the three months ended December 31, 2023 and March 31, 2023 include gains on sale of real estate of $59.1 million and $176.2 million, respectively, recognized upon the reclassification of certain portfolios of properties to net investments in sales-type leases. All of these properties were sold in the first quarter of 2024.

(g)Amount for the three months ended March 31, 2024 is primarily comprised of a gain on the repayment of a loan receivable of $10.7 million, a release of a non-cash allowance for credit losses of $4.0 million and net losses on foreign currency exchange rate movements of $1.1 million.


						Investing for the Long Run® \| 5

Financial Results – First Quarter 2024


FFO and AFFO, Consolidated – Last Five Quarters

In thousands, except share and per share amounts.


	Three Months Ended
	Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		Jun. 30, 2023		Mar. 31, 2023
Net income attributable to W. P. Carey	$	159,223	$	144,294	$	125,040	$	144,620	$	294,380
Adjustments:
Depreciation and amortization of real property	118,113		128,839		144,111		142,932		155,868
Gain on sale of real estate, net (a)	(15,445)		(134,026)		(2,401)		(1,808)		(177,749)
Impairment charges — real estate (b)	—		71,238		15,173		—		—
Proportionate share of adjustments to earnings from equity method investments (c)	2,949		2,942		2,950		2,883		2,606
Proportionate share of adjustments for noncontrolling interests (d)	(103)		(133)		34		(268)		(299)
Total adjustments	105,514		68,860		159,867		143,739		(19,574)
FFO (as defined by NAREIT) Attributable to W. P. Carey (e)	264,737		213,154		284,907		288,359		274,806
Adjustments:
Straight-line and other leasing and financing adjustments	(19,553)		(19,071)		(18,662)		(19,086)		(15,050)
Other (gains) and losses (f)	(13,839)		45,777		(2,859)		1,366		(8,100)
Stock-based compensation	8,856		8,693		9,050		8,995		7,766
Amortization of deferred financing costs	4,588		4,895		4,805		5,904		4,940
Merger and other expenses (g)	4,452		(641)		4,152		1,419		24
Above- and below-market rent intangible lease amortization, net	4,068		6,644		7,835		8,824		10,861
Tax (benefit) expense – deferred and other	(1,373)		2,507		(4,349)		(2,723)		4,366
Other amortization and non-cash items	579		152		584		527		472
Proportionate share of adjustments to earnings from equity method investments (c)	(519)		(663)		(691)		(255)		(926)
Proportionate share of adjustments for noncontrolling interests (d)	(104)		(97)		(380)		(24)		60
Total adjustments	(12,845)		48,196		(515)		4,947		4,413
AFFO Attributable to W. P. Carey (e)	$	251,892	$	261,350	$	284,392	$	293,306	$	279,219

Summary
FFO (as defined by NAREIT) attributable to W. P. Carey (e)	$	264,737	$	213,154	$	284,907	$	288,359	$	274,806
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share (e)	$	1.20	$	0.97	$	1.32	$	1.34	$	1.29
AFFO attributable to W. P. Carey (e)	$	251,892	$	261,350	$	284,392	$	293,306	$	279,219
AFFO attributable to W. P. Carey per diluted share (e)	$	1.14	$	1.19	$	1.32	$	1.36	$	1.31
Diluted weighted-average shares outstanding	220,129,870		219,469,641		215,252,969		215,184,485		212,345,047

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

(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.

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


						Investing for the Long Run® \| 6


Turnover Costs (a)
Tenant improvements	$	674
Leasing costs	1,842
Total Tenant Improvements and Leasing Costs	2,516
Property improvements	823
Total Turnover Costs	$	3,339

Maintenance Capital Expenditures
Net-lease properties	$	6,978
Operating properties	698
Total Maintenance Capital Expenditures	$	7,676


Description	Shares	Share Price		Market Value
Equity
Common equity	218,823,907	$	56.44	$	12,350,421
Preferred equity				—
Total Equity Market Capitalization				12,350,421

				Outstanding Balance (a)
Pro Rata Debt
Non-recourse mortgages				597,402
Unsecured term loans (due February 14, 2028)				573,797
Unsecured term loans (due April 24, 2026)				540,550
Unsecured revolving credit facility (due February 14, 2029)				291,621
Senior unsecured notes:
Due April 1, 2024 (USD) (b)				500,000
Due July 19, 2024 (EUR)				540,550
Due February 1, 2025 (USD)				450,000
Due April 9, 2026 (EUR)				540,550
Due October 1, 2026 (USD)				350,000
Due April 15, 2027 (EUR)				540,550
Due April 15, 2028 (EUR)				540,550
Due July 15, 2029 (USD)				325,000
Due September 28, 2029 (EUR)				162,165
Due June 1, 2030 (EUR)				567,577
Due February 1, 2031 (USD)				500,000
Due February 1, 2032 (USD)				350,000
Due September 28, 2032 (EUR)				216,220
Due April 1, 2033 (USD)				425,000
Total Pro Rata Debt				8,011,532

Total Capitalization				$	20,361,953


	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)	$	350,518	4.7	%	$	64,971	3.1	%	$	45,377	4.2	%	$	460,866	5.8	%	4.4	%	1.4
Floating	—		—	%	136,536		4.0	%	—		—	%	136,536		1.7	%	4.0	%	1.2
Total Pro Rata Non-Recourse Debt	350,518		4.7	%	201,507		3.7	%	45,377		4.2	%	597,402		7.5	%	4.3	%	1.4

Recourse Debt (b) (c)
Fixed – Senior unsecured notes:
Due April 1, 2024 (e)	500,000		4.6	%	—		—	%	—		—	%	500,000		6.2	%	4.6	%	—
Due July 19, 2024	—		—	%	540,550		2.3	%	—		—	%	540,550		6.8	%	2.3	%	0.3
Due February 1, 2025	450,000		4.0	%	—		—	%	—		—	%	450,000		5.6	%	4.0	%	0.8
Due April 9, 2026	—		—	%	540,550		2.3	%	—		—	%	540,550		6.8	%	2.3	%	2.0
Due October 1, 2026	350,000		4.3	%	—		—	%	—		—	%	350,000		4.4	%	4.3	%	2.5
Due April 15, 2027	—		—	%	540,550		2.1	%	—		—	%	540,550		6.7	%	2.1	%	3.0
Due April 15, 2028	—		—	%	540,550		1.4	%	—		—	%	540,550		6.7	%	1.4	%	4.0
Due July 15, 2029	325,000		3.9	%	—		—	%	—		—	%	325,000		4.1	%	3.9	%	5.3
Due September 28, 2029	—		—	%	162,165		3.4	%	—		—	%	162,165		2.0	%	3.4	%	5.5
Due June 1, 2030	—		—	%	567,577		1.0	%	—		—	%	567,577		7.1	%	1.0	%	6.2
Due February 1, 2031	500,000		2.4	%	—		—	%	—		—	%	500,000		6.2	%	2.4	%	6.8
Due February 1, 2032	350,000		2.5	%	—		—	%	—		—	%	350,000		4.4	%	2.5	%	7.8
Due September 28, 2032	—		—	%	216,220		3.7	%	—		—	%	216,220		2.7	%	3.7	%	8.5
Due April 1, 2033	425,000		2.3	%	—		—	%	—		—	%	425,000		5.3	%	2.3	%	9.0
Total Senior Unsecured Notes	2,900,000		3.4	%	3,108,162		2.0	%	—		—	%	6,008,162		75.0	%	2.7	%	4.0
Swapped to Fixed:
Unsecured term loans (due April 24, 2026) (f)	—		—	%	540,550		4.3	%	—		—	%	540,550		6.7	%	4.3	%	2.1
Floating:
Unsecured term loans (due February 14, 2028) (g)	—		—	%	232,437		4.8	%	341,360		6.0	%	573,797		7.2	%	5.5	%	3.9
Unsecured revolving credit facility (due February 14, 2029) (h)	—		—	%	275,681		4.6	%	15,940		0.9	%	291,621		3.6	%	4.4	%	4.9
Total Recourse Debt	2,900,000		3.4	%	4,156,830		2.6	%	357,300		5.8	%	7,414,130		92.5	%	3.1	%	3.9

Total Pro Rata Debt Outstanding	$	3,250,518	3.5	%	$	4,358,337	2.7	%	$	402,677	5.6	%	$	8,011,532	100.0	%	3.2	%	3.7


	Real Estate			Debt
	Number of Properties (a)			Weighted-Average Interest Rate				Total Outstanding Balance (b) (c)		% of Total Outstanding Balance
Year of Maturity		ABR (a)				Balloon
Non-Recourse Debt
Remaining 2024	45	$	31,632	3.4	%	$	185,090	$	186,616	2.3	%
2025	38	20,816		4.3	%	236,499		246,058		3.1	%
2026	18	16,434		5.0	%	90,302		102,237		1.3	%
2027	1	—		4.3	%	21,450		21,450		0.3	%
2028	1	6,576		6.5	%	28,185		34,500		0.4	%
2031	1	1,096		6.0	%	—		2,591		—	%
2033	1	1,424		5.6	%	1,671		3,650		0.1	%
2034	2	843		5.0	%	300		300		—	%
Total Pro Rata Non-Recourse Debt	107	$	78,821	4.3	%	$	563,497	597,402		7.5	%

Recourse Debt
Fixed – Senior unsecured notes:
Due April 1, 2024 (USD) (d)				4.6	%			500,000		6.2	%
Due July 19, 2024 (EUR)				2.3	%			540,550		6.8	%
Due February 1, 2025 (USD)				4.0	%			450,000		5.6	%
Due April 9, 2026 (EUR)				2.3	%			540,550		6.8	%
Due October 1, 2026 (USD)				4.3	%			350,000		4.4	%
Due April 15, 2027 (EUR)				2.1	%			540,550		6.7	%
Due April 15, 2028 (EUR)				1.4	%			540,550		6.7	%
Due July 15, 2029 (USD)				3.9	%			325,000		4.1	%
Due September 28, 2029 (EUR)				3.4	%			162,165		2.0	%
Due June 1, 2030 (EUR)				1.0	%			567,577		7.1	%
Due February 1, 2031 (USD)				2.4	%			500,000		6.2	%
Due February 1, 2032 (USD)				2.5	%			350,000		4.4	%
Due September 28, 2032 (EUR)				3.7	%			216,220		2.7	%
Due April 1, 2033 (USD)				2.3	%			425,000		5.3	%
Total Senior Unsecured Notes				2.7	%			6,008,162		75.0	%
Swapped to Fixed:
Unsecured term loans (due April 24, 2026) (e)				4.3	%			540,550		6.7	%
Floating:
Unsecured term loans (due February 14, 2028) (f)				5.5	%			573,797		7.2	%
Unsecured revolving credit facility (due February 14, 2029) (g)				4.4	%			291,621		3.6	%
Total Recourse Debt				3.1	%			7,414,130		92.5	%

Total Pro Rata Debt Outstanding				3.2	%			$	8,011,532	100.0	%


		Property Type(s)	Funded During Current Quarter		Funded Year to Date		Expected Funding Completion Date	Total Funded		Maximum Commitment
Description	Property Location(s)
Construction Loan
Southwest Corner of Las Vegas Boulevard & Harmon Avenue Retail Complex (d)	Las Vegas, NV	Retail	$	1,835	$	1,835	2025	$	233,222	$	261,887
Total					1,835

Year-to-Date Total Investment Volume					$	280,315


Overview
Summary Metrics			1
Components of Net Asset Value			3

Financial Results
Consolidated Statements of Income – Last Five Quarters			5
FFO and AFFO, Consolidated – Last Five Quarters			6
Elements of Pro Rata Statement of Income and AFFO Adjustments			7
Capital Expenditures			8

Balance Sheets and Capitalization
Consolidated Balance Sheets			10
Capitalization			11
Debt Overview			12
Debt Maturity			13
Senior Unsecured Notes			14

Real Estate
Investment Activity
Investment Volume			16
Capital Investments and Commitments			17
Dispositions			18
Joint Ventures			19
Top 25 Tenants			20
Diversification by Property Type			21
Diversification by Tenant Industry			22
Diversification by Geography			23
Contractual Rent Increases			24
Same-Store Analysis			25
Leasing Activity			28
Lease Expirations			29
Self Storage Operating Properties Portfolio			30

Appendix
Normalized Pro Rata Cash NOI			32
Adjusted EBITDA – Last Five Quarters			34
Disclosures Regarding Non-GAAP and Other Metrics			35


	Equity Method Investments (a)		Noncontrolling Interests (b)		AFFO Adjustments
Revenues
Real Estate:
Lease revenues	$	3,199	$	(221)	$	(16,375)	(c)
Income from finance leases and loans receivable	—		—		456
Operating property revenues:
Hotel revenues	—		—		—
Self-storage revenues	2,407		—		—
Student housing revenues	—		—		—
Other lease-related income	—		—		—

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

Operating Expenses
Depreciation and amortization	2,794		(103)		(120,902)		(d)
General and administrative	—		—		—
Operating property expenses:
Hotel expenses	—		—		—
Self-storage expenses	833		—		(30)
Student housing expenses	—		—		—
Reimbursable tenant costs	247		(37)		—
Property expenses, excluding reimbursable tenant costs	271		(39)		(445)		(e)
Stock-based compensation expense	—		—		(8,856)		(e)
Merger and other expenses	—		—		(4,452)		(f)

Other Income and Expenses
Interest expense	(393)		77		4,589		(g)
Non-operating income	25		—		—
Gain on sale of real estate, net	—		—		(15,445)
Other gains and (losses)	50		98		(13,987)		(h)
Earnings from equity method investments:
Income related to joint ventures	(1,090)		—		41		(i)

Provision for income taxes	(53)		(4)		(1,295)		(j)
Net loss attributable to noncontrolling interests	—		(129)		—


Investment Activity – Capital Investments and Commitments (a)


		Primary Transaction Type	Property Type	Expected Completion / Closing Date	Additional Gross Square Footage	Lease Term (Years) (b)	Funded During Three Months Ended Mar. 31, 2024 (c)		Total Funded Through Mar. 31, 2024		Maximum Commitment / Gross Investment Amount
Tenant	Location										Remaining		Total
TWAS Holdings, LLC (4 properties) (d)	Various, US	Purchase Commitment	Retail (Car Wash)	Q2 2024	14,420	20	$	—	$	—	$	20,317	$	20,317
Terran Orbital Corporation	Irvine, CA	Redevelopment	Industrial	Q2 2024	94,195	10	2,412		10,386		4,714		15,100
Storage Space	Little Rock, AR	Expansion	Self-Storage (Operating)	Q2 2024	59,850	N/A	1,082		2,468		1,102		3,570
Danske Fragtmaend Ejendomme A/S (e)	Fredericia, Denmark	Renovation	Warehouse	Q2 2024	N/A	17	—		—		2,029		2,029
Unidentified	Atlanta, GA	Redevelopment	Warehouse	Q4 2024	213,834	N/A	444		1,074		16,578		17,652
Outfront Media, LLC (6 properties)	Various, NJ	Build-to-Suit	Specialty	Various	N/A	30	—		7,272		474		7,746
Expected Completion Date 2024 Total					382,299	16	3,938		21,200		45,214		66,414

ZF Friedrichshafen AG (f)	Washington, MI	Redevelopment	Research and Development	Q1 2025	81,200	20	1,680		5,724		41,732		47,823
Sumitomo Heavy Industries, LTD.	Bedford, MA	Redevelopment	Research and Development	Q3 2025	N/A	15	—		—		44,140		44,140
Fraikin SAS (e)	Various, France	Renovation	Industrial	Q4 2025	N/A	18	920		2,075		5,385		7,460
Expected Completion Date 2025 Total					81,200	18	2,600		7,799		91,257		99,423

Capital Investments and Commitments Total					463,499	17	$	6,538	$	28,999	$	136,471	$	165,837


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%	104,854		16,209		73,398		11,347
Johnson Self Storage	Self-storage operating	90.00%	—		N/A		—		N/A
Total Unconsolidated Joint Ventures			247,854		16,209		94,848		11,347

Consolidated Joint Ventures
COOP Ost SA (e)	Net lease	90.10%	50,363		6,928		45,377		6,242
State of Iowa Board of Regents	Net lease	90.00%	6,205		643		5,585		579
Fentonir Trading & Investments Limited (e)	Net lease	94.90%	—		8,547		—		8,111
McCoy-Rockford, Inc.	Net lease	90.00%	—		948		—		853
Total Consolidated Joint Ventures			56,568		17,066		50,962		15,785
Total Unconsolidated and Consolidated Joint Ventures			$	304,422	$	33,275	$	145,810	$	27,132


Tenant / Lease Guarantor	Description	Number of Properties	ABR		ABR %		Weighted-Average Lease Term (Years)
Apotex Pharmaceutical Holdings Inc. (a)	Pharmaceutical R&D and manufacturing properties in the Greater Toronto Area leased to generic drug manufacturer	11	$	31,528	2.5	%	19.0
Metro Cash & Carry Italia S.p.A. (b)	Business-to-business retail stores in Italy and Germany leased to cash and carry wholesaler	20	29,867		2.3	%	4.3
Extra Space Storage, Inc.	Net lease self-storage properties in the U.S. leased to publicly traded self-storage REIT	27	25,808		2.0	%	20.1
Hellweg Die Profi-Baumärkte GmbH & Co. KG (b) (c)	Retail properties in Germany leased to German DIY retailer	35	25,205		2.0	%	19.9
OBI Group (b)	Retail properties in Poland leased to German DIY retailer	26	24,926		2.0	%	7.2
Fortenova Grupa d.d. (b)	Grocery stores and warehouses in Croatia leased to European food retailer	19	24,831		1.9	%	10.1
ABC Technologies Holdings Inc. (a) (d)	Automotive parts manufacturing properties in the U.S., Canada and Mexico leased to OEM supplier	23	24,251		1.9	%	19.1
Fedrigoni S.p.A (b)	Industrial and warehouse facilities in Germany, Italy and Spain leased to global manufacturer of premium packaging and labels	16	22,919		1.8	%	19.7
Nord Anglia Education Inc.	K-12 private schools in Orlando, Miami and Houston leased to international day and boarding school operator	3	22,245		1.7	%	19.5
Eroski Sociedad Cooperative (b)	Grocery stores and warehouses in Spain leased to Spanish food retailer	63	21,349		1.7	%	12.0
Top 10 Total		243	252,929		19.8	%	14.9
Quikrete Holdings, Inc. (a)	Industrial facilities in the U.S. and Canada leased to concrete and building products manufacturer	27	19,867		1.6	%	19.2
Advance Auto Parts, Inc.	Distribution facilities in the U.S. leased to automotive aftermarket parts provider	29	19,851		1.5	%	8.8
Berry Global Inc.	Manufacturing facilities in the U.S. leased to international producer and supplier of packaging solutions	8	19,382		1.5	%	14.5
Pendragon PLC (b)	Dealerships in the United Kingdom leased to automotive retailer	56	19,318		1.5	%	12.9
True Value Company, LLC	Distribution facilities and manufacturing facility in the U.S. leased to global hardware wholesaler	9	18,389		1.4	%	14.3
Kesko Senukai (b)	Distribution facilities and retail properties in Lithuania, Estonia and Latvia leased to European DIY retailer	20	17,923		1.4	%	7.9
Hearthside Food Solutions LLC	Production, packaging and distribution facilities in the U.S. leased to North American contract food manufacturer	18	16,786		1.3	%	18.3
Koninklijke Jumbo Food Groep B.V (b)	Logistics and cold storage warehouse facilities in the Netherlands leased to European supermarket chain	5	15,004		1.2	%	4.9
Danske Fragtmaend Ejendomme A/S (b)	Distribution facilities in Denmark leased to Danish freight company	15	13,491		1.1	%	12.8
Intergamma Bouwmarkten B.V. (b)	Retail properties in the Netherlands leased to European DIY retailer	36	12,896		1.0	%	9.3
Top 20 Total		466	425,836		33.3	%	14.0
Dick’s Sporting Goods, Inc.	Retail properties and single distribution facility in the U.S. leased to sporting goods retailer	9	12,846		1.0	%	4.5
Lineage	Cold storage warehouse facilities in the Los Angeles and San Francisco areas leased to cold storage REIT	4	11,573		0.9	%	6.7
Henkel AG & Co. KGaA	Distribution facility in Kentucky leased to global provider of consumer products and adhesives	1	11,374		0.9	%	18.1
FM Logistics Corporate SAS (b)	Logistics facilities in the Czech Republic, Poland and Slovakia leased to French third-party logistics provider	4	11,108		0.9	%	1.5
Harbor Freight Tools USA, Inc.	Distribution facilities in South Carolina leased to U.S. tool and equipment retailer	3	10,761		0.8	%	15.0
Top 25 Total (e)		487	$	483,498	37.8	%	13.4


	Total Net-Lease Portfolio
Property Type	ABR		ABR %		Square Footage (a)	Square Footage %
U.S.
Industrial	$	309,447	24.2	%	52,047	30.9	%
Warehouse	214,106		16.8	%	43,384	25.8	%
Retail (b)	75,701		5.9	%	3,561	2.1	%
Other (c)	141,051		11.0	%	8,086	4.8	%
U.S. Total	740,305		57.9	%	107,078	63.6	%

International
Industrial	138,383		10.8	%	19,089	11.3	%
Warehouse	143,829		11.2	%	21,916	13.0	%
Retail (b)	201,452		15.8	%	17,504	10.4	%
Other (c)	55,422		4.3	%	2,814	1.7	%
International Total	539,086		42.1	%	61,323	36.4	%

Total
Industrial	447,830		35.0	%	71,136	42.2	%
Warehouse	357,935		28.0	%	65,300	38.8	%
Retail (b)	277,153		21.7	%	21,065	12.5	%
Other (c)	196,473		15.3	%	10,900	6.5	%
Total (d)	$	1,279,391	100.0	%	168,401	100.0	%


	Total Net-Lease Portfolio
Industry Type	ABR		ABR %		Square Footage	Square Footage %
Retail Stores (a)	$	303,253	23.7	%	37,237	22.1	%
Beverage and Food	113,101		8.8	%	16,129	9.6	%
Consumer Services	102,938		8.0	%	5,690	3.4	%
Automotive	95,608		7.5	%	14,502	8.6	%
Grocery	84,927		6.6	%	7,406	4.4	%
Healthcare and Pharmaceuticals	71,313		5.6	%	6,594	3.9	%
Containers, Packaging, and Glass	60,247		4.7	%	10,319	6.1	%
Capital Equipment	49,442		3.9	%	8,805	5.2	%
Cargo Transportation	47,479		3.7	%	7,723	4.6	%
Construction and Building	47,461		3.7	%	9,035	5.4	%
Durable Consumer Goods	46,001		3.6	%	9,870	5.9	%
Hotel and Leisure	41,486		3.2	%	2,053	1.2	%
Chemicals, Plastics, and Rubber	33,003		2.6	%	5,929	3.5	%
Non-Durable Consumer Goods	32,675		2.6	%	6,805	4.0	%
Business Services	28,195		2.2	%	2,983	1.8	%
Metals	28,158		2.2	%	4,895	2.9	%
High Tech Industries	23,617		1.9	%	4,177	2.5	%
Telecommunications	13,906		1.1	%	1,500	0.9	%
Other (b)	56,581		4.4	%	6,749	4.0	%
Total (c)	$	1,279,391	100.0	%	168,401	100.0	%


	Total Net-Lease Portfolio
Region	ABR		ABR %		Square Footage (a)	Square Footage %
U.S.
Midwest
Illinois	$	54,838	4.3	%	9,888	5.9	%
Ohio	33,740		2.6	%	6,905	4.1	%
Indiana	29,587		2.3	%	5,079	3.0	%
Michigan	24,254		1.9	%	4,242	2.5	%
Wisconsin	16,780		1.3	%	3,074	1.8	%
Other (b)	50,592		4.0	%	7,490	4.5	%
Total Midwest	209,791		16.4	%	36,678	21.8	%
South
Texas	79,309		6.2	%	10,426	6.2	%
Florida	35,905		2.8	%	3,134	1.9	%
Georgia	25,299		2.0	%	4,067	2.4	%
Tennessee	23,596		1.8	%	3,868	2.3	%
Alabama	21,917		1.7	%	3,282	1.9	%
Other (b)	15,783		1.2	%	2,300	1.4	%
Total South	201,809		15.7	%	27,077	16.1	%
East
North Carolina	36,377		2.8	%	8,226	4.9	%
Pennsylvania	30,763		2.4	%	3,375	2.0	%
New York	20,468		1.6	%	2,220	1.3	%
South Carolina	19,219		1.5	%	4,952	2.9	%
Kentucky	18,130		1.4	%	2,983	1.8	%
Massachusetts	16,189		1.3	%	1,188	0.7	%
New Jersey	13,578		1.1	%	773	0.5	%
Other (b)	33,167		2.6	%	5,184	3.1	%
Total East	187,891		14.7	%	28,901	17.2	%
West
California	60,795		4.8	%	5,889	3.5	%
Arizona	16,192		1.3	%	2,238	1.3	%
Utah	14,731		1.2	%	2,021	1.2	%
Other (b)	49,096		3.8	%	4,274	2.5	%
Total West	140,814		11.1	%	14,422	8.5	%
U.S. Total	740,305		57.9	%	107,078	63.6	%
International
Germany	67,326		5.3	%	6,535	3.9	%
The Netherlands	61,438		4.8	%	7,054	4.2	%
Poland	60,048		4.7	%	8,158	4.8	%
Italy	59,296		4.6	%	8,213	4.9	%
Canada (c)	50,987		4.0	%	5,107	3.0	%
United Kingdom	47,416		3.7	%	4,272	2.5	%
Spain	35,427		2.8	%	3,073	1.8	%
Croatia	25,663		2.0	%	2,063	1.2	%
Denmark	24,794		1.9	%	3,002	1.8	%
France	21,759		1.7	%	1,679	1.0	%
Lithuania	13,470		1.1	%	1,640	1.0	%
Mexico	13,296		1.0	%	2,489	1.5	%
Other (d)	58,166		4.5	%	8,038	4.8	%
International Total	539,086		42.1	%	61,323	36.4	%
Total (e)	$	1,279,391	100.0	%	168,401	100.0	%


	Total Net-Lease Portfolio
Rent Adjustment Measure	ABR		ABR %		Square Footage	Square Footage %
Uncapped CPI	$	430,643	33.7	%	44,721	26.6	%
Capped CPI	261,670		20.5	%	38,235	22.7	%
CPI-linked	692,313		54.2	%	82,956	49.3	%
Fixed	549,047		42.8	%	81,472	48.4	%
Other (a)	33,353		2.6	%	2,236	1.3	%
None	4,678		0.4	%	222	0.1	%
Vacant	—		—	%	1,515	0.9	%
Total (b)	$	1,279,391	100.0	%	168,401	100.0	%


Table of Contents


	ABR
	As of
	Mar. 31, 2024		Mar. 31, 2023		Increase		% Increase
Property Type
Industrial	$	373,298	$	362,386	$	10,912	3.0	%
Warehouse	333,001		325,252		7,749		2.4	%
Retail (a)	249,697		240,474		9,223		3.8	%
Other (b)	178,853		172,837		6,016		3.5	%
Total	$	1,134,849	$	1,100,949	$	33,900	3.1	%

Rent Adjustment Measure
Uncapped CPI	$	412,634	$	393,879	$	18,755	4.8	%
Capped CPI	227,765		222,422		5,343		2.4	%
CPI-linked	640,399		616,301		24,098		3.9	%
Fixed	458,280		449,250		9,030		2.0	%
Other (c)	32,278		31,506		772		2.5	%
None	3,892		3,892		—		—	%
Total	$	1,134,849	$	1,100,949	$	33,900	3.1	%

Geography
U.S.	$	682,777	$	665,520	$	17,257	2.6	%
Europe	417,964		402,020		15,944		4.0	%
Other International (d)	34,108		33,409		699		2.1	%
Total	$	1,134,849	$	1,100,949	$	33,900	3.1	%

Same-Store Portfolio Summary
Number of properties	1,137
Square footage (in thousands)	148,638


	Same-Store Pro Rata Rental Income
	Three Months Ended
	Mar. 31, 2024		Mar. 31, 2023		Increase		% Increase
Property Type
Industrial	$	89,976	$	88,762	$	1,214	1.4	%
Warehouse	84,191		83,701		490		0.6	%
Retail (a)	62,022		64,911		(2,889)		(4.5)	%
Other (b)	42,094		41,849		245		0.6	%
Total	$	278,283	$	279,223	$	(940)	(0.3)	%

Rent Adjustment Measure
Uncapped CPI	$	99,463	$	100,678	$	(1,215)	(1.2)	%
Capped CPI	55,456		54,121		1,335		2.5	%
CPI-linked	154,919		154,799		120		0.1	%
Fixed	114,491		115,306		(815)		(0.7)	%
Other (c)	7,766		7,820		(54)		(0.7)	%
None	1,107		1,298		(191)		(14.7)	%
Total	$	278,283	$	279,223	$	(940)	(0.3)	%

Geography
U.S.	$	170,747	$	168,875	$	1,872	1.1	%
Europe	98,993		101,974		(2,981)		(2.9)	%
Other International (d)	8,543		8,374		169		2.0	%
Total	$	278,283	$	279,223	$	(940)	(0.3)	%

Same-Store Portfolio Summary
Number of properties	1,166
Square footage (in thousands)	151,346


Lease Renewals and Extensions (a)										Property and Tenant Improvements (c)		Leasing Commissions
			ABR
Property Type / Tenant	Square Feet	Number of Leases	Prior Lease			New Lease (b)		Rent Recapture						Incremental Lease Term
Industrial	366,742	2	$	2,346		$	2,346	100.0	%	$	—	$	—	1.6 years
Warehouse	363,176	2	2,150			2,494		116.0	%	950		404		6.0 years
Retail	25,370	4	344			344		100.0	%	—		—		4.8 years
Other	—	—	—			—		—	%	—		—		N/A
Subtotal (without Hellweg)	755,288	8	4,840			5,184		107.1	%	950		404		3.4 years
Hellweg (d)	2,943,093	2	29,529			25,205		85.4	%	—		—		7.0 years
Total / Weighted Average (e)	3,698,381	10	$	34,369		$	30,389	88.4	%	$	950	$	404	6.3 years

Q1 Summary
Prior Lease ABR, without Hellweg (% of Total Portfolio)			0.4		%
Prior Lease ABR (% of Total Portfolio)			2.7		%


New Leases					Property and Tenant Improvements (c)		Leasing Commissions
			ABR
Property Type	Square Feet	Number of Leases	New Lease (b)						New Lease Term
Industrial	201,500	1	$	373	$	—	$	—	10.0 years
Warehouse	1,552,475	1	6,365		11,616		5,227		10.5 years
Retail	—	—	—		—		—		N/A
Other	—	—	—		—		—		N/A
Total / Weighted Average (f)	1,753,975	2	$	6,738	$	11,616	$	5,227	10.5 years


Year of Lease Expiration (a)	Number of Leases Expiring	Number of Tenants with Leases Expiring	ABR		ABR %		Square Footage	Square Footage %
Remaining 2024	19	18	$	17,380	1.4	%	3,373	2.0	%
2025	36	17	44,707		3.5	%	5,767	3.4	%
2026	37	28	59,497		4.6	%	8,501	5.1	%
2027	43	26	62,370		4.9	%	7,148	4.2	%
2028	41	25	54,473		4.2	%	4,465	2.7	%
2029	57	30	77,078		6.0	%	9,478	5.6	%
2030	32	28	36,665		2.9	%	3,959	2.4	%
2031	36	20	67,983		5.3	%	8,448	5.0	%
2032	38	19	41,704		3.2	%	5,799	3.4	%
2033	28	21	71,616		5.6	%	10,596	6.3	%
2034	51	20	65,492		5.1	%	7,970	4.7	%
2035	19	16	35,364		2.8	%	5,885	3.5	%
2036	45	19	71,358		5.6	%	10,958	6.5	%
2037	24	12	30,482		2.4	%	3,298	2.0	%
Thereafter (>2037)	266	112	543,222		42.5	%	71,241	42.3	%
Vacant	—	—	—		—	%	1,515	0.9	%
Total (b)	772		$	1,279,391	100.0	%	168,401	100.0	%


State / District	Number of Properties	Number of Units	Square Footage	Square Footage %		Period End Occupancy
Florida	22	15,793	1,844	28.4	%	90.5	%
Texas	14	8,128	995	15.3	%	86.3	%
California	10	6,585	860	13.2	%	94.8	%
Illinois	10	4,826	665	10.3	%	87.5	%
South Carolina	6	3,710	377	5.8	%	95.4	%
Georgia	5	2,057	250	3.9	%	88.2	%
North Carolina	4	2,827	301	4.6	%	94.9	%
Nevada	3	2,420	243	3.7	%	90.5	%
Delaware	3	1,678	241	3.7	%	94.0	%
Hawaii	2	953	95	1.5	%	94.1	%
Tennessee	2	888	122	1.9	%	84.3	%
Washington, DC	1	880	67	1.0	%	90.2	%
New York	1	792	61	0.9	%	71.2	%
Kentucky	1	764	121	1.9	%	94.6	%
Arkansas	1	587	56	0.9	%	90.5	%
Louisiana	1	541	59	0.9	%	84.7	%
Massachusetts	1	482	58	0.9	%	89.4	%
Oregon	1	442	40	0.6	%	96.8	%
Missouri	1	328	41	0.6	%	83.9	%
Total (a)	89	54,681	6,496	100.0	%	90.4	%


	Three Months Ended Mar. 31, 2024
Consolidated Lease Revenues
Total lease revenues – as reported	$	322,251
Income from finance leases and loans receivable – as reported	25,793
Less: Income from secured loans receivable	(1,965)

Less: Consolidated Reimbursable and Non-Reimbursable Property Expenses
Reimbursable property expenses – as reported	12,973
Non-reimbursable property expenses – as reported	12,173
	320,933

Plus: NOI from Operating Properties
Self-storage revenues	23,203
Self-storage expenses	(8,379)
	14,824

Hotel revenues	10,153
Hotel expenses	(8,251)
	1,902

Student housing and other revenues	3,287
Student housing and other expenses	(1,320)
	1,967

	339,626

Adjustments for Pro Rata Ownership of Real Estate Joint Ventures:
Add: Pro rata share of NOI from equity method investments (a)	3,837
Less: Pro rata share of NOI attributable to noncontrolling interests	(161)
	3,676

	343,302

Adjustments for Pro Rata Non-Cash Items:
Less: Straight-line and other leasing and financing adjustments	(19,553)
Add: Above- and below-market rent intangible lease amortization	4,068
Add: Other non-cash items	483
	(15,002)

Pro Rata Cash NOI (b)	328,300

Adjustment to normalize for investments and dispositions (c)	(6,134)
Adjustment to normalize for Hellweg lease restructuring (d)	6,139

Normalized Pro Rata Cash NOI (b)	$	328,305


	Three Months Ended Mar. 31, 2024
Net Income Attributable to W. P. Carey
Net income attributable to W. P. Carey – as reported	$	159,223
Adjustments for Consolidated Operating Expenses
Add: Operating expenses – as reported	203,040
Less: Operating property expenses – as reported	(17,950)
Less: Property expenses, excluding reimbursable tenant costs – as reported	(12,173)
	172,917

Adjustments for Other Consolidated Revenues and Expenses:
Add: Other income and (expenses) – as reported	18,998
Less: Reimbursable property expenses – as reported	(12,973)
Add: Provision for income taxes – as reported	8,674
Less: Other lease-related income – as reported	(2,155)
Less: Asset management fees revenue – as reported	(1,893)
Less: Other advisory income and reimbursements – as reported	(1,063)
	9,588

Other Adjustments:
Less: Straight-line and other leasing and financing adjustments	(19,553)
Adjustment to normalize for investments and dispositions (c)	(6,134)
Adjustment to normalize for Hellweg lease restructuring (d)	6,139
Add: Above- and below-market rent intangible lease amortization	4,068
Add: Adjustments for pro rata ownership	3,565
Less: Income from secured loans receivable	(1,965)
Add: Property expenses, excluding reimbursable tenant costs, non-cash	457
	(13,423)

Normalized Pro Rata Cash NOI (b)	$	328,305