Form 8-K

8-K — W. P. Carey Inc.

Accession: 0001025378-26-000074

Filed: 2026-04-28

Period: 2026-04-28

CIK: 0001025378

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — wpc-20260428.htm (Primary)

EX-99.1 (wpc2026q18-kerexh991.htm)

EX-99.2 (wpc2026q1supplementalexh992.htm)

EX-99.3 (investorpresentation1q26.htm)

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8-K

8-K (Primary)

Filename: wpc-20260428.htm · Sequence: 1

wpc-20260428

0001025378false00010253782026-04-282026-04-28

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of report (Date of earliest event reported): April 28, 2026

W. P. Carey Inc.

(Exact Name of Registrant as Specified in its Charter)

Maryland 001-13779 45-4549771

(State or other jurisdiction 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

(Former name or former address, if changed since last report.)

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:

☐ 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 28, 2026, W. P. Carey Inc. (the “Company”) issued an earnings release announcing its financial results for the quarter ended March 31, 2026. 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 28, 2026, the Company made available certain unaudited supplemental financial information at March 31, 2026. A copy of this supplemental information is attached as Exhibit 99.2.

On April 28, 2026, 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.

(d) Exhibits

Exhibit No. Description

99.1

Earnings release of the Company for the quarter ended March 31, 2026.

99.2

Supplemental financial information of the Company at March 31, 2026.

99.3

Investor presentation by the Company.

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

SIGNATURES

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

W. P. Carey Inc.

Date: April 28, 2026 By: /s/ ToniAnn Sanzone

ToniAnn Sanzone

Chief Financial Officer

EX-99.1

Filename: wpc2026q18-kerexh991.htm · Sequence: 2

Document

Exhibit 99.1

W. P. Carey Announces First Quarter 2026 Financial Results

New York, NY – April 28, 2026 – 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, 2026.

Financial Highlights

2026 First Quarter

Net income attributable to W. P. Carey (millions) $176.3

Diluted earnings per share $0.80

AFFO (millions) $288.7

AFFO per diluted share $1.30

•Raising 2026 AFFO guidance range to between $5.16 and $5.26 per diluted share, based on higher anticipated full-year investment volume of between $1.5 billion and $2.0 billion

•First quarter cash dividend of $0.930 per share, equivalent to an annualized dividend rate of $3.72 per share

Real Estate Portfolio

•Investment volume of $682.0 million completed year to date, including $585.3 million during the first quarter and $96.7 million subsequent to quarter end

•Active capital investments and commitments of $178.8 million scheduled to be completed in the remainder of 2026

•Gross disposition proceeds of $162.6 million during the first quarter, including $75.2 million from the sale of the Company’s 11 remaining self-storage operating properties

•Contractual same-store rent growth of 2.4% year over year

Balance Sheet and Capitalization

•Equity –

◦Completed an underwritten public offering, selling 6.9 million shares of common stock subject to forward sale agreements, representing total gross proceeds of $496.8 million

◦Settled a portion of outstanding forward sale agreements for net proceeds totaling $247.1 million

◦Approximately $653.5 million of equity subject to forward sale agreements remained available for settlement at quarter end

•Debt –

◦Issued €500 million of 3.250% Senior Unsecured Notes due 2031

◦Issued €500 million of 3.750% Senior Unsecured Notes due 2035

◦Repaid €500 million of 2.250% Senior Unsecured Notes due 2026

W. P. Carey Inc. 3/31/2026 Earnings Release 8-K – 1

◦Amended senior unsecured credit facility, replacing a €215 million term loan with a new CAD$347 million term loan with an all-in rate of 3.1% at quarter end

MANAGEMENT COMMENTARY

“We’ve had a strong start to the year, backed by continued investment momentum and successful execution in the capital markets. Combined with the depth of our pipeline and the performance of our portfolio, this has enabled us to raise our full-year outlook for both investment volume and AFFO per share,” said Jason Fox, Chief Executive Officer.

“With substantial liquidity and our 2026 equity needs already addressed, we’re confident in our ability to continue deploying capital accretively. And based on the investments we’ve completed to date, our current pipeline and capital projects delivering this year, we have visibility into well over a billion dollars of investments at cap rates averaging in the mid-sevens. When coupled with our best-in-class rent escalations, we believe the strength and consistency of that growth will drive long‑term shareholder value.”

QUARTERLY FINANCIAL RESULTS

Revenues

•Revenues, including reimbursable costs, for the 2026 first quarter totaled $454.5 million, up 10.9% from $409.9 million for the 2025 first quarter.

◦Lease revenues increased due primarily to net investment activity and rent escalations.

◦Income from finance leases and loans receivable increased primarily as a result of net investment activity.

◦Operating property revenues decreased due primarily to the sale of the Company’s entire self-storage operating portfolio, comprising 63 properties sold during 2025 and 11 properties sold during the 2026 first quarter.

Net Income Attributable to W. P. Carey

•Net income attributable to W. P. Carey for the 2026 first quarter was $176.3 million, up 40.1% from $125.8 million for the 2025 first quarter, due primarily to higher gains from remeasurement of foreign debt, a lower non-cash allowance for credit loss on finance leases, higher gain on sale of real estate and the accretive impact of net investment activity, partly offset by higher impairment charges.

Adjusted Funds from Operations (AFFO)

•AFFO for the 2026 first quarter was $1.30 per diluted share, up 11.1% from $1.17 per diluted share for the 2025 first quarter, primarily reflecting the accretive impact of net investment activity, rent escalations and higher other lease-related income, partly offset by higher interest expense.

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

Dividend

•On March 12, 2026, the Company reported that its Board of Directors increased its quarterly cash dividend to $0.930 per share, equivalent to an annualized dividend rate of $3.72 per share, representing a 4.5% increase compared to the 2025 first quarter. The dividend was paid on April 15, 2026 to shareholders of record as of March 31, 2026.

W. P. Carey Inc. 3/31/2026 Earnings Release 8-K – 2

AFFO GUIDANCE

•The Company has raised its guidance range for the 2026 full year, primarily reflecting higher expected investment volume and lower estimated potential rent loss from tenant credit events, and currently expects to report AFFO of between $5.16 and $5.26 per diluted share, based on the following key assumptions:

(i) investment volume of between $1.5 billion and $2.0 billion, which is revised higher;

(ii) disposition volume of between $250 million and $750 million, which is unchanged;

(iii) total general and administrative expenses of between $103 million and $106 million, which is unchanged;

(iv) property expenses, excluding reimbursable tenant costs, of between $56 million and $60 million, which is unchanged; and

(v) tax expense (on an AFFO basis) of between $45 million and $49 million, which is unchanged.

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.

REAL ESTATE

Investments

•Year to date, the Company completed investments totaling $682.0 million, including $585.3 million during the 2026 first quarter and $96.7 million subsequent to quarter end.

•The Company currently has nine capital investments and commitments totaling $178.8 million scheduled to be completed during 2026. In addition, the Company has two capital investments and commitments totaling $101.5 million scheduled to be completed during 2027.

Dispositions

•During the 2026 first quarter, the Company disposed of 19 properties for gross proceeds totaling $162.6 million, including the sale of the Company’s 11 remaining self-storage operating properties for gross proceeds totaling $75.2 million.

Contractual Same-Store Rent Growth

•As of March 31, 2026, contractual same-store rent growth was 2.4% year over year, on a constant currency basis.

Composition

•As of March 31, 2026, the Company’s net lease portfolio consisted of 1,703 properties, comprising 185 million square feet leased to 374 tenants, with a weighted-average lease term of 12.1 years and an occupancy rate of 98.1%. In addition, the Company owned four hotel operating properties and one student housing operating property, totaling approximately 0.5 million square feet.

W. P. Carey Inc. 3/31/2026 Earnings Release 8-K – 3

BALANCE SHEET AND CAPITALIZATION

Liquidity

•As of March 31, 2026, the Company had total liquidity of $2.8 billion, primarily comprising $1.9 billion of available capacity under its Senior Unsecured Credit Facility (net of amounts reserved for standby letters of credit), in addition to cash and cash equivalents and available net proceeds under unsettled forward equity sale agreements.

Forward Equity

• As previously announced, on February 17, 2026, the Company sold 6,000,000 shares of common stock subject to forward sale agreements through an underwritten public offering, and on February 24, 2026 sold an additional 900,000 shares of common stock subject to forward sale agreements through the full exercise of the underwriters’ option to purchase additional shares, for aggregate gross proceeds totaling $496.8 million.

• On March 31, 2026, the Company settled a portion of its outstanding forward sale agreements, issuing 3,450,000 shares of common stock for net proceeds totaling $247.1 million.

• As of March 31, 2026, in combination with shares of common stock sold during 2025 under its ATM program subject to forward sale agreements, the Company had a total of 9,708,496 shares available for settlement under forward sale agreements, representing anticipated net proceeds totaling approximately $653.5 million.

Senior Unsecured Notes

•As previously announced, on February 24, 2026, the Company completed an underwritten public offering of €1.0 billion in aggregate principal amount of senior unsecured notes, comprising the following tranches:

◦€500 million aggregate principal amount of 3.250% Senior Unsecured Notes due October 2, 2031; and

◦€500 million aggregate principal amount of 3.750% Senior Unsecured Notes due May 10, 2035.

•On March 13, 2026, the Company used a portion of the net proceeds from the offering to repay €500 million of 2.250% Senior Unsecured Notes.

Senior Unsecured Credit Facility Amendment

•As previously announced, on March 11, 2026, the Company amended its senior unsecured credit facility, replacing the €215 million term loan that it repaid in February with a new CAD$347 million term loan of an equivalent notional amount and under the same terms, duration and extension options. Proceeds were used primarily to finance new investment activity in Canada and it has a floating interest rate of Term CORRA + 80 basis points, for an all-in rate of approximately 3.1% as of March 31, 2026.

•The amendment also improved the Company’s revolver pricing grid by 5 basis points across all levels.

* * * * *

Supplemental Information

The Company has provided supplemental unaudited financial and operating information regarding the 2026 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 28, 2026, and made available on the Company’s website at ir.wpcarey.com/investor-relations.

* * * * *

W. P. Carey Inc. 3/31/2026 Earnings Release 8-K – 4

Live Conference Call and Audio Webcast Scheduled for Wednesday, April 29, 2026 at 11:00 a.m. Eastern Time

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

Date/Time: Wednesday, April 29, 2026 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 Inc.

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 1,703 net lease properties covering approximately 185 million square feet as of March 31, 2026. 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 Europe, under long-term net leases with built-in rent escalations.

www.wpcarey.com

* * * * *

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 W. P. Carey’s ability to deploy capital, its current pipeline, its visibility into investment volume and cap rates, and statements about long-term shareholder value. 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 and tariffs 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, 2025. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this communication, unless noted otherwise. Except as required under the federal securities laws and the rules and regulations of the SEC, W. P. Carey does not undertake any obligation to release publicly any revisions to the forward-looking statements to reflect events or circumstances after the date of this communication or to reflect the occurrence of unanticipated events.

Institutional Investors:

Peter Sands

1 (212) 492-1110

institutionalir@wpcarey.com

W. P. Carey Inc. 3/31/2026 Earnings Release 8-K – 5

Individual Investors:

W. P. Carey Inc.

1 (212) 492-8920

ir@wpcarey.com

Press Contact:

Anna McGrath

1 (212) 492-1166

amcgrath@wpcarey.com

* * * * *

W. P. Carey Inc. 3/31/2026 Earnings Release 8-K – 6

W. P. CAREY INC.

Consolidated Balance Sheets (Unaudited)

(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.

W. P. Carey Inc. 3/31/2026 Earnings Release 8-K – 7

W. P. CAREY INC.

Quarterly Consolidated Statements of Income (Unaudited)

(in thousands, except share and per share amounts)

Three Months Ended

March 31, 2026 December 31, 2025 March 31, 2025

Revenues

Real Estate:

Lease revenues $ 402,831 $ 389,154 $ 353,768

Income from finance leases and loans receivable 27,686 26,716 17,458

Operating property revenues 12,050 18,379 33,094

Other lease-related income 10,452 8,137 3,121

453,019 442,386 407,441

Investment Management:

Other advisory income and reimbursements 1,000 1,076 1,067

Asset management revenue 490 1,085 1,350

1,490 2,161 2,417

454,509 444,547 409,858

Operating Expenses

Depreciation and amortization 136,183 145,339 129,607

Impairment charges — real estate 40,008 39,690 6,854

General and administrative 27,348 25,899 26,967

Reimbursable tenant costs 19,692 19,371 17,092

Property expenses, excluding reimbursable tenant costs 14,552 13,859 11,706

Operating property expenses 8,694 11,863 16,544

Stock-based compensation expense 7,441 8,650 9,148

Merger and other expenses 1,180 478 556

255,098 265,149 218,474

Other Income and Expenses

Interest expense (78,460) (75,431) (68,804)

Gain on sale of real estate, net 54,141 52,791 43,777

Other gains and (losses) (a)

6,791 (10,131) (42,197)

Non-operating income (b)

4,704 2,516 7,910

Earnings from equity method investments 4,543 4,109 5,378

(8,281) (26,146) (53,936)

Income before income taxes 191,130 153,252 137,448

(Provision for) benefit from income taxes (14,634) 1,310 (11,632)

Net Income 176,496 154,562 125,816

Net (income) loss attributable to noncontrolling interests (194) (6,243) 8

Net Income Attributable to W. P. Carey $ 176,302 $ 148,319 $ 125,824

Basic Earnings Per Share $ 0.80 $ 0.67 $ 0.57

Diluted Earnings Per Share $ 0.80 $ 0.67 $ 0.57

Weighted-Average Shares Outstanding

Basic 220,620,496 220,469,827 220,401,156

Diluted 221,618,296 221,169,776 220,720,310

Dividends Declared Per Share $ 0.930 $ 0.920 $ 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.

W. P. Carey Inc. 3/31/2026 Earnings Release 8-K – 8

W. P. CAREY INC.

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

(in thousands, except share and per share amounts)

Three Months Ended

March 31, 2026 December 31, 2025 March 31, 2025

Net income attributable to W. P. Carey $ 176,302 $ 148,319 $ 125,824

Adjustments:

Depreciation and amortization of real property 135,480 144,641 128,937

Gain on sale of real estate, net (54,141) (52,791) (43,777)

Impairment charges — real estate 40,008 39,690 6,854

Proportionate share of adjustments to earnings from equity method investments (a)

2,263 2,255 1,643

Proportionate share of adjustments for noncontrolling interests (b)

(25) 5,958 (78)

Total adjustments 123,585 139,753 93,579

FFO (as defined by NAREIT) Attributable to W. P. Carey (c)

299,887 288,072 219,403

Adjustments:

Straight-line and other leasing and financing adjustments (24,178) (20,758) (19,033)

Stock-based compensation 7,441 8,650 9,148

Other (gains) and losses (d)

(6,791) 10,131 42,197

Amortization of deferred financing costs 5,139 4,888 4,782

Tax expense (benefit) – deferred and other 2,727 (11,708) (782)

Above- and below-market rent intangible lease amortization, net 2,498 941 1,123

Merger and other expenses 1,180 478 556

Other amortization and non-cash items 593 589 560

Proportionate share of adjustments to earnings from equity method investments (a)

213 (43) (86)

Proportionate share of adjustments for noncontrolling interests (b)

(52) (116) (48)

Total adjustments (11,230) (6,948) 38,417

AFFO Attributable to W. P. Carey (c)

$ 288,657 $ 281,124 $ 257,820

Summary

FFO (as defined by NAREIT) attributable to W. P. Carey (c)

$ 299,887 $ 288,072 $ 219,403

FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share (c)

$ 1.35 $ 1.30 $ 0.99

AFFO attributable to W. P. Carey (c)

$ 288,657 $ 281,124 $ 257,820

AFFO attributable to W. P. Carey per diluted share (c)

$ 1.30 $ 1.27 $ 1.17

Diluted weighted-average shares outstanding 221,618,296 221,169,776 220,720,310

__________

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

(d)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.

W. P. Carey Inc. 3/31/2026 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, 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.

W. P. Carey Inc. 3/31/2026 Earnings Release 8-K – 10

EX-99.2

Filename: wpc2026q1supplementalexh992.htm · Sequence: 3

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

Components of Net Asset Value

Financial Results

Consolidated Statements of Income – Last Five Quarters

FFO and AFFO, Consolidated – Last Five Quarters

Elements of Pro Rata Statement of Income and AFFO Adjustments

Capital Expenditures

Balance Sheets and Capitalization

Consolidated Balance Sheets

Capitalization

Debt Overview

Debt Maturity

Senior Unsecured Notes

Real Estate

Investment Activity

Investment Volume

Capital Investments and Commitments

Dispositions

Joint Ventures

Top 25 Tenants

Diversification by Property Type

Diversification by Tenant Industry

Diversification by Geography

Contractual Rent Increases

Same-Store Analysis

Leasing Activity

Lease Expirations

Appendix

Normalized Pro Rata Cash NOI

Adjusted EBITDA – Last Five Quarters

Reconciliation of Net Debt to Adjusted EBITDA

Disclosures Regarding Non-GAAP and Other Metrics

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)

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

________

Investing for the Long Run® | 1

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.

Investing for the Long Run® | 2

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.

Investing for the Long Run® | 3

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.

Investing for the Long Run® | 4

W. P. Carey Inc.

Financial Results

First Quarter 2026

Investing for the Long Run® | 5

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

________

(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.

Investing for the Long Run® | 6

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

________

(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.

Investing for the Long Run® | 7

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.

Investing for the Long Run® | 8

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.

Investing for the Long Run® | 9

W. P. Carey Inc.

Balance Sheets and Capitalization

First Quarter 2026

Investing for the Long Run® | 10

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

________

Investing for the Long Run® | 11

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.

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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 22 62,810

Dollar General Las Vegas, NM Retail Jan-26 2,195 Acquisition 15 10,542

IMS Companies Arlington Heights, IL Industrial Jan-26 9,432 Acquisition 4 126,948

Raben Group (8 properties) (b)

Various, Poland Warehouse Jan-26; Feb-26 201,789 Sale-leaseback 15 1,857,837

EOS Fitness Surprise, AZ Retail Jan-26 11,646 Build-to-Suit 20 40,057

HB Chemical Solon, OH Warehouse Jan-26 43,387 Acquisition 11 412,171

Janus International Surprise, AZ Industrial Feb-26 20,732 Build-to-Suit 20 131,753

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

Peebles, OH (2 properties) and Hope, AR (1 property) Industrial Feb-26 22,345 Sale-leaseback 15 422,802

Go Auto (14 properties) (b)

Various, Canada Retail Mar-26 211,883 Sale-leaseback 25 596,176

Barnes Molding Solutions (b)

Bahlingen am Kaiserstuhl, Germany Industrial Mar-26 23,621 Sale-leaseback 20 217,011

Scania (b)

Oskarshamn, Sweden Warehouse Mar-26 18,188 Build-to-Suit 15 204,645

Year-to-Date Total 582,854 19 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.

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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.

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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.

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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.

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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

Investing for the Long Run® | 27

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

Investing for the Long Run® | 32

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.

Investing for the Long Run® | 33

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.

Investing for the Long Run® | 34

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.

Investing for the Long Run® | 35

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.

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.

Investing for the Long Run® | 37

EX-99.3

Filename: investorpresentation1q26.htm · Sequence: 4

investorpresentation1q26

1 50+ Years of Investing for the Long Run® 1Q26 W. P. Carey Inc. Investor Presentation Exhibit 99.3

2 Table of Contents Overview Real Estate Portfolio Balance Sheet Corporate Responsibility 3 7 20 24 Unless otherwise noted, all data in this presentation is as of March 31, 2026. Amounts may not sum to totals due to rounding.

3 Overview

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

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

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

7 Real Estate Portfolio

8 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of March 31, 2026. 2. Other includes leases attributable to percentage rent (i.e., participation in the gross revenues of the tenant above a stated level), as well as leases with no escalations. 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. Large Diversified Portfolio (1) N et -L ea se P or tfo lio Number of Properties 1,703 Number of Tenants 374 Square Footage 185.3 million ABR $1.58 billion North America / Europe / Other (% of ABR) 67% / 33% / 1% Contractual Rent Escalation: CPI-linked / Fixed / Other (2) 49% / 48% / 3% WALT 12.1 years Occupancy 98.1% Investment Grade Tenants (% of ABR) 21.6% Top 10 Tenant Concentration (% of ABR) 18.3%

9 Tenant Description Number of Properties ABR ($ millions) WALT (years) % of Total 1 Net lease self-storage properties in the U.S. leased to publicly traded self-storage REIT 43 43 23.4 2.7% 2 Pharmaceutical R&D and manufacturing properties in the Greater Toronto Area leased to generic drug manufacturer (2) 11 33 17.0 2.1% 3 Health and fitness facilities in the U.S. leased to premium athletic club operator 12 32 7.6 2.0% 4 Business-to-business retail stores in Italy leased to cash and carry wholesaler 18 29 5.1 1.8% 5 Grocery stores and one warehouse in Croatia leased to European food retailer 19 29 8.1 1.8% 6 Retail properties in Poland leased to German DIY retailer 26 27 7.9 1.7% 7 Industrial and warehouse facilities in Germany, Italy and Spain leased to global manufacturer of premium packaging and labels 16 25 17.7 1.6% 8 Automotive parts manufacturing properties in the U.S., Canada and Mexico leased to OEM supplier (formerly ABC Technologies) (2)(3) 20 25 18.9 1.6% 9 Grocery stores and warehouses in Spain leased to Spanish food retailer 63 24 10.0 1.5% 10 K-12 private schools in Orlando, Miami and Houston leased to international day and boarding school operator 3 24 18.5 1.5% Top 10 Total 231 $291 13.7 yrs 18.3% One of the lowest Top 10 and 20 concentrations among the net lease peer group Top 25 Net Lease Tenants (1) 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of March 31, 2026. 2. ABR from these properties is denominated in U.S. dollars. 3. Of the 20 properties leased to the tenant, nine are located in Canada, six are located in Mexico and five are located in the United States.

10 Tenant Description Number of Properties ABR ($ millions) WALT (years) % of Total 11 Manufacturing facilities in the U.S. leased to international producer and supplier of packaging solutions 8 21 12.5 1.3% 12 Industrial facilities in the U.S. and Canada leased to concrete and building products manufacturer 27 21 17.2 1.3% 13 Distribution facilities and retail properties in Lithuania, Estonia and Latvia leased to European DIY retailer 20 20 5.9 1.3% 14 Distribution facilities in the U.S. leased to automotive retailer 28 20 6.8 1.3% 15 Auto dealerships in the United Kingdom leased to automotive retailer 46 19 12.6 1.2% 16 Production, packaging and distribution facilities in the U.S. leased to North American contract food manufacturer (formerly Hearthside) 18 18 16.3 1.1% 17 Retail properties in the U.S. leased to discount retailer 127 17 13.3 1.1% 18 Retail properties in Germany leased to German DIY retailer (2) 17 16 14.1 1.0% 19 Distribution facilities in Denmark leased to Danish freight company 15 15 10.9 1.0% 20 Logistics and cold storage warehouse facilities in the Netherlands leased to European supermarket chain 54 15 7.3 0.9% Top 20 Total 541 $472 13.0 yrs 29.8% 21 Retail properties in the Netherlands leased to European DIY retailer 36 15 7.3 0.9% 22 Auto dealerships primarily in Vancouver with additional locations in Calgary and Edmonton leased to automotive retailer 14 14 25.0 0.9% 23 Distribution facilities and manufacturing facility in the U.S. leased to global hardware wholesaler (formerly True Value) 6 14 5.8 0.9% 24 Distribution facilities in Poland leased to European logistics company 8 13 14.9 0.8% 25 Food processing facility in outside Chattanooga, TN leased to global specialty food manufacturer 1 13 24.3 0.8% Top 25 Total 606 $540 13.3 yrs 34.1% Top 25 Net Lease Tenants (continued) (1) 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of March 31, 2026. 2. 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.

11 38% 25% 23% 14% Property Type Diversification (1) Property Type % of Total United States Europe Mexico & Canada Other (2) Industrial 37.9% 25.2% 7.6% 5.1% – Warehouse 25.4% 14.6% 10.4% 0.3% 0.1% Retail (3) 22.7% 8.6% 13.1% 0.9% – Other (4) 14.0% 11.7% 1.7% 0.1% 0.4% Total 100.0% 60.2% 32.9% 6.4% 0.5% 63% Industrial / Warehouse 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of March 31, 2026. 2. Includes Mauritius and Japan. 3. Includes automotive dealerships. 4. Includes education facility, specialty, self-storage (net lease), laboratory, research and development, hotel (net lease), office and land. Property Type by Region% of Total Portfolio ABR

12 Industry Type (2) % of Total United States Europe Mexico & Canada Other (3) Packaged Foods & Meats 9.5% 7.1% 2.3% – – Food Retail 8.9% 0.4% 8.5% – – Automotive Retail 6.0% 2.5% 2.6% 0.9% – Home Improvement Retail 6.0% 0.7% 5.3% – – Auto Parts & Equipment 5.1% 2.5% 1.2% 1.3% – Air Freight & Logistics 4.1% 0.2% 3.9% – – Education Services 3.8% 3.8% – – – Pharmaceuticals 3.0% 0.8% – 2.2% – Leisure Facilities 2.8% 2.8% – – – Industrial Machinery 2.8% 1.7% 0.8% 0.3% – Self-Storage REITs 2.7% 2.7% – – – Trading Companies & Distributors 2.6% 2.4% 0.2% – – Metal, Glass & Plastic Containers 2.5% 2.0% 0.3% 0.2% – Building Products 2.1% 1.9% 0.1% 0.1% – Paper & Plastic Packaging 1.9% 0.4% 1.6% – – Other Specialty Retail 1.7% 1.7% – – – Specialty Chemicals 1.5% 1.2% – 0.4% – Diversified Support Services 1.5% 1.0% 0.4% – 0.1% Construction Materials 1.5% 1.4% – 0.1% – Construction Machinery 1.3% 0.3% 0.5% 0.5% – Food Distributors 1.3% 1.3% – – – Consumer Staples Merchandise Retail 1.2% 1.1% 0.1% – – Commodity Chemicals 1.1% 1.0% – 0.0% – Diversified Metals 1.1% 0.4% 0.6% – – Hotels & Resorts 1.0% 0.3% 0.3% – 0.4% Other (61 industries, each <1% of ABR) 22.9% 18.2% 4.3% 0.4% – Total 100.0% 60.2% 32.9% 6.4% 0.5% Tenant Industry Diversification (1) 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of March 31, 2026. 2. Industry classification is based on the Global Industry Classification Standard (GICS) framework. 3. Includes Mauritius and Japan. 9% 9% 6% 6% 5% 4% 4% 3% 3%3%3% 3% 3% 2% 2% 2% 2% 2% 1% 1% 1% 1% 1% 1% 1% 23% 61 industries, each <1% of ABR % of Total Portfolio ABR Industry Type by Region

13 North America, 67% $1.1B United States, 60% $953MM Canada (4), 5% $74MM Mexico (3), 2% $28MM Europe, 33% $522MM Other (2), 1% $8MM 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of March 31, 2026. 2. Includes Mauritius (0.4%) and Japan (0.1%). 3. All ABR from Mexico-based properties denominated in USD. 4. $50.4MM (68%) of ABR from Canada-based properties denominated in USD with the balance in CAD. W. P. Carey has been investing internationally for over 25 years, primarily in Europe Geographic Diversification (1) Through our financing and hedging strategies, we’ve significantly mitigated currency risk through a combination of over-weighting our debt in foreign currencies and utilizing contractual cash flow hedges.

14 Uncapped CPI 30% Fixed 48% Capped CPI 19% Other (2) 3% CPI-linked 49% None <1% 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of March 31, 2026. 2. Represents leases attributable to percentage rent (i.e., participation in the gross revenues of the tenant above a stated level). 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. Over 99% of ABR comes from leases with contractual rent increases, including 49% linked to CPI Internal Growth from Contractual Rent Increases (1)

15 4.3% 4.2% 4.1% 3.1% 2.9% 2.8% 2.6% 2.4% 2.3% 2.4% 2.4% 2.4% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 1. Contractual same store portfolio includes leases 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. Contractual same store growth of 2.4% (1) Same Store ABR Growth

16 1.8% 3.5% 4.5% 4.1% 2.5% 5.1% 3.6% 5.5% 7.0% 4.9% 4.4% 4.2% 1.8% 4.8% 42.3% 0% 10% 20% 30% 40% 50% 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 Thereafter 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of March 31, 2026. 2. Assumes tenants do not exercise any renewal or purchase options. Weighted-average lease term of 12.1 years Lease Expirations and Average Lease Term (1) Lease Expirations (% ABR) (2)

17 Historical Occupancy (1) 1. Net lease properties only. Historical data through 2021 includes properties owned by W. P. Carey or non-traded REIT funds managed (and subsequently acquired) by W. P. Carey. 2. Represents occupancy for each completed year at December 31. Otherwise, occupancy is shown for the most recent quarter. Stable occupancy maintained during the aftermath of the global financial crisis and throughout the COVID-19 pandemic 97.3% 98.4% 98.8% 99.0% 99.2% 99.3% 99.8% 98.3% 98.9% 98.5% 98.5% 98.8% 98.1% 98.6% 98.0% 98.1% 0% 20% 40% 60% 80% 100% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q26 Occupancy (% Square Feet) (2)

18 Recent investment activity has been focused primarily on mission critical industrial and warehouse properties and essential retail Recent Acquisitions Purchase Price: $322 million Transaction Type: Acquisition Property Type: Retail Location: Various, United States Gross Square Footage: 1,254,645 Lease Term: 10-year lease Rent Escalation: Fixed Life Time Fitness December 2025 (10 properties) Purchase Price: $202 million Transaction Type: Sale-leaseback Property Type: Warehouse Location: Various, Poland Gross Square Footage: 1,857,837 Lease Term: 15-year lease Rent Escalation: Capped Eurozone CPI Raben Group January / February 2026 (8 properties) W.C. Bradley February 2026 (3 properties) Purchase Price: $22 million Transaction Type: Sale-leaseback Property Type: Industrial Location: Peebles, OH and Hope, AR Gross Square Footage: 422,802 Lease Term: 15-year lease Rent Escalation: Fixed Recent Acquisitions – Case Studies

19 Capital investments have become a more meaningful part of our investment activity and allow us to pursue follow-on opportunities with existing tenants Recent Capital Investments Investment: $6 million renovation Property Type: Industrial Location: Various, France Additional Gross Square Footage: N/A Lease Term: 17-year lease Rent Escalation: Uncapped French CPI Fraikin Completed December 2025 Investment: $21 million build-to-suit Property Type: Industrial Location: Surprise, AZ Gross Square Footage: 131,753 Lease Term: 20-year lease Rent Escalation: Fixed Janus International Completed February 2026 Investment: $18 million build-to-suit Property Type: Warehouse Location: Oskarshamn, Sweden Gross Square Footage: 204,645 Lease Term: 15-year lease Rent Escalation: Capped Swedish CPI Scania Completed March 2026 Capital Investments – Case Studies

20 Balance Sheet

21 Capitalization ($MM) 3/31/26 Total Equity (2) $15,137 Pro Rata Net Debt Senior Unsecured Notes USD 2,750 Senior Unsecured Notes EUR 4,743 Mortgage Debt, pro rata USD 70 Mortgage Debt, pro rata (EUR $103 / Other $20) 123 Unsecured Revolving Credit Facility USD 0 Unsecured Revolving Credit Facility (EUR $6 / Other $56) 62 Unsecured Term Loans (CAD $249 / EUR $575 / GBP $358) 1,182 Total Pro Rata Debt $8,930 Less: Cash and Cash Equivalents (239) Total Net Debt $8,690 Enterprise Value $23,828 Total Capitalization $24,067 Leverage and Debt Metrics Net Debt / Adjusted EBITDA (annualized) (3)(4) 5.7x Net Debt / Adjusted EBITDA (annualized) – inclusive of unsettled forward equity (3)(4)(5) 5.3x Net Debt / Enterprise Value (2)(3) 36.5% Total Consolidated Debt / Gross Assets (6) 43.1% Weighted Average Interest Rate (three months ended Mar 31, 2026) (pro rata) 3.1% Weighted Average Debt Maturity (pro rata) 4.8 years Capitalization (%) • Size: Large, well-capitalized balance sheet with ~$24B in total enterprise value • Credit Rating: Investment grade rated Baa1 by Moody’s and BBB+ by S&P • Liquidity: $2.8B at quarter end including revolver availability, unsettled forward equity and cash on hand • Leverage: Maintain conservative leverage, targeting mid-to-high 5s Net Debt to EBITDA • Capital Markets: Demonstrated strong access to capital markets – Forward Equity: Approximately $653MM of forward equity available for settlement at quarter end – U.S. Bond Issuances: $400MM of 4.650% Senior Unsecured Notes due July 2030 issued July 2025 and $400MM of 5.375% Senior Unsecured Notes due June 2034 issued June 2024 – Eurobond Issuances: €500MM of 3.250% Senior Unsecured Notes due October 2031 and €500MM of 3.750% Senior Unsecured Notes due May 2035 both issued in February 2026 – CAD Term Loan: Replaced existing €215MM Term Loan due 2028 with a ~C$347MM Term Loan due 2028 with options to extend to 2029 at an all-in rate of 3.1%, inclusive of credit spread – EUR Term Loan: Recast €500MM term loan in 2025 extending maturity to 2029, with options to extend to 2030 and swapped to a fixed rate of 2.8%, inclusive of credit spread Balance Sheet Highlights 63%31% 5% 1% Equity (2) Senior Unsecured Notes Unsecured Revolving Credit Facility / Term Loans Mortgage Debt (pro rata) Balance Sheet Overview (1) 1. Amounts may not sum to totals due to rounding. 2. Based on a closing stock price of $67.96 on March 31, 2026 and 222,738,368 common shares outstanding as of March 31, 2026. 3. Net debt to Adjusted EBITDA and net debt to enterprise value are based on pro rata debt less consolidated cash and cash equivalents. 4. Adjusted EBITDA represents 1Q26 Adjusted EBITDA (annualized), as reported in the First Quarter 2026 Supplemental Information included in the Form 8-K filed with the SEC on April 28, 2026. 5. Additionally, 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 approximately $653.5 million as of March 31, 2026. 6. Gross assets represent consolidated total assets before accumulated depreciation on real estate. Gross assets are net of accumulated amortization on in-place lease and above-market rent intangible assets.

22 % of Total (5) 4.7% 6.8% 14.1% 12.8% 11.2% 12.1% 14.9% 4.8% 12.2% 6.4% Interest Rate(5) 4.3% 2.2% 2.9% 3.2% 2.4% 2.9% 3.7% 2.3% 4.3% 3.8% $M M 1. Reflects amount due at maturity, excluding unamortized discount and unamortized deferred financing costs. 2. Reflects pro rata balloon payments due at maturity. W. P. Carey has two fully amortizing mortgages due in 2026 ($0.9MM) and 2031 ($2.0MM). 3. Includes amounts drawn under the credit facility as of March 31, 2026. 4. Based on total pro rata debt outstanding as of March 31, 2026. Includes debt which is swapped to fixed-rate. 5. Reflects the weighted average percentage of debt outstanding and the weighted average interest rate for each year based on the total outstanding balance as of March 31, 2026. 68 28 73 11 2 575 575 172 604 575 977 690 575 350 325 400 500 350 425 400 607 575 62 $418 $603 $1,255 $1,145 $1,004 $1,075 $1,327 $427 $1,090 $575 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Mortgage Debt Unsecured Bonds (EUR) Unsecured Bonds (USD) Unsecured Term Loans Unsecured Revolving Credit Facility(2) (3) Debt Maturity Schedule Principal at Maturity (1) 96% Fixed Rate Debt (4)

23 Metric Covenant March 31, 2026 Total Leverage Total Debt / Total Assets ≤ 60% 41.1% Secured Debt Leverage Secured Debt / Total Assets ≤ 40% 0.5% Fixed Charge Coverage Consolidated EBITDA / Annual Debt Service Charge ≥ 1.5x 4.7x Maintenance of Unencumbered Asset Value Unencumbered Assets / Total Unsecured Debt ≥ 150% 236.9% 1. This is a summary of the key financial covenants for our Senior Unsecured Notes, along with estimated calculations of our compliance with those covenants at the end of the period presented. These ratios are not measures of our liquidity or performance and serve only to demonstrate our ability to incur additional debt, as permitted by the covenants governing the Senior Unsecured Notes. 2. As of March 31, 2026, our Senior Unsecured Notes consisted of the following note issuances: (i) $350 million 4.25% senior unsecured notes due 2026, (ii) €500 million 2.125% senior unsecured notes due 2027, (iii) €500 million 1.35% senior unsecured notes due 2028, (iv) $325 million 3.85% senior unsecured notes due 2029, (v) €525 million 0.95% senior unsecured notes due 2030, (vi) $400 million 4.65% senior unsecured notes due 2030, (vii) $500 million 2.40% senior unsecured notes due 2031, (viii) €500MM 3.25% senior unsecured notes due 2031, (ix) $350 million 2.45% senior unsecured notes due 2032, (x) €650 million 4.250% senior unsecured notes due 2032, (xi) $425 million 2.25% senior unsecured notes due 2033, (xii) $400 million 5.375% senior unsecured notes due 2034, (xiii) €600 million 3.70% due 2034 and (xiv) €500 million 3.75% senior unsecured notes due 2035. Excludes the €150MM 3.41% senior unsecured notes due 2029 and €200MM 3.70% senior unsecured notes due 2032 issued in the September 2022 private placement offering. Investment grade balance sheet rated Baa1 (stable) by Moody’s and BBB+ (stable) by S&P Senior Unsecured Notes (2) Unsecured Bond Covenants (1)

24 Corporate Responsibility

25 We remain steadfast in our longstanding commitment to Doing Good While Doing Well ® Corporate Responsibility Governance Social Environmental  Selected as one of Fortune's Best Workplaces in Real Estate , Best Medium Workplaces and Best Workplaces in New York  Certified by Great Place to Work® in both the U.S. and the Netherlands  Continued to encourage our employees to participate in philanthropic and charitable activities through our CareyForward program  Maintained the highest QualityScore rating of “1” from Institutional Shareholder Services (ISS) in Governance  Continued our commitment to managing risk, providing transparent disclosure and being accountable to our stakeholders Recent highlights include:  Increased the percentage of our leases that contain green lease provisions, improving our visibility into our portfolio’s power consumption  Continued to engage with tenants to identify property-level sustainability opportunities within our portfolio, including renewable energy opportunities through CareySolar®, which we believe can reduce emissions, support tenants' sustainability goals and represent attractive investments Our Portfolio: 1. For a building to be considered “green-certified” under our investment criteria, it must at a minimum be certified by LEED, BREEAM or a similarly recognized organization or certification process. LEED —an acronym for Leadership in Energy and Environmental Design —and its related logo are trademarks owned by the U.S. Green Building Council and are used with permission. Learn more at www.usgbc.org/LEED. BREEAM is a registered trademark of BRE (the Building Research Establishment Ltd. Community Trade Mark E5778551). The BREEAM marks, logos and symbols are the Copyright of BRE and are reproduced by permission. 2. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of March 31, 2026 3. As a percentage of square footage. 6.1M sq. ft. of green-certified buildings (1)(2) 39% of portfolio under a green lease (2)(3)

26 Certain of the matters discussed in this communication constitute forward-looking statements within the meaning of the Securities Act of 1933 (as amended, the “Securities Act”) and the Securities Exchange Act of 1934 (as amended, the “Exchange Act”), both as amended by the Private Securities Litigation Reform Act of 1995. The forward-looking statements include, among other things, statements regarding the intent, belief or expectations of the Company and can be identified by the use of words such as “may,” “will,” “should,” “would,” “will be,” “will continue,” “will likely result,” “believe,” “project,” “expect,” “anticipate,” “intend,” “estimate” “opportunities,” “possibility,” “strategy,” “maintain” or the negative version of these words and other comparable terms. These forward- looking statements include, but are not limited to, statements that are not historical facts. These statements are based on the current expectations of our management, and it is important to note that our actual results could be materially different from those projected in such forward-looking statements. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Other unknown or unpredictable risks or uncertainties, like the risks related to fluctuating interest rates, the impact of inflation and tariffs 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, 2025. 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. All data presented herein is as of March 31, 2026 unless otherwise noted. Amounts may not sum to totals due to rounding. Past performance does not guarantee future results. Cautionary Statement Concerning Forward-Looking Statements

27 Non-GAAP Financial Disclosures 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 presentation contains certain metrics prepared on a pro rata basis. We refer to these metrics as pro rata metrics. We have certain investments in which our economic ownership is less than 100%. On a full consolidation basis, we report 100% of the assets, liabilities, revenues and expenses of those investments that are deemed to be under our control or for which we are deemed to be the primary beneficiary, even if our ownership is less than 100%. Also, for all other jointly owned investments, which we do not control, we report our net investment and our net income or loss from that investment. On a pro rata basis, we generally present our proportionate share, based on our economic ownership of these jointly owned investments, of the assets, liabilities, revenues and expenses of those investments. Multiplying each of our jointly owned investments’ financial statement line items by our percentage ownership and adding or subtracting those amounts from our totals, as applicable, may not accurately depict the legal and economic implications of holding an ownership interest of less than 100% in our jointly owned investments. ABR ABR represents contractual minimum annualized base rent for our net-leased properties and reflects exchange rates as of 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. Disclosures The following non-GAAP financial measures are used in this presentation

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