W P Carey : First Quarter 2024 Fact Sheet

NYSE:WPC

W. P. Carey Q1 Fact Sheet 2024

W. P. Carey ranks among the largest net lease REITs with a well-diversified portfolio of high-quality, operationally critical commercial real estate, which includes 1,282 net lease properties covering approximately 168 million square feet and a portfolio of 89 self-storage operating properties as of March 31, 2024. With offices in New York, London, Amsterdam and Dallas, the company remains focused on investing primarily in single-tenant, industrial, warehouse and retail properties located in the U.S. and Northern and Western Europe, under long-term net leases with built-in rent escalations.

As of 3/31/24

Annualized Dividend	$3.46
Share Price	$56.44
Dividend Yield	6.1%

Financial Snapshot

(As of or for the three months ended 3/31/24)

(Unaudited)

Enterprise Value1	$19B
Total Revenues	$389,798
(in thousands)
Total AFFO2	$251,892
(in thousands)
AFFO Per Diluted Share2	$1.14

1 Represents equity market capitalization plus total pro rata debt outstanding, less consolidated cash and cash equivalents.

2 See back page for information on non-GAAP financial measures.

Company Highlights

Size

One of the largest owners of net lease real estate and among the top 25 REITs in the MSCI US REIT Index

Diversification

Highly diversified portfolio by geography, tenant, property type and tenant industry

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

Total Return Since Going Public

Since going public in 1998, W. P. Carey has significantly outpaced key REIT indices and the broader markets

2200
2000
1800		WPC
1600
	+1,373%
1400
1200
1000		MSCI US
800		REIT
600	+652%
	S&P 500
400
200	+778%
0

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Total returns from January 21, 1998 through market close March 31, 2024.

© 2024 Copyright W. P. Carey Inc.

Reflects the reinvestment of all dividends. Past performance is not a guarantee of future results.

Portfolio Overview3		Top 10 Tenants

W. P. Carey has a large, high-quality portfolio of operationally-critical commercial real estate that is well-diversified by tenant, property type, geographic location and tenant industry to help insulate income and mitigate risk.

Net Lease	Total	Weighted Average	Total	Total
Properties	Occupancy	Lease Term	Square Footage	Countries
1,282	99.1%	12.2 Years	168M	26
	Geography3		Property Type3

United States (57.9%)	Industrial (35.0%)
Europe (36.5%)	Warehouse (28.0%)
Other* (5.6%)	Retail (21.7%)
	Other* (15.3%)
* Includes assets in Canada,	* Includes education facility, office,
Mexico, Mauritius and Japan.	specialty, self storage (net lease),
	laboratory, hotel (net lease),
	research and development, and
	land

Rent Escalations3

99.6% of our leases have contractual rent increases, providing built-in rent growth

Uncapped CPI (33.7%)

Capped CPI (20.5%)

Fixed (42.8%)

Other (2.6%)

None (0.4%)

3 Based on contractual minimum ABR and reflects pro rata ownership of real estate assets (excluding operating properties) as of March 31, 2024. Numbers may not add to 100% due to rounding.

Top 10 tenant concentration is 19.8% of annualized base rent

Apotex	11 pharmaceutical R&D
and advanced
Pharmaceutical
manufacturing
Holdings Inc.
properties in Canada
Metro Cash	20 B2B wholesale
stores in Italy
& Carry
and Germany
Extra Space	27 net lease self-
storage properties in
Storage, Inc.
the U.S.
Hellweg	35 DIY retail
properties in Germany
OBI Group	26 DIY retail
properties in Poland
Fortenova Grupa	19 grocery stores and
warehouses in Croatia
ABC	23 auto component
manufacturing
Technologies
properties in North
Holdings Inc.
America
	16 industrial facilities in
Fedrigoni	Germany, Italy and
	Spain
Nord Anglia	Three K-12 private
Education, Inc.	schools in the U.S.
Eroski Sociedad	63 grocery stores and
Cooperative	warehouses in Spain

For more information, please view our supplemental unaudited financial and operating information and investor presentation regarding the 2024 first quarter on the Investors section of our website: www.wpcarey.com

Contact Information

Institutional Investors:

Peter Sands

Director of Institutional Investor Relations [e-mail] | [phone]

Individual Investors:

Investor Relations Department [e-mail] | 1-800-WP CAREY (972-2739)

One Manhattan West

395 9th Avenue, 58th Floor, New York, NY 10001 www.wpcarey.com

NON-GAAP FINANCIAL DISCLOSURE		© 2024 Copyright W. P. Carey Inc.

This fact sheet includes certain "non-GAAP" supplemental metrics that are not defined by generally accepted accounting principles ("GAAP"), including adjusted funds from operations ("AFFO"). Please reference our Form 8-K, which was filed with the Securities and Exchange Commission on April 30, 2024 and is available at www.sec.gov and on our website at www.wpcarey.com, for a description of these non-GAAP financial measures, including why we believe they are useful measures for investors and how we utilize them, as well as a reconciliation of these measures to our financial statements, which are prepared in accordance with GAAP.