wpc-20240209

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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

Date of report (Date of earliest event reported): February 9, 2024

(Exact Name of Registrant as Specified in its Charter)


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

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

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

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

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

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

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

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

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.001 Par Value

WPC

New York Stock Exchange

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

On February 9, 2024, W. P. Carey Inc. (the “Company”) issued an earnings release announcing its financial results for the quarter ended December 31, 2023. 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 February 9, 2024, the Company made available certain unaudited supplemental financial information at December 31, 2023. A copy of this supplemental information is attached as Exhibit 99.2.

On February 9, 2024, the Company posted its fourth quarter investor presentation on its website at http://www.wpcarey.com. A copy of the investor presentation is also attached as Exhibit 99.3.

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

Item 9.01 Financial Statements and Exhibits.


Exhibit No.						Description
99.1						Earnings release of the Company for the quarter ended December 31, 2023.

99.2						Supplemental financial information of the Company at December 31, 2023.

99.3						Investor presentation by the Company.

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

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


			W. P. Carey Inc.

Date:	February 9, 2024	By:	/s/ ToniAnn Sanzone
			ToniAnn Sanzone
			Chief Financial Officer

W. P. Carey Announces Fourth Quarter and Full Year 2023 Financial Results

New York, NY – February 9, 2024 – W. P. Carey Inc. (NYSE: WPC) (W. P. Carey or the Company), a net lease real estate investment trust, today reported its financial results for the fourth quarter and full year ended December 31, 2023.

Financial Highlights


	2023
	Fourth Quarter	Full Year
Net income attributable to W. P. Carey (millions)	$144.3	$708.3
Diluted earnings per share	$0.66	$3.28



AFFO (millions)	$261.4	$1,118.3
AFFO per diluted share	$1.19	$5.18

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

•Fourth quarter cash dividend of $0.860 per share, equivalent to an annualized dividend rate of $3.44 per share, reflecting both the Company's strategic exit from the office assets within its portfolio and a lower payout ratio

Strategic Office Exit

•Spin-Off of Net Lease Office Properties (NLOP) completed on November 1, 2023

•Office Sale Program

◦79 properties sold to date under the program for gross proceeds of $608.1 million, including eight properties totaling gross proceeds of $220.3 million sold during the 2023 third and fourth quarters and 71 properties totaling gross proceeds of $387.8 million sold in January 2024, including the Company’s largest office portfolio

◦Office assets sales to date under the program bring office exposure below 3% of total ABR

◦Remaining sales under the program targeted to be completed during the first half of 2024

Real Estate Portfolio

•Investment volume of $345.6 million completed during the fourth quarter, bringing total investment volume for 2023 to $1.3 billion

•Investment volume of $177.1 million completed in January 2024

W. P. Carey Inc. 12/31/2023 Earnings Release 8-K – 1

•Active capital investments and commitments of $80.1 million and construction loan funding of $30.5 million scheduled to be completed in 2024

•Non-Office Sale Program gross disposition proceeds totaled $133.6 million for the fourth quarter and $242.0 million for 2023

•Contractual same-store rent growth of 4.1%

Balance Sheet and Capitalization

•Settled all outstanding forward sale agreements, issuing approximately 4.7 million shares of common stock for net proceeds of $384 million

•Received approximately $344 million, net of transaction expenses, from NLOP in connection with the Spin-Off

•Senior unsecured credit facility amended and restated, increasing the capacity of the unsecured revolving credit facility to $2.0 billion and extending its maturity to 2029, and refinancing £270 million and €215 million term loans, extending their maturities to 2028.

MANAGEMENT COMMENTARY

“Our 2023 fourth quarter and full year results largely reflected the near-term impacts of executing the office exit strategy we announced in September,” said Jason Fox, Chief Executive Officer of W. P. Carey. “We’ve made excellent progress in a short space of time thanks to the hard work and dedication of our employees, bringing our office exposure down to less than 3% of ABR.

“Looking ahead, we view 2024 as a transitional year, establishing a new baseline from which to grow AFFO. In addition to the rent growth embedded in our portfolio and a growing pipeline, I’m pleased to say we’ve already closed $177 million of investments and have over $100 million of capital projects and commitments scheduled for completion this year. We’ve raised our expectations for 2024 investment volume and we’re very well-positioned to execute — with exceptionally strong liquidity and a lower cost of capital — in an improving investment environment.”

QUARTERLY FINANCIAL RESULTS

•Total Company: Revenues, including reimbursable costs, for the 2023 fourth quarter totaled $412.4 million, up 2.4% from $402.6 million for the 2022 fourth quarter.

•Real Estate: Real Estate revenues, including reimbursable costs, for the 2023 fourth quarter were $410.4 million, up 2.1% from $402.1 million for the 2022 fourth quarter.

◦Lease revenues decreased primarily as a result of the reclassifications of lease revenues related to the U-Haul and State of Andalusia portfolios described below and the Spin-Off, which more than offset the impact of net investment activity and rent escalations.

◦Operating property revenues increased primarily as a result of the conversion of 12 hotel properties from net lease to operating upon lease expiration during the 2023 first quarter (eight of which were sold during the 2023 third and fourth quarters).

◦Income from finance leases and loans receivable increased primarily as a result of the reclassification of lease revenues (i) after receiving notice during the 2023 first quarter of the purchase option exercise on the portfolio of 78 U-Haul properties (the properties are expected to be sold during the first quarter of 2024) and (ii) after signing a purchase and sale agreement during the 2023 fourth quarter for the Company’s largest office portfolio of 70 properties net leased to the State of Andalusia in a sale back to the tenant (which closed in January 2024). The reclassifications had no impact on total Real Estate revenues.

W. P. Carey Inc. 12/31/2023 Earnings Release 8-K – 2

Net Income Attributable to W. P. Carey

•Net income attributable to W. P. Carey for the 2023 fourth quarter was $144.3 million, down 31.1% from $209.5 million for the 2022 fourth quarter. Net income from Real Estate attributable to W. P. Carey was $142.8 million, which decreased due primarily to higher impairment charges and allowances for credit losses, a non-cash mark-to-market gain recognized on the Company’s shares of Lineage Logistics of $38.6 million during the prior-year period and the impact of the Spin-Off, partly offset by a higher aggregate gain on sale of real estate and the impact of net investment activity and rent escalations.

Adjusted Funds from Operations (AFFO)

•AFFO for the 2023 fourth quarter was $1.19 per diluted share, down 7.8% from $1.29 per diluted share for the 2022 fourth quarter, primarily reflecting the impact of the Spin-Off. Higher revenue from net investment activity and rent escalations was mostly offset by higher interest expense and lower other lease-related income during the 2023 fourth quarter.

Note: Further information concerning AFFO and Real Estate AFFO, which are both non-GAAP supplemental performance metrics, is presented in the accompanying tables and related notes.

•As previously announced, on December 7, 2023, the Company reported that its Board of Directors declared a quarterly cash dividend of $0.860 per share, equivalent to an annualized dividend rate of $3.44 per share, reflecting both the Company's strategic exit from the office assets within its portfolio (announced on September 21, 2023) and a lower payout ratio. The dividend was paid on January 16, 2024 to shareholders of record as of December 29, 2023.

FULL YEAR FINANCIAL RESULTS

•Total Company: Revenues, including reimbursable costs, for the 2023 full year totaled $1.74 billion, up 17.6% from $1.48 billion for the 2022 full year.

•Real Estate: Real Estate revenues, including reimbursable costs, for the 2023 full year totaled $1.74 billion, up 18.4% from $1.47 billion for the 2022 full year.

◦Lease revenues increased primarily as a result of net investment activity, rent escalations and net lease properties acquired in the CPA:18 Merger, which more than offset the reclassifications of lease revenues related to the U-Haul and State of Andalusia portfolios described below and the impact of the Spin-Off.

◦Operating property revenues increased primarily as a result of the self-storage and other operating properties acquired in the CPA:18 Merger, as well as the conversion of 12 hotel properties from net lease to operating upon lease expiration during the 2023 first quarter (eight of which were sold during the 2023 third and fourth quarters).

W. P. Carey Inc. 12/31/2023 Earnings Release 8-K – 3

Net Income Attributable to W. P. Carey

•Net income attributable to W. P. Carey for the 2023 full year totaled $708.3 million, up 18.2% from $599.1 million for the 2022 full year. Net income from Real Estate attributable to W. P. Carey was $704.8 million, which increased due primarily to a higher aggregate gain on sale of real estate, the impact of net investment activity (including properties acquired in the CPA:18 Merger) and rent escalations, partly offset by higher interest expense, a non-cash mark-to-market gain of $49.2 million recognized on the Company’s investment in common stock of Watermark Lodging Trust, higher impairment charges and allowances for credit losses, a non-cash mark-to-market gain recognized on the Company’s shares of Lineage Logistics of $38.6 million during the prior year and the impact of the Spin-Off. Net income from Investment Management attributable to W. P. Carey was $3.5 million, which decreased due primarily to a $29.3 million impairment charge recognized on goodwill within that segment. The Company also recognized a $33.9 million gain on change in control of interests in connection with the CPA:18 Merger during the prior year.

•AFFO for the 2023 full year was $5.18 per diluted share, down 2.1% from $5.29 per diluted share for the 2022 full year, primarily reflecting higher interest expense (due primarily to higher interest rates) and the impact of the Spin-Off, which more than offset higher revenue from net investment activity and rent escalations.

Note: Further information concerning AFFO and Real Estate AFFO, which are both non-GAAP supplemental performance metrics, is presented in the accompanying tables and related notes.

•Dividends declared during 2023 totaled $4.067 per share, a decrease of 4.1% compared to total dividends declared

during 2022 of $4.242 per share, reflecting the impact on the dividend declared during the 2023 fourth quarter of both the Company's strategic exit from the office assets within its portfolio and a lower payout ratio.

•For the 2024 full year, the Company expects to report total AFFO of between $4.65 and $4.75 per diluted share, based on the following key assumptions:

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

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

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

(b) exercise of the U-Haul purchase option during the 2024 first quarter, generating approximately $465 million in gross proceeds; and

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

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

W. P. Carey Inc. 12/31/2023 Earnings Release 8-K – 4

STRATEGIC OFFICE EXIT

•On September 21, 2023, the Company announced a strategic plan to exit the office assets within its portfolio by:

(i) spinning-off 59 office properties with ABR totaling $145 million into NLOP, a separate publicly-traded REIT (the “Spin-Off”), which was completed on November 1, 2023; and

(ii) implementing an asset sale program to dispose of 87 office properties retained by W. P. Carey (the “Office Sale Program”), with all sales under the program targeted to be completed in first half of 2024.

•To date through February 9, 2024, the Company has sold 79 properties under the Office Sale Program for gross proceeds of approximately $608.1 million, comprising:

◦Eight properties sold during the 2023 third and fourth quarters for gross proceeds of approximately $220.3 million; and

◦71 properties sold subsequent to year end, for gross proceeds of approximately $387.8 million, including a portfolio of 70 office properties net leased to State of Andalusia.

•As a result of the progress made to date executing on the Company’s strategic plan to exit the office assets within its portfolio, office assets currently represent approximately 2.7% of total ABR (as of December 31, 2023).

•Remaining sales under the program are targeted for completion during the first half of 2024, for office assets that generate $21 million of ABR.

•During the 2023 fourth quarter, the Company completed investments totaling $345.6 million, bringing total investment volume for the year ended December 31, 2023 to $1.3 billion.

•Year to date through February 9, 2024, the Company completed investment volume of $177.1 million.

•The Company currently has seven capital investments and commitments totaling $80.1 million and construction loan funding of $30.5 million scheduled to be completed during 2024, for an aggregate total of $110.6 million.

•In addition to dispositions under the Office Sale Program, during the 2023 fourth quarter, the Company disposed of ten properties for gross proceeds of $133.6 million (including the sales of five hotel operating properties for gross proceeds of $83.9 million), bringing total non-Office Sale Program dispositions for the year ended December 31, 2023 to $242.0 million (including the sales of eight hotel operating properties for gross proceeds of $132.6 million).

Contractual Same-Store Rent Growth

•The Company’s net lease portfolio generated contractual same-store rent growth of 4.1% on a constant currency basis.

•As of December 31, 2023, the Company’s net lease portfolio consisted of 1,424 properties, comprising 173 million square feet leased to 336 tenants, with a weighted-average lease term of 11.7 years and an occupancy rate of 98.1%. In addition, the Company owned 89 self-storage operating properties, five hotel operating properties and two student housing operating properties, totaling approximately 7.3 million square feet.

W. P. Carey Inc. 12/31/2023 Earnings Release 8-K – 5

BALANCE SHEET AND CAPITALIZATION

•The Company settled all of its outstanding forward sale agreements, issuing 4,744,973 shares of common stock for net proceeds of $384 million.

Spin-Off Distribution

•The Company received a distribution of approximately $344 million, net of transaction expenses, from NLOP in connection with the Spin-Off on November 1, 2023.

The Company intends to use proceeds from these transactions primarily to fund future acquisitions and repay debt, including amounts outstanding under its unsecured revolving credit facility. The Company may hold net proceeds in cash and/or marketable securities earning interest until deployed.

Senior Unsecured Credit Facility

•As previously announced, on December 14, 2023, the Company amended and restated its senior unsecured credit facility, (i) increasing the capacity of its unsecured revolving credit facility from $1.8 billion to $2.0 billion and extending its maturity by four years to 2029, and (ii) refinancing its £270 million and €215 million term loans and extending their maturities by three years to 2028. Each of the term loans include an option to extend up to an additional year at the Company’s discretion, subject to the satisfaction of certain customary conditions.

Supplemental Information

The Company has provided supplemental unaudited financial and operating information regarding the 2023 fourth 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 February 9, 2024, and made available on the Company’s website at ir.wpcarey.com/investor-relations.

Live Conference Call and Audio Webcast Scheduled for 10:00 a.m. Eastern Time

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

Date/Time: Friday, February 9, 2024 at 10:00 a.m. Eastern Time

Call-in Number: 1 (877) 465-1289 (U.S.) or +1 (201) 689-8762 (international)

Live Audio Webcast and Replay: www.wpcarey.com/earnings

W. P. Carey Inc. 12/31/2023 Earnings Release 8-K – 6

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 1,424 net lease properties covering approximately 173 million square feet and a portfolio of 89 self-storage operating properties as of December 31, 2023. With offices in New York, London, Amsterdam and Dallas, the company remains focused on investing primarily in single-tenant, industrial, warehouse and retail properties located in the U.S. and Northern and Western Europe, under long-term net leases with built-in rent escalations.

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 expectations for capital projects and commitments and 2024 investment volume. These statements are based on the current expectations of our management, and it is important to note that our actual results could be materially different from those projected in such forward-looking statements. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Other unknown or unpredictable risks or uncertainties, like the risks related to fluctuating interest rates, the impact of inflation on our tenants and us, the effects of pandemics and global outbreaks of contagious diseases, and domestic or geopolitical crises, such as terrorism, military conflict, war or the perception that hostilities may be imminent, political instability or civil unrest, or other conflict, and those additional risk factors discussed in reports that we have filed with the SEC, could also have material adverse effects on our future results, performance or achievements. Discussions of some of these other important factors and assumptions are contained in W. P. Carey’s filings with the SEC and are available at the SEC’s website at http://www.sec.gov, including Part I, Item 1A. Risk Factors in W. P. Carey’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this communication, unless noted otherwise. Except as required under the federal securities laws and the rules and regulations of the SEC, W. P. Carey does not undertake any obligation to release publicly any revisions to the forward-looking statements to reflect events or circumstances after the date of this communication or to reflect the occurrence of unanticipated events.

Institutional Investors:

institutionalir@wpcarey.com

Individual Investors:

amcgrath@wpcarey.com

W. P. Carey Inc. 12/31/2023 Earnings Release 8-K – 7

Consolidated Balance Sheets

(in thousands, except share and per share amounts)


	December 31,
	2023		2022
Assets
Investments in real estate:
Land, buildings and improvements — net lease and other	$	12,095,458	$	13,338,857
Land, buildings and improvements — operating properties	1,256,249		1,095,892
Net investments in finance leases and loans receivable	1,514,923		771,761
In-place lease intangible assets and other	2,308,853		2,659,750
Above-market rent intangible assets	706,773		833,751
Investments in real estate	17,882,256		18,700,011
Accumulated depreciation and amortization (a)	(3,005,479)		(3,269,057)
Assets held for sale, net	37,122		57,944
Net investments in real estate	14,913,899		15,488,898
Equity method investments	354,261		327,502
Cash and cash equivalents	633,860		167,996
Other assets, net	1,096,474		1,080,227
Goodwill	978,289		1,037,412
Total assets	$	17,976,783	$	18,102,035

Liabilities and Equity
Debt:
Senior unsecured notes, net	$	6,035,686	$	5,916,400
Unsecured term loans, net	1,125,564		552,539
Unsecured revolving credit facility	403,785		276,392
Non-recourse mortgages, net	579,147		1,132,417
Debt, net	8,144,182		7,877,748
Accounts payable, accrued expenses and other liabilities	615,750		623,843
Below-market rent and other intangible liabilities, net	136,872		184,584
Deferred income taxes	180,650		178,959
Dividends payable	192,332		228,257
Total liabilities	9,269,786		9,093,391

Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued	—		—
Common stock, $0.001 par value, 450,000,000 shares authorized; 218,671,874 and 210,620,949 shares, respectively, issued and outstanding	219		211
Additional paid-in capital	11,784,461		11,706,836
Distributions in excess of accumulated earnings	(2,891,424)		(2,486,633)
Deferred compensation obligation	62,046		57,012
Accumulated other comprehensive loss	(254,867)		(283,780)
Total stockholders’ equity	8,700,435		8,993,646
Noncontrolling interests	6,562		14,998
Total equity	8,706,997		9,008,644
Total liabilities and equity	$	17,976,783	$	18,102,035

(a)Includes $1.6 billion and $1.7 billion of accumulated depreciation on buildings and improvements as of December 31, 2023 and 2022, respectively, and $1.4 billion and $1.6 billion of accumulated amortization on lease intangibles as of December 31, 2023 and 2022, respectively.

W. P. Carey Inc. 12/31/2023 Earnings Release 8-K – 8

Quarterly Consolidated Statements of Income

(in thousands, except share and per share amounts)


	Three Months Ended
	December 31, 2023		September 30, 2023		December 31, 2022
Revenues
Real Estate:
Lease revenues	$	336,757	$	369,159	$	347,636
Income from finance leases and loans receivable	31,532		27,575		17,472
Operating property revenues	39,477		49,218		28,951
Other lease-related income	2,610		2,310		8,083
	410,376		448,262		402,142
Investment Management:
Asset management revenue (a)	1,348		194		383
Other advisory income and reimbursements (b)	667		—		—
Reimbursable costs from affiliates	46		97		104
	2,061		291		487
	412,437		448,553		402,629
Operating Expenses
Depreciation and amortization	129,484		144,771		140,749
Impairment charges — real estate (c)	71,238		15,173		12,734
General and administrative	21,533		23,258		22,728
Operating property expenses	20,403		26,570		11,719
Reimbursable tenant costs	18,942		20,498		21,084
Property expenses, excluding reimbursable tenant costs	13,287		13,021		13,879
Stock-based compensation expense	8,693		9,050		9,739
Merger and other expenses (d)	(641)		4,152		2,058
Reimbursable costs from affiliates	46		97		104
	282,985		256,590		234,794
Other Income and Expenses
Gain on sale of real estate, net (e)	134,026		2,401		5,845
Interest expense	(72,194)		(76,974)		(67,668)
Other gains and (losses) (f)	(45,777)		2,859		97,059
Non-operating income (g)	7,445		4,862		6,526
Earnings from equity method investments	5,006		4,978		6,032
	28,506		(61,874)		47,794
Income before income taxes	157,958		130,089		215,629
Provision for income taxes	(13,714)		(5,090)		(6,126)
Net Income	144,244		124,999		209,503
Net loss attributable to noncontrolling interests	50		41		35
Net Income Attributable to W. P. Carey	$	144,294	$	125,040	$	209,538

Basic Earnings Per Share	$	0.66	$	0.58	$	1.00
Diluted Earnings Per Share	$	0.66	$	0.58	$	1.00
Weighted-Average Shares Outstanding
Basic	219,277,446		215,097,114		209,281,888
Diluted	219,469,641		215,252,969		209,822,650

Dividends Declared Per Share	$	0.860	$	1.071	$	1.065

W. P. Carey Inc. 12/31/2023 Earnings Release 8-K – 9

Full Year Consolidated Statements of Income

(in thousands, except share and per share amounts)


	Years Ended December 31,
	2023		2022
Revenues
Real Estate:
Lease revenues	$	1,427,376	$	1,301,617
Income from finance leases and loans receivable	107,173		74,266
Operating property revenues	180,257		59,230
Other lease-related income	23,333		32,988
	1,738,139		1,468,101
Investment Management:
Asset management and other revenue	2,184		8,467
Other advisory income and reimbursements	667		—
Reimbursable costs from affiliates	368		2,518
	3,219		10,985
	1,741,358		1,479,086
Operating Expenses
Depreciation and amortization	574,212		503,403
General and administrative	96,027		88,952
Operating property expenses	95,141		27,054
Impairment charges — real estate	86,411		39,119
Reimbursable tenant costs	81,939		73,622
Property expenses, excluding reimbursable tenant costs	44,451		50,753
Stock-based compensation expense	34,504		32,841
Merger and other expenses	4,954		19,387
Reimbursable costs from affiliates	368		2,518
Impairment charges — Investment Management goodwill	—		29,334
	1,018,007		866,983
Other Income and Expenses
Gain on sale of real estate, net	315,984		43,476
Interest expense	(291,852)		(219,160)
Other gains and (losses)	(36,184)		96,038
Non-operating income	21,442		30,309
Earnings from equity method investments	19,575		29,509
Gain on change in control of interests	—		33,931
	28,965		14,103
Income before income taxes	752,316		626,206
Provision for income taxes	(44,052)		(27,724)
Net Income	708,264		598,482
Net loss attributable to noncontrolling interests	70		657
Net Income Attributable to W. P. Carey	$	708,334	$	599,139

Basic Earnings Per Share	$	3.29	$	3.00
Diluted Earnings Per Share	$	3.28	$	2.99
Weighted-Average Shares Outstanding
Basic	215,369,777		199,633,802
Diluted	215,760,496		200,427,124

Dividends Declared Per Share	$	4.067	$	4.242

(a)Amount for the three months ended December 31, 2023 is comprised of $1.2 million from NLOP and $0.1 million from CESH.

(b)Amounts are related to administrative reimbursement for our management of NLOP.

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

(d)Amount for the three months ended September 30, 2023 is primarily comprised of costs incurred in connection with the Spin-Off.

(e)Amount for the three months ended December 31, 2023 includes a gain on sale of real estate of $59.1 million recognized upon entering into an agreement to sell our portfolio of 70 office properties located in Spain to the tenant occupying the properties and the reclassification of the investment to net investments in sales-type leases.

(f)Amount for the three months ended December 31, 2023 is primarily comprised of a non-cash allowance for credit losses of $35.2 million, net losses on foreign currency exchange rate movements of $6.5 million and non-cash losses on non-hedging derivatives of $4.3 million.

(g)Amount for the three months ended December 31, 2023 is comprised of interest income on deposits of $4.6 million and realized gains on foreign currency exchange derivatives of $2.9 million.

W. P. Carey Inc. 12/31/2023 Earnings Release 8-K – 10

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

(in thousands, except share and per share amounts)


	Three Months Ended
	December 31, 2023		September 30, 2023		December 31, 2022
Net income attributable to W. P. Carey	$	144,294	$	125,040	$	209,538
Adjustments:
Gain on sale of real estate, net (a)	(134,026)		(2,401)		(5,845)
Depreciation and amortization of real property	128,839		144,111		140,157
Impairment charges — real estate (b)	71,238		15,173		12,734
Proportionate share of adjustments to earnings from equity method investments (c)	2,942		2,950		2,296
Proportionate share of adjustments for noncontrolling interests (d)	(133)		34		(294)
Total adjustments	68,860		159,867		149,048
FFO (as defined by NAREIT) Attributable to W. P. Carey (e)	213,154		284,907		358,586
Adjustments:
Other (gains) and losses (f)	45,777		(2,859)		(97,059)
Straight-line and other leasing and financing adjustments	(19,071)		(18,662)		(14,766)
Stock-based compensation	8,693		9,050		9,739
Above- and below-market rent intangible lease amortization, net	6,644		7,835		8,652
Amortization of deferred financing costs	4,895		4,805		5,705
Tax expense (benefit) – deferred and other	2,507		(4,349)		(3,325)
Merger and other expenses (g)	(641)		4,152		2,058
Other amortization and non-cash items	152		584		490
Proportionate share of adjustments to earnings from equity method investments (c)	(663)		(691)		(319)
Proportionate share of adjustments for noncontrolling interests (d)	(97)		(380)		(85)
Total adjustments	48,196		(515)		(88,910)
AFFO Attributable to W. P. Carey (e)	$	261,350	$	284,392	$	269,676

Summary
FFO (as defined by NAREIT) attributable to W. P. Carey (e)	$	213,154	$	284,907	$	358,586
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share (e)	$	0.97	$	1.32	$	1.70
AFFO attributable to W. P. Carey (e)	$	261,350	$	284,392	$	269,676
AFFO attributable to W. P. Carey per diluted share (e)	$	1.19	$	1.32	$	1.29
Diluted weighted-average shares outstanding	219,469,641		215,252,969		209,822,650

W. P. Carey Inc. 12/31/2023 Earnings Release 8-K – 11

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

(in thousands, except share and per share amounts)


	Three Months Ended
	December 31, 2023		September 30, 2023		December 31, 2022
Net income from Real Estate attributable to W. P. Carey	$	142,753	$	124,167	$	210,142
Adjustments:
Gain on sale of real estate, net (a)	(134,026)		(2,401)		(5,845)
Depreciation and amortization of real property	128,839		144,111		140,157
Impairment charges — real estate (b)	71,238		15,173		12,734
Proportionate share of adjustments to earnings from equity method investments (c)	2,942		2,950		2,296
Proportionate share of adjustments for noncontrolling interests (d)	(133)		34		(294)
Total adjustments	68,860		159,867		149,048
FFO (as defined by NAREIT) Attributable to W. P. Carey – Real Estate (e)	211,613		284,034		359,190
Adjustments:
Other (gains) and losses (f)	45,303		(2,180)		(96,846)
Straight-line and other leasing and financing adjustments	(19,071)		(18,662)		(14,766)
Stock-based compensation	8,693		9,050		9,739
Above- and below-market rent intangible lease amortization, net	6,644		7,835		8,652
Amortization of deferred financing costs	4,895		4,805		5,705
Tax expense (benefit) – deferred and other	2,507		(4,349)		(3,862)
Merger and other expenses (g)	(641)		4,152		2,058
Other amortization and non-cash items	152		584		490
Proportionate share of adjustments to earnings from equity method investments (c)	(663)		(691)		(320)
Proportionate share of adjustments for noncontrolling interests (d)	(97)		(380)		(85)
Total adjustments	47,722		164		(89,235)
AFFO Attributable to W. P. Carey – Real Estate (e)	$	259,335	$	284,198	$	269,955

Summary
FFO (as defined by NAREIT) attributable to W. P. Carey – Real Estate (e)	$	211,613	$	284,034	$	359,190
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share – Real Estate (e)	$	0.96	$	1.32	$	1.70
AFFO attributable to W. P. Carey – Real Estate (e)	$	259,335	$	284,198	$	269,955
AFFO attributable to W. P. Carey per diluted share – Real Estate (e)	$	1.18	$	1.32	$	1.29
Diluted weighted-average shares outstanding	219,469,641		215,252,969		209,822,650

W. P. Carey Inc. 12/31/2023 Earnings Release 8-K – 12

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

(in thousands, except share and per share amounts)


	Years Ended December 31,
	2023		2022
Net income attributable to W. P. Carey	$	708,334	$	599,139
Adjustments:
Depreciation and amortization of real property	571,750		500,764
Gain on sale of real estate, net (a)	(315,984)		(43,476)
Impairment charges — real estate (b)	86,411		39,119
Gain on change in control of interests (h) (i)	—		(33,931)
Impairment charges — Investment Management goodwill (j)	—		29,334
Proportionate share of adjustments to earnings from equity method investments (c)	11,381		15,155
Proportionate share of adjustments for noncontrolling interests (d)	(666)		(491)
Total adjustments	352,892		506,474
FFO (as defined by NAREIT) Attributable to W. P. Carey (e)	1,061,226		1,105,613
Adjustments:
Straight-line and other leasing and financing adjustments	(71,869)		(54,431)
Other (gains) and losses	36,184		(96,038)
Stock-based compensation	34,504		32,841
Above- and below-market rent intangible lease amortization, net	34,164		41,390
Amortization of deferred financing costs	20,544		17,203
Merger and other expenses (g)	4,954		19,387
Other amortization and non-cash items	1,735		1,931
Tax expense (benefit) – deferred and other	(199)		(3,759)
Proportionate share of adjustments to earnings from equity method investments (c)	(2,535)		(2,770)
Proportionate share of adjustments for noncontrolling interests (d)	(441)		(769)
Total adjustments	57,041		(45,015)
AFFO Attributable to W. P. Carey (e)	$	1,118,267	$	1,060,598

Summary
FFO (as defined by NAREIT) attributable to W. P. Carey (e)	$	1,061,226	$	1,105,613
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share (e)	$	4.92	$	5.52
AFFO attributable to W. P. Carey (e)	$	1,118,267	$	1,060,598
AFFO attributable to W. P. Carey per diluted share (e)	$	5.18	$	5.29
Diluted weighted-average shares outstanding	215,760,496		200,427,124

W. P. Carey Inc. 12/31/2023 Earnings Release 8-K – 13

Full Year Reconciliation of Net Income from Real Estate to Adjusted Funds from Operations (AFFO) from Real Estate (Unaudited)

(in thousands, except share and per share amounts)


	Years Ended December 31,
	2023		2022
Net income from Real Estate attributable to W. P. Carey	$	704,837	$	591,603
Adjustments:
Depreciation and amortization of real property	571,750		500,764
Gain on sale of real estate, net (a)	(315,984)		(43,476)
Impairment charges — real estate (b)	86,411		39,119
Gain on change in control of interests (h)	—		(11,405)
Proportionate share of adjustments to earnings from equity method investments (c)	11,381		15,155
Proportionate share of adjustments for noncontrolling interests (d)	(666)		(491)
Total adjustments	352,892		499,666
FFO (as defined by NAREIT) Attributable to W. P. Carey – Real Estate (e)	1,057,729		1,091,269
Adjustments:
Straight-line and other leasing and financing adjustments	(71,869)		(54,431)
Other (gains) and losses	36,427		(97,149)
Stock-based compensation	34,504		32,841
Above- and below-market rent intangible lease amortization, net	34,164		41,390
Amortization of deferred financing costs	20,544		17,203
Merger and other expenses (g)	4,954		19,384
Other amortization and non-cash items	1,735		1,931
Tax expense (benefit) – deferred and other	(199)		(8,164)
Proportionate share of adjustments to earnings from equity method investments (c)	(2,535)		(723)
Proportionate share of adjustments for noncontrolling interests (d)	(441)		(769)
Total adjustments	57,284		(48,487)
AFFO Attributable to W. P. Carey – Real Estate (e)	$	1,115,013	$	1,042,782

Summary
FFO (as defined by NAREIT) attributable to W. P. Carey – Real Estate (e)	$	1,057,729	$	1,091,269
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share – Real Estate (e)	$	4.90	$	5.44
AFFO attributable to W. P. Carey – Real Estate (e)	$	1,115,013	$	1,042,782
AFFO attributable to W. P. Carey per diluted share – Real Estate (d)	$	5.17	$	5.20
Diluted weighted-average shares outstanding	215,760,496		200,427,124

(a)Amounts for the three months and year ended December 31, 2023 include a gain on sale of real estate of $59.1 million recognized upon entering into an agreement to sell our portfolio of 70 office properties located in Spain to the tenant occupying the properties and the reclassification of the investment to net investments in sales-type leases. Amount for the year ended December 31, 2023 includes a gain on sale of real estate of $176.2 million recognized upon receiving notice of the exercise of a purchase option for a portfolio of 78 net-lease self-storage properties and the reclassification of the investment to net investments in sales-type leases.

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

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

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

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

(f)AFFO and Real Estate AFFO adjustment amounts for the three months ended December 31, 2023 are primarily comprised of a non-cash allowance for credit losses of $35.2 million, net losses on foreign currency exchange rate movements of $6.5 million and non-cash losses on non-hedging derivatives of $4.3 million.

(g)Amounts for the three months ended September 30, 2023 and the year ended December 31, 2023 are primarily comprised of costs incurred in connection with the Spin-Off. Amount for the year ended December 31, 2022 is primarily comprised of costs incurred in connection with the CPA:18 Merger.

(h)Amount for the year ended December 31, 2022 represents a gain recognized on the remaining interests in four investments acquired in the CPA:18 Merger, which we had previously accounted for under the equity method.

(i)Amount for the year ended December 31, 2022 represents a gain recognized on our previously held interest in shares of CPA:18 – Global common stock in connection with the CPA:18 Merger

(j)Amount for the year ended December 31, 2022 represents an impairment charge recognized on goodwill within our Investment Management segment, since future Investment Management cash flows are expected to be minimal.

W. P. Carey Inc. 12/31/2023 Earnings Release 8-K – 14

Non-GAAP Financial Disclosure

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

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

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

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

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

W. P. Carey Inc. 12/31/2023 Earnings Release 8-K – 15

Supplemental Information

Terms and Definitions

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


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

Important Note Regarding Non-GAAP Financial Measures

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

Amounts may not sum to totals due to rounding.

Supplemental Information – Fourth Quarter 2023

Overview – Fourth Quarter 2023

As of or for the three months ended December 31, 2023.


Financial Results
	Real Estate Segment
			Total (a)
Revenues, including reimbursable costs – consolidated ($000s)	$	410,376		$	412,437
Net income attributable to W. P. Carey ($000s)	142,753			144,294
Net income attributable to W. P. Carey per diluted share	0.65			0.66
Normalized pro rata cash NOI from real estate ($000s) (b) (c)	349,342			349,342
Adjusted EBITDA ($000s) (b) (c)	338,653			340,668
AFFO attributable to W. P. Carey ($000s) (b) (c)	259,335			261,350
AFFO attributable to W. P. Carey per diluted share (b) (c)	1.18			1.19

Dividends declared per share – current quarter				0.860
Dividends declared per share – current quarter annualized				3.440
Dividend yield – annualized, based on quarter end share price of $64.81				5.3		%
Dividend payout ratio – for the full year ended December 31, 2023 (d)				78.5		%
Dividend payout ratio – for the three months ended December 31, 2023 (e)				72.3		%

Balance Sheet and Capitalization
Equity market capitalization – based on quarter end share price of $64.81 ($000s)				$	14,172,124
Pro rata net debt ($000s) (f)				7,654,170
Enterprise value ($000s)				21,826,294

Total consolidated debt ($000s)				8,144,182
Gross assets ($000s) (g)				19,566,570
Liquidity ($000s) (h)				2,223,621

Pro rata net debt to enterprise value (c)				35.1		%
Pro rata net debt to adjusted EBITDA (annualized) (b) (c)				5.6x
Total consolidated debt to gross assets				41.6		%
Total consolidated secured debt to gross assets				3.0		%
Cash interest expense coverage ratio (b) (c)				5.3x

Weighted-average interest rate (c)				3.2		%
Weighted-average debt maturity (years) (c)				3.9

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

Real Estate Portfolio (Pro Rata)
ABR – total portfolio ($000s) (i)				$	1,339,352
ABR – unencumbered portfolio (% / $000s) (i) (j)	94.0% /			$	1,259,190
Number of net-leased properties				1,424
Number of operating properties (k)				96
Number of tenants – net-leased properties				336

ABR from top ten tenants as a % of total ABR – net-leased properties				21.1		%
ABR from investment grade tenants as a % of total ABR – net-leased properties (l)				23.9		%
Contractual same-store growth (m)				4.1		%

Net-leased properties – square footage (millions)				172.7

Occupancy – net-leased properties				98.1		%
Weighted-average lease term (years)				11.7

Investment volume – current quarter ($000s)				$	345,565
Dispositions – current quarter ($000s)				266,059

Maximum commitment for capital investments and commitments expected to be completed during 2024 ($000s)				80,142
Construction loan funding expected to be completed during 2024 ($000s)				30,500
Total capital investments, commitments and construction loan funding expected to be completed during 2024 ($000s)			110,642


						Investing for the Long Run® \| 1

Overview – Fourth Quarter 2023

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

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

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

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

(e)Represents dividends declared per share divided by AFFO per diluted share on a quarter-to-date basis


Normalized Pro Rata Cash NOI (a) (b)	Three Months Ended Dec. 31, 2023
Net lease properties	$	328,659
Self-storage and other operating properties (c)	20,683
Total normalized pro rata cash NOI (a) (b)	$	349,342

Balance Sheet – Selected Information (Consolidated Unless Otherwise Stated)	As of Dec. 31, 2023
Assets
Book value of real estate excluded from normalized pro rata cash NOI (d)	$	235,486
Cash and cash equivalents	633,860
Las Vegas retail complex construction loan (e)	235,979
Other secured loans receivable, net	11,250
Other assets, net:
Investment in shares of Lineage Logistics (a cold storage REIT)	$	404,921
Straight-line rent adjustments	305,049
Deferred charges	68,416
Restricted cash, including escrow	58,111
Office lease right-of-use assets, net	54,730
Taxes receivable	52,468
Non-rent tenant and other receivables	51,863
Deferred income taxes	18,518
Securities and derivatives	15,864
Leasehold improvements, furniture and fixtures	13,763
Prepaid expenses	12,868
Rent receivables (f)	2,344
Due from affiliates	2,176
Other	35,383
Total other assets, net	$	1,096,474

Liabilities
Total pro rata debt outstanding (b) (g)	$	8,288,030
Dividends payable	192,332
Deferred income taxes	180,650
Accounts payable, accrued expenses and other liabilities:
Accounts payable and accrued expenses	$	177,460
Operating lease liabilities	138,733
Prepaid and deferred rents	125,957
Tenant security deposits	65,196
Accrued taxes payable	56,172
Other	52,232
Total accounts payable, accrued expenses and other liabilities	$	615,750


	Three Months Ended
	Dec. 31, 2023		Sep. 30, 2023		Jun. 30, 2023		Mar. 31, 2023		Dec. 31, 2022
Net income (loss) from Investment Management attributable to W. P. Carey	$	1,541	$	873	$	(66)	$	1,149	$	(604)


FFO (as defined by NAREIT) Attributable to W. P. Carey – Investment Management (a)	1,541		873		(66)		1,149		(604)
Adjustments:
Other (gains) and losses	474		(679)		476		(514)		(213)
Tax expense – deferred and other	—		—		—		—		537
Proportionate share of adjustments to earnings from equity method investments (b)	—		—		—		—		1
Total adjustments	474		(679)		476		(514)		325
AFFO Attributable to W. P. Carey – Investment Management (c)	$	2,015	$	194	$	410	$	635	$	(279)

Summary
FFO (as defined by NAREIT) attributable to W. P. Carey – Investment Management (a)	$	1,541	$	873	$	(66)	$	1,149	$	(604)
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share – Investment Management (a)	$	0.01	$	0.00	$	0.00	$	0.00	$	0.00
AFFO attributable to W. P. Carey – Investment Management (a)	$	2,015	$	194	$	410	$	635	$	(279)
AFFO attributable to W. P. Carey per diluted share – Investment Management (a)	$	0.01	$	0.00	$	0.00	$	0.00	$	0.00
Diluted weighted-average shares outstanding	219,469,641		215,252,969		215,184,485		212,345,047		209,822,650


Tenant Improvements and Leasing Costs
Tenant improvements	$	10,023
Leasing costs	698
Tenant Improvements and Leasing Costs	10,721

Maintenance Capital Expenditures
Net-lease properties	1,967
Operating properties	1,193
Maintenance Capital Expenditures	3,160

Total: Tenant Improvements and Leasing Costs, and Maintenance Capital Expenditures	$	13,881

Non-Maintenance Capital Expenditures
Net-lease properties	$	3,345
Operating properties	—
Non-Maintenance Capital Expenditures	$	3,345

Other Capital Expenditures
Net-lease properties	$	287
Operating properties	—
Other Capital Expenditures	$	287


Description	Shares	Share Price		Market Value
Equity
Common equity	218,671,874	$	64.81	$	14,172,124
Preferred equity				—
Total Equity Market Capitalization				14,172,124

				Outstanding Balance (a)
Pro Rata Debt
Non-recourse mortgages				673,989
Unsecured term loans (due February 14, 2028)				580,881
Unsecured term loans (due April 24, 2026)				552,500
Unsecured revolving credit facility (due February 14, 2029)				403,785
Senior unsecured notes:
Due April 1, 2024 (USD)				500,000
Due July 19, 2024 (EUR)				552,500
Due February 1, 2025 (USD)				450,000
Due April 9, 2026 (EUR)				552,500
Due October 1, 2026 (USD)				350,000
Due April 15, 2027 (EUR)				552,500
Due April 15, 2028 (EUR)				552,500
Due July 15, 2029 (USD)				325,000
Due September 28, 2029 (EUR)				165,750
Due June 1, 2030 (EUR)				580,125
Due February 1, 2031 (USD)				500,000
Due February 1, 2032 (USD)				350,000
Due September 28, 2032 (EUR)				221,000
Due April 1, 2033 (USD)				425,000
Total Pro Rata Debt				8,288,030

Total Capitalization				$	22,460,154


	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
2024	51	$	39,564	4.0	%	$	286,862	$	289,300	3.5	%
2025	38	20,915		4.3	%	243,682		250,669		3.0	%
2026	18	16,480		5.0	%	90,320		103,722		1.3	%
2027	1	—		4.3	%	21,450		21,450		0.3	%
2031	1	1,096		6.0	%	—		2,659		—	%
2033	1	1,375		5.6	%	1,671		3,693		—	%
2039	1	732		5.3	%	—		2,496		—	%
Total Pro Rata Non-Recourse Debt	111	$	80,162	4.3	%	$	643,985	673,989		8.1	%

Recourse Debt
Fixed – Senior unsecured notes:
Due April 1, 2024 (USD)				4.6	%			500,000		6.0	%
Due July 19, 2024 (EUR)				2.3	%			552,500		6.7	%
Due February 1, 2025 (USD)				4.0	%			450,000		5.4	%
Due April 9, 2026 (EUR)				2.3	%			552,500		6.7	%
Due October 1, 2026 (USD)				4.3	%			350,000		4.2	%
Due April 15, 2027 (EUR)				2.1	%			552,500		6.7	%
Due April 15, 2028 (EUR)				1.4	%			552,500		6.7	%
Due July 15, 2029 (USD)				3.9	%			325,000		3.9	%
Due September 28, 2029 (EUR)				3.4	%			165,750		2.0	%
Due June 1, 2030 (EUR)				1.0	%			580,125		7.0	%
Due February 1, 2031 (USD)				2.4	%			500,000		6.0	%
Due February 1, 2032 (USD)				2.5	%			350,000		4.2	%
Due September 28, 2032 (EUR)				3.7	%			221,000		2.7	%
Due April 1, 2033 (USD)				2.3	%			425,000		5.1	%
Total Senior Unsecured Notes				2.7	%			6,076,875		73.3	%
Swapped to Fixed:
Unsecured term loans (due April 24, 2026) (d)				4.3	%			552,500		6.7	%
Floating:
Unsecured term loans (due February 14, 2028) (e)				5.5	%			580,881		7.0	%
Unsecured revolving credit facility (due February 14, 2029) (f)				4.5	%			403,785		4.9	%
Total Recourse Debt				3.1	%			7,614,041		91.9	%

Total Pro Rata Debt Outstanding				3.2	%			$	8,288,030	100.0	%


Overview
Summary Metrics			1
Components of Net Asset Value			3

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

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

Real Estate
Investment Activity
Investment Volume			20
Capital Investments and Commitments			22
Dispositions			23
Joint Ventures			24
Top Ten Tenants			25
Diversification by Property Type			26
Diversification by Tenant Industry			27
Diversification by Geography			28
Contractual Rent Increases			29
Same-Store Analysis			30
Leasing Activity			33
Lease Expirations			34
Self Storage Operating Properties Portfolio			35

Appendix
Normalized Pro Rata Cash NOI			37
Adjusted EBITDA – Last Five Quarters
Consolidated			39
Real Estate			40
Investment Management			41
Disclosures Regarding Non-GAAP and Other Metrics			42


Statements of Income, Investment Management – Last Five Quarters


	Equity Method Investments (a)		Noncontrolling Interests (b)		AFFO Adjustments
Revenues
Real Estate:
Lease revenues	$	4,269	$	(256)	$	(14,567)	(c)
Income from finance leases and loans receivable	—		—		524
Operating property revenues:
Hotel revenues	—		—		—
Self-storage revenues	2,464		—		—
Student housing revenues	—		—		—
Other lease-related income	—		—		(459)

Investment Management:
Asset management revenue	—		—		—
Other advisory income and reimbursements	—		—		—
Reimbursable costs from affiliates	—		—		—

Operating Expenses
Depreciation and amortization	2,787		(133)		(131,592)		(d)
Impairment charges — real estate	—		—		(71,238)		(e) (f)
General and administrative	—		—		—
Operating property expenses:
Hotel expenses	—		—		—
Self-storage expenses	884		—		(28)
Student housing expenses	—		—		—
Reimbursable tenant costs	227		(32)		—
Property expenses, excluding reimbursable tenant costs	182		(20)		(477)		(f)
Stock-based compensation expense	—		—		(8,693)		(f)
Merger and other expenses	—		—		641
Reimbursable costs from affiliates	—		—		—

Other Income and Expenses
Gain on sale of real estate, net	—		—		(134,026)		(g)
Interest expense	(394)		75		4,897		(h)
Other gains and (losses)	(31)		99		45,709		(i)
Non-operating income	14		(5)		—
Earnings from equity method investments:
Income related to joint ventures	(1,919)		—		715		(j)

Provision for income taxes	(323)		(21)		2,876		(k)
Net loss attributable to noncontrolling interests	—		(77)		—


	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)	$	417,755	4.7	%	$	142,678	2.6	%	$	48,272	4.2	%	$	608,705	7.3	%	4.2	%	1.4
Floating	—		—	%	65,284		5.6	%	—		—	%	65,284		0.8	%	5.6	%	0.3
Total Pro Rata Non-Recourse Debt	417,755		4.7	%	207,962		3.5	%	48,272		4.2	%	673,989		8.1	%	4.3	%	1.3

Recourse Debt (b) (c)
Fixed – Senior unsecured notes:
Due April 1, 2024	500,000		4.6	%	—		—	%	—		—	%	500,000		6.0	%	4.6	%	0.3
Due July 19, 2024	—		—	%	552,500		2.3	%	—		—	%	552,500		6.7	%	2.3	%	0.6
Due February 1, 2025	450,000		4.0	%	—		—	%	—		—	%	450,000		5.4	%	4.0	%	1.1
Due April 9, 2026	—		—	%	552,500		2.3	%	—		—	%	552,500		6.7	%	2.3	%	2.3
Due October 1, 2026	350,000		4.3	%	—		—	%	—		—	%	350,000		4.2	%	4.3	%	2.8
Due April 15, 2027	—		—	%	552,500		2.1	%	—		—	%	552,500		6.7	%	2.1	%	3.3
Due April 15, 2028	—		—	%	552,500		1.4	%	—		—	%	552,500		6.7	%	1.4	%	4.3
Due July 15, 2029	325,000		3.9	%	—		—	%	—		—	%	325,000		3.9	%	3.9	%	5.5
Due September 28, 2029	—		—	%	165,750		3.4	%	—		—	%	165,750		2.0	%	3.4	%	5.7
Due June 1, 2030	—		—	%	580,125		1.0	%	—		—	%	580,125		7.0	%	1.0	%	6.4
Due February 1, 2031	500,000		2.4	%	—		—	%	—		—	%	500,000		6.0	%	2.4	%	7.1
Due February 1, 2032	350,000		2.5	%	—		—	%	—		—	%	350,000		4.2	%	2.5	%	8.1
Due September 28, 2032	—		—	%	221,000		3.7	%	—		—	%	221,000		2.7	%	3.7	%	8.8
Due April 1, 2033	425,000		2.3	%	—		—	%	—		—	%	425,000		5.1	%	2.3	%	9.3
Total Senior Unsecured Notes	2,900,000		3.4	%	3,176,875		2.0	%	—		—	%	6,076,875		73.3	%	2.7	%	4.3
Swapped to Fixed:
Unsecured term loans (due April 24, 2026) (e)	—		—	%	552,500		4.3	%	—		—	%	552,500		6.7	%	4.3	%	2.3
Floating:
Unsecured term loans (due February 14, 2028) (f)	—		—	%	237,575		4.8	%	343,306		6.0	%	580,881		7.0	%	5.5	%	4.1
Unsecured revolving credit facility (due February 14, 2029) (g)	—		—	%	386,750		4.6	%	17,035		0.9	%	403,785		4.9	%	4.5	%	5.1
Total Recourse Debt	2,900,000		3.4	%	4,353,700		2.7	%	360,341		5.8	%	7,614,041		91.9	%	3.1	%	4.2

Total Pro Rata Debt Outstanding	$	3,317,755	3.6	%	$	4,561,662	2.7	%	$	408,613	5.6	%	$	8,288,030	100.0	%	3.2	%	3.9


		Property Type(s)	Funded During Current Quarter		Funded Year to Date		Expected Funding Completion Date	Total Funded		Maximum Commitment
Description	Property Location(s)
Construction Loan
Southwest Corner of Las Vegas Boulevard & Harmon Avenue Retail Complex (e)	Las Vegas, NV	Retail	$	1,624	$	38,219	Q3 2024	$	231,387	$	261,887
Total					38,219

Year-to-Date Total Investment Volume					$	1,323,998


Investment Activity – Capital Investments and Commitments (a)


		Primary Transaction Type	Property Type	Expected Completion / Closing Date	Gross Square Footage	Lease Term (Years) (b)	Funded During Three Months Ended Dec. 31, 2023		Total Funded Through Dec. 31, 2023		Maximum Commitment / Gross Investment Amount
Tenant	Location										Remaining		Total
TWAS Holdings, LLC (4 properties) (c)	Various, US	Purchase Commitment	Retail (Car Wash)	Various	14,420	20	$	—	$	—	$	20,317	$	20,317
Terran Orbital Corporation	Irvine, CA	Redevelopment	Industrial	Q1 2024	94,195	10	4,719		7,974		7,126		15,100
Hexagon Composites ASA	Salisbury, NC	Expansion	Industrial	Q1 2024	113,000	15	3,317		10,994		2,806		13,800
Storage Space	Little Rock, AR	Expansion	Self-Storage (Operating)	Q1 2024	59,850	N/A	1,330		1,386		2,184		3,570
Danske Fragtmaend Ejendomme A/S (d)	Fredericia, Denmark	Renovation	Warehouse	Q1 2024	N/A	17	—		—		1,957		1,957
Unidentified	Atlanta, GA	Redevelopment	Warehouse	Q3 2024	213,834	N/A	204		630		17,022		17,652
Outfront Media, LLC (6 properties)	Various, NJ	Build-to-Suit	Specialty	Various	N/A	30	—		7,272		474		7,746
Expected Completion Date 2024 Total					495,299	16	9,570		28,256		51,886		80,142

ZF Friedrichshafen AG (e)	Washington, MI	Redevelopment	Research and Development	Q1 2025	81,200	20	1,735		4,044		43,546		47,823
Fraikin SAS (d)	Various, France	Renovation	Industrial	Q4 2025	N/A	18	—		1,155		6,469		7,624
Expected Completion Date 2025 Total					81,200	20	1,735		5,199		50,015		55,447

Capital Investments and Commitments Total					576,499	18	$	11,305	$	33,455	$	101,901	$	135,589


Joint Venture or JV (Principal Tenant)	JV Partnership		Consolidated				Pro Rata (a)
	Asset Type	WPC %	Debt Outstanding (b)		ABR		Debt Outstanding (c)		ABR
Unconsolidated Joint Venture (Equity Method Investment) (d)
Harmon Retail Corner	Common equity interest	15.00%	$	143,000	$	—	$	21,450	$	—
Kesko Senukai (e)	Net lease	70.00%	107,172		16,101		75,020		11,271
Johnson Self Storage	Self-storage operating	90.00%	—		N/A		—		N/A
Total Unconsolidated Joint Ventures			250,172		16,101		96,470		11,271

Consolidated Joint Ventures
COOP Ost SA (e)	Net lease	90.10%	53,576		7,016		48,272		6,321
State of Iowa Board of Regents	Net lease	90.00%	6,205		643		5,585		579
Fentonir Trading & Investments Limited (e)	Net lease	94.90%	—		8,736		—		8,291
McCoy-Rockford, Inc.	Net lease	90.00%	—		948		—		853
Total Consolidated Joint Ventures			59,781		17,343		53,857		16,044
Total Unconsolidated and Consolidated Joint Ventures			$	309,953	$	33,444	$	150,327	$	27,315


Tenant / Lease Guarantor	Description	Number of Properties	ABR		ABR %		Weighted-Average Lease Term (Years)
U-Haul Moving Partners Inc. and Mercury Partners, LP (a)	Net lease self-storage properties in the U.S.	78	$	38,751	2.9	%	0.2
State of Andalusia (b) (c)	Government office properties in Spain	70	32,539		2.4	%	11.0
Apotex Pharmaceutical Holdings Inc. (d)	Pharmaceutical R&D and manufacturing properties in Canada	11	31,528		2.3	%	19.2
Metro Cash & Carry Italia S.p.A. (b)	Business-to-business wholesale stores in Italy and Germany	20	30,352		2.3	%	4.5
Hellweg Die Profi-Baumärkte GmbH & Co. KG (b)	Do-it-yourself retail properties in Germany	35	30,182		2.2	%	13.2
Extra Space Storage, Inc.	Net lease self-storage properties in the U.S.	27	25,036		1.9	%	20.3
OBI Group (b)	Do-it-yourself retail properties in Poland	26	24,857		1.9	%	7.4
ABC Technologies Holdings Inc. (d) (e)	Automotive component manufacturing properties in North America	23	24,251		1.8	%	19.3
Fortenova Grupa d.d. (b)	Grocery stores and warehouses in Croatia	19	22,367		1.7	%	10.3
Nord Anglia Education Inc.	K-12 private schools in the U.S.	3	22,245		1.7	%	19.7
Total (e)		312	$	282,108	21.1	%	11.8


	Total Net-Lease Portfolio
Property Type	ABR		ABR %		Square Footage (a)	Square Footage %
U.S.
Industrial	$	306,255	22.9	%	52,129	30.2	%
Warehouse	213,323		15.9	%	43,383	25.1	%
Retail (b)	75,618		5.7	%	3,672	2.1	%
Office	17,282		1.3	%	1,161	0.7	%
Self Storage (net lease)	63,786		4.7	%	5,810	3.4	%
Other (c)	97,771		7.3	%	4,909	2.8	%
U.S. Total	774,035		57.8	%	111,064	64.3	%

International
Industrial	126,001		9.4	%	16,833	9.7	%
Warehouse	140,458		10.5	%	21,341	12.4	%
Retail (b)	202,908		15.1	%	17,452	10.1	%
Office	54,785		4.1	%	4,041	2.3	%
Self Storage (net lease)	—		—	%	—	—	%
Other (c)	41,165		3.1	%	1,937	1.2	%
International Total	565,317		42.2	%	61,604	35.7	%

Total
Industrial	432,256		32.3	%	68,962	39.9	%
Warehouse	353,781		26.4	%	64,724	37.5	%
Retail (b)	278,526		20.8	%	21,124	12.2	%
Office	72,067		5.4	%	5,202	3.0	%
Self Storage (net lease)	63,786		4.7	%	5,810	3.4	%
Other (c)	138,936		10.4	%	6,846	4.0	%
Total (d)	$	1,339,352	100.0	%	172,668	100.0	%


Table of Contents


	Total Net-Lease Portfolio
Industry Type	ABR		ABR %		Square Footage	Square Footage %
Retail Stores (a)	$	306,553	22.9	%	37,151	21.5	%
Consumer Services	127,118		9.5	%	8,288	4.8	%
Beverage and Food	110,599		8.3	%	15,759	9.1	%
Automotive	95,700		7.1	%	14,502	8.4	%
Grocery	83,227		6.2	%	7,406	4.3	%
Healthcare and Pharmaceuticals	72,079		5.4	%	6,656	3.9	%
Cargo Transportation	60,993		4.6	%	9,122	5.3	%
Containers, Packaging, and Glass	49,844		3.7	%	8,580	5.0	%
Capital Equipment	49,300		3.7	%	8,053	4.7	%
Durable Consumer Goods	47,361		3.5	%	10,240	5.9	%
Construction and Building	47,206		3.5	%	9,036	5.2	%
Sovereign and Public Finance	43,424		3.2	%	3,368	2.0	%
Hotel and Leisure	42,030		3.1	%	2,053	1.2	%
Chemicals, Plastics, and Rubber	32,779		2.5	%	5,929	3.4	%
Non-Durable Consumer Goods	32,680		2.4	%	6,805	3.9	%
Business Services	28,054		2.1	%	2,983	1.7	%
High Tech Industries	23,614		1.8	%	2,624	1.5	%
Metals	22,765		1.7	%	4,347	2.5	%
Telecommunications	14,030		1.1	%	1,500	0.9	%
Other (b)	49,996		3.7	%	8,266	4.8	%
Total (c)	$	1,339,352	100.0	%	172,668	100.0	%


	Total Net-Lease Portfolio
Region	ABR		ABR %		Square Footage (a)	Square Footage %
U.S.
South
Texas	$	86,296	6.4	%	11,274	6.5	%
Florida	42,710		3.2	%	3,816	2.2	%
Georgia	27,542		2.1	%	4,333	2.5	%
Tennessee	24,161		1.8	%	3,921	2.3	%
Alabama	22,270		1.7	%	3,353	1.9	%
Other (b)	16,288		1.2	%	2,402	1.4	%
Total South	219,267		16.4	%	29,099	16.8	%
Midwest
Illinois	57,057		4.3	%	10,164	5.9	%
Ohio	33,767		2.5	%	6,947	4.0	%
Indiana	29,727		2.2	%	5,137	3.0	%
Michigan	24,103		1.8	%	4,241	2.4	%
Wisconsin	16,624		1.2	%	3,074	1.8	%
Other (b)	52,296		3.9	%	7,713	4.5	%
Total Midwest	213,574		15.9	%	37,276	21.6	%
East
North Carolina	35,530		2.7	%	8,156	4.7	%
Pennsylvania	30,459		2.3	%	3,374	2.0	%
New York	20,556		1.5	%	2,262	1.3	%
South Carolina	19,208		1.4	%	4,952	2.9	%
Kentucky	18,130		1.4	%	2,983	1.7	%
Massachusetts	16,836		1.3	%	1,255	0.7	%
New Jersey	13,680		1.0	%	797	0.5	%
Virginia	13,623		1.0	%	1,761	1.0	%
Other (b)	24,145		1.8	%	3,799	2.2	%
Total East	192,167		14.4	%	29,339	17.0	%
West
California	60,741		4.5	%	5,889	3.4	%
Arizona	20,133		1.5	%	2,664	1.5	%
Utah	14,522		1.1	%	2,021	1.2	%
Other (b)	53,631		4.0	%	4,776	2.8	%
Total West	149,027		11.1	%	15,350	8.9	%
U.S. Total	774,035		57.8	%	111,064	64.3	%
International
Germany	73,065		5.5	%	6,535	3.8	%
Spain	68,077		5.1	%	5,862	3.4	%
The Netherlands	62,775		4.7	%	7,054	4.1	%
Poland	59,988		4.5	%	8,158	4.7	%
Canada (c)	50,861		3.8	%	5,087	2.9	%
United Kingdom	48,505		3.6	%	4,432	2.6	%
Italy	42,238		3.1	%	5,381	3.1	%
Denmark	25,053		1.9	%	3,002	1.7	%
Croatia	23,200		1.7	%	2,063	1.2	%
France	21,745		1.6	%	1,679	1.0	%
Lithuania	13,569		1.0	%	1,640	1.0	%
Other (d)	76,241		5.7	%	10,711	6.2	%
International Total	565,317		42.2	%	61,604	35.7	%
Total (e)	$	1,339,352	100.0	%	172,668	100.0	%


	Total Net-Lease Portfolio
Rent Adjustment Measure	ABR		ABR %		Square Footage	Square Footage %
Uncapped CPI	$	510,136	38.1	%	51,838	30.0	%
Capped CPI	241,878		18.1	%	35,222	20.4	%
CPI-linked	752,014		56.2	%	87,060	50.4	%
Fixed	545,411		40.7	%	79,632	46.1	%
Other (a)	36,345		2.7	%	2,454	1.4	%
None	5,582		0.4	%	284	0.2	%
Vacant	—		—	%	3,238	1.9	%
Total (b)	$	1,339,352	100.0	%	172,668	100.0	%


	ABR
	As of
	Dec. 31, 2023		Dec. 31, 2022		Increase		% Increase
Property Type
Industrial	$	344,948	$	333,861	$	11,087	3.3	%
Warehouse	333,107		321,553		11,554		3.6	%
Retail (a)	262,288		248,062		14,226		5.7	%
Office	71,235		67,485		3,750		5.6	%
Self Storage (net lease)	63,786		61,708		2,078		3.4	%
Other (b)	122,353		117,769		4,584		3.9	%
Total	$	1,197,717	$	1,150,438	$	47,279	4.1	%

Rent Adjustment Measure
Uncapped CPI	$	490,405	$	460,126	$	30,279	6.6	%
Capped CPI	221,950		215,848		6,102		2.8	%
CPI-linked	712,355		675,974		36,381		5.4	%
Fixed	444,746		435,952		8,794		2.0	%
Other (c)	35,820		33,716		2,104		6.2	%
None	4,796		4,796		—		—	%
Total	$	1,197,717	$	1,150,438	$	47,279	4.1	%

Geography
U.S.	$	697,243	$	678,683	$	18,560	2.7	%
Europe	466,032		437,994		28,038		6.4	%
Other International (d)	34,442		33,761		681		2.0	%
Total	$	1,197,717	$	1,150,438	$	47,279	4.1	%

Same-Store Portfolio Summary
Number of properties	1,242
Square footage (in thousands)	152,368


	Same-Store Pro Rata Rental Income
	Three Months Ended
	Dec. 31, 2023		Dec. 31, 2022		Increase		% Increase
Property Type
Industrial	$	89,223	$	86,041	$	3,182	3.7	%
Warehouse	83,473		81,769		1,704		2.1	%
Retail (a)	65,182		63,211		1,971		3.1	%
Office	17,409		16,236		1,173		7.2	%
Self Storage (net lease)	15,899		15,401		498		3.2	%
Other (b)	28,938		30,685		(1,747)		(5.7)	%
Total	$	300,124	$	293,343	$	6,781	2.3	%

Rent Adjustment Measure
Uncapped CPI	$	122,679	$	115,427	$	7,252	6.3	%
Capped CPI	54,880		53,503		1,377		2.6	%
CPI-linked	177,559		168,930		8,629		5.1	%
Fixed	112,391		114,213		(1,822)		(1.6)	%
Other (c)	8,849		8,609		240		2.8	%
None	1,325		1,591		(266)		(16.7)	%
Total	$	300,124	$	293,343	$	6,781	2.3	%

Geography
U.S.	$	178,524	$	175,540	$	2,984	1.7	%
Europe	113,095		109,546		3,549		3.2	%
Other International (d)	8,505		8,257		248		3.0	%
Total	$	300,124	$	293,343	$	6,781	2.3	%

Same-Store Portfolio Summary
Number of properties	1,306
Square footage (in thousands)	158,321


Lease Renewals and Extensions (a)										Expected Tenant Improvements ($000s)		Leasing Commissions ($000s)
			ABR
Property Type	Square Feet	Number of Leases	Prior Lease ($000s)			New Lease ($000s) (b)		Rent Recapture						Incremental Lease Term
Industrial	1,511,964	7	$	10,069		$	10,552	104.8	%	$	3,200	$	1,310	6.9 years
Warehouse	2,348,738	5	12,263			11,535		94.1	%	3,812		50		7.1 years
Retail	24,490	1	222			222		100.0	%	—		—		5.0 years
Office	—	—	—			—		—	%	—		—		N/A
Self Storage (net lease)	—	—	—			—		—	%	—		—		N/A
Other	—	—	—			—		—	%	—		—		N/A
Total / Weighted Average (c)	3,885,192	13	$	22,554		$	22,309	98.9	%	$	7,012	$	1,360	7.2 years

Q4 Summary
Prior Lease ABR (% of Total Portfolio)			1.7		%


New Leases					Expected Tenant Improvements ($000s)		Leasing Commissions ($000s)
			ABR
Property Type	Square Feet	Number of Leases	New Lease ($000s) (b)						New Lease Term
Industrial	210,428	3	$	1,242	$	1,106	$	90	10.0 years
Warehouse	—	—	—		—		—		N/A
Retail	—	—	—		—		—		N/A
Office	—	—	—		—		—		N/A
Self Storage (net lease)	—	—	—		—		—		N/A
Other	30,000	1	774		3,860		494		10.7 years
Total / Weighted Average (d)	240,428	4	$	2,016	$	4,966	$	584	10.3 years


Year of Lease Expiration (a)	Number of Leases Expiring	Number of Tenants with Leases Expiring	ABR		ABR %		Square Footage	Square Footage %
2024 (b)	29	23	$	60,324	4.5	%	7,886	4.6	%
2025	36	17	45,090		3.4	%	5,767	3.3	%
2026	37	28	59,834		4.5	%	8,502	4.9	%
2027	43	26	62,571		4.7	%	7,149	4.1	%
2028	41	25	57,892		4.3	%	4,669	2.7	%
2029	56	29	75,809		5.7	%	9,218	5.3	%
2030	29	26	36,051		2.7	%	3,941	2.3	%
2031	35	19	66,987		5.0	%	8,345	4.8	%
2032	38	19	41,613		3.1	%	5,799	3.4	%
2033	30	23	76,477		5.7	%	10,797	6.3	%
2034 (c)	50	19	94,644		7.1	%	9,188	5.3	%
2035	19	16	35,500		2.6	%	5,885	3.4	%
2036	45	19	71,427		5.3	%	10,958	6.4	%
2037	26	13	61,555		4.6	%	6,441	3.7	%
Thereafter (>2037)	259	108	493,578		36.8	%	64,885	37.6	%
Vacant	—	—	—		—	%	3,238	1.9	%
Total (d)	773		$	1,339,352	100.0	%	172,668	100.0	%


State / District	Number of Properties	Number of Units	Square Footage	Square Footage %		Period End Occupancy
Florida	22	15,793	1,844	28.4	%	91.5	%
Texas	14	8,128	995	15.3	%	89.1	%
California	10	6,585	860	13.2	%	93.1	%
Illinois	10	4,826	665	10.3	%	89.3	%
South Carolina	6	3,710	377	5.8	%	87.6	%
Georgia	5	2,057	250	3.9	%	89.0	%
North Carolina	4	2,827	301	4.6	%	88.7	%
Nevada	3	2,420	243	3.7	%	91.0	%
Delaware	3	1,678	241	3.7	%	93.0	%
Hawaii	2	953	95	1.5	%	91.0	%
Tennessee	2	888	122	1.9	%	84.2	%
Washington, DC	1	880	67	1.0	%	94.1	%
New York	1	792	61	0.9	%	81.2	%
Kentucky	1	764	121	1.9	%	93.8	%
Arkansas	1	587	56	0.9	%	90.5	%
Louisiana	1	541	59	0.9	%	76.2	%
Massachusetts	1	482	58	0.9	%	91.6	%
Oregon	1	442	40	0.6	%	97.5	%
Missouri	1	328	41	0.6	%	73.5	%
Total (a)	89	54,681	6,496	100.0	%	90.3	%


	Three Months Ended Dec. 31, 2023
Consolidated Lease Revenues
Total lease revenues – as reported	$	336,757
Income from finance leases and loans receivable	31,532
Less: Income from secured loans receivable	(475)

Less: Consolidated Reimbursable and Non-Reimbursable Property Expenses
Reimbursable property expenses – as reported	18,942
Non-reimbursable property expenses – as reported	13,287
	335,585

Plus: NOI from Operating Properties
Self-storage revenues	23,194
Self-storage expenses	(8,093)
	15,101

Hotel revenues	12,865
Hotel expenses	(10,835)
	2,030

Student housing and other revenues	3,418
Student housing and other expenses	(1,475)
	1,943

	354,659

Adjustments for Pro Rata Ownership of Real Estate Joint Ventures:
Add: Pro rata share of NOI from equity method investments (a)	3,854
Less: Pro rata share of NOI attributable to noncontrolling interests	(236)
	3,618

	358,277

Adjustments for Pro Rata Non-Cash Items:
Less: Straight-line and other leasing and financing adjustments	(19,071)
Add: Above- and below-market rent intangible lease amortization	6,644
Add: Other non-cash items	427
	(12,000)

Pro Rata Cash NOI (b)	346,277

Adjustment to normalize for intra-period acquisition volume and dispositions (c)	3,065

Normalized Pro Rata Cash NOI (b)	$	349,342


Adjusted EBITDA, Investment Management – Last Five Quarters

Cover Page Document	Feb. 09, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Feb. 09, 2024
Entity Registrant Name	W. P. Carey Inc.
Entity Incorporation, State or Country Code	MD
Entity File Number	001-13779
Entity Tax Identification Number	45-4549771
Entity Address, Street Address	One Manhattan West, 395 9th Avenue, 58th Floor
Entity Address, City	New York,
Entity Address, State	NY
Entity Address, Postal Zip Code	10001
City Area Code	212
Local Phone Number	492-1100
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of each class	Common Stock, $0.001 Par Value
Trading Symbol(s)	WPC
Name of each exchange on which registered	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0001025378
Amendment Flag	false