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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): February 9, 2024
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W. P. Carey Inc.
(Exact Name of Registrant as Specified in its Charter)
Maryland001-1377945-4549771
(State of incorporation)(Commission File Number)(IRS Employer Identification No.)
One Manhattan West, 395 9th Avenue, 58th Floor
New York,New York10001
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.001 Par ValueWPCNew 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.

(d) Exhibits




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


Exhibit 99.1

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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

Revenues

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.

Dividend

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

Revenues

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).

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 – 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

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.

Dividend

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.


AFFO GUIDANCE

2024 AFFO Guidance

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

(c)    other dispositions totaling between $150 million and $350 million; and

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

Note: The Company does not provide guidance on net income. The Company only provides guidance on 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.


REAL ESTATE

Investments

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.

Dispositions

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.

Composition

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

Forward Equity

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 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 1,424 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.

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 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:
Peter Sands
1 (212) 492-1110
institutionalir@wpcarey.com

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. 12/31/2023 Earnings Release 8-K – 7


W. P. CAREY INC.
Consolidated Balance Sheets
(in thousands, except share and per share amounts)
December 31,
20232022
Assets
Investments in real estate:
Land, buildings and improvements — net lease and other$12,095,458 $13,338,857 
Land, buildings and improvements — operating properties1,256,249 1,095,892 
Net investments in finance leases and loans receivable1,514,923 771,761 
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 estate17,882,256 18,700,011 
Accumulated depreciation and amortization (a)
(3,005,479)(3,269,057)
Assets held for sale, net37,122 57,944 
Net investments in real estate14,913,899 15,488,898 
Equity method investments354,261 327,502 
Cash and cash equivalents633,860 167,996 
Other assets, net1,096,474 1,080,227 
Goodwill978,289 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, net1,125,564 552,539 
Unsecured revolving credit facility403,785 276,392 
Non-recourse mortgages, net579,147 1,132,417 
Debt, net8,144,182 7,877,748 
Accounts payable, accrued expenses and other liabilities615,750 623,843 
Below-market rent and other intangible liabilities, net
136,872 184,584 
Deferred income taxes180,650 178,959 
Dividends payable192,332 228,257 
Total liabilities9,269,786 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 capital11,784,461 11,706,836 
Distributions in excess of accumulated earnings(2,891,424)(2,486,633)
Deferred compensation obligation62,046 57,012 
Accumulated other comprehensive loss(254,867)(283,780)
Total stockholders’ equity8,700,435 8,993,646 
Noncontrolling interests6,562 14,998 
Total equity8,706,997 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


W. P. CAREY INC.
Quarterly Consolidated Statements of Income
(in thousands, except share and per share amounts)
Three Months Ended
December 31, 2023September 30, 2023December 31, 2022
Revenues
Real Estate:
Lease revenues$336,757 $369,159 $347,636 
Income from finance leases and loans receivable31,532 27,575 17,472 
Operating property revenues39,477 49,218 28,951 
Other lease-related income2,610 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 affiliates46 97 104 
2,061 291 487 
412,437 448,553 402,629 
Operating Expenses  
Depreciation and amortization129,484 144,771 140,749 
Impairment charges — real estate (c)
71,238 15,173 12,734 
General and administrative21,533 23,258 22,728 
Operating property expenses20,403 26,570 11,719 
Reimbursable tenant costs18,942 20,498 21,084 
Property expenses, excluding reimbursable tenant costs13,287 13,021 13,879 
Stock-based compensation expense8,693 9,050 9,739 
Merger and other expenses (d)
(641)4,152 2,058 
Reimbursable costs from affiliates46 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 investments5,006 4,978 6,032 
28,506 (61,874)47,794 
Income before income taxes157,958 130,089 215,629 
Provision for income taxes(13,714)(5,090)(6,126)
Net Income144,244 124,999 209,503 
Net loss attributable to noncontrolling interests50 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  
Basic219,277,446 215,097,114 209,281,888 
Diluted219,469,641 215,252,969 209,822,650 
Dividends Declared Per Share$0.860 $1.071 $1.065 



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


W. P. CAREY INC.
Full Year Consolidated Statements of Income
(in thousands, except share and per share amounts)
Years Ended December 31,
20232022
Revenues
Real Estate:
Lease revenues$1,427,376 $1,301,617 
Income from finance leases and loans receivable107,173 74,266 
Operating property revenues180,257 59,230 
Other lease-related income23,333 32,988 
1,738,139 1,468,101 
Investment Management:
Asset management and other revenue2,184 8,467 
Other advisory income and reimbursements667 — 
Reimbursable costs from affiliates368 2,518 
3,219 10,985 
1,741,358 1,479,086 
Operating Expenses  
Depreciation and amortization574,212 503,403 
General and administrative96,027 88,952 
Operating property expenses95,141 27,054 
Impairment charges — real estate86,411 39,119 
Reimbursable tenant costs81,939 73,622 
Property expenses, excluding reimbursable tenant costs44,451 50,753 
Stock-based compensation expense34,504 32,841 
Merger and other expenses4,954 19,387 
Reimbursable costs from affiliates368 2,518 
Impairment charges — Investment Management goodwill— 29,334 
1,018,007 866,983 
Other Income and Expenses  
Gain on sale of real estate, net315,984 43,476 
Interest expense(291,852)(219,160)
Other gains and (losses)(36,184)96,038 
Non-operating income21,442 30,309 
Earnings from equity method investments19,575 29,509 
Gain on change in control of interests— 33,931 
28,965 14,103 
Income before income taxes752,316 626,206 
Provision for income taxes(44,052)(27,724)
Net Income708,264 598,482 
Net loss attributable to noncontrolling interests70 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  
Basic215,369,777 199,633,802 
Diluted215,760,496 200,427,124 
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


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
December 31, 2023September 30, 2023December 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 property128,839 144,111 140,157 
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 adjustments68,860 159,867 149,048 
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 compensation8,693 9,050 9,739 
Above- and below-market rent intangible lease amortization, net6,644 7,835 8,652 
Amortization of deferred financing costs4,895 4,805 5,705 
Tax expense (benefit) – deferred and other2,507 (4,349)(3,325)
Merger and other expenses (g)
(641)4,152 2,058 
Other amortization and non-cash items152 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 adjustments48,196 (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 outstanding219,469,641 215,252,969 209,822,650 



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


W. P. CAREY INC.
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, 2023September 30, 2023December 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 property128,839 144,111 140,157 
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 adjustments68,860 159,867 149,048 
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 compensation8,693 9,050 9,739 
Above- and below-market rent intangible lease amortization, net6,644 7,835 8,652 
Amortization of deferred financing costs4,895 4,805 5,705 
Tax expense (benefit) – deferred and other2,507 (4,349)(3,862)
Merger and other expenses (g)
(641)4,152 2,058 
Other amortization and non-cash items152 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 adjustments47,722 164 (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 outstanding219,469,641 215,252,969 209,822,650 



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


W. P. CAREY INC.
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,
20232022
Net income attributable to W. P. Carey$708,334 $599,139 
Adjustments:
Depreciation and amortization of real property571,750 500,764 
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 adjustments352,892 506,474 
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 losses36,184 (96,038)
Stock-based compensation34,504 32,841 
Above- and below-market rent intangible lease amortization, net34,164 41,390 
Amortization of deferred financing costs20,544 17,203 
Merger and other expenses (g)
4,954 19,387 
Other amortization and non-cash items1,735 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 adjustments57,041 (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 outstanding215,760,496 200,427,124 



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


W. P. CAREY INC.
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,
20232022
Net income from Real Estate attributable to W. P. Carey$704,837 $591,603 
Adjustments:
Depreciation and amortization of real property571,750 500,764 
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 adjustments352,892 499,666 
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 losses36,427 (97,149)
Stock-based compensation34,504 32,841 
Above- and below-market rent intangible lease amortization, net34,164 41,390 
Amortization of deferred financing costs20,544 17,203 
Merger and other expenses (g)
4,954 19,384 
Other amortization and non-cash items1,735 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 adjustments57,284 (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 outstanding215,760,496 200,427,124 
__________
(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

Exhibit 99.2



W. P. Carey Inc.
Supplemental Information
Fourth Quarter 2023



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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:
REITReal estate investment trust
NLOPNet Lease Office Properties
Spin-OffThe 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
ABRContractual minimum annualized base rent
SECSecurities and Exchange Commission
NAREITNational Association of Real Estate Investment Trusts (an industry trade group)
EUREuro
EURIBOREuro Interbank Offered Rate
SOFRSecured Overnight Financing Rate
SONIASterling Overnight Index Average
TIBORTokyo 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.



W. P. Carey Inc.
Supplemental Information – Fourth Quarter 2023
Table of Contents
Overview
Financial Results
Statements of Income – Last Five Quarters
FFO and AFFO – Last Five Quarters
Balance Sheets and Capitalization
Real Estate
Investment Activity
Appendix
Adjusted EBITDA Last Five Quarters



W. P. Carey Inc.
Overview – Fourth Quarter 2023
Summary Metrics
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 share0.65 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 quarter0.860 
Dividends declared per share – current quarter annualized3.440 
Dividend yield – annualized, based on quarter end share price of $64.815.3 %
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 assets41.6 %
Total consolidated secured debt to gross assets3.0 %
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 ratingBaa1 (stable)
Standard & Poor's Ratings Services – issuer ratingBBB+ (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 properties1,424 
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 properties21.1 %
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 properties98.1 %
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 
________
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W. P. Carey Inc.
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
(f)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.
(g)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 $934.1 million and above-market rent intangible assets of $481.6 million.
(h)Represents (i) availability under our Senior Unsecured Credit Facility (net of amounts reserved for standby letters of credit) and (ii) consolidated cash and cash equivalents.
(i)See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of ABR.
(j)Represents ABR from properties unencumbered by non-recourse mortgage debt.
(k)Comprised of 89 self-storage properties, five hotels and two student housing properties.
(l)Percentage of portfolio is based on ABR, as of December 31, 2023. Includes tenants or guarantors with investment grade ratings (18.1%) and subsidiaries of non-guarantor parent companies with investment grade ratings (5.8%). 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.
(m)See the Same-Store Analysis section for a description of contractual same-store growth.

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W. P. Carey Inc.
Overview – Fourth Quarter 2023
Components of Net Asset Value
Dollars in thousands, except per share amounts.
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 equivalents633,860 
Las Vegas retail complex construction loan (e)
235,979 
Other secured loans receivable, net11,250 
Other assets, net:
Investment in shares of Lineage Logistics (a cold storage REIT)$404,921 
Straight-line rent adjustments305,049 
Deferred charges68,416 
Restricted cash, including escrow58,111 
Office lease right-of-use assets, net54,730 
Taxes receivable52,468 
Non-rent tenant and other receivables51,863 
Deferred income taxes18,518 
Securities and derivatives15,864 
Leasehold improvements, furniture and fixtures13,763 
Prepaid expenses12,868 
Rent receivables (f)
2,344 
Due from affiliates2,176 
Other35,383 
Total other assets, net$1,096,474 
Liabilities
Total pro rata debt outstanding (b) (g)
$8,288,030 
Dividends payable192,332 
Deferred income taxes180,650 
Accounts payable, accrued expenses and other liabilities:
Accounts payable and accrued expenses$177,460 
Operating lease liabilities138,733 
Prepaid and deferred rents125,957 
Tenant security deposits65,196 
Accrued taxes payable56,172 
Other52,232 
Total accounts payable, accrued expenses and other liabilities$615,750 
________
(a)Normalized pro rata cash NOI is a non-GAAP measure. See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of our non-GAAP measures and for details on how they are calculated.
(b)Presented on a pro rata basis. See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of pro rata.
(c)Other operating properties include five hotels and two student housing properties.
(d)Represents the value of real estate not included in normalized pro rata cash NOI, such as vacant assets, in-progress build-to-suit properties, real estate under construction for certain expansion projects at existing properties and a common equity interest in the Harmon Retail Corner in Las Vegas.
(e)Represents a construction loan for a retail complex in Las Vegas, Nevada, which is included in Equity method investments (as an equity method investment in real estate) on our consolidated balance sheets. See the Investment Activity – Investment Volume section for additional information about this investment.
(f)Comprised of rent receivables that were substantially collected as of the date of this report.
(g)Excludes unamortized discount, net totaling $31.8 million and unamortized deferred financing costs totaling $21.5 million as of December 31, 2023.
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W. P. Carey Inc.
Financial Results
Fourth Quarter 2023



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W. P. Carey Inc.
Financial Results – Fourth Quarter 2023
Consolidated Statements of Income – Last Five Quarters
In thousands, except share and per share amounts.
Three Months Ended
Dec. 31, 2023Sep. 30, 2023Jun. 30, 2023Mar. 31, 2023Dec. 31, 2022
Revenues
Real Estate:
Lease revenues$336,757 $369,159 $369,124 $352,336 $347,636 
Income from finance leases and loans receivable31,532 27,575 27,311 20,755 17,472 
Operating property revenues39,477 49,218 50,676 40,886 28,951 
Other lease-related income2,610 2,310 5,040 13,373 8,083 
410,376 448,262 452,151 427,350 402,142 
Investment Management:
Asset management revenue (a)
1,348 194 303 339 383 
Other advisory income and reimbursements (b)
667 — — — — 
Reimbursable costs from affiliates46 97 124 101 104 
2,061 291 427 440 487 
412,437 448,553 452,578 427,790 402,629 
Operating Expenses
Depreciation and amortization129,484 144,771 143,548 156,409 140,749 
Impairment charges — real estate (c)
71,238 15,173 — — 12,734 
General and administrative21,533 23,258 24,788 26,448 22,728 
Operating property expenses20,403 26,570 26,919 21,249 11,719 
Reimbursable tenant costs18,942 20,498 20,523 21,976 21,084 
Property expenses, excluding reimbursable tenant costs13,287 13,021 5,371 12,772 13,879 
Stock-based compensation expense8,693 9,050 8,995 7,766 9,739 
Merger and other expenses (d)
(641)4,152 1,419 24 2,058 
Reimbursable costs from affiliates46 97 124 101 104 
282,985 256,590 231,687 246,745 234,794 
Other Income and Expenses
Gain on sale of real estate, net (e)
134,026 2,401 1,808 177,749 5,845 
Interest expense(72,194)(76,974)(75,488)(67,196)(67,668)
Other gains and (losses) (f)
(45,777)2,859 (1,366)8,100 97,059 
Non-operating income (g)
7,445 4,862 4,509 4,626 6,526 
Earnings from equity method investments5,006 4,978 4,355 5,236 6,032 
28,506 (61,874)(66,182)128,515 47,794 
Income before income taxes157,958 130,089 154,709 309,560 215,629 
Provision for income taxes(13,714)(5,090)(10,129)(15,119)(6,126)
Net Income144,244 124,999 144,580 294,441 209,503 
Net loss (income) attributable to noncontrolling interests50 41 40 (61)35 
Net Income Attributable to W. P. Carey$144,294 $125,040 $144,620 $294,380 $209,538 
Basic Earnings Per Share$0.66 $0.58 $0.67 $1.39 $1.00 
Diluted Earnings Per Share$0.66 $0.58 $0.67 $1.39 $1.00 
Weighted-Average Shares Outstanding
Basic219,277,446 215,097,114 215,075,114 211,951,930 209,281,888 
Diluted219,469,641 215,252,969 215,184,485 212,345,047 209,822,650 
Dividends Declared Per Share$0.860 $1.071 $1.069 $1.067 $1.065 
________
(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. Amount for the three months ended March 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.
(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.
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Investing for the Long Run® | 5


W. P. Carey Inc.
Financial Results – Fourth Quarter 2023
Statements of Income, Real Estate – Last Five Quarters
In thousands, except share and per share amounts.
Three Months Ended
Dec. 31, 2023Sep. 30, 2023Jun. 30, 2023Mar. 31, 2023Dec. 31, 2022
Revenues
Lease revenues$336,757 $369,159 $369,124 $352,336 $347,636 
Income from finance leases and loans receivable31,532 27,575 27,311 20,755 17,472 
Operating property revenues39,477 49,218 50,676 40,886 28,951 
Other lease-related income2,610 2,310 5,040 13,373 8,083 
410,376 448,262 452,151 427,350 402,142 
Operating Expenses
Depreciation and amortization129,484 144,771 143,548 156,409 140,749 
Impairment charges — real estate (a)
71,238 15,173 — — 12,734 
General and administrative21,533 23,258 24,788 26,448 22,728 
Operating property expenses20,403 26,570 26,919 21,249 11,719 
Reimbursable tenant costs18,942 20,498 20,523 21,976 21,084 
Property expenses, excluding reimbursable tenant costs13,287 13,021 5,371 12,772 13,879 
Stock-based compensation expense8,693 9,050 8,995 7,766 9,739 
Merger and other expenses (b)
(641)4,152 1,419 24 2,058 
282,939 256,493 231,563 246,644 234,690 
Other Income and Expenses
Gain on sale of real estate, net (c)
134,026 2,401 1,808 177,749 5,845 
Interest expense(72,194)(76,974)(75,488)(67,196)(67,668)
Other gains and (losses) (d)
(45,303)2,180 (890)7,586 96,846 
Non-operating income7,445 4,862 4,509 4,613 6,508 
Earnings from equity method investments in real estate5,006 4,978 4,355 5,236 6,032 
28,980 (62,553)(65,706)127,988 47,563 
Income before income taxes156,417 129,216 154,882 308,694 215,015 
Provision for income taxes(13,714)(5,090)(10,236)(15,402)(4,908)
Net Income from Real Estate142,703 124,126 144,646 293,292 210,107 
Net loss (income) attributable to noncontrolling interests50 41 40 (61)35 
Net Income from Real Estate Attributable to W. P. Carey$142,753 $124,167 $144,686 $293,231 $210,142 
Basic Earnings Per Share$0.65 $0.58 $0.67 $1.38 $1.00 
Diluted Earnings Per Share$0.65 $0.58 $0.67 $1.38 $1.00 
Weighted-Average Shares Outstanding
Basic219,277,446 215,097,114 215,075,114 211,951,930 209,281,888 
Diluted219,469,641 215,252,969 215,184,485 212,345,047 209,822,650 
________
(a)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.
(b)Amount for the three months ended September 30, 2023 is primarily comprised of costs incurred in connection with the Spin-Off.
(c)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. Amount for the three months ended March 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.
(d)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.
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Investing for the Long Run® | 6


W. P. Carey Inc.
Financial Results – Fourth Quarter 2023
Statements of Income, Investment Management – Last Five Quarters
In thousands, except share and per share amounts.
Three Months Ended
Dec. 31, 2023Sep. 30, 2023Jun. 30, 2023Mar. 31, 2023Dec. 31, 2022
Revenues
Asset management revenue (a)
$1,348 $194 $303 $339 $383 
Other advisory income and reimbursements (b)
667 — — — — 
Reimbursable costs from affiliates46 97 124 101 104 
2,061 291 427 440 487 
Operating Expenses
Reimbursable costs from affiliates46 97 124 101 104 
46 97 124 101 104 
Other Income and Expenses
Other gains and (losses)(474)679 (476)514 213 
Non-operating income— — — 13 18 
(474)679 (476)527 231 
Income (loss) before income taxes1,541 873 (173)866 614 
Benefit from (provision for) income taxes— — 107 283 (1,218)
Net Income (Loss) from Investment Management Attributable to W. P. Carey$1,541 $873 $(66)$1,149 $(604)
Basic Earnings Per Share$0.01 $0.00 $0.00 $0.01 $0.00 
Diluted Earnings Per Share$0.01 $0.00 $0.00 $0.01 $0.00 
Weighted-Average Shares Outstanding
Basic219,277,446 215,097,114 215,075,114 211,951,930 209,281,888 
Diluted219,469,641 215,252,969 215,184,485 212,345,047 209,822,650 
________
(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

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Investing for the Long Run® | 7


W. P. Carey Inc.
Financial Results – Fourth Quarter 2023
FFO and AFFO, Consolidated – Last Five Quarters
In thousands, except share and per share amounts.
Three Months Ended
Dec. 31, 2023Sep. 30, 2023Jun. 30, 2023Mar. 31, 2023Dec. 31, 2022
Net income attributable to W. P. Carey$144,294 $125,040 $144,620 $294,380 $209,538 
Adjustments:
Gain on sale of real estate, net (a)
(134,026)(2,401)(1,808)(177,749)(5,845)
Depreciation and amortization of real property128,839 144,111 142,932 155,868 140,157 
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 2,883 2,606 2,296 
Proportionate share of adjustments for noncontrolling interests (d)
(133)34 (268)(299)(294)
Total adjustments68,860 159,867 143,739 (19,574)149,048 
FFO (as defined by NAREIT) Attributable to W. P. Carey (e)
213,154 284,907 288,359 274,806 358,586 
Adjustments:
Other (gains) and losses (f)
45,777 (2,859)1,366 (8,100)(97,059)
Straight-line and other leasing and financing adjustments(19,071)(18,662)(19,086)(15,050)(14,766)
Stock-based compensation 8,693 9,050 8,995 7,766 9,739 
Above- and below-market rent intangible lease amortization, net
6,644 7,835 8,824 10,861 8,652 
Amortization of deferred financing costs4,895 4,805 5,904 4,940 5,705 
Tax (benefit) expense – deferred and other2,507 (4,349)(2,723)4,366 (3,325)
Merger and other expenses (g)
(641)4,152 1,419 24 2,058 
Other amortization and non-cash items152 584 527 472 490 
Proportionate share of adjustments to earnings from equity method investments (c)
(663)(691)(255)(926)(319)
Proportionate share of adjustments for noncontrolling interests (d)
(97)(380)(24)60 (85)
Total adjustments48,196 (515)4,947 4,413 (88,910)
AFFO Attributable to W. P. Carey (e)
$261,350 $284,392 $293,306 $279,219 $269,676 
Summary
FFO (as defined by NAREIT) attributable to W. P. Carey (e)
$213,154 $284,907 $288,359 $274,806 $358,586 
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share (e)
$0.97 $1.32 $1.34 $1.29 $1.70 
AFFO attributable to W. P. Carey (e)
$261,350 $284,392 $293,306 $279,219 $269,676 
AFFO attributable to W. P. Carey per diluted share (e)
$1.19 $1.32 $1.36 $1.31 $1.29 
Diluted weighted-average shares outstanding219,469,641 215,252,969 215,184,485 212,345,047 209,822,650 
________
(a)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. Amount for the three months ended March 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 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 the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of our non-GAAP measures.
(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 September 30, 2023 is primarily comprised of costs incurred in connection with the Spin-Off.
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Investing for the Long Run® | 8


W. P. Carey Inc.
Financial Results – Fourth Quarter 2023
FFO and AFFO, Real Estate – Last Five Quarters
In thousands, except share and per share amounts.
Three Months Ended
Dec. 31, 2023Sep. 30, 2023Jun. 30, 2023Mar. 31, 2023Dec. 31, 2022
Net income from Real Estate attributable to W. P. Carey$142,753 $124,167 $144,686 $293,231 $210,142 
Adjustments:
Gain on sale of real estate, net (a)
(134,026)(2,401)(1,808)(177,749)(5,845)
Depreciation and amortization of real property128,839 144,111 142,932 155,868 140,157 
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 2,883 2,606 2,296 
Proportionate share of adjustments for noncontrolling interests (d)
(133)34 (268)(299)(294)
Total adjustments68,860 159,867 143,739 (19,574)149,048 
FFO (as defined by NAREIT) Attributable to W. P. Carey – Real Estate (e)
211,613 284,034 288,425 273,657 359,190 
Adjustments:
Other (gains) and losses (f)
45,303 (2,180)890 (7,586)(96,846)
Straight-line and other leasing and financing adjustments(19,071)(18,662)(19,086)(15,050)(14,766)
Stock-based compensation8,693 9,050 8,995 7,766 9,739 
Above- and below-market rent intangible lease amortization, net
6,644 7,835 8,824 10,861 8,652 
Amortization of deferred financing costs4,895 4,805 5,904 4,940 5,705 
Tax (benefit) expense – deferred and other2,507 (4,349)(2,723)4,366 (3,862)
Merger and other expenses (g)
(641)4,152 1,419 24 2,058 
Other amortization and non-cash items152 584 527