UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from__________ to __________ Commission File Number: 001-13779 W. P. Carey Inc. (Exact name of registrant as specified in its charter) Maryland 45-4549771 (State or other juri ...

W. P. C A R E Y W. P. Carey Inc. Investor Presentation 2Q24 50+ Years of Investing for the Long Run® | --- | --- | --- | --- | --- | |-----------------------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Table of Contents | | | | | | Overview | 3 | | | | | Real Estate Portfolio | 7 | | | | | Balance Sheet | 19 | | | | | ESG | 23 | | | | Unless otherwise noted, all data in this presentation is as of June 30, 2024. Amounts ma ...

Financial Data and Key Metrics Changes - AFFO per share for Q2 2024 was reported at $1.17, an increase from the first quarter, with expectations for further increases in the second half of the year as new investments are deployed [3][12] - Dispositions in the first half of the year totaled just over $1 billion, with $152 million completed in Q2 [12][18] - G&A expenses decreased to $24.2 million in Q2, down $3.7 million from Q1, leading to a revised full-year G&A expense expectation of $98 million to $101 million [17][18] Business Line Data and Key Metrics Changes - The majority of investments in the first half of the year were in warehouse and industrial properties, with a total investment of $641 million at a weighted average cash cap rate of 7.7% and an average yield of just over 9% [7][8] - Same-store rent growth for Q2 was 2.9% year-over-year, with expectations for full-year growth averaging around 2.8% [13][18] - Operating self-storage NOI declined 4.2% year-over-year, with a full-year decline expected between 5% and 6% [17][18] Market Data and Key Metrics Changes - The investment environment has become muted, with sellers waiting for potential rate cuts before bringing new sale leasebacks to market [6][10] - Competition for deals has increased, particularly in the U.S., leading to downward pressure on cap rates [29][30] - The company has a pipeline of over $200 million in investments, with expectations for half to close within the next 30 to 60 days [9][10] Company Strategy and Development Direction - The company is shifting to an offensive strategy to find new deals after completing significant dispositions and bond repayments [26][27] - The focus remains on deploying liquidity into new investments, with a strong emphasis on maintaining a well-laddered series of maturities [21][22] - The company is exploring options for its self-storage portfolio, considering potential sales or conversions to net lease properties [56][57] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about a potential pickup in deal activity, particularly if the Fed lowers rates in the third quarter [10][11] - The company is lowering its full-year investment volume guidance to between $1.25 billion and $1.75 billion due to the current market conditions [18][19] - Rent collections remain high at just over 99%, with no significant changes in cash basis tenants [14] Other Important Information - The company has an all-time high liquidity position of $3.2 billion, including a virtually undrawn $2 billion revolver [5][21] - The equity stake in Lineage, valued at just under $400 million, is expected to provide a unique source of capital in the future [5][19] - Non-operating income for Q2 totaled $9.2 million, contributing to a total of $24.7 million for the first half of the year [15][16] Q&A Session Summary Question: Factors behind two deals falling out of the pipeline - The two deals, totaling over $300 million, fell out due to critical issues uncovered during diligence that could not be resolved in time, which is considered unusual for deals at that stage [24][25] Question: Shift in strategy towards finding deals - The company is now on the offense, looking for new opportunities after completing significant strategic actions, including the office spin and bond repayments [26][27] Question: Competition and cap rates in the U.S. and Europe - Competition has increased, particularly in the U.S., leading to downward pressure on cap rates, with expectations for more competition as the market stabilizes [29][30] Question: Performance of the watch list tenants - The watch list remains around 5% of ABR, primarily consisting of Hellweg and Hearthside, which are top 25 tenants [34] Question: Guidance on self-storage portfolio performance - The self-storage portfolio is expected to decline by 5% to 6% year-over-year, reflecting ongoing challenges in the industry [17][18]

Financial Performance - W P Carey reported quarterly FFO of $1 17 per share, beating the Zacks Consensus Estimate of $1 16 per share [8] - The company posted revenues of $389 67 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 2 47% [2] - Over the last four quarters, the company has surpassed consensus FFO estimates just once [9] Market Performance - W P Carey shares have lost about 6% since the beginning of the year versus the S&P 500's gain of 14 5% [3] - The current status of estimate revisions translates into a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [12] Industry Context - The REIT and Equity Trust - Other industry is currently in the bottom 41% of the 250 plus Zacks industries [13] - Host Hotels, another company in the same industry, is expected to report revenues of $1 47 billion, up 5 2% from the year-ago quarter [7] Future Outlook - The current consensus FFO estimate for W P Carey is $1 18 on $409 68 million in revenues for the coming quarter and $4 69 on $1 62 billion in revenues for the current fiscal year [5] - The sustainability of the stock's immediate price movement will depend on management's commentary on the earnings call [10]

Exhibit 99.2 W. P. Carey Inc. Supplemental Information Second Quarter 2024 Terms and Definitions 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 (" ...

NEW YORK, July 30, 2024 /PRNewswire/ -- 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 second quarter ended June 30, 2024. AFFO (millions) $257.1 AFFO per diluted share $1.17 Second quarter cash dividend of $0.870 per share, equivalent to an annualized dividend rate of $3.48 per share Active capital investments and commitments of $38.0 million scheduled to be completed in 2024 Non-Office Sale Program dispositi ...

Father Time has proven to be one of the few insurmountable forces in life. Companies change as they age, evolve, or progress through the corporate life cycle. Most change for the better, while some change for the worse. Some companies evolve and reshape themselves through innovation, keeping up with the times and profiting as a result. On the other hand, some companies age less gracefully, becoming a victim of their former success. This past week, we wrote an article covering Realty Income Corporation (O), ...

Disciplined Capital Allocator cowssystems:www.comments.com/stars/spares/spartn Source: February 9th, 2024 News Announcement, Seeking Alpha. | --- | --- | |------------|------------------------------| | | | | | Table 5: Cap Rate Minus WACC | | Cap Rate | 7.53% | | WACC | 6.74% | | Difference | 0.79% | There are important risks and limitations that should be considered. For this framework, small changes in the inputs have a material impact on the results. This is why we would feel more comfortable if the inve ...

Lineage Logistics, a real estate investment trust (REIT) focused on cold storage facilities, is preparing to go public. It's seeking to raise up to $3.9 billion -- a $19.2 billion valuation -- making it the biggest initial public offering (IPO) of 2024 by a wide margin. It would be more than double the $1.5 billion raised by cruise operator Viking Holdings earlier this year at a $10.4 billion valuation. Lineage Logistics is the largest company focused on operating cold storage facilities. It has 482 of thes ...

NEW YORK, July 17, 2024 /PRNewswire/ -- W. P. Carey Inc. (W. P. Carey, NYSE: WPC), a leading net lease REIT, announced today that it will release its financial results for the second quarter ended June 30, 2024 after the market closes on Tuesday, July 30, 2024. Live Conference Call and Audio Webcast W. P. Carey Inc. | --- | |-----------------------------------------| | | | Institutional Investors | | Peter Sands | | 1 (212) 492-1110 | | [email protected] | | Individual Investors : W. P. Carey Inc. | | 1 (21 ...