Portfolio Composition and Geographic Distribution - The company's portfolio consists of 1,424 properties net-leased to 336 tenants across 26 countries, with 58% of contractual minimum annualized base rent (ABR) generated in the U.S. and 37% in Europe[14] - As of December 31, 2023, the portfolio includes 96 operating properties: 89 self-storage properties, five hotels, and two student housing properties[14] - 80% of the company's ABR as of December 31, 2023, is concentrated in industrial/warehouse and retail assets[47] - 42% of the company's ABR as of December 31, 2023, is derived from real estate properties located outside the United States[48] - The company's portfolio consists of net-leased commercial real estate assets primarily in the United States and Northern and Western Europe, with a focus on industrial, warehouse, retail, and self-storage properties[168] - The United States accounted for 57.8% of total ABR, with the South region contributing the highest at 16.4%[177] - International ABR accounted for 42.2% of total ABR, with Germany being the largest contributor at 5.5%[177] - ABR from properties in Canada is predominantly denominated in U.S. dollars, accounting for 92.1% of the total[180] Lease and Occupancy Details - The portfolio's occupancy rate as of December 31, 2023, was approximately 98.1%[41] - Investment grade tenants account for 18% of total ABR, while implied investment grade tenants account for 6%[41] - The weighted-average lease term is 11.7 years, with 99.6% of leases providing rent adjustments: 56.2% tied to CPI, 40.7% fixed, and 2.7% other[41] - Approximately 21% of the company's leases, based on ABR as of December 31, 2023, are due to expire within the next five years[56] - Top ten tenants accounted for approximately 21% of total ABR at December 31, 2023[67] - Occupancy rate for net-leased properties slightly decreased to 98.1% in 2023 from 98.8% in 2022[169] - Lease expirations in 2024 include 29 leases with 23 tenants, contributing $60.32 million in ABR (4.5% of total ABR) and 7,886 thousand square feet (4.6% of total square footage)[185] Financial Performance and Metrics - The company's total revenues for 2023 were $1,741,358 thousand, with real estate revenues contributing $1,738,139 thousand[163] - Net income attributable to W. P. Carey increased to $708,334 thousand in 2023, up from $599,139 thousand in 2022[163] - Adjusted funds from operations (AFFO) increased to $1,118,267 thousand in 2023, primarily due to investment activity and rent escalations[163][167] - Net-leased properties ABR decreased to $1,339,352 thousand in 2023 from $1,381,899 thousand in 2022, a decline of 3.1%[169] - Total assets decreased to $17,976,783 thousand in 2023 from $18,102,035 thousand in 2022[169] - Acquisition volume remained stable at $1,264.2 million in 2023 compared to $1,265.5 million in 2022[169] - Construction projects completed decreased significantly to $60.7 million in 2023 from $148.1 million in 2022[169] - Total lease revenues for 2023 increased by $125.76 million to $1,427.38 million compared to 2022, driven by higher revenues from existing and recently acquired net-leased properties[191] - Income from finance leases and loans receivable increased by $32.91 million to $107.17 million in 2023, primarily due to reclassifications of net-leased properties to sales-type leases[191] - Operating property revenues surged by $121.03 million to $180.26 million in 2023, largely due to properties acquired in the CPA:18 Merger and recent reclassifications[191] Debt and Financing - Consolidated indebtedness as of December 31, 2023, was approximately $8.1 billion, representing a consolidated debt to gross assets ratio of approximately 41.6%[73] - $579.1 million of property-level mortgage debt on a non-recourse basis as of December 31, 2023[78] - $6.0 billion in Senior Unsecured Notes outstanding as of December 31, 2023[73] - $403.8 million outstanding under the Unsecured Revolving Credit Facility as of December 31, 2023[73] - $1.1 billion outstanding under the Unsecured Term Loans as of December 31, 2023[73] - The company maintains a $2.0 billion unsecured revolving credit facility to fund immediate capital needs and unencumber assets[34] - The company entered into a new €500.0 million unsecured term loan maturing in April 2026, with a fixed interest rate of 4.34% through 2024[162] - The company amended its Senior Unsecured Credit Facility, increasing the capacity from $1.8 billion to $2.0 billion and extending the maturity to February 14, 2029[162] - The average outstanding debt balance in 2023 was $8,404,466 thousand, with a weighted-average interest rate of 3.2%, up from 2.7% in 2022[213] - The company prepaid or repaid $483.1 million of non-recourse mortgage loans with a weighted-average interest rate of 4.8% since January 1, 2022[212] - The company issued senior unsecured notes totaling $334.8 million in September 2022 with a weighted-average interest rate of 3.6%[212] Strategic Transactions and Programs - The company sold 79 out of 87 office properties under the Office Sale Program, generating gross proceeds of approximately $608.1 million[15] - The company completed the spin-off of 59 office properties into Net Lease Office Properties (NLOP) on November 1, 2023[16] - The CPA:18 Merger in August 2022 added approximately $2.2 billion of real estate assets to the company's portfolio[17] - The company completed the acquisition of 16 investments totaling $1.2 billion and three construction projects costing $60.7 million in 2023[158] - The company disposed of 31 properties for total proceeds, net of selling costs, of $446.4 million, including eight properties sold under the Office Sale Program for $216.9 million[159] - A portfolio of 70 properties leased to the State of Andalusia, contributing $32.5 million in ABR, was sold in January 2024[186] - U-Haul Moving Partners, Inc. and Mercury Partners, LP provided notice to repurchase 78 properties in Q1 2024, contributing $38.8 million in ABR[186] - The company acquired 34 investments (196 properties) since January 1, 2022, contributing to the growth in lease revenues from recently acquired net-leased properties[194] Risks and Challenges - The company faces potential fluctuations in exchange rates, with principal exposure to the euro, which could adversely affect foreign operations if the U.S. dollar strengthens[51] - Inflation and high interest rates since 2021 could increase operating expenses and debt service costs, potentially impacting the company's financial condition[52][53] - The company may incur substantial compliance, retrofit, and construction costs due to new climate change laws and regulations, including the SEC's proposed rules and the EU's CSRD[59][60] - The company is exposed to environmental liabilities, including potential costs for investigation, remediation, and third-party claims related to hazardous substances[64][65] - The company's real estate values are subject to fluctuation, which could lead to declines in residual property values and lease revenue insufficiency[66] - The company's ability to control ESG disclosures is limited due to the lack of direct control over net-leased properties, potentially impacting investor relations and access to capital[58] - The company may face challenges in re-leasing or selling properties due to unique tenant-specific designs, which could limit portfolio adjustments in response to economic changes[56] - Bankruptcy or insolvency of tenants could lead to a reduction in revenue and an increase in expenses[68] - High interest rates, inflation, and a potential economic downturn may severely affect tenants' businesses, leading to increased bankruptcy or insolvency risks[69] - The company may not achieve the full strategic and financial benefits expected from the Spin-Off and the Office Sale Program[71] Corporate Governance and REIT Compliance - The company's charter limits individual ownership to 9.8% of aggregate outstanding shares to protect REIT status, with potential Board exemptions or adjustments[84] - Business combination provisions restrict transactions with interested stockholders (10%+ voting power) for five years, requiring supermajority approval thereafter[84] - Control share provisions deny voting rights to control shares unless approved by two-thirds of stockholders, excluding interested shares[84] - The company must distribute at least 90% of REIT taxable income annually to maintain REIT status, with potential federal corporate income tax on undistributed amounts[88] - Failure to qualify as a REIT would subject the company to federal income tax at corporate rates and a 4.0% excise tax on insufficient distributions[88][89] - Debt covenants may limit the company's ability to make required REIT distributions, risking REIT qualification or triggering corporate income tax[90] - The company may need to borrow, sell assets, or raise equity under unfavorable conditions to meet REIT distribution requirements[91] - Non-compliance with REIT asset tests within 30 days of a calendar quarter could force liquidation of investments, reducing income and distributions[92] - REIT rules limit hedging activities, potentially increasing costs and exposing the company to greater interest rate risks[94] - TRS operations are subject to corporate income taxes, reducing earnings and cash available for distributions[103] - The company may be subject to a federal corporate level tax at a rate of 21% on gains from the sale of assets acquired from a C corporation within a five-year period, based on the built-in gain exceeding the tax basis[104] - Foreign stockholders may be subject to a 30% U.S. withholding tax on ordinary dividends unless reduced by an applicable income tax treaty, with additional rules for those owning more than 10% of the company's common stock[105] - The company's net income from prohibited transactions, such as sales of property held primarily for sale to customers, is subject to a 100% penalty tax[106] - The company's Board has the authority to revoke the REIT election without stockholder approval, which could result in adverse tax consequences and affect the total return to stockholders[107] - Changes in federal and state income tax laws governing REITs could negatively impact the company and its stockholders, with potential retroactive application[108][109] - The company is subject to capital market volatility, which may impact its ability to deploy capital and could lead to adverse tax consequences and reduced acquisition opportunities[110] - Future issuances of debt and equity securities may negatively affect the market price of the company's common stock, with potential dilution of existing stockholders' holdings[111] - The company has reset its dividend policy, targeting an AFFO payout ratio of approximately 70% to 75%, but there is no assurance that future dividends will be maintained at expected levels[112][113] - The company may expand its investments into new asset classes or geographic markets, which could increase complexity and regulatory risks[114][115] Cybersecurity and Operational Measures - The company has implemented cybersecurity measures, including employee training, third-party monitoring, and incident response plans, but there is no guarantee that these measures will prevent all cyber incidents[117][119][124][128][134][135] Stock and Dividends - The company's common stock is listed on the NYSE under the ticker symbol "WPC" with 8,163 registered holders of record as of February 2, 2024[147] - The company declared cash dividends totaling $4.067 per share in 2023, with a fourth-quarter dividend of $0.860 per share reflecting a strategic exit from office assets and a lower payout ratio[150][161] Expenses and Costs - Depreciation and amortization expenses increased in 2023 due to net acquisition activity, including properties from the CPA:18 Merger, partially offset by the Spin-Off impact[204] - General and administrative expenses increased by $7.1 million in 2023 compared to 2022, primarily due to higher compensation, employee benefits, and professional fees from the CPA:18 Merger[205] - Property expenses, excluding reimbursable tenant costs, decreased by $6.3 million in 2023, mainly due to the release of real estate taxes accrued for a tenant repaid in Q2 2023[207] - Stock-based compensation expense increased by $1.7 million in 2023, driven by higher amortization of restricted share units[208] - Interest expense increased by $72.7 million in 2023, largely due to non-recourse mortgage loans from the CPA:18 Merger and higher interest rates on senior unsecured credit facilities[212] - Merger and other expenses in 2023 were primarily related to the Spin-Off completed in November 2023[209] - Impairment charges on real estate are detailed in Note 10 of the financial statements[206] - Gain on sale of real estate, net, includes gains and losses from property sales, lease modifications, and purchase agreements during the reporting period[210] Credit Ratings and Market Position - Moody's upgraded the company's rating to Baa1 in September 2022, and S&P Global Ratings upgraded it to BBB+ in January 2023[77]

W. P. Carey Inc. (NYSE:WPC) Q4 2023 Results Conference Call February 9, 2024 10:00 AM ET Company Participants Peter Sands - Head, Investor Relations Jason Fox - Chief Executive Officer Toni Sanzone - Chief Financial Officer John Park - President Brooks Gordon - Head, Asset Management Conference Call Participants Brad Heffern - RBC John Kim - BMO Capital Markets Anthony Paolone - JPMorgan Smedes Rose - Citibank Mitch Germain - JMP Securities Greg McGinniss - Scotiabank Spenser Allaway - Green Street RJ Milli ...

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 September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Exact name of registrant as specified in its charter) Maryland 45-4549771 (State of incorporation) (I.R.S. Employer Identification No.) One Manhattan West, 395 9th Avenue, 58th Floor New York, Ne ...

W. P. Carey Inc. (NYSE:WPC) Q3 2023 Earnings Conference Call November 3, 2023 10:00 AM ET Company Participants Peter Sands - Head, Investor Relations Jason Fox - Chief Executive Officer Toni Sanzone - Chief Financial Officer John Park - President Brooks Gordon - Head, Asset Management Conference Call Participants Eric Wolfe - Citi Greg McGinniss - Scotiabank Jamie Feldman - Wells Fargo John Kim - BMO Capital Markets Brad Heffern - RBC Capital Markets Jim Kammert - Evercore Farrell Granath - Bank of America ...

| --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|----------------------------------------------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3Q23 W. P. Carey Inc. Investor Presentation | | | | | | | | Investing for the Long Run® | | | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------|-------|-------|-------| | | | | | | | | | | | Table of Con ...

W. P. Carey Inc. (NYSE:WPC) Strategic Plan to Exit Office Conference Call September 21, 2023 8:30 AM ET Company Participants Peter Sands - Head, IR Jason Fox - CEO Toni Sanzone - CFO Brooks Gordon - Head, Asset Management Conference Call Participants RJ Milligan - Raymond James Nick Joseph - Citi Jim Kammert - Evercore ISI Eric Borden - BMO Capital Markets Mitchell Germain - JMP Securities Anthony Paolone - JPMorgan Operator Hello, and welcome to this call hosted by W. P. Carey to discuss this morning's ann ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Maryland 45-4549771 ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 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) (State of incorporat ...

W. P. Carey Inc. (NYSE:WPC) Q2 2023 Earnings Call Transcript July 28, 2023 10:00 AM ET Company Participants Peter Sands - Head, Investor Relations Jason Fox - Chief Executive Officer Toni Sanzone - Chief Financial Officer Brooks Gordon - Head, Asset Management Conference Call Participants Elmer Chang - Scotiabank Josh Dennerlein - Bank of America Spenser Allaway - Green Street John Kim - BMO Capital Markets Brad Heffern - RBC Anthony Paolone - JPMorgan Eric Wolfe - Citi Jim Kammert - Evercore ISI Operator H ...

Summary of W. P. Carey Inc. Conference Call Company Overview - **Company**: W. P. Carey Inc. (NYSE: WPC) - **Market Cap**: Approximately $15 billion as of the date of the call [4] - **Industry**: Real Estate Investment Trust (REIT), specifically focused on net lease properties - **Portfolio**: 1,400 net lease properties generating about $1.4 billion of Annual Base Rent (ABR) with a weighted average lease term of approximately 11 years [5] Key Points Discussed Diversification and Investment Strategy - **Diversification Benefits**: The company emphasizes diversification across asset types and geographies, which provides downside protection and a wider funnel for capital allocation [8][9] - **Tenant Concentration**: The top 10 tenants account for about 18% of ABR, with no single tenant exceeding 2.7% [9] - **Geographic Focus**: Approximately 62% of the portfolio is in the U.S., with the remainder primarily in Northern and Western Europe [5] Market Conditions and Cap Rates - **Cap Rate Trends**: The company has observed an expansion in cap rates, with a run rate of around 6% two to three years ago, expanding to 7.2% year-to-date [10][11] - **Cost of Capital**: The company maintains a strong balance sheet, recently upgraded to investment-grade ratings (BBB+ and Baa1) [7] Sale-Leaseback Transactions - **Increased Activity**: Sale-leasebacks are becoming more common, driven by companies seeking to optimize occupancy costs and generate proceeds for debt management [15][16] - **Competitive Environment**: The current environment is favorable for W. P. Carey due to rising borrowing costs for competitors, allowing the company to secure deals at competitive rates [17][19] Recent Transactions - **Apotex Acquisition**: A significant sale-leaseback transaction involving Apotex, the largest generic drug manufacturer in Canada, valued at close to $500 million [20][21] - **Transaction Structure**: The deal was structured on a master lease, providing downside protection and ensuring that the properties are critical to the company's operations [23] Inflation and Rent Increases - **CPI-Linked Rents**: Approximately 57% of the portfolio is indexed to inflation, with two-thirds being uncapped CPI [31] - **Fixed Increases**: The average fixed rent increase across the portfolio is around 3%, which is higher than historical averages [36] Economic Outlook and Resilience - **Recession Preparedness**: The company believes it is well-positioned for a recession due to its diversified portfolio and long lease terms [48] - **Credit Watch List**: The current credit watch list is around 2.5%, indicating a benign outlook for tenant performance [49] Future Growth and M&A Activity - **M&A Potential**: The CEO anticipates potential M&A activity in the net lease sector, driven by the number of smaller REITs and divergent cost of capital [61][62] - **Growth Strategy**: W. P. Carey is open to growth opportunities, focusing on portfolio quality and strategic acquisitions [62] Additional Insights - **Operating Assets**: The company has exposure to operating assets, including self-storage and hotels, with plans to sell some hotel properties in 2023 [39][46] - **Balance Sheet Management**: The company plans to finance new investments on a leverage-neutral basis, primarily using equity [54] This summary captures the essential points discussed during the conference call, highlighting the company's strategic focus, market conditions, and future outlook.

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 March 31, 2023 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 of incorpora ...