Core Viewpoint - W. P. Carey is currently trading below $60 per share, which raises questions about its investment attractiveness given its recent performance and strategic shifts [1] Financial Performance - W. P. Carey reported a 9.3% decline in adjusted funds from operations (FFO) to $4.70 per share for the full year of 2024, primarily due to asset sales [2] - The REIT sold $1.2 billion in properties last year, including a self-storage portfolio and a portion of its office sector [3] - In contrast, the REIT closed $1.6 billion in new investment deals in 2024, with a record quarterly volume of $841.3 million in the fourth quarter, leading to a 1.7% increase in adjusted FFO for that quarter [4] Investment Strategy - W. P. Carey plans to invest an additional $1 billion to $1.5 billion into new properties this year, funded by cash from prior asset sales and expected additional property sales of $500 million to $1 billion [5] - The REIT anticipates adjusted FFO growth to a range of $4.82 to $4.92 per share this year, representing an increase of over 3.5% at the midpoint [5] Valuation and Dividend Yield - The current stock price translates to a valuation of approximately 12.3 times its adjusted FFO, which is attractive compared to other REITs, such as retail REITs trading at 13.4 times [7] - W. P. Carey offers a dividend yield of 6%, higher than peers like Agree Realty and Stag Industrial, which both yield 4.3% [8] - The REIT has consistently raised its dividend since a reset in late 2023, with future growth tied to the increase in FFO [9] Market Position - Despite recent challenges, W. P. Carey’s stock is recovering and remains relatively cheaper than its net-lease peers, making it an appealing option for investors seeking a steady income stream [10]

Core Viewpoint - W. P. Carey is transitioning from a focus on office properties to a diversified portfolio with better long-term growth fundamentals, which is expected to enhance earnings and dividends in the future [1][2][14]. Portfolio Transition - The company exited the office sector at the end of 2023, completing this strategic decision throughout last year [1][2]. - W. P. Carey sold $1.2 billion in properties, including office assets and noncore assets like hotels and self-storage properties [3][4]. Financial Performance - Adjusted funds from operations (FFO) declined by 9.3% to $4.70 per share last year, but showed a 1.7% increase in the fourth quarter due to new investments and rental escalations [4][8]. - The REIT invested $1.6 billion in new properties last year, with a record $841.3 million in the fourth quarter [5][6]. Investment Strategy - The company focuses on triple net leases with long terms (11.1 to 30 years) that provide steady, rising rental income [6][7]. - Currently, 51% of properties link rents to inflation, while 46% have fixed-rate increases, contributing to a 2.6% annualized growth in same-store rents during the fourth quarter [7][8]. Future Outlook - W. P. Carey expects adjusted FFO to be between $4.82 and $4.92 per share this year, indicating a growth of 2.6% to 4.7% from last year [8][9]. - The company plans to fund investments through post-dividend free cash flow and noncore asset sales, avoiding share dilution [10][11]. Dividend Strategy - The REIT aims to rebuild its dividend, which was reset in late 2023, with a trend of increasing payments observed last year [13][14]. - The combination of income and growth positions W. P. Carey as a compelling long-term investment opportunity for income-seeking investors [15].

Portfolio Overview - As of December 31, 2024, W. P. Carey Inc. owned 1,555 properties net-leased to 355 tenants across 26 countries, with approximately 61% of annualized base rent generated from the United States and 33% from Europe[11]. - The portfolio's net-lease occupancy rate was approximately 98.6% as of December 31, 2024[38]. - The weighted-average lease term across the portfolio is 12.3 years[38]. - 16% of tenants are rated as investment grade, while an additional 8% are considered implied investment grade[38]. - As of December 31, 2024, 22% of the company's Annual Base Rent (ABR) is concentrated in the retail sector, and 67% of the ABR is located in North America[44]. - Properties outside the United States represent 39% of the company's ABR, with 33% of that in Europe[45]. - The portfolio consisted of 1,555 net-leased properties with an annualized base rent (ABR) of $1.337 billion, maintaining an occupancy rate of 98.6%[161]. - The international portfolio contributes 39.2% of the total ABR, totaling $524,072,000[170]. - Industrial properties make up 36.2% of the total ABR, amounting to $484,660,000, while warehouse properties account for 27.4% at $366,555,000[171]. - The retail sector represents 22.3% of the total ABR, amounting to $298,058,000[173]. Financial Performance - Total revenues for the year ended December 31, 2024, decreased to $1.583 billion from $1.741 billion in 2023, primarily due to lower lease revenues and operating property revenues[153]. - Net income attributable to W. P. Carey for 2024 was $460.8 million, down from $708.3 million in 2023, impacted by lower gains on real estate sales and unrealized losses on investments[157]. - Adjusted funds from operations (AFFO) decreased to $1.036 billion in 2024 from $1.118 billion in 2023, primarily due to the impact of the Spin-Off and Office Sale Program[158]. - Total lease revenues for the year ended December 31, 2024, were $1,331,788, a decrease of $95,588 compared to $1,427,376 in 2023[182]. - Lease revenues from existing net-leased properties increased to $1,164,619 in 2024 from $1,129,414 in 2023, reflecting a growth of $35,205[182]. - Operating property revenues totaled $180,257 in 2024, down from $146,813 in 2023, a decrease of $33,444[182]. - Cash dividends declared totaled $3.490 per share for 2024, with quarterly dividends of $0.865, $0.870, $0.875, and $0.880[152]. Debt and Financing - As of December 31, 2024, the company's consolidated indebtedness was approximately $8.0 billion, with a debt to gross assets ratio of about 41.6%[68]. - The company had $6.5 billion in Senior Unsecured Notes and $1.1 billion in Unsecured Term Loans as part of its total indebtedness[68]. - The company maintains a $2.0 billion unsecured revolving credit facility to support its liquidity and funding needs[31]. - The average outstanding debt balance for 2024 was $7,948,034, down from $8,404,466 in 2023, with a weighted-average interest rate remaining stable at 3.2%[205]. - Interest expense decreased by $14.5 million in 2024 compared to 2023, primarily due to lower outstanding balances on the Unsecured Revolving Credit Facility and the repayment of $583.0 million in non-recourse mortgage loans[204]. Risks and Challenges - The company faces increased operational costs due to inflation and high interest rates, which could negatively impact financial results and limit investment opportunities[50]. - The company faces risks related to tenant bankruptcies, which could lead to reduced revenue and increased expenses due to potential lease losses[64]. - High interest rates and inflation may adversely affect tenants' financial conditions, increasing the likelihood of tenant bankruptcies[65]. - The company is subject to potential liabilities related to environmental matters, which could incur unexpected costs and affect property sales[60]. - Compliance with climate change regulations may result in substantial costs, including monitoring and reporting expenses[58]. - The company competes with various institutions for investments, which may pressure revenue growth due to increased competition[43]. Corporate Governance and Compliance - The company believes it qualifies as a REIT under the Internal Revenue Code, but there is no guarantee of continued qualification[79]. - The company must distribute at least 90% of its REIT taxable income to maintain its REIT status, which could impact its cash available for distribution[82]. - If the company fails to qualify as a REIT, it would be subject to federal income tax at corporate rates, including a 15% corporate minimum tax and a 1% excise tax on certain stock repurchases[85]. - The company is required to satisfy various asset tests to maintain REIT qualification, and failure to do so may require liquidation of investments[86]. - The Board has the authority to revoke the REIT election without stockholder approval, which could lead to adverse tax consequences and affect total returns to stockholders[101]. - Changes in federal and state income tax laws governing REITs could negatively impact the company and its stockholders, with no assurance on the predictability of such changes[102]. Cybersecurity - The company has implemented a comprehensive cybersecurity program to mitigate risks, but there is no guarantee against potential incidents impacting financial results[111]. - As of December 31, 2024, there have been no material cybersecurity incidents reported in the last three years, but risks remain[133]. Acquisitions and Dispositions - The company disposed of 176 properties for total proceeds of $1.2 billion, including 78 U-Haul properties for $464.1 million and 78 properties under the Office Sale Program for $524.8 million[148]. - The company acquired 29 investments totaling $1.4 billion and completed five construction projects at a cost of $87 million during 2024[150]. - The company acquired 37 investments, comprising 342 properties, since January 1, 2023[185].

Financial Data and Key Metrics Changes - The company reported an AFFO per share of $1.21 for Q4 2024, bringing the full year AFFO to $4.70 per share, supported by record investment volume and internal growth [27] - The average cash cap rates on fourth quarter investments were in the mid to low sevens, with an average of 7.5% for the year [9][10] - The company expects AFFO growth in the mid-three percent range for 2025, supporting a total return of around ten percent combined with a dividend yield of over six percent [7][20] Business Line Data and Key Metrics Changes - The investment volume for Q4 2024 was over $840 million, contributing to a total of approximately $1.6 billion for the year [9] - The company achieved a contractual same-store rent growth of 2.6% year over year for Q4 2024, with expectations to remain in the mid-two percent range for Q1 2025 [28] - The net lease portfolio generated an ABR of over $1.3 billion with a weighted average lease term of 12.3 years and an occupancy rate of 98.6% [32] Market Data and Key Metrics Changes - Approximately 75% of the investment volume was in North America, primarily in the US, while 25% was in Europe [11] - About 60% of the investments were directed towards warehouse and industrial sectors, with a significant portion also in US retail [12] Company Strategy and Development Direction - The company successfully exited the office sector in 2024, establishing a new baseline for AFFO and setting the foundation for future growth [6] - The company plans to continue funding new investments without issuing equity, leveraging its access to competitively priced debt capital [13][15] - The company is adopting a cautious approach to initial guidance on investment volume due to uncertainties in the transaction environment [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current market uncertainties, including inflation and interest rates, while maintaining a conservative outlook on tenant credit [44] - The company anticipates a potential slowdown in deal activity in early 2025 but remains optimistic about appealing opportunities in its pipeline [18][19] Other Important Information - The company ended 2024 with total liquidity of approximately $2.6 billion and a manageable debt maturity profile [40][42] - The company expects to generate between $4.82 and $4.92 per share in AFFO for 2025, reflecting a growth of about 3.6% at the midpoint [36] Q&A Session Summary Question: Impact of tariffs on the portfolio and new investments - Management acknowledged that tariffs add uncertainty but noted diversification as a protective measure, with potential long-term benefits from onshoring manufacturing [51][52] Question: Updates on Joanne's and Advanced Auto Parts - Management indicated that Joanne's is expected to go into liquidation, while Advanced Auto Parts has a master lease with no near-term impact [56][57] Question: Same-store growth cadence - Management expects same-store growth to be highest in Q1 2025, declining thereafter to the low twos by year-end [60][61] Question: Capital allocation in Europe - Management expressed confidence in European investments, noting the ability to generate wider spreads compared to the US [62][64] Question: Non-core asset dispositions - Management confirmed that the majority of dispositions will be non-core assets, primarily self-storage, with expectations of positive spreads between disposition and reinvestment cap rates [68][70] Question: Broader bad debt guidance for 2025 - Management indicated an estimated $15 million to $20 million for potential rent loss from tenant credit events, reflecting a cautious approach [30][96] Question: Lease expirations in 2025 - Management noted that only 1.8% of leases are expiring in 2025, with the majority being warehouse and industrial properties [102][104] Question: Loan to value and borrowing capacity - Management estimated the loan to value in the 70-80% range, indicating capacity to borrow more depending on deal activity [106][108] Question: Expansion into retail - Management confirmed ongoing interest in expanding into retail, particularly with Dollar General, while maintaining a focus on warehouse and industrial investments [135][138]

4Q24 W. P. Carey Inc. Investor Presentation 50+ Years of Investing for the Long Run® Table of Contents | Overview | 3 | | --- | --- | | Real Estate Portfolio | 7 | | Balance Sheet | 19 | | Corporate Responsibility | 23 | Unless otherwise noted, all data in this presentation is as of December 31, 2024. Amounts may not sum to totals due to rounding. Overview 3 W. P. Carey (NYSE: WPC) is a REIT that specializes in investing in single-tenant net lease commercial real estate, primarily in the U.S. and Northern a ...

Core Viewpoint - W.P. Carey is attempting to rebuild its reputation among investors after a dividend cut in late 2023, which has raised questions about its future as a reliable investment option [1][2]. Company Overview - W.P. Carey is a well-established real estate investment trust (REIT) that has faced challenges due to the pandemic, particularly with its office properties, which constituted about 16% of its annual base rate in mid-2023 [3]. - The company has a strong occupancy rate, maintaining above 97% since 2010, indicating that its business fundamentals remain solid despite the recent strategic changes [4]. Dividend Strategy - The recent dividend cut was a strategic decision aimed at aligning the company's financials and improving its long-term viability, rather than a sign of financial distress [4]. - W.P. Carey offers a current dividend yield of 6.2%, with a payout ratio of 74% based on projected 2024 funds from operations of approximately $4.70 per share [6]. Investment Returns - Since 1998, W.P. Carey's stock price has appreciated by 158%, but when including dividends, the total investment return reaches 1,500%, significantly outperforming the S&P 500 index [5]. - The company's annualized base rate grows at a low-single-digit pace, making it primarily attractive for immediate yield rather than growth [7]. Market Position - W.P. Carey is currently trading near the low end of its 52-week range, which may be influenced by the stigma of the dividend cut and competitive Treasury yields [9]. - The stock's historical dividend yield is considered average, suggesting it remains a viable option for income-focused investors [10].

分组1 - W.P. Carey (WPC) reported quarterly funds from operations (FFO) of $1.21 per share, exceeding the Zacks Consensus Estimate of $1.19 per share, and showing an increase from $1.19 per share a year ago, resulting in an FFO surprise of 1.68% [1] - The company posted revenues of $406.17 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 0.73%, although this is a decrease from year-ago revenues of $412.44 million [2] - W.P. Carey shares have increased by approximately 2.3% since the beginning of the year, while the S&P 500 has gained 3.1% [3] 分组2 - The current consensus FFO estimate for the upcoming quarter is $1.18 on revenues of $408.15 million, and for the current fiscal year, it is $4.84 on revenues of $1.68 billion [7] - The Zacks Industry Rank indicates that the REIT and Equity Trust - Other sector is currently in the bottom 30% of over 250 Zacks industries, suggesting potential underperformance compared to higher-ranked industries [8]

W.P. Carey posted mixed results in its latest earnings report largely due to notable revenue and net income declines.Global real estate investment trust (REIT) specialist W.P. Carey (WPC 0.74%) reported mixed fourth-quarter earnings on Tuesday, Feb. 11. Earnings per share of $0.21 came in well below analysts' consensus expectations of $0.59. However, adjusted funds from operations (AFFO) per share improved 1.7% year over year to $1.21 and revenue of $403.7 million surpassed analyst projections of $391 milli ...

Exhibit 99.2 W. P. Carey Inc. Supplemental Information Fourth Quarter 2024 Terms and Definitions Amounts may not sum to totals due to rounding. Beginning January 1, 2024, we no longer separately analyze our business between real estate operations and investment management operations, and instead view the business as one reportable segment. As a result of this change, we have conformed prior period segment information to reflect how we currently view our business. W. P. C a re y I n c. Supplemental In fo rm ...

NEW YORK, Feb. 11, 2025 /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 fourth quarter and full year ended December 31, 2024.Financial Highlights 2024 Fourth Quarter Full Year Net income attributable to W. P. Carey (millions) $47.0 $460.8 Diluted earnings per share $0.21 $2.09 AFFO (millions) $267.6 $1,035.9 AFFO per diluted share $1.21 $4.70 2025 AFFO ...