W. P. Carey Inc. Reit · NYSE:WPC
W. P. Carey Inc. Reit — W. P. Carey — Investor Presentation (October 2025)
27 slides from W. P. Carey Inc. Reit's investor presentation, Oct 28, 2025
Slide 1: 3Q25 W. P. Carey Inc. Investor Presentation
50+ Years of Investing for the Long Run® 3Q25 W. P. Carey Inc. Investor Presentation Exhibit 99.3
Slide 2: Table of Contents
Table of Contents Unless otherwise noted, all data in this presentation is as of September 30, 2025. Amounts may not sum to totals due to rounding. Overview Real Estate Portfolio Balance Sheet Corporate Responsibility 3 7 20 24
Slide 3: Overview
3 Overview
Slide 4: Company Highlights
4 Size One of the largest owners of net lease real estate and among the top 20 REITs in the MSCI US REIT Index Diversification Highly diversified portfolio by tenant, industry, property type and geography Track Record Successful track record of investing and operating through multiple economic cycle
Slide 5: Investment Strategy
5 • Generate attractive risk-adjusted returns by investing in net lease commercial real estate, primarily in the U.S. and Europe • Protect downside by combining credit and real estate underwriting with sophisticated structuring and direct origination • Acquire “mission-critical” assets essential to
Slide 6: Proactive Asset Management
6 • Asset management offices in New York and Amsterdam • W. P. Carey has proven experience repositioning assets through re-leasing, restructuring and strategic disposition • Generates value creation opportunities within our existing portfolio • Five-point internal rating scale used to assess and mon
Slide 7: Real Estate Portfolio
7 Real Estate Portfolio
Slide 8: Large Diversified Portfolio
8 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of September 30, 2025. 2. Other includes leases attributable to percentage rent (i.e., participation in the gross revenues of the tenant above a stated level), as well as leases with no e
Slide 9: Top Tenants (1-10)
9 Tenant Description Number of Properties ABR ($ millions) WALT (years) % of Total 1 Net lease self-storage properties in the U.S. leased to publicly traded self-storage REIT 43 41 23.9 2.7% 2 Pharmaceutical R&D and manufacturing properties in the Greater Toronto Area leased to generic drug manufact
Slide 10: Top Tenants (11-20)
10 Tenant Description Number of Properties ABR ($ millions) WALT (years) % of Total 11 Manufacturing facilities in the U.S. leased to international producer and supplier of packaging solutions 8 21 13.0 1.4% 12 Distribution facilities and retail properties in Lithuania, Estonia and Latvia leased to
Slide 11: Property Type Diversification
11 Property Type Diversification (1) Property Type % of Total United States Europe Mexico & Canada Other (2) Industrial 39.0% 26.1% 7.7% 5.2% – Warehouse 25.5% 15.3% 9.7% 0.4% 0.1% Retail (3) 21.7% 7.3% 14.4% – – Other (4) 13.8% 11.5% 1.8% 0.1% 0.4% Total 100.0% 60.1% 33.6% 5.7% 0.6% 39% 25% 22% 14%
Slide 12: Industry Type Diversification
12 Industry Type (2) % of Total United States Europe Mexico & Canada Other (3) Food Retail 9.9% 0.4% 9.4% – – Packaged Foods & Meats 9.8% 7.3% 2.5% – – Home Improvement Retail 6.5% 0.7% 5.8% – – Auto Parts & Equipment 5.4% 2.8% 1.3% 1.4% – Automotive Retail 5.1% 2.5% 2.6% – – Education Services 4.0%
Slide 13: Geographic Diversification
13 North America, 66% $993MM United States, 60% $908MM Canada (4), 4% $59MM Mexico (3), 2% $26MM Europe, 34% $507MM Other (2), 1% $8MM 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of September 30, 2025. 2. Includes Mauritius (0.4%) an
Slide 14: Internal Growth from Contractual Rent Increases
14 Uncapped CPI 31% Fixed 47% Capped CPI 19% Other (2) 3% CPI-linked 50% None <1% 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of September 30, 2025. 2. Represents leases attributable to percentage rent (i.e., participation in the gro
Slide 15: Same Store ABR Growth
15 3.4% 4.3% 4.3% 4.2% 4.1% 3.1% 2.9% 2.8% 2.6% 2.4% 2.3% 2.4% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 1. Contractual same store portfolio includes leases that were continuously in place during the period from September 30, 2024 t
Slide 16: Lease Expirations and Average Lease Term
16 0.1% 2.7% 4.1% 4.7% 5.2% 2.7% 6.0% 3.7% 5.5% 6.4% 3.8% 55.1% 0% 10% 20% 30% 40% 50% 60% 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Thereafter 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of September 30, 2025. 2. Assume
Slide 17: Historical Occupancy
17 Historical Occupancy (1) 1. Net lease properties only. Historical data through 2021 includes properties owned by W. P. Carey or non-traded REIT funds managed (and subsequently acquired) by W. P. Carey. 2. Represents occupancy for each completed year at December 31. Otherwise, occupancy shown is f
Slide 18: Recent Acquisitions – Case Studies
18 Recent investment activity has been focused primarily on mission critical industrial and warehouse properties and essential retail Recent Acquisitions Purchase Price: $136 million Transaction Type: Sale-leaseback Property Type: Industrial, Warehouse Location: Various, United States Gross Square F
Slide 19: Capital Investments – Case Studies
19 Capital investments have become a more meaningful part of our investment activity and allow us to pursue follow-on opportunities with existing tenants Recent Capital Investments Investment: $14 million redevelopment Property Type: Industrial Location: Irvine, CA Additional Gross Square Footage: 9
Slide 20: Balance Sheet
WP CAREY, Balance Sheet
Slide 21: Capitalization and Leverage Metrics
21 Capitalization ($MM) 9/30/25 Total Equity (2) $14,808 Pro Rata Net Debt Senior Unsecured Notes USD 2,750 Senior Unsecured Notes EUR 4,256 Mortgage Debt, pro rata USD 158 Mortgage Debt, pro rata (EUR $109 / Other $21) 129 Unsecured Revolving Credit Facility USD 42 Unsecured Revolving Credit Facili
Slide 22: Debt Maturities
22 % of Total (5) 0.0% 12.4% 7.0% 14.5% 16.4% 11.5% 5.7% 15.2% 4.8% 12.5% Interest Rate (5) 5.7% 3.2% 2.2% 2.8% 3.4% 2.4% 2.4% 3.7% 2.3% 4.3% $M M 1. Reflects amount due at maturity, excluding unamortized discount and unamortized deferred financing costs. 2. Reflects pro rata balloon payments due at
Slide 23: Senior Unsecured Notes Covenants
23 Metric Covenant September 30, 2025 Total Leverage Total Debt / Total Assets ≤ 60% 42.0% Secured Debt Leverage Secured Debt / Total Assets ≤ 40% 0.9% Fixed Charge Coverage Consolidated EBITDA / Annual Debt Service Charge ≥ 1.5x 5.01x Maintenance of Unencumbered Asset Value Unencumbered Assets / To
Slide 24: Corporate Responsibility
24 Corporate Responsibility
Slide 25: Corporate Responsibility
25 6.1M sq. ft. of green-certified buildings (1)(2) 36% of portfolio under a green lease (2)(3) 63% of tenants enrolled in electricity usage data reporting (3)(4) Our 2024 Corporate Responsibility Report details our ongoing commitment to Doing Good While Doing Well ® Corporate Responsibility Governa
Slide 26: Forward-Looking Statements
26 Certain of the matters discussed in this communication constitute forward-looking statements within the meaning of the Securities Act of 1933 (as amended, the “Securities Act”) and the Securities Exchange Act of 1934 (as amended, the “Exchange Act”), both as amended by the Private Securities Liti
Slide 27: Non-GAAP Financial Disclosures
27 Non-GAAP Financial Disclosures Adjusted EBITDA We believe that EBITDA is a useful supplemental measure to investors and analysts for assessing the performance of our business because (i) it removes the impact of our capital structure from our operating results and (ii) it is helpful when comparin