W. P. Carey Inc. Reit · NYSE:WPC
W. P. Carey Inc. Reit — Q1 2025 Earnings Presentation
29 slides from W. P. Carey Inc. Reit's earnings presentation, Apr 30, 2025
Slide 1: W. P. Carey Inc. Investor Presentation 1Q25
W. P. Carey Inc. Investor Presentation 1Q25 50+ Years of Investing for the Long Run®
Slide 2: Table of Contents
Table of Contents Overview 3 Real Estate Portfolio 7 Balance Sheet 20 Corporate Responsibility 24 Appendix – Additional Tenant Data 26 Unless otherwise noted, all data in this presentation is as of March 31, 2025. Amounts may not sum to totals due to rounding.
Slide 3: Overview
WPCAREY, Overview
Slide 4: Company Highlights
Company Highlights 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 and Western Europe Size One of the largest owners of net lease real estate and among the top 25 REITs in the MSCI US REIT Index Div
Slide 5: Investment Strategy
Investment Strategy Transactions Evaluated on Four Key Factors • Generate attractive risk-adjusted returns by investing in net lease • Industry drivers and trends commercial real estate, primarily in the U.S. and Northern and Creditworthiness • Competitor analysis Western Europe of Tenant • Company
Slide 6: Proactive Asset Management
Proactive Asset Management Domestic and international asset management capabilities to address lease expirations, changing tenant credit profiles and asset repositioning or dispositions • Asset management offices in New York and Amsterdam • W. P. Carey has proven experience repositioning assets thro
Slide 7: Real Estate Portfolio
Real Estate Portfolio 7
Slide 8: Large Diversified Portfolio
Large Diversified Portfolio (1) Number of Properties 1,614 Number of Tenants 366 Square Footage 176.7 million ABR $1.40 billion Net-Lease Portfolio North America / Europe / Other (% of ABR) 67% / 33% / 1% Contractual Rent Escalation: CPI-linked / Fixed / Other (2) 50% / 47% / 4% WALT 12.3 years Occu
Slide 9: Top 25 Net Lease Tenants
Top 25 Net Lease Tenants (1) One of the lowest Top 10 and 20 concentrations among the net lease peer group Number of ABR WALT % of Tenant Description Properties ($ millions) (years) Total Net lease self-storage properties in the U.S. leased to publicly traded self-storage REIT 39 38 24.4 2.7% Pharma
Slide 10: Top 25 Net Lease Tenants (continued)
Top 25 Net Lease Tenants (continued) (1) Number of ABR WALT % of Tenant Description Properties ($ millions) (years) Total Distribution facilities and manufacturing facility in the U.S. leased to global hardware wholesaler 9 19 13.3 1.4% Distribution facilities and retail properties in Lithuania, Est
Slide 11: Property Type Diversification
Property Type Diversification (1) % of Total Portfolio ABR Property Type by Region 14% % of United Mexico & Property Type Total States Europe Canada Other (2) Industrial 36.6% 25.6% 6.0% 4.9% – 37% 63% Industrial / Warehouse Warehouse 26.5% 16.1% 9.9% 0.4% 0.2% 22% Retail (3) 22.5% 7.8% 14.7% – – Ot
Slide 12: GICS Tenant Industry Diversification
GICS Tenant Industry Diversification (1) % of Total Portfolio ABR Industry Type by Region % of United Mexico & Industry Type Total States Europe Canada Other (2) Food Retail 10.0% 0.5% 9.5% – – 62 industries, each Packaged Foods & Meats 8.1% 7.0% 1.2% – – 10% <1% of ABR Home Improvement Retail 7.1%
Slide 13: Geographic Diversification
Geographic Diversification (1) W. P. Carey has been investing internationally for over 25 years, primarily in Northern and Western Europe Other (2), 1% $8MM North America, 67% $931MM Through our financing and hedging strategies, we’ve significantly mitigated currency risk through a combination of ov
Slide 14: Internal Growth from Contractual Rent Increases
Internal Growth from Contractual Rent Increases (1) Over 99% of ABR comes from leases with contractual rent increases, including 50% linked to CPI None <1% Other (2) 3% Uncapped CPI 31% Fixed 47% CPI-linked 50% Capped CPI 19% 1. Portfolio information reflects pro rata ownership of real estate assets
Slide 15: Same Store ABR Growth
Same Store ABR Growth Contractual same store growth of 2.4% (1) 4.5% 4.3% 4.3% 4.2% 4.1% 4.0% 3.5% 3.4% 3.4% 3.1% 3.0% 3.0% 2.9% 2.8% 2.6% 2.5% 2.4% 2.0% 1.5% 1.0% 0.5% 0.0% 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 1. Contractual same store portfolio includes leases that were cont
Slide 16: Lease Expirations and Average Lease Term
Lease Expirations and Average Lease Term (1) Weighted-average lease term of 12.3 years Lease Expirations (% ABR) (2) 60% 54.5% 50% 40% 30% 20% 10% 6.0% 5.8% 6.5% 4.2% 5.2% 2.9% 4.6% 2.8% 3.4% 2.8% 1.3% 0% 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Thereafter 1. Portfolio information refl
Slide 17: Historical Occupancy
Historical Occupancy (1) Stable occupancy maintained during the aftermath of the global financial crisis and throughout the COVID-19 pandemic Occupancy (% Square Feet) (2) 100% 98.4% 98.8% 99.0% 99.2% 99.3% 99.8% 98.3% 98.9% 98.5% 98.5% 98.8% 98.1% 98.6% 98.3% 96.6% 97.3% 80% 60% 40% 20% 0% 2010 201
Slide 18: Recent Acquisitions – Case Studies
Recent Acquisitions – Case Studies Recent investment activity has been focused primarily on mission critical industrial and warehouse properties and essential retail Recent Acquisitions Zabka DBK Reddy Ice July / September 2024 (123 properties) November / December 2024 (11 properties) February 2025
Slide 19: Capital Investments – Case Studies
Capital Investments – Case Studies 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 Danske Terran Orbital ZF Completed April 2024 Completed June 2024 Completed December 20
Slide 20: Balance Sheet
WPCAREY, Balance Sheet
Slide 21: Balance Sheet Overview
Balance Sheet Overview Capitalization ($MM) (1) 3/31/25 Capitalization (%) Total Equity (2) $13,820 6% 2% Pro Rata Net Debt Equity (2) Senior Unsecured Notes USD 2,350 Senior Unsecured Notes EUR 3,920 Senior Unsecured Notes Mortgage Debt, pro rata USD 252 Unsecured Revolving Credit Facility / 63% 29
Slide 22: Debt Maturity Schedule
Debt Maturity Schedule Principal at Maturity (1) Mortgage Unsecured Unsecured Unsecured Unsecured 1,800 Debt (2) Bonds (EUR) Bonds (USD) Term Loans Revolving Credit Facility (3) 1,600 94% Fixed Rate Debt (4) 1,400 1,200 205 350 1,000 $MM 582 350 400 800 541 600 28 71 919 400 541 11 2 541 325 649 541
Slide 23: Unsecured Bond Covenants
Unsecured Bond Covenants (1) Investment grade balance sheet rated Baa1 (stable) by Moody’s and BBB+ (stable) by S&P Senior Unsecured Notes (2) Metric Covenant March 31, 2025 Total Debt / Total Leverage ≤ 60% 39.7% Total Assets Secured Debt / Secured Debt Leverage ≤ 40% 1.7% Total Assets Consolidated
Slide 24: Corporate Responsibility
Corporate Responsibility 24
Slide 25: Corporate Responsibility
Corporate Responsibility We remain steadfast in our longstanding focus on corporate responsibility Recent highlights include: Our Portfolio: 6.0M Engaged with tenants to identify property-level sustainability opportunities within our portfolio, including renewable energy opportunities through Care
Slide 26: Appendix – Additional Tenant Data
Appendix – Additional Tenant Data 26
Slide 27: Tenant Ownership & Size
Tenant Ownership & Size (1) Tenant Ownership Profile (% of Total Portfolio ABR) Tenant Size by Revenue (% of Total Portfolio ABR) (3) 1% 1% 1% 1% 1% 11% 27% 24% 97% 12% Tenants with 40% >$100MM Revenue & Government 32% 49% < $50MM > $50MM < $100MM > $100MM < $500MM > $500MM < $1.0Bn Public Private N
Slide 28: Cautionary Statement Concerning Forward-Looking Statements
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 (as amended, the “Securities Act”) and the Securities Exchange Act of 1934 (as amended, the “Exchan
Slide 29: Disclosures
Disclosures The following non-GAAP financial measures are used in this presentation EBITDA and Adjusted EBITDA We believe that EBITDA is a useful supplemental measure to investors and analysts for assessing the performance of our business segments because (i) it removes the impact of our capital str
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