W. P. Carey Inc. Reit · NYSE:WPC
W. P. Carey Inc. Reit — Q4 2025 Earnings Presentation
27 slides from W. P. Carey Inc. Reit's earnings presentation, Feb 11, 2026
Slide 1: W. P. Carey Inc. Investor Presentation 4Q25
W. P. Carey Inc. Investor Presentation 4Q25 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 Unless otherwise noted, all data in this presentation is as of December 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 Europe 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 d
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 Europe Creditworthiness • Competitor analysis • Protect downside by combining credit an
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 1,682 Number of Tenants 371 Square Footage 183.5 million ABR $1.55 billion Net-Lease Portfolio North America / Europe / Other (% of ABR) 67% / 33% / 1% Contractual Rent Escalation: CPI-linked / Fixed / Other (2) 48% / 48% / 3% WALT 12.0 years Occu
Slide 9: Top Net Lease Tenants
Top 25 Net Lease Tenants (1) One of the lowest Top 10 and 20 concentrations among the net lease peer group Number of ABR WALT % of Tenant Description Properties ($ millions) (years) Total 1 Net lease self-storage properties in the U.S. leased to publicly traded self-storage REIT 43 41 23.7 2.7% 2 Ph
Slide 10: Top Net Lease Tenants (continued)
Top 25 Net Lease Tenants (continued) (1) Number of ABR WALT % of Tenant Description Properties ($ millions) (years) Total 11 Manufacturing facilities in the U.S. leased to international producer and supplier of packaging solutions 8 21 12.8 1.4% 12 Industrial facilities in the U.S. and Canada leased
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 38.4% 25.5% 7.7% 5.2% – 38% 64% Industrial / Warehouse 25.2% 14.9% 9.8% 0.4% 0.1% Warehouse 22% Retail (3) 22.4% 8.8% 13.6% – – Ot
Slide 12: Tenant Industry Diversification
Tenant Industry Diversification (1) % of Total Portfolio ABR Industry Type by Region % of United Mexico & Industry Type (2) Total States Europe Canada Other (3) Packaged Foods & Meats 9.6% 7.2% 2.4% – – Food Retail 9.4% 0.4% 9.0% – – 64 industries, each 10% Home Improvement Retail 6.2% 0.7% 5.5% – –
Slide 13: Geographic Diversification
Geographic Diversification (1) W. P. Carey has been investing internationally for over 25 years, primarily in Europe Other (2), 1% $8MM North America, 67% $1.0B Through our financing and hedging strategies, we’ve significantly mitigated currency risk through a combination of over-weighting our debt
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 48% linked to CPI None <1% Other (2) 3% Uncapped CPI 30% CPI-linked 48% Fixed 48% Capped CPI 18% 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% 3.1% 3.0% 2.9% 2.8% 2.6% 2.5% 2.4% 2.4% 2.4% 2.3% 2.0% 1.5% 1.0% 0.5% 0.0% 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 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 12.0 years Lease Expirations (% ABR) (2) 60% 51.6% 50% 40% 30% 20% 10% 5.2% 5.4% 6.2% 4.3% 5.1% 5.0% 4.3% 2.9% 3.9% 3.5% 2.6% 0% 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 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% 96.6% 97.3% 98.0% 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 Canadian Solar* Ontime Life Time Fitness September 2025 (1 property) December 2025 (4 properties) December 2025 (1
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 ZF Berry Global Fraikin Completed December 2024 Completed April 2025 Completed December
Slide 20: Balance Sheet
WPCAREY, Balance Sheet
Slide 21: Balance Sheet Overview
Balance Sheet Overview (1) Capitalization ($MM) 12/31/25 Capitalization (%) Total Equity (2) $14,104 7% 1% Pro Rata Net Debt Equity (2) Senior Unsecured Notes USD 2,750 Senior Unsecured Notes EUR 4,259 Senior Unsecured Notes Mortgage Debt, pro rata USD 108 61% Unsecured Revolving Credit Facility / 3
Slide 22: Debt Maturity Schedule
Debt Maturity Schedule Principal at Maturity (1) Mortgage Unsecured Unsecured Unsecured Unsecured Revolving Debt (2) Bonds (EUR) Bonds (USD) Term Loans Credit Facility (3) $1,535 92% Fixed Rate Debt (4) $1,349 $1,278 435 350 $1,105 $1,043 $1,017 616 $MM 400 350 588 400 $616 $500 999 $427 29 74 11 2
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 December 31, 2025 Total Debt / Total Leverage ≤ 60% 42.1% Total Assets Secured Debt / Secured Debt Leverage ≤ 40% 0.7% Total Assets Consolida
Slide 24: Corporate Responsibility
Corporate Responsibility 24
Slide 25: Corporate Responsibility
Corporate Responsibility Our 2024 Corporate Responsibility Report details our ongoing commitment to Doing Good While Doing Well ® Recent highlights include: Increased the percentage of our leases that contain green lease provisions, improving our visibility into our portfolio’s power consumption
Slide 26: 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 27: Disclosures
Disclosures The following non-GAAP financial measures are used in this presentation 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
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