• W.P. Carey is like an Equity Residential for businesses.
• It's similar to American Tower, but for a diverse portfolio of industrial, office, and retail buildings instead of just cell towers.
• Think of it as Enterprise Rent-A-Car, but for commercial buildings instead of vehicles.

• Industrial Properties: W. P. Carey leases industrial real estate to businesses for various operational needs.
• Warehouse Properties: The company provides warehouse facilities for storage, logistics, and distribution purposes.
• Office Properties: W. P. Carey leases office buildings and spaces to a diverse range of companies.
• Retail Properties: The company offers commercial spaces for retail businesses under long-term net leases.
• Self-Storage Properties: W. P. Carey leases self-storage facilities to individuals and businesses requiring flexible storage solutions.

W.P. Carey (WPC) is a net lease REIT, meaning its customers are the companies that lease its commercial real estate properties under long-term agreements. These customers are its tenants. Based on its financial disclosures as of September 30, 2020, its major customers (tenants) are:

• Hellweg (private company)
• U-Haul (subsidiary of Amerco, UHAL)
• Advance Auto Parts (AAP)
• Ryder System, Inc. (R)
• Extra Space Storage (EXR)
• The Boyd Group (BYD.TO on the Toronto Stock Exchange)
• Sonepar (private company)
• Trane Technologies (TT)
• NVIDIA (NVDA)
• Generali (private company for the purposes of US symbol identification)

Jason E. Fox, Chief Executive Officer, President and Board Member

Jason E. Fox joined W. P. Carey’s Investment Department in 2002 and has held various senior leadership positions within the Investments Team, including Co-Head of Global Investments starting in 2012 and Head of Global Investments in 2015. He was appointed President in 2015 and became Chief Executive Officer and a Board Member in January 2018. Mr. Fox has been responsible for more than $10 billion in acquisitions since joining the firm. In addition, he has served as Chairman, Trustee, and Chief Executive Officer of Net Lease Office Properties (NYSE: NLOP) since 2023. Prior to joining W. P. Carey, Mr. Fox worked at the Spectrem Group, a consulting and M&A advisory firm in San Francisco, and spent two years teaching mathematics and physics at The Hotchkiss School. He earned an M.B.A. from Harvard Business School and a B.S. in Civil Engineering and Environmental Science from the University of Notre Dame.

Toni Sanzone, Chief Financial Officer

Toni Sanzone was appointed Chief Financial Officer in 2017, having previously served as interim CFO since October 2016. She joined W. P. Carey in 2013 as Corporate Controller and was named Chief Accounting Officer in 2015. In her current role, Ms. Sanzone oversees vital financial and risk mitigation functions across the U.S. and Europe, including accounting, financial reporting, information technology, internal audit, tax, and treasury. She has also served as Chief Financial Officer of Net Lease Office Properties (NYSE: NLOP) since September 2023 and was CFO of CPA:18 – Global until its merger with W. P. Carey in August 2022. Before joining W. P. Carey, Ms. Sanzone served as Corporate Controller at iStar Inc., a publicly traded REIT acquired by Safehold in 2023, from 2006 to 2013. She also held various accounting and financial reporting roles at Bed Bath & Beyond Inc. from 2004 to 2006, and was in the assurance and advisory services practice of Deloitte LLP from 1998 to 2004. Ms. Sanzone is a Certified Public Accountant.

Gino M. Sabatini, Managing Director, Head of Investments

Gino M. Sabatini joined W. P. Carey in 2000 and has held several key roles within the Investments Department, including Co-Head of Global Investments (starting in 2012) and Head of U.S. Net Lease Investments (2015). He was appointed Head of Investments in 2016, where he is responsible for the sourcing, negotiating, and structuring of all investments across North America and Europe. Mr. Sabatini has been responsible for over $6 billion in acquisitions over a five-year period. He holds a B.Sc. in Mechanical Engineering and a B.Sc. in Economics from the University of Pennsylvania, and an M.B.A. from Harvard Business School.

Susan C. Hyde, Managing Director, Chief Administrative Officer, Chief Ethics Officer & Corporate Secretary

Susan C. Hyde joined W. P. Carey in 1990 and has served in numerous leadership positions throughout her tenure, including Chief Marketing Officer and Director of Investor Relations. She was appointed Chief Administrative Officer in 2017. Ms. Hyde is a member of W. P. Carey's Operating Committee and co-chairs its ESG Committee.

Peter Bates, Managing Director, Head of North American Asset Management

Peter Bates joined W. P. Carey’s Asset Management Team in 2011 and currently serves as Managing Director and Head of North American Asset Management. In this role, he oversees the proactive asset management and development activities of the company's North American portfolio. Prior to W. P. Carey, Mr. Bates was a principal at Breakwater Advisors, a commercial real estate advisory firm. He also served as the Director of Acquisitions at Allegiance Realty Corporation from 2007 to 2009 and provided real estate advisory services for Integra Realty Resources from 2002 to 2007. Mr. Bates earned a B.A. in Economics from the University of Vermont.

The key risks to W.P. Carey (WPC), a diversified net lease REIT, are primarily centered around the financial health of its tenants, the macroeconomic environment, and the competitive nature of real estate investments.

1. Tenant Credit Quality and Bankruptcies: As a net lease REIT, W.P. Carey's revenue is heavily dependent on its tenants' ability to make timely rent payments under long-term leases. The bankruptcy or insolvency of a tenant, particularly those with sub-investment-grade leases or significant concentration, could lead to a reduction in revenue, increased carrying costs for the vacant property, and potential litigation. While the company aims for a diversified portfolio, tenant-specific or industry-specific downturns remain a risk.

2. Interest Rate Sensitivity and Inflation: W.P. Carey is sensitive to changes in interest rates. Rising interest rates can increase the company's borrowing costs, thereby reducing its profitability and potentially impacting its cost of capital relative to competitors. Although the majority of its leases include rent escalators, including inflation-linked ones, there is a risk that inflation or other expenses could increase at a rate higher than the contractual rent increases, negatively affecting the company's financial performance. High interest rates can also adversely affect tenants' financial health and the overall demand for properties.

3. Competitive Investment Landscape: W.P. Carey operates in a highly competitive market for acquiring real estate investments. It competes with various entities, including other REITs, private equity firms, and institutional investors. This intense competition can lead to pricing pressures and make it challenging for W.P. Carey to secure accretive investments that align with its business strategies and maintain its market share, especially if competitors have a higher risk tolerance or access to cheaper capital.

United States

• The overall U.S. commercial real estate market was valued at approximately $22.5 trillion as of the fourth quarter of 2023.
• The U.S. net lease investment market saw an annual investment volume of $51.4 billion in 2025. Another estimate suggests the net lease market may be worth well over $100 billion per year, accounting for about 11% of all U.S. commercial real estate transactions.
• For specific property types:
  • The combined value of office real estate in the United States is estimated at $3.25 trillion.
  • The combined value of industrial real estate (including warehouses) in the United States is estimated at $2.4 trillion.
  • The combined value of retail real estate in the United States is estimated at $2.9 trillion.
  • The U.S. self-storage market was estimated at approximately $56.81 billion in 2023 and is projected to reach $83.20 billion by 2030.

Northern and Western Europe

• The total European commercial property market was approximately €8.8 trillion as of Q4 2022.
• The European net lease market, proxied by corporate disposals (sale-leasebacks), has averaged over €20 billion per annum in transactions over the last 10 years, with EMEA corporate disposals reaching €29.2 billion in 2021.
• For specific property types:
  • Office properties constituted 31.35% of the European commercial real estate market share in 2025. Based on the total market value, this segment would be approximately €2.76 trillion.
  • Logistics properties (including warehouses and industrial) accounted for 33.9% of the European commercial real estate market share in 2025. Based on the total market value, this segment would be approximately €2.98 trillion.
  • While a specific market size for European retail real estate as a total value was not found, it is a component of the broader European commercial real estate market.
  • The Europe self-storage market was valued at approximately $17.04 billion in 2024 and is projected to reach $27.29 billion by 2033.

W.P. Carey (WPC) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives and inherent portfolio characteristics:

• Strategic Investments in Industrial, Warehouse, and Retail Properties: W.P. Carey continues to expand its diversified portfolio by making strategic investments, particularly in high-quality single-tenant industrial, warehouse, and retail assets in the U.S. and Europe. The company completed $1.3 billion in investments in 2023, largely in industrial and warehouse properties, and reported $375 million in investments in Q1 2024 with a strong pipeline for the remainder of 2024 and 2026 investment volume guidance between $1.25 billion and $1.75 billion. These acquisitions directly contribute to an increase in their rental income base.
• Contractual Rent Escalations: A significant portion of W.P. Carey's Annual Base Rent (ABR), over 99%, is derived from leases with built-in rent escalations. Nearly half of these escalations are linked to the Consumer Price Index (CPI), providing a natural hedge against inflation and a consistent source of organic revenue growth. The company reported contractual same-store rent growth of 3.1% year-over-year in Q1 2024.
• Carey Tenant Solutions Platform: Launched in early 2026, the Carey Tenant Solutions platform aims to formalize and grow opportunities by sourcing projects from W.P. Carey's existing tenant base. This initiative focuses on build-to-suit projects, expansions, and redevelopments, deepening relationships with current tenants and contributing to future deal volume.
• Recycling Capital from Office and Non-Core Asset Dispositions: W.P. Carey has been strategically exiting its office segment and disposing of other non-core assets, such as self-storage operating properties. The capital generated from these sales is being redeployed into higher-yielding industrial, warehouse, and retail properties, which is expected to enhance overall portfolio quality and drive accretive revenue growth.
• Expanding European Investment Opportunities: The company has observed a narrowing of bid-ask spreads in Europe, which is increasing opportunities for strategic investments in the region. Given W.P. Carey's significant presence in Northern and Western Europe, this trend is anticipated to facilitate more accretive acquisitions and contribute to revenue growth.

Share Issuance

• In February 2026, W.P. Carey completed a public offering of 6.9 million shares of common stock, including the full exercise of the underwriters' option, generating total gross proceeds of $496.8 million.
• The company sold 6.3 million shares under its At-The-Market (ATM) program through forward sale agreements in 2025, resulting in approximately $423 million in gross proceeds available for settlement.
• Proceeds from these share issuances are intended to fund potential future investments, repay various indebtedness including amounts under its unsecured revolving credit facility, and for general corporate purposes.

Outbound Investments

• W.P. Carey achieved a record full-year investment volume of $2.1 billion in 2025. These investments were at a weighted-average initial cash cap rate of approximately 7.6% and an estimated average yield of about 9.2% over leases averaging 17 years.
• Approximately 68% of the 2025 investment volume was in single-tenant warehouse and industrial properties, with retail properties comprising around 22%. Geographically, about 69% of investments were in the U.S. and 26% in Europe.
• For 2026, W.P. Carey has set an initial investment volume guidance range of $1.25 billion to $1.75 billion, anticipating cap rates in the mid-to-low 7% range. The company also expects dispositions between $250 million and $750 million in 2026, including the planned sale of remaining operating self-storage assets.

Capital Expenditures

• W.P. Carey's business model as a net lease REIT typically results in minimal capital expenditures on properties, as tenants are often responsible for such costs.
• The company launched its Carey Tenant Solutions platform in early 2026, which has completed $50 million in projects and has $290 million underway, focusing on build-to-suits, expansions, and redevelopment projects.