W. P. Carey Annual Report 2019

FY2019 Annual Report · W. P. Carey

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2019 Annual Report

Investing for the Long Run®

Positioned for the Future

Our proven investment process and experienced
teams, combined with a strong balance sheet and
access to multiple sources of capital, ensure we
remain well positioned to make accretive investments
in accordance with our established criteria. Through
this approach we build long-term value and generate
rising income for our shareholders.

Net lease focus

Diversified investment strategy

Proactive asset management

Access to multiple sources of capital

Doing Good While Doing Well®

Dear Fellow Shareholders,

We entered 2019 focused on fortifying the benefits of our recent
merger with CPA:17 — a merger that accelerated our commitment
to simplify the company, raise the quality of our earnings and
strengthen our balance sheet. During the year, aided by the
performance of our equity and our lowest-ever borrowing costs
we made accretive investments at healthy spreads to our cost
of capital, further enhanced the quality of our portfolio and
significantly reduced leverage. Reflecting these achievements,
I’m pleased to say that our Real Estate AFFO increased 8% per
share year-over-year and our shareholders earned a total return
of 29% for the year.

A Diversified Approach
Adhering to our longstanding belief in the benefits of diversification
for a net lease portfolio, in 2019 we invested $868 million in 55
properties spanning all major property types, net leased to 29
tenants, operating in 14 different industries within two continents.

Recent moves by other net lease REITs to diversify away from
retail and into new geographic regions can be viewed only as an
endorsement of our diversified approach — an approach that for
W. P. Carey dates back to our founding nearly 50 years ago. Not
only does diversification provide downside protection, it expands
our total addressable market, which remains vast, and it enables us
to allocate capital to the industries and regions where we see the
best risk-adjusted returns.

In 2019, the industrial and warehouse sectors presented the best
opportunities, comprising close to 80% of our total investment
volume for the year. Although undoubtedly a competitive area of
the acquisition market, demand by single tenants for industrial and
warehouse assets remained strong. Such assets are not only well
suited to our focus on sale-leasebacks and build-to-suits, where we
can create additional value through the lease structure, but their
operational criticality creates future expansion opportunities and
ensures a high likelihood of renewal.

While other property types presented numerous opportunities,
through the depth of our underwriting process, in the vast majority
of cases we concluded their deal structures did not provide an
adequate risk-return trade-off. We did not pursue growth for its own
sake — remaining both unwilling to accept shorter lease terms for
office assets and discerning in our approach to retail as it continues
to adjust to disruption from e-commerce.

32%

In many respects, the most significant addition to our net lease
portfolio during the year was the transaction with Extra Space
Storage in which we creatively converted to net leases the bulk of
the operating self-storage assets acquired in our 2018 merger. Not
only did this add an investment-grade tenant to our top ten tenants
and further diversity to our portfolio; it also highlighted our position
as a proven source of net lease capital within the sector as more
operators look to take an asset-light approach.

Growth from Within
We focus on long-term leases that provide stable and growing rental
income over the duration of their term. Consequently, 99% of our
annualized based rent (ABR) comes from leases with built-in rent
growth, whether driven by fixed increases or tied to inflation.

In addition, as one of the largest net lease REITs, with close to half
of our portfolio in industrial and warehouse assets, we are well
positioned to create additional value through follow-on investments
with existing tenants. Such deals often provide above-market
yields and enhance overall portfolio quality by extending lease
terms, modernizing assets and increasing criticality to the tenant.
Transactions sourced from our existing portfolio are also truly off
market, enabling us to negotiate better contractual lease terms

Rent Escalations1

99% of our leases have contractual rent increases, and 63% are
tied to the Consumer Price Index (CPI)

5% CPI-lin

(

39%

(

)

39%

32%

24%

Uncapped CPI (39%)
CPI-based (24%)
Fixed (32%)
Other (5%)
None (1%)

1 Based on contractual minimum ABR as of December 31, 2019. Numbers may not add

to 100% due to rounding.

2019 Annual Report | 1

compared with widely marketed deals. In 2019, these deals —
in combination with build-to-suit commitments with new tenants —
added $127 million of high-quality real estate at cost, representing
15% of our total investment volume.

The growth of investments generated from our existing portfolio
highlights the significant role that our asset management team
plays in sourcing growth opportunities, in addition to managing our
current holdings. To this end, we launched a suite of proprietary
business intelligence and reporting technologies in 2019 that
enhance our ability to efficiently evaluate and track tenant credit
profiles, lease expirations and renewals, as well as identify new
capital investment opportunities at scale.

Enhancing Portfolio Quality
In addition to growing our portfolio, enhancing the quality of
our existing assets remains our constant endeavor. Our 2019
investments in conjunction with our proactive approach to asset
management improved the overall quality of our portfolio across
key metrics. ABR from warehouse and industrial properties
increased to 45%, whereas ABR from office was reduced to 23%.
We increased the proportion of ABR generated by investment-
grade tenants to nearly one-third of our portfolio and further
reduced our top ten tenant concentration to 22% — one of
the lowest in the net lease peer group. We also extended our
portfolio’s weighted average remaining lease term to 10.7 years,
six months longer than it was a year earlier despite the passage
of time, and edged closer to full occupancy, ending the year at
98.8% occupied.

Balance Sheet Health
Successful execution on our strategic commitments was met with
approval from the capital markets in 2019. In addition to being
placed on positive outlook by Standard & Poor’s, we successfully
raised $1.4 billion of well-priced long-term and permanent capital.

One of the benefits of our diversified investment strategy is the
ability to access both the U.S. and European public debt markets,
thereby further diversifying our capital sources and providing
a hedge against currency fluctuations. In 2019, we issued
approximately $900 million of unsecured debt, through the
issuance of euro- and U.S. dollar-denominated bonds at the
lowest coupon rates and tightest spreads in our history and
raised $523 million in equity through our at-the-market program.

As a result of the deleveraging we did in 2019, we ended the year
with net debt-to-adjusted EBITDA of 5.4x and debt-to-gross assets
of 40%. Throughout the year, we also made significant progress on
our unsecured debt strategy, proactively paying down $1.3 billion
of mortgage debt — thereby reducing secured leverage below
10% as well as driving long-term interest savings.

In early 2020, we added further flexibility to our balance sheet with
the renewal and upsizing of our credit facility on terms that reflect
the significant progress we’ve made over the last several years
executing on our business strategy and the strong demand in the
bank market for our credit.

Investment-Grade Balance Sheet

Conservative Capital Structure

Since receiving our investment-grade ratings in 2013, we have
established access to a variety of capital sources, transitioned
to unsecured debt and lowered overall leverage. Our 2019
highlights include:

In August, Standard and Poor’s affirmed our investment-grade rating
at BBB and revised our outlook to positive from stable, specifically
citing its favorable view of our recent deleveraging efforts. During
2019, we also reduced mortgage debt outstanding, significantly
expanding our pool of unencumbered assets

€500 million Eurobond offering at a coupon of 1.35%
$325 million U.S. debt issuance at a coupon of 3.85%
$523 million equity issuance through our ATM program

22%

69%

Equity2 (69%)
Senior Unsecured Notes (22%)
Mortgage Debt (pro rata) (8%)
Unsecured Revolving Credit Facility (1%)

2 Based on a closing stock price of $80.04 on December 31, 2019, and 172,278,242 common

shares outstanding.

2 | W. P. Carey Inc.

2019 Results
Fulfilling our commitment to providing stable and growing
high-quality income for shareholders through various market
environments, total dividends declared increased to $4.14
for 2019, with our fourth quarter dividend representing our
75th consecutive increase since going public in 1998.

Total AFFO for 2019 was $5.00 per diluted share, a 7% decline
from the prior year, reflecting our strategic decision to move
out of the investment management business and become a
pure-play net lease REIT. The quality of our earnings and dividend
coverage substantially improved in 2019, and as I noted at the
outset, Real Estate AFFO increased 8% per share year-over-year
driven by our 2018 merger. 95% of AFFO was derived from more
predictable — and therefore more valuable — long-term lease
revenues, a shift reflected in our strong stock price performance
during 2019.

Looking Ahead
The percentage of earnings we generate from real estate will
continue to increase as the remaining non-traded funds we
manage roll off — most immediately through the anticipated
merger and management internalization of the CWI lodging funds.

At the time of completing this letter, the COVID-19 pandemic
has caused significant uncertainty in the economic outlook.
Fortunately, we have entered the pandemic in a position of
strength. Throughout our 47-year history, our diversification,
liquidity and overall balance sheet health has positioned us

to weather economic disruptions, while remaining watchful for
attractive long-term growth opportunities.

In Closing
As I reflect on 2019, I recognize that we would not be where we
are today without the hard work and dedication of our employees
and the valuable guidance of our Board of Directors. I am also
fortunate to have the support of a strong management team with
deep industry expertise garnered over the course of their lengthy
tenures at W. P. Carey. Our employees are our most important
asset. They shape our company, propel our success and connect
us with our communities. We are guided by our shared commitment
to Investing for the Long Run and Doing Good While Doing Well,
which has positioned W. P. Carey for future growth while bringing
purpose to profits through our community outreach and
environmental initiatives. As our founder, Bill Carey, once said:
“It is always important to ask, ‘What is the impact of what we are
doing? What is good for society?’”

Together we look forward to continuing to build on the strength
of our differentiated position in the net lease space and furthering
our commitment to grow long-term shareholder value. As always,
we thank you for your ongoing support, and we wish you and your
families good health during this unprecedented time.

With best regards,

Jason E. Fox
Chief Executive Officer

Growing Annual Dividends3

Outperforming Total Return4

We have increased our dividend every year since going
public in 1998 and are a member of the NASDAQ Dividend
Achievers index

Since going public in 1998, we have significantly outpaced key
REIT indices and the broader equity market

$4.14


$3.39


$1.65


$1.73


$1.96


1,492%

WPC

MSCI
US REIT
Index

S&P
500

565%

404%

‘98

‘99

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‘01

‘02

‘03

‘04

‘05

‘06

‘07

‘08

‘09

‘10

‘11

‘12

‘13

‘14

‘15

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‘17

‘18

‘19

3 Annual dividend per share reflects sum of quarterly dividends declared per share during the

4 Total return from January 21, 1998, through market close December 31, 2019. Reflects the

respective year. Past performance is not a guarantee of future results.

reinvestment of all dividends.

2019 Annual Report | 3

2019 Portfolio Overview

We focus on high-quality assets of critical importance to our tenants’
businesses, typically originated through sale-leaseback and build-to-suit
transactions as well as follow-on deals with existing tenants.

Our diversified investment strategy, proactive asset management and ability
to execute highly structured transactions differentiate us from our peers.
Our multipronged approach enables us to achieve attractive yield spreads
and create value through the lease structure itself.

In 2019, we successfully grew our ABR and improved the overall quality of
our portfolio, including extending our weighted average lease term, reducing
our top ten tenant concentration and increasing our occupancy rate.

1,214

net lease properties

345

tenants

10.7

years weighted average
lease term

21.9 %

top ten tenant
concentration

30.1%

ABR from investment-
grade tenants

$1.1

billion ABR

98.8 %

occupancy

140

million square feet

4 | W. P. Carey Inc.

2019 Annual Report | 5

Portfolio Diversification

64%

of total ABR in the U.S. 34%

of total ABR in Europe

% ABR5

6.1% or more
3.1 – 6.0%
1.1 – 3.0%
1.0% or less

Our on-the-ground teams in the U.S. and Europe and our expertise in cross-border
transactions uniquely position us to invest across a range of geographies, property
types and industries. In 2019, we completed $868 million of investments, acquiring
55 properties net leased to 29 tenants across 14 industries in ten countries and all
major property types.

6 | W. P. Carey Inc.

5 Based on contractual minimum ABR. Numbers may not add

up to 100% due to rounding.

Property Type Diversification5

18%

23%

24%

r
i

e
h
o
u
s
e
(
4
5
%)

21%

Tenant Industry Diversification5

18%

23%

24%

r
i

e
h
o
u
s
e
(
4
5
%)

21%

Industrial (24%)

Warehouse (21%)

Office (23%)

Retail (18%)

Self-Storage (net lease) (5%)

Other6 (9%)

Industrial (24%)

Warehouse (21%)

Office (23%)

Retail (18%)

Self-Storage (net lease) (5%)

Other6 (9%)

6 Other includes ABR from tenants with the following property types: education facility,
fitness facility, hotel (net lease), laboratory, student housing (net lease) and theater.

Retail7 (21%)
Consumer Services (10%)
Automotive (6%)
Business Services (5%)
Cargo Transportation (5%)
Grocery (5%)
Healthcare and Pharmaceuticals (5%)
Capital Equipment (4%)
Construction and Building (4%)
Hotel, Gaming and Leisure (4%)
Sovereign and Public Finance (4%)
Beverage, Food and Tobacco (3%)
Containers, Packaging and Glass (3%)
Durable Consumer Goods (3%)
High-Tech Industries (3%)
Banking (2%)
Insurance (2%)
Telecommunications (2%)
Aerospace and Defense (1%)
Chemicals, Plastics and Rubber (1%)
Media: Advertising, Printing and Publishing (1%)
Media: Broadcasting and Subscription (1%)
Nondurable Consumer Goods (1%)
Wholesale (1%)
Other8 (3%)

7 Includes automotive dealerships.
8 Includes ABR from tenants in the following industries: consumer transportation,

electricity, environmental industries, finance, forest products and paper, metals and
mining, oil and gas and real estate.

2019 Annual Report | 7

Growing our portfolio by capitalizing on our core capabilities

We provide investors with steadily growing income through our diversified investment strategy
and stringent underwriting process backed by a portfolio of high-quality assets operated by
creditworthy tenants.

Apex Tool Group, LLC

Stark Group A/S

Cross-border capabilities secure acquisition of
industrial portfolio

On-the-ground team in Europe enables acquisition of
high-quality Nordic assets

Location: U.S. and Mexico
Property Type: Industrial
Square Footage: 990,000
Acquisition Date: October 2019

Location: Denmark and Sweden
Property Type: Logistics
Square Footage: 496,000
Acquisition Date: November 2019

Transaction Structure and Pricing: $53 million sale-leaseback
of three assets, master leased on a triple-net basis for 25 years
with fixed annual rent escalations.

Transaction Structure and Pricing: $38 million sale-leaseback
of two assets, triple-net leased for 20 years with annual Danish
and Swedish CPI-based rent escalations.

Creditworthiness of Tenant: One of the largest global producers
of industrial hand and power tools, with market-leading brands
and long-tenured customer relationships.

Asset Criticality: Three industrial facilities representing a critical
component of the tenant’s global operating footprint.

Fundamental Value of Real Estate: Facilities located in industrial
markets with low vacancy rates.

Creditworthiness of Tenant: Largest supplier of building and
construction products in the Nordic region.

Asset Criticality: Two mission-critical assets representing the
tenant’s largest logistics facilities in each country.

Fundamental Value of Real Estate: Modern, well-located assets
with access to major highways and shipping routes.

8 | W. P. Carey Inc.

We evaluate each investment using the
same four criteria:

We invest in single-tenant net lease assets
primarily through:

• Creditworthiness of the tenant

• Sale-leasebacks

• Criticality of the asset to the tenant’s business

• Build-to-suits

• Fundamental value of the real estate

• Acquisitions of existing net leased assets

• Transaction structure and pricing

Fresenius

Stanley Black & Decker, Inc.

Forward commitment to acquire newly developed
Class-A logistics asset

Improved cost of capital unlocks higher-quality asset
leased to investment-grade tenant

Location: Tennessee
Property Type: Warehouse
Square Footage: 614,000
Commitment Date: September 2019 (est. completion in April 2020)

Location: North Carolina and South Carolina
Property Type: Logistics
Square Footage: 1.2 million
Acquisition Date: December 2019

Transaction Structure and Pricing: $68 million forward
commitment to acquire the facility upon completion of
construction subject to a 20-year triple-net lease with fixed
annual rent increases.

Creditworthiness of Tenant: Investment-grade-rated
North American dialysis operator and renal pharmaceuticals
manufacturer.

Asset Criticality: Tenant’s largest U.S. distribution center
and sole East Coast location for the distribution of its in-home
and in-clinic dialysis products.

Fundamental Value of Real Estate: Class-A, modern logistics
asset with expansion potential.

Transaction Structure and Pricing: $94 million sale-leaseback
of a logistics and distribution facility, triple-net leased with fixed
annual rent escalations and below-market rent providing potential
upside at the end of the 12-year term.

Creditworthiness of Tenant: S&P 500 global manufacturer of
hand and power tools, with an A rating from Standard & Poor’s.

Asset Criticality: Tenant’s second-largest distribution center
in the U.S.

Fundamental Value of Real Estate: Fungible logistics asset in
strong industrial market with access to key transportation routes.

2019 Annual Report | 9

Creating value by proactively working with our tenants

We align our long-term investment objectives
with our tenants’ long-term operational needs.
By working hand in hand with our tenants, we
are able to support their evolving objectives
while improving our portfolio through
follow-on projects, including:

• Expansions and follow-on build-to-suits

• Renovations, redevelopments and repositionings

• Building efficiency retrofits

Harbor Freight Tools

Danske Fragtmænd

Commitment to building long-term partnership with
tenant unlocks third investment with growing company

Proactive asset management secures off-market,
follow-on investment in supply-constrained Nordic region

Location: South Carolina
Property Type: Logistics
Square Footage: 3.0 million (upon completion in 2019)
Completion Date: Second expansion completed in 2019, following
initial acquisition in 2011 and subsequent expansion in 2013

Transaction Structure and Pricing: $83 million in total funding for
two expansion projects completed in 2014 and 2019. The property
is triple-net leased for a period of 20 years as of completion of
the 2019 expansion.

Creditworthiness of Tenant: Multichannel tool retailer established
in 1977 with more than 1,000 stores nationwide.

Asset Criticality: Newly expanded distribution center serves
as tenant’s East Coast hub, distributing products to 450 stores
in 30 states.

Location: Denmark
Property Type: Logistics
Square Footage: 2.1 million (upon completion in 2020)
Completion Date: Capital commitment completed in 2019 to
fund last-mile logistics facility upon completion of construction
in early 2020, following initial acquisition of a 14-property logistics
portfolio in 2018

Transaction Structure and Pricing: $11 million funding commitment
for logistics facility net leased for 20 years with Danish-CPI based
rent escalations.

Creditworthiness of Tenant: Leading freight carrier for business-to-
business freight solutions in Denmark founded in 1990.

Asset Criticality: Mission-critical asset with last-mile delivery and
local warehousing capabilities to service southern Denmark.

Fundamental Value of Real Estate: Modern logistics facility
with proximity to an inland port and direct rail access.

Fundamental Value of Real Estate: Newly constructed Class-A,
last-mile logistics facility in thriving industrial market.

10 | W. P. Carey Inc.

As our portfolio grows, investment
opportunities from within our portfolio have
become more meaningful sources of deal
flow. As one of the largest net lease REITs with
a diversified portfolio, we benefit from a larger
pool of internally sourced opportunities,
which adds value by:

• Improving portfolio quality

• Increasing asset criticality

• Extending lease terms

• Securing above-market cap rates

Extra Space Storage

Innovative conversion of self-storage operating assets to
net leases minimizes exposure to capital expenditures and
adds stable cash flows

Creditworthiness of Tenant: Investment-grade rated, S&P 500
company and the second-largest owner and operator of self-
storage facilities in the U.S.

Asset Criticality: Agreement helped expand tenant’s
New York footprint and further its external growth strategy
through an asset-light business model.

Fundamental Value of Real Estate: High-quality portfolio in
attractive markets across the U.S.

Location: U.S. (8 states)
Property Type: Self-storage
Square Footage: 2.4 million
Agreement Date: Individual net leases executed in April 2019
(27 assets converted in 2019 and remaining nine assets will
convert upon stabilization)

Transaction Structure and Pricing: Agreement to convert
36 operating assets acquired in our 2018 merger with one of
our managed funds into triple-net leases for a 25-year term.
The creative transaction enabled us to maintain our exposure
to a highly desirable asset class with stable cash flows and
income-generating characteristics while adhering to our focus
on being a pure-play net lease REIT.

2019 Annual Report | 11

Doing Good While Doing Well

Corporate Responsibility

Environmental

Our commitment to sustainability is applied to both our corporate
offices and our portfolio.

In our offices, we launched our Go Green in 2019 campaign
to identify and implement environmental solutions addressing
energy efficiency, water conservation and waste management. In
2019, we successfully phased out single-use plastic water bottles,
planted 200+ trees, dedicated 240 hours to improving our local
parks and recycled 3,000 pounds of electronic equipment.

In our portfolio, we remain focused on investing in high-
quality real estate that adds value to both our portfolio and
the environment. We carefully assess new acquisitions during
our underwriting process to ensure all properties meet our
environmental standards, and we continue to grow our list of
green buildings. As one of the largest net lease REITs, we are
uniquely positioned to scale our impact by working with our
tenants to promote property-level sustainability solutions through
ongoing communications and educational resources.

Our founder, Wm. Polk Carey, believed that our business by
its very nature promotes prosperity, but he also believed that
our responsibility did not end there. He understood that good
corporate citizenship was fundamental to good business and
to creating long-term value for our shareholders.

Today Bill Carey’s vision and philanthropic commitment live
on through our more than 200 employees around the world
and their personal commitments to making a difference for
the communities in which we live and work. Our employees
represent more than 20 countries and 25 languages, and
their diversity helps expand our global reach and deepen
our local roots to uphold our founder’s motto of Doing Good
While Doing Well. Together we further our efforts through
our global corporate responsibility initiatives, focused on
our ESG objectives.

“ Doing Good While Doing Well means that when
we are financing properties for companies,
we are also helping the communities those
companies serve. It is important to always
ask, ‘What is the impact of what we are doing?
What is good for society?’”

—Wm. Polk Carey, Founder

Focus on sustainability unlocks long-term value of
renewable energy-powered site

In 2019, we completed a $70 million investment in a clean-
energy food-production and distribution site comprising six
buildings and 412,000 square feet. The state-of-the-art site
is powered by renewable, clean energy sources through a
combination of wind turbines and hydroelectric energy. It is
master leased on a triple-net basis to Turkey Hill, a leading
producer of ice cream and beverage products, and it exemplifies
the type of accretive, environmentally responsible asset that
we look to grow our portfolio with.

12 | W. P. Carey Inc.

Social

Governance

Good corporate governance is essential to the effective
operation of our business and our long-term success. Our
governance practices are designed to ensure our company is
run responsibly and in the best interest of our shareholders,
employees and tenants. The Board is responsible for upholding
our governance practices to maintain our shared commitment of
providing long-term shareholder value, while demonstrating our
values and high ethical standards.

In 2019, we released our first Corporate Responsibility Report,
highlighting our environmental policy, corporate citizenship
and governance practices. In the report, we’ve increased
transparency and introduced new programs to ensure our
operations align with the policies set forth by the Board. We
remain committed to operating our business at the highest
possible standards to achieve our strategic goals and manage
risk, thereby safeguarding the long-term interests of our
shareholders.

In 2013, we established our Carey Forward program as a tribute
to Bill Carey’s philanthropic legacy. Through the program, we
share our success with our communities by volunteering our
time and donating much-needed resources. It is an opportunity
for employees to participate in charitable activities, bringing
the same qualities and skills to our communities as they do to
W. P. Carey.

In 2019, our employees supported the following organizations:

• American Cancer Society

• Little Village

• Amsterdam Cares

• New York Blood Center

• Central Park Conservancy

• Student Sponsor Partners

• City Harvest

• Volunteers of America

• Dutch Food Bank

The W. P. Carey Foundation supports these efforts by matching
charitable contributions made by our employees and Board
of Directors. In 2019, the Foundation launched its inaugural
Carey the Torch initiative to recognize employees exemplifying
Bill Carey’s motto of Doing Good While Doing Well by making
a positive impact on their community. Together with the
Foundation, we support the great work being done not only by
employees but also within our local parks, museums, educational
programs, hospitals and other community organizations.

In addition to supporting our communities, we support our
employees through our inclusive work environment, internal
education series, comprehensive benefits package, robust
training initiatives, competitive wages and profit-sharing plan.
We understand that by investing in our people, we invest in
our future and build on our long-term success.

50+ backpacks collected for Volunteers

of America’s Operation Backpack

Earth Day

200+ trees planted in recognition of
600+ hours spent volunteering
$300K+ donated to support local museums,

parks, hospitals and more

by employees

2019 Annual Report | 13

W. P. Carey Inc.
50 Rockefeller Plaza
New York, NY 10020
1-800-WP CAREY
www.wpcarey.com
NYSE: WPC

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