W. P. Carey
Annual Report 2024

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 FORM 10-K
☑    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2024
or 
☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from__________ to __________
Commission File Number: 001-13779
W. P. Carey Inc.
(Exact name of registrant as specified in its charter) 
Maryland
45-4549771
(State or other jurisdiction of incorporation)
(I.R.S. Employer Identification No.)
One Manhattan West, 395 9th Avenue, 58th Floor
New York, New York
10001
(Address of principal executive offices)
(Zip Code)
Investor Relations (212) 492-8920
(212) 492-1100
(Registrant’s telephone numbers, including area code)
(Former name or former address, if changed since last report.)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of exchange on which registered
Common Stock, $0.001 Par Value
WPC
New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☑ No ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☑
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such
shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter)
during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions
of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☑
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section
404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☑
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to
previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers
during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☑
State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid
and asked price of such common equity, as of last business day of the registrant’s most recently completed second fiscal quarter: $12.0 billion.
As of February 7, 2025, there were 218,849,396 shares of Common Stock of registrant outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
The registrant incorporates by reference its definitive Proxy Statement with respect to its 2025 Annual Meeting of Stockholders, to be filed with the Securities and Exchange Commission within 120
days following the end of its fiscal year, into Part III of this Annual Report on Form 10-K.

INDEX
 
 
 
Page No.
PART I
 
 
Item 1.
Business
3
Item 1A.
Risk Factors
7
Item 1B.
Unresolved Staff Comments
20
Item 1C.
Cybersecurity
20
Item 2.
Properties
22
Item 3.
Legal Proceedings
22
Item 4.
Mine Safety Disclosures
22
PART II
 
Item 5.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
23
Item 6.
Reserved
23
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
24
Item 7A.
Quantitative and Qualitative Disclosures About Market Risk
46
Item 8.
Financial Statements and Supplementary Data
48
Item 9.
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
134
Item 9A.
Controls and Procedures
134
Item 9B.
Other Information
135
Item 9C.
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
135
PART III
 
Item 10.
Directors, Executive Officers and Corporate Governance
136
Item 11.
Executive Compensation
136
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
136
Item 13.
Certain Relationships and Related Transactions, and Director Independence
136
Item 14.
Principal Accounting Fees and Services
136
PART IV
 
Item 15.
Exhibits and Financial Statement Schedules
137
Item 16.
Form 10-K Summary
143
SIGNATURES
W. P. Carey 2024 10-K – 1

Forward-Looking Statements
This Annual Report on Form 10-K (the “Report”), including Management’s Discussion and Analysis of Financial Condition and Results of Operations in Item
7 of Part II of this Report, contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements generally
are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “plan,” “may,” “should,” “will,” “would,” “will be,”
“will continue,” “will likely result,” and similar expressions. These forward-looking statements include, but are not limited to, statements regarding: the NLOP
Spin-Off (as defined herein); our expectations surrounding the impact of the broader macroeconomic environment and the ability of tenants to pay rent; our
financial condition, liquidity, results of operations, and prospects; our future capital expenditure and leverage levels, debt service obligations, and plans to fund
our liquidity needs; prospective statements regarding our access to the capital markets, including our “at-the-market” program (“ATM Program”); statements
that we make regarding our ability to remain qualified for taxation as a real estate investment trust (“REIT”); and the impact of recently issued accounting
pronouncements and other regulatory activity.
These statements are based on the current expectations of our management. It is important to note that our actual results could be materially different from
those projected in such forward-looking statements. There are a number of risks and uncertainties that could cause actual results to differ materially from these
forward-looking statements. Other unknown or unpredictable risks or uncertainties, like the risks related to fluctuating interest rates, the impact of inflation on
our tenants and us, the effects of pandemics and global outbreaks of contagious diseases, and domestic or geopolitical crises, such as terrorism, military
conflict, war or the perception that hostilities may be imminent, political instability or civil unrest, or other conflict, could also have material adverse effects on
our business, financial condition, liquidity, results of operations, and prospects. You should exercise caution in relying on forward-looking statements as they
involve known and unknown risks, uncertainties, and other factors that may materially affect our future results, performance, achievements, or transactions.
Information on factors that could impact actual results and cause them to differ from what is anticipated in the forward-looking statements contained herein is
included in this Report, as well as in our other filings with the Securities and Exchange Commission (“SEC”), including but not limited to those described in
Item 1A. Risk Factors and Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of this Report. Moreover, because
we operate in a very competitive and rapidly changing environment, new risks are likely to emerge from time to time. Given these risks and uncertainties,
potential investors are cautioned not to place undue reliance on these forward-looking statements as a prediction of future results, which speak only as of the
date of this presentation, unless noted otherwise. Except as required by federal securities laws and the rules and regulations of the SEC, we do not undertake to
revise or update any forward-looking statements.
All references to “Notes” throughout the document refer to the footnotes to the consolidated financial statements of the registrant in Part II, Item 8. Financial
Statements and Supplementary Data.
W. P. Carey 2024 10-K – 2

PART I
Item 1. Business.
General Development of Business
W. P. Carey Inc. (“W. P. Carey” or the “Company”) is an internally-managed diversified REIT that, together with our consolidated subsidiaries and
predecessors, is a leading owner of commercial real estate, net-leased to companies located primarily in the United States and Northern and Western Europe on
a long-term basis. The vast majority of our revenues originate from lease revenue provided by our real estate portfolio, which is comprised primarily of single-
tenant industrial, warehouse, retail, and self-storage facilities that are critical to our tenants’ operations. Our portfolio is comprised of 1,555 properties, net-
leased to 355 tenants in 26 countries. As of December 31, 2024, approximately 61% of our contractual minimum annualized base rent (“ABR”) was generated
by properties located in the United States and approximately 33% was generated by properties located in Europe. As of that same date, our portfolio included
84 operating properties, comprised of 78 self-storage properties, four hotels, and two student housing properties.
In September 2023, we announced a plan to exit the office assets within our portfolio by (i) spinning-off 59 office properties into Net Lease Office Properties, a
Maryland real estate investment trust (“NLOP”), so that it became a separate publicly-traded REIT (the “Spin-Off”), and (ii) implementing an asset sale
program to dispose of certain office properties retained by us (the “Office Sale Program”), which was completed in 2024 (Note 1).
On November 1, 2023, we completed the Spin-Off, contributing 59 office properties to NLOP (Note 3). Following the closing of the Spin-Off, NLOP operates
as a separate publicly-traded REIT, which we externally manage pursuant to certain advisory agreements (the “NLOP Advisory Agreements”).
On August 1, 2022, one of our former investment programs, Corporate Property Associates 18 – Global Incorporated (“CPA:18 – Global”), merged with and
into one of our indirect subsidiaries (the “CPA:18 Merger”), which added approximately $2.2 billion of real estate assets to our portfolio. Following the close
of the CPA:18 Merger, our advisory agreements with CPA:18 – Global were terminated (Note 4).
Founded in 1973, we became a publicly traded company listed on the New York Stock Exchange (“NYSE”) in 1998 and reorganized as a REIT in 2012. Our
shares of common stock are listed on the NYSE under the ticker symbol “WPC.” Headquartered in New York, we also have offices in Dallas, London, and
Amsterdam.
Narrative Description of Business
Business Objectives and Strategy
Our primary business objective is to invest in a diversified portfolio of high-quality, mission-critical assets subject to long-term net leases with built-in rent
escalators for the purpose of generating stable cash flows, enabling us to grow our dividend and increase long-term stockholder value.
Our investment strategy primarily focuses on owning and actively managing a diverse portfolio of commercial real estate that is net-leased to credit-worthy
companies. We review and evaluate the fundamental value of the underlying real estate. We believe that many companies prefer to lease rather than own their
corporate real estate because it allows them to deploy their capital more effectively into their core competencies. We specialize in sale-leaseback transactions,
where we acquire a company’s critical real estate and then lease it back to them on a long-term, triple-net basis, which requires them to pay substantially all of
the costs associated with operating and maintaining the property (such as real estate taxes, insurance, and facility maintenance). Compared to other types of real
estate investments, sale-leaseback transactions typically produce a more predictable income stream and require minimal capital expenditures, which in turn
generate revenues that provide our stockholders with a stable, growing source of income.
W. P. Carey 2024 10-K – 3

We believe that diversification across property type, tenant, tenant industry, and geographic location, as well as diversification of our lease expirations and
scheduled rent increases, are vital aspects of portfolio risk management and accordingly have constructed a portfolio of real estate that we believe is well-
diversified across each of these categories. We capitalize on our large portfolio and existing tenant relationships through accretive expansions, renovations, and
follow-on deals. We actively manage our real estate portfolio to monitor tenant credit quality and lease renewal risks. We also maintain ample liquidity, a
conservative capital structure, and access to multiple forms of capital.
Effective January 1, 2024, we no longer separately analyze our business between real estate operations and investment management operations, and instead
view the business as one reportable segment, since our investment management operations have been determined to be both quantitatively and qualitatively
insignificant to the Company’s business. Our business is characterized as investing in operationally-critical, single-tenant commercial real estate properties that
are leased on a long-term basis, from which we earn lease revenues. These economic characteristics are similar across various property types, geographic
locations, and industries in which our tenants operate and therefore considered one operating segment. As a result of this change, we have conformed prior
period segment information to reflect how we currently view our business (Note 1).
We intend to operate our business in a manner that is consistent with the maintenance of our status as a REIT for federal income tax purposes. In addition, we
expect to manage our investments in order to maintain our exemption from registration as an investment company under the Investment Company Act of 1940,
as amended.
Investment Strategies
When considering potential net-lease investments for our real estate portfolio, we review various aspects of a transaction to determine whether the investment
and lease structure will satisfy our investment criteria. We generally analyze the following main aspects of each transaction:
Tenant/Borrower Evaluation — We evaluate each potential tenant or borrower for creditworthiness, typically considering factors such as management
experience, industry position and fundamentals, operating history, and capital structure. We also rate each asset based on its market, liquidity, and criticality to
the tenant’s operations, as well as other factors that may be unique to a particular investment. We seek opportunities where we believe the tenant may have a
stable or improving credit profile or credit potential that has not been fully recognized by the market. We define creditworthiness as a risk-reward relationship
appropriate to our investment strategies, which may or may not coincide with ratings issued by the credit rating agencies. We have a robust internal credit
rating system and may designate subsidiaries of non-guarantor parent companies with investment grade ratings as “implied investment grade.”
Properties Critical to Tenant/Borrower Operations — We generally focus on properties and facilities that we believe are critical to the ongoing operations of
the tenant. We believe that these properties generally provide better protection, particularly in the event of a bankruptcy, since a tenant/borrower is less likely to
risk the loss of a critically important lease or property in a bankruptcy proceeding or otherwise.
Diversification — We attempt to diversify our portfolio to avoid undue dependence on any one particular tenant, borrower, collateral type, geographic location,
or industry. By diversifying our portfolio, we seek to reduce the adverse effect of a single underperforming investment or a downturn in any particular industry
or geographic region. While we do not set any fixed diversity metrics in our portfolio, we believe that it is well-diversified across these categories.
Lease Terms — Generally, the net-leased properties we invest in are leased on a full-recourse basis to the tenants or their affiliates. In addition, the vast
majority of our leases provide for scheduled rent increases over the term of the lease (see Our Portfolio below). These rent increases are either fixed (i.e.,
mandated on specific dates) or tied to increases in inflation indices (e.g., the Consumer Price Index (“CPI”) or similar indices in the jurisdiction where the
property is located), but may contain caps or other limitations, either on an annual or overall basis. In the case of retail stores and hotels, the lease may provide
for participation in the gross revenues of the tenant above a stated level, which we refer to as percentage rent.
W. P. Carey 2024 10-K – 4

Real Estate Evaluation — We review and evaluate the physical condition of the property and the market in which it is located. We consider a variety of factors,
including current market rents, replacement cost, residual valuation, property operating history, demographic characteristics of the location and accessibility,
competitive properties, and suitability for re-leasing. We obtain third-party environmental and engineering reports and market studies when required. When
considering an investment outside the United States, we will also consider factors particular to a country or region, including geopolitical risk, in addition to the
risks normally associated with real property investments. See Item 1A. Risk Factors.
Transaction Provisions to Enhance and Protect Value — When negotiating leases with potential tenants, we attempt to include provisions that we believe help
to protect the investment from material changes in the tenant’s operating and financial characteristics, which may affect the tenant’s ability to satisfy its
obligations to us or reduce the value of the investment. Such provisions include covenants requiring our consent for certain activities, requiring indemnification
protections and/or security deposits, and requiring the tenant to satisfy specific operating tests. We may also seek to enhance the likelihood that a tenant will
satisfy their lease obligations through a letter of credit or guaranty from the tenant’s parent or other entity. Such credit enhancements, if obtained, provide us
with additional financial security. However, in markets where competition for net-lease transactions is strong, some or all of these lease provisions may be
difficult to obtain.
Competition — We face active competition from many sources, both domestically and internationally, for net-lease investment opportunities in commercial
properties. In general, we believe that our management’s experience in real estate, credit underwriting, and transaction structuring will allow us to compete
effectively for commercial properties. However, competitors may be willing to accept rates of return, lease terms, other transaction terms, or levels of risk that
we find unacceptable.
Asset Management
We believe that proactive asset management is essential to maintaining and enhancing property values. Important aspects of asset management include entering
into new or modified transactions to meet the evolving needs of current tenants, re-leasing properties, credit and real estate risk analysis, building expansions
and redevelopments, repositioning assets, sustainability and efficiency analysis and retrofits, and strategic dispositions. We regularly engage directly with our
tenants and form long-term working relationships with their decision makers in order to provide proactive solutions and to obtain an in-depth, real-time
understanding of tenant credit.
We monitor compliance by tenants with their lease obligations and other factors that could affect the financial performance of our real estate investments on an
ongoing basis, which typically involves ensuring that each tenant has paid real estate taxes and other expenses relating to the properties it occupies and is
maintaining appropriate insurance coverage. To ensure such compliance at our properties, we often engage the expertise of third parties to complete property
inspections. We also review tenant financial statements and undertake regular physical inspections of the properties to verify their condition and maintenance.
Additionally, we periodically analyze each tenant’s financial condition, the industry in which each tenant operates, and each tenant’s relative strength in its
industry. The in-depth understanding of our tenants’ businesses and direct relationships with their management teams provides strong visibility into potential
issues as well as additional investment opportunities. Our business intelligence platform provides real-time surveillance and early warning, allowing asset
managers to work with tenants to enforce lease provisions, and where appropriate, consider lease modifications.
Financing Strategies
We believe in maintaining ample liquidity, a conservative capital structure, and access to multiple forms of capital. We preserve balance sheet flexibility and
liquidity by maintaining significant capacity on our $2.0 billion unsecured revolving credit facility (the “Unsecured Revolving Credit Facility”). We generally
use the Unsecured Revolving Credit Facility to fund our immediate business needs, including new investments and the repayment of outstanding debt. We seek
to replace short-term financing with more permanent forms of capital, including, but not limited to, common stock, unsecured forms of debt such as public
bonds, private placements and bank debt, and proceeds from asset sales. We also use cash flow retained from our operations to fund our business needs. When
evaluating which form of capital to pursue, we take into consideration multiple factors, including our corporate leverage levels and targets, and the most
attractive source of capital available to us. We may choose to issue unsecured bonds, notes and bank debt denominated in foreign currencies in part to fund
international acquisitions, unencumber assets, and mitigate our exposure to fluctuations in exchange rates. While we expect to maintain an investment grade
rating, which places limitations on the amount of leverage acceptable in our capital structure, and access to a wide variety of capital sources, there can be no
assurance that we will be able to do so in the future.
W. P. Carey 2024 10-K – 5

Our Portfolio
At December 31, 2024, our portfolio had the following characteristics:
•
Number of properties — full or partial ownership interests in 1,555 net-leased properties, 78 self-storage operating properties, four operating hotels,
and two student housing operating properties;
•
Total net-leased square footage — approximately 176 million; and
•
Net-lease occupancy rate — approximately 98.6%.
For more information about our portfolio, see Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Portfolio
Overview.
Tenant/Lease Information
At December 31, 2024, our tenants/leases had the following characteristics:
•
Number of tenants — 355;
•
Investment grade tenants as a percentage of total ABR — 16%;
•
Implied investment grade tenants as a percentage of total ABR — 8%;
•
Weighted-average lease term — 12.3 years;
•
99.6% of our leases as a percentage of total ABR provide rent adjustments as follows:
◦
CPI and similar — 50.7%
◦
Fixed — 45.7%
◦
Other — 3.2%
Human Capital
Investing in Our Employees
At December 31, 2024, we had 203 employees, 146 of which were located in the United States and 57 of which were located in Europe. We seek to hire and
retain a highly qualified workforce in compliance with applicable federal and other laws and regulations. We strive to make W. P. Carey a great place to work
by attracting a diverse pool of the best and brightest applicants and making them feel supported as they grow with the company. We offer various types of
training, including trainings focused on maintaining a supportive corporate culture, safety and cybersecurity trainings, executive coaching to facilitate
leadership development and trainings focused on job skills and development. By engaging with our employees and investing in their careers through training
and development, we have built a talented workforce capable of executing our business strategies.
Inclusive Culture
We believe that our success is dependent upon the diverse backgrounds and perspectives of our employees and directors. W. P. Carey is an equal opportunity
employer and considers qualified applicants regardless of race, color, religion, sexual orientation, gender, gender identity or expression, national origin, age,
disability, military or veteran status, genetic information, or other statuses protected by applicable federal, state, and local law. We actively work to foster an
inclusive corporate culture that respects differences in race, sexual orientation and gender identity, national origin, creeds, and other differences.
Employee Wellness and Benefits
The health and wellness of our employees and their families are paramount and our comprehensive benefits package is designed to address the evolving needs
of our diverse workforce and their dependents. Our benefits package is evaluated on an annual basis. In addition to robust health and wellness benefits, we also
provide our employees with competitive compensation programs, with a focus on both current compensation and retirement planning for their future.
Additional information regarding our human capital programs and initiatives is available in our annual Proxy Statement and Environmental, Social, and
Governance (“ESG”) Report, which can be found on our company website. Information on our website, including our ESG Report, is not incorporated by
reference into this Report.
W. P. Carey 2024 10-K – 6

Available Information
We will supply to any stockholder, upon written request and without charge, a copy of this Report as filed with the SEC. Our filings can also be obtained for
free on the SEC’s website at http://www.sec.gov. All filings we make with the SEC, including this Report, our quarterly reports on Form 10-Q, and our current
reports on Form 8-K, as well as any amendments to those reports, are available for free on the Investor Relations portion of our website
(http://www.wpcarey.com), as soon as reasonably practicable after they are filed with or furnished to the SEC.
Our quarterly earnings conference call and investor presentations are accessible by the public. We generally announce via press release the dates and
conference call details for upcoming scheduled quarterly earnings announcements and webcast investor presentations, which are also available in the Investor
Relations section of our website approximately ten days prior to the event.
Our Code of Business Conduct and Ethics, which applies to all directors, officers, and employees, including our chief executive officer and chief financial
officer, is also available on our website. We intend to make available on our website any future amendments or waivers to our Code of Business Conduct and
Ethics within four business days after any such amendments or waivers. We are providing our website address solely for the information of investors and do
not intend for it to be an active link. We do not intend to incorporate the information contained on our website into this Report or other documents filed with or
furnished to the SEC.
Item 1A. Risk Factors.
Our business, results of operations, financial condition, and ability to pay dividends could be materially adversely affected by various risks and uncertainties,
including those enumerated below, which could cause such results to differ materially from those in any forward-looking statements. You should not consider
this list exhaustive. New risk factors emerge periodically and we cannot assure you that the factors described below list all risks that may become material to us
at any later time.
Risks Related to Our Portfolio and Ownership of Real Estate
We face an increasingly competitive marketplace for investments.
We compete for investments with many other institutions and investors, including other REITs, private equity firms, pension funds, and real estate companies.
Operating in a competitive marketplace for investments could have a negative impact on our revenue growth. Our competitors may accept greater risk, lower
returns, or a combination thereof allowing them to offer more attractive terms when pursuing investment opportunities. Access to capital and the cost of that
capital could further impact the returns we generate from investments relative to our competitors and impair our ability to invest accretively. For example, high
interest rates and equity costs may increase our cost of capital relative to our competitors and place additional pressure on investment spreads if capitalization
rates (which generally respond to higher interest rates on a lag) remain constant or decline.
Our portfolio is concentrated by tenant industry and geographic location.
We are not required to meet any tenant industry, geographic diversification or property-type standards. Therefore, our investments may become concentrated by
tenant industry, geographic location, type or tenant which could subject us to significant risks with potentially adverse effects on our investment objectives. For
example, 22% of our ABR as of December 31, 2024 is concentrated by tenant industry in retail stores and 67% of our ABR as of December 31, 2024 is
concentrated in properties located in North America.
Because we invest in properties located outside the United States, we are exposed to additional risks.
We have invested, and may continue to invest, in properties located outside the United States. At December 31, 2024, our real estate properties located outside
of the United States represented 39% of our ABR and our real estate properties located in Europe represented 33% of our ABR. These investments may be
affected by factors particular to the local jurisdiction where the property is located and may expose us to additional risks, including:
•
enactment of laws relating to foreign ownership of property (including expropriation of investments), or laws and regulations relating to our ability to
repatriate invested capital, profits, or cash and cash equivalents back to the United States;
•
legal systems where the ability to enforce contractual rights and remedies may be more limited than under U.S. law;
W. P. Carey 2024 10-K – 7

•
trade disputes with other countries, the possibility of changes to some international trade agreements, and government regulatory actions, including the
imposition of tariffs, trade barriers or other protectionist actions;
•
difficulty in complying with conflicting obligations in various jurisdictions and the burden of observing a variety of evolving foreign laws,
regulations, and governmental rules and policies, which may be more stringent than U.S. laws and regulations (including land use, zoning,
environmental, financial, and privacy laws and regulations, such as the European Union’s General Data Protection Regulation);
•
tax requirements vary by country and existing foreign tax laws and interpretations may change (e.g., the on-going implementation of the European
Union’s Anti-Tax Avoidance Directives and the new global minimum tax (“Pillar Two”)), which may result in additional taxes on our international
investments or additional taxes as a result of Pillar Two;
•
changes in operating expenses in particular countries or regions;
•
increased energy and commodity prices in Europe;
•
foreign exchange rates; and
•
geopolitical and military conflict risk and adverse market conditions caused by changes in national or regional economic or political conditions,
including the ongoing conflict between Russia and Ukraine, rising tensions between China and Taiwan and the conflict in the Middle East (which may
impact relative interest rates, the terms or availability of debt financing, customers’ ability and willingness to renew agreements, make payments, and
enter into new agreements, and energy costs).
The failure of our compliance and internal control systems to properly mitigate such additional risks, or of our operating infrastructure to support such
international investments, could result in operational failures, regulatory fines, or other governmental sanctions. We may engage third-party asset managers in
international jurisdictions to monitor compliance with legal requirements and lending agreements. Failure to comply with applicable requirements may expose
us, our operating subsidiaries, or the entities we manage to additional liabilities. Our operations in the United Kingdom, the European Economic Area, and
other countries are subject to significant compliance, disclosure, and other obligations.
In addition, the lack of publicly available information in certain jurisdictions could impair our ability to analyze transactions and may cause us to forego an
investment opportunity. It may also impair our ability to receive timely and accurate financial information from tenants necessary to meet reporting obligations
to financial institutions or governmental and regulatory agencies. Certain of these risks may be greater in less developed countries.
We are also subject to potential fluctuations in exchange rates between foreign currencies and the U.S. dollar because we translate revenue denominated in
foreign currency into U.S. dollars for our financial statements (our principal exposure is to the euro). Our results of our foreign operations are adversely
affected by a stronger U.S. dollar relative to foreign currencies (i.e., absent other considerations, a stronger U.S. dollar will reduce both our revenues and our
expenses).
Inflation and high interest rates have adversely affected our financial condition and results of operations and may continue to do so in the future.
Periods of inflation and elevated interest rates, particularly when sustained over a longer time horizon, have an adverse impact on our operations and financial
condition. Net leases typically require our tenants to pay all property operating costs, including increases from inflation, and thus reduce our direct exposure to
inflation in property expenses. However, inflationary pressures on property expenses at properties not subject to triple-net leases can and have caused us to
incur additional expense. Inflation can and has impacted other expenses incurred by us including general and administrative costs. Elevated interest rates have
also increased the cost of our variable-rate debt and new debt obligations we have entered into, negatively impacting the results of our operations and limiting
our investment opportunities. Higher interest rates are often the result of challenges in the broader financing markets, and such challenges could impact our
ability to arrange third-party debt, including to refinance maturing debt in part or in whole when due. If we are unable to find alternative credit arrangements or
other funding sources, our financing needs may not be adequately met.
W. P. Carey 2024 10-K – 8

While the vast majority of our leases contain rent escalators, including inflation-linked rent escalators, expenses due to inflation or elevated interest rates could
increase at a rate higher than our rental and other revenue. In the event an increase in our expenses is not sufficiently offset by contractual rent increases or
increases in other revenue, we may be required to implement measures to conserve cash or preserve liquidity. Certain financial covenants could be affected by
higher operating and debt service costs, which may also place restrictions on our liquidity. Furthermore, tenants and potential tenants of our properties may be
adversely impacted by inflation and high interest rates, which could negatively impact our tenants’ ability to pay rent and the demand for our properties.
A significant amount of our leases will expire within the next five years and we may have difficulty re-leasing or selling our properties if tenants do not
renew their leases.
Approximately 20% of our leases, based on our ABR as of December 31, 2024, are due to expire within the next five years. If these leases are not renewed or if
the properties cannot be re-leased on terms that yield comparable payments, our lease revenues could be substantially adversely affected. In addition, when
attempting to re-lease such properties, we may incur significant costs and the terms of any new or renewed leases will depend on prevailing market conditions
at that time. We may also seek to sell such properties and incur losses due to prevailing market conditions. Some of our properties are designed for the
particular needs of a tenant; thus, we may be required to renovate or make rent concessions in order to lease the property to another tenant. If we need to sell
such properties, we may have difficulty selling it to a third party due to the property’s unique design. Real estate investments are generally less liquid than
many other financial assets, which may limit our ability to quickly adjust our portfolio in response to changes in economic or other conditions. These and other
limitations may adversely affect returns to our stockholders.
Certain of our leases permit tenants to purchase a property at a predetermined price, which could limit our realization of any appreciation or result in
a loss.
Under our existing leases, certain tenants have a right to repurchase the properties they lease from us. The purchase price may be a fixed price or it may be
based on a formula or the market value at the time of exercise. If a tenant exercises its right to purchase the property and the property’s market value has
increased beyond that price, we would not be able to fully realize the appreciation on that property. Additionally, if the price at which the tenant can purchase
the property is less than our carrying value (e.g., where the purchase price is based on an appraised value), we may incur a loss. In addition, we may also be
unable to reinvest proceeds from these dispositions in investments with similar or better investment returns.
Our ability to control the management of our net-leased properties is limited, which could impact our ability to make ESG disclosures.
The lack of direct control over our net-leased properties due to the fact that tenants or managers are responsible for maintenance and other day-to-day
management of the properties also makes it difficult for us to collect property-level environmental metrics and to enforce sustainability initiatives, which may
impact our ability to comply with certain ESG disclosure requirements or engage effectively with established ESG frameworks and standards, such as the
Global Real Estate Sustainability Benchmarks, the Task Force for Climate-Related Financial Disclosures and the Sustainability Accounting Standards Board. If
we are unable to successfully collect the data necessary to comply with ESG disclosure requirements, we may be subject to increased regulatory risk; and if
such data is incomplete or unfavorable, our relationship with our investor base, our stock price, our ESG ratings and our access to capital may be negatively
impacted.
We may be materially adversely affected by laws, regulations or other issues related to climate change as well as by potential physical impacts related
to climate change.
We are subject to laws and regulations related to climate change. For example, the State of California has enacted climate change disclosure requirements,
including emissions requirements. In addition, the European Union Corporate Sustainability Reporting Directive (CSRD) became effective in 2023 and
requires expansive disclosures on various sustainability topics. Regulations and other expectations are not uniform, and may be inconsistently interpreted or
applied, which can increase the complexity and costs of compliance as well as any associated litigation or enforcement risks.
W. P. Carey 2024 10-K – 9

We are currently assessing our obligations under these laws and regulations but we expect that compliance with these laws and regulations could result in
substantial compliance costs, retrofit costs and construction costs, including monitoring and reporting costs and capital expenditures for environmental control
facilities and other new equipment. We also expect that over time we will likely need to be prepared to contend with overlapping, yet distinct, climate-related
disclosure requirements in multiple jurisdictions. Noncompliance with these laws or regulations may result in potential cost increases, litigation, fines,
penalties, brand or reputational damage, loss of tenants, lower valuation and higher investor activism activities. We cannot predict how future laws and
regulations, or future interpretations of current laws and regulations related to climate change will affect our business, financial condition and results of
operations.
The direct and indirect impact on us and our tenants from severe weather, flooding, and other effects of climate change, and the economic and
reputational impacts of the transition to non-carbon based energy, could adversely affect our financial condition, operating results, and cash flows.
Our properties have historically been impacted by severe weather, but the effects have been small or moderate in scope. In the future, the adverse impacts from
hurricanes, water shortages, changing sea levels, flooding, wildfires and other severe weather conditions are likely to worsen as a result of climate change.
These events have resulted in and may in the future result in property damage and closures and may adversely impact the operations of our tenants and their
ability to fulfill their obligations under their leases. Even if these events do not directly impact our properties, they have impacted and may continue to impact
us and our tenants through increases in insurance, energy or other costs. In addition, the ongoing transition to non-carbon based energy presents certain risks for
us and our tenants, including risks related to high energy costs and energy shortages, among other things. Changes in laws or regulations, including federal,
state, or local laws, relating to climate change could result in increased capital expenditures to improve the energy efficiency of our properties.
Because we are subject to possible liabilities relating to environmental matters, we could incur unexpected costs and our ability to sell or otherwise
dispose of a property may be negatively impacted.
We have invested, and may in the future invest, in real properties historically or currently used for industrial, manufacturing, and other commercial purposes,
and some of our tenants may handle hazardous or toxic substances, generate hazardous wastes, or discharge regulated pollutants to the environment. Buildings
and structures on the properties we purchase may have known or suspected asbestos-containing building materials. We may invest in properties located in
countries that have adopted laws or observe environmental management standards that are less stringent than those generally followed in the United States,
which may pose a greater risk that releases of hazardous or toxic substances have occurred. We therefore may own properties that have known or potential
environmental contamination as a result of historical or ongoing operations, which may expose us to liabilities under environmental laws. Some of these laws
could impose the following on us:
•
responsibility and liability for the cost of investigation and removal or remediation (including at appropriate disposal facilities) of hazardous or toxic
substances in, on, or migrating from our property, generally without regard to our knowledge of, or responsibility for, the presence of these
contaminants;
•
liability for claims by third parties based on damages to natural resources or property, personal injuries, or costs of removal or remediation of
hazardous or toxic substances in, on, or migrating from our property; and
•
responsibility for managing asbestos-containing building materials and third-party claims for exposure to those materials.
Costs relating to investigation, remediation, or removal of hazardous or toxic substances, or for third-party claims for damages, may be substantial and could
exceed any amounts estimated and recorded within our consolidated financial statements. The presence of hazardous or toxic substances at any of our
properties, or the failure to properly remediate a contaminated property, could (i) give rise to a lien in favor of the government for costs it may incur to address
the contamination or (ii) otherwise adversely affect our ability to sell or lease the property or to borrow using the property as collateral. In addition,
environmental liabilities, or costs or operating limitations imposed on a tenant by environmental laws, could affect its ability to make rental payments to us.
And although we endeavor to avoid doing so, we may be required, in connection with any future divestitures of property, to provide buyers with
indemnifications against potential environmental liabilities.
W. P. Carey 2024 10-K – 10

The value of our real estate is subject to fluctuation.
We are subject to all of the general risks associated with the ownership of real estate, which include:
•
adverse changes in general or local economic conditions, including changes in interest rates or foreign exchange rates;
•
changes in the supply of, or demand for, similar or competing properties;
•
competition for tenants and changes in market rental rates;
•
the ongoing need for capital improvements;
•
Federal Reserve short term rate decisions;
•
the mortgage market and real estate market in the United States;
•
inability to lease or sell properties upon termination of existing leases, or renewal of leases at lower rental rates;
•
inability to collect rents from tenants due to financial hardship, including bankruptcy;
•
changes in tax, real estate, zoning, or environmental laws that adversely impact the value of real estate;
•
failure to comply with federal, state, and local legal and regulatory requirements, including the Americans with Disabilities Act and fire or life-safety
requirements;
•
changes in governmental rules and fiscal policies;
•
uninsured property liability, property damage, or casualty losses;
•
increased operating costs, which may not necessarily be offset by increased rents, including insurance premiums, utilities and real estate taxes, due to
inflation and other factors;
•
exposure to environmental losses and the effects of climate change; and
•
civil unrest, acts of war, terrorism, acts of God, including earthquakes, hurricanes and other natural disasters (which may result in uninsured losses)
and other factors beyond our control.
While the revenues from our leases are not directly dependent upon the value of the real estate owned, significant declines in real estate values could adversely
affect us in many ways, including a decline in the residual values of properties at lease expiration, possible lease abandonment by tenants, and a decline in the
attractiveness of triple-net lease transactions to potential sellers. We also face the risk that lease revenue will be insufficient to cover all corporate operating
expenses and the debt service payments we incur.
Our success is materially dependent on the financial stability of our tenants.
The success of our business is dependent on the financial stability of the tenants occupying our properties. A default of a tenant on its lease payments may
cause us to lose some of the anticipated revenue from an investment property.
The bankruptcy or insolvency of tenants may cause a reduction in our revenue and an increase in our expenses.
We have had, and may in the future have, tenants file for bankruptcy protection. Bankruptcy or insolvency of a tenant could lead to the loss of lease or interest
and principal payments, an increase in the carrying cost of the property, and litigation. If one or a series of bankruptcies or insolvencies is significant enough
(more likely during a period of economic downturn), it could lead to a reduction in the value of our shares and/or a decrease in our dividend. Under U.S.
bankruptcy law, a tenant that is the subject of bankruptcy proceedings has the option of assuming or rejecting any unexpired lease. If the tenant rejects the
lease, any resulting claim we have for breach of the lease (excluding collateral securing the claim) will be treated as a general unsecured claim and the
maximum claim will be capped. In addition, due to the long-term nature of our leases and, in some cases, terms providing for the repurchase of a property by
the tenant, a bankruptcy court could recharacterize a net lease transaction as a secured lending transaction. Insolvency laws outside the United States may be
more or less favorable to reorganization or the protection of a debtor’s rights as in the United States. In circumstances where the bankruptcy laws of the United
States are considered to be more favorable to debtors and/or their reorganization, entities that are not ordinarily perceived as U.S. entities may seek to take
advantage of U.S. bankruptcy laws.
High interest rates, inflation, the imposition of tariffs, heightened vacancy rates, extended loan maturities and an environment of increased loan delinquencies,
may severely affect our tenants’ businesses, financial condition and liquidity, leading to an increase in tenant bankruptcy or insolvency. In addition, a portion of
our tenants may fail to meet their obligations to us in full (or at all), or may otherwise seek modifications of such obligations, which would reduce our revenue
and increase our expenses.
W. P. Carey 2024 10-K – 11

We may acquire or develop properties or acquire other real estate related companies, and this may create risks.
We may acquire or develop properties or acquire other real estate related companies when we believe that an acquisition or development is consistent with our
business strategies. We may not succeed in consummating desired acquisitions or in completing developments on time or within budget. When we do pursue a
project or acquisition, we may not succeed in leasing newly developed or acquired properties at rents sufficient to cover the costs of acquisition or development
and operations. Difficulties in integrating acquisitions may prove costly or time-consuming and could divert management’s attention from other activities.
Acquisitions or developments in new markets or industries where we do not have the same level of market knowledge may result in poorer than anticipated
performance. We may also abandon acquisition or development opportunities that management has begun pursuing and consequently fail to recover expenses
already incurred and will have devoted management’s time to a matter not consummated. Furthermore, our acquisitions of new properties or companies will
expose us to the liabilities of those properties or companies, some of which we may not be aware of at the time of the acquisition. In addition, development of
our existing properties presents similar risks.
Risks Related to Our Liquidity and Capital Resources
Our level of indebtedness could have significant adverse consequences and our cash flow may be insufficient to meet our debt service obligations.
Our consolidated indebtedness as of December 31, 2024, was approximately $8.0 billion, representing a consolidated debt to gross assets ratio of
approximately 41.6%. This consolidated indebtedness was comprised of (i) $6.5 billion in Senior Unsecured Notes (as defined in Note 12), (ii) $55.4 million
outstanding under our Unsecured Revolving Credit Facility (as defined in Note 12), (iii) $1.1 billion outstanding under our Unsecured Term Loans (as defined
in Note 12), and (iv) $401.8 million in non-recourse mortgage loans on various properties. Our level of indebtedness could have significant adverse
consequences on our business and operations, including the following:
•
it may increase our vulnerability to changes in economic conditions (including increases in interest rates) and limit our flexibility in planning for, or
reacting to, changes in our business and/or industry;
•
we may be at a disadvantage compared to our competitors with comparatively less indebtedness;
•
we may be unable to hedge our debt, or such hedges may fail or expire, leaving us exposed to potentially volatile interest or currency exchange rates;
•
any default on our secured indebtedness may lead to foreclosures, creating taxable income that could hinder our ability to meet the REIT distribution
requirements imposed by the Internal Revenue Code; and
•
we may be unable to refinance our indebtedness or obtain additional financing as needed or on favorable terms.
Our ability to generate sufficient cash flow determines whether we will be able to (i) meet our existing or potential future debt service obligations; (ii) refinance
our existing or potential future indebtedness; and (iii) fund our operations, working capital, acquisitions, capital expenditures, and other important business
uses. Our future cash flow is subject to many factors beyond our control and we cannot assure you that our business will generate sufficient cash flow from
operations, or that future sources of cash will be available to us on favorable terms, to meet all of our debt service obligations and fund our other important
business uses or liquidity needs. As a result, we may be forced to take other actions to meet those obligations, such as selling properties, raising equity, or
delaying capital expenditures, any of which may not be feasible or could have a material adverse effect on us. In addition, despite our substantial outstanding
indebtedness and the restrictions in the agreements governing our indebtedness, we may incur significantly more indebtedness in the future, which would
exacerbate the risks discussed above.
Restrictive covenants in our credit agreement and indentures may limit our ability to expand or fully pursue our business strategies.
The credit agreement for our Senior Unsecured Credit Facility and the indentures governing our Senior Unsecured Notes contain financial and operating
covenants that, among other things, require us to meet specified financial ratios and may limit our ability to take specific actions, even if we believe them to be
in our best interest (e.g., subject to certain exceptions, our ability to consummate a merger, consolidation, or a transfer of all or substantially all of our
consolidated assets to another person is restricted). These covenants may restrict our ability to expand or fully pursue our business strategies. Our ability to
comply with these and other provisions of our debt agreements may be affected by changes in our operating and financial performance, changes in general
business and economic conditions, adverse regulatory developments, or other events beyond our control. The breach of any of these covenants could result in a
default under our indebtedness, which could result in the
W. P. Carey 2024 10-K – 12

acceleration of the maturity of such indebtedness and potentially other indebtedness. If any of our indebtedness is accelerated prior to maturity, we may not be
able to repay such indebtedness or refinance such indebtedness on favorable terms, or at all.
A downgrade in our credit ratings could materially adversely affect our business and financial condition as well as the market price of our Senior
Unsecured Notes.
We plan to manage our operations to maintain investment grade status with a capital structure consistent with our current profile. There can be no assurance
that we will be able to maintain our current credit ratings. Our credit ratings could change based upon, among other things, our historical and projected
business, financial condition, liquidity, results of operations, and prospects. These ratings are subject to ongoing evaluation by credit rating agencies and we
cannot provide any assurance that our ratings will not be changed or withdrawn by a rating agency in the future. If any of the credit rating agencies downgrades
or lowers our credit rating, or if any credit rating agency indicates that it has placed our rating on a “watch list” for a possible downgrading or lowering, or
otherwise indicates that its outlook for our rating is negative, it could have a material adverse effect on our costs and availability of capital, which could in turn
have a material adverse effect on us and on our ability to satisfy our debt service obligations (including those under our Senior Unsecured Credit Facility, our
Senior Unsecured Notes, or other similar debt securities that we issue) and to pay dividends on our common stock. Furthermore, any such action could
negatively impact the market price of our Senior Unsecured Notes.
Some of our properties are encumbered by mortgage debt, which could adversely affect our cash flow.
At December 31, 2024, we had $401.8 million of property-level mortgage debt on a non-recourse basis, which limits our exposure on any property to the
amount of equity invested in the property. If we are unable to make our mortgage-related debt payments as required, a lender could foreclose on the property or
properties securing its debt. Additionally, lenders for our mortgage loan transactions typically incorporated various covenants and other provisions (including
loan to value ratio, debt service coverage ratio, and material adverse changes in the borrower’s or tenant’s business) that can cause a technical loan default.
Accordingly, if the real estate value declines or the tenant defaults, the lender would have the right to foreclose on its security. If any of these events were to
occur, it could cause us to lose part or all of our investment, which could reduce the value of our portfolio and revenues available for distribution to our
stockholders.
Some of our property-level financing may also require us to make a balloon payment at maturity. Our ability to make such balloon payments may depend upon
our ability to refinance the obligation or sell the underlying property. When a balloon payment is due, however, we may be unable to refinance the balloon
payment on terms as favorable as the original loan, make the payment with existing cash or cash resources, or sell the property at a price sufficient to cover the
payment. Our ability to accomplish these goals will be affected by various factors existing at the relevant time, such as the state of national and regional
economies, local real estate conditions, available mortgage or interest rates, availability of credit, our equity in the mortgaged properties, our financial
condition, the operating history of the mortgaged properties, and tax laws. A refinancing or sale could affect the rate of return to stockholders and the projected
disposition timeline of our assets.
Risks Related to our Corporate Structure and Maryland Law
Certain provisions of our charter and Maryland law could inhibit changes in control.
Certain provisions of our charter and of the Maryland General Corporation Law (“MGCL”) may have the effect of inhibiting a third party from making a
proposal to acquire us or impeding a change of control that could provide our stockholders with the opportunity to realize a premium over the then-prevailing
market price of our common stock, including:
•
to protect against the loss of our REIT status due to concentration of ownership levels, our charter generally limits the ability of a person, to own,
actually or constructively, more than 9.8%, in either value or number of shares, whichever is more restrictive, of our aggregate outstanding shares of
common stock or preferred stock. Our board of directors (our “Board”), in its sole discretion, may exempt a person from such ownership limits,
provided that they obtain such representations, covenants, and undertakings as appropriate to determine that the exemption would not affect our REIT
status. Our Board may also increase or decrease the common stock ownership limit and/or the aggregate stock ownership limit, so long as the change
would not result in five or fewer persons beneficially owning more than 49.9% in value of our outstanding stock;
W. P. Carey 2024 10-K – 13

•
“business combination” provisions that, subject to limitations, prohibit certain business combinations between us and an “interested stockholder”
(defined generally as any person who beneficially owns 10% or more of the voting power of our outstanding voting stock), or an affiliate thereof, for
five years after the most recent date on which the stockholder becomes an interested stockholder, and thereafter imposes appraisal rights and
supermajority voting requirements on these combinations;
•
“control share” provisions that provide that holders of “control shares” of our company (defined as outstanding voting shares which, when aggregated
with all other shares owned or controlled by the stockholder, entitle the stockholder to exercise one of three increasing ranges of voting power in
electing directors) acquired in a “control share acquisition” (defined as the direct or indirect acquisition of ownership or control of issued and
outstanding “control shares”) have no voting rights except to the extent approved by our stockholders by the affirmative vote of at least two-thirds of
all the votes entitled to be cast on the matter, excluding all interested shares; and
•
our charter empowers our Board, without stockholder approval, to increase or decrease the aggregate number of shares of our stock or the number of
shares of stock of any class or series that we have authority to issue, classify any unissued shares of common stock or preferred stock, reclassify any
previously classified, but unissued, shares of common stock or preferred stock into one or more classes or series of stock, and issue such shares of
stock so classified or reclassified, and our Board may determine the relative rights, preferences, and privileges of any class or series of common stock
or preferred stock issued, including terms that could have the effect of delaying or preventing a change of control transaction.
The MGCL permits various exemptions from its provisions, including business combinations that are exempted by a board of directors prior to the time that the
“interested stockholder” becomes an interested stockholder. Our Board has, by resolution, exempted any business combination between us and any person who
is an existing, or becomes in the future, an “interested stockholder.” Consequently, the five-year prohibition and the supermajority vote requirements will not
apply to business combinations between us and any such person. As a result, such person may be able to enter into business combinations with us that may not
be in the best interest of our stockholders, without compliance with the supermajority vote requirements and the other provisions of the statute. Additionally,
this resolution may be altered, revoked, or repealed in whole or in part at any time and we may opt back into the business combination provisions of the
MGCL. If this resolution is revoked or repealed, the statute may discourage others from trying to acquire control of us and increase the difficulty of
consummating any offer. In the case of the control share provisions of the MGCL, we have elected to opt out of these provisions of the MGCL pursuant to a
provision in our bylaws. If we amend our bylaws to remove or modify this provision, the control share provisions of the statute may discourage others from
trying to acquire control of us and increase the difficulty of consummating any offer.
Additionally, Title 3, Subtitle 8 of the MGCL permits our Board, without stockholder approval and regardless of what is currently provided in our charter or
our bylaws, to implement certain governance provisions, some of which we do not currently have. Our charter contains a provision opting out of Section 3-803
of the MGCL, which permits a board of directors to be divided into classes pursuant by Board action and without a stockholder-approved charter amendment.
This provision can be modified only with a board recommendation and stockholder approval of the charter amendment. If we elect in the future to become
subject to any of the remaining provisions of Title 3, Subtitle 8 of the MGCL, such an election may have the effect of inhibiting a third party from making an
acquisition proposal for our company or of delaying, deferring, or preventing a change in control of our company under circumstances that otherwise could
provide the holders of our common stock with the opportunity to realize a premium over the then-current market price. Our charter, our bylaws, and Maryland
law also contain other provisions that may delay, defer, or prevent a transaction or a change of control that might involve a premium price for our common
stock or otherwise be in the best interests of our stockholders.
Risks Related to our REIT Structure
While we believe that we are properly organized as a REIT in accordance with applicable law, we cannot guarantee that the Internal Revenue Service
will find that we have qualified as a REIT.
We believe that we are organized in conformity with the requirements for qualification as a REIT under the Internal Revenue Code beginning with our 2012
taxable year and that our current and anticipated investments and plan of operation will enable us to meet and continue to meet the requirements for
qualification and taxation as a REIT. Investors should be aware, however, that the Internal Revenue Service or any court could take a position different from
our own. Given the highly complex nature of the rules governing REITs, the ongoing importance of factual determinations, and the possibility of future
changes in our circumstances, no assurance can be given that we will qualify as a REIT for any particular year.
W. P. Carey 2024 10-K – 14

Furthermore, our qualification and taxation as a REIT will depend on our satisfaction of certain asset, income, organizational, distribution, stockholder
ownership, and other requirements on a continuing basis. Our ability to satisfy the quarterly asset tests under applicable Internal Revenue Code provisions and
Treasury Regulations will depend on the fair market values of our assets, some of which are not susceptible to a precise determination. Our compliance with
the REIT income and quarterly asset requirements also depends upon our ability to successfully manage the composition of our income and assets on an
ongoing basis. While we believe that we will satisfy these tests, we cannot guarantee that this will be the case on a continuing basis. There are limited judicial
or administrative interpretations of these provisions. Although we plan to continue to operate in a manner consistent with the REIT qualification rules, we
cannot assure you that we will qualify in a given year or remain so qualified.
If we fail to remain qualified as a REIT, we would be subject to federal income tax at corporate income tax rates and would not be able to deduct
distributions to stockholders when computing our taxable income.
If, in any taxable year, we fail to qualify for taxation as a REIT and are not entitled to relief under the Internal Revenue Code, we will:
•
not be allowed a deduction for distributions to stockholders in computing our taxable income;
•
be subject to federal and state income tax, including a 15% corporate minimum tax on certain corporations and a 1% excise tax on certain stock
repurchases by certain corporations on our taxable income at regular corporate rate; and
•
be barred from qualifying as a REIT for the four taxable years following the year when we were disqualified.
If we fail to make required distributions, we may be subject to federal corporate income tax.
We intend to declare regular quarterly distributions, the amount of which will be determined, and is subject to adjustment, by our Board. To continue to qualify
and be taxed as a REIT, we will generally be required to distribute at least 90% of our REIT taxable income (determined without regard to the dividends-paid
deduction and excluding net capital gain) each year to our stockholders. Generally, we expect to distribute all, or substantially all, of our REIT taxable income.
If our cash available for distribution falls short of our estimates, we may be unable to maintain the proposed quarterly distributions that approximate our
taxable income and we may fail to qualify for taxation as a REIT. In addition, our cash flows from operations may be insufficient to fund required distributions
as a result of differences in timing between the actual receipt of income and the recognition of income for federal income tax purposes or the effect of
nondeductible expenditures (e.g., capital expenditures, payments of compensation for which Section 162(m) of the Internal Revenue Code denies a deduction,
the creation of reserves, or required debt service or amortization payments). To the extent we satisfy the 90% distribution requirement, but distribute less than
100% of our REIT taxable income, we will be subject to federal corporate income tax on our undistributed taxable income. We will also be subject to a 4%
nondeductible excise tax if the actual amount that we pay out to our stockholders for a calendar year is less than a minimum amount specified under the
Internal Revenue Code. In addition, in order to continue to qualify as a REIT, any C corporation earnings and profits to which we succeed must be distributed
as of the close of the taxable year in which we accumulate or acquire such C corporation’s earnings and profits.
Because certain covenants in our debt instruments may limit our ability to make required REIT distributions, we could be subject to taxation.
Our existing debt instruments include, and our future debt instruments may include, covenants that limit our ability to make required REIT distributions. If the
limits set forth in these covenants prevent us from satisfying our REIT distribution requirements, we could fail to qualify for federal income tax purposes as a
REIT. If the limits set forth in these covenants do not jeopardize our qualification for taxation as a REIT, but prevent us from distributing 100% of our REIT
taxable income, we will be subject to federal corporate income tax, and potentially a nondeductible excise tax, on the retained amounts.
Because we are required to satisfy numerous requirements imposed upon REITs, we may be required to borrow funds, sell assets, or raise equity on
terms that are not favorable to us.
In order to meet the REIT distribution requirements and maintain our qualification and taxation as a REIT, we may need to borrow funds, sell assets, or raise
equity, even if the then-prevailing market conditions are not favorable for such transactions. If our cash flows are not sufficient to cover our REIT distribution
requirements, it could adversely impact our ability to raise short- and long-term debt, sell assets, or offer equity securities in order to fund the distributions
required to maintain our qualification and taxation as a REIT. Furthermore, the REIT distribution requirements may increase the financing we need to fund
capital expenditures, future growth, and expansion initiatives, which would increase our total leverage.
W. P. Carey 2024 10-K – 15

In addition, if we fail to comply with certain asset tests at the end of any calendar quarter, we must generally correct the failure within 30 days after the end of
the calendar quarter or qualify for certain statutory relief provisions to avoid losing our REIT qualification. As a result, we may be required to liquidate
otherwise attractive investments. These actions may reduce our income and amounts available for distribution to our stockholders.
Because the REIT rules require us to satisfy certain rules on an ongoing basis, our flexibility or ability to pursue otherwise attractive opportunities
may be limited.
To qualify as a REIT for federal income tax purposes, we must continually satisfy tests concerning, among other things, the sources of our income, the nature
and diversification of our assets, the amounts we distribute to our stockholders, and the ownership of our common stock. Compliance with these tests will
require us to refrain from certain activities and may hinder our ability to make certain attractive investments, including the purchase of non-qualifying assets,
the expansion of non-real estate activities, and investments in the businesses to be conducted by our taxable REIT subsidiaries (“TRSs”), thereby limiting our
opportunities and the flexibility to change our business strategy. Furthermore, acquisition opportunities in domestic and international markets may be adversely
affected if we need or require target companies to comply with certain REIT requirements prior to closing on acquisitions.
Because the REIT provisions of the Internal Revenue Code limit our ability to hedge effectively, the cost of our hedging may increase and we may
incur tax liabilities.
The REIT provisions of the Internal Revenue Code limit our ability to hedge assets and liabilities that are not incurred to acquire or carry real estate. Generally,
income from hedging transactions that have been properly identified for tax purposes (which we enter into to manage interest rate risk with respect to
borrowings to acquire or carry real estate assets) and income from certain currency hedging transactions related to our non-U.S. operations, do not constitute
“gross income” for purposes of the REIT gross income tests (such a hedging transaction is referred to as a “qualifying hedge”). In addition, if we enter into a
qualifying hedge, but dispose of the underlying property (or a portion thereof) or the underlying debt (or a portion thereof) is extinguished, we can enter into a
hedge of the original qualifying hedge, and income from the subsequent hedge will also not constitute “gross income” for purposes of the REIT gross income
tests. To the extent that we enter into other types of hedging transactions, the income from those transactions is likely to be treated as non-qualifying income for
purposes of the REIT gross income tests. As a result of these rules, we may need to limit our use of advantageous hedging techniques or implement those
hedges through a TRS. This could increase the cost of our hedging activities because our TRSs could be subject to tax on income or gains resulting from such
hedges or expose us to greater interest rate risks than we would otherwise want to bear. In addition, losses in any of our TRSs generally will not provide any tax
benefit, except for being carried forward for use against future taxable income in the TRSs.
We use TRSs, which may cause us to fail to qualify as a REIT.
To qualify as a REIT for federal income tax purposes, we hold our non-qualifying REIT assets and conduct our non-qualifying REIT income activities in or
through one or more TRSs. The net income of our TRSs is not required to be distributed to us. Income that is not distributed to us by our domestic TRSs will
generally not be subject to the REIT income distribution requirement. However, certain income that is not distributed to us by our foreign TRSs may be deemed
distributed to us by operation of certain provisions of the Internal Revenue Code and generally subject to REIT income distribution requirements. In addition,
there may be limitations on our ability to accumulate earnings in our TRSs and the accumulation or reinvestment of significant earnings in our TRSs could
result in adverse tax treatment. In particular, if the accumulation of cash in our TRSs causes the fair market value of our TRS interests and certain other non-
qualifying assets to exceed 20% of the fair market value of our assets, we would lose tax efficiency and could potentially fail to qualify as a REIT.
W. P. Carey 2024 10-K – 16

Because the REIT rules limit our ability to receive distributions from TRSs, our ability to fund distribution payments using cash generated through
our TRSs may be limited.
Our ability to receive distributions from our TRSs is limited by the rules we must comply with in order to maintain our REIT status. In particular, at least 75%
of our gross income for each taxable year as a REIT must be derived from real estate-related sources, which principally includes gross income from the leasing
of our properties. Consequently, no more than 25% of our gross income may consist of dividend income from our TRSs and other non-qualifying income types.
Thus, our ability to receive distributions from our TRSs is limited and may impact our ability to fund distributions to our stockholders using cash flows from
our TRSs. Specifically, if our TRSs become highly profitable, we might be limited in our ability to receive net income from our TRSs in an amount required to
fund distributions to our stockholders commensurate with that profitability.
Transactions with our TRSs could cause us to be subject to a 100% penalty tax on certain income or deductions if those transactions are not
conducted on an arm’s-length basis.
The Internal Revenue Code limits the deductibility of interest paid or accrued by a TRS to its parent REIT to assure that the TRS is subject to an appropriate
level of corporate taxation. The Internal Revenue Code also imposes a 100% excise tax on certain transactions between a TRS and its parent REIT that are not
conducted on an arm’s-length basis. We will structure our transactions with our TRSs on terms that we believe are arm’s-length to avoid incurring the 100%
excise tax described above. There can be no assurance, however, that we will be able to avoid application of the 100% excise tax.
We may be subject to a limitation on our deductions for business interest expense.
In addition, the deduction for net business interest is generally limited to 30% of the borrower’s adjusted taxable income (excluding non-business income, net
operating losses and business interest income). This limitation on the deductibility of net business interest could result in additional taxable income for us and
our subsidiaries that are C corporations, including our TRSs, unless we or our subsidiaries qualify as a real property trade or business and elect not to be subject
to such limitation in exchange for using longer depreciation periods that may otherwise be available. WPC, and some of its subsidiaries, have made such
election to be classified as a real property trade or business.
Because distributions payable by REITs generally do not qualify for reduced tax rates, the value of our common stock could be adversely affected.
Certain distributions payable by domestic or qualified foreign corporations to individuals, trusts, and estates in the United States are currently eligible for
federal income tax at a maximum rate of 20% plus the 3.8% Medicare tax on net investment income, if applicable. Distributions payable by REITs, in contrast,
are generally not eligible for this reduced rate, unless the distributions are attributable to dividends received by the REIT from other corporations that would
otherwise be eligible for the reduced rate. Effective for taxable years beginning before January 1, 2026, certain non-corporate U.S. stockholders may deduct
20% of their dividends from REITs (excluding qualified dividend income and capital gains dividends). For such U.S. stockholders in the top marginal tax
bracket of 37%, the deduction for REIT dividends yields an effective income tax rate of 29.6% on REIT dividends, which is higher than the 20% tax rate on
qualified dividend income paid by non- REIT “C” corporations. The more favorable tax rate for regular corporate distributions could cause qualified investors
to perceive investments in REITs to be less attractive than investments in the stock of corporations that pay distributions, which could adversely affect the value
of REIT stocks, including our common stock.
Even if we continue to qualify as a REIT, certain of our business activities will be subject to other tax liabilities, which will continue to reduce our cash
flows, and we will have potential deferred and contingent tax liabilities.
Even if we qualify for taxation as a REIT, we may be subject to certain (i) federal, state, local, and foreign taxes on our income and assets; (ii) taxes on any
undistributed income and state, local, or foreign income; and (iii) franchise, property, and transfer taxes. In addition, we could be required to pay an excise or
penalty tax under certain circumstances in order to utilize one or more relief provisions under the Internal Revenue Code to maintain qualification for taxation
as a REIT, which could be significant in amount.
Any TRS assets and operations would continue to be subject, as applicable, to federal and state corporate income taxes and to foreign taxes in the jurisdictions
in which those assets and operations are located. Any of these taxes would decrease our earnings and our cash available for distributions to stockholders.
W. P. Carey 2024 10-K – 17

We will also be subject to a federal corporate level tax at the highest regular corporate rate (currently 21%) on all or a portion of the gain recognized from a
sale of assets formerly held by any C corporation that we acquire on a carry-over basis transaction occurring within a five-year period after we acquire such
assets, to the extent the built-in gain based on the fair market value of those assets on the effective date of the REIT election is in excess of our then tax basis.
The tax on subsequently sold assets will be based on the fair market value and built-in gain of those assets as of the beginning of our holding period. Gains
from the sale of an asset occurring after the specified period will not be subject to this corporate level tax.
Because dividends received by foreign stockholders are generally taxable, we may be required to withhold a portion of our distributions to such
persons.
Ordinary dividends received by foreign stockholders that are not effectively connected with the conduct of a U.S. trade or business are generally subject to U.S.
withholding tax at a rate of 30%, unless reduced by an applicable income tax treaty. Additional rules with respect to certain capital gain distributions will apply
to foreign stockholders that own more than 10% of our common stock.
The tax imposed on REITs engaging in “prohibited transactions” may limit our ability to engage in transactions which would be treated as sales for
federal income tax purposes.
A REIT’s net income from prohibited transactions is subject to a 100% penalty tax. In general, prohibited transactions are sales or other dispositions of
property, other than foreclosure property, held primarily for sale to customers in the ordinary course of business, unless certain safe harbor exceptions apply.
Although we do not intend to hold any properties that would be characterized as held for sale to customers in the ordinary course of our business, such
characterization is a factual determination and no guarantee can be given that the Internal Revenue Service would agree with our characterization of our
properties or that we will always be able to satisfy the available safe harbors.
The ability of our Board to revoke our REIT election, without stockholder approval, may cause adverse consequences for our stockholders.
Our organizational documents permit our Board to revoke or otherwise terminate our REIT election, without the approval of our stockholders, if it determines
that it is no longer in our best interest to continue to qualify as a REIT. If we cease to be a REIT, we will not be allowed a deduction for dividends paid to
stockholders in computing our taxable income and we will be subject to federal income tax at regular corporate rate and state and local taxes, which may have
adverse consequences on the total return to our stockholders.
Federal and state income tax laws governing REITs and related interpretations may change at any time, and any such legislative or other actions
affecting REITs could have a negative effect on us and our stockholders.
Federal and state income tax laws governing REITs or the administrative interpretations of those laws may be amended at any time. Federal, state, and foreign
tax laws are under constant review by persons involved in the legislative process, at the Internal Revenue Service and the U.S. Department of the Treasury, and
at various state and foreign tax authorities. Changes to tax laws, regulations, or administrative interpretations, which may be applied retroactively, could
adversely affect us or our stockholders. We cannot predict whether, when, in what forms, or with what effective dates, the tax laws, regulations, and
administrative interpretations applicable to us or our stockholders may be changed. Accordingly, we cannot assure you that any such change will not
significantly affect our ability to qualify for taxation as a REIT or the federal income tax consequences to you or us.
Risks Related to Our Overall Business
We are subject to the volatility of the capital markets, which may impact our ability to deploy capital.
The trading volume and market price of our common stock may fluctuate significantly and be adversely impacted in response to a number of factors, including
disruption in the banking industry, inflation, trade disputes, and other macroeconomic developments. Therefore, our current or historical trading volume and
share prices are not indicative of the number of shares of our common stock that will trade going forward or how the market will value shares of our common
stock in the future. In addition, the capital markets may experience extreme volatility, disruption and periods of dislocation (e.g., during pandemics or a global
financial crisis), which could make it more difficult for us to raise capital. Since net-lease REITs must be able to deploy capital with agility and consistency, if
we cannot access the capital markets upon favorable terms or at all, we may be required to liquidate one or more investments, including when an investment
has not yet realized its maximum return, which
W. P. Carey 2024 10-K – 18

could also result in adverse tax consequences and affect our ability to capitalize on acquisition opportunities and/or meet operational needs. Moreover, market
turmoil could lead to decreased consumer confidence and widespread reduction of business activity, which may materially and adversely impact us, including
our ability to acquire and dispose of properties.
Future issuances of debt and equity securities may negatively affect the market price of our common stock.
We may issue debt or equity securities or incur additional borrowings in the future. Future issuances of debt securities would increase our interest costs and
rank senior to our common stock upon our liquidation, and additional issuances of equity securities would dilute the holdings of our existing common
stockholders (and any preferred stock may rank senior to our common stock for the purposes of making distributions), both of which may negatively affect the
market price of our common stock. However, our future growth will depend, in part, upon our ability to raise additional capital, including through the issuance
of debt and equity securities. Because our decision to issue additional debt or equity securities or incur additional borrowings in the future will depend on
market conditions and other factors beyond our control, we cannot predict or estimate the amount, timing, nature, or success of our future capital raising efforts.
Thus, common stockholders bear the risk that our future issuances of debt or equity securities, or our incurrence of additional borrowings, will negatively affect
the market price of our common stock.
There can be no assurance that we will be able to maintain cash dividends.
Our ability to continue to pay dividends in the future may be adversely affected by the risk factors described in this Report. More specifically, while we expect
to continue our current dividend practices, we can give no assurance that we will be able to maintain dividend levels in the future for various reasons, including
the following:
•
there is no assurance that rents from our properties will increase or that future acquisitions will increase our cash available for distribution to
stockholders, and we may not have enough cash to pay such dividends due to changes in our cash requirements, capital plans, cash flow, or financial
position;
•
our Board, in its sole discretion, determines the amount and timing of any future dividend payments to our stockholders based on a number of factors,
therefore our dividend levels are not guaranteed and may fluctuate; and
•
the amount of dividends that our subsidiaries may distribute to us may be subject to restrictions imposed by law or regulators, as well as the terms of
any current or future indebtedness that these subsidiaries may incur.
Furthermore, certain agreements relating to our borrowings may, under certain circumstances, prohibit or otherwise restrict our ability to pay dividends to our
common stockholders. Future dividends, if any, are expected to be based upon our earnings, financial condition, cash flows and liquidity, debt service
requirements, capital expenditure requirements for our properties, financing covenants, and applicable law. If we do not have sufficient cash available to pay
dividends, we may need to fund the shortage out of working capital or revenues from future acquisitions, if any, or borrow to provide funds for such dividends,
which would reduce the amount of funds available for investment and increase our future interest costs. Our inability to pay dividends, or to pay dividends at
expected levels, could adversely impact the market price of our common stock. Additionally, in the event that we have to declare dividends in-kind in order to
satisfy the REIT annual distribution requirements, a holder of our common stock will be required to report dividend income as a result of such distributions
even though we distributed no cash or only nominal amounts of cash to such stockholder.
We may make investments in asset classes or countries outside of our core investment strategy which may be perceived as complicating our strategy
relative to our peers.
We may need to expand beyond our current asset class mix to grow our portfolio. As a result, we intend, to the extent that market conditions warrant, to seek to
grow our business by increasing our investments in existing businesses, pursuing new investment strategies (including investment opportunities in new asset
classes), developing new types of investment structures and products, and expanding into new geographic markets and businesses. Introducing new types of
investment structures and products could increase the complexities involved in managing such investments, including to ensure compliance with regulatory
requirements and terms of the investment. Making investments in assets classes or countries outside of our core investment strategy may also be perceived as
complicating our strategy relative to our peers.
Entry into new asset classes or countries may subject us to new laws and regulations with which we are not familiar, or from which we are currently exempt,
and may lead to increased litigation and regulatory risk and costs.
W. P. Carey 2024 10-K – 19

Failure to hedge effectively against interest rate changes and foreign exchange rate changes may have a material adverse effect on our business,
financial condition and results of operations.
The interest rate and foreign exchange rate hedge instruments we may use to manage some of our exposure to interest rate and foreign exchange rate volatility
involve risk, such as the risk that counterparties may fail to honor their obligations under these arrangements. Failure to hedge effectively against such interest
rate and foreign exchange rate changes may have a material adverse effect on our business, financial condition and results of operations.
The occurrence of cyber incidents, or a deficiency in our cyber security, could negatively impact our business by causing a disruption to our
operations, a compromise or corruption of our confidential information, and/or damage to our business relationships, all of which could negatively
impact our financial results.
A cyber incident is considered to be any adverse event that threatens the confidentiality, integrity, or availability of our information resources, which could be
an intentional attack or an unintentional accident or error. Information technology, communication networks, and other computer resources are essential for us
to carry out important operational activities and maintain our business records.
In addition, we may store or come into contact with sensitive information and data. If we or our third-party service providers fail to comply with applicable
privacy or data security laws in handling this information, including the General Data Protection Regulation and the California Consumer Privacy Act, we
could face significant legal and financial exposure to claims of governmental agencies and parties whose privacy is compromised, including sizable fines and
penalties.
We have implemented processes, procedures, and controls, which are reviewed periodically and are intended to address ongoing and evolving cyber security
risks. However, these measures do not guarantee that our financial results will not be negatively impacted by such an incident, especially in light of the fact that
it is not always possible to anticipate, detect, or recognize threats to our systems. Additionally, as artificial intelligence (“AI”) technologies become
increasingly sophisticated, the security risks associated with their use and the potential for misuse also increase. The primary risks that could directly result
from the occurrence of a cyber incident include operational interruption, damage to our relationship with our tenants, expensive remediation efforts, liability
exposure under federal and state law, and private data exposure. There can be no assurance that the insurance we maintain to cover some of these risks will be
sufficient to cover the losses from any future breaches of our systems.
Further information relating to cybersecurity risk management is discussed in Item 1C. Cybersecurity in this Report.
Item 1B. Unresolved Staff Comments.
None.
Item 1C. Cybersecurity.
We maintain an information technology and cybersecurity program.
Management and Board Oversight
We are committed to cybersecurity and vigilantly protecting all our resources and information from unauthorized access. Our cybersecurity approach
incorporates a layered portfolio of employee training programs, multiple resources to manage and monitor the evolving threat landscape, Board oversight of
cybersecurity risks and knowledgeable teams responsible for preventing and detecting cybersecurity risks.
As part of the Board’s oversight of risk management, the Board reviews our cyber-risks with management and the actions we are taking to mitigate such risks.
These actions include implementing industry-recognized practices for protecting systems, third-party monitoring of certain systems and cybersecurity training
for employees. Board oversight of risk is also performed between meetings through the Audit Committee and communications between management and the
Board. The Board receives periodic education around cybersecurity risks and best practices.
W. P. Carey 2024 10-K – 20

Additionally, the Audit Committee, which consists solely of independent directors, is responsible for overseeing cybersecurity risks and related initiatives. The
Audit Committee reviews our enterprise risk and cybersecurity risks. It also reviews the steps management has taken to protect against threats to our
information systems and security and receives updates on cybersecurity on a quarterly basis.
Our information technology team is led by our Chief Information Officer who reports to our Chief Financial Officer and has extensive experience working with
information security systems. Our information technology team consists of individuals with expertise in assessing, preventing and addressing cybersecurity risk
and is responsible for executing our cybersecurity program as well as communicating regularly with senior management, our cybersecurity governance
committee, the Audit Committee and the Board. Our cybersecurity governance committee, comprised of our Chief Financial Officer, Chief Legal Officer, Chief
Information Officer, Head of Internal Audit and senior members of our information technology team are responsible for developing and maintaining our
cybersecurity policies and standards, monitoring ongoing compliance and program updates, and ensuring our information security is aligned with our business
objectives and strategies.
Processes for Assessing, Identifying and Managing Material Risks from Cybersecurity Threats
Our cybersecurity program focuses on (1) preventing and preparing for cybersecurity incidents, (2) detecting and analyzing cybersecurity incidents and (3)
containing, eradicating, recovering from and reporting cybersecurity events.
Prevention and Preparation
We employ a variety of measures to prevent threats related to privacy, information technology security and cybersecurity, which include password protection,
frequent mandatory password change events, multi-factor authentication, internal phishing testing, vulnerability scanning and penetration testing.
Our information technology and internal audit teams utilize frameworks consistent with well-recognized industry cybersecurity frameworks to identify and
mitigate information security risks and oversee an active cybersecurity training program.
In addition, our information technology team conducts routine security assessments as well as ongoing cybersecurity training campaigns for employees and our
Board to enhance awareness and increase vigilance for the various types of cybersecurity attacks to which they may be exposed. Our internal audit team
evaluates and monitors our internal controls over systems access in an effort to mitigate information security risks that may result from unauthorized access to
systems and data.
Third-party vendors are vetted through our service delivery program to ensure they have an established cybersecurity program. We have also engaged our
managed security provider to manage a supply chain defense subscription that will help obtain visibility into cybersecurity risks across third party vendors by
proactively identifying, prioritizing, and driving remediation for cyber risks posed by critical business partners. Our managed security provider’s risk
operations center will escalate certain alerts regarding third-party vendors directly to the IT Department thus providing direct collaboration with third parties,
saving time and improving risk reduction while safeguarding our relationships with such third parties.
Detection and Analysis
Cybersecurity incidents may be detected through a variety of means, including but not limited to automated event-detection notifications or similar
technologies which are monitored by our managed cybersecurity provider, notifications from employees, vendors or service providers, and notifications from
third party information technology system providers. Once a potential cybersecurity incident is identified, including a third party cybersecurity event, the
incident response team designated pursuant to our incident response plan follows the procedures set forth in the plan to investigate the potential incident, such
as determining the nature of the event and assessing the severity of the event.
Containment, Eradication, Recovery, and Reporting
In the event of a cybersecurity incident, the incident response team is responsible for containing the cybersecurity incident, consistent with the procedures in
the incident response plan.
W. P. Carey 2024 10-K – 21

Once a cybersecurity incident is contained, the focus shifts to remediation. Eradication and recovery activities depend on the nature of the cybersecurity
incident. They may include returning affected systems to an operationally ready state and confirming that the affected systems are functioning normally.
We have relationships with a number of third party service providers to assist with cybersecurity containment and remediation efforts, including outside legal
counsel, vendors and external insurance brokers.
In the event of a cybersecurity incident, the incident response team is responsible for following the steps outlined in our incident response plan, including
notifying our senior management, as appropriate.
Following the conclusion of an incident, we, with the assistance of the incident response team, will generally reassess the effectiveness of the cybersecurity
program and incident response plan, identify potential adjustments as appropriate and report to our senior management and our Audit Committee on these
matters.
Cybersecurity Risks
As of December 31, 2024, we are not aware of any instances of material cybersecurity incidents that impacted the Company in the last three years. However,
there can be no assurance that our cybersecurity efforts and measures will be effective or that attempted cybersecurity incidents or disruptions would not be
successful or damaging. See Item 1A. Risk Factors — The occurrence of cyber incidents, or a deficiency in our cyber security, could negatively impact our
business by causing a disruption to our operations, a compromise or corruption of our confidential information, and/or damage to our business relationships, all
of which could negatively impact our financial results.
Item 2. Properties.
Our principal corporate offices are located at One Manhattan West, 395 9th Avenue, 58th Floor, New York, NY 10001 and our international offices are located
in London and Amsterdam. We have additional office space domestically in Dallas. We lease all of these offices and believe these leases are suitable for our
operations for the foreseeable future.
See Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Portfolio Overview for a discussion of the properties
we hold for rental operations and Part II, Item 8. Financial Statements and Supplementary Data — Schedule III — Real Estate and Accumulated Depreciation
for a detailed listing of such properties.
Item 3. Legal Proceedings.
Various claims and lawsuits arising in the normal course of business are pending against us. The results of these proceedings are not expected to have a material
adverse effect on our consolidated financial position or results of operations.
Item 4. Mine Safety Disclosures.
Not applicable.
W. P. Carey 2024 10-K – 22

PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Market Information
Our common stock is listed on the NYSE under the ticker symbol “WPC.” At February 7, 2025 there were 7,508 registered holders of record of our common
stock. This figure does not reflect the beneficial ownership of shares of our common stock.
Stock Price Performance Graph
The graph below provides an indicator of cumulative total stockholder returns for our common stock for the period December 31, 2019 to December 31, 2024,
as compared with the S&P 500 Index and the MSCI US REIT Index. The graph assumes a $100 investment on December 31, 2019, together with the
reinvestment of all dividends. The graph does not reflect any adjustments for the Spin-Off of NLOP that was completed on November 1, 2023 and
accomplished via a pro rata dividend of one NLOP common share for every 15 shares of WPC common stock outstanding (Note 3).
 
At December 31,
 
2019
2020
2021
2022
2023
2024
W. P. Carey Inc.
$
100.00 
$
94.01 
$
115.52 
$
116.07 
$
104.67 
$
93.59 
S&P 500 Index
100.00 
118.40 
152.39 
124.79 
157.59 
197.02 
MSCI US REIT Index
100.00 
92.43 
132.23 
99.82 
113.54 
123.47 
The stock price performance included in this graph is not indicative of future stock price performance.
Dividends
We currently intend to continue paying cash dividends consistent with our historical practice; however, our Board determines the amount and timing of any
future dividend payments to our stockholders based on a variety of factors. Refer to Note 14 for information on the tax treatment of our dividends.
Item 6. Reserved
W. P. Carey 2024 10-K – 23

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Management’s Discussion and Analysis of Financial Condition and Results of Operations is intended to assist in understanding our financial statements and the
reasons for changes in certain key components of our financial statements from period to period. This item also provides our perspective on our financial
position and liquidity, as well as certain other factors that may affect our future results.
The following discussion should be read in conjunction with our consolidated financial statements in Item 8 of this Report and the matters described under Item
1A. Risk Factors. Please see our Annual Report on Form 10-K for the year ended December 31, 2023 for discussion of our financial condition and results of
operations for the year ended December 31, 2022. Refer to Item 1. Business for a description of our business.
Financial Highlights
During the year ended December 31, 2024, we completed the following (as further described in the consolidated financial statements):
Real Estate
Investments
•
We acquired 29 investments totaling $1.4 billion (Note 6).
•
We completed five construction projects at a cost totaling $87.0 million (Note 6).
•
We funded approximately $16.3 million for a construction loan to build a retail complex in Las Vegas, Nevada, during the year ended December 31,
2024. Through December 31, 2024, we have funded $247.7 million (Note 9).
•
We entered into agreements to fund construction loans for projects in Las Vegas, Nevada, and funded $31.9 million during the year ended
December 31, 2024 (Note 7).
•
We committed to fund four construction projects totaling $95.8 million. We currently expect to complete the projects in 2025 and 2026 (Note 6).
•
We acquired the remaining 10.0% controlling interest in a jointly owned investment for $10.5 million, bringing our ownership interest to 100%. In
addition, we converted the nine self-storage properties that comprised this investment from operating properties to net leases, as described below
under Leasing Transactions (Note 9).
Dispositions
•
We disposed of 176 properties for total proceeds, net of selling costs, of $1.2 billion, including (i) our portfolio of 78 U-Haul properties for total
proceeds, net of selling costs, of $464.1 million, (ii) 78 properties sold under the Office Sale Program for total proceeds, net of selling costs, of $524.8
million, and (iii) 20 additional properties for total proceeds, net of selling costs, of $227.4 million (Note 14).
Leasing Transactions
•
On September 1, 2024, we entered into net lease agreements with Extra Space Storage, Inc. (“Extra Space”) for certain self-storage properties
previously classified as operating properties. As a result, on September 1, 2024, we converted 12 self-storage operating properties to net leases (Note
6, Note 9). In connection with these agreements, we also amended the terms of the existing net lease agreements with Extra Space on 27 properties,
extending the term to 25 years and resetting ABR higher to a total of $26.2 million commencing on September 1, 2024. As a result of these
transactions, Extra Space became our largest tenant by ABR, with 39 properties under net leases generating ABR totaling $35.6 million.
W. P. Carey 2024 10-K – 24

Financing and Capital Markets Transactions
•
In April 2024, we repaid our $500 million of 4.6% Senior Notes due 2024 at maturity (Note 12).
•
On May 16, 2024, we completed an underwritten public offering of €650.0 million of 4.25% Senior Notes due 2032, at a price of 99.526% of par
value. These 4.25% Senior Notes due 2032 had an initial 8.2-year term and are scheduled to mature on July 23, 2032 (Note 12).
•
On June 28, 2024, we completed an underwritten public offering of $400.0 million of 5.375% Senior Notes due 2034, at a price of 98.843% of par
value. These 5.375% Senior Notes due 2034 had an initial 10.0-year term and are scheduled to mature on June 30, 2034 (Note 12).
•
In July 2024, we repaid our €500 million of 2.25% Senior Notes due 2024 at maturity (Note 12).
•
In September 2024, we executed an amendment to our Senior Unsecured Credit Facility to incorporate a sustainability-linked feature that provides for
interest rate and facility fee adjustments if certain key performance indicators, primarily related to emissions reduction targets, are met.
•
On November 19, 2024, we completed an underwritten public offering of €600.0 million of 3.700% Senior Notes due 2034 at a price of 98.880% of
par value. These 3.700% Senior Notes due 2034 had an initial 10.0-year term and are scheduled to mature on November 19, 2034 (Note 12).
•
We repaid non-recourse mortgage debt outstanding totaling $215.1 million with a weighted-average interest rate of 4.5% (Note 12).
Dividends to Stockholders
We declared cash dividends totaling $3.490 per share, comprised of four quarterly dividends per share of $0.865, $0.870, $0.875, and $0.880.
Consolidated Results
(in thousands, except shares)
Years Ended December 31,
2024
2023
Total revenues
$
1,583,018 
$
1,741,358 
Net income attributable to W. P. Carey
460,839 
708,334 
Dividends declared
770,426 
880,605 
Net cash provided by operating activities 
1,833,112 
1,073,432 
Net cash used in investing activities
(1,133,892)
(905,883)
Net cash (used in) provided by financing activities
(688,468)
292,562 
Supplemental financial measures :
 
Adjusted funds from operations attributable to W. P. Carey (AFFO)
1,035,945 
1,118,267 
Diluted weighted-average shares outstanding
220,520,457 
215,760,496 
__________
(a) Amount for the year ended December 31, 2024 includes $806.8 million of proceeds from the sales of net investments in sales-type leases (U-Haul and
State of Andalusia portfolios) (Note 7). Such proceeds are included within Net cash provided by operating activities in accordance with Accounting
Standards Codification (“ASC”) 842, Leases.
(b) We consider Adjusted funds from operations (“AFFO”), a supplemental measure that is not defined by U.S. generally accepted accounting principles
(“GAAP”) (a “non-GAAP measure”), to be an important measure in the evaluation of our operating performance. See Supplemental Financial Measures
below for our definition of this non-GAAP measure and a reconciliation to its most directly comparable GAAP measure.
(a)
(b)
W. P. Carey 2024 10-K – 25

Revenues
Total revenues decreased in 2024 as compared to 2023, primarily due to lower lease revenues (substantially as a result of the Spin-Off and the Office Sale
Program (Note 1)) and lower operating property revenues (substantially as a result of dispositions of hotel operating properties) (Note 6).
Net Income Attributable to W. P. Carey
Net income attributable to W. P. Carey decreased in 2024 as compared to 2023, primarily due to lower gain on sale of real estate, non-cash unrealized losses
recognized on our investment in shares of Lineage (a cold storage REIT) during 2024 (Note 10), and the impact of the Spin-Off and the Office Sale Program,
partially offset by lower impairment charges and a gain on change in control of interests recognized in connection with the purchase of the remaining interest in
a jointly owned investment during 2024 (Note 9).
AFFO
AFFO decreased in 2024 as compared to 2023, primarily due to the impact of the Spin-Off and Office Sale Program.
W. P. Carey 2024 10-K – 26

Portfolio Overview
Our portfolio is comprised of operationally-critical, commercial real estate assets net leased to tenants located primarily in the United States and Northern and
Western Europe. We invest in high-quality single tenant industrial, warehouse, and retail properties subject to long-term net leases with built-in rent escalators.
Portfolio information is provided on a pro rata basis, unless otherwise noted below, to better illustrate the economic impact of our various net-leased jointly
owned investments. See Terms and Definitions below for a description of pro rata amounts.
Portfolio Summary
As of December 31,
Net-leased Properties
2024
2023
ABR (in thousands)
$
1,337,172 
$
1,339,352 
Number of net-leased properties
1,555 
1,424 
Number of tenants
355 
336 
Total square footage (in thousands)
176,420 
172,668 
Occupancy
98.6 %
98.1 %
Weighted-average lease term (in years)
12.3 
11.7 
Operating Properties
Number of operating properties:
84 
96 
Number of self-storage operating properties 
78 
89 
Number of hotel operating properties 
4 
5 
Number of student housing operating properties
2 
2 
Occupancy (self-storage operating properties)
89.6 %
90.3 %
Number of countries
26 
26 
Total assets (in thousands)
$
17,535,024 
$
17,976,783 
Net investments in real estate (in thousands)
14,580,475 
14,913,899 
Years Ended December 31,
2024
2023
Acquisition volume (in millions) 
$
1,477.0 
$
1,264.2 
Construction projects completed (in millions)
87.0 
60.7 
Average U.S. dollar/euro exchange rate
1.0820 
1.0813 
Average U.S. dollar/British pound sterling exchange rate
1.2781 
1.2433 
__________
(a) During the third quarter of 2024, we entered into net lease agreements for certain self-storage properties previously classified as operating properties. As a
result, during the third quarter of 2024, we reclassified 12 self-storage properties from operating properties to net leases (Note 6, Note 9). In addition, we
acquired one self-storage operating property during 2024 (Note 6).
(b) We sold one hotel operating property during 2024 (Note 6, Note 17).
(c) Amounts for the years ended December 31, 2024 and 2023 include $16.3 million and $38.2 million, respectively, of funding for a construction loan
accounted for as an equity method investment (Note 9). Amount for the year ended December 31, 2024 includes $238.6 million of sale-leasebacks
classified as loans receivable (Note 7). Amount for the year ended December 31, 2024 includes $31.9 million of funding for two construction loans
accounted for as secured loans receivable (Note 7). Amount for the year ended December 31, 2024 includes the purchase of the remaining interest in a
jointly owned investment for $10.5 million (Note 9).
(a)
(b)
(c)
W. P. Carey 2024 10-K – 27

Net-Leased Portfolio
The tables below represent information about our net-leased portfolio at December 31, 2024 on a pro rata basis and, accordingly, exclude all operating
properties. See Terms and Definitions below for a description of pro rata amounts and ABR.
Top Ten Tenants by ABR
(dollars in thousands)
Tenant/Lease Guarantor
Description
Number of
Properties
ABR
ABR Percent
Weighted-Average
Lease Term (Years)
Extra Space Storage, Inc.
Net lease self-storage properties in the U.S. leased to
publicly traded self-storage REIT
39 
$
35,557 
2.7 %
24.7 
Apotex Pharmaceutical Holdings
Inc. 
Pharmaceutical R&D and manufacturing properties in the
Greater Toronto Area leased to generic drug manufacturer
11 
32,473 
2.4 %
18.2 
Metro Cash & Carry Italia S.p.A.
Business-to-business retail stores in Italy leased to cash
and carry wholesaler
19 
27,045 
2.0 %
3.8 
ABC Technologies Holdings Inc.
Automotive parts manufacturing properties in the U.S.,
Canada and Mexico leased to OEM supplier
23 
24,978 
1.9 %
18.3 
Hellweg Die Profi-Baumärkte
GmbH & Co. KG 
Retail properties in Germany leased to German DIY
retailer
35 
24,555 
1.8 %
19.2 
Fortenova Grupa d.d. 
Grocery stores and one warehouse in Croatia leased to
European food retailer
19 
23,861 
1.8 %
9.3 
OBI Group 
Retail properties in Poland leased to German DIY retailer
26 
23,749 
1.8 %
6.4 
Nord Anglia Education, Inc.
K-12 private schools in Orlando, Miami and Houston
leased to international day and boarding school operator
3 
22,963 
1.7 %
18.7 
Fedrigoni S.p.A 
Industrial and warehouse facilities in Germany, Italy and
Spain leased to global manufacturer of premium packaging
and labels
16 
22,190 
1.7 %
18.9 
Eroski Sociedad Cooperativa 
Grocery stores and warehouses in Spain leased to Spanish
food retailer
63 
20,716 
1.5 %
11.2 
Total
254 
$
258,087 
19.3 %
15.3 
__________
(a) ABR from these properties is denominated in U.S. dollars.
(b) ABR amounts are subject to fluctuations in foreign currency exchange rates.
(c) Of the 23 properties leased to ABC Technologies Holdings Inc., nine are located in Canada, eight are located in the United States, and six are located in
Mexico.
(d) During the first quarter of 2024, we entered into a lease restructuring with Hellweg Die Profi-Baumärkte GmbH & Co. KG (“Hellweg”), which included
(i) abated rent from January 1, 2024 to March 31, 2024, (ii) a €4.0 million reduction in annual base rent, and (iii) a seven-year lease extension, with a new
lease maturity of February 2044.
(a)
(b)
(a) (c)
(b) (d)
(b)
(b)
(b)
(b)
W. P. Carey 2024 10-K – 28

Portfolio Diversification by Geography
(in thousands, except percentages)
Region
ABR
ABR Percent
Square Footage 
Square Footage Percent
United States
Midwest
Illinois
$
63,397 
4.7 %
9,945 
5.6 %
Ohio
42,184 
3.2 %
8,375 
4.8 %
Indiana
36,337 
2.7 %
6,107 
3.5 %
Michigan
25,466 
1.9 %
4,600 
2.6 %
Wisconsin
19,437 
1.5 %
3,340 
1.9 %
Other 
50,953 
3.8 %
7,227 
4.1 %
Total Midwest
237,774 
17.8 %
39,594 
22.5 %
East
North Carolina
41,271 
3.1 %
8,783 
5.0 %
Pennsylvania
32,182 
2.4 %
3,416 
1.9 %
South Carolina
22,902 
1.7 %
5,307 
3.0 %
Kentucky
22,553 
1.7 %
4,485 
2.6 %
New York
21,944 
1.7 %
2,284 
1.3 %
New Jersey
18,711 
1.4 %
954 
0.5 %
Massachusetts
16,584 
1.2 %
1,188 
0.7 %
Other 
33,821 
2.5 %
5,157 
2.9 %
Total East
209,968 
15.7 %
31,574 
17.9 %
South
Texas
81,425 
6.1 %
10,438 
5.9 %
Florida
38,690 
2.9 %
3,295 
1.9 %
Georgia
24,436 
1.8 %
4,293 
2.4 %
Tennessee
24,334 
1.8 %
4,004 
2.3 %
Alabama
23,269 
1.7 %
3,430 
1.9 %
Other 
17,770 
1.3 %
2,422 
1.4 %
Total South
209,924 
15.6 %
27,882 
15.8 %
West
California
62,270 
4.7 %
5,463 
3.1 %
Arizona
21,005 
1.6 %
2,269 
1.3 %
Utah
14,542 
1.1 %
2,021 
1.1 %
Other 
57,617 
4.3 %
5,105 
2.9 %
Total West
155,434 
11.7 %
14,858 
8.4 %
United States Total
813,100 
60.8 %
113,908 
64.6 %
International
The Netherlands
60,091 
4.5 %
7,054 
4.0 %
Poland
59,110 
4.4 %
8,455 
4.8 %
Italy
57,179 
4.3 %
8,183 
4.6 %
Canada 
54,697 
4.1 %
5,450 
3.1 %
United Kingdom
49,882 
3.7 %
4,505 
2.6 %
Germany
49,013 
3.7 %
5,840 
3.3 %
Spain
34,383 
2.6 %
3,073 
1.7 %
Croatia
24,665 
1.8 %
2,063 
1.2 %
Denmark
24,060 
1.8 %
3,002 
1.7 %
France
21,725 
1.6 %
1,679 
1.0 %
Mexico 
21,716 
1.6 %
3,604 
2.0 %
Other 
67,551 
5.1 %
9,604 
5.4 %
International Total
524,072 
39.2 %
62,512 
35.4 %
Total
$
1,337,172 
100.0 %
176,420 
100.0 %
(a)
(b)
(b)
(b)
(b)
(c)
(d)
(e)
W. P. Carey 2024 10-K – 29

Portfolio Diversification by Property Type
(in thousands, except percentages)
Property Type
ABR
ABR Percent
Square Footage 
Square Footage Percent
Industrial
$
484,660 
36.2 %
75,903 
43.0 %
Warehouse
366,555 
27.4 %
66,670 
37.8 %
Retail 
292,425 
21.9 %
22,527 
12.8 %
Other
193,532 
14.5 %
11,320 
6.4 %
Total
$
1,337,172 
100.0 %
176,420 
100.0 %
__________
(a) Includes square footage for any vacant properties.
(b) Other properties within Midwest include assets in Minnesota, Iowa, Kansas, Missouri, Nebraska, South Dakota, and North Dakota. Other properties within
East include assets in Virginia, Connecticut, Maryland, West Virginia, New Hampshire, and Maine. Other properties within South include assets in
Louisiana, Arkansas, Oklahoma, and Mississippi. Other properties within West include assets in Oregon, Colorado, Washington, Nevada, Montana,
Hawaii, Idaho, Wyoming, and New Mexico.
(c) $49.5 million (90.5%) of ABR from properties in Canada is denominated in U.S. dollars, with the balance denominated in Canadian dollars.
(d) All ABR from properties in Mexico is denominated in U.S. dollars.
(e) Includes assets in Lithuania, Belgium, Hungary, Norway, Mauritius, Slovakia, Portugal, the Czech Republic, Austria, Sweden, Latvia, Japan, Finland, and
Estonia.
(f)
Includes automotive dealerships.
(g) Includes ABR from tenants with the following property types: education facility, self-storage (net lease), specialty, laboratory, office, research and
development, hotel (net lease), and land.
(a)
(f)
 (g)
W. P. Carey 2024 10-K – 30

Portfolio Diversification by Tenant Industry
(in thousands, except percentages)
Industry Type
ABR
ABR Percent
Square Footage
Square Footage Percent
Retail Stores 
$
298,058 
22.3 %
34,225 
19.4 %
Consumer Services
121,466 
9.1 %
6,978 
4.0 %
Beverage and Food
112,918 
8.4 %
15,539 
8.8 %
Automotive
92,184 
6.9 %
13,845 
7.8 %
Grocery
82,197 
6.1 %
7,534 
4.3 %
Healthcare and Pharmaceuticals
71,688 
5.4 %
6,549 
3.7 %
Durable Consumer Goods
65,600 
4.9 %
14,408 
8.2 %
Containers, Packaging, and Glass
58,083 
4.3 %
9,967 
5.7 %
Capital Equipment
55,544 
4.2 %
9,534 
5.4 %
Chemicals, Plastics, and Rubber
46,756 
3.5 %
8,083 
4.6 %
Cargo Transportation
45,223 
3.4 %
7,659 
4.3 %
Construction and Building
45,219 
3.4 %
8,262 
4.7 %
Hotel and Leisure
40,904 
3.1 %
2,084 
1.2 %
Non-Durable Consumer Goods
39,051 
2.9 %
8,139 
4.6 %
High Tech Industries
35,963 
2.7 %
5,542 
3.1 %
Business Services
31,795 
2.4 %
3,415 
1.9 %
Metals
24,677 
1.8 %
4,565 
2.6 %
Wholesale
17,124 
1.3 %
2,994 
1.7 %
Other 
52,722 
3.9 %
7,098 
4.0 %
Total
$
1,337,172 
100.0 %
176,420 
100.0 %
__________
(a) Includes automotive dealerships.
(b) Includes ABR from tenants in the following industries: aerospace and defense, insurance, telecommunications, sovereign and public finance,
environmental industries, media: advertising, printing, and publishing, oil and gas, consumer transportation, forest products and paper, banking, and
electricity. Also includes square footage for vacant properties.
(a)
(b)
W. P. Carey 2024 10-K – 31

Lease Expirations
(dollars and square footage in thousands)
Year of Lease Expiration 
Number of Leases
Expiring
Number of Tenants
with Leases Expiring
ABR
ABR Percent
Square Footage
Square Footage Percent
2025
22 
17 
$
24,162 
1.8 %
3,734 
2.1 %
2026
34 
25 
53,964 
4.0 %
7,893 
4.5 %
2027
44 
27 
63,867 
4.8 %
7,303 
4.1 %
2028
41 
25 
53,839 
4.0 %
4,465 
2.5 %
2029
62 
35 
76,122 
5.7 %
9,451 
5.4 %
2030
36 
31 
38,852 
2.9 %
4,227 
2.4 %
2031
40 
23 
73,370 
5.5 %
9,095 
5.2 %
2032
37 
20 
36,448 
2.7 %
5,326 
3.0 %
2033
29 
22 
77,058 
5.8 %
11,776 
6.7 %
2034
56 
24 
82,731 
6.2 %
9,436 
5.3 %
2035
21 
17 
38,156 
2.9 %
6,706 
3.8 %
2036
45 
19 
76,117 
5.7 %
11,007 
6.2 %
2037
39 
17 
35,153 
2.6 %
6,454 
3.7 %
2038
48 
15 
26,365 
2.0 %
2,812 
1.6 %
Thereafter (>2038)
345 
118 
580,968 
43.4 %
74,250 
42.1 %
Vacant
— 
— 
— 
— %
2,485 
1.4 %
Total
899 
$
1,337,172 
100.0 %
176,420 
100.0 %
__________
(a) Assumes tenants do not exercise any renewal options or purchase options.
Terms and Definitions
Pro Rata Metrics — The portfolio information above contains certain metrics prepared on a pro rata basis. We refer to these metrics as pro rata metrics. We
have certain investments in which our economic ownership is less than 100%. On a full consolidation basis, we report 100% of the assets, liabilities, revenues,
and expenses of those investments that are deemed to be under our control or for which we are deemed to be the primary beneficiary, even if our ownership is
less than 100%. Also, for all other jointly owned investments, which we do not control, we report our net investment and our net income or loss from that
investment. On a pro rata basis, we generally present our proportionate share, based on our economic ownership of these jointly owned investments, of the
portfolio metrics of those investments. Multiplying each of our jointly owned investments’ financial statement line items by our percentage ownership and
adding or subtracting those amounts from our totals, as applicable, may not accurately depict the legal and economic implications of holding an ownership
interest of less than 100% in our jointly owned investments.
ABR — ABR represents contractual minimum annualized base rent for our net-leased properties and reflects exchange rates as of December 31, 2024. If there
is a rent abatement, we annualize the first monthly contractual base rent following the free rent period. ABR is not applicable to operating properties and is
presented on a pro rata basis.
Results of Operations
Effective January 1, 2024, we no longer separately analyze our business between real estate operations and investment management operations, and instead
view the business as one reportable segment. As a result of this change, we have conformed prior period segment information to reflect how we currently view
our business (Note 1).
We evaluate our results of operations with a primary focus on increasing and enhancing the value, quality, and number of our properties. We focus our efforts
on accretive investing and improving portfolio quality through re-leasing efforts, including negotiation of lease renewals, or selectively selling assets in order
to increase value in our real estate portfolio.
(a)
W. P. Carey 2024 10-K – 32

Revenues
The following table presents revenues (in thousands):
Years Ended December 31,
2024
2023
Change
Real Estate Revenues
Lease revenues from:
Existing net-leased properties
$
1,164,619 
$
1,129,414 
$
35,205 
Recently acquired net-leased properties
152,243 
65,201 
87,042 
Net-leased properties sold, held for sale, derecognized, or reclassified to operating properties or sales-
type leases
14,926 
232,761 
(217,835)
Total lease revenues (including reimbursable tenant costs)
1,331,788 
1,427,376 
(95,588)
Income from finance leases and loans receivable
73,262 
107,173 
(33,911)
Operating property revenues from:
Existing operating properties
111,170 
111,545 
(375)
Operating properties recently reclassified from net-leased properties or recently acquired
29,696 
24,690 
5,006 
Operating properties sold, held for sale, derecognized, or reclassified to net-leased properties
5,947 
44,022 
(38,075)
Total operating property revenues
146,813 
180,257 
(33,444)
Other lease-related income
20,334 
23,333 
(2,999)
Investment Management Revenues
Asset management revenue
6,597 
2,184 
4,413 
Other advisory income and reimbursements
4,224 
1,035 
3,189 
$
1,583,018 
$
1,741,358 
$
(158,340)
Lease Revenues
“Existing net-leased properties” are those that we acquired or placed into service prior to January 1, 2023 and that were not sold, held for sale, derecognized, or
reclassified to operating properties or sales-type leases during the periods presented. For the periods presented, there were 1,104 existing net-leased properties,
including 12 self-storage properties that converted from operating properties to net leases during the third quarter of 2024 (Note 6, Note 9).
W. P. Carey 2024 10-K – 33

For the year ended December 31, 2024 as compared to 2023, lease revenues from existing net-leased properties increased due to the following items (in
millions):
__________
(a) Excludes fixed minimum rent increases, which are reflected as straight-line rent adjustments within lease revenues.
(b) During the first quarter of 2024, we entered into a lease restructuring with our tenant Hellweg, which included (i) abated rent from January 1, 2024 to
March 31, 2024, (ii) a reduction in annual base rent, and (iii) the reclassification of 13 properties leased to this tenant from direct financing leases to
operating leases (Note 7).
(c) Includes (i) lease revenues of $3.5 million from 12 self-storage operating properties that were converted to net leases on September 1, 2024 (Note 6, Note
9) and (ii) an increase in lease revenues of $1.5 million as a result of a lease restructuring for 27 existing net-leased self-storage properties that was
executed on September 1, 2024.
“Recently acquired net-leased properties” are those that we acquired or placed into service subsequent to December 31, 2022 and that were not sold or held for
sale during the periods presented. Since January 1, 2023, we acquired 37 investments (comprised of 342 properties).
“Net-leased properties sold, held for sale, derecognized, or reclassified to operating properties or sales-type leases” include:
•
175 net-leased properties disposed of during the year ended December 31, 2024;
•
23 net-leased properties disposed of during the year ended December 31, 2023;
•
a portfolio of 12 net-leased hotel properties that converted to operating properties in the first quarter of 2023 upon expiration of the master lease with
the Marriott Corporation, after which we began recognizing operating property revenues and expenses from these properties (eight of these properties
were sold during the third and fourth quarters of 2023 and one property was sold during the second quarter of 2024);
•
two net-leased properties that were reclassified to net investments in sales-type leases in the third quarter of 2024, since we agreed to sell the
properties to the tenant, resulting in a lease modification; following this transaction, we began recognizing earnings from these properties within
Income from finance leases and loans receivable in the consolidated financial statements (these properties were sold in January 2025 (Note 19)); and
•
59 net-leased properties derecognized in connection with the Spin-Off (Note 3).
Our dispositions are more fully described in Note 17.
W. P. Carey 2024 10-K – 34

Income from Finance Leases and Loans Receivable
For the year ended December 31, 2024 as compared to 2023, income from finance leases and loans receivable decreased due to the following items (in
millions):
__________
(a) We sold our U-Haul and State of Andalusia portfolios during the first quarter of 2024. Such investments were previously reclassified to net investments in
sales-type leases during 2023 (Note 7).
(b) Amount is primarily related to a lease restructuring we entered into with our tenant Hellweg during the first quarter of 2024, which resulted in the
reclassification of 13 properties leased to this tenant from direct financing leases to operating leases (Note 7).
(c) Represents interest income from a secured loan receivable of $15.0 million that we provided in connection with a property disposition in June 2024, which
was repaid in full in September 2024 (Note 7).
Operating Property Revenues and Expenses
“Existing operating properties” are those that we acquired or placed into service prior to January 1, 2023 and that were not sold, held for sale, or reclassified to
net-leased properties during the periods presented. For the periods presented, we recorded operating property revenues from 75 existing operating properties,
comprised of 72 self-storage operating properties, two student housing operating properties, and one hotel operating property.
“Operating properties recently reclassified from net-leased properties or recently acquired” include (i) three net-leased hotel properties that converted to
operating properties in the first quarter of 2023 (after which we began recognizing operating property revenues and expenses from these properties), (ii) five
self-storage operating properties acquired during 2023, and (iii) one self-storage operating property acquired during 2024 (Note 6).
“Operating properties sold, held for sale, derecognized, or reclassified to net-leased properties” are comprised of (i) nine hotel operating properties sold during
2023 and 2024, (ii) a parking garage attached to a net-leased property that was derecognized in connection with the Spin-Off (Note 3), and (iii) three self-
storage operating properties that were reclassified to net-leased properties during 2024 (Note 6).
Other Lease-Related Income
Other lease-related income is described in Note 6.
W. P. Carey 2024 10-K – 35

Asset Management Revenue
During the periods presented, we earned asset management revenue from (i) NLOP (upon closing of the Spin-Off on November 1, 2023) and (ii) Carey
European Student Housing Fund I, L.P. (“CESH”) (Note 5). Asset management revenues from NLOP and CESH are expected to decline as assets are sold
(CESH owns one remaining build-to-suit project).
Other Advisory Income and Reimbursements
Other advisory income and reimbursements are comprised of (i) fixed administrative fees earned from NLOP (upon closing of the Spin-Off on November 1,
2023) and (ii) reimbursable costs from CESH (Note 5).
Operating Expenses
Depreciation and Amortization
For the year ended December 31, 2024 as compared to 2023, depreciation and amortization expense decreased primarily due to the impact of the Spin-Off
(Note 3), the Office Sale Program, and other dispositions, partially offset by the impact of property acquisition activity and certain tenant vacancies
(amortization of intangible assets for such properties was accelerated upon vacancy).
General and Administrative
For the year ended December 31, 2024 as compared to 2023, general and administrative expenses increased by $2.6 million, primarily due to higher
compensation expense and employee benefits expense.
Property Expenses, Excluding Reimbursable Tenant Costs
For the year ended December 31, 2024 as compared to 2023, property expenses, excluding reimbursable tenant costs, increased by $5.2 million, primarily due
to the release of real estate taxes accrued for a cash basis tenant during 2023. The tenant was previously not current on real estate taxes due, and repaid the
outstanding amount in the second quarter of 2023.
Impairment Charges — Real Estate
Our impairment charges on real estate are described in Note 10.
Stock-Based Compensation Expense
For a description of our equity plans and awards, please see Note 15.
For the year ended December 31, 2024 as compared to 2023, stock-based compensation expense increased by $6.4 million, primarily due to (i) changes in
projected performance share units (“PSUs”) payouts of $4.4 million, (ii) the modification of restricted share units (“RSUs”) and PSUs in connection with an
executive departure totaling $1.1 million, and (iii) the higher value of RSUs granted in 2024 compared to those RSUs that vested in 2024 totaling $1.0 million.
Merger and Other Expenses
For the year ended December 31, 2024, merger and other expenses are primarily comprised of the write-off of a value added tax receivable that was previously
recorded in connection with an international investment.
For the year ended December 31, 2023, merger and other expenses are primarily comprised of costs incurred in connection with the Spin-Off, which was
completed in November 2023 (Note 3).
W. P. Carey 2024 10-K – 36

Other Income and Expenses, and Provision for Income Taxes
Interest Expense
For the year ended December 31, 2024 as compared to 2023, interest expense decreased by $14.5 million, primarily due to (i) lower outstanding balances on
our Unsecured Revolving Credit Facility, (ii) the reduction of our mortgage debt outstanding by prepaying or repaying at or close to maturity a total of $583.0
million of non-recourse mortgage loans with a weighted-average interest rate of 4.7% since January 1, 2023, and (iii) the derecognition of non-recourse
mortgage loans with an aggregate carrying value totaling $164.7 million in connection with the Spin-Off on November 1, 2023, partially offset by (i) our
Unsecured Term Loan due 2026 that we entered into in April 2023 (Note 12) and (ii) higher outstanding balances and interest rates on our Senior Unsecured
Notes.
The following table presents certain information about our outstanding debt (dollars in thousands):
Years Ended December 31,
2024
2023
Average outstanding debt balance
$
7,948,034 
$
8,404,466 
Weighted-average interest rate
3.2 %
3.2 %
Other Gains and (Losses)
Other gains and (losses) primarily consists of gains and losses on (i) the mark-to-market fair value of equity securities, (ii) extinguishment of debt, (iii) foreign
currency exchange rate movements (except those foreign currency-denominated unsecured debt instruments that were designated as net investment hedges
(Note 11)), and (iv) changes in the non-cash allowance for credit losses on loans receivable and finance leases. The timing and amount of such gains or losses
cannot always be estimated and are subject to fluctuation.
The following table presents other gains and (losses) (in thousands):
Years Ended December 31,
2024
2023
Change
Other Gains and (Losses)
Non-cash unrealized losses related to a decrease in the fair value of our investment in shares of
Lineage (Note 10)
$
(134,002)
$
— 
$
(134,002)
Change in allowance for credit losses on finance receivables (Note 7) 
(27,629)
(29,074)
1,445 
Net realized and unrealized gains (losses) on foreign currency exchange rate movements 
11,491 
(5,454)
16,945 
Gain on repayment of secured loan receivable 
10,650 
— 
10,650 
Non-cash unrealized gains (losses) on non-hedging derivatives
1,913 
(3,918)
5,831 
(Loss) gain on extinguishment of debt
(205)
2,940 
(3,145)
Other
(206)
(678)
472 
$
(137,988)
$
(36,184)
$
(101,804)
__________
(a) As a result of the declining financial position of one of our top ten tenants, we recognized a $28.8 million non-cash allowance for credit loss during the
year ended December 31, 2023, based on our expectation of collecting lower rents going forward.
(b) Remeasurement of certain monetary assets and liabilities that are held by our subsidiaries in currencies other than their functional currency are included in
other gains and (losses). This includes foreign currency-denominated intercompany loans to our foreign subsidiaries that are scheduled for settlement.
Beginning in the first quarter of 2023, our intercompany loans subject to remeasurement were hedged by certain of our foreign currency-denominated
unsecured debt that we de-designated as net investment hedges.
(c) We acquired a secured loan receivable with a fair value of $13.3 million in our merger with a former affiliate, Corporate Property Associates 17 – Global
Incorporated, in October 2018, for which the outstanding principal of $24.0 million was fully repaid to us in March 2024 (Note 7). Therefore, we recorded
a $10.7 million gain on repayment of this secured loan receivable during the year ended December 31, 2024.
(a)
(b)
(c)
W. P. Carey 2024 10-K – 37

Gain on Sale of Real Estate, Net
Gain on sale of real estate, net, consists of gains and losses on the sale of properties that were (i) disposed of, (ii) subject to the exercise of a purchase option,
(iii) subject to a purchase agreement resulting in a lease modification during the reporting period or (iv) included in assets held for sale and subject to a revised
estimated purchase price during the reporting period, as more fully described in Note 6, Note 7, and Note 17.
Non-Operating Income
Non-operating income primarily consists of interest income on our cash deposits, realized gains and losses on derivative instruments, and dividends from
equity securities.
The following table presents non-operating income (in thousands):
Years Ended December 31,
2024
2023
Change
Non-Operating Income
Interest income on our cash deposits 
$
31,816 
$
6,957 
$
24,859 
Realized gains on foreign currency collars (Note 11)
12,521 
14,485 
(1,964)
Dividends from our investment in Lineage (Note 10)
7,899 
— 
7,899 
$
52,236 
$
21,442 
$
30,794 
__________
(a) Increase for the year ended December 31, 2024 as compared to 2023 is due to higher cash deposit balances as a result of proceeds from issuances of Senior
Unsecured Notes (Note 12), the Spin-Off, the Office Sale Program, and other dispositions.
Gain on Change in Control of Interests
On September 1, 2024, we acquired the remaining interest in an investment in which we already had a joint interest and accounted for under the equity method.
Due to the change in control of this jointly owned investment, we recorded a gain on change in control of interests of $31.8 million reflecting the difference
between our carrying value and the fair value of our previously held equity interest. Subsequent to this acquisition, we consolidated this wholly owned
investment (Note 9).
Earnings from Equity Method Investments
Our equity method investments are more fully described in Note 9. The following table presents earnings from equity method investments (in thousands):
Years Ended December 31,
2024
2023
Change
Earnings from Equity Method Investments
Earnings from Las Vegas Retail Complex
$
13,168 
$
12,763 
$
405 
Earnings from Johnson Self Storage 
3,217 
4,572 
(1,355)
Earnings from Harmon Retail Center
855 
855 
— 
Earnings from Kesko Senukai 
686 
1,385 
(699)
$
17,926 
$
19,575 
$
(1,649)
__________
(a) On September 1, 2024, we acquired the remaining 10% controlling interest in the Johnson Self Storage jointly owned investment, bringing our ownership
interest to 100%. Following this acquisition, we no longer recognize equity income from this consolidated investment (Note 9).
(b) Decrease is due to higher interest expense as a result of refinancing the non-recourse mortgage loan encumbering the properties during the second quarter
of 2024.
(a)
(a)
(b)
W. P. Carey 2024 10-K – 38

Provision for Income Taxes
For the year ended December 31, 2024 as compared to 2023, provision for income taxes decreased by $12.3 million, primarily due to (i) the impact of
international lease restructurings during 2024, (ii) the impact of international office property dispositions, and (iii) the release of deferred tax assets in
connection with the tax restructuring of certain international properties during 2023, partially offset by a deferred tax benefit recognized during 2023 related to
an impairment charge recorded on a foreign property.
Liquidity and Capital Resources
Sources and Uses of Cash During the Year
We use the cash flow generated from our investments primarily to meet our operating expenses, service debt, and fund dividends to stockholders. Our cash
flows fluctuate periodically due to a number of factors, which may include, among other things: the timing of our equity and debt offerings; the timing of
purchases and sales of real estate; the timing of the repayment of mortgage loans, our Senior Unsecured Notes, and our Unsecured Term Loans; the timing of
our receipt of lease revenues; the timing and amount of other lease-related payments; the timing of settlement of foreign currency transactions; changes in
foreign currency exchange rates; and the timing of distributions from equity method investments. Despite these fluctuations, we believe that we will generate
sufficient cash from operations to meet our normal recurring short-term liquidity needs. We may also use existing cash resources, available capacity under our
Senior Unsecured Credit Facility, proceeds from term loans or other bank debt, proceeds from dispositions of properties (including the Office Sale Program
(Note 1)), and the issuance of additional debt or equity securities, such as issuances of common stock through our ATM Program (Note 14), in order to meet
our short-term and long-term liquidity needs. We assess our ability to access capital on an ongoing basis. Our sources and uses of cash during the period are
described below.
Operating Activities — Net cash provided by operating activities increased by $759.7 million during 2024 as compared to 2023, primarily due to $806.8
million of proceeds received from the sales of net investments in sales-type leases during 2024 (Note 7), partially offset by the impact of the Spin-Off and
Office Sale Program (Note 1).
Investing Activities — Our investing activities are generally comprised of real estate-related transactions (purchases and sales) and funding for build-to-suit
activities and other capital expenditures on real estate. We also received $24.0 million in 2024 from the repayment of a loan receivable (Note 7).
Financing Activities — Our financing activities are generally comprised of borrowings and repayments under our Unsecured Revolving Credit Facility and
Unsecured Term Loans, issuances and repayments of the Senior Unsecured Notes, payments of non-recourse mortgage loans, issuances of common equity, and
payments of dividends to stockholders.
W. P. Carey 2024 10-K – 39

Summary of Financing
The table below summarizes our Senior Unsecured Notes, our non-recourse mortgages, and our Senior Unsecured Credit Facility (dollars in thousands):
December 31,
2024
2023
Carrying Value
Fixed rate:
Senior Unsecured Notes 
$
6,505,907 
$
6,035,686 
Unsecured Term Loans subject to interest rate swaps 
517,524 
549,109 
Non-recourse mortgages 
401,821 
513,863 
7,425,252 
7,098,658 
Variable rate:
Unsecured Term Loans 
558,302 
576,455 
Unsecured Revolving Credit Facility
55,448 
403,785 
Non-recourse mortgages 
— 
65,284 
613,750 
1,045,524 
$
8,039,002 
$
8,144,182 
Percent of Total Debt
Fixed rate
92 %
87 %
Variable rate
8 %
13 %
 
100 %
100 %
Weighted-Average Interest Rate at End of Year
Fixed rate
3.2 %
2.9 %
Variable rate
4.7 %
5.1 %
Total debt
3.3 %
3.2 %
____________
(a) Aggregate debt balance includes unamortized discount, net, totaling $39.3 million and $31.8 million as of December 31, 2024 and 2023, respectively, and
unamortized deferred financing costs totaling $30.9 million and $21.5 million as of December 31, 2024 and 2023, respectively.
(b) The interest rate swaps on these Unsecured Term Loans expired on December 31, 2024, after which the Unsecured Term Loans incur interest at a variable
rate.
(c) Includes non-recourse mortgages subject to variable-to-fixed interest rate swaps totaling $43.5 million and $45.0 million as of December 31, 2024 and
2023, respectively.
Cash Resources
At December 31, 2024, our cash resources consisted of the following:
•
cash and cash equivalents totaling $640.4 million. Of this amount, $141.9 million, at then-current exchange rates, was held in foreign subsidiaries, and
we could be subject to restrictions or significant costs should we decide to repatriate these amounts;
•
funds totaling $14.6 million that are held by an intermediary and have been designated for future tax-deferred like-kind exchanges under Section 1031
of the Internal Revenue Code (“1031 Exchange”) transactions (Note 2);
•
our Unsecured Revolving Credit Facility, with available capacity of $1.9 billion (net of amounts reserved for standby letters of credit totaling $4.9
million); and
•
unleveraged properties that had an aggregate asset carrying value of approximately $13.6 billion at December 31, 2024, although there can be no
assurance that we would be able to obtain financing for these properties.
(a)
(a) (b)
(a) (c)
(a)
(a)
W. P. Carey 2024 10-K – 40

We may also access the capital markets through additional debt (denominated in both U.S. dollars and euros) and equity offerings, as well as term loans and
other bank debt.
Our cash resources can be used for working capital needs and other commitments and may be used for future investments.
Cash Requirements and Liquidity
As of December 31, 2024, we had (i) $640.4 million of cash and cash equivalents, (ii) $14.6 million of funds that are held by an intermediary and have been
designated for future 1031 Exchange transactions (Note 2), and (iii) approximately $1.9 billion of available capacity under our Unsecured Revolving Credit
Facility (net of amounts reserved for standby letters of credit totaling $4.9 million). As of December 31, 2024, scheduled debt principal payments total $669.5
million during 2025 and $1.5 billion during 2026 (Note 12).
During the next 12 months following December 31, 2024 and thereafter, we expect that our significant cash requirements will include:
•
paying dividends to our stockholders;
•
funding acquisitions of new investments (Note 6);
•
funding future capital commitments (Note 6) and tenant improvement allowances;
•
making scheduled principal and balloon payments on our debt obligations, including $450 million of senior notes that were repaid in February 2025
(Note 19);
•
making scheduled interest payments on our debt obligations (future interest payments total $1.3 billion, with $246.9 million due during the next 12
months; interest on unhedged variable-rate debt obligations was calculated using the applicable annual variable interest rates and balances outstanding
at December 31, 2024); and
•
other normal recurring operating expenses.
We expect to fund these cash requirements through cash generated from operations, cash received from dispositions of properties, the use of our cash reserves
or unused amounts on our Unsecured Revolving Credit Facility (as described above), proceeds from term loans or other bank debt, issuances of common stock
through our ATM Program (Note 14), and potential issuances of additional debt or equity securities.
Our liquidity could be adversely affected by an unanticipated disruption to our operating cash flow, which could include interrupted rent collections or greater-
than-anticipated operating expenses. To the extent that our working capital reserve is insufficient to satisfy our cash requirements, additional funds may be
provided from cash from operations to meet our normal recurring short-term and long-term liquidity needs. We may also use existing cash resources, available
capacity under our Unsecured Revolving Credit Facility, mortgage loan proceeds, and the issuance of additional debt or equity securities to meet these needs.
Certain amounts disclosed above are based on the applicable foreign currency exchange rate at December 31, 2024.
Environmental Obligations
In connection with the purchase of many of our properties, we have required the sellers to perform environmental reviews. We believe, based on the results of
these reviews, that these properties were in substantial compliance with federal, state, and foreign environmental statutes at the time the properties were
acquired. However, portions of certain properties have been subject to some degree of contamination, principally in connection with leakage from underground
storage tanks, surface spills, or other on-site activities. In most instances where contamination has been identified, tenants are actively engaged in the
remediation process and addressing identified conditions. We believe that the ultimate resolution of any environmental matters should not have a material
adverse effect on our financial condition, liquidity, or results of operations. We record environmental obligations within Accounts payable, accrued expenses
and other liabilities in the consolidated financial statements. See Item 1A. Risk Factors for further discussion of potential environmental risks.
W. P. Carey 2024 10-K – 41

Critical Accounting Estimates
Our significant accounting policies are described in Note 2. Many of these accounting policies require judgment and the use of estimates and assumptions when
applying these policies in the preparation of our consolidated financial statements. On a quarterly basis, we evaluate these estimates and judgments based on
historical experience as well as other factors that we believe to be reasonable under the circumstances. These estimates are subject to change in the future if
underlying assumptions or factors change. Certain accounting policies, while significant, may not require the use of estimates. Below is a summary of certain
critical accounting estimates used in the preparation of our consolidated financial statements. Please also refer to our accounting policies described under
Critical Accounting Policies and Estimates in Note 2.
Accounting for Acquisitions
In accordance with the guidance for business combinations and asset acquisitions, we recognize the identifiable assets acquired, the liabilities assumed, and any
noncontrolling interest in the acquired entity. When we acquire properties with leases classified as operating leases, we allocate the purchase price to the
tangible and intangible assets and liabilities acquired based on their estimated fair values.
The tangible assets consist of land, buildings, and site improvements. The intangible assets and liabilities include the above- and below-market value of leases
and the in-place leases, which includes the value of tenant relationships. The recorded allocations of tangible and intangible assets incorporate discount rates,
capitalization rates, interest rates, market rents, leasing commissions, and certain other assumptions and estimates. We use considerable judgment in developing
such assumptions and estimates, and significant increases or decreases in these key assumptions and estimates would result in a significantly lower or higher
fair value measurement of the real estate assets being acquired.
Impairments of Real Estate
For real estate assets held for investment and related intangible assets in which an impairment indicator is identified, we follow a two-step process to determine
whether an asset is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the estimated
future net undiscounted cash flow that we expect the property’s asset group will generate, including any estimated proceeds from the eventual sale of the
property’s asset group. The undiscounted cash flow analysis requires us to make our best estimate of market rents, residual values, and holding periods. We
estimate market rents and residual values using market information from outside sources such as third-party market research, external appraisals, broker quotes,
or recent comparable sales.
As our investment objective is to hold properties on a long-term basis, holding periods used in the undiscounted cash flow analysis are generally ten years, but
may be less if our intent is to hold a property for less than ten years. Depending on the assumptions made and estimates used, the future cash flow projected in
the evaluation of long-lived assets and associated intangible assets can vary within a range of outcomes. We consider the likelihood of possible outcomes in
determining our estimate of future cash flows and, if warranted, we apply a probability-weighted method to the different possible scenarios. If the future net
undiscounted cash flow of the property’s asset group is less than the carrying value, the carrying value of the property’s asset group is considered not
recoverable. We then measure the impairment loss as the excess of the carrying value of the property’s asset group over its estimated fair value.
Supplemental Financial Measures
In the real estate industry, analysts and investors employ certain non-GAAP supplemental financial measures in order to facilitate meaningful comparisons
between periods and among peer companies. Additionally, in the formulation of our goals and in the evaluation of the effectiveness of our strategies, we use
Funds from Operations (“FFO”) and AFFO, which are non-GAAP measures defined by our management. We believe that these measures are useful to investors
to consider because they may assist them to better understand and measure the performance of our business over time and against similar companies. A
description of FFO and AFFO and reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are provided below.
W. P. Carey 2024 10-K – 42

Funds from Operations and Adjusted Funds from Operations
Due to certain unique operating characteristics of real estate companies, as discussed below, the National Association of Real Estate Investment Trusts
(“NAREIT”), an industry trade group, has promulgated a non-GAAP measure known as FFO, which we believe to be an appropriate supplemental measure,
when used in addition to and in conjunction with results presented in accordance with GAAP, to reflect the operating performance of a REIT. The use of FFO is
recommended by the REIT industry as a supplemental non-GAAP measure. FFO is not equivalent to, nor a substitute for, net income or loss as determined
under GAAP.
We define FFO, a non-GAAP measure, consistent with the standards established by the White Paper on FFO approved by the Board of Governors of NAREIT,
as restated in December 2018. The White Paper defines FFO as net income or loss computed in accordance with GAAP, excluding gains or losses from the sale
of certain real estate, impairment charges on real estate or other assets incidental to the company’s main business, gains or losses on changes in control of
interests in real estate, and depreciation and amortization from real estate assets; and after adjustments for unconsolidated partnerships and jointly owned
investments. Adjustments for unconsolidated partnerships and jointly owned investments are calculated to reflect FFO on the same basis.
We also modify the NAREIT computation of FFO to adjust GAAP net income for certain non-cash charges, such as amortization of real estate-related
intangibles, deferred income tax benefits and expenses, straight-line rent and related reserves, other non-cash rent adjustments, non-cash allowance for credit
losses on loans receivable and finance leases, stock-based compensation, non-cash environmental accretion expense, amortization of discounts and premiums
on debt, and amortization of deferred financing costs. Our assessment of our operations is focused on long-term sustainability and not on such non-cash items,
which may cause short-term fluctuations in net income but have no impact on cash flows. Additionally, we exclude non-core income and expenses, such as
gains or losses from extinguishment of debt, gains or losses on the mark-to-market fair value of equity securities, merger and acquisition expenses, and spin-off
expenses. We also exclude realized and unrealized gains/losses on foreign currency exchange rate movements (other than those realized on the settlement of
foreign currency derivatives), which are not considered fundamental attributes of our business plan and do not affect our overall long-term operating
performance. We refer to our modified definition of FFO as AFFO. We exclude these items from GAAP net income to arrive at AFFO as they are not the
primary drivers in our decision-making process and excluding these items provides investors a view of our portfolio performance over time and makes it more
comparable to other REITs. AFFO also reflects adjustments for unconsolidated partnerships and jointly owned investments. We use AFFO as one measure of
our operating performance when we formulate corporate goals, evaluate the effectiveness of our strategies, and determine executive compensation.
We believe that AFFO is a useful supplemental measure for investors to consider as we believe it will help them to better assess the sustainability of our
operating performance without the potentially distorting impact of these short-term fluctuations. However, there are limits on the usefulness of AFFO to
investors. For example, impairment charges and unrealized foreign currency losses that we exclude may become actual realized losses upon the ultimate
disposition of the properties in the form of lower cash proceeds or other considerations. We use our FFO and AFFO measures as supplemental financial
measures of operating performance. We do not use our FFO and AFFO measures as, nor should they be considered to be, alternatives to net income computed
under GAAP, or as alternatives to net cash provided by operating activities computed under GAAP, or as indicators of our ability to fund our cash needs.
W. P. Carey 2024 10-K – 43

FFO and AFFO were as follows (in thousands):
Years Ended December 31,
2024
2023
Net income attributable to W. P. Carey
$
460,839 
$
708,334 
Adjustments:
Depreciation and amortization of real property
485,088 
571,750 
Gain on sale of real estate, net 
(74,822)
(315,984)
Impairment charges — real estate 
43,595 
86,411 
Gain on change in control of interests 
(31,849)
— 
Proportionate share of adjustments to earnings from equity method investments 
11,871 
11,381 
Proportionate share of adjustments for noncontrolling interests 
(379)
(666)
Total adjustments
433,504 
352,892 
FFO (as defined by NAREIT) attributable to W. P. Carey
894,343 
1,061,226 
Adjustments:
Other (gains) and losses 
137,988 
36,184 
Straight-line and other leasing and financing adjustments
(80,899)
(71,869)
Stock-based compensation
40,894 
34,504 
Above- and below-market rent intangible lease amortization, net
26,144 
34,164 
Amortization of deferred financing costs
18,845 
20,544 
Merger and other expenses 
4,457 
4,954 
Tax benefit — deferred and other
(4,245)
(199)
Other amortization and non-cash items
2,303 
1,735 
Proportionate share of adjustments to earnings from equity method investments 
(3,531)
(2,535)
Proportionate share of adjustments for noncontrolling interests 
(354)
(441)
Total adjustments
141,602 
57,041 
AFFO attributable to W. P. Carey
$
1,035,945 
$
1,118,267 
Summary
FFO (as defined by NAREIT) attributable to W. P. Carey
$
894,343 
$
1,061,226 
AFFO attributable to W. P. Carey
$
1,035,945 
$
1,118,267 
__________
(a) Amount for the year ended December 31, 2023 includes (i) a gain on sale of real estate of $176.2 million recognized upon the reclassification of a portfolio
of 78 net-lease self-storage properties to net investments in sales-type leases and (ii) a gain on sale of real estate of $59.1 million recognized upon the
reclassification of a portfolio of 70 office properties located in Spain to net investments in sales-type leases (Note 7).
(b) Amount for the year ended December 31, 2023 includes an impairment charge of $47.3 million recognized on the 59 properties contributed to NLOP in
connection with the Spin-Off (Note 1, Note 10).
(c) Amount for the year ended December 31, 2024 represents a gain recognized on the remaining interest in an investment acquired during the third quarter of
2024, which we had previously accounted for under the equity method (Note 9).
(d) Equity income, including amounts that are not typically recognized for FFO and AFFO, is recognized within Earnings from equity method investments on
the consolidated statements of income. This represents adjustments to equity income to reflect FFO and AFFO on a pro rata basis.
(e) Adjustments disclosed elsewhere in this reconciliation are on a consolidated basis. This adjustment reflects our FFO or AFFO on a pro rata basis.
(f)
Primarily comprised of gains and losses on extinguishment of debt, the mark-to-market fair value of equity securities, foreign currency exchange rate
movements, and changes in the non-cash allowance for credit losses on loans receivable and finance leases. Amount for the year ended December 31, 2024
includes a mark-to-market unrealized loss for our investment in shares of Lineage of $134.0 million (Note 10).
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(d)
(e)
W. P. Carey 2024 10-K – 44

(g) Amount for the year ended December 31, 2024 is primarily comprised of the write-off of a value added tax receivable that was previously recorded in
connection with an international investment. Amount for the year ended December 31, 2023 is primarily comprised of costs incurred in connection with
the Spin-Off (Note 1, Note 3).
While we believe that FFO and AFFO are important supplemental measures, they should not be considered as alternatives to net income as an indication of a
company’s operating performance. These non-GAAP measures should be used in conjunction with net income as defined by GAAP. FFO and AFFO, or
similarly titled measures disclosed by other REITs, may not be comparable to our FFO and AFFO measures.
W. P. Carey 2024 10-K – 45

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
Market Risk
Market risk is the exposure to loss resulting from changes in interest rates, foreign currency exchange rates, and equity prices. The primary market risks that we
are exposed to are interest rate risk and foreign currency exchange risk; however, we do not use derivative instruments to hedge credit/market risks or for
speculative purposes.
We are also exposed to further market risk as a result of tenant concentrations in certain industries and/or geographic regions, since adverse market factors can
affect the ability of tenants in a particular industry/region to meet their respective lease obligations. In order to manage this risk, we view our collective tenant
roster as a portfolio and we attempt to diversify such portfolio so that we are not overexposed to a particular industry or geographic region.
Interest Rate Risk
The values of our real estate and related fixed-rate debt obligations, as well as the values of our unsecured debt obligations, are subject to fluctuations based on
changes in interest rates. The value of our real estate is also subject to fluctuations based on local and regional economic conditions and changes in the
creditworthiness of lessees, which may affect our ability to refinance property-level mortgage debt when balloon payments are scheduled, if we do not choose
to repay the debt when due. Interest rates are highly sensitive to many factors, including governmental monetary and tax policies, domestic and international
economic and political conditions, and other factors beyond our control. An increase in interest rates would likely cause the fair value of our assets to decrease.
Increases in interest rates may also have an impact on the credit profile of certain tenants.
We are exposed to the impact of interest rate changes primarily through our borrowing activities. To limit this exposure, we generally seek long-term debt
financing on a fixed-rate basis. However, we are subject to variable-rate interest on our Unsecured Term Loans, Unsecured Revolving Credit Facility, and
certain of our non-recourse mortgage debt. We have entered into, and may continue to enter into, interest rate swap agreements or interest rate cap agreements
with counterparties related to certain of our variable-rate debt. See Note 11 for additional information on our interest rate swaps and caps.
Our debt obligations are more fully described in Note 12 and Liquidity and Capital Resources — Summary of Financing in Item 7 above. The following table
presents principal cash flows based upon expected maturity dates of our debt obligations outstanding at December 31, 2024 (in thousands):
2025
2026
2027
2028
2029
Thereafter
Total
Fair Value
Fixed-rate debt 
$
669,459 
$
1,479,745 
$
529,329 
$
591,068 
$
492,535 
$
3,730,015 
$
7,492,151 
$
7,119,253 
Variable-rate debt 
$
— 
$
— 
$
— 
$
561,653 
$
55,448 
$
— 
$
617,101 
$
645,418 
__________
(a) Amounts are based on the exchange rate at December 31, 2024, as applicable.
(b) Amounts include non-recourse mortgages and unsecured term loans subject to variable-to-fixed interest rate swaps. Amounts are primarily comprised of
principal payments for our Senior Unsecured Notes (Note 12). In February 2025, we repaid our $450 million of 4.0% Senior Notes due 2025 at maturity
(Note 19).
The estimated fair value of our fixed-rate debt and our variable-rate debt is affected by changes in interest rates. Annual interest expense on our unhedged
variable-rate debt that does not bear interest at fixed rates at December 31, 2024 would increase or decrease by $3.8 million for our British pound sterling-
denominated debt, $2.2 million for our euro-denominated debt, and by $0.2 million for our Japanese yen-denominated debt for each respective 1% change in
annual interest rates.
(a) (b)
(a)
W. P. Carey 2024 10-K – 46

Foreign Currency Exchange Rate Risk
We own international investments, primarily in Europe, Canada, and Japan, and as a result are subject to risk from the effects of exchange rate movements in
various foreign currencies, primarily the euro, the British pound sterling, the Danish krone, the Canadian dollar, the Japanese yen, and certain other currencies
which may affect future costs and cash flows. We have obtained, and may in the future obtain, non-recourse mortgage financing in the local currency. We have
also completed several offerings of euro-denominated senior notes, and have borrowed under our Senior Unsecured Credit Facility and Unsecured Term Loan
due 2026 in foreign currencies, including the euro, British pound sterling, and Japanese yen (Note 12). Volatile market conditions arising from certain
macroeconomic factors may result in significant fluctuations in foreign currency exchange rates. To the extent that currency fluctuations increase or decrease
rental revenues, as translated to U.S. dollars, the change in debt service (comprised of principal and interest, excluding balloon payments), as translated to U.S.
dollars, will partially offset the effect of fluctuations in revenue and, to some extent, mitigate the risk from changes in foreign currency exchange rates. We
estimate that, for a 1% increase or decrease in the exchange rate between the euro, British pound sterling, or Danish krone and the U.S. dollar, there would be a
corresponding change in the projected estimated cash flow (scheduled future rental revenues, net of scheduled future debt service payments for the next 12
months) for our consolidated foreign operations at December 31, 2024 of $1.8 million, $0.3 million, and $0.2 million, respectively, excluding the impact of our
derivative instruments.
In addition, we may use currency hedging to further reduce the exposure to our equity cash flow. We are generally a net receiver of these currencies (we receive
more cash than we pay out), and therefore our foreign operations benefit from a weaker U.S. dollar and are adversely affected by a stronger U.S. dollar, relative
to the foreign currency.
We enter into foreign currency collars to hedge certain of our foreign currency cash flow exposures. See Note 11 for additional information on our foreign
currency collars.
Concentration of Credit Risk
Concentrations of credit risk arise when a number of tenants are engaged in similar business activities or have similar economic risks or conditions that could
cause them to default on their lease obligations to us. We regularly monitor our portfolio to assess potential concentrations of credit risk. While we believe our
portfolio is well-diversified, it does contain concentrations in certain areas.
For the year ended December 31, 2024, our consolidated portfolio had the following significant characteristics in excess of 10%, based on the percentage of
our consolidated total revenues:
•
64% related to domestic operations; and
•
36% related to international operations.
At December 31, 2024, our net-lease portfolio, which excludes our operating properties, had the following significant property and lease characteristics in
excess of 10% in certain areas, based on the percentage of our ABR as of that date:
•
61% related to domestic properties;
•
39% related to international properties;
•
36% related to industrial facilities, 27% related to warehouse facilities, and 22% related to retail facilities; and
•
22% related to the retail stores industry (including automotive dealerships).
W. P. Carey 2024 10-K – 47

Item 8. Financial Statements and Supplementary Data.
TABLE OF CONTENTS
Page No.
Report of Independent Registered Public Accounting Firm (PCAOB ID 238)
49
Consolidated Balance Sheets as of December 31, 2024 and 2023
51
Consolidated Statements of Income for the Years Ended December 31, 2024, 2023, and 2022
52
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2024, 2023, and 2022
53
Consolidated Statements of Equity for the Years Ended December 31, 2024, 2023, and 2022
54
Consolidated Statements of Cash Flows for the Years Ended December 31, 2024, 2023, and 2022
57
Notes to Consolidated Financial Statements
59
Schedule II — Valuation and Qualifying Accounts for the Years Ended December 31, 2024, 2023, and 2022
112
Schedule III — Real Estate and Accumulated Depreciation as of December 31, 2024
113
Notes to Schedule III for the Years Ended December 31, 2024, 2023, and 2022
131
Schedule IV — Mortgage Loans on Real Estate as of December 31, 2024
133
Financial statement schedules other than those listed above are omitted because the required information is given in the financial statements, including the
notes thereto, or because the conditions requiring their filing do not exist.
W. P. Carey 2024 10-K – 48

Report of Independent Registered Public Accounting Firm
To the Board of Directors and Stockholders of W. P. Carey Inc.
Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the accompanying consolidated balance sheets of W. P. Carey Inc. and its subsidiaries (the “Company”) as of December 31, 2024 and 2023,
and the related consolidated statements of income, of comprehensive income, of equity and of cash flows for each of the three years in the period ended
December 31, 2024, including the related notes and financial statement schedules listed in the accompanying index (collectively referred to as the
“consolidated financial statements”). We also have audited the Company’s internal control over financial reporting as of December 31, 2024, based on criteria
established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of
December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024 in
conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material
respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework
(2013) issued by the COSO.
Basis for Opinions
The Company’s management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and
for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control over Financial
Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company’s
internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the
applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable
assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal
control over financial reporting was maintained in all material respects.
Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial
statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and
significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control
over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and
testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other
procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over
financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect
the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being
made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or
timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
W. P. Carey 2024 10-K – 49

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance
with the policies or procedures may deteriorate.
Critical Audit Matters
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated
or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements
and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our
opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate
opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Purchase Price Allocation for Asset Acquisitions
As described in Notes 2 and 6 to the consolidated financial statements, the Company completed real estate acquisitions for total consideration of $1.2 billion
during the year ended December 31, 2024. For acquired properties with leases classified as operating leases, management allocates the purchase price to the
tangible and intangible assets and liabilities based on their estimated fair values. Management determines the fair value of real estate under the income
approach using the direct capitalization method. For the direct capitalization method, the fair value of real estate is determined (i) by the stabilized estimated
net operating income for each property in the portfolio and (ii) a selected capitalization rate. For any acquisitions that do not qualify as sale-leaseback
transactions, management records above- and below-market lease intangible assets and liabilities for acquired properties based on the present value, using a
discount rate reflecting the risks associated with the leases acquired. For acquired properties with tenants in place, management records in-place lease
intangible assets based on the estimated value ascribed to the avoidance of costs of leasing the properties for the remaining primary in-place lease terms.
The principal considerations for our determination that performing procedures relating to the purchase price allocation for acquisitions is a critical audit matter
are (i) the significant judgment by management when developing the estimated fair value of tangible and intangible assets and liabilities to allocate the
purchase price; (ii) a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating management’s significant assumptions
related to capitalization rates and market rental rates used in the direct capitalization method for tangible and intangible assets; and (iii) the audit effort involved
the use of professionals with specialized skill and knowledge.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated
financial statements. These procedures included testing the effectiveness of controls relating to purchase price allocations for acquisitions, including controls
over management’s development of the estimated fair value of the tangible and intangible assets and liabilities and controls over the review of significant
assumptions related to capitalization rates and market rental rates. These procedures also included, among others, for a sample of acquisitions (i) reading the
executed purchase agreements and leasing documents; (ii) testing management’s process for developing the estimated fair value of tangible and intangible
assets and liabilities; (iii) evaluating the appropriateness of the direct capitalization method; (iv) testing the completeness and accuracy of underlying data used
in the direct capitalization method; (v) evaluating the reasonableness of the significant assumptions used by management related to capitalization rates and
market rental rates used in the direct capitalization method for tangible and intangible assets. Professionals with specialized skill and knowledge were used to
assist in evaluating the reasonableness of the significant assumptions related to capitalization rates and market rental rates.
/s/ PricewaterhouseCoopers LLP
New York, New York
February 12, 2025
We have served as the Company’s auditor since 1973, which includes periods before the Company became subject to SEC reporting requirements.
W. P. Carey 2024 10-K – 50

W. P. CAREY INC. 
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
December 31,
2024
2023
Assets
Investments in real estate:
Land, buildings and improvements — net lease and other
$
12,842,869 
$
12,095,458 
Land, buildings and improvements — operating properties
1,198,676 
1,256,249 
Net investments in finance leases and loans receivable
798,259 
1,514,923 
In-place lease intangible assets and other
2,297,572 
2,308,853 
Above-market rent intangible assets
665,495 
706,773 
Investments in real estate
17,802,871 
17,882,256 
Accumulated depreciation and amortization
(3,222,396)
(3,005,479)
Assets held for sale, net
— 
37,122 
Net investments in real estate
14,580,475 
14,913,899 
Equity method investments
301,115 
354,261 
Cash and cash equivalents
640,373 
633,860 
Other assets, net
1,045,218 
1,096,474 
Goodwill
967,843 
978,289 
Total assets 
$
17,535,024 
$
17,976,783 
Liabilities and Equity
Debt:
Senior unsecured notes, net
$
6,505,907 
$
6,035,686 
Unsecured term loans, net
1,075,826 
1,125,564 
Unsecured revolving credit facility
55,448 
403,785 
Non-recourse mortgages, net
401,821 
579,147 
Debt, net
8,039,002 
8,144,182 
Accounts payable, accrued expenses and other liabilities
596,994 
615,750 
Below-market rent intangible liabilities, net
119,831 
136,872 
Deferred income taxes
147,461 
180,650 
Dividends payable
197,612 
192,332 
Total liabilities 
9,100,900 
9,269,786 
Commitments and contingencies (Note 13)
Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued
— 
— 
Common stock, $0.001 par value, 450,000,000 shares authorized; 218,848,844 and 218,671,874 shares, respectively, issued
and outstanding
219 
219 
Additional paid-in capital
11,805,179 
11,784,461 
Distributions in excess of accumulated earnings
(3,203,974)
(2,891,424)
Deferred compensation obligation
78,503 
62,046 
Accumulated other comprehensive loss
(250,232)
(254,867)
Total stockholders’ equity
8,429,695 
8,700,435 
Noncontrolling interests
4,429 
6,562 
Total equity
8,434,124 
8,706,997 
Total liabilities and equity
$
17,535,024 
$
17,976,783 
__________
(a) See Note 2 for details related to variable interest entities (“VIEs”).
See Notes to Consolidated Financial Statements.
(a)
(a)
W. P. Carey 2024 10-K – 51

W. P. CAREY INC. 
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share and per share amounts)
Years Ended December 31,
2024
2023
2022
Revenues
Real Estate:
Lease revenues
$
1,331,788 
$
1,427,376 
$
1,301,617 
Income from finance leases and loans receivable
73,262 
107,173 
74,266 
Operating property revenues
146,813 
180,257 
59,230 
Other lease-related income
20,334 
23,333 
32,988 
1,572,197 
1,738,139 
1,468,101 
Investment Management:
Asset management revenue
6,597 
2,184 
8,467 
Other advisory income and reimbursements
4,224 
1,035 
2,518 
10,821 
3,219 
10,985 
1,583,018 
1,741,358 
1,479,086 
Operating Expenses
Depreciation and amortization
487,724 
574,212 
503,403 
General and administrative
98,969 
96,395 
91,470 
Operating property expenses
70,866 
95,141 
27,054 
Reimbursable tenant costs
55,975 
81,939 
73,622 
Property expenses, excluding reimbursable tenant costs
49,677 
44,451 
50,753 
Impairment charges — real estate
43,595 
86,411 
39,119 
Stock-based compensation expense
40,894 
34,504 
32,841 
Merger and other expenses
4,457 
4,954 
19,387 
Impairment charges — investment management goodwill
— 
— 
29,334 
852,157 
1,018,007 
866,983 
Other Income and Expenses
Interest expense
(277,367)
(291,852)
(219,160)
Other gains and (losses)
(137,988)
(36,184)
96,038 
Gain on sale of real estate, net
74,822 
315,984 
43,476 
Non-operating income
52,236 
21,442 
30,309 
Gain on change in control of interests
31,849 
— 
33,931 
Earnings from equity method investments
17,926 
19,575 
29,509 
(238,522)
28,965 
14,103 
Income before income taxes
492,339 
752,316 
626,206 
Provision for income taxes
(31,709)
(44,052)
(27,724)
Net Income
460,630 
708,264 
598,482 
Net loss attributable to noncontrolling interests
209 
70 
657 
Net Income Attributable to W. P. Carey
$
460,839 
$
708,334 
$
599,139 
Basic Earnings Per Share
$
2.09 
$
3.29 
$
3.00 
Diluted Earnings Per Share
$
2.09 
$
3.28 
$
2.99 
Weighted-Average Shares Outstanding
Basic
220,168,325 
215,369,777 
199,633,802 
Diluted
220,520,457 
215,760,496 
200,427,124 
See Notes to Consolidated Financial Statements.
W. P. Carey 2024 10-K – 52

W. P. CAREY INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands) 
 
Years Ended December 31,
 
2024
2023
2022
Net Income
$
460,630 
$
708,264 
$
598,482 
Other Comprehensive Income (Loss)
Unrealized gain (loss) on derivative instruments
10,624 
(26,429)
19,732 
Foreign currency translation adjustments
(6,281)
19,758 
(63,149)
Foreign currency translation adjustments derecognized in connection with the Spin-Off
— 
35,664 
— 
Reclassification of unrealized gain on investments to net income
— 
— 
(18,688)
4,343 
28,993 
(62,105)
Comprehensive Income
464,973 
737,257 
536,377 
Amounts Attributable to Noncontrolling Interests
Net loss
209 
70 
657 
Foreign currency translation adjustments
292 
(80)
(5)
Comprehensive loss (income) attributable to noncontrolling interests
501 
(10)
652 
Comprehensive Income Attributable to W. P. Carey
$
465,474 
$
737,247 
$
537,029 
 
See Notes to Consolidated Financial Statements.
W. P. Carey 2024 10-K – 53

W. P. CAREY INC.
CONSOLIDATED STATEMENTS OF EQUITY
(in thousands, except share and per share amounts)
W. P. Carey Stockholders
Distributions
Accumulated
Common Stock
Additional
in Excess of
Deferred
Other
Total
$0.001 Par Value
Paid-in
Accumulated
Compensation
Comprehensive
W. P. Carey
Noncontrolling
Shares
Amount
Capital
Earnings
Obligation
Loss
Stockholders
Interests
Total
Balance at January 1, 2024
218,671,874 
$
219 
$ 11,784,461 
$ (2,891,424)
$
62,046 
$ (254,867)
$ 8,700,435 
$
6,562 
$ 8,706,997 
Shares issued upon delivery of vested restricted share awards
171,705 
— 
(6,950)
(6,950)
(6,950)
Shares issued upon purchases under employee share purchase
plan
5,265 
— 
268 
268 
268 
Amortization of stock-based compensation expense
40,894 
40,894 
40,894 
Deferral of vested shares, net
(14,543)
14,543 
— 
— 
Dividends declared ($3.490 per share)
1,049 
(773,389)
1,914 
(770,426)
(770,426)
Net income
460,839 
460,839 
(209)
460,630 
Distributions to noncontrolling interests
— 
(2,255)
(2,255)
Contributions from noncontrolling interests
— 
623 
623 
Other comprehensive income:
Unrealized gain on derivative instruments
10,624 
10,624 
10,624 
Foreign currency translation adjustments
(5,989)
(5,989)
(292)
(6,281)
Balance at December 31, 2024
218,848,844 
$
219 
$ 11,805,179 
$ (3,203,974)
$
78,503 
$ (250,232)
$ 8,429,695 
$
4,429 
$ 8,434,124 
(Continued)
W. P. Carey 2024 10-K – 54

W. P. CAREY INC.
CONSOLIDATED STATEMENTS OF EQUITY
(Continued)
(in thousands, except share and per share amounts)
W. P. Carey Stockholders
Distributions
Accumulated
Common Stock
Additional
in Excess of
Deferred
Other
Total
$0.001 Par Value
Paid-in
Accumulated
Compensation
Comprehensive
W. P. Carey
Noncontrolling
Shares
Amount
Capital
Earnings
Obligation
Loss
Stockholders
Interests
Total
Balance at January 1, 2023
210,620,949 
$
211 
$ 11,706,836 
$ (2,486,633)
$
57,012 
$ (283,780)
$ 8,993,646 
$
14,998 
$ 9,008,644 
Shares issued under forward equity, net
7,826,840 
8 
633,834 
633,842 
633,842 
Shares issued upon delivery of vested restricted share awards
218,266 
— 
(13,679)
(13,679)
(13,679)
Shares issued upon purchases under employee share purchase
plan
5,819 
— 
347 
347 
347 
Distributions in connection with the Spin-Off (Note 3)
(578,818)
(229,712)
35,664 
(772,866)
(4,406)
(777,272)
Amortization of stock-based compensation expense
34,504 
34,504 
34,504 
Deferral of vested shares, net
(4,521)
4,521 
— 
— 
Acquisition of noncontrolling interests
3,663 
3,663 
(3,663)
— 
Dividends declared ($4.067 per share)
2,295 
(883,413)
513 
(880,605)
(880,605)
Net income
708,334 
708,334 
(70)
708,264 
Distributions to noncontrolling interests
— 
(3,263)
(3,263)
Contributions from noncontrolling interests
— 
2,886 
2,886 
Other comprehensive loss:
Unrealized loss on derivative instruments
(26,429)
(26,429)
(26,429)
Foreign currency translation adjustments
19,678 
19,678 
80 
19,758 
Balance at December 31, 2023
218,671,874 
$
219 
$ 11,784,461 
$ (2,891,424)
$
62,046 
$ (254,867)
$ 8,700,435 
$
6,562 
$ 8,706,997 
(Continued)
W. P. Carey 2024 10-K – 55

W. P. CAREY INC.
CONSOLIDATED STATEMENTS OF EQUITY
(Continued)
(in thousands, except share and per share amounts)
W. P. Carey Stockholders
Distributions
Accumulated
Common Stock
Additional
in Excess of
Deferred
Other
Total
$0.001 Par Value
Paid-in
Accumulated
Compensation
Comprehensive
W. P. Carey
Noncontrolling
Shares
Amount
Capital
Earnings
Obligation
Loss
Stockholders
Interests
Total
Balance at January 1, 2022
190,013,751 
$
190 
$ 9,977,686 
$ (2,224,231)
$
49,810 
$ (221,670)
$ 7,581,785 
$
1,666 
$ 7,583,451 
Shares issued to stockholders of CPA:18 – Global in
connection with CPA:18 Merger
13,786,302 
14 
1,205,736 
1,205,750 
1,205,750 
Shares issued under forward equity, net
3,925,000 
4 
284,198 
284,202 
284,202 
Shares issued under our prior ATM Program, net
2,740,295 
3 
218,098 
218,101 
218,101 
Shares issued upon delivery of vested restricted share awards
152,830 
— 
(6,612)
(6,612)
(6,612)
Shares issued upon purchases under employee share purchase
plan
2,771 
— 
205 
205 
205 
Amortization of stock-based compensation expense
32,841 
32,841 
32,841 
Deferral of vested shares, net
(6,696)
6,696 
— 
— 
Dividends declared ($4.242 per share)
1,380 
(861,541)
506 
(859,655)
(859,655)
Net income
599,139 
599,139 
(657)
598,482 
Acquisition of noncontrolling interests in connection with the
CPA:18 Merger
— 
14,367 
14,367 
Distributions to noncontrolling interests
— 
(413)
(413)
Contributions from noncontrolling interests
— 
30 
30 
Other comprehensive loss:
Foreign currency translation adjustments
(63,154)
(63,154)
5 
(63,149)
Unrealized gain on derivative instruments
19,732 
19,732 
19,732 
Reclassification of unrealized gain on investments to net
income
(18,688)
(18,688)
(18,688)
Balance at December 31, 2022
210,620,949 
$
211 
$ 11,706,836 
$ (2,486,633)
$
57,012 
$ (283,780)
$ 8,993,646 
$
14,998 
$ 9,008,644 
See Notes to Consolidated Financial Statements.
W. P. Carey 2024 10-K – 56

W. P. CAREY INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Years Ended December 31,
2024
2023
2022
Cash Flows — Operating Activities
Net income
$
460,630 
$
708,264 
$
598,482 
Adjustments to net income:
Depreciation and amortization, including intangible assets and deferred financing costs
507,101 
594,166 
519,741 
Net realized and unrealized losses (gains) on extinguishment of debt, equity securities, foreign currency exchange rate movements,
and other
120,962 
9,059 
(76,202)
Straight-line rent adjustments
(83,094)
(75,435)
(57,988)
Gain on sale of real estate, net
(74,822)
(315,984)
(43,476)
Impairment charges — real estate
43,595 
86,411 
39,119 
Stock-based compensation expense
40,894 
34,504 
32,841 
Gain on change in control of interests
(31,849)
— 
(33,931)
Increase (decrease) in allowance for credit losses
27,629 
29,074 
(14,363)
Amortization of rent-related intangibles and deferred rental revenue
24,477 
33,958 
43,249 
Distributions of earnings from equity method investments
21,066 
18,588 
30,236 
Earnings from equity method investments
(17,926)
(19,575)
(29,509)
Gain on repayment of secured loan receivable
(10,650)
— 
(10,613)
Deferred income tax benefit
(4,245)
(199)
(8,071)
Impairment charges — investment management goodwill
— 
— 
29,334 
Asset management revenue received in shares of CPA:18 – Global
— 
— 
(1,024)
Proceeds from sales of net investments in sales-type leases
806,812 
— 
— 
Net changes in other operating assets and liabilities
2,532 
(29,399)
(14,269)
Net Cash Provided by Operating Activities
1,833,112 
1,073,432 
1,003,556 
Cash Flows — Investing Activities
Purchases of real estate
(1,128,809)
(1,211,397)
(1,145,734)
Proceeds from sales of real estate
409,487 
446,402 
234,652 
Investments in loans receivable
(270,380)
— 
(20,180)
Funding for real estate construction, redevelopments, and other capital expenditures on real estate
(135,327)
(121,625)
(104,441)
Proceeds from repayment of loans receivable
24,000 
28,000 
34,000 
Capital contributions to equity method investments
(16,760)
(38,219)
(93,416)
Other investing activities, net
(12,170)
(24,487)
(19,767)
(Release) receipt of tenant-funded escrow for investing activities
(4,959)
4,959 
— 
Return of capital from equity method investments
1,026 
10,484 
7,102 
Cash paid to stockholders of CPA:18 – Global in the CPA:18 Merger
— 
— 
(423,435)
Cash and restricted cash acquired in connection with the CPA:18 Merger
— 
— 
331,063 
Proceeds from redemption of WLT preferred stock and cash exchanged for WLT common stock (Note 10)
— 
— 
147,625 
Proceeds from repayment of short-term loans to affiliates
— 
— 
26,000 
Funding of short-term loans to affiliates
— 
— 
(26,000)
Net Cash Used in Investing Activities
(1,133,892)
(905,883)
(1,052,531)
Cash Flows — Financing Activities
Proceeds from issuance of Senior Unsecured Notes
1,725,886 
— 
334,775 
Repayments of Unsecured Revolving Credit Facility
(1,566,439)
(2,439,754)
(2,168,392)
Proceeds from Unsecured Revolving Credit Facility
1,229,189 
2,551,578 
2,079,420 
Repayment of Senior Unsecured Notes
(1,044,500)
— 
— 
Dividends paid
(765,146)
(916,530)
(835,257)
Payments of mortgage principal
(231,506)
(396,730)
(137,611)
Payment of financing costs
(14,559)
(13,875)
(2,371)
Other financing activities, net
(12,811)
1,929 
8,839 
Payments for withholding taxes upon delivery of equity-based awards
(6,950)
(13,679)
(6,612)
Distributions to noncontrolling interests
(2,255)
(3,263)
(413)
Contributions from noncontrolling interests
623 
2,886 
30 
Proceeds from shares issued under forward equity, net of selling costs
— 
633,785 
284,259 
Proceeds from Unsecured Term Loans
— 
542,330 
283,139 
Proceeds in connection with the Spin-Off
— 
343,885 
— 
Proceeds from shares issued under our prior ATM Program, net of selling costs
— 
— 
218,081 
Net Cash (Used in) Provided by Financing Activities
(688,468)
292,562 
57,887 
Change in Cash and Cash Equivalents and Restricted Cash During the Year
Effect of exchange rate changes on cash and cash equivalents and restricted cash
(12,022)
7,719 
(2,721)
Net (decrease) increase in cash and cash equivalents and restricted cash
(1,270)
467,830 
6,191 
Cash and cash equivalents and restricted cash, beginning of year
691,971 
224,141 
217,950 
Cash and cash equivalents and restricted cash, end of year
$
690,701 
$
691,971 
$
224,141 
 (Continued)

W. P. Carey 2024 10-K – 57

W. P. CAREY INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Continued)
Supplemental Non-Cash Investing and Financing Activities:
2023 — On November 1, 2023, we completed the Spin-Off (as defined herein) (Note 3). The following table summarizes non-cash assets, liabilities, and equity
derecognized in connection with the Spin-Off and provides a reconciliation to cash proceeds from the Spin-Off (in thousands):
Impact of the Spin-Off
 
Total assets derecognized (excluding cash and cash equivalents and restricted cash)
$
1,361,616 
Total liabilities and equity derecognized
(438,913)
Total non-cash assets, liabilities, and equity derecognized
922,703 
Reduction to Additional paid-in capital
(578,818)
Proceeds in connection with the Spin-Off
$
343,885 
2022 — On August 1, 2022, CPA:18 – Global (as defined herein) merged with and into one of our indirect subsidiaries in the CPA:18 Merger (as defined
herein) (Note 4). The following table summarizes estimated fair values of the assets acquired and liabilities assumed in the CPA:18 Merger (in thousands):
Total Consideration
 
Fair value of W. P. Carey shares of common stock issued
$
1,205,750 
Cash consideration paid
423,297 
Cash paid for fractional shares
138 
Fair value of our equity interest in CPA:18 – Global prior to the CPA:18 Merger
88,299 
Fair value of our equity interest in jointly owned investments with CPA:18 – Global prior to the CPA:18 Merger
28,574 
1,746,058 
Assets Acquired at Fair Value
Land, buildings and improvements — net lease and other
881,613 
Land, buildings and improvements — operating properties
1,000,447 
Net investments in finance leases and loans receivable
38,517 
In-place lease intangible assets and other
224,458 
Above-market rent intangible assets
61,090 
Assets held for sale
85,026 
Goodwill
172,346 
Other assets, net (excluding restricted cash)
25,229 
Liabilities Assumed at Fair Value
Non-recourse mortgages, net
900,173 
Accounts payable, accrued expenses and other liabilities
90,035 
Below-market rent intangible liabilities
16,836 
Deferred income taxes
52,320 
Amounts attributable to noncontrolling interests
14,367 
Net assets acquired excluding cash and restricted cash
1,414,995 
Cash and cash equivalents and restricted cash acquired
$
331,063 
See Notes to Consolidated Financial Statements.
W. P. Carey 2024 10-K – 58

W. P. CAREY INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 1. Business and Organization
W. P. Carey Inc. (“W. P. Carey” or the “Company”) is a real estate investment trust (“REIT”) that, together with our consolidated subsidiaries, invests primarily
in operationally-critical, single-tenant commercial real estate properties located in the United States and Northern and Western Europe that are leased on a long-
term basis. We earn revenue principally by leasing the properties we own to companies on a triple-net lease basis, which generally requires each tenant to pay
the costs associated with operating and maintaining the property.
Founded in 1973, our shares of common stock are listed on the New York Stock Exchange under the symbol “WPC.”
We elected to be taxed as a REIT under Section 856 through 860 of the Internal Revenue Code effective as of February 15, 2012. As a REIT, we are not subject
to federal income taxes on income and gains that we distribute to our stockholders as long as we satisfy certain requirements, principally relating to the nature
of our income and the level of our distributions, as well as other factors. We also own real property in jurisdictions outside the United States through foreign
subsidiaries and are subject to income taxes on our pre-tax income earned from properties in such countries.
In September 2023, we announced a plan to exit the office assets within our portfolio by (i) spinning-off 59 office properties into Net Lease Office Properties
(“NLOP”), so that it became a separate publicly-traded real estate investment trust (the “Spin-Off”), and (ii) implementing an asset sale program to dispose of
certain office properties retained by us (the “Office Sale Program”), which was completed in 2024.
On November 1, 2023, we completed the Spin-Off, contributing 59 office properties to NLOP (Note 3). Following the closing of the Spin-Off, NLOP operates
as a separate publicly-traded REIT, which we externally manage pursuant to certain advisory agreements (the “NLOP Advisory Agreements”).
On August 1, 2022, a non-traded REIT that we previously advised, Corporate Property Associates 18 – Global Incorporated (“CPA:18 – Global”) merged with
and into one of our indirect subsidiaries (the “CPA:18 Merger”) (Note 4). At December 31, 2024, we were the advisor to Carey European Student Housing
Fund I, L.P. (“CESH”), a limited partnership formed for the purpose of developing, owning, and operating student housing properties in Europe (Note 5).
Effective January 1, 2024, we no longer separately analyze our business between real estate operations and investment management operations, and instead
view the business as one reportable segment, since our investment management operations have been determined to be both quantitatively and qualitatively
insignificant to the Company’s business. Our business is characterized as investing in operationally-critical, single-tenant commercial real estate properties that
are leased on a long-term basis. These economic characteristics are similar across various property types, geographic locations, and industries in which our
tenants operate and therefore considered one operating segment. The consolidated operating results are regularly reviewed, in the aggregate, by the chief
operating decision maker (“CODM”) to evaluate performance and allocate resources. The CODM is our Chief Executive Officer. Accordingly, all operations
have been considered to represent one reportable segment, which are reported on our consolidated statements of income and our consolidated balance sheets.
As a result of this change, we have conformed prior period segment information to reflect how we currently view our business (Note 18).
Lease revenues from our real estate investments generate the vast majority of our earnings. We invest primarily in commercial properties located in the United
States and Northern and Western Europe, which are leased to companies on a triple-net lease basis. At December 31, 2024, our portfolio was comprised of our
full or partial ownership interests in 1,555 properties, totaling approximately 176 million square feet (unaudited), substantially all of which were net leased to
355 tenants, with a weighted-average lease term of 12.3 years and an occupancy rate of 98.6% (unaudited). In addition, at December 31, 2024, our portfolio
was comprised of full ownership interests in 84 operating properties, including 78 self-storage properties, four hotels, and two student housing properties,
totaling approximately 6.4 million square feet (unaudited).
W. P. Carey 2024 10-K – 59

Notes to Consolidated Financial Statements
Note 2. Summary of Significant Accounting Policies
Critical Accounting Policies and Estimates
Accounting for Acquisitions
In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires that
the assets acquired and liabilities assumed constitute a business. If the assets acquired are not a business, we account for the transaction or other event as an
asset acquisition. Under both methods, we recognize the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquired
entity. In addition, for transactions that are business combinations, we evaluate the existence of goodwill or a gain from a bargain purchase. We capitalize
acquisition-related costs and fees associated with asset acquisitions. We immediately expense acquisition-related costs and fees associated with business
combinations. All transaction costs incurred during the reporting period were capitalized since our acquisitions were classified as asset acquisitions (excluding
the CPA:18 Merger).
Purchase Price Allocation of Tangible Assets — When we acquire properties with leases classified as operating leases, we allocate the purchase price to the
tangible and intangible assets and liabilities acquired based on their estimated fair values. The tangible assets consist of land, buildings, and site improvements.
The intangible assets include the above- and below-market value of leases and the in-place leases, which includes the value of tenant relationships. Land is
typically valued utilizing the sales comparison (or market) approach. Buildings are valued, as if vacant, using the cost and/or income approach. Under the cost
approach, the fair value of real estate is based on estimated costs to construct a vacant building with similar characteristics. Under the income approach, we use
either the discounted cash flow method or the direct capitalization method. For the discounted cash flow method, the fair value of real estate is determined (i)
by applying a discounted cash flow analysis to the estimated net operating income for each property in the portfolio during the remaining anticipated lease term
and (ii) by the estimated residual value, which is based on a hypothetical sale of the property upon expiration of a lease factoring in the re-tenanting of such
property at estimated market rental rates, and applying a selected capitalization rate. For the direct capitalization method, the fair value of real estate is
determined (i) by the stabilized estimated net operating income for each property in the portfolio and (ii) a selected capitalization rate.
Assumptions used in the model are property-specific where this information is available; however, when certain necessary information is not available, we use
available regional and property-type information. Assumptions and estimates include the following:
•
a discount rate or internal rate of return;
•
market rents, growth factors of rents, and market lease term;
•
capitalization rates to be applied to an estimate of market rent at the beginning and/or the end of the market lease term;
•
the marketing period necessary to put a lease in place;
•
carrying costs during the marketing period; and
•
leasing commissions and tenant improvement allowances.
The discount rates and residual capitalization rates used to value the properties are selected based on several factors, including:
•
the creditworthiness of the lessees;
•
industry surveys;
•
property type;
•
property location and age;
•
current lease rates relative to market lease rates; and
•
anticipated lease duration.
In the case where a tenant has a purchase option deemed to be favorable to the tenant, or the tenant has long-term renewal options at rental rates below
estimated market rental rates, we generally include the value of the exercise of such purchase option or long-term renewal options in the determination of
residual value.
The remaining economic life of leased assets is estimated by relying in part upon third-party appraisals of the leased assets and industry standards. Different
estimates of remaining economic life will affect the depreciation expense that is recorded.
W. P. Carey 2024 10-K – 60

Notes to Consolidated Financial Statements
Purchase Price Allocation of Intangible Assets and Liabilities — For acquired properties that do not qualify as sale-leaseback transactions, we record above-
and below-market lease intangible assets and liabilities for acquired properties based on the present value (using a discount rate reflecting the risks associated
with the leases acquired including consideration of the credit of the lessee) of the difference between (i) the contractual rents to be paid pursuant to the leases
negotiated or in place at the time of acquisition of the properties and (ii) our estimate of fair market lease rates for the property or equivalent property, both of
which are measured over the estimated lease term, which includes renewal options that have rental rates below estimated market rental rates. We discount the
difference between the estimated market rent and contractual rent to a present value using an interest rate reflecting our current assessment of the risk
associated with the lease acquired, which includes a consideration of the credit of the lessee. When we enter into sale-leaseback transactions with above- or
below-market leases, the intangibles will be accounted for as loan receivables or prepaid rent liabilities, respectively. We measure the fair value of below-
market purchase option liabilities we acquire as the excess of the present value of the fair value of the real estate over the present value of the tenant’s exercise
price at the option date. We determine these values using our estimates or by relying in part upon third-party valuations conducted by independent appraisal
firms.
We amortize the above-market lease intangible as a reduction of lease revenue over the remaining contractual lease term. We amortize the below-market lease
intangible as an increase to lease revenue over the initial term and any renewal periods in the respective leases. We include the value of below-market leases in
Below-market rent intangible liabilities in the consolidated financial statements.
For acquired properties with tenants in place, we record in-place lease intangible assets based on the estimated value ascribed to the avoidance of costs of
leasing the properties for the remaining primary in-place lease terms. The cost avoidance is derived first by determining the in-place lease term on the subject
lease. Then, based on our review of the market, the cost to be borne by a property owner to replicate a market lease to the remaining in-place term is estimated.
These costs consist of: (i) rent lost during downtime (i.e., assumed periods of vacancy), (ii) estimated expenses that would be incurred by the property owner
during periods of vacancy, (iii) rent concessions (i.e., free rent), (iv) leasing commissions, and (v) tenant improvements allowances given to tenants. We
determine these values using our estimates or by relying in part upon third-party valuations. We amortize the value of in-place lease intangibles to depreciation
and amortization expense over the remaining initial term of each lease. The amortization period for intangibles does not exceed the remaining depreciable life
of the building.
If a lease is terminated, we charge the unamortized portion of above- and below-market lease values to rental income and in-place lease values to amortization
expense. If a lease is amended, we will determine whether the economics of the amended lease continue to support the existence of the above- or below-market
lease intangibles.
Purchase Price Allocation of Debt — When we acquire leveraged properties, the fair value of the related debt instruments is determined using a discounted
cash flow model with rates that take into account the credit of the tenants, where applicable, and interest rate risk. Such resulting premium or discount is
amortized over the remaining term of the obligation. We also consider the value of the underlying collateral, taking into account the quality of the collateral, the
credit quality of the tenant, the time until maturity and the current interest rate.
Purchase Price Allocation of Goodwill — In the case of a business combination, after identifying all tangible and intangible assets and liabilities, the excess
consideration paid over the fair value of the assets and liabilities acquired and assumed, respectively, represents goodwill. In the event we dispose of a property
or an investment that constitutes a business under U.S. generally accepted accounting principles (“GAAP”) from a property with goodwill, we allocate a
portion of the property’s goodwill to that business in determining the gain or loss on the disposal of the business. The amount of goodwill allocated to the
business is based on the relative fair value of the business to the fair value of the property. As part of purchase accounting for a business, we record any
deferred tax assets and/or liabilities resulting from the difference between the tax basis and GAAP basis of the investment in the taxing jurisdiction. Such
deferred tax amount will be included in purchase accounting and may impact the amount of goodwill recorded depending on the fair value of all of the other
assets and liabilities and the amounts paid.
Financing Arrangements — In accordance with Accounting Standards Codification (“ASC”) 310, Receivables and ASC 842, Leases, real estate assets acquired
through a sale-leaseback transaction are accounted for as a financing arrangement if the investment does not meet the criteria for sale-leaseback accounting. We
record such investments within Net investments in finance leases and loans receivable on the consolidated balance sheets. Rent payments from these
investments are included within Income from finance leases and loans receivable on the consolidated statements of income.
W. P. Carey 2024 10-K – 61

Notes to Consolidated Financial Statements
Impairments
Real Estate — We periodically assess whether there are any indicators that the value of our long-lived real estate and related intangible assets may be impaired
or that their carrying value may not be recoverable. These impairment indicators include, but are not limited to, vacancies, an upcoming lease expiration, a
tenant with credit difficulty, the termination of a lease by a tenant, or a likely disposition of the property.
For real estate assets held for investment and related intangible assets in which an impairment indicator is identified, we follow a two-step process to determine
whether an asset is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the estimated
future net undiscounted cash flow that we expect the property’s asset group will generate, including any estimated proceeds from the eventual sale of the
property’s asset group. The undiscounted cash flow analysis requires us to make our best estimate of market rents, residual values, and holding periods. We
estimate market rents and residual values using market information from outside sources such as third-party market research, external appraisals, broker quotes,
or recent comparable sales.
As our investment objective is to hold properties on a long-term basis, holding periods used in the undiscounted cash flow analysis are generally ten years, but
may be less if our intent is to hold a property for less than ten years. Depending on the assumptions made and estimates used, the future cash flow projected in
the evaluation of long-lived assets and associated intangible assets can vary within a range of outcomes. We consider the likelihood of possible outcomes in
determining our estimate of future cash flows and, if warranted, we apply a probability-weighted method to the different possible scenarios. If the future net
undiscounted cash flow of the property’s asset group is less than the carrying value, the carrying value of the property’s asset group is considered not
recoverable. We then measure the impairment loss as the excess of the carrying value of the property’s asset group over its estimated fair value.
Assets Held for Sale — We generally classify real estate assets that are subject to operating leases as held for sale when we have entered into a contract to sell
the property, all material due diligence requirements have been satisfied, we received a non-refundable deposit, and we believe it is probable that the
disposition will occur within one year. When we classify an asset as held for sale, we compare the asset’s fair value less estimated cost to sell to its carrying
value, and if the fair value less estimated cost to sell is less than the property’s carrying value, we reduce the carrying value to the fair value less estimated cost
to sell. We will continue to review the property for subsequent changes in the fair value, and may recognize an additional impairment charge, if warranted.
Equity Method Investments — We evaluate our equity method investments on a periodic basis to determine if there are any indicators that the value of our
equity investment may be impaired and whether or not that impairment is other-than-temporary. To the extent an impairment has occurred and is determined to
be other-than-temporary, we measure the charge as the excess of the carrying value of our investment over its estimated fair value, which is determined by
calculating our share of the estimated fair market value of the underlying net assets based on the terms of the applicable partnership or joint-venture agreement.
For our equity method investments, we calculate the estimated fair value of the underlying investment’s real estate as described in Real Estate above. The fair
value of the underlying investment’s debt, if any, is calculated based on market interest rates and other market information. The fair value of the underlying
investment’s other financial assets and liabilities (excluding net investment in direct financing leases) have fair values that generally approximate their carrying
values.
Goodwill — We evaluate goodwill for possible impairment at least annually or upon the occurrence of a triggering event (for example, the CPA:18 Merger
(Note 4, Note 8) and the Spin-Off (Note 3, Note 8)). To identify any impairment, we first assess qualitative factors to determine whether it is more likely than
not that the fair value of the Company is less than its carrying value. This assessment is used as a basis to determine whether it is necessary to calculate fair
value of the Company. We calculate the estimated fair value of the Company by utilizing our market capitalization. Impairments, if any, will be the difference
between the Company’s fair value and carrying amount, not to exceed the carrying amount of goodwill.
W. P. Carey 2024 10-K – 62

Notes to Consolidated Financial Statements
Credit Losses
The allowance for credit losses, which is recorded as a reduction to Net investments in finance leases and loans receivable on our consolidated balance sheets,
is measured on a pool basis by credit ratings (Note 7), using a probability of default method based on the lessees’ respective credit ratings, the expected value
of the underlying collateral upon its repossession, and our historical loss experience related to other direct financing leases. Included in our model are factors
that incorporate forward-looking information. If we determine that a finance lease no longer shares risk characteristics with other finance leases in the pool, we
evaluate the finance lease for expected credit losses on an individual basis. Allowance for credit losses is included in our consolidated statements of income
within Other gains and (losses).
Other Accounting Policies
Basis of Consolidation — Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of
equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany
accounts and transactions have been eliminated.
When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a VIE and, if so, whether we are the primary
beneficiary and are therefore required to consolidate the entity. We apply accounting guidance for consolidation of VIEs to certain entities in which the equity
investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without
additional subordinated financial support from other parties. Fixed price purchase and renewal options within a lease, as well as certain decision-making rights
within a loan or joint-venture agreement, can cause us to consider an entity a VIE. Limited partnerships and other similar entities that operate as a partnership
will be considered a VIE unless the limited partners hold substantive kick-out rights or participation rights. Significant judgment is required to determine
whether a VIE should be consolidated. We review the contractual arrangements provided for in the partnership agreement or other related contracts to
determine whether the entity is considered a VIE, and to establish whether we have any variable interests in the VIE. We then compare our variable interests, if
any, to those of the other variable interest holders to determine which party is the primary beneficiary of the VIE based on whether the entity (i) has the power
to direct the activities that most significantly impact the economic performance of the VIE and (ii) has the obligation to absorb losses or the right to receive
benefits of the VIE that could potentially be significant to the VIE. The liabilities of these VIEs are non-recourse to us and can only be satisfied from each
VIE’s respective assets.
During the year ended December 31, 2024, we had a net decrease of seven entities classified as VIEs, primarily related to the completion of certain tax-
deferred like-kind exchanges under Section 1031 of the Internal Revenue Code (“1031 Exchange”), dispositions, and the purchase of the remaining controlling
interest in a jointly owned investment, partly offset by acquisitions and the funding of new construction loans (Note 7, Note 9).
At December 31, 2024 and 2023, we considered 14 and 21 entities to be VIEs, respectively, of which we consolidated nine and 15, respectively, as we are
considered the primary beneficiary. The following table presents a summary of selected financial data of the consolidated VIEs included in our consolidated
balance sheets (in thousands):
December 31,
2024
2023
Land, buildings and improvements — net lease and other
$
468,484 
$
237,858 
Land, buildings and improvements — operating properties
— 
39,422 
Net investments in finance leases and loans receivable
144,103 
595,524 
In-place lease intangible assets and other
67,764 
40,650 
Above-market rent intangible assets
3,757 
6,828 
Accumulated depreciation and amortization
(19,391)
(23,580)
Total assets
671,402 
947,509 
Non-recourse mortgages, net
$
47,853 
$
59,715 
Below-market rent intangible liabilities, net
25 
32 
Total liabilities
72,521 
101,047 
W. P. Carey 2024 10-K – 63

Notes to Consolidated Financial Statements
At December 31, 2024 and 2023, our five and six unconsolidated VIEs, respectively, included our interests in (i) two and three unconsolidated real estate
investments, respectively, which we account for under the equity method of accounting (we do not consolidate these entities because we are not the primary
beneficiary and the nature of our involvement in the activities of these entities allows us to exercise significant influence on, but does not give us power over,
decisions that significantly affect the economic performance of these entities), (ii) two unconsolidated investments in equity securities, which we accounted for
as investments in shares of the entities at fair value, and (iii) one unconsolidated construction loan investment, which we accounted for as a secured loan
receivable, as of December 31, 2024. In addition, at December 31, 2023, we had a variable interest in NLOP, which we also deemed a VIE, due to our
guarantee of a non-recourse mortgage loan with approximately $19 million principal balance outstanding as of December 31, 2023 encumbering a property that
was derecognized in the Spin-Off (Note 3). This non-recourse mortgage loan was repaid by NLOP during the first quarter of 2024 and as a result, NLOP is not
deemed a VIE as of December 31, 2024. As of December 31, 2024 and 2023, the net carrying amount of our investments in these entities was $576.2 million
and $729.8 million, respectively, and our maximum exposure to loss in these entities was limited to our investments.
Leases
As a Lessee: Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make
lease payments under the lease. We determine if an arrangement contains a lease at contract inception and determine the classification of the lease at
commencement. Operating and financing lease ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of
lease payments over the lease term. We do not include renewal options in the lease term when calculating the lease liability unless we are reasonably certain we
will exercise the option. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation
for those payments is incurred. Our variable lease payments consist of increases as a result of the Consumer Price Index (“CPI”) or other comparable indices,
taxes, and maintenance costs. Lease expense for lease payments is recognized on a straight-line basis over the term of the lease. Below-market ground lease
intangible assets and above-market ground lease intangible liabilities are included as a component of ROU assets. See Note 6 for additional disclosures on the
presentation of these amounts in our consolidated balance sheets.
The implicit rate within our operating leases is generally not determinable and, as a result, we use our incremental borrowing rate at the lease commencement
date to determine the present value of lease payments. The determination of our incremental borrowing rate requires judgment. We determine our incremental
borrowing rate for each lease using estimated baseline mortgage rates. These baseline rates are determined based on a review of current mortgage debt market
activity for benchmark securities across domestic and international markets, utilizing a yield curve. The rates are then adjusted for various factors, including
level of collateralization and lease term.
As a Lessor: We combine non-lease components (lease arrangements that include common area maintenance services) with related lease components (lease
revenues), since both the timing and pattern of transfer are the same for the non-lease component and related lease component, the lease component is the
predominant component, and the lease component would otherwise be classified as an operating lease. For (i) operating lease arrangements involving real
estate that include common area maintenance services and (ii) all real estate arrangements that include real estate taxes and insurance costs, we present these
amounts within lease revenues in our consolidated statements of income. We record amounts reimbursed by the lessee in the period in which the applicable
expenses are incurred, if the reimbursements are deemed collectible.
Net investments in sales-type leases are accounted for under ASC 842, Leases. Upon lease commencement or lease modification, we assess lease classification
to determine whether the lease should be classified as an operating, direct financing, or sales-type lease. If the lease is determined to be a sales-type lease, we
record a net investment in the lease, which is equal to the sum of the lease payments receivable and the unguaranteed residual value, discounted at the rate
implicit in the lease. Any difference between the fair value of the asset and the net investment in the lease is considered a gain on sale of real estate and
recognized upon execution of the lease.
Reclassifications — Certain prior period amounts have been reclassified to conform to the current period presentation.
Reimbursable costs from affiliates (revenues) are now included within Other advisory income and reimbursements. Reimbursable affiliate costs (expenses) are
now included within General and administrative expenses. Previously, such amounts were presented in their own financial statement line items on the
consolidated statements of income.
W. P. Carey 2024 10-K – 64

Notes to Consolidated Financial Statements
Cash and Cash Equivalents — We consider all short-term, highly liquid investments that are both readily convertible to cash and have a maturity of three
months or less at the time of purchase to be cash equivalents. Items classified as cash equivalents include commercial paper and money market funds. Our cash
and cash equivalents are held in the custody of several financial institutions, and these balances, at times, exceed federally insurable limits. We seek to mitigate
this risk by depositing funds only with major financial institutions.
Restricted Cash — Restricted cash primarily consists of (i) security deposits and amounts required to be reserved pursuant to lender agreements for debt
service, capital improvements, and real estate taxes, and (ii) funds designated for future 1031 Exchange transactions. The following table provides a
reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in
thousands):
December 31,
2024
2023
2022
Cash and cash equivalents
$
640,373 
$
633,860 
$
167,996 
Restricted cash 
50,328 
58,111 
56,145 
Total cash and cash equivalents and restricted cash
$
690,701 
$
691,971 
$
224,141 
__________
(a) Restricted cash is included within Other assets, net on our consolidated balance sheets. The amount as of December 31, 2024 includes $14.6 million of
proceeds from certain dispositions, which are held by an intermediary and have been designated for future 1031 Exchange transactions.
Real Estate and Operating Real Estate — We carry land, buildings, and improvements at cost less accumulated depreciation. We capitalize costs that extend
the useful life of properties or increase their value, while we expense maintenance and repairs that do not improve or extend the lives of the respective assets as
incurred.
Gain/Loss on Sale — We recognize gains and losses on the sale of properties when the transaction meets the definition of a contract, criteria are met for the
sale of one or more distinct assets, and control of the properties is transferred.
Internal-Use Software Development Costs and Cloud Computing Arrangements — We expense costs associated with the assessment stage of software
development projects. Upon completion of the preliminary project assessment stage, we capitalize internal and external costs associated with the application
development stage. We expense the personnel-related costs of training and data conversion. We also expense costs associated with the post-implementation and
operation stage, including maintenance and specified upgrades; however, we capitalize internal and external costs associated with significant upgrades to
existing systems that result in additional functionality. Cloud computing arrangement costs follow the internal-use software accounting guidance to determine
which implementation costs to capitalize as assets or expense as incurred. Capitalized internal-use software development costs are amortized on a straight-line
basis over the software’s estimated useful life, which is three to seven years. Capitalized implementation costs related to a service contract will be amortized
over the term of the hosting arrangement beginning when the component of the hosting arrangement is ready for its intended use. Periodically, we reassess the
useful life considering technology, obsolescence, and other factors.
Other Assets and Liabilities — We include prepaid expenses, straight-line rent adjustments, tenant receivables, deferred charges, escrow balances held by
lenders, restricted cash balances, marketable securities, derivative assets, other intangible assets, corporate fixed assets, our investment in shares of Lineage (a
cold storage REIT) (Note 10), and office lease ROU assets in Other assets, net. We include derivative liabilities, amounts held on behalf of tenants, operating
lease liabilities, and deferred revenue in Accounts payable, accrued expenses and other liabilities.
(a)
W. P. Carey 2024 10-K – 65

Notes to Consolidated Financial Statements
Investment in Shares of Lineage — We have elected to apply the measurement alternative under ASU 2016-01, Financial Instruments — Overall (Subtopic 825-
10) to account for our investment in 5,546,547 shares of Lineage, which is included in Other assets, net in the consolidated financial statements (Note 10).
Under this alternative, the carrying value is adjusted for any impairments or changes in fair value resulting from observable transactions for similar or identical
investments in the issuer. We transferred this investment from Level 3 to Level 2 within the fair value hierarchy during the third quarter of 2024 because
Lineage became a publicly traded company during that period. Although its share price is actively traded on an open market, we make an adjustment to the
value of our investment based on the promote value that the sponsor of our investment is entitled to. Since we were a legacy investor in Lineage prior to their
public offering completed in July 2024, our ownership interest is subject to settlement at the discretion of Lineage over a three-year period, during which we
will have the option to settle our investment in the form of cash or common stock. If our investment is not settled by Lineage during the three-year period, our
investment will convert to common shares.
Revenue Recognition, Real Estate Leased to Others — We lease real estate to others primarily on a triple-net leased basis, whereby the tenant is generally
responsible for operating expenses relating to the property, including property taxes, insurance, maintenance, repairs, and improvements.
Substantially all of our leases provide for either scheduled rent increases, periodic rent adjustments based on formulas indexed to changes in the CPI or similar
indices, or percentage rents. CPI-based adjustments are contingent on future events and are therefore not included as minimum rent in straight-line rent
calculations. We recognize rents from percentage rents as reported by the lessees, which is after the level of sales requiring a rental payment to us is reached.
Percentage rents were insignificant for the periods presented.
For our operating leases, we recognize future minimum rental revenue on a straight-line basis over the non-cancelable lease term of the related leases and
charge expenses to operations as incurred (Note 6). We record leases accounted for under the direct financing method as a net investment in direct financing
leases (Note 7). The net investment is equal to the cost of the leased assets. The difference between the cost and the gross investment, which includes the
residual value of the leased asset and the future minimum rents, is unearned income. We defer and amortize unearned income to income over the lease term so
as to produce a constant periodic rate of return on our net investment in the lease.
Revenue from contracts under ASC 606, Revenue from Contracts with Customers is recognized when, or as, control of promised goods or services is
transferred to customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. At contract inception,
we assess the services promised in our contracts with customers and identify a performance obligation for each promise to transfer to the customer a good or
service (or bundle of goods or services) that is distinct. To identify the performance obligations, we consider all of the services promised in the contract
regardless of whether they are explicitly stated or are implied by customary business practices. ASC 606 does not apply to our lease revenues, which constitute
a majority of our revenues, but primarily applies to revenues generated from our hotel operating properties and revenues earned from our affiliates (Note 5).
Revenue from contracts primarily represented hotel operating property revenues of $43.0 million, $76.2 million, and $12.0 million for the years ended
December 31, 2024, 2023, and 2022, respectively, generated from 13 hotels located in the United States (12 of which were reclassified from net leases to
operating properties in the first quarter of 2023 (Note 6); eight of these properties were sold during 2023 and one was sold during the second quarter of 2024
(Note 17)).
Such operating property revenues are primarily comprised of revenues from room rentals and from food and beverage services at our hotel operating properties
during those years. We identified a single performance obligation for each distinct service. Performance obligations are typically satisfied at a point in time, at
the time of sale, or at the rendering of the service. Fees are generally determined to be fixed. Payment is typically due immediately following the delivery of the
service.
Revenue Recognition, Investment Management Operations — We earn asset management revenue in connection with providing services to CESH and NLOP.
We earn asset management revenue from property management, leasing, and advisory services performed.
We earn other advisory income and reimbursements from NLOP for certain administrative services, including day-to-day management services, investor
relations, accounting, tax, legal, and other administrative matters, paid in cash.
W. P. Carey 2024 10-K – 66

Notes to Consolidated Financial Statements
CESH reimburses us for certain personnel and overhead costs that we incur on their behalf. We record reimbursement income as the expenses are incurred,
subject to limitations imposed by the advisory agreements. Revenue from contracts with affiliates under ASC 606 is discussed in Note 5.
Asset Retirement Obligations — Asset retirement obligations relate to the legal obligations associated with the retirement of long-lived assets that result from
the acquisition, construction, development, and/or normal operation of a long-lived asset. The fair value of a liability for an asset retirement obligation is
recorded in the period in which it is incurred or at the point of acquisition of an asset with an assumed asset retirement obligation, and the cost of such liability
is recorded as an increase in the carrying amount of the related long-lived asset by the same amount. The liability is accreted each period and the capitalized
cost is depreciated over the estimated remaining life of the related long-lived asset. Revisions to estimated retirement obligations result in adjustments to the
related capitalized asset and corresponding liability.
In order to determine the fair value of the asset retirement obligations, we make certain estimates and assumptions including, among other things, projected
cash flows, the borrowing interest rate, and an assessment of market conditions that could significantly impact the estimated fair value. These estimates and
assumptions are subjective.
Depreciation — We compute depreciation of building and related improvements using the straight-line method over the estimated remaining useful lives of the
properties (not to exceed 40 years) and furniture, fixtures, and equipment. We compute depreciation of tenant improvements using the straight-line method over
the lesser of the remaining term of the lease or the estimated useful life.
Stock-Based Compensation — We have granted restricted share awards (“RSAs”), restricted share units (“RSUs”), and performance share units (“PSUs”) to
certain employees, independent directors, and nonemployees. Grants were awarded in the name of the recipient subject to certain restrictions of transferability
and a risk of forfeiture. Stock-based compensation expense for all equity-classified stock-based compensation awards is based on the grant date fair value
estimated in accordance with current accounting guidance for share-based payments, which includes awards granted to certain nonemployees. We recognize
these compensation costs for only those shares expected to vest on a straight-line basis over the requisite service or performance period of the award. We
include stock-based compensation within Additional paid-in capital in the consolidated statements of equity and Stock-based compensation expense in the
consolidated statements of income.
Foreign Currency Translation and Transaction Gains and Losses — We have interests in international real estate investments primarily in Europe, Canada, and
Japan, and the primary functional currencies for those investments are the euro, the British pound sterling, the Danish krone, the Canadian dollar, and the
Japanese yen. We perform the translation from these currencies to the U.S. dollar for assets and liabilities using current exchange rates in effect at the balance
sheet date and for revenue and expense accounts using the average exchange rate during the month in which the transaction occurs. We report the gains and
losses resulting from such translation as a component of other comprehensive income in equity. These translation gains and losses are released to net income
(within Gain on sale of real estate, net, in the consolidated statements of income) when we have substantially exited from all investments in the related
currency.
A transaction gain or loss (measured from the transaction date or the most recent intervening balance sheet date, whichever is later), realized upon settlement of
a foreign currency transaction generally will be included in net income for the period in which the transaction is settled. Also, foreign currency intercompany
transactions that are scheduled for settlement, consisting primarily of accrued interest and the translation to the reporting currency of intercompany debt that is
short-term or has scheduled principal payments, are included in the determination of net income (within Other gains and (losses) in the statements of income).
The translation impact of foreign currency transactions of a long-term nature (that is, settlement is not planned or anticipated in the foreseeable future), in
which the entities involved in the transactions are consolidated or accounted for by the equity method in our consolidated financial statements, are not included
in net income but are reported as a component of other comprehensive income in equity.
W. P. Carey 2024 10-K – 67

Notes to Consolidated Financial Statements
Derivative Instruments — We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under
the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For derivatives designated and
that qualify as cash flow hedges, the change in fair value of the derivative is recognized in Other comprehensive income (loss) until the hedged transaction
affects earnings. Gains and losses on the cash flow hedges representing hedge components excluded from the assessment of effectiveness are recognized in
earnings over the life of the hedge on a systematic and rational basis, as documented at hedge inception in accordance with our accounting policy election.
Such gains and losses are recorded within Other gains and (losses) or Interest expense in our consolidated statements of income. The earnings recognition of
excluded components is presented in the same line item as the hedged transactions. For derivatives designated and that qualify as a net investment hedge, the
change in the fair value and/or the net settlement of the derivative is reported in Other comprehensive income (loss) as part of the cumulative foreign currency
translation adjustment. Amounts are reclassified out of Other comprehensive income (loss) into earnings (within Gain on sale of real estate, net, in our
consolidated statements of income) when the hedged investment is either sold or substantially liquidated. In accordance with fair value measurement guidance,
counterparty credit risk is measured on a net portfolio position basis.
Income Taxes — We conduct business in various states and municipalities primarily within North America and Europe, and as a result, we or one or more of
our subsidiaries file income tax returns in the United States federal jurisdiction and various state and foreign jurisdictions. We derive most of our REIT income
from our real estate operations. Our domestic real estate operations are generally not subject to federal tax, and accordingly, no provision has been made for
U.S. federal income taxes in the consolidated financial statements for these operations. These operations may be subject to certain state and local taxes, as
applicable. Prior to the CPA:18 Merger, we conducted our investment management operations primarily through taxable REIT subsidiaries (“TRSs”). In
general, a TRS may perform additional services for our tenants and generally may engage in any real estate or non-real estate-related business. These
operations are subject to federal, state, local, and foreign taxes, as applicable. Our financial statements are prepared on a consolidated basis including these
TRSs and include a provision for current and deferred taxes on these operations.
Significant judgment is required in determining our tax provision and in evaluating our tax positions. We establish tax reserves based on a benefit recognition
model, which could result in a greater amount of benefit (and a lower amount of reserve) being initially recognized in certain circumstances. Provided that the
tax position is deemed more likely than not of being sustained, we recognize the largest amount of tax benefit that is greater than 50% likely of being ultimately
realized upon settlement. We derecognize the tax position when it is no longer more likely than not of being sustained.
Our earnings and profits, which determine the taxability of distributions to stockholders, differ from net income reported for financial reporting purposes due
primarily to differences in depreciation, including hotel properties, and timing differences of rent recognition and certain expense deductions, for federal
income tax purposes.
We recognize deferred income taxes in certain of our subsidiaries taxable in the United States or in foreign jurisdictions. Deferred income taxes are generally
the result of temporary differences (items that are treated differently for tax purposes than for GAAP purposes as described in Note 16). In addition, deferred
tax assets arise from unutilized tax net operating losses, generated in prior years. Deferred income taxes are computed under the asset and liability method. The
asset and liability method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences
between tax bases and financial bases of assets and liabilities. We provide a valuation allowance against our deferred income tax assets when we believe that it
is more likely than not that all or some portion of the deferred income tax asset may not be realized. Whenever a change in circumstances causes a change in
the estimated realizability of the related deferred income tax asset, the resulting increase or decrease in the valuation allowance is included in deferred income
tax expense (benefit).
Earnings Per Share — Basic earnings per share is calculated by dividing net income available to common stockholders by the weighted-average number of
shares of common stock outstanding during the year. Diluted earnings per share reflects potentially dilutive securities (RSAs, RSUs, PSUs, and shares available
for issuance under our Equity Forwards and ATM Forwards, each as defined in Note 14) using the treasury stock method, except when the effect would be anti-
dilutive.
Reference Rate Reform — During the first quarter of 2023, we applied the guidance in ASC 848, Reference Rate Reform and elected the practical expedient to
transition certain contracts that reference London Interbank Offered Rate (“LIBOR”) to the Secured Overnight Financing Rate (“SOFR”), including our Senior
Unsecured Credit Facility (Note 12) and certain derivative instruments. The application of this guidance did not have a material impact on our consolidated
financial statements.
W. P. Carey 2024 10-K – 68

Notes to Consolidated Financial Statements
Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the
reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. Actual results could differ
from those estimates.
Recent Accounting Pronouncements
In June 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-03, Fair Value Measurement (Topic
820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. ASU 2022-03 clarifies that contractual sale restrictions should not
be considered in measuring the fair value of equity securities. We adopted this guidance for our interim and annual periods beginning January 1, 2024. The
adoption of this standard did not have a material impact on our consolidated financial statements.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 requires
quarterly disclosure of segment expenses if they are (i) significant to the segment, (ii) regularly provided to the CODM, and (iii) included in each reported
measure of a segment’s profit or loss. In addition, ASU 2023-07 requires an annual disclosure of the CODM’s title and a description of how the CODM uses
the segment’s profit/loss measure to assess segment performance and to allocate resources. We adopted this guidance for our interim and annual periods
beginning January 1, 2024. The adoption of this standard did not have a material impact on our consolidated financial statements, but has resulted in
incremental disclosures within the footnotes to our consolidated financial statements (Note 18).
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires public
companies to annually (i) disclose specific categories in the rate reconciliation disclosure and (ii) provide additional information for reconciling items that meet
a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pre-tax income
or loss by the applicable statutory income tax rate). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state, and
local jurisdictions, among other changes. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We
are currently evaluating the impact of this guidance on our consolidated financial statements.
Note 3. NLOP Spin-Off
Spin-Off
On November 1, 2023, we completed the Spin-Off of 59 office properties into NLOP (Note 1). The Spin-Off was accomplished via a pro rata dividend of one
NLOP common share for every 15 shares of WPC common stock outstanding. Following the closing of the Spin-Off, NLOP operates as a separate publicly-
traded REIT, for which we serve as advisor pursuant to the NLOP Advisory Agreements executed in connection with the Spin-Off, as described below in
further detail.
On the date of the Spin-Off, NLOP’s portfolio of 59 office properties totaled approximately 9.3 million leasable square feet (including 0.6 million of operating
square footage for a parking garage at a domestic property) (unaudited) primarily leased to 62 corporate tenants on a single-tenant net lease basis. The vast
majority of the office properties owned by NLOP are located in the United States, with the balance in Europe. NLOP’s portfolio generated ABR totaling
approximately $145 million as of September 30, 2023. We also derecognized non-recourse mortgages encumbering ten properties totaling $164.7 million.
W. P. Carey 2024 10-K – 69

Notes to Consolidated Financial Statements
The following table summarizes assets, liabilities, and equity derecognized in connection with the Spin-Off (in thousands):
Assets
Investments in real estate:
Land, buildings and improvements — net lease and other
$
1,299,400 
In-place lease and other intangible assets
373,631 
Above-market rent intangible assets
58,426 
Investments in real estate
1,731,457 
Accumulated depreciation and amortization
(454,768)
Net investments in real estate
1,276,689 
Cash and cash equivalents and restricted cash
9,141 
Other assets, net (excluding restricted cash)
70,472 
Goodwill (Note 8)
61,737 
Less: impairment charges (Note 10)
(47,282)
Total assets
$
1,370,757 
Liabilities and Equity
Non-recourse mortgages, net
$
164,743 
Accounts payable, accrued expenses and other liabilities
54,199 
Below-market rent intangible liabilities
11,799 
Deferred income taxes
9,718 
Total liabilities
240,459 
Distributions in excess of accumulated earnings
229,712 
Accumulated other comprehensive loss
(35,664)
Noncontrolling interests
4,406 
Total equity
198,454 
Total liabilities and equity
$
438,913 
The following table summarizes the impact to the components of Total equity in connection with the Spin-Off (in thousands):
Impact to Total Equity
 
Total assets derecognized (excluding cash and cash equivalents and restricted cash)
$
(1,361,616)
Total liabilities derecognized
240,459 
Net assets derecognized
(1,121,157)
Less: Proceeds in connection with the Spin-Off, reflecting cash and cash equivalents and restricted cash derecognized (described
below under “Debt Facility”)
343,885 
Impact to Total equity
$
(777,272)
Impact to Components of Total Equity
Distributions in excess of accumulated earnings derecognized
$
(229,712)
Accumulated other comprehensive income derecognized
35,664 
Noncontrolling interests derecognized
(4,406)
Reduction to Additional paid-in capital
(578,818)
Impact to Total equity
$
(777,272)
W. P. Carey 2024 10-K – 70

Notes to Consolidated Financial Statements
NLOP Agreements
Pursuant to the NLOP Advisory Agreements, which we entered into on November 1, 2023, we provide NLOP with strategic management services, including
asset management, property disposition support, and various related services. NLOP will pay us an asset management fee, which was initially set at an annual
amount of approximately $7.5 million and is being reduced proportionately following the disposition of each portfolio property. Such fees are included in Asset
management revenue on our consolidated statements of income. In addition, NLOP will reimburse us a base administrative amount of approximately
$4.0 million annually, for certain administrative services, including day-to-day management services, investor relations, accounting, tax, legal, and other
administrative matters. Such amounts are included in Other advisory income and reimbursements on our consolidated statements of income.
On October 31, 2023, we entered into a Separation and Distribution Agreement, which set forth the various individual transactions to be consummated that
comprised the Separation and the Distribution, including the assets transferred to and liabilities assumed by NLOP.
On October 31, 2023, we also entered into a Tax Matters Agreement, which governs the respective rights, responsibilities, and obligations of us and NLOP
after the Distribution, with respect to tax liabilities and benefits, the preparation and filing of tax returns, the control of audits and other tax proceedings, tax
covenants, tax indemnification, cooperation, and information sharing.
Debt Facility
In September 2023, NLOP entered into a new $455 million debt facility, which was executed by NLOP and funded upon the closing of the Spin-Off on
November 1, 2023 (the “NLOP Financing Arrangements”). Approximately $343.9 million of this amount (net of (i) transaction expenses and (ii) cash and cash
equivalents and restricted cash derecognized) was retained by us in connection with the Spin-Off.
Spin-Off Costs
In connection with the Spin-Off, we have incurred approximately $61.6 million in total costs, comprised of (i) $10.0 million of advisory fees, which is included
in Merger and other expenses on our consolidated statements of income ($4.9 million of such fees were recognized during 2022 and $5.1 million were
recognized during the year ended December 31, 2023); and (ii) $51.6 million of additional Spin-Off related costs (including $14.4 million of financing costs
incurred in connection with the NLOP Financing Arrangements), which were reimbursed to us by NLOP in connection with the Spin-Off.
Note 4. Merger with CPA:18 – Global
CPA:18 Merger
On February 27, 2022, we and certain of our subsidiaries entered into a merger agreement with CPA:18 – Global, pursuant to which CPA:18 – Global would
merge with and into one of our indirect subsidiaries in exchange for shares of our common stock and cash, subject to approval by the stockholders of CPA:18 –
Global. The CPA:18 Merger and related transactions were approved by the stockholders of CPA:18 – Global on July 26, 2022 and completed on August 1,
2022.
At the effective time of the CPA:18 Merger, each share of CPA:18 – Global common stock issued and outstanding immediately prior to the effective time of the
CPA:18 Merger was canceled and, in exchange for cancellation of such share, the rights attaching to such share were converted automatically into the right to
receive (i) 0.0978 shares of our common stock and (ii) $3.00 in cash, which we refer to herein as the Merger Consideration. Each share of CPA:18 – Global
common stock owned by us or any of our subsidiaries immediately prior to the effective time of the CPA:18 Merger was automatically canceled and retired,
and ceased to exist, for no Merger Consideration. In exchange for the 141,099,002 shares of CPA:18 – Global common stock that we and our subsidiaries did
not previously own, we paid total merger consideration of approximately $1.6 billion, consisting of (i) the issuance of 13,786,302 shares of our common stock
with a fair value of $1.2 billion, based on the closing price of our common stock on August 1, 2022 of $87.46 per share, (ii) cash consideration of $423.3
million, and (iii) cash of $0.1 million paid in lieu of issuing any fractional shares of our common stock. Pursuant to the terms of the definitive merger
agreement, in connection with the closing of the CPA:18 Merger, we waived certain back-end fees that we would have otherwise been entitled to receive from
CPA:18 – Global upon its liquidation pursuant to the terms of our pre-closing advisory agreement with CPA:18 – Global.
W. P. Carey 2024 10-K – 71

Notes to Consolidated Financial Statements
Immediately prior to the closing of the CPA:18 Merger, CPA:18 – Global’s portfolio was comprised of full or partial ownership interests in 42 leased properties
(including seven properties in which we already owned a partial ownership interest), substantially all of which were net leased with a weighted-average lease
term of 7.0 years, an occupancy rate of 99.3% (unaudited), and an estimated contractual minimum annualized base rent (“ABR”) totaling $81.0 million, as well
as 65 self-storage operating properties and two student housing operating properties totaling 5.1 million square feet (unaudited). The related property-level debt
was comprised of non-recourse mortgage loans with an aggregate consolidated fair value of approximately $900.2 million with a weighted-average annual
interest rate of 5.1% as of August 1, 2022. From the closing of the CPA:18 Merger through December 31, 2022, lease revenues, operating property revenues,
and net income from properties acquired were $42.7 million, $39.2 million, and $12.3 million, respectively.
Two of the net lease properties that we acquired in the CPA:18 Merger were classified as Assets held for sale, with an aggregate fair value of $85.0 million at
acquisition. From the closing of the CPA:18 Merger through December 31, 2022, lease revenues from these properties totaled $4.9 million. We sold one of
these properties in August 2022 for total proceeds, net of selling costs, of $44.5 million, and recognized a loss on sale of $0.2 million (Note 17). We sold the
other property in October 2023 for total proceeds, net of selling costs, of $29.5 million (Note 17).
Purchase Price Allocation
We accounted for the CPA:18 Merger as a business combination under the acquisition method of accounting. After consideration of all applicable factors
pursuant to the business combination accounting rules, we were considered the “accounting acquirer” due to various factors, including the fact that our
stockholders held the largest portion of the voting rights in the combined company upon completion of the CPA:18 Merger. Costs related to the CPA:18 Merger
have been expensed as incurred and classified within Merger and other expenses in the consolidated statements of income, totaling $17.2 million for the year
ended December 31, 2022.
The purchase price was allocated to the assets acquired and liabilities assumed, based upon their fair values at August 1, 2022. See Consolidated Statements of
Cash Flows — Supplemental Non-Cash Investing and Financing Activities for a summary of the estimated fair values of the assets acquired and liabilities
assumed in the CPA:18 Merger.
Goodwill
The $172.3 million of goodwill recorded in the CPA:18 Merger was primarily due to the premium we paid over CPA:18 – Global’s estimated fair value.
Management believes the premium is supported by several factors, including that the CPA:18 Merger (i) concludes our exit from the non-traded REIT business,
(ii) adds a high-quality diversified portfolio of net lease assets that is well-aligned with our existing portfolio, (iii) enhances certain portfolio metrics, and (iv)
adds an attractive portfolio of self-storage operating properties.
The fair value of the 13,786,302 shares of our common stock issued in the CPA:18 Merger as part of the consideration paid for CPA:18 – Global of $1.6 billion
was derived from the closing market price of our common stock on the acquisition date. As required by GAAP, the fair value related to the assets acquired and
liabilities assumed, as well as the shares exchanged, has been computed as of the date we gained control, which was the closing date of the CPA:18 Merger, in
a manner consistent with the methodology described above.
Goodwill is not deductible for income tax purposes.
Equity Investments
During the third quarter of 2022, we recognized a gain on change in control of interests of approximately $22.5 million, which was the difference between the
carrying value of approximately $65.8 million and the fair value of approximately $88.3 million of our previously held equity interest in 8,556,732 shares of
CPA:18 – Global’s common stock.
W. P. Carey 2024 10-K – 72

Notes to Consolidated Financial Statements
The CPA:18 Merger also resulted in our acquisition of the remaining interests in four investments in which we already had a joint interest and accounted for
under the equity method. Upon acquiring the remaining interests in these investments, we owned 100% of these investments and thus accounted for the
acquisitions of these interests utilizing the purchase method of accounting. Due to the change in control of the four jointly owned investments that occurred, we
recorded a gain on change in control of interests of approximately $11.4 million during the third quarter of 2022, which was the difference between our
carrying values and the fair values of our previously held equity interests on August 1, 2022 of approximately $17.2 million and approximately $28.6 million,
respectively. Subsequent to the CPA:18 Merger, we consolidate these wholly owned investments.
Pro Forma Financial Information (Unaudited)
The following consolidated pro forma financial information has been presented as if the CPA:18 Merger had occurred on January 1, 2021 for the year ended
December 31, 2022. The pro forma financial information is not necessarily indicative of what the actual results would have been had the CPA:18 Merger on
that date, nor does it purport to represent the results of operations for future periods.
(in thousands)
Year Ended December 31, 2022
Pro forma total revenues
$
1,590,233 
Note 5. Agreements and Transactions with Related Parties
Advisory Agreements and Partnership Agreements with NLOP, CESH, and CPA:18 – Global
We currently have advisory arrangements with NLOP and CESH, pursuant to which we earn fees and are entitled to receive reimbursement for certain
administrative expenses. The NLOP Advisory Agreements are described in Note 3. Upon completion of the CPA:18 Merger on August 1, 2022 (Note 4), our
advisory agreements with CPA:18 – Global were terminated, and we ceased earning revenue from CPA:18 – Global.
The following tables present a summary of revenue earned, reimbursable costs, and distributions of Available Cash received/accrued from NLOP, CESH, and
CPA:18 – Global for the periods indicated, included in the consolidated financial statements (in thousands):
 
Years Ended December 31,
 
2024
2023
2022
Asset management revenue 
$
6,597 
$
2,184 
$
8,467 
Administrative reimbursements 
4,000 
667 
— 
Reimbursable costs from affiliates 
224 
368 
2,518 
Distributions of Available Cash 
— 
— 
8,746 
Interest income on loans to affiliates 
— 
— 
112 
$
10,821 
$
3,219 
$
19,843 
Years Ended December 31,
2024
2023
2022
NLOP
$
10,243 
$
1,912 
$
— 
CESH
578 
1,307 
1,989 
CPA:18 – Global
— 
— 
17,854 
 
$
10,821 
$
3,219 
$
19,843 
__________
(a) Amounts represent revenues from contracts under ASC 606.
(b) Included within Asset management revenue in the consolidated statements of income.
(c) Included within Other advisory income and reimbursements in the consolidated statements of income.
(d) Included within Earnings from equity method investments in the consolidated statements of income.
(e) Included within Non-operating income in the consolidated statements of income.
(a) (b)
(a) (c)
(a) (c)
(d)
(e)
W. P. Carey 2024 10-K – 73

Notes to Consolidated Financial Statements
The following table presents a summary of amounts due from affiliates, which are included within Other assets, net in the consolidated financial statements (in
thousands):
December 31,
2024
2023
Asset management fees receivable
$
554 
$
1,349 
Accounts receivable
462 
768 
Reimbursable costs
73 
59 
$
1,089 
$
2,176 
Performance Obligations and Significant Judgments
The fees earned pursuant to our advisory agreements are considered variable consideration. For the agreements that include multiple performance obligations,
including asset management services, revenue is allocated to each performance obligation based on estimates of the price that we would charge for each
promised service if it were sold on a standalone basis.
Judgment is applied in assessing whether there should be a constraint on the amount of fees recognized, such as amounts in excess of certain threshold limits
with respect to the contract price or any potential clawback provisions included in certain of our arrangements. We exclude fees subject to such constraints to
the extent it is probable that a significant reversal of those amounts will occur.
Asset Management Revenue
Under the advisory agreement with CESH, we earn asset management revenue at a rate of 1.0% based on its gross assets at fair value, paid in cash. Under the
advisory agreement with NLOP, we earn an asset management fee, which was initially set at an annual amount of $7.5 million and is being reduced
proportionately following the disposition of each portfolio property.
The performance obligation for asset management services is satisfied over time as services are rendered. The time-based output method is used to measure
progress over time, as this is representative of the transfer of the services. We are compensated for our services on a monthly or quarterly basis. However, these
services represent a series of distinct daily services under ASC 606, Revenue from Contracts with Customers. Accordingly, we satisfy the performance
obligation and resolve the variability associated with our fees on a daily basis. We apply the practical expedient and, as a result, do not disclose variable
consideration attributable to wholly or partially unsatisfied performance obligations as of the end of the reporting period.
In providing asset management services, we are reimbursed for certain costs. Direct reimbursement of these costs does not represent a separate performance
obligation. Payment for asset management services is typically due on the first business day following the month of the delivery of the service.
Administrative Reimbursements
Under the advisory agreement with NLOP, we earn a base administrative amount of approximately $4.0 million annually, for certain administrative services,
including day-to-day management services, investor relations, accounting, tax, legal, and other administrative matters, paid in cash.
Reimbursable Costs from Affiliates
CESH reimburses us in cash for certain personnel and overhead costs that we incur on its behalf, based on actual expenses incurred.
Distributions of Available Cash
We were entitled to receive distributions of up to 10% of the Available Cash (as defined in CPA:18 – Global’s partnership agreement) from the operating
partnership of CPA:18 – Global, payable quarterly in arrears. After completion of the CPA:18 Merger on August 1, 2022 (Note 4), we no longer receive
distributions of Available Cash from CPA:18 – Global.
W. P. Carey 2024 10-K – 74

Notes to Consolidated Financial Statements
Back-End Fees and Interests in CPA:18 – Global and CESH
Under our advisory arrangements with CESH, we may also receive compensation in connection with providing a liquidity event for its investors. Such back-
end fees or interests include interests in disposition proceeds. There can be no assurance as to whether or when any back-end fees or interests will be realized.
Pursuant to the terms of the definitive merger agreement, in connection with the closing of the CPA:18 Merger, we waived certain back-end fees that we would
have been entitled to receive from CPA:18 – Global upon its liquidation pursuant to the terms of our advisory agreement and partnership agreement with
CPA:18 – Global (Note 4).
Other Transactions with Affiliates and Related Parties
Loans to Affiliates
From time to time, our board of directors (our “Board”) has approved the making of secured and unsecured loans or lines of credit from us to certain of the
investment programs we have sponsored, at our sole discretion, generally for the purpose of facilitating acquisitions or for working capital purposes. In July
2022, CPA:18 – Global repaid the $16.0 million principal outstanding balance on its line of credit in full. The loan agreement with CPA:18 – Global was
terminated upon completion of the CPA:18 Merger on August 1, 2022. No such line of credit with CESH or NLOP existed during the reporting period.
Other
At December 31, 2024, we owned interests in seven jointly owned investments in real estate, with the remaining interests held by third parties. We consolidate
four such investments and account for the remaining three investments under the equity method of accounting (Note 9). In addition, we owned limited
partnership units of CESH at that date. We elected to account for our investment in CESH under the fair value option (Note 9).
Note 6. Land, Buildings and Improvements, and Assets Held for Sale
Land, Buildings and Improvements — Net Lease and Other
Land and buildings leased to others, which are subject to operating leases, and real estate under construction, are summarized as follows (in thousands):
December 31,
2024
2023
Land
$
2,398,409 
$
2,248,300 
Buildings and improvements
10,388,418 
9,801,596 
Real estate under construction
56,042 
45,562 
Less: Accumulated depreciation
(1,701,892)
(1,509,730)
$
11,140,977 
$
10,585,728 
During 2024, the U.S. dollar strengthened against the euro, as the end-of-period rate for the U.S. dollar in relation to the euro decreased by 6.0% to $1.0389
from $1.1050. As a result of this fluctuation in foreign currency exchange rates, the carrying value of our Land, buildings and improvements — net lease and
other decreased by $210.0 million from December 31, 2023 to December 31, 2024.
On September 1, 2024, we entered into net lease agreements for certain self-storage properties previously classified as operating properties. As a result, in
September 2024, we reclassified three consolidated self-storage properties with an aggregate carrying value of $46.1 million from Land, buildings and
improvements — operating properties to Land, buildings and improvements — net lease and other. Effective as of that time, we began recognizing Lease
revenues from these properties, whereas previously we recognized Operating property revenues and expenses from these properties. In addition, in connection
with the net lease agreements described above, in September 2024, we reclassified nine self-storage properties from Equity method investments and recorded
$84.4 million in Land, buildings and improvements — net lease and other. Effective as of that time, we began recognizing Lease revenues from these
properties (Note 9).
W. P. Carey 2024 10-K – 75

Notes to Consolidated Financial Statements
In connection with changes in lease classifications due to (i) extensions of the underlying leases, (ii) entering into a new lease, or (iii) lease expirations, we
reclassified 17 properties with an aggregate carrying value of $120.9 million from Net investments in finance leases and loans receivable to Land, buildings
and improvements — net lease and other during 2024 (Note 7).
During the year ended December 31, 2024, we reclassified two properties classified as Land, buildings and improvements — net lease and other to Net
investments in finance leases and loans receivable since we entered into an agreement to sell the properties to the tenant. As a result, the carrying value of our
Land, buildings and improvements — net lease and other decreased by $6.8 million from December 31, 2023 to December 31, 2024 (Note 7).
See Note 3 for a description of land, buildings and improvements derecognized in connection with the Spin-Off.
As discussed in Note 4, we acquired 39 consolidated properties subject to existing operating leases in the CPA:18 Merger, which increased the carrying value
of our Land, buildings and improvements — net lease and other by $881.6 million during the year ended December 31, 2022.
Depreciation expense, including the effect of foreign currency translation, on our buildings and improvements subject to operating leases was $292.9 million,
$325.8 million, and $299.4 million for the years ended December 31, 2024, 2023, and 2022, respectively.
W. P. Carey 2024 10-K – 76

Notes to Consolidated Financial Statements
Acquisitions of Real Estate During 2024
During 2024, we entered into the following investments, which were deemed to be real estate asset acquisitions (dollars in thousands):
Property Location(s)
Number of
Properties
Date of Acquisition
Property Type
Total Capitalized Costs
Doncaster, United Kingdom 
2
1/9/2024
Retail
$
30,055 
Various, Italy 
5
1/30/2024
Industrial, Warehouse
148,130 
Laval, Canada 
1
3/26/2024
 Industrial
2,604 
Commercial Point, Ohio
1
4/5/2024
Warehouse
94,220 
Tucson, Arizona
1
5/13/2024
Warehouse
38,784 
Portfolio Acquisition:
Various, United States
5
5/15/2024
Industrial, Warehouse
44,400 
Various, United States
4
5/15/2024
Industrial
23,330 
Sylacauga, Alabama
1
5/15/2024
Industrial
5,852 
Moxee, Washington and La Porte, Indiana 
2
6/26/2024
Industrial
37,019 
Various, North Carolina 
3
7/23/2024
Industrial, Retail
18,260 
Neenah, Wisconsin 
1
7/23/2024
Industrial
19,868 
Alexandria, Canada  
1
8/6/2024
Warehouse
26,030 
Tillsonburg and Oldcastle, Canada 
2
8/6/2024
Industrial
15,919 
Portfolio Total
19
190,678 
Mesa and Laveen, Arizona
2
6/3/2024
Retail
26,964 
Various, Poland 
123
7/25/2024;
9/18/2024
Retail
31,508 
Las Vegas, Nevada
1
8/2/2024
Retail
12,471 
West Des Moines, Iowa
1
8/9/2024
Retail
21,063 
Various, United States
3
10/1/2024
Retail (Car Wash)
15,259 
Lebanon, Indiana
1
10/17/2024
Industrial
58,289 
Shelbyville, Kentucky
1
10/18/2024
Industrial
99,572 
Stockton, California
1
11/27/2024
Land
55,073 
Weehawken, New Jersey
1
11/27/2024
Specialty
(Datacenter)
97,244 
Various, United States 
106
Various
Retail
201,160 
Manchester, United Kingdom 
1
12/13/2024
Retail
25,873 
Yarnfield, United Kingdom 
1
12/19/2024
Education
23,329 
271
$
1,172,276 
__________
(a) Amount reflects the applicable exchange rate on the date of transaction.
(b) In connection with these acquisitions, we assumed non-recourse mortgage loans encumbering the properties with an outstanding principal balance totaling
$66.0 million (Note 12).
(c) This investment was completed in several tranches during November and December 2024, with properties located across 21 U.S. states.
(a)
(a)
(a)
(a)
(b)
(b)
(b)
(a) (b)
(b)
(a)
(c)
(a)
(a)
W. P. Carey 2024 10-K – 77

Notes to Consolidated Financial Statements
The aggregate purchase price allocation for investments disclosed above is as follows (dollars in thousands):
Total Capitalized Costs
Land
$
219,411 
Buildings and improvements
772,346 
Intangible assets and liabilities:
In-place lease (weighted-average expected life of 14.8 years)
166,054 
Above-market rent (expected life of 14.4 years)
7,093 
Below-market rent (expected life of 12.8 years)
(408)
Right-of-use assets:
Land lease right-of-use assets
4,346 
Below-market ground lease intangibles
3,549 
Debt discount and deferred financing costs on non-recourse mortgage loans assumed
4,231 
Operating lease liabilities
(4,346)
$
1,172,276 
Acquisitions of Real Estate During 2023 — We entered into 12 investments, which were deemed to be real estate asset acquisitions, at a total cost of $1.2
billion, including land of $212.6 million, buildings of $774.1 million, in-place lease intangibles of $185.9 million, ROU assets of $13.0 million, and prepaid
rent liabilities of $6.9 million.
Acquisitions of Real Estate During 2022 — We entered into 23 investments, which were deemed to be real estate asset acquisitions, at a total cost of $1.2
billion, including land of $145.1 million, buildings of $853.0 million, in-place lease intangibles of $152.9 million, below-market rent intangibles of $7.0
million, and ROU assets of $12.3 million. These investments exclude properties acquired in the CPA:18 Merger (Note 4).
Real Estate Under Construction — Net Lease and Operating Properties
During 2024, we capitalized real estate under construction totaling $96.3 million. The number of construction projects in progress with balances included in
real estate under construction was four and 11 as of December 31, 2024 and 2023, respectively. Aggregate unfunded commitments totaled approximately $72.1
million and $71.8 million as of December 31, 2024 and 2023, respectively.
During 2024, we completed the following construction projects (dollars in thousands):
Property Location(s)
Primary Transaction Type
Number of
Properties
Date of Completion
Property Type
Total Capitalized Costs
Salisbury, North Carolina
Expansion
1
3/8/2024
Industrial
$
14,737 
Little Rock, Arkansas
Expansion
1
4/10/2024
Self-Storage
(Operating)
3,280 
Irvine, California
Redevelopment
1
6/27/2024
Industrial
15,222 
Washington, Michigan
Redevelopment
1
12/13/2024
Research and
Development
36,290 
Atlanta, Georgia
Redevelopment
1
12/31/2024
Warehouse
17,520 
5
$
87,049 
During 2023, we completed four construction projects, at a total cost of $60.7 million.
During 2022, we completed six construction projects, at a total cost of $148.1 million.
During 2024, we committed to fund four construction projects, for an aggregate amount of $95.8 million. We currently expect to complete the projects in 2025
and 2026.
W. P. Carey 2024 10-K – 78

Notes to Consolidated Financial Statements
Capitalized interest incurred during construction was $1.0 million, $0.6 million, and $1.3 million for the years ended December 31, 2024, 2023, and 2022
respectively, which reduces Interest expense in the consolidated statements of income.
Dispositions of Properties
During 2024, we sold 25 properties, which were classified as Land, buildings and improvements — net lease and other. As a result, the carrying value of our
Land, buildings and improvements — net lease and other decreased by $281.1 million from December 31, 2023 to December 31, 2024 (Note 17).
Other Lease-Related Income
2024 — For the year ended December 31, 2024, Other lease-related income on our consolidated statements of income included: (i) lease termination income
totaling $7.0 million received from one tenant and (ii) other lease-related settlements totaling $11.8 million.
2023 — For the year ended December 31, 2023, Other lease-related income on our consolidated statements of income included: (i) lease termination income
totaling $11.9 million received from two tenants in connection with the sales of the properties they occupied and (ii) other lease-related settlements totaling
$9.1 million.
2022 — For the year ended December 31, 2022, Other lease-related income on our consolidated statements of income included: (i) other lease-related
settlements totaling $17.6 million; (ii) lease termination income totaling $12.4 million received from two tenants; and (iii) income from a parking garage
attached to one of our net-leased properties totaling $1.6 million.
Leases
Operating Lease Income
Lease income related to operating leases recognized and included in the consolidated statements of income is as follows (in thousands):
Years Ended December 31,
2024
2023
2022
Lease income — fixed
$
1,186,730 
$
1,254,340 
$
1,160,942 
Lease income — variable 
145,058 
173,036 
140,675 
Total operating lease income
$
1,331,788 
$
1,427,376 
$
1,301,617 
__________
(a) Includes (i) rent increases based on changes in the CPI and other comparable indices and (ii) reimbursements for property taxes, insurance, and common
area maintenance services.
Scheduled Future Lease Payments to be Received
Scheduled future lease payments to be received (exclusive of expenses paid by tenants, percentage of sales rents, and future CPI-based adjustments) under non-
cancelable operating leases at December 31, 2024 are as follows (in thousands): 
Years Ending December 31, 
Total
2025
$
1,260,864 
2026
1,254,010 
2027
1,217,122 
2028
1,190,048 
2029
1,138,578 
Thereafter
11,103,738 
Total
$
17,164,360 
See Note 7 for scheduled future lease payments to be received under non-cancelable direct financing leases and sales-type leases.
(a)
W. P. Carey 2024 10-K – 79

Notes to Consolidated Financial Statements
Lease Cost
Lease costs for operating leases are included in (i) General and administrative expenses (office leases), (ii) Property expenses, excluding reimbursable tenant
costs (land leases), and (iii) Reimbursable tenant costs (land leases) in the consolidated statements of income. Certain information related to the total lease cost
for operating leases is as follows (in thousands):
Years Ended December 31,
2024
2023
2022
Fixed lease cost
$
15,550 
$
15,518 
$
15,087 
Variable lease cost
1,992 
1,731 
1,086 
Total lease cost
$
17,542 
$
17,249 
$
16,173 
During the years ended December 31, 2024, 2023, and 2022, we received sublease income totaling approximately $5.0 million, $4.9 million, and $4.6 million,
respectively, which is included in Lease revenues in the consolidated statements of income.
Other Information
Supplemental balance sheet information related to ROU assets and lease liabilities is as follows (dollars in thousands):
December 31,
Location on Consolidated Balance Sheets
2024
2023
Operating ROU assets — land leases
In-place lease intangible assets and other
$
115,156 
$
114,080 
Finance ROU assets — land and building leases
In-place lease intangible assets and other
25,253 
26,034 
Operating ROU assets — office leases
Other assets, net
51,319 
54,730 
Total operating ROU assets
$
191,728 
$
194,844 
Operating lease liabilities
Accounts payable, accrued expenses and
other liabilities
$
143,274 
$
138,733 
Weighted-average remaining lease term — operating leases
23.4 years
23.8 years
Weighted-average discount rate — operating leases
6.8 %
6.6 %
Number of land lease arrangements — operating leases
72
66
Weighted-average remaining lease term — finance leases 
56.4 years
58.6 years
Number of land and building lease arrangements — finance leases
2
2
Number of office space arrangements
4
4
Remaining lease term range (excluding extension options not reasonably certain of being exercised)
<1 – 95 years
<1 – 98 years
__________
(a) There are no related lease liabilities for our finance ROU assets. Therefore, there is no applicable weighted-average discount rate for such assets.
Cash paid for operating lease liabilities included in Net cash provided by operating activities totaled $16.2 million, $16.1 million, and $15.8 million for the
years ended December 31, 2024, 2023, and 2022, respectively.
We assumed seven land lease arrangements in the CPA:18 Merger, for which we are the lessee. As a result, we capitalized (i) ROU assets totaling $24.5 million
(comprised of below-market ground lease intangibles totaling $17.9 million and land lease ROU assets totaling $6.6 million), which are included within In-
place lease intangible assets and other on our consolidated balance sheets, and (ii) operating lease liabilities totaling $6.6 million, which are included within
Accounts payable, accrued expenses and other liabilities on our consolidated balance sheets.
(a)
W. P. Carey 2024 10-K – 80

Notes to Consolidated Financial Statements
Undiscounted Cash Flows
A reconciliation of the undiscounted cash flows for operating leases recorded on the consolidated balance sheet within Accounts payable, accrued expenses and
other liabilities as of December 31, 2024 is as follows (in thousands):
Years Ending December 31, 
Total
2025
$
14,805 
2026
15,057 
2027
15,279 
2028
15,169 
2029
14,291 
Thereafter
228,739 
Total lease payments
303,340 
Less: amount of lease payments representing interest
(160,066)
Present value of future lease payments/lease obligations
$
143,274 
Land, Buildings and Improvements — Operating Properties
At December 31, 2024, Land, buildings and improvements — operating properties consisted of our investments in 78 consolidated self-storage properties, four
consolidated hotels, and two consolidated student housing properties. At December 31, 2023, Land, buildings and improvements — operating properties
consisted of our investments in 80 consolidated self-storage properties, five consolidated hotels, and two consolidated student housing properties. Below is a
summary of our Land, buildings and improvements — operating properties (in thousands): 
December 31,
2024
2023
Land
$
144,871 
$
150,084 
Buildings and improvements
1,053,805 
1,104,635 
Real estate under construction
— 
1,530 
Less: Accumulated depreciation
(100,575)
(80,057)
$
1,098,101 
$
1,176,192 
As described above under Land, Buildings and Improvements — Net Lease and Other, on September 1, 2024, we entered into net lease agreements for certain
self-storage properties previously classified as operating properties. As a result, in September 2024, we reclassified three consolidated self-storage properties
with an aggregate carrying value of $46.1 million from Land, buildings and improvements — operating properties to Land, buildings and improvements — net
lease and other. Effective as of that time, we began recognizing Lease revenues from these properties, whereas previously we recognized Operating property
revenues and expenses from these properties.
During the year ended December 31, 2024, the U.S. dollar strengthened against the British pound sterling, resulting in a decrease of $1.4 million in the carrying
value of our Land, buildings and improvements — operating properties from December 31, 2023 to December 31, 2024.
During the year ended December 31, 2024, we sold one hotel operating property, which was classified as Land, buildings and improvements — operating
properties. As a result, the carrying value of our Land, buildings and improvements — operating properties decreased by $14.6 million from December 31,
2023 to December 31, 2024 (Note 17).
Depreciation expense, including the effect of foreign currency translation, on our buildings and improvements attributable to operating properties was $28.7
million, $29.8 million, and $11.6 million for the years ended December 31, 2024, 2023, and 2022, respectively.
W. P. Carey 2024 10-K – 81

Notes to Consolidated Financial Statements
During the year ended December 31, 2024, we entered into the following self-storage operating property investment, which was deemed to be a real estate
asset acquisition (dollars in thousands):
Property Location(s)
Number of
Properties
Date of Acquisition
Property Type
Total Capitalized Costs
Dayton, Ohio
1
8/19/2024
Self-Storage
$
7,408 
1
$
7,408 
The aggregate purchase price allocation for investments disclosed above is as follows (dollars in thousands):
Total Capitalized Costs
Land
$
1,729 
Buildings and improvements
5,291 
Intangible assets:
In-place lease (expected life of 0.5 years)
388 
$
7,408 
Acquisitions of Operating Real Estate During 2023 — We entered into four self-storage operating property investments, which were deemed to be real estate
asset acquisitions, at a total cost of $47.3 million, including land of $13.5 million, buildings of $31.9 million, and in-place lease intangibles of $1.8 million.
For the year ended December 31, 2024, Land, buildings and improvements — operating properties revenues totaling $146.8 million were comprised of $136.5
million in lease revenues and $10.3 million in other income (such as food and beverage revenue) from 81 consolidated self-storage properties, five consolidated
hotels, and two consolidated student housing properties. For the year ended December 31, 2023, Land, buildings and improvements — operating properties
revenues totaling $180.3 million were comprised of $164.5 million in lease revenues and $15.8 million in other income (such as food and beverage revenue)
from 80 consolidated self-storage properties, 13 consolidated hotels, and two consolidated student housing properties. For the year ended December 31, 2022,
Land, buildings and improvements — operating properties revenues totaling $59.2 million were comprised of $54.4 million in lease revenues and $4.8 million
in other income from 75 consolidated self-storage properties, two consolidated student housing properties, and one consolidated hotel. We derive self-storage
revenue primarily from rents received from customers who rent storage space under month-to-month leases for personal or business use. We derive hotel
revenue primarily from room rentals, as well as food, beverage, and other services. We earn student housing operating revenue primarily from leases of one
year or less with individual students.
Assets Held for Sale, Net
Below is a summary of our properties held for sale (in thousands):
December 31,
2024
2023
Land, buildings and improvements — net lease and other
$
— 
$
46,986 
In-place lease intangible assets and other
— 
5,222 
Above-market rent intangible assets
— 
8,374 
Accumulated depreciation and amortization
— 
(23,460)
Assets held for sale, net
$
— 
$
37,122 
At December 31, 2023, we had two properties classified as Assets held for sale, net, with an aggregate carrying value of $37.1 million. These properties were
sold in January 2024.
Note 7. Finance Receivables
Assets representing rights to receive money on demand or at fixed or determinable dates are referred to as finance receivables. Our finance receivables
portfolio consists of our Net investments in finance leases and loans receivable (net of allowance for credit losses). Operating leases are not included in finance
receivables. See Note 2 and Note 6 for information on ROU operating lease assets recognized in our consolidated balance sheets.
W. P. Carey 2024 10-K – 82

Notes to Consolidated Financial Statements
Finance Receivables
Net investments in finance leases and loans receivable are summarized as follows (in thousands):
Maturity Date
December 31,
2024
2023
Sale-leaseback transactions accounted for as loans receivable 
2038 – 2054
$
451,813 
$
236,611 
Net investments in direct financing leases 
2025 – 2036
277,698 
431,328 
Net investments in sales-type leases 
2025
36,891 
835,734 
Secured loans receivable 
2025
31,857 
11,250 
$
798,259 
$
1,514,923 
__________
(a) These investments are accounted for as loans receivable in accordance with ASC 310, Receivables and ASC 842, Leases. Maturity dates reflect the current
lease maturity dates. Amounts are net of allowance for credit losses of $14.3 million and $0.8 million as of December 31, 2024 and 2023, respectively.
(b) Amounts are net of allowance for credit losses, as disclosed below under Net Investments in Direct Financing Leases.
(c) These investments are assessed for credit loss allowances but no such allowances were recorded as of December 31, 2024 or 2023.
(d) Amounts are net of allowance for credit losses of $2.1 million as of December 31, 2023. No such allowance was recorded as of December 31, 2024.
During the year ended December 31, 2024, the U.S. dollar strengthened against the euro, resulting in a $24.0 million decrease in the carrying value of Net
investments in finance leases and loans receivable from December 31, 2023 to December 31, 2024.
Income from finance leases and loans receivable is summarized as follows (in thousands):
Years Ended December 31,
2024
2023
2022
Net investments in direct financing leases
$
34,375 
$
49,950 
$
53,017 
Sale-leaseback transactions accounted for as loans receivable
22,754 
14,715 
13,569 
Net investments in sales-type leases
13,280 
38,109 
— 
Secured loans receivable
2,853 
4,399 
7,680 
$
73,262 
$
107,173 
$
74,266 
Loans Receivable
During the year ended December 31, 2024, we entered into the following sale-leasebacks, which were deemed to be loans receivable in accordance with ASC
310, Receivables and ASC 842, Leases (dollars in thousands):
Property Location(s)
Number of
Properties
Date of Acquisition
Property Type
Total Investment
Various, Italy 
4
3/26/2024
Industrial, Warehouse
$
83,890 
Nueva Leon, Mexico
4
10/15/2024;
12/11/2024
Industrial
98,580 
Various, Poland 
11
11/14/2024;
12/18/2024
Industrial
56,150 
19
$
238,620 
__________
(a) Amount reflects the applicable exchange rate on the date of transaction.
(b) In connection with this acquisition, we capitalized (i) land lease ROU assets totaling $0.7 million, which are included within In-place lease intangible
assets and other on our consolidated balance sheets, and (ii) operating lease liabilities totaling $0.7 million, which are included within Accounts payable,
accrued expenses and other liabilities on our consolidated balance sheets.
(a)
(b)
(c)
(d)
(a)
(a) (b)
W. P. Carey 2024 10-K – 83

Notes to Consolidated Financial Statements
During the year ended December 31, 2022, we entered into one sale-leaseback, which was deemed to be a loan receivable, at a total cost of $19.8 million.
During the years ended December 31, 2024 and 2023, we recorded allowance for credit losses of $13.5 million and $0.8 million, respectively, on our sale-
leaseback transactions accounted for as loans receivables due to changes in economic conditions.
In November 2024, we entered into an agreement to fund a construction loan of $25.0 million for a mixed-use complex in Las Vegas, Nevada, at an interest rate
of SOFR plus 3.0% (with a floor of 6.5%) and with a maturity date of November 2025, with two one-year extension options. During the fourth quarter of 2024,
we funded $15.0 million, with the remaining amount expected to be funded in 2025. This loan will be treated as a secured loan receivable for accounting
purposes in accordance with the acquisition, development and construction arrangement sub-section of ASC 310, Receivables. As of December 31, 2024, this
secured loan receivable had a carrying value of $15.0 million and was included in Net investments in finance leases and loans receivable in our consolidated
balance sheets.
In November 2024, we entered into an agreement to fund a construction loan of $23.4 million for a retail project in Las Vegas, Nevada, at an interest rate of
8.0% and with a maturity date of December 2025, with two one-year extension options. During the fourth quarter of 2024, we funded $16.8 million, with the
remaining amount expected to be funded in 2025. This loan will be treated as a secured loan receivable for accounting purposes in accordance with the
acquisition, development and construction arrangement sub-section of ASC 310, Receivables. As of December 31, 2024, this secured loan receivable had a
carrying value of $16.8 million and was included in Net investments in finance leases and loans receivable in our consolidated balance sheets.
In June 2024, in connection with a property disposition, we provided financing to the buyer of $15.0 million with an interest rate of 15.0%. In September 2024,
this secured loan receivable was repaid to us for $15.0 million.
In March 2024, a secured loan receivable was repaid to us for $24.0 million. In connection with this repayment, we recorded a release of allowance for credit
losses of $2.1 million since the loan principal was fully repaid. In addition, we collected $1.4 million of unpaid interest related to a prior year upon repayment
of this secured loan receivable, which was included in Income from finance leases and loans receivable on the consolidated statements of income for the year
ended December 31, 2024.
In August 2023, one of our secured loans receivable was repaid to us for $28.0 million. In connection with this repayment, we received an $0.6 million
prepayment penalty from the borrower, which was included in Income from finance leases and loans receivable in the consolidated financial statements for the
year ended December 31, 2023. This secured loan receivable was initially acquired in the CPA:18 Merger (Note 4).
In September 2022, one of our secured loans receivable was repaid to us for $34.0 million. In connection with this repayment, we recorded a release of
allowance for credit losses of $10.5 million since the loan principal was fully repaid.
Net Investments in Direct Financing Leases
Net investments in direct financing leases is summarized as follows (in thousands):
December 31,
2024
2023
Lease payments receivable
$
178,639 
$
285,512 
Unguaranteed residual value
273,502 
434,234 
452,141 
719,746 
Less: unearned income
(150,383)
(251,441)
Less: allowance for credit losses 
(24,060)
(36,977)
$
277,698 
$
431,328 
__________
(a)
W. P. Carey 2024 10-K – 84

Notes to Consolidated Financial Statements
(a) During the years ended December 31, 2024 and 2023, we recorded a net allowance for credit losses of $16.2 million and $28.2 million, respectively, on
our net investments in direct financing leases due to changes in expected economic conditions, which was included within Other gains and (losses) in our
consolidated statements of income. In addition, during the year ended December 31, 2024, we reduced the allowance for credit losses balance by $29.2
million, in connection with the reclassification of certain properties from Net investments in finance leases and loans receivable to Land, buildings and
improvements — net lease and other, as described below.
2024 — During the year ended December 31, 2024, we reclassified 17 properties with a carrying value of $120.9 million from Net investments in finance
leases and loans receivable to Land, buildings and improvements — net lease and other in connection with changes in lease classifications due to (i) extensions
of the underlying leases, (ii) entering into a new lease, or (iii) lease expirations (Note 6). In addition, during the year ended December 31, 2024, we sold one
property accounted for as a direct financing lease that had a net carrying value of $5.8 million.
2022 — As discussed in Note 4, we acquired one consolidated property subject to a direct financing lease in the CPA:18 Merger, which increased the carrying
value of our Net investments in finance leases and loans receivable by $10.5 million during the year ended December 31, 2022.
Net Investments in Sales-Type Leases
On February 28, 2023, the tenant occupying our portfolio of 78 net-lease self-storage properties located in the United States provided notice of its intention to
exercise its option to repurchase the properties. In accordance with ASC 842, Leases, we reclassified these net-lease assets to net investments in sales-type
leases totaling $451.4 million on our consolidated balance sheets within Net investments in finance leases and loans receivable (based on the present value of
remaining rents and estimated purchase price, using the CPI rates as of the exercise notice date), since the tenant provided notice of its intention to exercise its
purchase option. We recognized an aggregate Gain on sale of real estate, net, of $176.2 million during the year ended December 31, 2023 related to this
transaction. During the year ended December 31, 2024, we completed the sale of this portfolio. The purchase price was calculated using the U.S. CPI as of the
closing date. As a result, the carrying value of Net investments in finance leases and loans receivable decreased by $451.4 million from December 31, 2023 to
December 31, 2024 (Note 17).
On October 16, 2023, the tenant occupying an industrial/office facility located in Nagold, Germany, provided notice of its intention to exercise its option to
repurchase the property. In accordance with ASC 842, Leases, we reclassified this net-lease asset to net investments in sales-type leases totaling $20.6 million
on our consolidated balance sheets (based on the estimated purchase price and the foreign currency exchange rate of the euro on the date of notice), since the
tenant provided notice of its intention to exercise its purchase option. No gain or loss on sale of real estate was recognized related to this transaction.
On October 31, 2023, we entered into an agreement to sell our portfolio of 70 office properties located in Spain to the tenant occupying the properties. In
accordance with ASC 842, Leases, we reclassified these net-lease assets to net investments in sales-type leases totaling $348.6 million on our consolidated
balance sheets within Net investments in finance leases and loans receivable (based on the estimated purchase price and the foreign currency exchange rate of
the euro on the agreement date), since this agreement resulted in a lease modification. We recognized an aggregate Gain on sale of real estate, net, of $59.1
million during the three months ended December 31, 2023 related to this transaction. During the year ended December 31, 2024, we completed the sale of this
portfolio. As a result, the carrying value of Net investments in finance leases and loans receivable decreased by $359.3 million from December 31, 2023 to
December 31, 2024 (Note 17).
On July 10, 2024, we entered into an agreement to sell two properties located in the Netherlands to the tenant occupying the properties. In accordance with
ASC 842, Leases, we reclassified these net-lease assets to net investments in sales-type leases totaling $17.3 million on our consolidated balance sheets (based
on the estimated purchase price and the foreign currency exchange rate of the euro on the agreement date), since this agreement resulted in a lease
modification. In connection with this transaction, we reclassified the following amounts to Net investments in finance leases and loans receivable: (i) $9.2
million from Land, buildings and improvements — net lease and other, (ii) $3.0 million from In-place lease intangible assets and other, (iii) $0.2 million from
Above-market rent intangible assets, (iv) $3.8 million from Accumulated depreciation and amortization, and (v) $2.3 million from Other assets, net. We
recognized an aggregate Gain on sale of real estate, net, of $6.4 million during the year ended December 31, 2024 related to this transaction. We sold these
properties in January 2025 (Note 19).
W. P. Carey 2024 10-K – 85

Notes to Consolidated Financial Statements
Prior to the reclassifications of certain properties to net investments in sales-type leases, earnings from such investments were recognized in Lease revenues in
the consolidated financial statements.
Net investments in sales-type leases is summarized as follows (in thousands):
December 31,
2024
2023
Lease payments receivable 
$
36,938 
$
849,881 
36,938 
849,881 
Less: unearned income
(47)
(14,147)
$
36,891 
$
835,734 
__________
(a) Includes estimated purchase price and total rents owed.
Scheduled Future Lease Payments to be Received
Scheduled future lease payments to be received (exclusive of expenses paid by tenants, percentage of sales rents, and future CPI-based adjustments) under non-
cancelable direct financing leases and sales-type leases at December 31, 2024 are as follows (in thousands):
Years Ending December 31, 
Total
2025 
$
69,427 
2026
31,414 
2027
30,248 
2028
23,541 
2029
20,933 
Thereafter
40,014 
Total
$
215,577 
__________
(a) Includes $36.9 million for the net investments in sales-type leases described above, representing the estimated purchase prices of the investments plus
remaining rents. One such investment (comprising two properties) was sold in January 2025 for gross proceeds of approximately $16.6 million (Note 19).
See Note 6 for scheduled future lease payments to be received under non-cancelable operating leases.
Credit Quality of Finance Receivables
We generally invest in facilities that we believe are critical to a tenant’s business and therefore have a lower risk of tenant default. At both December 31, 2024
and 2023, no material balances of our finance receivables were past due. Other than the lease extensions, new leases, and lease expirations noted above under
Net Investments in Direct Financing Leases, there were no material modifications of finance receivables during the year ended December 31, 2024.
We evaluate the credit quality of our finance receivables utilizing an internal five-point credit rating scale, with one representing the highest credit quality and
five representing the lowest. A credit quality of one through three indicates a range of investment grade to stable. A credit quality of four through five indicates
a range of inclusion on the watch list to risk of default. The credit quality evaluation of our finance receivables is updated quarterly.
(a)
(a)
W. P. Carey 2024 10-K – 86

Notes to Consolidated Financial Statements
A summary of our finance receivables by internal credit quality rating, excluding our allowance for credit losses, is as follows (dollars in thousands):
Number of Tenants / Obligors at December 31,
Carrying Value at December 31,
Internal Credit Quality Indicator
2024
2023
2024
2023
1 – 3
18
18
$
575,361 
$
1,338,877 
4
7
8
254,864 
215,953 
5
1
—
6,411 
— 
$
836,636 
$
1,554,830 
Note 8. Goodwill and Other Intangibles
We have recorded lease and internal-use software development intangibles that are being amortized over periods ranging from one year to 48 years. In-place
lease intangibles, at cost are included in In-place lease intangible assets and other in the consolidated financial statements. Above-market rent intangibles, at
cost are included in Above-market rent intangible assets in the consolidated financial statements. Accumulated amortization of in-place lease and above-market
rent intangibles is included in Accumulated depreciation and amortization in the consolidated financial statements. Internal-use software development
intangibles are included in Other assets, net in the consolidated financial statements. Below-market rent intangibles are included in Below-market rent
intangible liabilities, net in the consolidated financial statements.
Net lease intangibles recorded in connection with property acquisitions during the year ended December 31, 2024 are described in Note 6.
In connection with certain business combinations, including the CPA:18 Merger (Note 4), we recorded goodwill as a result of consideration exceeding the fair
values of the assets acquired and liabilities assumed (Note 2). The following table presents a reconciliation of our goodwill (in thousands):
Goodwill
Balance at January 1, 2022
$
901,529 
Acquisition of CPA:18 – Global (Note 4)
172,346 
Impairment charges (Note 10)
(29,334)
Foreign currency translation adjustments
(7,129)
Balance at December 31, 2022
1,037,412 
Allocation of goodwill distributed to NLOP (Note 3)
(61,737)
Foreign currency translation adjustments
2,614 
Balance at December 31, 2023
978,289 
Foreign currency translation adjustments
(10,446)
Balance at December 31, 2024
$
967,843 
Current accounting guidance requires that we test for the recoverability of goodwill at least annually, or more frequently if events or changes in circumstances
indicate that the carrying value of goodwill may not be recoverable. We performed our annual test for impairment in October 2024 and found no impairment
indicated.
W. P. Carey 2024 10-K – 87

Notes to Consolidated Financial Statements
Intangible assets, intangible liabilities, and goodwill are summarized as follows (in thousands):
December 31,
2024
2023
Gross Carrying
Amount
Accumulated
Amortization
Net Carrying
Amount
Gross Carrying
Amount
Accumulated
Amortization
Net Carrying
Amount
Finite-Lived Intangible Assets
Internal-use software development costs
$
2,778 
$
(999)
$
1,779 
$
20,745 
$
(19,569)
$
1,176 
2,778 
(999)
1,779 
20,745 
(19,569)
1,176 
Lease Intangibles:
In-place lease
2,157,163 
(938,574)
1,218,589 
2,168,739 
(934,138)
1,234,601 
Above-market rent
665,495 
(481,355)
184,140 
706,773 
(481,554)
225,219 
2,822,658 
(1,419,929)
1,402,729 
2,875,512 
(1,415,692)
1,459,820 
Goodwill
Goodwill
967,843 
— 
967,843 
978,289 
— 
978,289 
Total intangible assets
$
3,793,279 
$
(1,420,928)
$
2,372,351 
$
3,874,546 
$
(1,435,261)
$
2,439,285 
Finite-Lived Intangible Liabilities
Below-market rent
$
(197,971)
$
78,140 
$
(119,831)
$
(203,413)
$
66,541 
$
(136,872)
Total intangible liabilities
$
(197,971)
$
78,140 
$
(119,831)
$
(203,413)
$
66,541 
$
(136,872)
During 2024, the U.S. dollar strengthened against the euro, resulting in a decrease of $22.9 million in the carrying value of our net intangible assets
from December 31, 2023 to December 31, 2024. See Note 7 for a description of intangible assets and liabilities reclassified to net investments in sales-type
leases during the year ended December 31, 2024.
Net amortization of intangibles, including the effect of foreign currency translation, was $186.7 million, $247.5 million, and $229.2 million for the years ended
December 31, 2024, 2023, and 2022, respectively. Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to Lease
revenues and amortization of internal-use software development and in-place lease intangibles is included in Depreciation and amortization.
Based on the intangible assets and liabilities recorded at December 31, 2024, scheduled annual net amortization of intangibles for each of the next five calendar
years and thereafter is as follows (in thousands):
Years Ending December 31,
Net Decrease (Increase) in
Lease Revenues
Increase to Amortization
Total
2025
$
19,177 
$
125,679 
$
144,856 
2026
14,392 
117,110 
131,502 
2027
12,373 
111,677 
124,050 
2028
11,159 
102,470 
113,629 
2029
10,885 
93,043 
103,928 
Thereafter
(3,677)
670,389 
666,712 
Total
$
64,309 
$
1,220,368 
$
1,284,677 
W. P. Carey 2024 10-K – 88

Notes to Consolidated Financial Statements
Note 9. Equity Method Investments
Interests in Unconsolidated Real Estate Investments and CESH
We own interests in certain unconsolidated real estate investments with third parties and in CESH. We account for our interests in these investments under the
equity method of accounting (i.e., at cost, increased or decreased by our share of earnings or losses, less distributions, plus contributions and other adjustments
required by equity method accounting, such as basis differences) or at fair value by electing the equity method fair value option available under GAAP.
We classify distributions received from equity method investments using the cumulative earnings approach. In general, distributions received are considered
returns on the investment and classified as cash inflows from operating activities. If, however, the investor’s cumulative distributions received, less
distributions received in prior periods determined to be returns of investment, exceeds cumulative equity in earnings recognized, the excess is considered a
return of investment and is classified as cash inflows from investing activities.
We own equity interests in properties that are generally leased to companies through noncontrolling interests in partnerships and limited liability companies
that we do not control but over which we exercise significant influence. The underlying investments are jointly owned with third parties. We account for these
investments under the equity method of accounting. We account for our interest in CESH under the equity method because, as its advisor, we do not exert
control over, but we do have the ability to exercise significant influence over, CESH.
The following table sets forth our ownership interests in our equity method investments and their respective carrying values (dollars in thousands):
Carrying Value at December 31,
Lessee/Fund/Description
Ownership Interest
2024
2023
Las Vegas Retail Complex 
N/A
$
248,972 
$
235,979 
Kesko Senukai 
70.00%
26,773 
28,860 
Harmon Retail Corner 
15.00%
24,169 
24,229 
CESH 
2.43%
1,201 
1,259 
Johnson Self Storage 
90.00%
— 
63,934 
$
301,115 
$
354,261 
__________
(a) See “Las Vegas Retail Complex” below for discussion of this equity method investment.
(b) This investment is reported using the hypothetical liquidation at book value model, which may be different than pro rata ownership percentages, primarily
due to the capital structure of the partnership agreement.
(c) The carrying value of this investment is affected by fluctuations in the exchange rate of the euro.
(d) We have elected to account for our investment in CESH at fair value by selecting the equity method fair value option available under GAAP.
(e) See “Johnson Self Storage” below for discussion of this equity method investment.
We received aggregate distributions of $22.1 million, $29.1 million, and $27.8 million from our unconsolidated real estate investments for the years ended
December 31, 2024, 2023, and 2022, respectively. At December 31, 2024 and 2023, the aggregate unamortized basis differences on our unconsolidated real
estate investments were $16.5 million and $18.0 million, respectively. We received distributions from CESH of $1.2 million during both the years ended
December 31, 2023 and 2022. We did not receive a distribution from CESH during the year ended December 31, 2024.
Las Vegas Retail Complex
On June 10, 2021, we entered into an agreement to fund a construction loan of approximately $261.9 million for a retail complex in Las Vegas, Nevada, at an
interest rate of 6.0% and term of 36 months. Through December 31, 2024, we funded $247.7 million (including $16.3 million during the year ended
December 31, 2024), with the remaining amount expected to be funded in 2025. We hold a purchase option for two net-leased units at the complex upon its
completion, as well as an equity purchase option to acquire a 47.5% equity interest in the partnership that owns the borrower. As of the agreement date, we did
not deem the exercise of the purchase options to be reasonably certain.
(a) (b)
(c)
(b)
(d)
(e)
W. P. Carey 2024 10-K – 89

Notes to Consolidated Financial Statements
In accordance with ASC 810, Consolidation, we determined that this loan will not be consolidated, but due to the characteristics of the arrangement (including
our participation in expected residual profits), the risks and rewards of the agreement are similar to those associated with an investment in real estate rather than
a loan. Therefore, the loan will be treated as an implied investment in real estate (i.e., an equity method investment in real estate) for accounting purposes in
accordance with the acquisition, development and construction arrangement sub-section of ASC 310, Receivables. Equity income from this investment was
$13.2 million, $12.8 million, and $10.1 million for the years ended December 31, 2024, 2023, and 2022, respectively, which was recognized within Earnings
from equity method investments in our consolidated statements of income.
Johnson Self Storage
On September 1, 2024, we acquired the remaining 10% controlling interest in the Johnson Self Storage jointly owned investment for $10.5 million, bringing
our ownership interest to 100%. This investment comprised nine self-storage operating properties. Following this acquisition, we consolidate the investment.
Due to this change in control, we recorded a gain on change in control of interests of approximately $31.8 million during the third quarter of 2024, which was
the difference between our carrying value and the fair value of our previously held equity interest on September 1, 2024 of approximately $62.9 million and
approximately $94.7 million, respectively.
In addition, on September 1, 2024, we entered into net lease agreements for these nine self-storage properties previously classified as operating properties. As a
result, in September 2024, we reclassified these nine self-storage properties from Equity method investments and recorded the following amounts: (i) $84.4
million to Land, buildings and improvements — net lease and other, and (ii) $20.6 million to In-place lease intangible assets and other. Effective as of that date,
we began recognizing Lease revenues from these properties.
CPA:18 – Global
Prior to the CPA:18 Merger (Note 4), we owned an interest in CPA:18 – Global and accounted for this interest under the equity method because, as its advisor,
we did not exert control over, but we did have the ability to exercise significant influence over, CPA:18 – Global.
We received distributions from this investment during the year ended December 31, 2022 of $1.6 million. We received distributions from our investment in the
CPA:18 – Global operating partnership during the year ended December 31, 2022 of $8.7 million (Note 5).
Note 10. Fair Value Measurements
The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an
orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in
measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market
funds, equity securities, and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable
for the instrument, such as certain derivative instruments including interest rate caps, interest rate swaps, and foreign currency collars; and Level 3, for
securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions.
Items Measured at Fair Value on a Recurring Basis
The methods and assumptions described below were used to estimate the fair value of each class of financial instrument. For significant Level 3 items, we have
also provided the unobservable inputs.
Derivative Assets and Liabilities — Our derivative assets and liabilities, which are included in Other assets, net and Accounts payable, accrued expenses and
other liabilities, respectively, in the consolidated financial statements, are comprised of foreign currency collars, interest rate swaps, and interest rate caps
(Note 11).
W. P. Carey 2024 10-K – 90

Notes to Consolidated Financial Statements
The valuation of our derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis
reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves, spot
and forward rates, and implied volatilities. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the
respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative instruments for the effect of
nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts,
and guarantees. These derivative instruments were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank
counterparties that are not traded in an active market.
Equity Method Investment in CESH — We have elected to account for our investment in CESH, which is included in Equity method investments in the
consolidated financial statements, at fair value by selecting the equity method fair value option available under GAAP (Note 9). We classified this investment
as Level 3 because we primarily used valuation models that incorporate unobservable inputs to determine its fair value.
Investment in Shares of Lineage — Refer to Note 2 for information about the accounting treatment of our investment in 5,546,547 shares of Lineage, which is
classified as Level 2 as of December 31, 2024. During the years ended December 31, 2024 and 2022, we recognized non-cash unrealized (losses) gains on our
investment in shares of Lineage totaling $(134.0) million and $38.6 million, respectively, due to a (lower) higher closing share price, which was recorded
within Other gains and (losses) in the consolidated financial statements. We did not recognize such gains (losses) during the year ended December 31, 2023. In
addition, during the years ended December 31, 2024 and 2022, we recognized dividends of $7.9 million and $4.3 million, respectively, from our investment in
shares of Lineage, which was recorded within Non-operating income in the consolidated financial statements. We did not recognize such dividends during the
year ended December 31, 2023. The fair value of this investment was $270.9 million and $404.9 million at December 31, 2024 and 2023, respectively, which is
reflected in Other assets, net in the consolidated financial statements.
Investment in Preferred Shares of WLT — In January 2022, Watermark Lodging Trust, Inc. (“WLT”) (a former affiliate) redeemed in full our 1,300,000 shares
of its preferred stock for gross proceeds of $65.0 million (based on the liquidation preference of $50.00 per share). Since this redemption was based on market
conditions that existed as of December 31, 2021, during the year ended December 31, 2021, we recognized an unrealized gain on our investment in preferred
shares of WLT of $18.7 million, which was recognized within Other comprehensive income (loss) in the consolidated financial statements. In January 2022, in
connection with this redemption, we reclassified this $18.7 million unrealized gain from Accumulated other comprehensive loss to Other gains and (losses) in
the consolidated financial statements (Note 14). During the year ended December 31, 2022, we received cash dividends of $0.9 million from our investment in
preferred shares of WLT, which was recorded within Non-operating income in the consolidated financial statements.
Investment in Common Shares of WLT — In January 2022, we reclassified our investment in 12,208,243 shares of common stock of WLT from equity method
investments to equity securities, since we no longer had significant influence over WLT, following the redemption of our investment in preferred shares of
WLT, as described above. As a result, we accounted for this investment, which was included in Other assets, net in the consolidated financial statements, at fair
value. We classified this investment as Level 3 because it is not traded in an active market. We recognized non-cash unrealized gains of $49.2 million on our
investment in shares of common stock of WLT during the year ended December 31, 2022, reflecting the most recently published net asset value of WLT, which
was recorded within Other gains and (losses) in the consolidated financial statements. WLT completed its previously announced sale to private real estate funds
in October 2022 and we received $82.6 million in cash proceeds. Upon completion of this transaction, we have no remaining interest in WLT.
Other than the transfer of our investment in shares of Lineage from Level 3 to Level 2 noted above, we did not have any transfers into or out of Level 1, Level
2, and Level 3 category of measurements during either the years ended December 31, 2024 or 2023. Gains and losses (realized and unrealized) recognized on
items measured at fair value on a recurring basis included in earnings are reported within Other gains and (losses) on our consolidated financial statements.
W. P. Carey 2024 10-K – 91

Notes to Consolidated Financial Statements
Our other material financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands):
December 31, 2024
December 31, 2023
Level
Carrying Value
Fair Value
Carrying Value
Fair Value
Senior Unsecured Notes, net 
2 and 3
$
6,505,907 
$
6,232,889 
$
6,035,686 
$
5,598,423 
Non-recourse mortgages, net 
3
401,821 
400,508 
579,147 
572,553 
__________
(a) The carrying value of Senior Unsecured Notes, net (Note 12) includes unamortized deferred financing costs of $30.2 million and $21.0 million at
December 31, 2024 and 2023, respectively. The carrying value of Non-recourse mortgages, net includes unamortized deferred financing costs of $0.5
million and less than $0.1 million at December 31, 2024 and 2023, respectively.
(b) The carrying value of Senior Unsecured Notes, net includes unamortized discount of $29.9 million and $20.1 million at December 31, 2024 and 2023,
respectively. The carrying value of Non-recourse mortgages, net includes unamortized discount of $4.4 million and $4.3 million at December 31, 2024 and
2023, respectively.
(c) For those Senior Unsecured Notes for which there are no observable market prices (specifically, our private placement Senior Unsecured Notes (Note 12)),
we used a discounted cash flow model that estimates the present value of future loan payments by discounting such payments at current estimated market
interest rates. We consider these notes to be within the Level 3 category. For all other Senior Unsecured Notes, we determined the estimated fair value
using observed market prices in an open market, which may experience limited trading volume. We consider these notes to be within the Level 2 category.
(d) We determined the estimated fair value of our non-recourse mortgage loans using a discounted cash flow model that estimates the present value of the
future loan payments by discounting such payments at current estimated market interest rates. The estimated market interest rates consider interest rate risk
and the value of the underlying collateral, which includes quality of the collateral, the credit quality of the tenant/obligor, and the time until maturity.
 
We estimated that our other financial assets and liabilities, including amounts outstanding under our Senior Unsecured Credit Facility and Unsecured Term
Loan due 2026 (Note 12), but excluding finance receivables (Note 7), had fair values that approximated their carrying values at both December 31, 2024 and
2023.
Items Measured at Fair Value on a Non-Recurring Basis (Including Impairment Charges)
We periodically assess whether there are any indicators that the value of our real estate investments may be impaired or that their carrying value may not be
recoverable, including investments impacted by the Spin-Off and Office Sale Program (Note 1). Our impairment policies are described in Note 2.
The following table presents information about assets for which we recorded an impairment charge and that were measured at fair value on a non-recurring
basis (in thousands):
Years Ended December 31,
 
2024
2023
2022
 
Fair Value
Measurements
Impairment
Charges
Fair Value
Measurements
Impairment
Charges
Fair Value
Measurements
Impairment
Charges
Impairment Charges
Real estate
$
110,485 
$
43,595 
$
1,182,551 
$
86,411 
$
32,497 
$
39,119 
Investment management goodwill
— 
— 
— 
— 
— 
29,334 
$
43,595 
$
86,411 
$
68,453 
(a) (b) (c)
(a) (b) (d)
W. P. Carey 2024 10-K – 92

Notes to Consolidated Financial Statements
Impairment charges, and their related triggering events and fair value measurements, recognized during 2024, 2023, and 2022 were as follows:
Real Estate
The impairment charges described below are reflected within Impairment charges — real estate in our consolidated statements of income.
2024 — During the year ended December 31, 2024, we recognized impairment charges totaling $23.0 million on four properties in order to reduce their
carrying values to their estimated fair values, which approximated their estimated selling prices. Two of these properties were sold in July 2024.
In addition, during the year ended December 31, 2024, we recognized impairment charges totaling $20.6 million on two properties leased to the same tenant
due to changes in expected cash flows related to a tenant bankruptcy, in order to reduce their carrying values to their estimated fair values. The fair value
measurements for these properties were determined by using the following unobservable inputs:
•
Comparable vacant sale prices ranging from $35 per square foot to $36 per square foot; and
•
Six months of estimated net cash flows ranging from $0.5 million to $1.0 million.
2023 — During the year ended December 31, 2023, we recorded an impairment charge of $47.3 million related to the 59 properties that were contributed to
NLOP in the Spin-Off (Note 3). The fair value measurements for certain of these properties were determined by estimating discounted cash flows using the
following unobservable inputs:
•
Market rents ranging from $6 per square foot to $65 per square foot;
•
Cash flow discount rates ranging from 6.5% to 12.0%; and
•
Terminal capitalization rates ranging from 5.5% to 12.0%.
Additionally, the fair value measurements for certain of these properties approximated their estimated selling prices.
The fair value measurements for the non-recourse mortgages encumbering certain of the properties that were contributed to NLOP were determined using a
discounted cash flow model that estimates the present value of the future loan payments by discounting such payments at current estimated market interest
rates. The estimated market interest rates consider interest rate risk and the value of the underlying collateral, which includes quality of the collateral, the credit
quality of the tenant/obligor, and the time until maturity.
In addition, during the year ended December 31, 2023, we recognized impairment charges totaling $39.1 million on three office properties in order to reduce
their carrying values to their estimated fair values, which approximated their estimated selling prices. We sold all of these properties during 2023 and 2024.
2022 — During the year ended December 31, 2022, we recognized impairment charges totaling $39.1 million on 11 properties in order to reduce their carrying
values to their estimated fair values, as follows:
•
$12.4 million on three properties based on their estimated selling prices; we sold one of these properties in August 2022, one in March 2023, and one
in January 2024;
•
$10.9 million on a property due to changes in expected cash flows related to the existing tenant’s lease expiration in 2023. The fair value measurement
was determined by estimating discounted cash flows using two significant unobservable inputs, which were the cash flow discount rate (14.0%) and
terminal capitalization rate (11.0%); we sold this property in November 2023;
•
$9.3 million on six Pendragon PLC properties in order to reduce the carrying values of the properties to their estimated fair values. The fair value
measurements for the properties were determined using a direct capitalization rate analysis; the capitalization rate for the various scenarios ranged
from 4.75% to 10.00%. In March 2022, we entered into a transaction to restructure certain leases with Pendragon PLC (a tenant at certain automotive
dealerships in the United Kingdom). Under this restructuring, we extended the leases on 30 properties by 11 years (no change to rent) and entered into
an agreement to dispose of 12 properties, with the tenant continuing to pay rent until the earlier of sale date or certain specified dates over the
following 12 months; four of these properties were sold during 2022 and two of these properties were sold during 2024; and
W. P. Carey 2024 10-K – 93

Notes to Consolidated Financial Statements
•
$6.5 million on a property due to a potential property vacancy.
Investment Management Goodwill
The impairment charges described below are reflected within Impairment charges — investment management goodwill in our consolidated statements of
income.
2022 — During the year ended December 31, 2022, we recognized an impairment charge of $29.3 million on goodwill related to our investment management
operations in order to reduce its carrying value to its estimated fair value of $0, since future investment management cash flows are expected to be minimal
following the CPA:18 Merger (Note 4).
Note 11. Risk Management and Use of Derivative Financial Instruments
Risk Management
In the normal course of our ongoing business operations, we encounter economic risk. There are four main components of economic risk that impact us:
interest rate risk, credit risk, market risk, and foreign currency risk. We are primarily subject to interest rate risk on our interest-bearing liabilities, including our
Senior Unsecured Credit Facility (Note 12) and unhedged variable-rate non-recourse mortgage loans. Credit risk is the risk of default on our operations and our
tenants’ inability or unwillingness to make contractually required payments. Market risk includes changes in the value of our properties and related loans,
Senior Unsecured Notes, and other securities, due to changes in interest rates or other market factors. We own investments in North America, Europe, and
Japan and are subject to risks associated with fluctuating foreign currency exchange rates.
Derivative Financial Instruments
When we use derivative instruments, it is generally to reduce our exposure to fluctuations in interest rates and foreign currency exchange rate movements. We
have not entered into, and do not plan to enter into, financial instruments for trading or speculative purposes. In addition to entering into derivative instruments
on our own behalf, we may also be a party to derivative instruments that are embedded in other contracts, and we may be granted common stock warrants by
lessees when structuring lease transactions, which are considered to be derivative instruments. The primary risks related to our use of derivative instruments
include a counterparty to a hedging arrangement defaulting on its obligation and a downgrade in the credit quality of a counterparty to such an extent that our
ability to sell or assign our side of the hedging transaction is impaired. While we seek to mitigate these risks by entering into hedging arrangements with large
financial institutions that we deem to be creditworthy, it is possible that our hedging transactions, which are intended to limit losses, could adversely affect our
earnings. Furthermore, if we terminate a hedging arrangement, we may be obligated to pay certain costs, such as transaction or breakage fees. We have
established policies and procedures for risk assessment and the approval, reporting, and monitoring of derivative financial instrument activities.
We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative
contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For derivatives designated and that qualify as cash flow
hedges, the change in fair value of the derivative is recognized in Other comprehensive income (loss) until the hedged item is recognized in earnings. Gains
and losses on the cash flow hedges representing hedge components excluded from the assessment of effectiveness are recognized in earnings over the life of
the hedge on a systematic and rational basis, as documented at hedge inception in accordance with our accounting policy election. Such gains and losses are
recorded within Other gains and (losses) or Interest expense in our consolidated statements of income. The earnings recognition of excluded components is
presented in the same line item as the hedged transactions. For derivatives designated and that qualify as a net investment hedge, the change in the fair value
and/or the net settlement of the derivative is reported in Other comprehensive income (loss) as part of the cumulative foreign currency translation adjustment.
Amounts are reclassified out of Other comprehensive income (loss) into earnings (within Gain on sale of real estate, net, in our consolidated statements of
income) when the hedged net investment is either sold or substantially liquidated.
All derivative transactions with an individual counterparty are governed by a master International Swap and Derivatives Association agreement, which can be
considered as a master netting arrangement; however, we report all our derivative instruments on a gross basis on our consolidated financial statements. At both
December 31, 2024 and 2023, no cash collateral had been posted nor received for any of our derivative positions.
W. P. Carey 2024 10-K – 94

Notes to Consolidated Financial Statements
The following table sets forth certain information regarding our derivative instruments (in thousands):
Derivatives Designated as Hedging Instruments
Balance Sheet Location
Asset Derivatives Fair Value at
Liability Derivatives Fair Value at
December 31, 2024
December 31, 2023
December 31, 2024
December 31, 2023
Foreign currency collars
Other assets, net
$
21,556 
$
14,103 
$
— 
$
— 
Interest rate swaps
Other assets, net
250 
995 
— 
— 
Interest rate swaps
Accounts payable,
accrued expenses and
other liabilities
— 
— 
(848)
(1,678)
Foreign currency collars
Accounts payable,
accrued expenses and
other liabilities
— 
— 
(50)
(4,029)
21,806 
15,098 
(898)
(5,707)
Derivatives Not Designated as Hedging Instruments
Foreign currency collars
Other assets, net
1,696 
— 
— 
— 
Foreign currency collars
Accounts payable,
accrued expenses and
other liabilities
— 
— 
— 
(217)
1,696 
— 
— 
(217)
Total derivatives
$
23,502 
$
15,098 
$
(898)
$
(5,924)
The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands):
Amount of Gain (Loss) Recognized on Derivatives in
Other Comprehensive Income (Loss) 
Years Ended December 31,
Derivatives in Cash Flow Hedging Relationships 
2024
2023
2022
Foreign currency collars
$
11,432 
$
(21,112)
$
13,013 
Interest rate swaps
154 
(3,270)
3,068 
Interest rate caps
— 
(9)
16 
Total
$
11,586 
$
(24,391)
$
16,097 
Amount of Gain (Loss) on Derivatives Reclassified from
Other Comprehensive Income (Loss)
Derivatives in Cash Flow Hedging Relationships
Location of Gain (Loss) Recognized in Income
Years Ended December 31,
2024
2023
2022
Foreign currency collars
Non-operating income
$
8,695 
$
14,874 
$
17,483 
Interest rate swaps and caps
Interest expense
1,582 
1,956 
(167)
Total
$
10,277 
$
16,830 
$
17,316 
__________
(a) Excludes net losses of $1.0 million, net losses of $2.0 million, and net gains of $3.6 million recognized on unconsolidated jointly owned investments for
the years ended December 31, 2024, 2023, and 2022, respectively.
Amounts reported in Other comprehensive income (loss) related to interest rate derivative contracts will be reclassified to Interest expense as interest is
incurred on our variable-rate debt. Amounts reported in Other comprehensive income (loss) related to foreign currency derivative contracts will be reclassified
to Non-operating income when the hedged foreign currency contracts are settled. As of December 31, 2024, we estimate that an additional less than $0.1
million and $12.2 million will be reclassified as Interest expense and Non-operating income, respectively, during the next 12 months.
(a)
W. P. Carey 2024 10-K – 95

Notes to Consolidated Financial Statements
Amount of Gain (Loss) on Derivatives Recognized in Income
Derivatives in Cash Flow Hedging Relationships
Location of Gain (Loss) Recognized in Income
Years Ended December 31,
2024
2023
2022
Foreign currency collars
Non-operating income
$
3,826 
$
(389)
$
6,574 
Interest rate swaps
Interest expense
(1,691)
(2,076)
171 
Derivatives Not in Cash Flow Hedging
Relationships
Foreign currency collars
Other gains and (losses)
1,913 
32 
(248)
Stock warrants
Other gains and (losses)
— 
(3,950)
(650)
Total
$
4,048 
$
(6,383)
$
5,847 
See below for information on our purposes for entering into derivative instruments.
Interest Rate Swaps and Caps
We are exposed to the impact of interest rate changes primarily through our borrowing activities. To limit this exposure, we generally seek long-term debt
financing on a fixed-rate basis. However, from time to time, we have obtained, and may in the future obtain, variable-rate (i) non-recourse mortgage loans and
(ii) unsecured term loans (Note 12), and, as a result, we have entered into, and may continue to enter into, interest rate swap agreements or interest rate cap
agreements with counterparties. Interest rate swaps, which effectively convert the variable-rate debt service obligations of a loan to a fixed rate, are agreements
in which one party exchanges a stream of interest payments for a counterparty’s stream of cash flow over a specific period. The notional, or face, amount on
which the swaps are based is not exchanged. Interest rate caps limit the effective borrowing rate of variable-rate debt obligations while allowing participants to
share in downward shifts in interest rates. Our objective in using these derivatives is to limit our exposure to interest rate movements.
The interest rate swaps that our consolidated subsidiaries had outstanding at December 31, 2024 are summarized as follows (currency in thousands):
Interest Rate Derivatives
 Number of Instruments
Notional
Amount
Fair Value at
December 31, 2024 
Designated as Cash Flow Hedging Instruments
Interest rate swaps 
4
530,938  EUR
$
(848)
Interest rate swap
1
11,695  USD
250 
$
(598)
__________ 
(a) Fair value amounts are based on the exchange rate of the euro at December 31, 2024, as applicable.
(b) Includes three interest rate swaps with an aggregate notional of €500 million and fair value of $0, which matured on December 31, 2024.
Foreign Currency Collars
We are exposed to foreign currency exchange rate movements, primarily in the euro and, to a lesser extent, the British pound sterling and certain other
currencies. In order to hedge certain of our foreign currency cash flow exposures, we enter into foreign currency collars. A foreign currency collar consists of a
written call option and a purchased put option to sell the foreign currency at a range of predetermined exchange rates. A foreign currency collar guarantees that
the exchange rate of the currency will not fluctuate beyond the range of the options’ strike prices. Our foreign currency collars have maturities of 59 months or
less.
(a)
(b)
W. P. Carey 2024 10-K – 96

Notes to Consolidated Financial Statements
The following table presents the foreign currency collars that we had outstanding at December 31, 2024 (currency in thousands):
Foreign Currency Derivatives
 Number of Instruments
Notional
Amount
Fair Value at
December 31, 2024
Designated as Cash Flow Hedging Instruments
Foreign currency collars
48
273,000  EUR
$
20,401 
Foreign currency collars
20
12,720  GBP
1,105 
Not Designated as Cash Flow Hedging Instruments
Foreign currency collars
5
35,000  EUR
1,696 
$
23,202 
Credit Risk-Related Contingent Features
We measure our credit exposure on a counterparty basis as the net positive aggregate estimated fair value of our derivatives, net of any collateral received. No
collateral was received as of December 31, 2024. At December 31, 2024, our total credit exposure and the maximum exposure to any single counterparty was
$23.5 million and $4.5 million, respectively.
Some of the agreements we have with our derivative counterparties contain cross-default provisions that could trigger a declaration of default on our derivative
obligations if we default, or are capable of being declared in default, on certain of our indebtedness. At December 31, 2024, we had not been declared in default
on any of our derivative obligations. The estimated fair value of our derivatives in a net liability position was $0.9 million and $5.9 million at December 31,
2024 and 2023, respectively, which included accrued interest and any nonperformance risk adjustments. If we had breached any of these provisions at
December 31, 2024 or 2023, we could have been required to settle our obligations under these agreements at their aggregate termination value of $0.9 million
and $6.0 million, respectively.
Net Investment Hedges
Certain borrowings under our Senior Unsecured Notes, Unsecured Revolving Credit Facility, and Unsecured Term Loans (all as defined in Note 12)
denominated in euro, British pounds sterling, or Japanese yen are designated as, and are effective as, economic hedges of our net investments in foreign
entities.
Exchange rate variations impact our financial results because the financial results of our foreign subsidiaries are translated to U.S. dollars each period, with the
effect of exchange rate variations being recorded in Other comprehensive income (loss) as part of the cumulative foreign currency translation adjustment. As a
result, changes in the value of our borrowings under our euro-denominated senior notes and changes in the value of our euro, Japanese yen, and British pound
sterling borrowings under our Senior Unsecured Credit Facility, related to changes in the spot rates, will be reported in the same manner as foreign currency
translation adjustments, which are recorded in Other comprehensive income (loss) as part of the cumulative foreign currency translation adjustment. Such
gains (losses) related to non-derivative net investment hedges were $239.7 million, $(121.8) million, and $214.3 million for the years ended December 31,
2024, 2023, and 2022, respectively.
Note 12. Debt
Term Loan Agreement
As of both December 31, 2024 and 2023, we had a €500.0 million unsecured term loan outstanding maturing on April 24, 2026 (our “Unsecured Term Loan
due 2026”), comprised of (i) a €300.0 million term loan (our “Term Loan due 2026”) and (ii) a €200.0 million delayed draw term loan (our “Delayed Draw
Term Loan due 2026”). The Unsecured Term Loan due 2026 is incorporated into the Senior Unsecured Credit Facility, which is described below.
W. P. Carey 2024 10-K – 97

Notes to Consolidated Financial Statements
Senior Unsecured Credit Facility
As of both December 31, 2024 and 2023, we had a multi-currency senior unsecured credit facility, comprised of (i) a $2.0 billion unsecured revolving credit
facility maturing on February 14, 2029 (our “Unsecured Revolving Credit Facility”), (ii) a £270.0 million term loan maturing on February 14, 2028 (our “GBP
Term Loan due 2028”), and (iii) a €215.0 million term loan maturing on February 14, 2028 (our “EUR Term Loan due 2028”). We have an option to extend
each of these term loans by up to an additional year, subject to certain customary conditions. We refer to these term loans collectively as the “Unsecured Term
Loans due 2028.” We refer to our Unsecured Term Loan due 2026 and Unsecured Term Loans due 2028 collectively as our “Unsecured Term Loans.” We refer
to our Unsecured Revolving Credit Facility and our Unsecured Term Loans collectively as our “Senior Unsecured Credit Facility.”
As of December 31, 2024, the aggregate principal amount (of revolving and term loans) available under the Senior Unsecured Credit Facility was able to be
increased up to an amount not to exceed the U.S. dollar equivalent of $4.35 billion, subject to the conditions to increase set forth in our credit agreement.
At December 31, 2024, our Unsecured Revolving Credit Facility had available capacity of approximately $1.9 billion (net of amounts reserved for standby
letters of credit totaling $4.9 million). We currently incur an annual facility fee of 0.125% of the total commitment on our Unsecured Revolving Credit Facility
based on (i) our credit ratings of BBB+ and Baa1 or (ii) the “Leverage Ratio” (as defined in the credit agreement for our Senior Unsecured Credit Facility),
which is included within Interest expense in our consolidated statements of income.
The following table presents a summary of our Senior Unsecured Credit Facility (dollars in thousands):
Senior Unsecured Credit Facility
Interest Rate at December 31,
2024 
Maturity Date at
December 31, 2024
Principal Outstanding Balance at
December 31,
2024
2023
Unsecured Term Loans: 
Unsecured Term Loan due 2026 — borrowing in
euros 
4.29%
4/24/2026
$
519,450 
$
552,500 
GBP Term Loan due 2028 — borrowing in British
pounds sterling 
SONIA + 0.80%
2/14/2028
338,290 
343,306 
EUR Term Loan due 2028 — borrowing in euros 
EURIBOR + 0.80%
2/14/2028
223,363 
237,575 
1,081,103 
1,133,381 
Unsecured Revolving Credit Facility:
Borrowing in British pounds sterling 
SONIA + 0.725%
2/14/2029
40,094 
— 
Borrowing in Japanese yen 
TIBOR + 0.725%
2/14/2029
15,354 
17,035 
Borrowing in euros
N/A
2/14/2029
— 
386,750 
55,448 
403,785 
$
1,136,551 
$
1,537,166 
__________
(a) The applicable interest rate at December 31, 2024 was based on the credit ratings for our Senior Unsecured Notes of BBB+/Baa1 or our Leverage Ratio.
(b) Balances exclude unamortized discount of $5.0 million and $7.4 million at December 31, 2024 and 2023, respectively, and unamortized deferred financing
costs of $0.2 million and $0.4 million at December 31, 2024 and 2023, respectively.
(c) Interest rate was subject to variable-to-fixed interest rate swaps that fixed the total per annum interest rate at 4.29% inclusive of credit spread through
December 31, 2024. These interest rate swaps expired on December 31, 2024, after which the Unsecured Term Loan due 2026 is subject to a variable
interest rate based on EURIBOR.
(d) SONIA means Sterling Overnight Index Average.
(e) EURIBOR means Euro Interbank Offered Rate.
(f)
TIBOR means Tokyo Interbank Offered Rate.
(a)
(b)
(c)
(d)
(e)
(d)
(f)
W. P. Carey 2024 10-K – 98

Notes to Consolidated Financial Statements
Senior Unsecured Notes
As set forth in the table below, we have euro and U.S. dollar-denominated senior unsecured notes outstanding with an aggregate principal balance outstanding
of $6.6 billion at December 31, 2024 (the “Senior Unsecured Notes”).
On May 16, 2024, we completed an underwritten public offering of €650.0 million of 4.25% Senior Notes due 2032, at a price of 99.526% of par value. These
4.25% Senior Notes due 2032 had an initial 8.2-year term and are scheduled to mature on July 23, 2032.
On June 28, 2024, we completed an underwritten public offering of $400.0 million of 5.375% Senior Notes due 2034, at a price of 98.843% of par value. These
5.375% Senior Notes due 2034 had an initial 10.0-year term and are scheduled to mature on June 30, 2034.
On November 19, 2024, we completed an underwritten public offering of €600.0 million of 3.700% Senior Notes due 2034, at a price of 98.880% of par value.
These 3.700% Senior Notes due 2034 had an initial 10.0-year term and are scheduled to mature on November 19, 2034.
Interest on the Senior Unsecured Notes is payable annually or semi-annually in arrears. The Senior Unsecured Notes can be redeemed at par within three
months of their respective maturities, or we can call the notes at any time for the principal, accrued interest, and a make-whole amount based upon the
applicable government bond yield plus 20 to 35 basis points (except for our 3.41% Senior Notes due 2029 and 3.7% Senior Notes due 2032, which are subject
to different repayment provisions). The following table presents a summary of our Senior Unsecured Notes outstanding at December 31, 2024 (currency in
thousands):
Principal Amount
Coupon Rate
Maturity Date
Principal Outstanding Balance at December 31,
Senior Unsecured Notes, net 
Issue Date
2024
2023
4.6% Senior Notes due 2024 
3/14/2014
$
500,000 
4.6 %
4/1/2024
$
— 
$
500,000 
2.25% Senior Notes due 2024 
1/19/2017
€
500,000 
2.25 %
7/19/2024
— 
552,500 
4.0% Senior Notes due 2025 
1/26/2015
$
450,000 
4.0 %
2/1/2025
450,000 
450,000 
2.25% Senior Notes due 2026
10/9/2018
€
500,000 
2.25 %
4/9/2026
519,450 
552,500 
4.25% Senior Notes due 2026
9/12/2016
$
350,000 
4.25 %
10/1/2026
350,000 
350,000 
2.125% Senior Notes due 2027
3/6/2018
€
500,000 
2.125 %
4/15/2027
519,450 
552,500 
1.35% Senior Notes due 2028
9/19/2019
€
500,000 
1.35 %
4/15/2028
519,450 
552,500 
3.85% Senior Notes due 2029
6/14/2019
$
325,000 
3.85 %
7/15/2029
325,000 
325,000 
3.41% Senior Notes due 2029
9/28/2022
€
150,000 
3.41 %
9/28/2029
155,835 
165,750 
0.95% Senior Notes due 2030
3/8/2021
€
525,000 
0.95 %
6/1/2030
545,422 
580,125 
2.4% Senior Notes due 2031
10/14/2020
$
500,000 
2.4 %
2/1/2031
500,000 
500,000 
2.45% Senior Notes due 2032
10/15/2021
$
350,000 
2.45 %
2/1/2032
350,000 
350,000 
4.25% Senior Notes due 2032
5/16/2024
€
650,000 
4.25 %
7/23/2032
675,285 
— 
3.7% Senior Notes due 2032
9/28/2022
€
200,000 
3.7 %
9/28/2032
207,780 
221,000 
2.25% Senior Notes due 2033
2/25/2021
$
425,000 
2.25 %
4/1/2033
425,000 
425,000 
5.375% Senior Notes due 2034
6/28/2024
$
400,000 
5.375 %
6/30/2034
400,000 
— 
3.7% Senior Notes due 2034
11/19/2024
€
600,000 
3.7 %
11/19/2034
623,340 
— 
$
6,566,012 
$
6,076,875 
__________
(a) Aggregate balance excludes unamortized deferred financing costs totaling $30.2 million and $21.1 million, and unamortized discount totaling $29.9
million and $20.1 million at December 31, 2024 and 2023, respectively.
(b) In April 2024, we repaid our $500 million of 4.6% Senior Notes due 2024 at maturity.
(c) In July 2024, we repaid our €500 million of 2.25% Senior Notes due 2024 at maturity.
(d) In February 2025, we repaid our $450 million of 4.0% Senior Notes due 2025 at maturity (Note 19).
(a)
(b)
(c)
(d)
W. P. Carey 2024 10-K – 99

Notes to Consolidated Financial Statements
Covenants
The credit agreements for our Senior Unsecured Credit Facility, each of the Senior Unsecured Notes, and certain of our non-recourse mortgage loan agreements
include customary financial maintenance covenants that require us to maintain certain ratios and benchmarks at the end of each quarter. The credit agreement
for our Senior Unsecured Credit Facility also contains various customary affirmative and negative covenants applicable to us and our subsidiaries, subject to
materiality and other qualifications, baskets, and exceptions as outlined in the credit agreement. We were in compliance with all of these covenants at
December 31, 2024.
We may make unlimited Restricted Payments (as defined in the credit agreement for our Senior Unsecured Credit Facility), as long as no non-payment default
or financial covenant default has occurred before, or would on a pro forma basis occur as a result of, the Restricted Payment. In addition, we may make
Restricted Payments in an amount required to (i) maintain our REIT status and (ii) as a result of that status, not pay federal or state income or excise tax, as
long as the loans under the Credit Agreement have not been accelerated and no bankruptcy or event of default has occurred.
Obligations under the Unsecured Revolving Credit Facility may be declared immediately due and payable upon the occurrence of certain events of default as
defined in the credit agreement for our Senior Unsecured Credit Facility, including failure to pay any principal when due and payable, failure to pay interest
within five business days after becoming due, failure to comply with any covenant, representation or condition of any loan document, any change of control,
cross-defaults, and certain other events as set forth in the credit agreement, with grace periods in some cases.
Non-Recourse Mortgages
Non-recourse mortgages consist of mortgage notes payable, which are collateralized by the assignment of real estate properties. For a list of our encumbered
properties, please see Schedule III — Real Estate and Accumulated Depreciation. At December 31, 2024, the weighted-average interest rate for our total non-
recourse mortgage notes payable was 4.6% (all of which had fixed rates), with maturity dates ranging from February 2025 to February 2033.
During the year ended December 31, 2024, we assumed five non-recourse mortgage loans with an aggregate outstanding principal balance totaling $66.0
million in connection with the acquisitions of certain properties (Note 6). These mortgage loans have a weighted-average fixed annual interest rate of 4.5% and
maturity dates ranging from May 2027 to September 2029.
See Note 3 for a description of non-recourse mortgages derecognized in connection with the Spin-Off.
CPA:18 Merger
In connection with the CPA:18 Merger on August 1, 2022 (Note 4), we assumed property-level debt comprised of non-recourse mortgage loans with fair values
totaling $900.2 million and recorded an aggregate fair market value net discount of $13.1 million. The fair market value net discount will be amortized to
interest expense over the remaining lives of the related loans. These non-recourse mortgage loans had a weighted-average annual interest rate of 5.1% on the
merger date.
Repayments During 2024
During the year ended December 31, 2024, we (i) repaid non-recourse mortgage loans at or close to maturity with an aggregate principal balance of
approximately $181.3 million, and (ii) prepaid non-recourse mortgage loans totaling $33.8 million. We recognized an aggregate net loss on extinguishment of
debt of $0.1 million on these repayments, which is included within Other gains and (losses) on our consolidated statements of income. The weighted-average
interest rate for these non-recourse mortgage loans on their respective dates of repayment was 4.5%.
Repayments During 2023
During the year ended December 31, 2023, we (i) repaid non-recourse mortgage loans at or close to maturity with an aggregate principal balance of
approximately $268.1 million and (ii) prepaid non-recourse mortgage loans totaling $99.8 million. We recognized an aggregate net loss on extinguishment of
debt of $3.5 million on these repayments, which is included within Other gains and (losses) on our consolidated statements of income. The weighted-average
interest rate for these non-recourse mortgage loans on their respective dates of repayment was 4.9%.
W. P. Carey 2024 10-K – 100

Notes to Consolidated Financial Statements
Interest Paid
For the years ended December 31, 2024, 2023, and 2022, interest paid was $256.6 million, $269.7 million, and $191.0 million, respectively.
Foreign Currency Exchange Rate Impact
During the year ended December 31, 2024, the U.S. dollar strengthened against the euro and British pound sterling, resulting in a decrease of $280.6 million in
the aggregate carrying values of our Non-recourse mortgages, net, Senior Unsecured Credit Facility, and Senior Unsecured Notes, net from December 31, 2023
to December 31, 2024.
Scheduled Debt Principal Payments
Scheduled debt principal payments as of December 31, 2024 are as follows (in thousands):
Years Ending December 31, 
Total
2025 
$
669,459 
2026
1,479,745 
2027
529,329 
2028
1,152,721 
2029
547,983 
Thereafter through 2034
3,730,015 
Total principal payments
8,109,252 
Unamortized discount, net
(39,310)
Unamortized deferred financing costs
(30,940)
Total
$
8,039,002 
__________
(a) In February 2025, we repaid our $450 million of 4.0% Senior Notes due 2025 at maturity (Note 19).
Certain amounts are based on the applicable foreign currency exchange rate at December 31, 2024.
Note 13. Commitments and Contingencies
At December 31, 2024, we were not involved in any material litigation. Various claims and lawsuits arising in the normal course of business are pending
against us. The results of these proceedings are not expected to have a material adverse effect on our consolidated financial position or results of operations.
(a)
W. P. Carey 2024 10-K – 101

Notes to Consolidated Financial Statements
Note 14. Equity
Common Stock
Dividends paid to stockholders consist of ordinary income, capital gains, return of capital or a combination thereof for income tax purposes. Our dividends per
share are summarized as follows:
 
Dividends Paid
During the Years Ended December 31,
 
2024
2023
2022
Ordinary income
$
3.0709 
$
3.8233 
$
4.0329 
Capital gains
0.2363 
0.3443 
0.0273 
Return of capital
0.1628 
0.8671 
0.1718 
Total dividends paid 
$
3.4700 
$
5.0347 
$
4.2320 
__________
(a) Amount for the year ended December 31, 2023 includes a distribution of $0.7627 per share representing the taxable distribution of shares of NLOP that
occurred in conjunction with the Spin-Off on November 1, 2023 (Note 3). The per share distribution rate is based on the exchange ratio of one share of
NLOP distributed for every 15 shares of WPC held and the fair market value of NLOP shares distributed in the Spin-Off, which was determined to be
$11.44 per NLOP share, using a three-day volume weighted average price.
During the fourth quarter of 2024, our Board declared a quarterly dividend of $0.880 per share, which was paid on January 15, 2025 to stockholders of record
as of December 31, 2024.
Earnings Per Share
The following table summarizes basic and diluted earnings (dollars in thousands):
 
Years Ended December 31,
 
2024
2023
2022
Net income – basic and diluted
$
460,839 
$
708,334 
$
599,139 
Weighted-average shares outstanding – basic
220,168,325 
215,369,777 
199,633,802 
Effect of dilutive securities
352,132 
390,719 
793,322 
Weighted-average shares outstanding – diluted
220,520,457 
215,760,496 
200,427,124 
For the years ended December 31, 2024, 2023, and 2022, potentially dilutive securities excluded from the computation of diluted earnings per share were
insignificant.
Acquisitions of Noncontrolling Interests
On May 30, 2023, we acquired the remaining 3% interest in an international jointly owned investment (which we already consolidated) from the noncontrolling
interest holders for nominal consideration, bringing our ownership interest to 100%. No gain or loss was recognized on the transaction. We recorded an
increase of approximately $1.2 million to Additional paid-in capital in our consolidated statements of equity for the year ended December 31, 2023 related to
the difference between the consideration transferred and the carrying value of the noncontrolling interest related to this investment.
On July 18, 2023, we acquired the remaining 10% interest in a domestic jointly owned investment (which we already consolidated) from the noncontrolling
interest holders for $2.4 million, bringing our ownership interest to 100%. No gain or loss was recognized on the transaction. We recorded an increase of
approximately $2.5 million to Additional paid-in capital in our consolidated statements of equity for the year ended December 31, 2023 related to the difference
between the consideration transferred and the carrying value of the noncontrolling interest related to this investment.
(a)
W. P. Carey 2024 10-K – 102

Notes to Consolidated Financial Statements
ATM Program
On May 2, 2022, we established a continuous “at-the-market” offering program (“ATM Program”) with a syndicate of banks, pursuant to which shares of our
common stock having an aggregate gross sales price of up to $1.0 billion may be sold (i) directly through or to the banks acting as sales agents or as principal
for their own accounts or (ii) through or to participating banks or their affiliates acting as forward sellers on behalf of any forward purchasers pursuant to a
forward sale agreement (our “ATM Forwards”). Effective as of that date, we terminated a prior ATM Program that was established on August 9, 2019.
The following table sets forth certain information regarding the issuance of shares of our common stock under our prior ATM Program during the periods
presented (net proceeds in thousands):
Years Ended December 31,
2024
2023
2022
Shares of common stock issued
— 
— 
2,740,295 
Weighted-average price per share
$
— 
$
— 
$
80.79 
Net proceeds
$
— 
$
— 
$
218,081 
Forward Equity
During 2023, we settled the ATM Forwards in full prior to the maturity date of each ATM Forward via physical delivery of the outstanding shares of common
stock in exchange for cash proceeds. The forward sale price that we received upon physical settlement of the ATM Forwards was (i) subject to adjustment on a
daily basis based on a floating interest rate factor equal to a specified daily rate less a spread (i.e., if the specified daily rate is less than the spread on any day,
the interest rate factor will result in a daily reduction of the applicable forward sale price) and (ii) decreased based on amounts related to expected dividends on
shares of our common stock during the term of the ATM Forwards.
We determined that our ATM Forwards met the criteria for equity classification and were therefore exempt from derivative accounting. We recorded the ATM
Forwards at fair value at inception, which we determined to be zero. Subsequent changes to fair value are not required under equity classification.
From time to time, we have entered into underwriting agreements and forward sale agreements with syndicates of banks acting as underwriters, forward sellers,
and/or forward purchasers in connection with public offerings of our common stock (the “Equity Forwards”). At the closing of these transactions, the offered
shares were borrowed from third parties by the banks acting as forward purchasers and sold to the underwriters for distribution at the respective gross offering
prices. As a result of this forward construct, we did not receive any proceeds from the sale of shares at the closing of each offering, but rather at later settlement
dates. We have determined that the forward sale agreements meet the criteria for equity classification and are therefore exempt from derivative accounting. We
recorded the forward sale agreements at fair value at inception, which we determined to be zero. Subsequent changes to fair value are not required under equity
classification. We settled all of our Equity Forwards during the reporting period.
The following table sets forth certain information regarding the settlement of our forward equity during the periods presented (dollars in thousands):
Years Ended December 31,
2024
2023
2022
Shares of common stock delivered
— 
7,826,840 
3,925,000 
Net proceeds
$
— 
$
633,785 
$
284,259 
W. P. Carey 2024 10-K – 103

Notes to Consolidated Financial Statements
Reclassifications Out of Accumulated Other Comprehensive Loss
The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands):
Gains and (Losses)
on Derivative
Instruments
Foreign Currency
Translation
Adjustments
Gains and (Losses)
on Investments
Total
Balance at January 1, 2022
$
16,347 
$
(256,705)
$
18,688 
$
(221,670)
Other comprehensive loss before reclassifications
37,048 
(63,149)
— 
(26,101)
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income
(17,483)
— 
— 
(17,483)
Interest expense
167 
— 
— 
167 
Other gains and (losses) (Note 10)
— 
— 
(18,688)
(18,688)
Total
(17,316)
— 
(18,688)
(36,004)
Net current period other comprehensive loss
19,732 
(63,149)
(18,688)
(62,105)
Net current period other comprehensive income attributable to noncontrolling
interests
— 
(5)
— 
(5)
Balance at December 31, 2022
36,079 
(319,859)
— 
(283,780)
Other comprehensive income before reclassifications
(9,599)
19,758 
— 
10,159 
Other comprehensive income derecognized in connection with the Spin-Off (Note
3)
— 
35,664 
— 
35,664 
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income
(14,874)
— 
— 
(14,874)
Interest expense
(1,956)
— 
— 
(1,956)
Total
(16,830)
— 
— 
(16,830)
Net current period other comprehensive income
(26,429)
55,422 
— 
28,993 
Net current period other comprehensive income attributable to noncontrolling
interests
— 
(80)
— 
(80)
Balance at December 31, 2023
9,650 
(264,517)
— 
(254,867)
Other comprehensive income before reclassifications
20,901 
(6,281)
— 
14,620 
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income
(8,695)
— 
— 
(8,695)
Interest expense
(1,582)
— 
— 
(1,582)
Total
(10,277)
— 
— 
(10,277)
Net current period other comprehensive income
10,624 
(6,281)
— 
4,343 
Net current period other comprehensive income attributable to noncontrolling
interests
— 
292 
— 
292 
Balance at December 31, 2024
$
20,274 
$
(270,506)
$
— 
$
(250,232)
See Note 11 for additional information on our derivatives activity recognized within Other comprehensive income (loss) for the periods presented.
W. P. Carey 2024 10-K – 104

Notes to Consolidated Financial Statements
Note 15. Stock-Based and Other Compensation
Stock-Based Compensation
At December 31, 2024, we maintained the stock-based compensation plans described below. The total compensation expense (net of forfeitures) for awards
issued under these plans was $40.9 million, $34.5 million, and $32.8 million for the years ended December 31, 2024, 2023, and 2022, respectively, which was
included in Stock-based compensation expense in the consolidated financial statements. The tax expense recognized by us related to these awards totaled $4.3
million for the year ended December 31, 2022. No such expense was recorded during the years ended December 31, 2024 and 2023. The tax expense for the
year ended December 31, 2022 was reflected as a deferred tax expense within Provision for income taxes in the consolidated financial statements.
Amended and Restated 2017 Share Incentive Plan
In June 2024, our stockholders approved the Amended and Restated 2017 Share Incentive Plan (the “Plan”), which authorizes the issuance of up to 4,000,000
additional shares of our common stock and makes certain other changes. The Plan is more fully described in the registration statement on Form S-8 filed on
June 14, 2024. The Plan provides for the grant of various stock- and cash-based awards, including (i) RSUs, (ii) PSUs, (iii) RSAs, and (iv) dividend equivalent
rights. At December 31, 2024, 4,958,862 shares remained available for issuance under the Plan.
Nonvested RSAs, RSUs, and PSUs at December 31, 2024 and changes during the years ended December 31, 2024, 2023, and 2022 were as follows:
RSA and RSU Awards
PSU Awards
Shares
Weighted-Average Grant
Date Fair Value
Shares
Weighted-Average Grant
Date Fair Value
Nonvested at January 1, 2022
306,994 
$
71.21 
398,255 
$
86.86 
Granted
235,348 
80.28 
144,311 
104.97 
Vested 
(154,028)
72.80 
(165,615)
92.16 
Forfeited
(12,016)
75.93 
(4,262)
98.26 
Adjustment 
— 
— 
159,092 
80.90 
Nonvested at December 31, 2022
376,298 
74.78 
531,781 
89.14 
Granted
260,193 
82.43 
150,989 
144.54 
Vested 
(173,883)
76.50 
(218,147)
104.65 
Forfeited
(3,581)
82.58 
(3,487)
107.72 
Adjustment 
(11,669)
80.75 
65,277 
113.99 
Nonvested at December 31, 2023
447,358 
77.69 
526,413 
105.92 
Granted 
300,657 
63.11 
213,645 
82.95 
Vested 
(181,581)
74.99 
(309,670)
86.19 
Forfeited
(6,831)
72.38 
(3,364)
101.11 
Adjustment 
— 
— 
124,509 
80.73 
Nonvested at December 31, 2024 
559,603 
$
70.26 
551,533 
$
101.20 
__________
(a) The grant date fair value of shares vested during the years ended December 31, 2024, 2023, and 2022 was $40.3 million, $36.1 million, and $26.5 million,
respectively. Employees have the option to take immediate delivery of the shares upon vesting or defer receipt to a future date pursuant to previously made
deferral elections. At December 31, 2024 and 2023, we had an obligation to issue 1,391,456 and 1,196,955 shares, respectively, of our common stock
underlying such deferred awards, which is recorded within Total stockholders’ equity as a Deferred compensation obligation of $78.5 million and $62.0
million, respectively.
(b) Vesting and payment of the PSUs is conditioned upon certain company and/or market performance goals being met during the relevant three-year
performance period. The ultimate number of PSUs to be vested will depend on the extent to which the performance goals are met and can range from zero
to three times the original awards. As a result, we recorded adjustments to reflect the number of shares expected to be issued when the PSUs vest.
(a)
(b)
(a)
(b)
(c)
(a)
(b)
(d)
W. P. Carey 2024 10-K – 105

Notes to Consolidated Financial Statements
(c) The grant date fair value of RSAs and RSUs reflect our stock price on the date of grant on a one-for-one basis. The grant date fair value of PSUs was
determined utilizing a Monte Carlo simulation model to generate an estimate of our future stock price over the three-year performance period. To estimate
the fair value of PSUs granted during the year ended December 31, 2024, we used a risk-free interest rate of 4.1%, an expected volatility rate of 20.5%,
and assumed a dividend yield of zero.
(d) At December 31, 2024, total unrecognized compensation expense related to these awards was approximately $38.3 million, with an aggregate weighted-
average remaining term of 1.7 years.
At the end of each reporting period, we evaluate the ultimate number of PSUs we expect to vest (based upon the extent to which we have met and expect to
meet the performance goals) and where appropriate, revise our estimate and associated expense. We do not revise the associated expense on PSUs expected to
vest based on market performance. Upon vesting, the RSUs and PSUs may be converted into shares of our common stock. Both the RSUs and PSUs carry
dividend equivalent rights. Dividend equivalent rights on RSUs issued under a predecessor employee plan are paid in cash on a quarterly basis, whereas
dividend equivalent rights on RSUs issued under the Plan are accrued and paid in cash only when the underlying shares vest, which is generally on an annual
basis. Dividend equivalents on PSUs accrue during the performance period and are converted into additional shares of common stock at the conclusion of the
performance period to the extent the PSUs vest. Dividend equivalent rights are accounted for as a reduction to retained earnings to the extent that the awards
are expected to vest.
In connection with the Spin-Off (Note 3), each RSU and PSU outstanding at November 1, 2023 received an equitable adjustment equal to the ratio of the five-
day volume weighted average per-share price of our common stock prior to the Spin-Off divided by the five-day volume weighted average per-share of our
common stock following the Spin-Off. Concurrently, our Board approved amending the performance vesting conditions assigned to the 2021 and 2022 PSU
outstanding awards. The equitable adjustment and the amended performance vesting conditions were considered modifications in accordance with the
provisions of ASC 718, Compensation-Stock Compensation. As a result, we compared the fair value of each award immediately prior to the modification to the
fair value immediately after the modification to measure incremental compensation cost, if any. The modification resulted in minimal incremental fair value.
The table above is inclusive of these adjustments.
Employee Share Purchase Plan
We sponsor an employee share purchase plan (“ESPP”) pursuant to which eligible employees may contribute up to 10% of compensation, subject to certain
limits, to purchase our common stock semi-annually at a price equal to 90% of the fair market value at certain plan defined dates. Compensation expense under
this plan for each of the years ended December 31, 2024, 2023, and 2022 was less than $0.1 million. Cash received from purchases under the ESPP during the
years ended December 31, 2024, 2023, and 2022 was $0.3 million, $0.3 million, and $0.2 million, respectively.
Profit-Sharing Plan
We sponsor a qualified profit-sharing plan and trust that generally permits all employees, as defined by the plan, to make pre-tax contributions into the plan. We
are under no obligation to contribute to the plan and the amount of any contribution is determined by and at the discretion of our Board. In December 2024,
2023, and 2022, our Board determined that the contribution to the plan for each of those respective years would be 10% of an eligible participant’s cash
compensation, up to $33,000 for 2024, $33,000 for 2023, and $30,500 for 2022. For the years ended December 31, 2024, 2023, and 2022, amounts expensed
for contributions to the trust were $2.8 million, $2.6 million, and $2.3 million, respectively, which were included in General and administrative expenses in the
consolidated financial statements. The profit-sharing plan is a deferred compensation plan and is therefore considered to be outside the scope of current
accounting guidance for stock-based compensation.
W. P. Carey 2024 10-K – 106

Notes to Consolidated Financial Statements
Note 16. Income Taxes
Income Tax Provision
The components of our provision for income taxes for the periods presented are as follows (in thousands):
Years Ended December 31,
2024
2023
2022
Federal
Current
$
(450)
$
(291)
$
5,329 
Deferred
(71)
— 
13 
(521)
(291)
5,342 
State and Local
Current
2,209 
3,456 
3,388 
2,209 
3,456 
3,388 
Foreign
Current
34,195 
41,085 
27,077 
Deferred
(4,174)
(198)
(8,083)
30,021 
40,887 
18,994 
Total Provision for Income Taxes
$
31,709 
$
44,052 
$
27,724 
A reconciliation of effective income tax for the periods presented is as follows (in thousands):
Years Ended December 31,
2024
2023
2022
Pre-tax income attributable to taxable subsidiaries 
$
63,669 
$
73,669 
$
55,604 
Federal provision at statutory tax rate (21%)
$
13,370 
$
15,471 
$
11,677 
Non-deductible expense
6,227 
3,201 
6,972 
Change in valuation allowance
3,215 
9,970 
8,082 
Rate differential
2,712 
1,357 
(387)
State and local taxes, net of federal benefit
2,382 
3,517 
2,920 
Windfall tax benefit
— 
— 
(1,896)
Other
3,803 
10,536 
356 
Total provision for income taxes
$
31,709 
$
44,052 
$
27,724 
__________
(a) Pre-tax income attributable to taxable subsidiaries for 2022 includes taxable income, recognized in connection with the CPA:18 Merger, associated with
the accelerated vesting of shares previously issued by CPA:18 – Global to us for asset management services performed.
(a)
W. P. Carey 2024 10-K – 107

Notes to Consolidated Financial Statements
Deferred Income Taxes
Deferred income taxes at December 31, 2024 and 2023 consist of the following (in thousands):
 
December 31,
 
2024
2023
Deferred Tax Assets
 
 
Net operating loss and other tax credit carryforwards
$
47,134 
$
52,375 
Basis differences — foreign investments
24,991 
35,553 
Other
953 
1,017 
Total deferred tax assets
73,078 
88,945 
Valuation allowance
(55,488)
(69,800)
Net deferred tax assets
17,590 
19,145 
Deferred Tax Liabilities
 
 
Basis differences — foreign investments
(147,462)
(181,277)
Total deferred tax liabilities
(147,462)
(181,277)
Net Deferred Tax Liability
$
(129,872)
$
(162,132)
Our deferred tax assets and liabilities are primarily the result of temporary differences related to the following:
•
Basis differences between tax and GAAP for certain international real estate investments. For income tax purposes, in certain acquisitions, we assume
the seller’s basis, or the carry-over basis, in the acquired assets. The carry-over basis is typically lower than the purchase price, or the GAAP basis,
resulting in a deferred tax liability with an offsetting increase to goodwill or the acquired tangible or intangible assets;
•
Timing differences generated by differences in the GAAP basis and the tax basis of assets such as those related to capitalized acquisition costs,
straight-line rent, prepaid rents, and intangible assets, as well as unearned and deferred compensation; and
•
Tax net operating losses in certain subsidiaries, including those domiciled in foreign jurisdictions, that may be realized in future periods if the
respective subsidiary generates sufficient taxable income. Certain net operating losses and interest carryforwards were subject to limitations as a result
of the CPA:18 Merger, and thus could not be applied to reduce future income tax liabilities.
As of December 31, 2024, U.S. federal and state net operating loss carryforwards were $17.7 million and $11.7 million, respectively, which will begin to expire
in 2033. As of December 31, 2024, net operating loss carryforwards in foreign jurisdictions were $85.1 million, which will begin to expire in 2025.
The net deferred tax liability in the table above is comprised of deferred tax asset balances, net of certain deferred tax liabilities and valuation allowances, of
$17.6 million and $18.5 million at December 31, 2024 and 2023, respectively, which are included in Other assets, net in the consolidated balance sheets, and
other deferred tax liability balances of $147.5 million and $180.7 million at December 31, 2024 and 2023, respectively, which are included in Deferred income
taxes in the consolidated balance sheets.
Our taxable subsidiaries recognize tax positions in the financial statements only when it is more likely than not that the position will be sustained on
examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount
of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in a tax return and amounts
recognized in the financial statements.
W. P. Carey 2024 10-K – 108

Notes to Consolidated Financial Statements
The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits (in thousands):
 
Years Ended December 31,
 
2024
2023
Beginning balance
$
5,112 
$
6,218 
(Decrease) addition based on tax positions related to the prior year
(1,379)
369 
Decrease due to lapse in statute of limitations
(745)
(1,622)
Foreign currency translation adjustments
(156)
221 
Addition based on tax positions related to the current year
77 
43 
Decrease due to Spin-Off
— 
(117)
Ending balance
$
2,909 
$
5,112 
At December 31, 2024 and 2023, we had unrecognized tax benefits as presented in the table above that, if recognized, would have a favorable impact on our
effective income tax rate in future periods. These unrecognized tax benefits are recorded as liabilities within Accounts payable, accrued expenses and other
liabilities on our consolidated balance sheets. We recognize interest and penalties related to uncertain tax positions in income tax expense. At December 31,
2024 and 2023, we had approximately $1.0 million and $1.3 million, respectively, of accrued interest related to uncertain tax positions.
Income Taxes Paid
Income taxes paid were $36.3 million, $38.6 million, and $42.6 million for the years ended December 31, 2024, 2023, and 2022, respectively.
REIT Qualification
We elected to be taxed as a REIT under Section 856 through 860 of the Internal Revenue Code effective as of February 15, 2012. In order to maintain our
qualification as a REIT, we are required, among other things, to distribute at least 90% of our REIT net taxable income to our stockholders and meet certain
tests regarding the nature of our income and assets. As a REIT, we are not subject to federal income taxes on our income and gains that we distribute to our
stockholders as long as we satisfy certain requirements, principally relating to the nature of our income and the level of our distributions, as well as other
factors. We believe that we have operated, and we intend to continue to operate, in a manner that allows us to continue to qualify as a REIT. We conduct
business primarily in North America and Europe, and as a result, we or one or more of our subsidiaries file income tax returns in the United States federal
jurisdiction and various state, local, and foreign jurisdictions.
Prior to the CPA:18 Merger, we conducted our investment management operations through TRSs. Our use of TRSs enabled us to engage in certain businesses
while complying with the REIT qualification requirements and also allowed us to retain income generated by these businesses for reinvestment without the
requirement to distribute those earnings. Certain of our inter-company transactions that have been eliminated in consolidation for financial accounting purposes
were also subject to taxation.
Tax authorities in the relevant jurisdictions may select our tax returns for audit and propose adjustments before the expiration of the statute of limitations. Our
tax returns filed for tax years 2019 through 2023 or any ongoing audits remain open to adjustment in the major tax jurisdictions.
Note 17. Property Dispositions
We implemented the Office Sale Program in September 2023, which was completed in 2024 (Note 1).
All property dispositions are also discussed in Note 6 and Note 7. These dispositions exclude properties contributed to NLOP in the Spin-Off (Note 3).
2024 — During the year ended December 31, 2024, we sold 176 properties for total proceeds, net of selling costs, of $1.2 billion, and recognized a net gain on
these sales totaling $68.4 million (inclusive of income taxes totaling $7.3 million recognized upon sale). One of the properties sold during 2024 was a hotel
operating property.
W. P. Carey 2024 10-K – 109

Notes to Consolidated Financial Statements
This disposition activity for the year ended December 31, 2024 includes the sale of 78 properties under the Office Sale Program for total proceeds, net of
selling costs, of $524.8 million, resulting in a net gain on these sales totaling $3.9 million.
2023 — During the year ended December 31, 2023, we sold 31 properties for total proceeds, net of selling costs, of $446.4 million, and recognized a net gain
on these sales totaling $80.7 million (inclusive of income taxes totaling $1.6 million recognized upon sale). Eight of the properties sold during 2023 were hotel
operating properties.
This disposition activity includes the sale of eight properties under the Office Sale Program for total proceeds, net of selling costs, of $216.9 million, resulting
in a net gain on these sales totaling $3.6 million.
2022 — During the year ended December 31, 2022, we sold 23 properties for total proceeds, net of selling costs, of $234.7 million, and recognized a net gain
on these sales totaling $43.5 million (inclusive of income taxes totaling $5.3 million recognized upon sale). This disposition activity included two properties
acquired in the CPA:18 Merger, one of which was classified as assets held for sale and sold in August 2022 (Note 4).
Note 18. Segment Information
Reportable Segment Information
The Company operates as one reportable segment. Our business is characterized as investing primarily in operationally-critical, single-tenant commercial real
estate properties that are principally leased on a long-term basis. These economic characteristics are similar across various property types, geographic locations,
and industries in which our tenants operate and therefore considered one operating segment. Our consolidated operating results, including net income, are
regularly reviewed, in the aggregate, by our CODM to evaluate performance and allocate resources, which can be found on our consolidated financial
statements (Note 1, Note 2).
Our revenues are largely derived from the long-term leases that we execute with tenants. These revenues are classified as either Lease revenues (Note 6) or
Income from finance leases and loans receivable (Note 7) in accordance with ASC 842, Leases.
Our operating expenses are regularly reviewed by our CODM. All expenses are reviewed, but our CODM is regularly provided with the following significant
expenses, which are included in our consolidated financial statements and require no additional disaggregation: General and administrative expenses, Property
expenses, excluding reimbursable tenant costs, Interest expense, and Provision for income taxes.
W. P. Carey 2024 10-K – 110

Notes to Consolidated Financial Statements
Geographic Information
Our portfolio is comprised of domestic and international investments. At December 31, 2024, our international investments were comprised of investments in
Austria, Belgium, Canada, Croatia, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Hungary, Italy, Japan, Latvia, Lithuania, Mauritius,
Mexico, the Netherlands, Norway, Poland, Portugal, Slovakia, Spain, Sweden, and the United Kingdom. No tenant or international country individually
comprised at least 10% of our total lease revenues for the years ended December 31, 2024, 2023, or 2022, or at least 10% of our total long-lived assets at
December 31, 2024 or 2023. The following tables present the geographic information (in thousands):
Years Ended December 31,
2024
2023
2022
Revenues
Domestic
$
1,013,217 
$
1,154,863 
$
996,748 
International
569,801 
586,495 
482,338 
Total
$
1,583,018 
$
1,741,358 
$
1,479,086 
 
December 31,
 
2024
2023
Long-lived Assets
Domestic
$
9,273,858 
$
9,049,540 
International
5,306,617 
5,864,359 
Total
$
14,580,475 
$
14,913,899 
Equity Method Investments
Domestic
$
273,141 
$
324,142 
International
27,974 
30,119 
Total
$
301,115 
$
354,261 
Note 19. Subsequent Events
Senior Unsecured Notes Repayment
In February 2025, we repaid our $450 million of 4.0% senior notes due 2025 at maturity (Note 12).
Dispositions
In January 2025, we sold four properties for gross proceeds totaling $19.5 million. Two of these properties were classified as net investments in sales-type
leases as of December 31, 2024 (Note 7).
Mortgage Loan Repayments
In January and February 2025, we repaid at maturity two non-recourse mortgage loans totaling approximately $25.8 million.
W. P. Carey 2024 10-K – 111

W. P. CAREY INC.
SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS
Years Ended December 31, 2024, 2023, and 2022
(in thousands) 
Description
Balance at Beginning
of Year
 Other Additions
Deductions
Balance at
End of Year
Year Ended December 31, 2024
Valuation reserve for deferred tax assets
$
69,800 
$
6,731 
$
(21,043)
$
55,488 
Year Ended December 31, 2023
Valuation reserve for deferred tax assets
$
106,185 
$
19,107 
$
(55,492)
$
69,800 
Year Ended December 31, 2022
Valuation reserve for deferred tax assets
$
108,812 
$
34,894 
$
(37,521)
$
106,185 
W. P. Carey 2024 10-K – 112

W. P. CAREY INC.
SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2024
(in thousands)
Initial Cost to
Company
Cost
Capitalized
Subsequent to
Acquisition 
Increase 
(Decrease)
in Net
Investments
Gross Amount at which 
Carried at Close of Period 
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life on which
Depreciation in Latest
Statement of 
Income
is Computed
Description
Encumbrances
Land
Buildings
Land
Buildings
Total
Real Estate Subject to Operating Leases
Industrial facilities in
Erlanger, KY
$
— 
$
1,526 
$
21,427 
$
2,966 
$
(84)
$
1,526 
$
24,309 
$ 25,835 
$
16,573 
1979; 1987
Jan. 1998
40 yrs.
Industrial facilities in
Thurmont, MD and
Farmington, NY
— 
729 
5,903 
— 
— 
729 
5,903 
6,632 
4,208 
1964; 1983
Jan. 1998
15 yrs.
Warehouse facility in
Commerce, CA
— 
4,905 
11,898 
— 
(3,043)
4,573 
9,187 
13,760 
6,739 
1948
Jan. 1998
40 yrs.
Industrial facility in Goshen,
IN
— 
239 
940 
— 
— 
239 
940 
1,179 
698 
1973
Jan. 1998
40 yrs.
Industrial facilities in Sylmar,
CA
— 
2,052 
5,322 
— 
(1,889)
1,494 
3,991 
5,485 
2,701 
1962; 1979
Jan. 1998
40 yrs.
Retail facilities in the United
States
— 
9,382 
— 
238 
14,027 
9,025 
14,622 
23,647 
12,272 
Various
Jan. 1998
15 yrs.
Land in Glendora, CA
— 
1,135 
— 
— 
17 
1,152 
— 
1,152 
— 
N/A
Jan. 1998
N/A
Warehouse facility in
Doraville, GA
— 
3,288 
9,864 
17,079 
(11,410)
3,288 
15,533 
18,821 
3,820 
2016
Jan. 1998
40 yrs.
Warehouse facility in Corpus
Christi, TX
— 
3,490 
72,497 
3,615 
(77,927)
288 
1,387 
1,675 
873 
1989
Jan. 1998
40 yrs.
Land in Irving and Houston,
TX
— 
9,795 
— 
— 
— 
9,795 
— 
9,795 
— 
N/A
Jan. 1998
N/A
Warehouse facility in
Memphis, TN
— 
1,882 
3,973 
294 
(3,892)
328 
1,929 
2,257 
1,808 
1969
Jan. 1998
15 yrs.
Industrial facility in Romulus,
MI
— 
454 
6,411 
525 
— 
454 
6,936 
7,390 
4,156 
1970
Jan. 1998
10 yrs.
Retail facility in Bellevue,
WA
— 
4,125 
11,812 
393 
(123)
4,371 
11,836 
16,207 
7,701 
1994
Apr. 1998
40 yrs.
Industrial facility in Winston-
Salem, NC
— 
1,860 
12,539 
3,075 
(7,325)
925 
9,224 
10,149 
6,507 
1980
Sep. 2002
40 yrs.
Warehouse facility in
Greenfield, IN
— 
2,807 
10,335 
223 
(8,383)
967 
4,015 
4,982 
2,575 
1995
Sep. 2004
40 yrs.
Warehouse facilities in
Apopka, FL
— 
362 
10,855 
1,196 
(3,330)
337 
8,746 
9,083 
3,966 
1969
Sep. 2004
40 yrs.
Land in San Leandro, CA
— 
1,532 
— 
— 
— 
1,532 
— 
1,532 
— 
N/A
Dec. 2006
N/A
Retail facility in Austin, TX
— 
1,725 
5,168 
— 
— 
1,725 
5,168 
6,893 
3,280 
1995
Dec. 2006
29 yrs.
Retail facility in Wroclaw,
Poland
— 
3,600 
10,306 
— 
(4,510)
2,598 
6,798 
9,396 
2,862 
2007
Dec. 2007
40 yrs.
Retail and warehouse
facilities in Spain
— 
50,231 
82,613 
239 
(13,026)
45,022 
75,035 
120,057 
10,128 
Various
Various
40 yrs.
Industrial facilities in Auburn,
IN; Clinton Township, MI;
and Bluffton, OH
— 
4,403 
20,298 
— 
(3,870)
2,589 
18,242 
20,831 
7,194 
1968; 1975;
1995
Sep. 2012;
Jan. 2014
30 yrs.
Industrial facility in Irvine,
CA
— 
4,173 
— 
15,222 
— 
4,173 
15,222 
19,395 
195 
2024
Sep. 2012
40 yrs.
Industrial facility in
Alpharetta, GA
— 
2,198 
6,349 
1,247 
— 
2,198 
7,596 
9,794 
3,260 
1997
Sep. 2012
30 yrs.
Warehouse facility in St.
Petersburg, FL
— 
3,280 
24,627 
4,675 
(20,393)
1,814 
10,375 
12,189 
4,175 
1996
Sep. 2012
30 yrs.
Retail facility in Baton
Rouge, LA
— 
4,168 
5,724 
3,200 
— 
4,168 
8,924 
13,092 
3,916 
2003
Sep. 2012
30 yrs.
Research and development
facility in San Diego, CA
— 
7,804 
16,729 
5,939 
(832)
7,804 
21,836 
29,640 
9,324 
2002
Sep. 2012
30 yrs.
Industrial facility in
Richmond, CA
— 
895 
1,953 
— 
— 
895 
1,953 
2,848 
800 
1999
Sep. 2012
30 yrs.
Warehouse facilities in the
United States
— 
16,386 
84,668 
15,024 
— 
16,386 
99,692 
116,078 
37,302 
Various
Sep. 2012
30 yrs.
Industrial facilities in Rocky
Mount, NC and Lewisville,
TX
— 
2,163 
17,715 
609 
(8,389)
1,132 
10,966 
12,098 
4,494 
1948; 1989
Sep. 2012
30 yrs.
Industrial facilities in
Chattanooga, TN
— 
558 
5,923 
— 
— 
558 
5,923 
6,481 
2,398 
1974; 1989
Sep. 2012
30 yrs.
Industrial facility in
Mooresville, NC
— 
756 
9,775 
— 
— 
756 
9,775 
10,531 
3,947 
1997
Sep. 2012
30 yrs.
(a)
(b)
(c) (d)
(d)
W. P. Carey 2024 10-K – 113

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)
December 31, 2024
(in thousands)
Initial Cost to
Company
Cost
Capitalized
Subsequent to
Acquisition 
Increase 
(Decrease)
in Net
Investments
Gross Amount at which 
Carried at Close of Period 
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life on which
Depreciation in Latest
Statement of 
Income
is Computed
Description
Encumbrances
Land
Buildings
Land
Buildings
Total
Industrial facility in McCalla,
AL
— 
960 
14,472 
42,662 
(254)
2,076 
55,764 
57,840 
16,236 
2004
Sep. 2012
31 yrs.
Industrial facility in Fort
Smith, AZ
— 
1,063 
6,159 
— 
— 
1,063 
6,159 
7,222 
2,460 
1982
Sep. 2012
30 yrs.
Retail facilities in Greenwood,
IN and Buffalo, NY
— 
— 
19,990 
— 
— 
— 
19,990 
19,990 
7,899 
2000; 2003
Sep. 2012
30 - 31 yrs.
Industrial facilities in Bowling
Green, KY and Jackson, TN
— 
1,492 
8,182 
600 
— 
1,492 
8,782 
10,274 
3,351 
1989; 1995
Sep. 2012
31 yrs.
Education facility in Rancho
Cucamonga, CA and
laboratory facility in Exton,
PA
— 
14,006 
33,683 
10,450 
(20,142)
6,638 
31,359 
37,997 
10,892 
2004
Sep. 2012
31 - 32 yrs.
Industrial facilities in St.
Petersburg, FL; Buffalo
Grove, IL; West Lafayette, IN;
Excelsior Springs, MO; and
North Versailles, PA
— 
6,559 
19,078 
4,281 
— 
6,559 
23,359 
29,918 
8,258 
Various
Sep. 2012
31 yrs.
Industrial and warehouse
facility in Mesquite, TX
— 
2,702 
13,029 
1,700 
— 
2,702 
14,729 
17,431 
1,455 
1972
Sep. 2012
31 yrs.
Industrial facilities in
Tolleson, AZ; Alsip, IL; and
Solvay, NY
— 
6,080 
23,424 
810 
— 
6,080 
24,234 
30,314 
9,242 
1990; 1994;
2000
Sep. 2012
31 yrs.
Retail facility in Memphis, TN
— 
4,877 
4,258 
5,215 
(2,353)
2,027 
9,970 
11,997 
5,591 
1990
Sep. 2012
31 yrs.
Warehouse facilities in
Oceanside, CA and
Concordville, PA
— 
3,333 
8,270 
1,258 
— 
3,333 
9,528 
12,861 
3,250 
1989; 1996
Sep. 2012
31 yrs.
Warehouse facility in La Vista,
NE
15,529 
4,196 
23,148 
— 
— 
4,196 
23,148 
27,344 
8,482 
2005
Sep. 2012
33 yrs.
Laboratory facility in
Pleasanton, CA
— 
3,675 
7,468 
14,855 
— 
3,675 
22,323 
25,998 
3,457 
2000
Sep. 2012
40 yrs.
Office facility in Chicago, IL
— 
2,169 
19,010 
83 
(72)
2,169 
19,021 
21,190 
7,325 
1910
Sep. 2012
31 yrs.
Industrial facilities in
Hollywood and Orlando, FL
— 
3,639 
1,269 
— 
— 
3,639 
1,269 
4,908 
488 
1996
Sep. 2012
31 yrs.
Warehouse facility in Golden,
CO
— 
808 
4,304 
77 
— 
808 
4,381 
5,189 
1,844 
1998
Sep. 2012
30 yrs.
Industrial facility in
Texarkana, TX
— 
1,755 
4,493 
— 
(2,783)
216 
3,249 
3,465 
1,250 
1997
Sep. 2012
31 yrs.
Industrial facility in South
Jordan, UT
— 
2,183 
11,340 
2,609 
— 
2,183 
13,949 
16,132 
5,073 
1995
Sep. 2012
31 yrs.
Warehouse facility in Ennis,
TX
— 
478 
4,087 
145 
(145)
478 
4,087 
4,565 
1,573 
1989
Sep. 2012
31 yrs.
Specialty facility in Paris,
France
— 
23,387 
43,450 
703 
(12,907)
18,894 
35,739 
54,633 
13,289 
1975
Sep. 2012
32 yrs.
Retail facilities in Poland
— 
26,564 
72,866 
— 
(19,143)
21,422 
58,865 
80,287 
30,328 
Various
Sep. 2012
23 - 34 yrs.
Industrial facilities in
Danbury, CT and Bedford,
MA
— 
3,519 
16,329 
43 
(5,801)
1,667 
12,423 
14,090 
5,087 
1965; 1980
Sep. 2012
29 yrs.
Industrial facility in
Brownwood, TX
— 
722 
6,268 
— 
— 
722 
6,268 
6,990 
2,507 
1964
Sep. 2012
15 yrs.
Industrial facility in
Rochester, MN
— 
809 
14,236 
4,387 
— 
809 
18,623 
19,432 
1,892 
1997
Sep. 2012
31 yrs.
Retail facilities in Germany
— 
16,146 
83,746 
— 
(4,032)
15,494 
80,366 
95,860 
2,466 
Various
Sep. 2012
29 yrs.
Retail facility in Houston, TX
— 
2,430 
2,270 
— 
— 
2,430 
2,270 
4,700 
1,106 
1995
Jan. 2014
23 yrs.
Retail facility in St. Charles,
MO
— 
1,966 
1,368 
1,980 
— 
1,966 
3,348 
5,314 
1,560 
1987
Jan. 2014
27 yrs.
Industrial facility in Aurora,
CO
— 
737 
2,609 
1,206 
— 
737 
3,815 
4,552 
959 
1985
Jan. 2014
32 yrs.
Warehouse facility in
Burlington, NJ
— 
3,989 
6,213 
377 
— 
3,989 
6,590 
10,579 
2,853 
1999
Jan. 2014
26 yrs.
Industrial facility in
Albuquerque, NM
— 
2,467 
3,476 
715 
— 
2,467 
4,191 
6,658 
1,777 
1993
Jan. 2014
27 yrs.
Industrial facility in North Salt
Lake, UT
— 
10,601 
17,626 
— 
(16,936)
4,388 
6,903 
11,291 
2,880 
1981
Jan. 2014
26 yrs.
(a)
(b)
(c) (d)
(d)
W. P. Carey 2024 10-K – 114

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)
December 31, 2024
(in thousands)
Cost
Capitalized
Subsequent to
Acquisition 
Increase 
(Decrease)
in Net
Investments
Gross Amount at which 
Carried at Close of Period 
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life on which
Depreciation in Latest
Statement of 
Income
is Computed
Initial Cost to
Company
Description
Encumbrances
Land
Buildings
Land
Buildings
Total
Industrial facility in
Lexington, NC
— 
2,185 
12,058 
601 
(2,519)
494 
11,831 
12,325 
4,493 
2003
Jan. 2014
28 yrs.
Industrial facility in Dallas,
TX
— 
3,190 
10,010 
— 
— 
3,190 
10,010 
13,200 
769 
1968
Jan. 2014
32 yrs.
Land in Welcome, NC
— 
980 
11,230 
— 
(11,724)
486 
— 
486 
— 
N/A
Jan. 2014
N/A
Industrial facilities in
Evansville, IN; Lawrence,
KS; and Baltimore, MD
— 
4,005 
44,192 
20,636 
— 
4,005 
64,828 
68,833 
22,743 
1911; 1967;
1982
Jan. 2014
24 yrs.
Industrial facilities in Colton,
CA; Bonner Springs, KS;
Eagan, MN; and Dallas, TX
— 
8,451 
25,457 
— 
11,200 
8,451 
36,657 
45,108 
10,436 
Various
Jan. 2014
17 - 34 yrs.
Retail facility in Torrance, CA
— 
8,412 
12,241 
6,137 
(76)
8,335 
18,379 
26,714 
6,579 
1973
Jan. 2014
25 yrs.
Warehouse facility in
Houston, TX
— 
6,578 
424 
560 
— 
6,578 
984 
7,562 
827 
1978
Jan. 2014
27 yrs.
Warehouse facility in
Norwich, CT
— 
3,885 
21,342 
— 
2 
3,885 
21,344 
25,229 
8,249 
1960
Jan. 2014
28 yrs.
Warehouse facility in
Norwich, CT
— 
1,437 
9,669 
— 
— 
1,437 
9,669 
11,106 
3,737 
2005
Jan. 2014
28 yrs.
Warehouse facility in
Whitehall, PA
— 
7,435 
9,093 
27,358 
(9,545)
6,983 
27,358 
34,341 
2,470 
2021
Jan. 2014
40 yrs.
Retail facility in York, PA
— 
3,776 
10,092 
— 
(6,413)
527 
6,928 
7,455 
2,241 
2005
Jan. 2014
34 yrs.
Warehouse facilities in
Atlanta, GA and Elkwood, VA
— 
5,356 
4,121 
17,520 
(3,220)
4,284 
19,493 
23,777 
775 
1975
Jan. 2014
28 yrs.
Warehouse facility in
Harrisburg, NC
— 
1,753 
5,840 
781 
(111)
1,642 
6,621 
8,263 
2,623 
2000
Jan. 2014
26 yrs.
Industrial facility in Chandler,
AZ; and industrial and
warehouse facility in
Englewood, CO
— 
4,306 
7,235 
224 
3 
4,306 
7,462 
11,768 
2,614 
1978; 1987
Jan. 2014
30 yrs.
Industrial facility in
Cynthiana, KY
168 
1,274 
3,505 
525 
(107)
1,274 
3,923 
5,197 
1,557 
1967
Jan. 2014
31 yrs.
Industrial facilities in
Albemarle and Old Fort, NC
and Holmesville, OH
— 
5,507 
18,653 
— 
— 
5,507 
18,653 
24,160 
1,876 
1955; 1966;
1970
Jan. 2014
32 yrs.
Industrial facility in
Columbia, SC
— 
2,843 
11,886 
— 
— 
2,843 
11,886 
14,729 
5,745 
1962
Jan. 2014
23 yrs.
Retail facility in Midlothian,
VA
— 
2,824 
16,618 
— 
— 
2,824 
16,618 
19,442 
3,582 
2000
Jan. 2014
40 yrs.
Specialty facility in Laramie,
WY
— 
1,966 
18,896 
— 
— 
1,966 
18,896 
20,862 
6,994 
2007
Jan. 2014
33 yrs.
Warehouse facilities in
Mendota, IL; Toppenish, WA;
and Plover, WI
— 
1,444 
21,208 
— 
(623)
1,382 
20,647 
22,029 
10,055 
1996
Jan. 2014
23 yrs.
Land in Sunnyvale, CA
— 
9,297 
24,086 
— 
(26,077)
7,306 
— 
7,306 
— 
N/A
Jan. 2014
N/A
Industrial facilities in
Hampton, NH
— 
8,990 
7,362 
— 
— 
8,990 
7,362 
16,352 
2,649 
1976
Jan. 2014
30 yrs.
Industrial facilities in France
— 
36,306 
5,212 
4,034 
1,812 
23,777 
23,587 
47,364 
4,385 
Various
Jan. 2014
23 yrs.
Retail facility in Lombard, IL
— 
5,087 
8,578 
— 
— 
5,087 
8,578 
13,665 
3,556 
1999
Jan. 2014
26 yrs.
Warehouse facility in
Plainfield, IN
— 
1,578 
29,415 
2,176 
— 
1,578 
31,591 
33,169 
10,965 
1997
Jan. 2014
30 yrs.
Retail facility in Kennesaw,
GA
— 
2,849 
6,180 
5,530 
(76)
2,773 
11,710 
14,483 
5,161 
1999
Jan. 2014
26 yrs.
Retail facility in Leawood, KS
— 
1,487 
13,417 
— 
— 
1,487 
13,417 
14,904 
5,562 
1997
Jan. 2014
26 yrs.
Industrial facility in Tolland,
CT
— 
1,817 
5,709 
— 
11 
1,817 
5,720 
7,537 
2,278 
1968
Jan. 2014
28 yrs.
Warehouse facilities in
Lincolnton, NC and Mauldin,
SC
— 
1,962 
9,247 
— 
— 
1,962 
9,247 
11,209 
3,595 
1988; 1996
Jan. 2014
28 yrs.
Retail facilities in Germany
— 
81,109 
153,927 
10,510 
(141,305)
25,819 
78,422 
104,241 
27,648 
Various
Jan. 2014
Various
Laboratory facility in The
Woodlands, TX
— 
3,204 
24,997 
1,186 
— 
3,204 
26,183 
29,387 
8,663 
1997
Jan. 2014
32 yrs.
(a)
(b)
(c) (d)
(d)
W. P. Carey 2024 10-K – 115

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)
December 31, 2024
(in thousands)
Cost
Capitalized
Subsequent to
Acquisition 
Increase 
(Decrease)
in Net
Investments
Gross Amount at which 
Carried at Close of Period 
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life on which
Depreciation in Latest
Statement of 
Income
is Computed
Initial Cost to
Company
Description
Encumbrances
Land
Buildings
Land
Buildings
Total
Warehouse facilities in
Valdosta, GA and Johnson
City, TN
— 
1,080 
14,998 
1,841 
— 
1,080 
16,839 
17,919 
6,734 
1978; 1998
Jan. 2014
27 yrs.
Industrial facility in Amherst,
NY
— 
674 
7,971 
— 
— 
674 
7,971 
8,645 
3,882 
1984
Jan. 2014
23 yrs.
Industrial and warehouse
facilities in Westfield, MA
— 
1,922 
9,755 
7,435 
9 
1,922 
17,199 
19,121 
7,450 
1954; 1997
Jan. 2014
28 yrs.
Warehouse facility in
Gorinchem, Netherlands
— 
1,143 
5,648 
282 
(1,620)
873 
4,580 
5,453 
1,661 
1995
Jan. 2014
28 yrs.
Retail facility in Cresskill, NJ
— 
2,366 
5,482 
— 
19 
2,366 
5,501 
7,867 
1,928 
1975
Jan. 2014
31 yrs.
Retail facility in Livingston,
NJ
— 
2,932 
2,001 
— 
14 
2,932 
2,015 
4,947 
810 
1966
Jan. 2014
27 yrs.
Retail facility in Montclair, NJ
— 
1,905 
1,403 
— 
6 
1,905 
1,409 
3,314 
566 
1950
Jan. 2014
27 yrs.
Retail facility in Morristown,
NJ
— 
3,258 
8,352 
— 
26 
3,258 
8,378 
11,636 
3,367 
1973
Jan. 2014
27 yrs.
Retail facility in Summit, NJ
— 
1,228 
1,465 
— 
8 
1,228 
1,473 
2,701 
592 
1950
Jan. 2014
27 yrs.
Industrial facilities in
Georgetown, TX and
Woodland, WA
— 
965 
4,113 
35 
— 
965 
4,148 
5,113 
1,334 
1998; 2001
Jan. 2014
33 - 35 yrs.
Education facilities in Union,
NJ; Allentown and
Philadelphia, PA; and Grand
Prairie, TX
— 
5,365 
7,845 
— 
5 
5,365 
7,850 
13,215 
3,079 
Various
Jan. 2014
28 yrs.
Industrial facility in Salisbury,
NC
— 
1,499 
8,185 
— 
— 
1,499 
8,185 
9,684 
3,220 
2000
Jan. 2014
28 yrs.
Industrial facility in
Twinsburg, OH
— 
2,831 
10,565 
386 
(6,975)
1,293 
5,514 
6,807 
2,202 
1991
Jan. 2014
27 yrs.
Industrial facility in
Cambridge, Canada
— 
1,849 
7,371 
— 
(2,057)
1,436 
5,727 
7,163 
2,001 
2001
Jan. 2014
31 yrs.
Industrial facilities in Peru, IL;
Huber Heights, Lima, and
Sheffield, OH; and Lebanon,
TN
— 
2,962 
17,832 
— 
— 
2,962 
17,832 
20,794 
6,230 
Various
Jan. 2014
31 yrs.
Industrial facility in Ramos
Arizpe, Mexico
— 
1,059 
2,886 
— 
— 
1,059 
2,886 
3,945 
1,005 
2000
Jan. 2014
31 yrs.
Industrial facilities in Salt
Lake City, UT
— 
2,783 
3,773 
— 
— 
2,783 
3,773 
6,556 
1,317 
1983; 2002
Jan. 2014
31 - 33 yrs.
Specialty facility in
Blairsville, PA
— 
1,631 
23,163 
— 
— 
1,631 
23,163 
24,794 
8,386 
2005
Jan. 2014
33 yrs.
Education facility in
Mooresville, NC
— 
1,795 
15,955 
— 
— 
1,795 
15,955 
17,750 
1,948 
2002
Jan. 2014
33 yrs.
Warehouse facilities in
Atlanta, Doraville, and
Rockmart, GA
— 
6,488 
77,192 
— 
— 
6,488 
77,192 
83,680 
29,538 
1959; 1962;
1991
Jan. 2014
23 - 33 yrs.
Warehouse facility in
Muskogee, OK
— 
554 
4,353 
— 
(3,437)
158 
1,312 
1,470 
437 
1992
Jan. 2014
33 yrs.
Industrial facility in
Richmond, MO
— 
2,211 
8,505 
747 
— 
2,211 
9,252 
11,463 
3,648 
1996
Jan. 2014
28 yrs.
Industrial facility in Tuusula,
Finland
— 
6,173 
10,321 
— 
(3,905)
4,712 
7,877 
12,589 
3,373 
1975
Jan. 2014
26 yrs.
Warehouse facility in Phoenix,
AZ
— 
6,747 
21,352 
380 
— 
6,747 
21,732 
28,479 
8,748 
1996
Jan. 2014
28 yrs.
Retail facility in Vantaa,
Finland
— 
1,332 
3,908 
— 
(4,378)
219 
643 
862 
7 
2004
Jan. 2014
30 yrs.
Industrial facilities in the
United States
— 
4,816 
31,712 
4,597 
9,460 
5,780 
44,805 
50,585 
2,563 
Various
Jan. 2014
30 - 32 yrs.
Industrial facilities in
Sandersville, GA; Erwin, TN;
and Gainesville, TX
— 
955 
4,779 
— 
— 
955 
4,779 
5,734 
1,683 
1950; 1986;
1996
Jan. 2014
31 yrs.
Industrial facility in Buffalo
Grove, IL
1,114 
1,492 
12,233 
1,298 
— 
1,492 
13,531 
15,023 
4,340 
1996
Jan. 2014
31 yrs.
Warehouse facility in
Carlsbad, CA
— 
3,230 
5,492 
987 
— 
3,230 
6,479 
9,709 
2,542 
1999
Jan. 2014
24 yrs.
Retail facility in Pensacola, FL
— 
1,746 
— 
— 
5,181 
1,746 
5,181 
6,927 
671 
2001
Jan. 2014
33 yrs.
(a)
(b)
(c) (d)
(d)
W. P. Carey 2024 10-K – 116

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)
December 31, 2024
(in thousands)
Initial Cost to
Company
Cost
Capitalized
Subsequent to
Acquisition 
Increase 
(Decrease)
in Net
Investments
Gross Amount at which 
Carried at Close of Period 
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life on which
Depreciation in Latest
Statement of 
Income
is Computed
Description
Encumbrances
Land
Buildings
Land
Buildings
Total
Retail facility in Port St.
Lucie, FL
— 
4,654 
2,576 
— 
— 
4,654 
2,576 
7,230 
1,029 
2000
Jan. 2014
27 yrs.
Industrial facility in Nurieux-
Volognat, France
— 
121 
5,328 
462 
(1,223)
92 
4,596 
4,688 
1,424 
2000
Jan. 2014
32 yrs.
Industrial facility in
Monheim, Germany
— 
2,500 
5,727 
— 
(860)
2,243 
5,124 
7,367 
520 
1992
Jan. 2014
32 yrs.
Warehouse facility in
Suwanee, GA
— 
2,330 
8,406 
— 
— 
2,330 
8,406 
10,736 
2,713 
1995
Jan. 2014
34 yrs.
Retail facilities in Wichita,
KS and Oklahoma City, OK
and warehouse facility in
Wichita, KS
— 
1,878 
8,579 
3,128 
(89)
1,878 
11,618 
13,496 
4,320 
1954; 1975;
1984
Jan. 2014
24 yrs.
Industrial facility in Mesa,
AZ
— 
2,888 
4,282 
— 
— 
2,888 
4,282 
7,170 
1,715 
1991
Jan. 2014
27 yrs.
Industrial facility in North
Amityville, NY
— 
3,486 
11,413 
— 
— 
3,486 
11,413 
14,899 
4,792 
1981
Jan. 2014
26 yrs.
Industrial facility in Fort
Collins, CO
— 
821 
7,236 
— 
— 
821 
7,236 
8,057 
2,406 
1993
Jan. 2014
33 yrs.
Warehouse facility in Elk
Grove Village, IL
— 
4,037 
7,865 
— 
— 
4,037 
7,865 
11,902 
1,912 
1980
Jan. 2014
22 yrs.
Research and development
facility in Washington, MI
— 
4,085 
7,496 
36,290 
— 
4,085 
43,786 
47,871 
2,540 
1990
Jan. 2014
33 yrs.
Industrial facilities in Conroe,
Odessa, and Weimar, TX and
industrial and office facility
in Houston, TX
— 
4,049 
13,021 
— 
133 
4,049 
13,154 
17,203 
7,693 
Various
Jan. 2014
12 - 22 yrs.
Education facility in
Sacramento, CA
— 
— 
13,715 
— 
— 
— 
13,715 
13,715 
4,481 
2005
Jan. 2014
34 yrs.
Industrial facility in Sankt
Ingbert, Germany
— 
2,226 
17,460 
— 
(881)
2,126 
16,679 
18,805 
2,311 
1960
Jan. 2014
34 yrs.
Industrial facilities in City of
Industry, CA; Chelmsford,
MA; and Lancaster, TX
— 
5,138 
8,387 
— 
43 
5,138 
8,430 
13,568 
3,321 
1969; 1974;
1984
Jan. 2014
27 yrs.
Industrial facility in
Woodland, WA
— 
707 
1,562 
— 
— 
707 
1,562 
2,269 
484 
2009
Jan. 2014
35 yrs.
Warehouse facilities in Gyál
and Herceghalom, Hungary
— 
14,601 
21,915 
— 
(8,646)
11,143 
16,727 
27,870 
8,945 
2002; 2004
Jan. 2014
21 yrs.
Industrial facility in Windsor,
CT
— 
453 
637 
3,422 
(83)
453 
3,976 
4,429 
877 
1999
Jan. 2014
33 yrs.
Industrial facility in Aurora,
CO
— 
574 
3,999 
— 
— 
574 
3,999 
4,573 
1,112 
2012
Jan. 2014
40 yrs.
Warehouse facility in
University Park, IL
— 
7,962 
32,756 
427 
— 
7,962 
33,183 
41,145 
10,041 
2008
May 2014
40 yrs.
Laboratory facility in
Westborough, MA
— 
3,409 
37,914 
53,065 
— 
3,409 
90,979 
94,388 
17,653 
1992
Aug. 2014
40 yrs.
Research and development
facility in Andover, MA
— 
3,980 
45,120 
323 
— 
3,980 
45,443 
49,423 
12,294 
2013
Oct. 2014
40 yrs.
Industrial facility in
Lewisburg, OH
— 
1,627 
13,721 
— 
— 
1,627 
13,721 
15,348 
3,911 
2014
Nov. 2014
40 yrs.
Industrial facility in Opole,
Poland
— 
2,151 
21,438 
— 
(3,880)
1,797 
17,912 
19,709 
5,275 
2014
Dec. 2014
38 yrs.
Retail facilities in the United
Kingdom
— 
66,319 
230,113 
277 
(108,864)
38,925 
148,920 
187,845 
49,122 
Various
Jan. 2015
20 - 40 yrs.
Warehouse facility in
Rotterdam, Netherlands
— 
— 
33,935 
20,986 
(4,614)
— 
50,307 
50,307 
10,917 
2014
Feb. 2015
40 yrs.
Retail facility in Bad Fischau,
Austria
— 
2,855 
18,829 
— 
(778)
2,753 
18,153 
20,906 
4,882 
1998
Apr. 2015
40 yrs.
Industrial facility in
Oskarshamn, Sweden
— 
3,090 
18,262 
— 
(5,358)
2,315 
13,679 
15,994 
3,587 
2015
Jun. 2015
40 yrs.
(a)
(b)
(c) (d)
(d)
W. P. Carey 2024 10-K – 117

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)
December 31, 2024
(in thousands)
Initial Cost to
Company
Cost
Capitalized
Subsequent to
Acquisition 
Increase 
(Decrease)
in Net
Investments
Gross Amount at which 
Carried at Close of Period 
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life on which
Depreciation in Latest
Statement of 
Income
is Computed
Description
Encumbrances
Land
Buildings
Land
Buildings
Total
Industrial facilities in
Gersthofen and Senden,
Germany and Leopoldsdorf,
Austria
— 
9,449 
15,838 
— 
(1,688)
8,818 
14,781 
23,599 
3,972 
2008; 2010
Aug. 2015
40 yrs.
Net-lease hotels in the United
States
— 
— 
49,190 
17,396 
— 
17,396 
49,190 
66,586 
13,196 
1988; 1989;
1990
Oct. 2015
38 - 40 yrs.
Retail facilities in the
Netherlands
— 
5,698 
38,130 
79 
(10,277)
4,926 
28,704 
33,630 
8,041 
Various
Nov. 2015
30 - 40 yrs.
Specialty facility in Irvine, CA
— 
7,626 
16,137 
— 
— 
7,626 
16,137 
23,763 
3,773 
1977
Dec. 2015
40 yrs.
Education facility in
Windermere, FL
— 
5,090 
34,721 
15,333 
— 
5,090 
50,054 
55,144 
13,731 
1998
Apr. 2016
38 yrs.
Industrial facilities in the
United States
— 
66,845 
87,575 
65,400 
(56,525)
49,672 
113,623 
163,295 
35,219 
Various
Apr. 2016
Various
Industrial facilities in North
Dumfries and Ottawa, Canada
— 
17,155 
10,665 
— 
(19,138)
5,385 
3,297 
8,682 
1,698 
1967; 1974
Apr. 2016
28 yrs.
Education facilities in Coconut
Creek, FL and Houston, TX
— 
15,550 
83,862 
63,830 
— 
15,550 
147,692 
163,242 
34,879 
1979; 1984
May 2016
37 - 40 yrs.
Office facility in Southfield,
MI and warehouse facilities in
London, KY and Gallatin, TN
— 
3,585 
17,254 
— 
— 
3,585 
17,254 
20,839 
3,984 
1969; 1987;
2000
Nov. 2016
35 - 36 yrs.
Industrial facilities in
Brampton, Toronto, and
Vaughan, Canada
— 
28,759 
13,998 
— 
— 
28,759 
13,998 
42,757 
3,852 
Various
Nov. 2016
28 - 35 yrs.
Industrial facilities in
Queretaro and San Juan del
Rio, Mexico
— 
5,152 
12,614 
2,440 
— 
5,152 
15,054 
20,206 
2,942 
Various
Dec. 2016
28 - 40 yrs.
Industrial facility in Chicago,
IL
— 
2,222 
2,655 
3,511 
— 
2,222 
6,166 
8,388 
2,379 
1985
Jun. 2017
30 yrs.
Industrial facility in Zawiercie,
Poland
— 
395 
102 
10,378 
(1,189)
352 
9,334 
9,686 
1,561 
2018
Aug. 2017
40 yrs.
Industrial facility in
Radomsko, Poland
— 
1,718 
59 
37,522 
(1,663)
1,532 
36,104 
37,636 
3,444 
2018
Nov. 2017
40 yrs.
Warehouse facility in
Sellersburg, IN
— 
1,016 
3,838 
— 
— 
1,016 
3,838 
4,854 
915 
2000
Feb. 2018
36 yrs.
Retail and warehouse facilities
in Appleton, Madison, and
Waukesha, WI
— 
5,512 
61,230 
— 
— 
5,465 
61,277 
66,742 
12,815 
1995; 2004
Mar. 2018
36 - 40 yrs.
Warehouse facilities in
Denmark
— 
20,304 
185,481 
2,029 
(26,517)
17,853 
163,444 
181,297 
32,906 
Various
Jun. 2018
25 - 41 yrs.
Retail facilities in the
Netherlands
— 
38,475 
117,127 
— 
(16,759)
34,331 
104,512 
138,843 
23,960 
Various
Jul. 2018
26 - 30 yrs.
Industrial facility in Oostburg,
WI
— 
786 
6,589 
— 
— 
786 
6,589 
7,375 
1,697 
2002
Jul. 2018
35 yrs.
Warehouse facility in Kampen,
Netherlands
— 
3,251 
12,858 
126 
(1,676)
2,915 
11,644 
14,559 
3,030 
1976
Jul. 2018
26 yrs.
Warehouse facility in
Azambuja, Portugal
— 
13,527 
35,631 
28,051 
(8,368)
12,140 
56,701 
68,841 
10,442 
1994
Sep. 2018
28 yrs.
Retail facilities in Amsterdam,
Moordrecht, and Rotterdam,
Netherlands
— 
2,582 
18,731 
11,338 
(2,831)
2,357 
27,463 
29,820 
5,439 
Various
Oct. 2018
27 - 37 yrs.
Warehouse facility in Bad
Wünnenberg, Germany
— 
2,916 
39,687 
— 
(30,919)
655 
11,029 
11,684 
2,853 
1996
Oct. 2018
40 yrs.
Industrial facility in Norfolk,
NE
— 
802 
3,686 
— 
— 
802 
3,686 
4,488 
771 
1975
Oct. 2018
40 yrs.
Retail facilities in Phoenix, AZ
and Columbia, MD
— 
18,286 
33,030 
— 
— 
18,286 
33,030 
51,316 
5,409 
2006
Oct. 2018
40 yrs.
Retail facility in Gorzow,
Poland
— 
1,736 
8,298 
— 
(884)
1,583 
7,567 
9,150 
1,343 
2008
Oct. 2018
40 yrs.
Industrial facilities in Sergeant
Bluff, IA; Bossier City, LA;
and Alvarado, TX
— 
6,460 
49,462 
— 
— 
6,460 
49,462 
55,922 
8,771 
Various
Oct. 2018
40 yrs.
Industrial facility in Glendale
Heights, IL
— 
4,237 
45,484 
— 
— 
4,237 
45,484 
49,721 
5,382 
1991
Oct. 2018
38 yrs.
(a)
(b)
(c) (d)
(d)
W. P. Carey 2024 10-K – 118

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)
December 31, 2024
(in thousands)
Initial Cost to
Company
Cost
Capitalized
Subsequent to
Acquisition 
Increase 
(Decrease)
in Net
Investments
Gross Amount at which 
Carried at Close of Period 
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life on which
Depreciation in Latest
Statement of 
Income
is Computed
 
 
Description
Encumbrances
Land
Buildings
Land
Buildings
Total
Industrial facilities in
Mayodan, Sanford, and
Stoneville, NC
— 
3,505 
20,913 
— 
— 
3,505 
20,913 
24,418 
3,582 
1992; 1997;
1998
Oct. 2018
29 yrs.
Warehouse facility in Dillon,
SC
— 
3,424 
43,114 
— 
— 
3,424 
43,114 
46,538 
7,645 
2001
Oct. 2018
40 yrs.
Specialty facility in
Birmingham, United
Kingdom
— 
7,383 
7,687 
— 
(457)
7,159 
7,454 
14,613 
1,207 
2009
Oct. 2018
40 yrs.
Retail facilities in Spain
— 
17,626 
44,501 
— 
(5,475)
16,073 
40,579 
56,652 
6,779 
Various
Oct. 2018
40 yrs.
Warehouse facility in Gadki,
Poland
— 
1,376 
6,137 
— 
(662)
1,255 
5,596 
6,851 
944 
2011
Oct. 2018
40 yrs.
Warehouse facility in Zagreb,
Croatia
— 
15,789 
33,287 
15 
(4,326)
14,397 
30,368 
44,765 
7,443 
2001
Oct. 2018
26 yrs.
Industrial facilities in
Middleburg Heights and
Union Township, OH
2,949 
1,295 
13,384 
— 
— 
1,295 
13,384 
14,679 
2,172 
1990; 1997
Oct. 2018
40 yrs.
Retail facility in Las Vegas,
NV
— 
— 
79,720 
— 
— 
— 
79,720 
79,720 
12,316 
2012
Oct. 2018
40 yrs.
Industrial facilities in the
United States
— 
20,517 
14,135 
— 
30,060 
22,585 
42,127 
64,712 
5,720 
Various
Oct. 2018
40 yrs.
Warehouse facility in
Bowling Green, KY
— 
2,652 
51,915 
72,976 
(11)
2,652 
124,880 
127,532 
14,315 
2011
Oct. 2018
40 yrs.
Warehouse facilities in the
United Kingdom
— 
6,791 
2,315 
— 
(276)
6,585 
2,245 
8,830 
407 
Various
Oct. 2018
40 yrs.
Industrial facility in
Evansville, IN
— 
180 
22,095 
— 
— 
180 
22,095 
22,275 
3,496 
2009
Oct. 2018
40 yrs.
Warehouse facility in Elorrio,
Spain
— 
7,858 
12,728 
— 
(1,813)
7,166 
11,607 
18,773 
2,167 
1996
Oct. 2018
40 yrs.
Industrial and office facilities
in Elberton, GA
— 
879 
2,014 
— 
— 
879 
2,014 
2,893 
448 
1997; 2002
Oct. 2018
40 yrs.
Retail facilities in Dugo Selo,
Kutina, Samobor, Spansko,
and Zagreb, Croatia
— 
5,549 
12,408 
1,777 
4,403 
6,207 
17,930 
24,137 
4,215 
2000; 2002;
2003
Oct. 2018
26 yrs.
Office and warehouse
facilities in the United States
— 
42,793 
193,666 
500 
— 
42,793 
194,166 
236,959 
33,178 
Various
Oct. 2018
40 yrs.
Warehouse facilities in Breda,
Elst, Gieten, Raalte, and
Woerden, Netherlands
— 
37,755 
91,666 
4,787 
(11,669)
34,428 
88,111 
122,539 
13,900 
Various
Oct. 2018
40 yrs.
Warehouse facilities in
Oxnard and Watsonville, CA
— 
22,453 
78,814 
— 
— 
22,453 
78,814 
101,267 
12,867 
1975; 1994;
2002
Oct. 2018
40 yrs.
Retail facilities in Italy
— 
75,492 
138,280 
7,242 
(19,919)
68,839 
132,256 
201,095 
22,731 
Various
Oct. 2018
40 yrs.
Land in Hudson, NY
— 
2,405 
— 
— 
— 
2,405 
— 
2,405 
— 
N/A
Oct. 2018
N/A
Land in Chicago, IL
— 
9,887 
— 
— 
— 
9,887 
— 
9,887 
— 
N/A
Oct. 2018
N/A
Industrial facility in Fraser,
MI
— 
1,346 
9,551 
— 
— 
1,346 
9,551 
10,897 
1,605 
2012
Oct. 2018
40 yrs.
Net-lease self-storage
facilities in the United States
— 
19,583 
108,971 
— 
— 
19,583 
108,971 
128,554 
19,059 
Various
Oct. 2018
40 yrs.
Warehouse facility in
Middleburg Heights, OH
— 
542 
2,507 
— 
— 
542 
2,507 
3,049 
407 
2002
Oct. 2018
40 yrs.
Net-lease self-storage facility
in Fort Worth, TX
— 
691 
6,295 
— 
— 
691 
6,295 
6,986 
1,126 
2004
Oct. 2018
40 yrs.
Retail facilities in Delnice,
Pozega, and Sesvete, Croatia
— 
5,519 
9,930 
1,562 
(1,626)
5,032 
10,353 
15,385 
2,495 
2011
Oct. 2018
27 yrs.
Retail facility in Orlando, FL
— 
6,262 
25,134 
430 
— 
6,371 
25,455 
31,826 
3,984 
2011
Oct. 2018
40 yrs.
Industrial facility in Avon,
OH
— 
1,447 
5,564 
— 
— 
1,447 
5,564 
7,011 
980 
2001
Oct. 2018
40 yrs.
(a)
(b)
(c) (d)
(d)
W. P. Carey 2024 10-K – 119

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)
December 31, 2024
(in thousands)
Initial Cost to
Company
Cost
Capitalized
Subsequent to
Acquisition 
Increase 
(Decrease)
in Net
Investments
Gross Amount at which 
Carried at Close of Period 
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life on which
Depreciation in Latest
Statement of 
Income
is Computed
 
 
Description
Encumbrances
Land
Buildings
Land
Buildings
Total
Industrial facility in
Chimelow, Poland
— 
6,158 
28,032 
— 
(3,013)
5,615 
25,562 
31,177 
4,323 
2012
Oct. 2018
40 yrs.
Net-lease self-storage facility
in Fayetteville, NC
— 
1,839 
4,654 
— 
— 
1,839 
4,654 
6,493 
1,062 
2001
Oct. 2018
40 yrs.
Retail facilities in the United
States
— 
19,529 
42,318 
— 
(7,938)
17,297 
36,612 
53,909 
6,286 
Various
Oct. 2018
40 yrs.
Education facilities in
Montgomery, AL and
Savannah, GA
— 
5,508 
12,032 
— 
— 
5,508 
12,032 
17,540 
2,035 
1969; 2002
Oct. 2018
40 yrs.
Warehouse facility in Zary,
Poland
— 
2,062 
10,034 
— 
(1,066)
1,881 
9,149 
11,030 
1,587 
2013
Oct. 2018
40 yrs.
Industrial facilities in San
Antonio, TX and Sterling, VA
— 
3,198 
23,981 
78,728 
(462)
6,767 
98,678 
105,445 
12,246 
1980; 2020
Oct. 2018;
Dec. 2018
40 yrs.
Industrial facility in Elk
Grove Village, IL
— 
5,511 
10,766 
2,970 
— 
5,511 
13,736 
19,247 
1,886 
1961
Oct. 2018
40 yrs.
Industrial facility in Portage,
WI
3,518 
3,450 
7,797 
— 
— 
3,450 
7,797 
11,247 
1,453 
1970
Oct. 2018
40 yrs.
Warehouse facility in Saitama
Prefecture, Japan
— 
13,507 
25,301 
6,639 
(16,717)
9,272 
19,458 
28,730 
3,109 
2007
Oct. 2018
40 yrs.
Retail facility in Dallas, TX
— 
2,977 
16,168 
— 
— 
2,977 
16,168 
19,145 
2,563 
1913
Oct. 2018
40 yrs.
Retail facilities in Croatia
— 
9,000 
13,002 
1,415 
(6,268)
7,116 
10,033 
17,149 
2,168 
Various
Oct. 2018
29 - 37 yrs.
Retail facility in Northbrook,
IL
— 
— 
493 
447 
— 
— 
940 
940 
371 
2007
Oct. 2018
40 yrs.
Education facility in Chicago,
IL
— 
18,510 
163 
— 
(16,859)
1,793 
21 
1,814 
15 
2015
Oct. 2018
40 yrs.
Warehouse facility in Dillon,
SC
— 
3,516 
44,933 
— 
— 
3,516 
44,933 
48,449 
7,907 
2013
Oct. 2018
40 yrs.
Net-lease self-storage
facilities in New York City,
NY
— 
29,223 
77,202 
714 
— 
29,223 
77,916 
107,139 
12,135 
Various
Oct. 2018
40 yrs.
Net-lease self-storage facility
in Hilo, HI
— 
769 
12,869 
— 
— 
769 
12,869 
13,638 
2,014 
2007
Oct. 2018
40 yrs.
Net-lease self-storage facility
in Clearwater, FL
— 
1,247 
5,733 
— 
— 
1,247 
5,733 
6,980 
1,022 
2001
Oct. 2018
40 yrs.
Warehouse facilities in Gadki,
Poland
— 
10,422 
47,727 
1,475 
(5,193)
9,503 
44,928 
54,431 
7,482 
2007; 2010
Oct. 2018
40 yrs.
Net-lease self-storage facility
in Orlando, FL
— 
1,070 
8,686 
— 
— 
1,070 
8,686 
9,756 
1,459 
2000
Oct. 2018
40 yrs.
Retail facility in Lewisville,
TX
— 
3,485 
11,263 
— 
— 
3,485 
11,263 
14,748 
1,859 
2004
Oct. 2018
40 yrs.
Research and development
facility in Wageningen,
Netherlands
— 
5,227 
18,793 
— 
(1,857)
4,767 
17,396 
22,163 
2,940 
2013
Oct. 2018
40 yrs.
Net-lease self-storage facility
in Palm Coast, FL
— 
1,994 
4,982 
— 
— 
1,994 
4,982 
6,976 
1,039 
2001
Oct. 2018
40 yrs.
Net-lease self-storage facility
in Holiday, FL
— 
1,730 
4,213 
— 
— 
1,730 
4,213 
5,943 
858 
1975
Oct. 2018
40 yrs.
Research and development
facility in Drunen,
Netherlands
— 
2,316 
9,370 
— 
(1,030)
2,112 
8,544 
10,656 
1,406 
2014
Oct. 2018
40 yrs.
Industrial facility Bluffton, IN
and New Concord, OH
— 
958 
2,309 
— 
3,449 
1,409 
5,307 
6,716 
486 
1975; 1999
Oct. 2018
34 - 40 yrs.
Retail facility in
Gelsenkirchen, Germany
— 
2,178 
17,097 
— 
(1,698)
1,986 
15,591 
17,577 
2,558 
2000
Oct. 2018
40 yrs.
Warehouse facilities in
Mszczonow and Tomaszow
Mazowiecki, Poland
— 
8,782 
53,575 
— 
(5,495)
8,008 
48,854 
56,862 
8,685 
1995; 2000
Oct. 2018
40 yrs.
Warehouse facility in Sered,
Slovakia
— 
3,428 
28,005 
— 
(2,770)
3,126 
25,537 
28,663 
4,232 
2004
Oct. 2018
40 yrs.
(a)
(b)
(c) (d)
(d)
W. P. Carey 2024 10-K – 120

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)
December 31, 2024
(in thousands)
Initial Cost to
Company
Cost
Capitalized
Subsequent to
Acquisition 
Increase 
(Decrease)
in Net
Investments
Gross Amount at which 
Carried at Close of Period 
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life on which
Depreciation in Latest
Statement of 
Income
is Computed
 
 
Description
Encumbrances
Land
Buildings
Land
Buildings
Total
Industrial facility in
Tuchomerice, Czech Republic
— 
7,864 
27,006 
— 
(3,073)
7,171 
24,626 
31,797 
4,027 
1998
Oct. 2018
40 yrs.
Warehouse facility in Kaunas,
Lithuania
32,029 
10,199 
47,391 
— 
(5,076)
9,300 
43,214 
52,514 
7,239 
2008
Oct. 2018
40 yrs.
Specialty facility in
Jacksonville, FL
11,287 
906 
17,020 
— 
— 
906 
17,020 
17,926 
2,715 
2015
Oct. 2018
40 yrs.
Warehouse facilities in
Houston, TX
— 
791 
1,990 
— 
— 
791 
1,990 
2,781 
347 
1972
Oct. 2018
40 yrs.
Warehouse facilities in
Shelbyville, IN; Kalamazoo,
MI; Tiffin, OH;
Andersonville, TN; and
Millwood, WV
— 
2,868 
37,571 
— 
— 
2,868 
37,571 
40,439 
6,699 
Various
Oct. 2018
40 yrs.
Warehouse facility in
Perrysburg, OH
— 
806 
11,922 
— 
— 
806 
11,922 
12,728 
2,195 
1974
Oct. 2018
40 yrs.
Warehouse facility in Dillon,
SC
— 
620 
46,319 
434 
— 
620 
46,753 
47,373 
6,760 
2019
Oct. 2018
40 yrs.
Warehouse facility in Zabia
Wola, Poland
— 
4,742 
23,270 
5,636 
(2,937)
4,324 
26,387 
30,711 
4,308 
1999
Oct. 2018
40 yrs.
Laboratory facility in Buffalo
Grove, IL
— 
2,224 
6,583 
— 
— 
2,224 
6,583 
8,807 
1,109 
1992
Oct. 2018
40 yrs.
Net-lease self-storage
facilities in the United States
— 
12,755 
48,965 
— 
— 
12,755 
48,965 
61,720 
408 
Various
Oct. 2018
40 yrs.
Net-lease self-storage
facilities in Raleigh, NC and
Mount Pleasant, SC
— 
3,473 
19,202 
— 
— 
3,473 
19,202 
22,675 
160 
2017
Nov. 2018
40 yrs.
Warehouse facilities in
McHenry, IL
— 
5,794 
21,141 
— 
— 
5,794 
21,141 
26,935 
5,238 
1990; 1999
Dec. 2018
27 - 28 yrs.
Industrial facilities in
Chicago, Cortland, Forest
View, Morton Grove, and
Northbrook, IL and Madison
and Monona, WI
— 
23,267 
9,166 
— 
— 
23,267 
9,166 
32,433 
2,163 
Various
Dec. 2018;
Dec. 2019
35 - 40 yrs.
Warehouse facility in Kilgore,
TX
— 
3,002 
36,334 
14,096 
(6)
3,002 
50,424 
53,426 
8,316 
2007
Dec. 2018
37 yrs.
Industrial facility in San Luis
Potosi, Mexico
— 
2,787 
12,945 
— 
— 
2,787 
12,945 
15,732 
2,285 
2009
Dec. 2018
39 yrs.
Industrial facility in Legnica,
Poland
— 
995 
9,787 
6,007 
(1,495)
906 
14,388 
15,294 
2,825 
2002
Dec. 2018
29 yrs.
Industrial facility in Meru,
France
— 
4,231 
14,731 
8 
(1,647)
3,863 
13,460 
17,323 
3,055 
1997
Dec. 2018
29 yrs.
Education facility in Portland,
OR
— 
2,396 
23,258 
4,177 
— 
2,396 
27,435 
29,831 
5,196 
2006
Feb. 2019
40 yrs.
Warehouse facility in Inwood,
WV
— 
3,265 
36,692 
— 
— 
3,265 
36,692 
39,957 
5,844 
2000
Mar. 2019
40 yrs.
Industrial facility in
Hurricane, UT
— 
1,914 
37,279 
— 
— 
1,914 
37,279 
39,193 
5,617 
2011
Mar. 2019
40 yrs.
Industrial facility in
Bensenville, IL
— 
8,640 
4,948 
— 
300 
8,940 
4,948 
13,888 
1,198 
1981
Mar. 2019
40 yrs.
Industrial facility in
Katowice, Poland
— 
— 
764 
15,163 
(885)
— 
15,042 
15,042 
1,916 
2019
Apr. 2019
40 yrs.
Industrial facilities in
Westerville, OH and North
Wales, PA
— 
1,545 
6,508 
— 
— 
1,545 
6,508 
8,053 
1,217 
1960; 1997
May 2019
40 yrs.
Industrial facilities in Fargo,
ND; Norristown, PA; and
Atlanta, TX
— 
1,616 
5,589 
— 
— 
1,616 
5,589 
7,205 
1,158 
Various
May 2019
40 yrs.
Industrial facilities in
Chihuahua and Juarez,
Mexico
— 
3,426 
7,286 
— 
— 
3,426 
7,286 
10,712 
1,484 
1983; 1986;
1991
May 2019
40 yrs.
Warehouse facility in
Statesville, NC
— 
1,683 
13,827 
— 
— 
1,683 
13,827 
15,510 
2,323 
1979
Jun. 2019
40 yrs.
Industrial facilities in Searcy,
AR and Conestoga, PA
— 
4,290 
51,410 
21,027 
— 
4,678 
72,049 
76,727 
11,566 
1950; 1951
Jun. 2019;
Apr. 2021
40 yrs.
Industrial facilities in
Hartford and Milwaukee, WI
— 
1,471 
21,293 
— 
— 
1,471 
21,293 
22,764 
3,471 
1964; 1992;
1993
Jul. 2019
40 yrs.
(a)
(b)
(c) (d)
(d)
W. P. Carey 2024 10-K – 121

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)
December 31, 2024
(in thousands)
Initial Cost to
Company
Cost
Capitalized
Subsequent to
Acquisition 
Increase 
(Decrease)
in Net
Investments
Gross Amount at which 
Carried at Close of Period 
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life on which
Depreciation in Latest
Statement of 
Income
is Computed
 
 
Description
Encumbrances
Land
Buildings
Land
Buildings
Total
Industrial facilities in
Brockville and Prescott,
Canada
— 
2,025 
9,519 
— 
— 
2,025 
9,519 
11,544 
1,565 
1955; 1995
Jul. 2019
40 yrs.
Industrial facility in
Dordrecht, Netherlands
— 
3,233 
10,954 
— 
(781)
3,059 
10,347 
13,406 
1,397 
1986
Sep. 2019
40 yrs.
Industrial facilities in York,
PA and Lexington, SC
— 
4,155 
22,930 
— 
— 
4,155 
22,930 
27,085 
4,137 
1968; 1971
Oct. 2019
40 yrs.
Industrial facility in
Queretaro, Mexico
— 
2,851 
12,748 
— 
(3)
2,851 
12,745 
15,596 
2,086 
1999
Oct. 2019
40 yrs.
Industrial facilities in
Houston, TX and Metairie,
LA and office facilities in
Houston, TX and Mason, OH
— 
6,130 
24,981 
2,145 
— 
6,130 
27,126 
33,256 
4,035 
Various
Nov. 2019
40 yrs.
Industrial facility in
Pardubice, Czech Republic
— 
1,694 
8,793 
436 
(650)
1,597 
8,676 
10,273 
1,189 
1970
Nov. 2019
40 yrs.
Warehouse facilities in
Brabrand, Denmark and
Arlandastad, Sweden
— 
6,499 
27,899 
147 
(2,931)
5,882 
25,732 
31,614 
3,655 
2012; 2017
Nov. 2019
40 yrs.
Retail facility in Hamburg,
PA
— 
4,520 
34,167 
— 
— 
4,520 
34,167 
38,687 
4,990 
2003
Dec. 2019
40 yrs.
Warehouse facility in
Charlotte, NC
— 
6,481 
82,936 
— 
— 
6,481 
82,936 
89,417 
11,809 
1995
Dec. 2019
40 yrs.
Warehouse facility in Buffalo
Grove, IL
— 
3,287 
10,167 
2,203 
— 
3,287 
12,370 
15,657 
1,542 
1987
Dec. 2019
40 yrs.
Industrial facility in
Hvidovre, Denmark
— 
1,931 
4,243 
— 
(419)
1,808 
3,947 
5,755 
705 
2007
Dec. 2019
40 yrs.
Warehouse facility in
Huddersfield, United
Kingdom
— 
8,659 
29,752 
— 
(1,963)
8,217 
28,231 
36,448 
3,742 
2005
Dec. 2019
40 yrs.
Warehouse facility in
Newark, United Kingdom
— 
21,869 
74,777 
— 
(4,466)
20,858 
71,322 
92,180 
8,891 
2006
Jan. 2020
40 yrs.
Industrial facility in Langen,
Germany
— 
14,160 
7,694 
32,169 
(7,247)
12,137 
34,639 
46,776 
3,383 
2021
Jan. 2020
40 yrs.
Industrial facility in Aurora,
OR
— 
2,914 
21,459 
— 
(5,000)
2,914 
16,459 
19,373 
2,032 
1976
Jan. 2020
40 yrs.
Warehouse facility in Vojens,
Denmark
— 
1,031 
8,784 
— 
(570)
971 
8,274 
9,245 
1,017 
2020
Jan. 2020
40 yrs.
Warehouse facility in
Knoxville, TN
— 
2,455 
47,446 
— 
— 
2,455 
47,446 
49,901 
5,360 
2020
Jun. 2020
40 yrs.
Industrial facilities in
Bluffton and Plymouth, IN;
and Lawrence, KS
— 
674 
33,519 
20,542 
— 
1,064 
53,671 
54,735 
5,124 
1981; 2014;
2021
Sep 2020;
Dec. 2021
40 yrs.
Industrial facility in Huntley,
IL
— 
5,260 
26,617 
— 
— 
5,260 
26,617 
31,877 
2,831 
1996
Sep. 2020
40 yrs.
Industrial facilities in Winter
Haven, FL; Belvedere, IL;
and Fayetteville, NC
— 
8,232 
31,745 
— 
— 
8,232 
31,745 
39,977 
3,350 
1954; 1984;
1997
Oct. 2020
40 yrs.
Warehouse facility in Little
Canada, MN
— 
3,384 
23,422 
— 
— 
3,384 
23,422 
26,806 
2,443 
1987
Oct. 2020
40 yrs.
Warehouse facility in
Hurricane, UT
— 
5,154 
22,893 
20,517 
— 
5,154 
43,410 
48,564 
3,773 
2005
Dec. 2020
40 yrs.
Industrial facilities in
Bethlehem, PA and Waco, TX
— 
4,673 
19,111 
— 
— 
4,673 
19,111 
23,784 
1,940 
Various
Dec. 2020
40 yrs.
Industrial facilities in
Pleasanton, KS; Savage, MN;
Grove City, OH; and
Mahanoy City, PA
— 
7,717 
21,569 
— 
— 
7,717 
21,569 
29,286 
2,157 
Various
Dec. 2020
40 yrs.
Specialty facilities in Fort
Washington, Huntington
Valley, and West Chester, PA
— 
— 
492 
— 
— 
— 
492 
492 
48 
2011; 2014;
2016
Jan. 2021
40 yrs.
(a)
(b)
(c) (d)
(d)
W. P. Carey 2024 10-K – 122

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)
December 31, 2024
(in thousands)
Initial Cost to
Company
Cost
Capitalized
Subsequent to
Acquisition 
Increase 
(Decrease)
in Net
Investments
Gross Amount at which 
Carried at Close of Period 
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life on which
Depreciation in Latest
Statement of 
Income
is Computed
 
 
Description
Encumbrances
Land
Buildings
Land
Buildings
Total
Warehouse facilities in Grove
City, OH and Anderson, SC
— 
1,415 
15,151 
— 
— 
1,415 
15,151 
16,566 
1,482 
1995; 2001
Feb. 2021
40 yrs.
Office and retail facilities in
NJ and PA
— 
17,537 
25,987 
— 
— 
17,537 
25,987 
43,524 
2,526 
Various
Feb. 2021
40 yrs.
Land and warehouse facilities
in CA
— 
8,513 
45,669 
6 
(29,919)
1,734 
22,535 
24,269 
2,546 
Various
Feb. 2021
40 yrs.
Research and development
facility in Wageningen,
Netherlands
— 
1,429 
5,777 
18,852 
531 
1,455 
25,134 
26,589 
1,563 
2022
Mar. 2021
40 yrs.
Retail facilities in France
— 
15,954 
104,578 
— 
(13,924)
14,111 
92,497 
106,608 
8,679 
1968; 1981;
1983
Apr. 2021
40 yrs.
Warehouse facility in Detroit,
MI
— 
3,625 
47,743 
— 
— 
3,625 
47,743 
51,368 
4,395 
1991
Apr. 2021
40 yrs.
Warehouse facility in
Solihull, United Kingdom
— 
42,137 
123,315 
— 
(15,820)
38,108 
111,524 
149,632 
10,213 
2021
May 2021
40 yrs.
Specialty facility in New
Rochelle, NY
— 
3,617 
21,590 
— 
— 
3,617 
21,590 
25,207 
1,976 
2018
May 2021
40 yrs.
Industrial facility in
Groveport, OH
— 
— 
26,639 
2,904 
— 
— 
29,543 
29,543 
2,646 
1982
May 2021
40 yrs.
Industrial facility in Dakota,
IL
— 
1,970 
50,369 
— 
— 
1,970 
50,369 
52,339 
4,585 
1978
May 2021
40 yrs.
Industrial facility in San Jose,
CA
— 
12,808 
31,714 
— 
— 
12,808 
31,714 
44,522 
2,885 
1984
May 2021
40 yrs.
Warehouse facility in
Opelika, AL
— 
2,115 
39,980 
— 
— 
2,115 
39,980 
42,095 
3,568 
2005
Jun. 2021
40 yrs.
Warehouse facilities in Elk
Grove Village and Niles, IL;
and Guelph, Canada
— 
12,932 
25,096 
— 
— 
12,932 
25,096 
38,028 
2,236 
1962; 1976;
1983
Jun. 2021
40 yrs.
Warehouse facility in Rome,
NY
— 
1,480 
47,781 
— 
— 
1,480 
47,781 
49,261 
4,254 
2021
Jun. 2021
40 yrs.
Warehouse facility in
Frankfort, IN
— 
5,423 
95,915 
— 
— 
5,423 
95,915 
101,338 
8,035 
2015
Aug. 2021
40 yrs.
Warehouse facility in Rogers,
MN
— 
1,871 
20,959 
— 
— 
1,871 
20,959 
22,830 
1,736 
2005
Sep. 2021
40 yrs.
Industrial facilities in
Chattanooga, TN
— 
4,859 
29,302 
1,453 
— 
4,859 
30,755 
35,614 
2,369 
2006; 2017
Oct. 2021
40 yrs.
Warehouse facility in
Mankato, MN
— 
2,979 
11,619 
— 
(3,126)
2,336 
9,136 
11,472 
911 
1976
Nov. 2021
40 yrs.
Retail facilities in Denmark
— 
2,695 
38,428 
— 
(3,277)
2,480 
35,366 
37,846 
2,713 
Various
Dec. 2021
40 yrs.
Retail facilities in Poland
— 
15,110 
47,511 
— 
(4,854)
13,939 
43,828 
57,767 
3,338 
Various
Dec. 2021
40 yrs.
Industrial facility in Cary, IL
— 
4,568 
31,977 
— 
— 
4,568 
31,977 
36,545 
2,407 
1975
Dec. 2021
40 yrs.
Retail facilities in the
Netherlands
— 
9,342 
32,770 
— 
(3,405)
8,587 
30,120 
38,707 
2,265 
Various
Dec. 2021
40 yrs.
Specialty facilities in
Flemington and Pennsauken,
NJ
— 
1,025 
397 
832 
— 
1,025 
1,229 
2,254 
80 
Various
Dec. 2021
40 yrs.
Industrial facility in Pleasant
Prairie, WI
— 
1,443 
16,532 
— 
— 
1,443 
16,532 
17,975 
1,230 
2001
Jan. 2022
40 yrs.
Specialty facilities in Spain
— 
26,735 
99,822 
— 
(10,059)
24,610 
91,888 
116,498 
6,684 
Various
Feb. 2022
40 yrs.
Retail facilities in Denmark
— 
3,295 
35,898 
— 
(2,562)
3,063 
33,568 
36,631 
2,285 
Various
Various
40 yrs.
Industrial facilities in Laval,
Canada
— 
5,506 
16,678 
— 
(2,471)
4,950 
14,763 
19,713 
1,027 
1966; 1973
Feb. 2022;
Mar. 2024
40 yrs.
Warehouse facility in
Chattanooga, TN
— 
5,063 
36,645 
26,159 
101 
5,063 
62,905 
67,968 
3,513 
2003
Mar. 2022
40 yrs.
Industrial facility in
Coatzacoalcos, Mexico
— 
9,805 
17,622 
— 
— 
9,805 
17,622 
27,427 
1,182 
1960
Apr. 2022
40 yrs.
Industrial facility in
Lowbanks, CA
— 
3,574 
1,605 
— 
— 
3,574 
1,605 
5,179 
108 
1967
Apr. 2022
40 yrs.
(a)
(b)
(c) (d)
(d)
W. P. Carey 2024 10-K – 123

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)
December 31, 2024
(in thousands)
Initial Cost to
Company
Cost
Capitalized
Subsequent to
Acquisition 
Increase 
(Decrease)
in Net
Investments
Gross Amount at which 
Carried at Close of Period 
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life on which
Depreciation in Latest
Statement of 
Income
is Computed
 
 
Description
Encumbrances
Land
Buildings
Land
Buildings
Total
Industrial facilities in
Chicago, IL; Geismar, LA;
and Nashville, TN
— 
9,300 
26,945 
— 
— 
9,300 
26,945 
36,245 
1,785 
Various
May 2022
40 yrs.
Industrial and warehouse
facilities in the United States
— 
9,847 
88,227 
2 
— 
9,847 
88,229 
98,076 
5,801 
Various
May 2022
40 yrs.
Retail facilities in Denmark
— 
2,228 
31,774 
— 
(734)
2,182 
31,086 
33,268 
1,984 
Various
Various
40 yrs.
Industrial facility in Medina,
OH
— 
2,029 
22,938 
— 
— 
2,029 
22,938 
24,967 
1,458 
1963
Jun. 2022
40 yrs.
Warehouse facility in Bree,
Belgium
— 
— 
73,302 
42 
16 
— 
73,360 
73,360 
4,598 
1964
Jun. 2022
40 yrs.
Industrial and warehouse
facilities in the United States
— 
27,543 
192,197 
— 
— 
27,543 
192,197 
219,740 
11,703 
Various
Jul. 2022
40 yrs.
Retail facilities in Denmark
— 
2,690 
33,703 
— 
228 
2,709 
33,912 
36,621 
1,984 
Various
Various
40 yrs.
Office facility in Austin, TX
— 
31,095 
45,393 
— 
— 
31,095 
45,393 
76,488 
2,745 
1993
Aug. 2022
40 yrs.
Land in Chicago, IL
— 
3,873 
— 
— 
— 
3,873 
— 
3,873 
— 
N/A
Aug. 2022
N/A
Retail facilities in Croatia
— 
1,367 
23,337 
— 
377 
1,388 
23,693 
25,081 
1,433 
2001; 2006
Aug. 2022
40 yrs.
Warehouse facility in
Streetsboro, OH
— 
2,435 
9,333 
— 
— 
2,435 
9,333 
11,768 
564 
1993
Aug. 2022
40 yrs.
Net-lease self-storage facility
in Kissimmee, FL
— 
923 
17,205 
11 
4 
923 
17,220 
18,143 
1,043 
2005
Aug. 2022
40 yrs.
Warehouse facility in
University Park, IL
— 
15,377 
63,299 
17,244 
— 
15,377 
80,543 
95,920 
3,828 
2003
Aug. 2022
40 yrs.
Industrial facilities in
Surprise, AZ; Temple, GA;
and Houston, TX
— 
2,994 
26,100 
— 
— 
2,994 
26,100 
29,094 
1,579 
1998; 2007;
2011
Aug. 2022
40 yrs.
Warehouse facility in
Jonesville, SC
25,661 
2,895 
32,152 
— 
— 
2,895 
32,152 
35,047 
1,945 
1997
Aug. 2022
40 yrs.
Warehouse facility in Albany,
GA
— 
3,108 
12,220 
192 
— 
3,108 
12,412 
15,520 
739 
1977
Aug. 2022
40 yrs.
Industrial facilities in
Dallas/Fort Worth, TX
— 
3,918 
9,817 
— 
— 
3,918 
9,817 
13,735 
594 
1990; 2008
Aug. 2022
40 yrs.
Warehouse facility in Byron
Center, MI
6,318 
1,925 
10,098 
— 
— 
1,925 
10,098 
12,023 
611 
2015
Aug. 2022
40 yrs.
Net-lease hotel in Albion,
Mauritius
4,260 
7,633 
29,274 
— 
563 
7,750 
29,720 
37,470 
1,797 
2007
Aug. 2022
40 yrs.
Net-lease self-storage
facilities in Hesperia and
Thousand Palms, CA
— 
3,105 
27,124 
— 
4 
3,105 
27,128 
30,233 
1,645 
2007
Aug. 2022
40 yrs.
Industrial facility in
Plymouth, MN
10,408 
3,693 
13,242 
914 
— 
3,693 
14,156 
17,849 
845 
1975
Aug. 2022
40 yrs.
Net-lease hotel in Hamburg,
Germany
— 
7,328 
17,467 
— 
379 
7,440 
17,734 
25,174 
1,073 
2017
Aug. 2022
40 yrs.
Retail facility in Oslo,
Norway
47,853 
27,948 
64,033 
930 
(14,001)
23,729 
55,181 
78,910 
3,415 
1971
Aug. 2022
40 yrs.
Industrial facility in
Michalovce, Slovakia
— 
4,538 
19,009 
— 
359 
4,607 
19,299 
23,906 
1,167 
2006
Aug. 2022
40 yrs.
Net-lease hotel in Stuttgart,
Germany
— 
— 
31,276 
— 
477 
— 
31,753 
31,753 
1,920 
1965
Aug. 2022
40 yrs.
Industrial facility in
Menomonee Falls, WI
11,494 
2,726 
17,453 
— 
— 
2,726 
17,453 
20,179 
1,056 
1974
Aug. 2022
40 yrs.
Warehouse facility in Iowa
Falls, IA
— 
997 
8,819 
— 
— 
997 
8,819 
9,816 
533 
2001
Aug. 2022
40 yrs.
Warehouse facility in
Westlake, OH
— 
1,928 
24,353 
— 
(12,003)
1,050 
13,228 
14,278 
1,469 
1972
Aug. 2022
40 yrs.
Industrial facility in Hebron,
Ohio and warehouse facility
in Strongsville, OH
— 
4,671 
5,494 
— 
— 
4,671 
5,494 
10,165 
329 
1969; 1999
Aug. 2022
40 yrs.
(a)
(b)
(c) (d)
(d)
W. P. Carey 2024 10-K – 124

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)
December 31, 2024
(in thousands)
Initial Cost to
Company
Cost
Capitalized
Subsequent to
Acquisition 
Increase 
(Decrease)
in Net
Investments
Gross Amount at which 
Carried at Close of Period 
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life on which
Depreciation in Latest
Statement of 
Income
is Computed
 
 
Description
Encumbrances
Land
Buildings
Land
Buildings
Total
Warehouse facility in
Scarborough, Canada
— 
5,092 
1,868 
— 
— 
5,092 
1,868 
6,960 
112 
1980
Aug. 2022
40 yrs.
Specialty facilities in West
Des Moines, IA and Clifton
Park, NY
— 
3,229 
17,080 
— 
— 
3,229 
17,080 
20,309 
1,020 
1971; 2021
Aug. 2022
40 yrs.
Industrial facility in
Orzinuovi, Italy
— 
2,473 
9,892 
— 
472 
2,567 
10,270 
12,837 
604 
1978
Aug. 2022
40 yrs.
Specialty facilities in West
Chester, PA
— 
— 
559 
— 
— 
— 
559 
559 
38 
2022
Oct. 2022
40 yrs.
Industrial facilities in the
United States
— 
11,117 
41,107 
— 
— 
11,117 
41,107 
52,224 
2,086 
Various
Dec. 2022
40 yrs.
Warehouse facility in
Romulus, MI
— 
2,788 
33,353 
— 
— 
2,788 
33,353 
36,141 
1,672 
2017
Dec. 2022
40 yrs.
Industrial facility in
Salisbury, NC
— 
1,308 
13,082 
14,147 
— 
1,308 
27,229 
28,537 
945 
2015
Dec. 2022
40 yrs.
Industrial facilities in the
United States
— 
11,503 
42,967 
— 
— 
11,503 
42,967 
54,470 
2,116 
Various
Jan. 2023
40 yrs.
Industrial facilities in Italy
and Spain
— 
21,167 
56,172 
1 
(3,483)
20,214 
53,643 
73,857 
2,385 
Various
Mar. 2023
40 yrs.
Industrial and warehouse
facilities in Canada
— 
71,228 
330,400 
— 
— 
71,228 
330,400 
401,628 
14,483 
Various
Apr. 2023
40 yrs.
Industrial facilities in
Canada, Mexico, and the
United States
— 
11,873 
55,997 
— 
— 
11,873 
55,997 
67,870 
2,389 
Various
Apr. 2023
40 yrs.
Retail (car wash) facilities
in the United States
— 
9,511 
32,777 
— 
— 
9,511 
32,777 
42,288 
1,287 
Various
May 2023;
Oct. 2023
40 yrs.
Education and specialty
facilities in the United
States
— 
11,973 
90,101 
— 
— 
11,973 
90,101 
102,074 
3,487 
Various
Jun. 2023
40 yrs.
Retail (car wash) facilities
in the United States
— 
11,415 
33,163 
— 
— 
11,415 
33,163 
44,578 
788 
2023
Nov. 2023;
Oct. 2024
40 yrs.
Industrial and warehouse
facilities in Italy, Germany,
and Spain
— 
80,767 
191,007 
— 
(12,715)
77,283 
181,776 
259,059 
4,576 
Various
Nov. 2023;
Jan. 2024
40 yrs.
Warehouse facility in
Houston, TX
— 
18,999 
27,199 
— 
— 
18,999 
27,199 
46,198 
730 
2000
Dec. 2023
40 yrs.
Industrial and research and
development facilities in
San Diego, CA
— 
5,739 
6,397 
1,536 
— 
5,739 
7,933 
13,672 
220 
1990
Dec. 2023
40 yrs.
Retail facility in Phoenix,
AZ
— 
1,729 
9,201 
— 
— 
1,729 
9,201 
10,930 
236 
2023
Dec. 2023
40 yrs.
Retail facilities in
Doncaster, United Kingdom
— 
6,133 
17,512 
— 
(374)
6,036 
17,235 
23,271 
421 
2010; 2013
Jan. 2024
40 yrs.
Warehouse facility in
Commercial Point, OH
— 
11,363 
76,376 
— 
— 
11,363 
76,376 
87,739 
1,414 
2022
Apr. 2024
40 yrs.
Warehouse facility in
Tucson, AZ
— 
3,742 
30,914 
— 
— 
3,742 
30,914 
34,656 
492 
2024
May 2024
40 yrs.
Industrial and warehouse
facilities in the United
States
— 
11,209 
50,311 
— 
— 
11,209 
50,311 
61,520 
794 
Various
May 2024
40 yrs.
Laveen and Mesa, AZ
— 
4,407 
16,938 
1,190 
— 
4,407 
18,128 
22,535 
256 
2024
Jun. 2024
40 yrs.
Industrial facilities in La
Porte, IN and Moxee, WA
20,518 
3,657 
25,004 
— 
— 
3,657 
25,004 
28,661 
323 
1963; 1990
Jun. 2024
40 yrs.
Industrial and retail
facilities in NC
10,721 
2,102 
12,021 
— 
— 
2,102 
12,021 
14,123 
133 
1959; 1995;
2005
Jul. 2024
40 yrs.
(a)
(b)
(c) (d)
(d)
W. P. Carey 2024 10-K – 125

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)
December 31, 2024
(in thousands)
Initial Cost to Company
Cost
Capitalized
Subsequent to
Acquisition 
Increase 
(Decrease)
in Net
Investments
Gross Amount at which 
Carried at Close of Period 
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life on which
Depreciation in Latest
Statement of 
Income
is Computed
 
 
Description
Encumbrances
Land
Buildings
Land
Buildings
Total
Industrial facility in
Neenah, WI
10,084 
1,734 
13,774 
— 
— 
1,734 
13,774 
15,508 
152 
1979
Jul. 2024
40 yrs.
Retail facilities in
Poland
— 
5,585 
21,834 
— 
(1,210)
5,340 
20,869 
26,209 
223 
Various
Jul. 2024;
Sep. 2024
40 yrs.
Retail facility in Las
Vegas, NV
— 
1,103 
8,817 
— 
— 
1,103 
8,817 
9,920 
92 
2024
Aug. 2024
40 yrs.
Warehouse facility in
Alexandria, Canada
12,701 
2,180 
18,894 
— 
(831)
2,094 
18,149 
20,243 
183 
1980
Aug. 2024
40 yrs.
Industrial facilities in
Oldcastle and
Tillsonburg, Canada
6,956 
1,133 
11,269 
— 
— 
1,133 
11,269 
12,402 
114 
1990; 1999
Aug. 2024
40 yrs.
Retail facility in West
Des Moines, IA
— 
— 
14,457 
— 
— 
— 
14,457 
14,457 
143 
2024
Aug. 2024
40 yrs.
Industrial facility in
Lebanon, IN
— 
4,995 
40,345 
— 
— 
4,995 
40,345 
45,340 
209 
2003
Oct. 2024
40 yrs.
Industrial facility in
Shelbyville, KY
— 
5,704 
86,354 
— 
— 
5,704 
86,354 
92,058 
442 
2024
Oct. 2024
40 yrs.
Land in Stockton, CA
— 
40,217 
7,003 
— 
— 
40,217 
7,003 
47,220 
45 
2023
Nov. 2024
15 yrs.
Specialty facility in
Weehawken, NJ
— 
25,016 
61,404 
— 
— 
25,016 
61,404 
86,420 
147 
1990
Nov. 2024
40 yrs.
Retail facilities in the
United States
— 
18,387 
59,684 
— 
— 
18,387 
59,684 
78,071 
82 
Various
Nov. 2024
40 yrs.
Retail facilities in the
United States
— 
6,705 
21,003 
— 
— 
6,705 
21,003 
27,708 
29 
2023; 2024
Dec. 2024
40 yrs.
Retail facility in
Manchester, United
Kingdom
— 
— 
17,244 
— 
(185)
— 
17,059 
17,059 
22 
2012
Dec. 2024
40 yrs.
Education facility in
Yarnfield, United
Kingdom
— 
5,929 
14,848 
— 
(329)
5,892 
14,556 
20,448 
13 
1960
Dec. 2024
40 yrs.
Retail facilities in the
United States
— 
9,303 
29,973 
— 
— 
9,303 
29,973 
39,276 
18 
2023; 2024
Dec. 2024
40 yrs.
Retail facilities in the
United States
— 
3,572 
12,111 
— 
— 
3,572 
12,111 
15,683 
5 
Various
Dec. 2024
40 yrs.
$
233,568 
$2,654,751 
$10,055,987 
$
1,074,293 
$
(998,204)
$2,398,409 
$10,388,418 
$12,786,827 
$
1,701,892 
(a)
(b)
(c) (d)
(d)
W. P. Carey 2024 10-K – 126

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)
December 31, 2024
(in thousands)
Initial Cost to Company
Cost Capitalized
Subsequent to
Acquisition
Increase 
(Decrease)
in Net
Investments 
Gross Amount at
which Carried at
Close of Period
Total
Date of
Construction
Date
Acquired
Description
Encumbrances
Land
Buildings
Direct Financing Method
Industrial facilities in Irving and Houston, TX
$
— 
$
— 
$
27,599 
$
— 
$
(4,375)
$
23,224 
1978
Jan. 1998
Retail facility in Freehold, NJ
— 
— 
17,067 
— 
(558)
16,509 
2004
Sep. 2012
Warehouse facility in Brierley Hill, United Kingdom
— 
2,147 
12,357 
— 
(2,174)
12,330 
1996
Sep. 2012
Retail facilities in El Paso and Fabens, TX
— 
4,777 
17,823 
— 
(143)
22,457 
Various
Jan. 2014
Industrial facility in Mount Carmel, IL
— 
135 
3,265 
— 
(431)
2,969 
1896
Jan. 2014
Retail facility in Linköping, Sweden
— 
1,484 
9,402 
— 
(4,475)
6,411 
2004
Jan. 2014
Industrial facility in Göppingen, Germany
— 
10,717 
60,120 
— 
(23,016)
47,821 
1930
Jan. 2014
Warehouse facilities in Bristol, Leeds, Liverpool, Luton, Newport,
Plymouth, and Southampton, United Kingdom
— 
1,062 
23,087 
— 
(910)
23,239 
Various
Oct. 2018
Warehouse facility in Gieten, Netherlands
— 
— 
15,258 
— 
(1,414)
13,844 
1985
Oct. 2018
Warehouse facility in Oxnard, CA
— 
— 
10,960 
— 
(2,496)
8,464 
1975
Oct. 2018
Industrial facilities in Bartow, FL; Momence, IL; Smithfield, NC;
Hudson, NY; and Ardmore, OK
— 
4,454 
87,030 
— 
3,094 
94,578 
Various
Oct. 2018
Industrial facility in Countryside, IL
— 
563 
1,457 
— 
30 
2,050 
1981
Oct. 2018
Industrial facility in Clarksville, TN
2,421 
1,680 
10,180 
— 
(381)
11,479 
1998
Oct. 2018
Warehouse facility in Houston, TX
— 
— 
5,977 
— 
(206)
5,771 
1972
Oct. 2018
Warehouse in Chicago, IL
— 
— 
10,517 
— 
95 
10,612 
1942
Aug. 2022
Less: allowance for credit losses
(24,060)
(24,060)
$
2,421 
$
27,019 
$
312,099 
$
— 
$
(61,420)
$
277,698 
 (a)
(b)
W. P. Carey 2024 10-K – 127

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)
December 31, 2024
(in thousands)
Initial Cost to Company
Cost 
Capitalized
Subsequent to
Acquisition 
Increase 
(Decrease)
in Net
Investments
Gross Amount at which Carried 
 at Close of Period 
Life on which
Depreciation
in Latest
Statement of
Income is
Computed
Description
Encumbrances
Land
Buildings
Personal
Property
Land
Buildings
Personal
Property
Total
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Operating Real Estate – Hotels
Bloomington,
MN
$
— 
$ 3,810 
$ 29,126 
$
3,622 
$
7,090 
$
(314)
$ 3,874 
$ 31,342 
$
8,118 
$ 43,334 
$
17,120 
2008
Jan. 2014
34 yrs.
Newark, NJ
— 
4,912 
5,581 
— 
88 
— 
4,912 
5,581 
88 
10,581 
1,886 
1989
Sep. 2012
37 yrs.
San Diego, CA
— 
3,898 
33,729 
— 
153 
— 
3,898 
33,729 
153 
37,780 
11,302 
1989
Sep. 2012
37 yrs.
Irvine, CA
— 
3,720 
24,983 
— 
243 
— 
3,720 
24,983 
243 
28,946 
8,907 
1989
Sep. 2012
35 yrs.
Operating Real Estate – Student Housing Facilities
Austin, TX
— 
12,994 
60,006 
— 
70 
— 
12,994 
60,033 
43 
73,070 
3,640 
2020
Aug. 2022
40 yrs.
Swansea,
United
Kingdom
— 
— 
32,884 
— 
59,827 
7,138 
— 
99,849 
— 
99,849 
5,324 
2022
Aug. 2022
40 yrs.
Operating Real Estate – Self-Storage Facilities
Loves Park, IL
— 
1,412 
4,853 
— 
118 
— 
1,412 
4,933 
38 
6,383 
1,165 
1997
Oct. 2018
40 yrs.
Cherry Valley,
IL
— 
1,339 
4,160 
— 
26 
— 
1,339 
4,167 
19 
5,525 
951 
1988
Oct. 2018
40 yrs.
Rockford, IL
— 
695 
3,873 
— 
134 
— 
695 
3,992 
15 
4,702 
836 
1979
Oct. 2018
40 yrs.
Rockford, IL
— 
87 
785 
— 
— 
— 
87 
785 
— 
872 
146 
1979
Oct. 2018
40 yrs.
Rockford, IL
— 
454 
4,724 
— 
70 
— 
454 
4,767 
27 
5,248 
812 
1957
Oct. 2018
40 yrs.
Peoria, IL
— 
444 
4,944 
— 
240 
— 
444 
5,166 
18 
5,628 
1,295 
1990
Oct. 2018
40 yrs.
East Peoria, IL
— 
268 
3,290 
— 
110 
— 
268 
3,375 
25 
3,668 
789 
1986
Oct. 2018
40 yrs.
Loves Park, IL
— 
721 
2,973 
— 
45 
— 
721 
3,014 
4 
3,739 
638 
1978
Oct. 2018
40 yrs.
Winder, GA
— 
338 
1,310 
— 
113 
— 
338 
1,375 
48 
1,761 
340 
2006
Oct. 2018
40 yrs.
Winder, GA
— 
821 
3,180 
— 
47 
— 
821 
3,202 
25 
4,048 
728 
2001
Oct. 2018
40 yrs.
St. Petersburg,
FL
— 
1,505 
16,229 
— 
133 
— 
1,505 
16,281 
81 
17,867 
994 
2007
Aug. 2022
40 yrs.
Corpus Christi,
TX
— 
904 
10,779 
— 
181 
— 
904 
10,915 
45 
11,864 
681 
1998
Aug. 2022
40 yrs.
Palm Desert,
CA
— 
1,036 
22,714 
— 
90 
— 
1,036 
22,784 
20 
23,840 
1,381 
2006
Aug. 2022
40 yrs.
Kailua-Kona,
HI
— 
1,425 
12,267 
— 
80 
— 
1,425 
12,332 
15 
13,772 
754 
1991
Aug. 2022
40 yrs.
Miami, FL
— 
3,680 
7,215 
— 
737 
— 
3,680 
7,926 
26 
11,632 
542 
1986
Aug. 2022
40 yrs.
Columbia, SC
— 
2,481 
5,217 
— 
60 
— 
2,481 
5,259 
18 
7,758 
319 
1988
Aug. 2022
40 yrs.
Kailua-Kona,
HI
— 
2,889 
16,397 
— 
238 
— 
2,889 
16,544 
91 
19,524 
1,027 
2004
Aug. 2022
40 yrs.
Pompano
Beach, FL
2,774 
1,227 
10,897 
— 
301 
— 
1,227 
11,110 
88 
12,425 
689 
1992
Aug. 2022
40 yrs.
Jensen Beach,
FL
5,120 
1,544 
15,841 
— 
270 
— 
1,544 
16,058 
53 
17,655 
982 
1989
Aug. 2022
40 yrs.
Dickinson, TX
5,894 
1,952 
8,826 
— 
100 
— 
1,952 
8,882 
44 
10,878 
543 
2001
Aug. 2022
40 yrs.
Humble, TX
4,614 
813 
6,459 
— 
126 
— 
813 
6,472 
113 
7,398 
398 
2009
Aug. 2022
40 yrs.
Temecula, CA
5,953 
2,368 
20,802 
— 
52 
— 
2,368 
20,845 
9 
23,222 
1,263 
2006
Aug. 2022
40 yrs.
Cumming, GA
2,619 
655 
10,455 
— 
20 
— 
655 
10,455 
20 
11,130 
637 
1994
Aug. 2022
40 yrs.
Naples, FL
9,823 
6,826 
20,254 
— 
342 
— 
6,826 
20,544 
52 
27,422 
1,310 
1974
Aug. 2022
40 yrs.
Valrico, FL
5,507 
1,423 
11,316 
— 
32 
— 
1,423 
11,333 
15 
12,771 
690 
2009
Aug. 2022
40 yrs.
(a)
 (b)
(c) (d)
(d)
W. P. Carey 2024 10-K – 128

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)
December 31, 2024
(in thousands)
Initial Cost to Company
Cost 
Capitalized
Subsequent to
Acquisition 
Increase 
(Decrease)
in Net
Investments
Gross Amount at which Carried 
 at Close of Period 
Life on which
Depreciation
in Latest
Statement of
Income is
Computed
Description
Encumbrances
Land
Buildings
Personal
Property
Land
Buildings
Personal
Property
Total
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Tallahassee, FL
4,918 
1,534 
14,416 
— 
117 
— 
1,534 
14,497 
36 
16,067 
882 
1999
Aug. 2022
40 yrs.
Sebastian, FL
1,786 
529 
7,917 
— 
82 
— 
529 
7,995 
4 
8,528 
488 
1986
Aug. 2022
40 yrs.
Lady Lake, FL
3,944 
928 
11,881 
— 
26 
— 
928 
11,886 
21 
12,835 
721 
2010
Aug. 2022
40 yrs.
Panama City
Beach, FL
2,620 
736 
7,581 
— 
62 
— 
736 
7,622 
21 
8,379 
461 
1997
Aug. 2022
40 yrs.
Hesperia, CA
— 
1,416 
18,691 
— 
74 
— 
1,416 
18,751 
14 
20,181 
1,138 
2004
Aug. 2022
40 yrs.
Hesperia, CA
— 
699 
12,896 
— 
189 
— 
699 
13,077 
8 
13,784 
803 
1985
Aug. 2022
40 yrs.
Highland, CA
— 
1,465 
11,966 
— 
104 
— 
1,465 
12,043 
27 
13,535 
735 
2003
Aug. 2022
40 yrs.
Lancaster, CA
— 
598 
12,100 
— 
8 
— 
598 
12,108 
— 
12,706 
732 
1989
Aug. 2022
40 yrs.
Rialto, CA
— 
3,502 
16,924 
— 
128 
— 
3,502 
16,944 
108 
20,554 
1,034 
2007
Aug. 2022
40 yrs.
Lilburn, GA
2,337 
1,555 
6,225 
— 
164 
— 
1,555 
6,360 
29 
7,944 
395 
1998
Aug. 2022
40 yrs.
Stockbridge GA
1,623 
308 
7,238 
— 
45 
— 
308 
7,268 
15 
7,591 
449 
2003
Aug. 2022
40 yrs.
Louisville, KY
6,600 
3,115 
13,908 
— 
161 
— 
3,115 
14,037 
32 
17,184 
898 
1998
Aug. 2022
40 yrs.
St. Peters, MO
2,308 
386 
5,521 
— 
112 
— 
386 
5,605 
28 
6,019 
358 
1991
Aug. 2022
40 yrs.
Crystal Lake, IL
2,629 
1,325 
6,056 
— 
6 
— 
1,325 
6,060 
2 
7,387 
367 
1977
Aug. 2022
40 yrs.
Las Vegas, NV
6,363 
717 
20,963 
— 
317 
— 
717 
21,207 
73 
21,997 
1,295 
1996
Aug. 2022
40 yrs.
Panama City
Beach, FL
6,168 
666 
17,086 
— 
88 
— 
666 
17,116 
58 
17,840 
1,046 
2008
Aug. 2022
40 yrs.
Sarasota, FL
5,201 
1,076 
13,597 
— 
112 
— 
1,076 
13,643 
66 
14,785 
831 
2003
Aug. 2022
40 yrs.
Sarasota, FL
3,803 
638 
10,175 
— 
79 
— 
638 
10,221 
33 
10,892 
624 
2001
Aug. 2022
40 yrs.
Leesburg, FL
2,406 
1,272 
5,888 
— 
53 
— 
1,272 
5,921 
20 
7,213 
362 
1988
Aug. 2022
40 yrs.
Palm Bay, FL
7,152 
2,814 
21,425 
— 
120 
— 
2,814 
21,513 
32 
24,359 
1,304 
2000
Aug. 2022
40 yrs.
Houston, TX
4,616 
1,878 
8,719 
— 
249 
— 
1,878 
8,957 
11 
10,846 
541 
1971
Aug. 2022
40 yrs.
Hudson, FL
3,251 
669 
6,092 
— 
68 
— 
669 
6,111 
49 
6,829 
378 
2008
Aug. 2022
40 yrs.
Las Vegas, NV
2,341 
918 
12,355 
— 
114 
— 
918 
12,464 
5 
13,387 
771 
1984
Aug. 2022
40 yrs.
Las Vegas, NV
2,210 
829 
11,275 
— 
83 
— 
829 
11,316 
42 
12,187 
692 
1987
Aug. 2022
40 yrs.
Ithaca, NY
2,296 
890 
4,484 
— 
15 
— 
890 
4,484 
15 
5,389 
274 
1988
Aug. 2022
40 yrs.
Kissimmee, FL
— 
626 
13,147 
— 
60 
— 
626 
13,162 
45 
13,833 
801 
2015
Aug. 2022
40 yrs.
El Paso, TX
3,711 
2,126 
5,628 
— 
90 
— 
2,126 
5,716 
2 
7,844 
349 
1983
Aug. 2022
40 yrs.
El Paso, TX
2,547 
1,053 
4,583 
— 
31 
— 
1,053 
4,601 
13 
5,667 
281 
1980
Aug. 2022
40 yrs.
El Paso, TX
3,618 
994 
7,451 
— 
211 
— 
994 
7,655 
7 
8,656 
462 
1980
Aug. 2022
40 yrs.
El Paso, TX
3,635 
1,295 
6,318 
— 
129 
— 
1,295 
6,440 
7 
7,742 
387 
1986
Aug. 2022
40 yrs.
El Paso, TX
1,431 
587 
3,121 
— 
105 
— 
587 
3,206 
20 
3,813 
197 
1985
Aug. 2022
40 yrs.
El Paso, TX
3,725 
1,143 
5,894 
— 
199 
— 
1,143 
6,090 
3 
7,236 
368 
1980
Aug. 2022
40 yrs.
Fernandina
Beach, FL
7,281 
2,664 
25,000 
— 
96 
— 
2,664 
25,068 
28 
27,760 
1,519 
1986
Aug. 2022
40 yrs.
Kissimmee, FL
3,454 
2,149 
6,223 
— 
250 
— 
2,149 
6,450 
23 
8,622 
403 
1981
Aug. 2022
40 yrs.
(a)
 (b)
(c) (d)
(d)
W. P. Carey 2024 10-K – 129

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)
December 31, 2024
(in thousands)
Initial Cost to Company
Cost 
Capitalized
Subsequent to
Acquisition 
Increase 
(Decrease)
in Net
Investments
Gross Amount at which Carried 
 at Close of Period 
Life on which
Depreciation
in Latest
Statement of
Income is
Computed
Description
Encumbrances
Land
Buildings
Personal
Property
Land
Buildings
Personal
Property
Total
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Houston, TX
2,762 
1,350 
6,257 
— 
179 
— 
1,350 
6,404 
32 
7,786 
384 
1998
Aug. 2022
40 yrs.
Houston, TX
2,962 
1,112 
8,044 
— 
123 
— 
1,112 
8,125 
42 
9,279 
499 
2001
Aug. 2022
40 yrs.
Portland, OR
6,359 
994 
10,176 
— 
19 
— 
994 
10,194 
1 
11,189 
616 
2000
Aug. 2022
40 yrs.
Greensboro,
NC
4,043 
1,389 
15,175 
— 
415 
— 
1,389 
15,474 
116 
16,979 
973 
1953
Aug. 2022
40 yrs.
Avondale, LA
3,428 
1,154 
9,090 
— 
5 
— 
1,154 
9,090 
5 
10,249 
550 
2008
Aug. 2022
40 yrs.
Washington,
D.C.
— 
3,371 
13,655 
— 
152 
— 
3,371 
13,807 
— 
17,178 
830 
1962
Aug. 2022
40 yrs.
Kissimmee,
FL
— 
1,770 
7,034 
— 
62 
— 
1,770 
7,067 
29 
8,866 
431 
2000
Aug. 2022
40 yrs.
Milford, MA
— 
951 
11,935 
— 
12 
— 
951 
11,935 
12 
12,898 
724 
2003
Aug. 2022
40 yrs.
Millsboro, DE
— 
1,180 
14,286 
— 
9 
— 
1,180 
14,295 
— 
15,475 
864 
2001
Aug. 2022
40 yrs.
New Castle,
DE
— 
1,110 
15,787 
— 
— 
— 
1,110 
15,787 
— 
16,897 
955 
2005
Aug. 2022
40 yrs.
Rehoboth, DE
— 
1,565 
18,284 
— 
30 
— 
1,565 
18,284 
30 
19,879 
1,109 
1999
Aug. 2022
40 yrs.
Chicago, IL
— 
787 
4,931 
— 
172 
— 
787 
5,063 
40 
5,890 
325 
1990
Aug. 2022
40 yrs.
Gilroy, CA
— 
3,058 
13,014 
— 
72 
— 
3,058 
13,066 
20 
16,144 
797 
1999
Aug. 2022
40 yrs.
Little Rock,
AR
— 
1,703 
4,358 
— 
3,345 
— 
1,703 
7,693 
10 
9,406 
228 
1996
Jun. 2023
40 yrs.
Houston, TX
— 
3,701 
8,945 
— 
143 
— 
3,701 
9,056 
32 
12,789 
312 
2006
Aug. 2023
40 yrs.
Knoxville, TN
— 
3,783 
5,913 
— 
39 
— 
3,783 
5,929 
23 
9,735 
159 
2008
Dec. 2023
40 yrs.
Springfield,
TN
— 
1,587 
3,651 
— 
47 
— 
1,587 
3,683 
15 
5,285 
98 
1989
Dec. 2023
40 yrs.
Bastrop, TX
— 
2,772 
9,055 
— 
7 
— 
2,772 
9,055 
7 
11,834 
237 
2020
Dec. 2023
40 yrs.
Dayton, OH
— 
1,729 
5,291 
— 
15 
— 
1,729 
5,306 
— 
7,035 
49 
1978
Aug. 2024
40 yrs.
$
165,832 
$144,807 
$963,694 
$
3,622 
$
79,729 
$
6,824 
$144,871 
$1,042,940 
$ 10,865 
$1,198,676 
$
100,575 
__________
(a) Consists of the cost of improvements subsequent to acquisition and acquisition costs, including construction costs on build-to-suit transactions, legal fees,
appraisal fees, title costs, and other related professional fees. For business combinations, transaction costs are excluded.
(b) The increase (decrease) in net investment was primarily due to (i) sales of properties, (ii) impairment charges, (iii) changes in foreign currency exchange
rates, (iv) allowances for credit loss (Note 7), (v) reclassifications from net investments in direct financing leases to real estate subject to operating leases,
and (vi) the amortization of unearned income from net investments in direct financing leases, which produces a periodic rate of return that at times may be
greater or less than lease payments received.
(c) Excludes (i) gross lease intangible assets of $2.8 billion and the related accumulated amortization of $1.4 billion, (ii) gross lease intangible liabilities of
$198.0 million and the related accumulated amortization of $78.1 million, (iii) net investments in sales-type leases of $36.9 million, (iv) sale-leasebacks
classified as loans receivable of $451.8 million, (v) secured loans receivable of $31.9 million (as disclosed in Schedule IV – Mortgage Loans on Real
Estate), and (vi) real estate under construction of $56.0 million.
(d) A reconciliation of real estate and accumulated depreciation follows:
(a)
 (b)
(c) (d)
(d)
W. P. Carey 2024 10-K – 130

W. P. CAREY INC.
NOTES TO SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION
(in thousands)
Reconciliation of Real Estate Subject to Operating Leases
Years Ended December 31,
2024
2023
2022
Beginning balance
$
12,049,896 
$
13,316,632 
$
11,677,185 
Acquisitions
991,404 
984,283 
997,937 
Dispositions
(354,456)
(256,339)
(165,516)
Foreign currency translation adjustment
(237,200)
132,686 
(269,272)
Reclassification from direct financing leases
120,921 
25,460 
67,001 
Reclassification from equity method investments
84,396 
— 
— 
Reclassification from real estate under construction
83,373 
40,479 
147,982 
Reclassification from operating real estate
48,370 
— 
— 
Capital improvements
46,184 
54,667 
29,419 
Impairment charges
(36,851)
(17,885)
(36,624)
Reclassification to sales-type lease
(9,210)
(662,674)
— 
Derecognition through the Spin-Off
— 
(1,299,400)
— 
Reclassification to operating real estate
— 
(221,028)
— 
Reclassification to assets held for sale
— 
(46,985)
(13,093)
Acquisitions through CPA:18 Merger
— 
— 
881,613 
Ending balance
$
12,786,827 
$
12,049,896 
$
13,316,632 
Reconciliation of Accumulated Depreciation for
Real Estate Subject to Operating Leases
Years Ended December 31,
2024
2023
2022
Beginning balance
$
1,509,730 
$
1,672,091 
$
1,448,020 
Depreciation expense
292,770 
326,719 
298,972 
Dispositions
(73,297)
(58,861)
(47,463)
Foreign currency translation adjustment
(27,239)
14,192 
(26,400)
Reclassification to sales-type lease
(2,386)
(156,461)
— 
Reclassification from operating real estate
2,314 
— 
— 
Derecognition through the Spin-Off
— 
(214,977)
— 
Reclassification to operating real estate
— 
(56,434)
— 
Reclassification to assets held for sale
— 
(16,539)
(1,038)
Ending balance
$
1,701,892 
$
1,509,730 
$
1,672,091 
Reconciliation of Operating Real Estate
Years Ended December 31,
2024
2023
2022
Beginning balance
$
1,254,719 
$
1,077,326 
$
83,673 
Reclassification to operating leases
(48,370)
— 
— 
Dispositions
(21,638)
(124,237)
— 
Acquisitions
7,020 
45,469 
— 
Capital improvements
4,702 
4,593 
1,146 
Reclassification from real estate under construction
3,719 
25,452 
66,820 
Foreign currency translation adjustment
(1,476)
5,088 
3,526 
Reclassification from operating leases
— 
221,028 
— 
Acquisitions through CPA:18 Merger
— 
— 
922,161 
Ending balance
$
1,198,676 
$
1,254,719 
$
1,077,326 
W. P. Carey 2024 10-K – 131

Reconciliation of Accumulated Depreciation for
Operating Real Estate
Years Ended December 31,
2024
2023
2022
Beginning balance
$
80,057 
$
28,295 
$
16,750 
Depreciation expense
28,752 
29,840 
11,541 
Dispositions
(5,826)
(34,580)
— 
Reclassification to operating leases
(2,314)
— 
— 
Foreign currency translation adjustment
(94)
68 
4 
Reclassification from operating leases
— 
56,434 
— 
Ending balance
$
100,575 
$
80,057 
$
28,295 
At December 31, 2024, the aggregate cost of real estate that we and our consolidated subsidiaries own for federal income tax purposes was approximately
$16.1 billion.
W. P. Carey 2024 10-K – 132

W. P. CAREY INC.
SCHEDULE IV — MORTGAGE LOANS ON REAL ESTATE
December 31, 2024
(dollars in thousands)
Interest Rate
Final Maturity Date
Carrying Amount
Description
Financing agreement — Las Vegas retail
8.0 %
Dec. 2025
$
16,811 
Financing agreement — Las Vegas mixed use
7.6 %
Nov. 2025
15,045 
$
31,856 
Reconciliation of Mortgage Loans on Real Estate
 
Years Ended December 31,
2024
2023
2022
Beginning balance
$
11,250 
$
39,250 
$
24,143 
Funding of secured loans receivable (Note 7)
31,856 
Repayments
(24,000)
(28,000)
(34,000)
Gain on repayment of secured loan receivable
10,650 
— 
10,613 
Change in allowance for credit losses (Note 7)
2,100 
— 
10,494 
Acquisition through CPA:18 Merger (Note 7)
— 
— 
28,000 
Ending balance
$
31,856 
$
11,250 
$
39,250 
W. P. Carey 2024 10-K – 133

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.
None.
Item 9A. Controls and Procedures.
Disclosure Controls and Procedures
Our disclosure controls and procedures include internal controls and other procedures designed to provide reasonable assurance that information required to be
disclosed in this and other reports filed under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized, and
reported within the required time periods specified in the SEC’s rules and forms; and that such information is accumulated and communicated to management,
including our chief executive officer and chief financial officer, to allow timely decisions regarding required disclosures. It should be noted that no system of
controls can provide complete assurance of achieving a company’s objectives and that future events may impact the effectiveness of a system of controls.
Our chief executive officer and chief financial officer, after conducting an evaluation, together with members of our management, of the effectiveness of the
design and operation of our disclosure controls and procedures as of December 31, 2024, have concluded that our disclosure controls and procedures (as
defined in Rule 13a-15(e) under the Exchange Act) were effective as of December 31, 2024 at a reasonable level of assurance.
Management’s Report on Internal Control Over Financial Reporting
Management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) under the
Exchange Act). Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America.
Our internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of our assets; (ii) provide reasonable assurance that transactions are recorded as necessary to
permit preparation of financial statements in accordance with accounting principles generally accepted in the United States of America, and that our receipts
and expenditures are being made only in accordance with authorizations of our management and directors; and (iii) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance
with policies or procedures may deteriorate.
We assessed the effectiveness of our internal control over financial reporting at December 31, 2024. In making this assessment, we used criteria set forth in
Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on our
assessment, we concluded that, at December 31, 2024, our internal control over financial reporting is effective based on those criteria.
The effectiveness of our internal control over financial reporting as of December 31, 2024 has been audited by PricewaterhouseCoopers LLP, an independent
registered public accounting firm, and in connection therewith, PricewaterhouseCoopers LLP has issued an attestation report on the Company’s effectiveness of
internal controls over financial reporting as of December 31, 2024, as stated in their report in Item 8.
Changes in Internal Control Over Financial Reporting
There have been no changes in our internal control over financial reporting during our most recently completed fiscal quarter that have materially affected, or
are reasonably likely to materially affect, our internal controls over financial reporting.
W. P. Carey 2024 10-K – 134

Item 9B. Other Information.
During the three months ended December 31, 2024, no director or officer of the Company, nor the Company itself, adopted or terminated a “Rule 10b5-1
trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.
Not applicable.
W. P. Carey 2024 10-K – 135

PART III
Item 10. Directors, Executive Officers and Corporate Governance.
This information will be contained in our definitive proxy statement for the 2025 Annual Meeting of Stockholders, to be filed within 120 days following the
end of our fiscal year, and is incorporated herein by reference.
Item 11. Executive Compensation.
This information will be contained in our definitive proxy statement for the 2025 Annual Meeting of Stockholders, to be filed within 120 days following the
end of our fiscal year, and is incorporated herein by reference.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
This information will be contained in our definitive proxy statement for the 2025 Annual Meeting of Stockholders, to be filed within 120 days following the
end of our fiscal year, and is incorporated herein by reference.
Item 13. Certain Relationships and Related Transactions, and Director Independence.
This information will be contained in our definitive proxy statement for the 2025 Annual Meeting of Stockholders, to be filed within 120 days following the
end of our fiscal year, and is incorporated herein by reference.
Item 14. Principal Accounting Fees and Services.
This information will be contained in our definitive proxy statement for the 2025 Annual Meeting of Stockholders, to be filed within 120 days following the
end of our fiscal year, and is incorporated herein by reference.
W. P. Carey 2024 10-K – 136

PART IV
Item 15. Exhibits and Financial Statement Schedules.
(1) and (2) — Financial statements and schedules: see index to financial statements and schedules included in Item 8.
(3) Exhibits:
The following exhibits are filed with this Report. Documents other than those designated as being filed herewith are incorporated herein by reference.
Exhibit
No.
 
Description
 
Method of Filing
3.1 
 
Articles of Amendment and Restatement of W. P. Carey Inc. dated
June 15, 2017
 
Incorporated by reference to Exhibit 3.1 to Current Report on Form 8-
K filed June 16, 2017
3.2 
Fifth Amended and Restated Bylaws of W. P. Carey Inc. dated June
15, 2017
Incorporated by reference to Exhibit 3.2 to Current Report on Form 8-
K filed June 16, 2017
4.1 
 
Form of Common Stock Certificate
  Incorporated by reference to Exhibit 4.1 to Annual Report on
Form 10-K for the year ended December 31, 2012 filed February 26,
2013
4.2 
Indenture, dated as of March 14, 2014, by and between W. P. Carey
Inc., as issuer and U.S. Bank National Association, as trustee
Incorporated by reference to Exhibit 4.1 to Current Report on Form 8-
K filed March 14, 2014
4.3 
Fourth Supplemental Indenture, dated as of September 12, 2016, by
and between W. P. Carey Inc., as issuer, and U.S. Bank National
Association, as trustee
Incorporated by reference to Exhibit 4.2 to Current Report on Form 8-
K filed September 12, 2016
4.4 
Form of Note representing $350 Million Aggregate Principal Amount
of 4.250% Senior Notes due 2026
Incorporated by reference to Exhibit 4.3 to Current Report on Form 8-
K filed September 12, 2016
4.5 
Indenture, dated as of November 8, 2016, by and among WPC
Eurobond B.V., as issuer, W. P. Carey Inc., as guarantor, and U.S.
Bank National Association, as trustee
Incorporated by reference to Exhibit 4.3 to Automatic shelf
registration statement on Form S-3 (File No. 333-233159) filed
August 9, 2019
4.6 
Second Supplemental Indenture dated as of March 6, 2018, by and
among WPC Eurobond B.V., as issuer, W. P. Carey Inc., as guarantor,
and U.S. Bank National Association, as trustee
Incorporated by reference to Exhibit 4.3 to Current Report on Form 8-
K filed March 6, 2018
4.7 
Form of Note representing €500 Million Aggregate Principal Amount
of 2.125% Senior Notes due 2027
Incorporated by reference to Exhibit 4.1 to Current Report on Form 8-
K filed March 6, 2018
4.8 
Third Supplemental Indenture dated as of October 9, 2018, by and
among WPC Eurobond B.V., as issuer, W. P. Carey Inc., as guarantor,
and U.S. Bank National Association, as trustee
Incorporated by reference to Exhibit 4.3 to Current Report on Form 8-
K filed October 9, 2018
4.9 
Form of Note representing €500 Million Aggregate Principal Amount
of 2.250% Senior Notes due 2026
Incorporated by reference to Exhibit 4.1 to Current Report on Form 8-
K filed October 9, 2018
W. P. Carey 2024 10-K – 137

Exhibit
No.
 
Description
 
Method of Filing
4.10 
Fifth Supplemental Indenture, dated June 14, 2019, by and between
W. P. Carey Inc., as issuer, and U.S. Bank National Association, as
trustee
Incorporated by reference to Exhibit 4.1 to Current Report on Form
10-Q filed August 2, 2019
4.11 
Form of Note representing $325 Million Aggregate Principal Amount
of 3.850% Senior Notes due 2029
Incorporated by reference to Exhibit 4.2 to Current Report on Form
10-Q filed August 2, 2019
4.12 
Fourth Supplemental Indenture, dated as of September 19, 2019, by
and among WPC Eurobond B.V., as issuer, W. P. Carey Inc., as
guarantor, and U.S. Bank National Association, as trustee
Incorporated by reference to Exhibit 4.3 to Current Report on Form 8-
K filed September 19, 2019
4.13 
Form of Note representing €500 Million Aggregate Principal Amount
of 1.350% Senior Notes due 2028
Incorporated by reference to Exhibit 4.1 to Current Report on Form 8-
K filed September 19, 2019
4.14 
Description of Securities Registered under Section 12 of the Exchange
Act
Incorporated by reference to Exhibit 4.22 to Annual Report on Form
10-K for the year ended December 31, 2019 filed February 21, 2020
4.15 
Sixth Supplemental Indenture, dated October 14, 2020, by and
between W. P. Carey Inc., as issuer, and U.S. Bank National
Association, as trustee
Incorporated by reference to Exhibit 4.2 to Current Report on Form 8-
K filed October 14, 2020
4.16 
Form of Note representing $500 Million Aggregate Principal Amount
of 2.400% Senior Notes due 2031
Incorporated by reference to Exhibit 4.3 to Current Report on Form 8-
K filed October 14, 2020
4.17 
Seventh Supplemental Indenture, dated February 25, 2021, by and
between W. P. Carey Inc., as issuer, and U.S. Bank National
Association, as trustee
Incorporated by reference to Exhibit 4.2 to Current Report on Form 8-
K filed February 25, 2021
4.18 
Form of Note representing $425 Million Aggregate Principal Amount
of 2.250% Senior Notes Due 2033
Incorporated by reference to Exhibit 4.3 to Current Report on Form 8-
K filed February 25, 2021
4.19 
Fifth Supplemental Indenture dated as of March 8, 2021, by and
among WPC Eurobond B.V., as issuer, W. P. Carey Inc., as guarantor,
and U.S. Bank National Association, as trustee
Incorporated by reference to Exhibit 4.3 to Current Report on Form 8-
K filed March 8, 2021
4.20 
Form of Note representing €525 Million Aggregate Principal Amount
of 0.950% Senior Notes Due 2030
Incorporated by reference to Exhibit 4.1 to Current Report on Form 8-
K filed March 8, 2021
4.21 
Eighth Supplemental Indenture, dated October 15, 2021, by and
between W. P. Carey Inc., as issuer, and U.S. Bank National
Association, as trustee
Incorporated by reference Exhibit 4.2 to Current Report on Form 8-K
filed October 15, 2021
4.22 
Form of Note representing $350 Million Aggregate Principal Amount
of 2.450% Senior Notes due 2032
Incorporated by reference Exhibit 4.3 to Current Report on Form 8-K
filed October 15, 2021
4.23 
Form of Note Representing €150,000,000 Aggregate Principal
Amount of 3.41% Senior Notes due 2029
Incorporated by reference to Exhibit 4.1 to Quarterly Report on Form
10-Q filed November 4, 2022
4.24 
Form of Note Representing €200,000,000 Aggregate Principal
Amount of 3.70% Senior Notes due 2032
Incorporated by reference to Exhibit 4.2 to Quarterly Report on Form
10-Q filed November 4, 2022
4.25 
Ninth Supplemental Indenture dated as of May 16, 2024, by and
between W. P. Carey Inc., as issuer, and U.S. Bank Trust Company,
National Association, as trustee.
Incorporated by reference to Exhibit 4.3 to Current Report on Form 8-
K filed May 16, 2024
W. P. Carey 2024 10-K – 138

Exhibit
No.
 
Description
 
Method of Filing
4.26 
Form of Note representing €650 Million Aggregate Principal Amount
of 4.250% Senior Notes due 2032
Incorporated by reference to Exhibit 4.1 to Current Report on Form 8-
K filed May 16, 2024
4.27 
Tenth Supplemental Indenture dated June 28, 2024, by and between
W. P. Carey Inc., as issuer, and U.S. Bank Trust Company, National
Association, as trustee
Incorporated by reference to Exhibit 4.3 to Current Report on Form 8-
K filed June 28, 2024
4.28 
Form of Note representing $400 Million Aggregate Principal Amount
of 5.375% Senior Notes due 2032
Incorporated by reference to Exhibit 4.1 to Current Report on Form 8-
K filed June 28, 2024
4.29 
Eleventh Supplemental Indenture dated as of November 19, 2024, by
and between W. P. Carey Inc., as issuer, and U.S. Bank Trust
Company, National Association, as trustee.
Incorporated by Reference to Exhibit 4.3 to Current Report on Form
8-K filed November 19, 2024
4.30 
Form of Note representing €600 Million Aggregate Principal Amount
of 3.700% Senior Notes due 2034
Incorporated by Reference to Exhibit 4.1 to Current Report on Form
8-K filed November 19, 2024
10.1†
  W. P. Carey Inc. 1997 Share Incentive Plan, as amended
  Incorporated by reference to Exhibit 10.2 to Annual Report on Form
10-K for the year ended December 31, 2014 filed March 2, 2015
10.2†
  W. P. Carey Inc. (formerly W. P. Carey & Co. LLC) Long-Term
Incentive Program as amended and restated effective as of September
28, 2012
  Incorporated by reference to Exhibit 10.3 to Annual Report on
Form 10-K for the year ended December 31, 2012 filed February 26,
2013
10.3†
  W. P. Carey Inc. Amended and Restated Deferred Compensation Plan
for Employees
  Incorporated by reference to Exhibit 10.4 to Annual Report on
Form 10-K for the year ended December 31, 2012 filed February 26,
2013
10.4†
  Amended and Restated W. P. Carey Inc. 2009 Share Incentive Plan
  Incorporated by reference to Appendix A of Schedule 14A filed April
30, 2013
10.5†
  2017 Annual Incentive Compensation Plan
  Incorporated by reference to Exhibit A of Schedule 14A filed April 11,
2017
10.6†
  2017 Share Incentive Plan
  Incorporated by reference to Exhibit B of Schedule 14A filed April 11,
2017
10.7†
  Form of Share Option Agreement under the 2017 Share Incentive Plan
  Incorporated by reference to Exhibit 4.9 to Registration Statement on
Form S-8 filed June 27, 2017
10.8†
  Form of Restricted Share Agreement under the 2017 Share Incentive
Plan
  Incorporated by reference to Exhibit 4.7 to Registration Statement on
Form S-8 filed June 27, 2017
10.9†
Form of Restricted Share Unit Agreement under the 2017 Share
Incentive Plan
Incorporated by reference to Exhibit 4.8 to Registration Statement on
Form S-8 filed June 27, 2017
10.10†
Form of Long-Term Performance Share Unit Award Agreement
pursuant to the W. P. Carey Inc. 2017 Share Incentive Plan
Incorporated by reference to Exhibit 4.6 to Registration Statement on
Form S-8 filed June 27, 2017
10.11†
Form of Non-Employee Director Restricted Share Agreement under
the 2017 Share Incentive Plan
Incorporated by reference to Exhibit 4.5 to Registration Statement on
Form S-8, filed June 27, 2017
W. P. Carey 2024 10-K – 139

Exhibit
No.
 
Description
 
Method of Filing
10.12†
 
W. P. Carey Inc. 2009 Non-Employee Directors’ Incentive Plan
 
Incorporated by reference to Exhibit 10.2 to Quarterly Report on
Form 10-Q for the quarter ended June 30, 2013 filed August 6, 2013
10.13†
W. P. Carey Inc. Non-Employee Director Stock Election Plan
Incorporated by reference to Exhibit 4.4 to Registration Statement on
Form S-8 filed November 20, 2023
10.14†
Amended & Restated 2017 Share Incentive Plan
Incorporated by reference to Exhibit 4.4 to the Form S-8 filed June 14,
2024
10.15*
Loan Agreement, dated September 20, 2023, by and among JPMorgan
Chase Bank, N.A. and the borrowers named therein
Incorporated by reference to Exhibit 10.1 to the Current Report on
Form 8-K filed September 21, 2023
10.16*
Mezzanine Loan Agreement, dated September 20, 2023, between
NLO Mezzanine Borrower and JPMorgan Chase Bank, N.A.
Incorporated by reference to Exhibit 10.2 to the Current Report on
Form 8-K filed September 21, 2023
10.17*
Fifth Amended and Restated Credit Agreement, dated as of December
14, 2023, among W. P. Carey Inc., each Designated Borrower from
time to time party thereto, certain Subsidiaries identified therein, as
Guarantors, the lenders party thereto and JPMorgan Chase Bank,
N.A., as Administrative Agent
Incorporated by referenced to Exhibit 10.1 to Current Report on Form
8-K filed December 18, 2023
10.18 
First Amendment, dated as of September 20, 2024, to Fifth Amended
and Restated Credit Agreement, dated as of December 14, 2023,
entered into among W. P. Carey Inc., as Parent Borrower, the Lenders
party thereto, and JP Morgan Chase Bank, as administrative agent
Incorporated by reference to Exhibit 10.1 to Quarterly Report on Form
10-Q filed October 30, 2024
10.19 
Agency Agreement dated as of January 19, 2017, by and among WPC
Eurobond B.V., as issuer, W. P. Carey Inc., as guarantor, Elavon
Financial Services DAC, UK Branch, as paying agent and U.S. Bank
National Association, as transfer agent, registrar and trustee
Incorporated by reference to Exhibit 10.1 to Current Report on Form
8-K filed January 19, 2017
10.20 
Agency Agreement dated as of March 6, 2018, by and among WPC
Eurobond B.V., as issuer, W. P. Carey Inc., as guarantor, Elavon
Financial Services DAC, UK Branch, as paying agent and U.S. Bank
National Association, as transfer agent, registrar and trustee
Incorporated by reference to Exhibit 10.1 to Current Report on Form
8-K filed March 6, 2018
10.21 
Agency Agreement dated as of October 9, 2018, by and among WPC
Eurobond B.V., as issuer, W. P. Carey Inc., as guarantor, Elavon
Financial Services DAC, UK Branch, as paying agent and U.S. Bank
National Association, as transfer agent, registrar and trustee
Incorporated by reference to Exhibit 10.1 to Current Report on Form
8-K filed October 9, 2018
10.22 
Agency Agreement dated as of March 8, 2021, by and among WPC
Eurobond B.V., as issuer, W. P. Carey Inc., as guarantor, Elavon
Financial Services DAC, as paying agent and U.S. Bank National
Association, as transfer agent, registrar and trustee
Incorporated by reference to Exhibit 10.1 to Current Report on Form
8-K filed March 8, 2021
W. P. Carey 2024 10-K – 140

Exhibit
No.
 
Description
 
Method of Filing
10.23 
Equity Sales Agreement, dated May 2, 2022, by and among W. P.
Carey Inc. and each of Barclays Capital Inc., BMO Capital Markets
Corp., BNY Mellon Capital Markets, LLC, BofA Securities, Inc.,
BTIG, LLC, Capital One Securities, Inc., Fifth Third Securities, Inc.,
Jefferies LLC, JMP Securities LLC, J.P. Morgan Securities LLC, RBC
Capital Markets, LLC, Regions Securities LLC, Scotia Capital (USA)
Inc., and Wells Fargo Securities, LLC, as agents, and each of Barclays
Bank PLC, Bank of Montreal, The Bank of New York Mellon, Bank
of America, N.A., Jefferies LLC, JPMorgan Chase Bank, National
Association, Regions Securities LLC, Royal Bank of Canada, The
Bank of Nova Scotia and Wells Fargo Bank, National Association, as
forward purchasers
Incorporated by reference to Exhibit 1.1 to Current Report on Form 8-
K, filed May 3, 2022
10.24 
Form of Forward Confirmation
Incorporated by reference to Exhibit 1.2 to Current Report on Form 8-
K, filed May 3, 2022
10.25 
Note Purchase Agreement, dated August 31, 2022, by and among W.
P. Carey Inc. and the purchasers listed in the purchaser schedule
thereto
Incorporated by reference to Exhibit 10.1 to the Current Report on
Form 8-K filed September 1, 2022
10.26 
Separation and Distribution Agreement, dated October 31, 2023,
between W. P. Carey Inc. and Net Lease Office Properties
Incorporated by reference to Exhibit 10.1 to the Current Report on
Form 8-K filed November 2, 2023
10.27*
Tax Matters Agreement, dated October 31, 2023, between W. P. Carey
Inc. and Net Lease Office Properties
Incorporated by reference to Exhibit 10.2 to the Current Report on
Form 8-K filed November 2, 2023
10.28*
Advisory Agreement, dated November 1, 2023, between W. P. Carey
& Co. B.V. and Net Lease Office Properties
Incorporated by reference to Exhibit 10.4 to the Current Report on
Form 8-K filed November 2, 2023
10.29*
Advisory Agreement, dated November 1, 2023, between W. P. Carey
Management LLC and Net Lease Office Properties
Incorporated by reference to Exhibit 10.1 to the Current Report on
Form 8-K/A filed November 7, 2023
18.1 
  Preferability letter of Independent Registered Public Accounting Firm
Incorporated by reference to Exhibit 18.1 to Quarterly Report on
Form 10-Q for the quarter ended September 30, 2013 filed November
5, 2013
19.1 
W. P. Carey Inc. Statement of Policy Concerning Securities Trading
Filed herewith
21.1 
  List of Registrant Subsidiaries
  Filed herewith
23.1 
  Consent of PricewaterhouseCoopers LLP
  Filed herewith
31.1 
  Certification pursuant to Section 302 of the Sarbanes-Oxley Act of
2002
  Filed herewith
31.2 
  Certification pursuant to Section 302 of the Sarbanes-Oxley Act of
2002
  Filed herewith
W. P. Carey 2024 10-K – 141

Exhibit
No.
 
Description
 
Method of Filing
32 
  Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of
2002
  Filed herewith
97.1 
Clawback Policy
Incorporated by reference to Exhibit 97.1 to Annual Report on Form
10-K for the year ended December 31, 2023 filed February 9, 2024
99.1 
  Director and Officer Indemnification Policy
  Incorporated by reference to Exhibit 99.1 to Annual Report on
Form 10-K for the year ended December 31, 2012 filed February 26,
2013
101.INS
XBRL Instance Document – the instance document does not appear in
the Interactive Data File because its XBRL tags are embedded within
the Inline XBRL Document.
Filed herewith
101.SCH
XBRL Taxonomy Extension Schema Document
Filed herewith
101.CAL
XBRL Taxonomy Extension Calculation Linkbase Document
Filed herewith
101.DEF
XBRL Taxonomy Extension Definition Linkbase Document
Filed herewith
101.LAB
XBRL Taxonomy Extension Label Linkbase Document
Filed herewith
101.PRE
XBRL Taxonomy Extension Presentation Linkbase Document
Filed herewith
104 
Cover Page Interactive Data File (formatted as inline XBRL and
contained in Exhibit 101)
Filed herewith
______________________
† The referenced exhibit is a management contract or compensation plan or arrangement required to be filed as an exhibit pursuant to Item 15 (a)(3) of Form
10-K.
* Certain exhibits and schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company hereby undertakes to furnish supplemental
copies of any of the omitted exhibits and schedules upon request by the SEC; provided, however, that the Company may request confidential treatment
pursuant to Rule 24b-2 of the Exchange Act for any exhibits or schedules so furnished.
W. P. Carey 2024 10-K – 142

Item 16. Form 10-K Summary.
None.
W. P. Carey 2024 10-K – 143

SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf
by the undersigned, thereunto duly authorized.
 
 
W. P. Carey Inc.
 
 
Date:
February 12, 2025
By: 
/s/ ToniAnn Sanzone
 
 
ToniAnn Sanzone
 
 
Chief Financial Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the registrant
and in the capacities and on the dates indicated.
Signature
Title
Date
/s/ Jason E. Fox
Chief Executive Officer and Director
February 12, 2025
Jason E. Fox
(Principal Executive Officer)
 
/s/ ToniAnn Sanzone
Chief Financial Officer
February 12, 2025
ToniAnn Sanzone
(Principal Financial Officer)
 
/s/ Brian Zander
Chief Accounting Officer
February 12, 2025
Brian Zander
(Principal Accounting Officer)
 
/s/ Christopher J. Niehaus
Chair of the Board and Director
February 12, 2025
Christopher J. Niehaus
 
 
/s/ Mark A. Alexander
Director
February 12, 2025
Mark A. Alexander
/s/ Constantin H. Beier
Director
February 12, 2025
Constantin H. Beier
/s/ Tonit M. Calaway
Director
February 12, 2025
Tonit M. Calaway
/s/ Peter J. Farrell
Director
February 12, 2025
Peter J. Farrell
/s/ Robert J. Flanagan
Director
February 12, 2025
Robert J. Flanagan
/s/ Rhonda O. Gass
Director
February 12, 2025
Rhonda O. Gass
/s/ Margaret G. Lewis
Director
February 12, 2025
Margaret G. Lewis
/s/ Elisabeth T. Stheeman
Director
February 12, 2025
Elisabeth T. Stheeman
W. P. Carey 2024 10-K – 144

Exhibit 19.1
W. P. Carey Inc. Statement of Policy Concerning Securities
Trading
Adopted by the Board of Directors – March 9, 2023
1.    Executive Summary
The following statement sets forth a high-level summary of the policies of W. P. Carey Inc. (the “Company”) pertaining to
the trading of the Company’s securities and other related transactions, by certain Covered Persons (defined below). If you have
any questions regarding this statement of policy, please direct them to a member of the Legal Department or any of the other
individuals referenced on Appendix A. This policy covers all directors, Section 16 officers and employees of the Company and
their respective family members (as described below) as well as any outsiders whom the Chief Legal Officer may designate as an
“Insider” due to the fact that they are aware or otherwise have access to “material non-public information” concerning the
Company (collectively, the “Covered Persons”). A Section 16 officer is an officer that is an insider subject to Section 16(b) of the
Securities Exchange Act of 1934 (the “Exchange Act”). This policy applies to any and all transactions involving or with respect
to the Company’s securities. For purposes of this policy, the Company’s securities include its common stock, bonds, options to
purchase or sell shares of its common stock and any other type of security that the Company may issue which is exercisable or
exchangeable for or convertible into shares of its common stock, such as preferred stock, convertible debentures, convertible
bonds, warrants and exchange-traded options or other derivative securities and short sales (collectively, the “Company’s
securities”). Transactions in the Company’s securities include not only market transactions, but also private sales of the
Company’s securities, pledges of the Company’s securities (to secure a loan or margin account or other similar transactions), as
well as charitable donations of the Company’s securities.
In this section, we have set forth a brief summary of the policies. It is essential, however, that you read the entire statement
carefully.
•    No Insider Trading: It is a violation of the federal securities laws for any person (i) to buy or sell the Company’s securities
if they are in possession of material non-public information or (ii) to communicate, “tip” or disclose material non-public
information to others who then trade in the Company’s securities. It is the policy of the Company that no Covered Person
may, directly or indirectly, including through family members or any other persons or entities, (a) buy or sell any of the
Company’s securities (except only under the limited exceptions set out in this statement) or engage in any other action to
take personal advantage of any material non-public information concerning the Company or (b) pass any such information
on to other person or entity outside of the Company, including, but not limited to, family members or friends.

•    Blackout period: The regular quarterly blackout period during which trading of any of the Company’s securities is prohibited
generally begins on the 20th day of the last month of each quarter and extends through the date two days after the Company
has released earnings for such quarter (See Section II.B.2 for more information). Special blackout periods may also be
implemented from time to time when the Company is contemplating certain extraordinary events (See Section II.B.3 for more
information).
•    Trading other companies’ securities: You may not trade the securities of another publicly-traded company if you have
learned, in the course of your employment with the Company or any of its subsidiaries, material non-public information
regarding the other publicly-traded company (See Section II.C for more information).
•    Sale of the Company’s securities by affiliates: An “affiliate” of the Company may sell the Company’s securities provided that
such sale complies with certain conditions, including volume limitations and manner of sale related regulations described
herein. “Affiliates” generally include (but are not limited to) directors and Section 16 officers of the Company and its
subsidiaries and family members related to such persons. “Family members” generally include a child, stepchild, parent,
stepparent, spouse, sibling, mother- and father-in-law, son- and daughter-in-law, and brother- and sister-in-law of any such
person (See Section III.B for more information).
•    Limitation on “short-swing” transactions by directors and Section 16 officers: Directors and Section 16 officers of the
Company may have liability for “short-swing” profits if they buy and sell (or sell and buy) any of the Company’s securities
within a six-month period (See Section II.B for more information).
•    Reporting of changes in beneficial ownership: For directors and Section 16 officers of the Company, all changes in the
amount or the form of beneficial ownership of the Company’s securities must be reported (See Section IV.A for more
information).

2.    Policies on Insider Trading
A.    General Federal Securities Law Rule on Insider Trading.
General Federal Securities Law — Trading: It is a violation of the federal securities laws for any person to buy or sell
securities if they are in possession of material non-public information. Information is material in this context if it could affect a
reasonable person’s decision as to whether to buy, sell or hold a public company’s securities. In simple terms, material
information about the Company is any type of information that could reasonably be expected to affect the price of Company’s
securities.
Information in this context is considered non-public information if it has not been publicly disclosed. To be considered public, the
relevant information must be widely disseminated through SEC filings, the company website, major newswire services, national
news services or financial news services and there must be sufficient time for the market at large to digest that information.
Notwithstanding anything contained herein to the contrary, if a Covered Person is in possession of material non-public
information, such person should refrain from trading in the Company’s securities while in possession thereof.
Example: If an employee of the Company knows that the Company is contemplating a special dividend, that employee is
prohibited from buying or selling the Company’s securities until the information has been disclosed to the public.
In addition, the following types of information may be considered material (but please note that this list is not meant to be
exhaustive):
•    financial performance of the Company, especially quarterly and year-end earnings;
•    significant changes in the financial performance outlook or liquidity of the Company;
•    internal Company projections that significantly differ from external expectations;
•    potential material transactions, including mergers and acquisitions or the sale of significant Company assets or subsidiaries;
•    new major leases, or the loss (or potential loss) thereof;
•    pending or proposed stock splits, public or private securities/debt offerings or contemplated changes in Company
dividend policies or amounts;
•    actual or contemplated significant changes in management;
•    actual or potential exposure to major litigation, or the resolution of such litigation;

•    imminent or potential changes in the Company’s credit rating by a rating agency;
•    statements by stock market analysts regarding the Company and/or its securities;
•    potential or pending analyst upgrades or downgrades of any of the Company’s securities;
•    potential or pending significant changes in accounting treatment, write-offs or effective tax rate;
•    impending bankruptcy or financial liquidity problems;
•    gain or loss of a substantial customer or supplier; or
•    a significant cybersecurity incident has been experienced by the Company that has not yet been made public
General Federal Securities Law — Tipping: In addition to the prohibition on trading noted above, it is a violation of
Federal Securities Laws for any person in possession of material non-public information to provide other persons or entities with
such information or to recommend that they buy or sell the Company’s securities as a result of, and while in possession of, such
information. That includes communicating, “tipping” or disclosing such information in any manner. In that case, both the tipping
person and the person receiving the information may both be held liable.
Example: If an employee of the Company knows that the Company is contemplating a material acquisition of another
entity or a portfolio of properties and gives this information to his or her friend, and the friend buys the Company’s securities
based on this information, then both the employee and the friend will be held liable for insider trading.
It is the policy of the Company that no Covered Person who is aware of material non-public information relating to the
Company may, directly or indirectly (including through family members or other persons or entities), (a) buy or sell (or
otherwise transact, directly or indirectly, in) the Company’s securities (except only under the limited exceptions set out in this
statement) or engage in any other action to take personal advantage of that information or (b) pass that information on to
others outside the Company who are not otherwise lawfully in possession of such information, including family and friends.

B.    Guidelines on Trading in the Company’s Securities.
The following guidelines should be followed by all Covered Persons and all Affiliates and family members thereof:
1.    Nondisclosure. Material inside information must not be disclosed to anyone, except to (a) persons within the
Company whose positions require them to know it or (b) external representatives of the Company under
confidentiality obligations with respect to such information and who need to know it, such as Company’s outside
counsel or accountants.
2.    No Selective Disclosure. Regulation FD (Fair Disclosure) is an SEC regulation that prohibits public companies and
persons acting on their behalf from selectively disclosing material non-public information to securities analysts and
selected investors before this information is made public.
3.    Regular Quarterly Blackout Periods. In order to avoid the trading of the Company’s securities by directors, Section 16
officers and certain other designated employees while in possession of material non-public information, the Company
has imposed certain blackout periods during which such persons may not buy or sell (or pledge) the Company’s
securities.
•    Blackout period: Generally, the blackout period each quarter begins on the 20th day of the last month of each
quarter and extends through the date two business days after the Company has released earnings for such quarter.
Specific dates of the beginning and end of blackout periods will be communicated regularly.
•    Example: For the third calendar quarter of 2022, the blackout period started on September 20th. The first day
that trading was permitted was November 7th, which was two business days after the Company announced its
earnings on November 4th.
•    Exceptions— the following transactions are allowed during the blackout period:
o    The exercise of tax withholding rights pursuant to which a person elects to have the Company withhold
shares to satisfy tax withholding requirements.
o    The exercise of stock options where no Company stock is sold in the market to fund the option exercise
and the shares acquired upon exercise are held at least until the then-current blackout period ends.
o    Transactions that comply with SEC Rule 10b5-1 pre-arranged written plans.

4.    Special Blackout Periods — Extraordinary Events. Whenever the Company is contemplating an “extraordinary
event,” it may be necessary to impose a special blackout period on all or a subset of the Covered Persons. The Chief
Legal Officer may, following consultation with the Chief Executive Officer and/or Chief Financial Officer, declare a
special blackout period from time-to-time as conditions warrant. No Covered Person subject to or otherwise aware of
a special blackout may disclose to any third party that a special blackout period has been designated.
•    Examples of extraordinary events: A material acquisition of properties, a material acquisition of another
entity, an unusual increase or reduction in dividends, etc. (other examples are set forth in Section II.A)
•    Length of Special Blackout Periods: Special blackout periods start from the time designated by the Chief Legal
Officer (generally the point in time that such extraordinary event is reasonably likely to occur) and last until such
time as designated by the Chief Legal Officer (general the time that the extraordinary event is reported to the
public or is no longer reasonably likely to occur). The Company will endeavor to promptly inform those Covered
Persons that are affected by a special blackout of such blackout period. However, if you believe that you may be in
possession of material non-public information regarding an extraordinary event, contact the Legal Department
before any trading (including pledging) in the Company’s securities to make sure that a special blackout period is
not in effect.
5.    Certain Prohibited Types of Transactions. Without limiting the general restrictions and limitations above, certain
types of transactions in Company’s securities are restricted or prohibited because of their nature and potential to
result in inadvertent trading violations or perceived inappropriate trading in the Company’s securities:
•    Margin Accounts and Pledges. As a general matter, any securities held in a margin account may be sold by the
applicable broker without the customer’s consent if the customer fails to meet a margin call. Similarly, securities
pledged (or hypothecated) as collateral for a loan may be sold in foreclosure if the borrower defaults on the loan.
Because a margin sale or foreclosure sale may occur at a time when a Covered Person who were to hold
Company Securities in a margin account or who were to pledge such securities as collateral is aware of material
non-public information or otherwise is not permitted to trade in the Company’s securities, Covered Persons are
prohibited (regardless of whether such persons are aware of material non-public information) from holding the
Company’s securities in a margin account (including purchasing the Company’s securities on margin) or
pledging any of the Company’s securities as collateral for a loan. A limited exception to this prohibition may be
allowed in the sole discretion of the Company’s Chief Legal Officer, and then only if:

o    the securities in such margin account are limited to Company securities (in other words, the only collateral
(direct or indirect) a decline in the value of which can result in a margin call for loans or advances under the
margin account is the Company’s securities); and
o    written notice of the intention to pledge the Company’s securities as collateral for a loan, in a margin
account or otherwise, shall have been furnished to the Company’s Chief Legal Officer at least one week prior
to the proposed execution of documents evidencing the proposed pledge (or such shorter period as the
Company’s Chief Legal Officer may determine in their sole discretion); and the aggregate amount of such
loan at the time made or advanced does not exceed forty per-cent (40%) of the then current market value of
the Company’s securities pledged as collateral therefor.
•    Hedging: Hedging is a strategy to offset or reduce the risk of price fluctuations for an asset or equity. Stock-based
compensation or open market purchases of the Company’s stock are intended to align the Company’s executives’
or directors’ interests with the Company’s shareholders. Hedging of the Company’s securities through covered
call, collar, short sales of Company’s securities, sales of the Company’s securities “against the box,” buying or
selling puts or calls relating to the Company’s securities or other derivative transactions severs the ultimate
alignment with shareholders’ interests. Accordingly, hedging transactions relating to the Company’s securities are
always prohibited (even if you are not in possession of material non-public information). These types of
transactions are prohibited because it is also important to avoid the appearance of an improper transaction (and, in
the case of short sales, are prohibited by Section 16(c) of the Exchange Act for Company Section 16 officers and
directors).
•    “Short sales” of stock are transactions where you borrow securities, sell the borrowed securities and then buy
“replacement” securities at a later date to replace the borrowed shares. These also include hedging or
monetization transactions (such as zero-cost collars and forward sale contracts) that involve the establishment of
a short position or similar arrangements with respect to securities.
•    Sales of securities “against the box” are sales in which the securities are not delivered within 20 days or are
not deposited in the mail for delivery within five days of the sale.
•    A “put” is an option or right to sell specific securities at a specific price before a set date, and a “call” is an
option or right to buy specific securities at a specific price before a set date. Generally, call options are purchased
when one believes that the price of the securities will rise, whereas put options are purchased when one believes
that the price of the securities will fall.

•    Standing Orders. Standing orders are orders placed with a broker to sell or purchase securities at a specified price.
Covered Persons are prohibited from placing a standing order to buy or sell the Company’s securities if the order
might remain open during a period when such Covered Person is otherwise prohibited from trading in the
Company’s securities.
6.    Certain Limited Permitted Transactions. There are limited circumstances in which you may buy or sell the
Company’s securities without restriction under these policies on insider trading. You may:
•    exercise tax withholding rights pursuant to which you elect to have the Company withhold shares of
common stock to satisfy tax withholding requirements;
•    exercise stock options granted to you by the Company under one of its benefit plans if no Company common
stock is sold in the market to fund the option exercise; or
•    buy or sell the Company’s securities under a pre-arranged written plan that complies with SEC Rule 10b5-1.
The Audit Committee of the Company’s Board of Directors may, in its discretion, determine to make such other exceptions
as it deems suitable.
7.    Pre-Clearance of Securities Transactions for Directors and Section 16 Officers. To avoid inadvertent violations of any
of the restrictions on transactions in the Company’s securities, all directors and Section 16 officers of the Company
must notify the Chief Legal Officer and obtain approval in advance of all planned transactions in the Company’s
securities, whether or not such transactions are outside of, or exempt from, a regular or special blackout period. These
procedures also apply to transactions by such person's spouse, other persons living in such person’s household and
minor children and to transactions by entities over which such person exercises control.
The Chief Legal Officer shall record the date each request is received and the date and time each request is approved
or disapproved. Unless revoked, a grant of permission will normally remain valid until the close of trading three
business days following the day on which it was granted. If the transaction does not occur during the three-day period,
pre- clearance of the transaction must be re-requested.
8.    Prohibition on Short Sales. Under Section 16(c), short sales in the Company’s stock by directors and Section 16
officers are illegal. Under Section 16(b) of the Exchange Act certain insiders, namely directors and Section 16 officers,
may have liability in respect of transactions in securities of the Company that occur within six months of each other,
which is called

“short-swing profit liability.” Section 16(b) imposes absolute liability on the Company’s directors and Section 16
officers for any profits made in any combination of purchases and sales (or sales and subsequent purchases) involving
the Company’s stock or securities whose value is based upon the Company’s stock. Any short-swing profits are
recoverable by the Company; the intent or knowledge of the insider is irrelevant for liability purposes. A limited
number of exemptions are available for certain transactions, such as bona fide gifts of securities.
9.    Gifts. Gifts of the Company’s securities cannot be made if an individual is in possession of material nonpublic
information. Gifts of the Company’s securities also cannot by made by directors, Section 16 officers or other
designated employees during a blackout period. Beginning on February 27, 2023, directors and Section 16 officers
are required to report dispositions of bona fide gifts of equity securities on Form 4. See Section IV.A for more
information.
C.    Trading in Other Companies’ Securities.
No director, Section 16 officer or other employee should place a purchase or sale order, or recommend that another person
place a purchase or sale order, in the securities of another corporation if the director, Section 16 officer or employee learns in the
course of their employment non- public information about the other corporation that is reasonably likely to affect the value of
those securities. In the course of the Company’s business, employees often come into possession of non- public information,
particularly financial information, of other entities, where the Company may have a contractual or fiduciary obligation to keep
such information confidential. It is imperative when you are in possession of this kind of information that you do not trade or tip
another person to trade on this information.
•    Example of a violation: If as a director or employee of the Company, you come into possession of company X’s
financial information in the process of a potential sale leaseback transaction that is being considered by the Company,
and you bought or sold company X’s securities using such information.
D.    Penalties for Violations.
•    A breach of the insider trading laws could expose you to criminal fines and imprisonment, in addition to civil
penalties.
•    In addition, punitive damages may be imposed under applicable state laws.
•    Directors, Section 16 officers and other employees who violate this policy may also be subject to disciplinary actions
by the Company, up to and including dismissal for cause, regardless of whether such failure to comply is a violation of
law.

3.    Sales by Affiliates
A.    Affiliates.
For purposes of the conditions discussed in this Section III, (i) Affiliates generally include directors and Section 16
officers of the Company and their Family members, and (ii) Family members generally include a child, stepchild, parent,
stepparent, spouse, sibling, mother and father-in-law, son and daughter-in-law, and brother and sister-in-law of such persons.
B.    Sales of Securities to Affiliates.
Rule 144 under the Securities Act of 1933 allows the sale of securities of the Company by an affiliate of the Company if
the following conditions are met:
1.    Current Public Information. Current information about the Company must be publicly available at the time of sale.
This condition is satisfied if the Company has filed its 10-Ks and 10-Qs timely for 12 months prior to the sale.
2.    Volume Limitations. The amount of securities of the Company that can be sold by an Affiliate of the Company during
any three-month period cannot exceed the greater of (i) 1% of the outstanding shares of the class or (ii) the average
weekly reported trading volume for shares of the class during the four calendar weeks preceding the filing of the
notice of sale referred to below.
3.    Manner of Sale. Securities of the Company to be sold by an Affiliate must generally be sold in transactions through
brokers or directly to certain dealers.
4.    Notice of Sale. Beginning April 13, 2023, an Affiliate seller must file a notice of the proposed sale on Form 144 with
the SEC at the time the order to sell is placed with their broker. The Company’s stock plan administrator, Fidelity
Brokerage Services LLC (“Fidelity”), can handle this filing. Please contact the Legal Department to coordinate a
filing with Fidelity.
•    Exception: No Form 144 needs to be filed if the amount to be sold neither exceeds 5,000 shares nor
involves sale proceeds greater than $50,000.

4.    Filing Requirements
A.    Forms 3, 4 and 5.
Under Section 16(a) of the Exchange Act, insiders subject to Section 16(b) must file with the SEC and the New York Stock
Exchange public reports disclosing their holdings of and transactions involving the Company’s securities. Copies of these reports
must also be submitted to the Company.
Form 3: An initial report on Form 3 must be filed by every insider within 10 days after election or appointment disclosing
all equity securities of the Company beneficially owned by the reporting person on the date they became an insider. Even if
no securities were owned on that date, the insider must file a report.
Form 4: Any subsequent change in the nature or amount of beneficial ownership by the insider must be reported on Form
4 and filed by the end of the second business day following the date of the transaction.
Form 5: Certain de minimis transactions may be reported on a Form 5 filed within 45 days after the Company’s fiscal
year end. Transactions that should have been, but were not, reported on a Form 4 and transactions that were not reported
on a Form 4 must be reported on a Form 5.
What Must Be Reported:
•    Purchases and Sales.
•    Option Exercises.
•    Grants under the Company’s stock benefit plans.
•    All changes in the amount or the form (i.e., direct or indirect) of beneficial ownership (not just purchases and
sales), including gifts and receipt of share dividends, must be reported.
•    A Section 16 officer or director who has ceased to be a Section 16 officer or director must report any transactions
after termination that occur within six months of any non-exempt, “opposite-way” transaction that occurred while
the person was an insider (example: if a former Section 16 officer who purchased shares three months prior to
retirement sells shares within two months after retirement, they must report the sale even though it occurred after
leaving the Company).
•    Generally, securities of the Company beneficially owned through partnerships, corporations, trusts, estates, and by
family members are subject to reporting. Absent countervailing facts, an insider is presumed to be the beneficial
owner of securities held by their spouse and other family members sharing the same home.

B.    Guidelines.
All directors and Section 16 officers of the Company must notify the Company’s Section 16 Group (*********)
regarding any transactions or changes in their or their family members’ beneficial ownership involving the Company’s securities.
This notification must be sent prior to the completion of the transaction or change (so that the applicable filing deadlines can be
met. This will ensure that the notice will be received and acted upon in a timely manner in the event that any one person is absent
on any particular day. Once such notification has been received, any required reports will be prepared by the Company, submitted
for review by the appropriate director or Section 16 officer, as appropriate, and filed electronically with the SEC.

Exhibit 21.1
W. P. CAREY INC.
SUBSIDIARIES OF REGISTRANT
Name of Subsidiary
Ownership
State or Country of
Incorporation
24 HR TX (TX) Limited Partnership
100 %
Delaware
24 HR-TX (MD) Business Trust
100 %
Maryland
24 HR-TX GP (TX) QRS 12-66, Inc.
100 %
Delaware
25th Street Storage 18 (FL) LLC
100 %
Delaware
3265 University Parkway Storage 18 (FL) LLC
100 %
Delaware
5150 University Parkway Storage 18 (FL) LLC
100 %
Delaware
ADCIR (CO) QRS 16-60, Inc.
100 %
Delaware
ADCIR EXP (CO) LLC
100 %
Delaware
ADVA 15 (GA) LLC
100 %
Delaware
ADV-QRS 15 (GA) QRS 15-4, Inc.
100 %
Delaware
AFD (MN) LLC
100 %
Delaware
AGNL CROWN CANADA NOMINEE CORP
100 %
Canada
AGNL PUNCH CANADA NOMINEE CORP
100 %
Canada
AIR (IL) QRS 14-48, Inc.
100 %
Delaware
AIR ENT (OH) LLC
100 %
Delaware
Airliq II (IL) LLC
100 %
Delaware
Airport Storage 18 (FL) LLC
100 %
Delaware
Alamo WPC Storage (TX) LLC
100 %
Delaware
ALAN JATHOO JV (MULTI) LLC
100 %
Delaware
ALL-IN (PA-OH) LLC
100 %
Delaware
Alphabet Multi Holding (CAN) ULC
100 %
Canada
ALUSA (TX) Limited Partnership
100 %
Delaware
ALUSA-GP (TX) QRS 16-72, Inc.
100 %
Delaware
ALUSA-LP (DE) QRS 16-73, Inc.
100 %
Delaware
American GL Cathedral Storage 17 (CA) LLC
100 %
Delaware
American GL Pearl Storage 17 (HI) LLC
100 %
Delaware
American JH Storage 17 (Multi) LLC
100 %
Delaware
American Subsequent Storage 17 (Multi) LLC
100 %
Delaware
American WPC Storage (Multi) LLC
100 %
Delaware
American WPC Storage TRS 17-1 (DE) Inc.
100 %
Delaware
AMTOLL (NM) QRS 14-39, INC.
100 %
Delaware
Ang (Multi) LLC
100 %
Delaware
Ang II (Multi) LLC
100 %
Delaware
Ang III (Multi) LLC
100 %
Delaware
ANTH Campus (CA) LLC
100 %
Delaware
Appleton Store, LLC
100 %
Wisconsin
Applied Utah (UT) QRS 14-76, Inc.
100 %
Delaware
Araxos Sp. z o.o.
100 %
Poland
Arboretum Group, L.L.C.
100 %
Wisconsin
ARNOLD POLYMER (MULTI) LP
100 %
Delaware
ARNOLD POLYMER GP (MULTI) LLC
100 %
Delaware
Assembly (MD)
100 %
Maryland
ATCHI (IL) LLC
100 %
Delaware
Atlanta Self Storage 18 (GA) LLC
100 %
Delaware

SUBSIDIARIES OF REGISTRANT (Continued)
Name of Subsidiary
Ownership
State or Country of
Incorporation
Auto (FL) QRS 11-39, Inc.
100 %
Florida
Auto Investor 17 (DE) LLC
100 %
Delaware
AutoPress (GER) LLC
100 %
Delaware
Autosafe Airbag 14 (CA) LP
100 %
Delaware
Avondale Storage GP 18 (LA) LLC
100 %
Delaware
Avondale Storage Owner 18 (LA) LP
100 %
Delaware
AW WPC (KY) LLC
100 %
Delaware
AZO Driver (DE) LLC
100 %
Delaware
AZO Mechanic (DE) LLC
100 %
Delaware
AZO Navigator (DE) LLC
100 %
Delaware
AZO Valet (DE) LLC
100 %
Delaware
AZO-A L.P.
100 %
Delaware
AZO-B L.P.
100 %
Delaware
AZO-C L.P.
100 %
Delaware
AZO-D L.P.
100 %
Delaware
Baltic Retail Properties IISUTI UAB
70 %
Lithuania
Barn Cement (TX) LLC
100 %
Delaware
BASHFUL (MULTI) LLC
100 %
Delaware
BASTROP STORAGE GP (TX) LLC
100 %
Delaware
BASTROP STORAGE (TX) LP
100 %
Delaware
BBQ Storage 17 (NY) LLC
100 %
Delaware
BBrands (Multi) QRS 16-137, Inc.
100 %
Delaware
BDF (CT) QRS 16-82, Inc.
100 %
Delaware
Bear T (OH) LLC
100 %
Delaware
Beaumont Storage 17 (CA) LLC
100 %
Delaware
Beechnut Storage 18 (TX) LLC
100 %
Delaware
Beechnut Storage Owner 18 (TX) LP
100 %
Delaware
BEL BTS (SC) LLC
100 %
Delaware
Berrocal Sp. z o.o.
100 %
Poland
Beverage (GER) QRS 16-141 LLC
100 %
Delaware
BFS (DE) LP
100 %
Delaware
BFS (DE) QRS 14-74, Inc.
100 %
Delaware
BG FEE OWNER (KY) LLC
100 %
Delaware
BG Ground Terminal (CA) LLC
100 %
Delaware
BG Terminal (CA) LLC
100 %
Delaware
BG Terminal Investor (CA) LLC
100 %
Delaware
BG Terminal Investor II LP
100 %
Delaware
Billboard Blackwood (NJ) LLC
100 %
Delaware
Billboard Flemington (NJ) LLC
100 %
Delaware
Billboard Laurel 295 (NJ) LLC
100 %
Delaware
Billboard Laurel 38 (NJ) LLC
100 %
Delaware
Billboard Laurel Ems (NJ) LLC
100 %
Delaware
Billboard Laurel Ems Easement (NJ) LLC
100 %
Delaware
Billboard Pennsauken 38 (NJ) LLC
100 %
Delaware
Billboard Pennsauken 70 (NJ) LLC
100 %
Delaware
Billboard Raritan (NJ) LLC
100 %
Delaware
Billboard Sicklerville (NJ) LLC
100 %
Delaware
Billboard West Whiteland (PA) LLC
100 %
Delaware

SUBSIDIARIES OF REGISTRANT (Continued)
Name of Subsidiary
Ownership
State or Country of
Incorporation
Bill-GP (TX) QRS 14-56, Inc.
100 %
Delaware
Bill-MC 14 LP
90 %
Delaware
Blair Road Storage 18 (DC) LLC
100 %
Delaware
BM-LP (TX) QRS 14-57, Inc.
100 %
Delaware
BMOC-HOU GP Holder (TX) LLC
100 %
Delaware
BMOC-HOU (TX) LP
100 %
Delaware
BMOC-MIA (FL) LLC
100 %
Delaware
BMOC-ORL (FL) LLC
100 %
Delaware
BN(MA) QRS 11-58, Inc.
100 %
Delaware
BOBS (CT) QRS 16-25, Inc.
100 %
Delaware
Bohr Bolt (OH) LLC
100 %
Delaware
Bohr Bolt II (OH) LLC
100 %
Delaware
Bolder (CO) QRS 11-44, Inc.
100 %
Delaware
Bolt (DE) Limited Partnership
100 %
Delaware
Bolt (DE) QRS 15-26, Inc.
100 %
Delaware
Bolt (DE) Trust
100 %
Maryland
BORLAND (MN) LLC
100 %
Delaware
BOS West (MA) LLC
100 %
Delaware
Bplast 16 Manager (DE) QRS 16-129, Inc.
100 %
Delaware
Bplast 16 Member (DE) QRS 16-128, Inc.
100 %
Delaware
Bplast 17 Member (DE) LLC
100 %
Delaware
Bplast Expansion Landlord (IN) LLC
100 %
Delaware
Bplast Expansion Member (IN) 17 LLC
100 %
Delaware
Bplast Landlord (DE) LLC
100 %
Delaware
Bplast Two Landlord (IN) LLC
100 %
Delaware
Bplast Two Manager (IN) QRS 16-152, Inc.
100 %
Delaware
Bplast Two Member (IN) 17 LLC
100 %
Delaware
Bplast Two Member (IN) QRS 16-151, Inc.
100 %
Delaware
BPS Nevada, LLC
15 %
Delaware
Breaking Pat (CAN) I LP
100 %
Canada
Breaking Pat Nominee Corp.
100 %
Canada
Breaking Pat (US) I LLC
100 %
Delaware
Bronson Storage 18 (FL) LLC
100 %
Delaware
BRY-PL (DE) Limited Partnership
100 %
Delaware
BRY-PL (MD) Trust
100 %
Maryland
BRY-PL GP (DE) QRS 15-57, Inc.
100 %
Delaware
BSL Caldwell (NC) LLC
100 %
Delaware
BST Torrance Landlord (CA) QRS 14-109, Inc.
100 %
Delaware
BT (Multi) LLC
100 %
Delaware
BT (PA) QRS 12-25, Inc.
100 %
Pennsylvania
BUCKLE UP (MX) LLC
100 %
Delaware
BUD HEAVY (MN) LLC
100 %
Delaware
Build (CA) QRS 12-24, Inc.
100 %
California
BUILT IN A DAY (NY) LLC
100 %
Delaware
BUSTED MANAGER (CA) LLC
100 %
Delaware
Buyersburg (IN) LLC
100 %
Delaware
C3PL (MI) LLC
100 %
Delaware
Camborne Sp. z o.o.
100 %
Poland

SUBSIDIARIES OF REGISTRANT (Continued)
Name of Subsidiary
Ownership
State or Country of
Incorporation
Can Storage 18 (TOR) LLC
100 %
Delaware
Canelli Sp. z o.o.
100 %
Poland
Cantina 17 Landlord (IL) LLC
100 %
Delaware
Cantina 17 Manager (IL) LLC
100 %
Delaware
Can-Two (DE) QRS 12-67, Inc.
100 %
Delaware
Carey 17 Harmon LLC
100 %
Delaware
Carey Alfabeto Holding Mx, S. de R.L. de C.V.
100 %
Mexico
Carey Alfabeto Landlord Mx, S. de R.L. de C.V.
100 %
Mexico
Carey Alphabet (DE) Inc.
100 %
Delaware
Carey Alphabet B.V.
100 %
Netherlands
Carey Alphabet II GP LLC
100 %
Delaware
CAREY ALPHABET II (CAN) LP
100 %
Canada
Carey Alphabet (DE) LP
100 %
Delaware
Carey Alphabet GP LLC
100 %
Delaware
Carey Alphabet II (US) LLC
100 %
Delaware
Carey Alphabet II (US) GP LLC
100 %
Delaware
CAREY ALPHABET II NOMINEE CORP.
100 %
Canada
CAREY ALPHABET PROPERTIES II (MULTI) LLC
100 %
Delaware
Carey Asset Management Corp.
100 %
Delaware
Carey Asset Management Dallas LLC
100 %
Delaware
Carey Credit Advisors, LLC
100 %
Delaware
Carey European Management LLC
100 %
Delaware
Carey European SH, LLC
100 %
Delaware
Carey Management LLC
100 %
Delaware
Carey Market LLC
100 %
Delaware
CAREY MARKET LENDER (NV) LLC
100 %
Delaware
Carey REIT II, Inc.
100 %
Maryland
Casting Landlord (GER) QRS 16-109 LLC
100 %
Delaware
Casting Member (GER) QRS 16-108 LLC
100 %
Delaware
CAT LOG (WI) LLC
100 %
Delaware
CATALINA WM (OR) LLC
100 %
Delaware
Cathedral City Storage 17 (CA) LLC
100 %
Delaware
Cherry Valley Storage 17 (IL) LLC
100 %
Delaware
CHIRO MANAGER (DE) LLC
100 %
Delaware
CIP 18 (NY) MEZZ LLC
100 %
Delaware
CIP Acquisition Incorporated
100 %
Maryland
Citrus Heights (CA) GP, LLC
100 %
Delaware
CIV-News GP (DE) LLC
100 %
Delaware
CIV-News (Multi) LP
100 %
Delaware
Clean (KY) LLC
100 %
Delaware
Clean (KY) QRS 16-22, Inc.
100 %
Delaware
CM6-GROUND (MULTI) LLC
100 %
Delaware
CM6-Hotel (Multi) LLC
100 %
Delaware
CMAR 18 Investor (DE) LLC
100 %
Delaware
CMAR Hotel Landlord 18 (Mauritius) Ltd
100 %
Mauritius
CM Nathan (MN) LLC
100 %
Delaware
Coco (WY) QRS 16-51, Inc.
100 %
Delaware
Coco-Dorm (PA) QRS 16-52, Inc.
100 %
Delaware

SUBSIDIARIES OF REGISTRANT (Continued)
Name of Subsidiary
Ownership
State or Country of
Incorporation
Coco-Dorm (PA) Trust
100 %
Maryland
Coco-Dorm (PA), LP
100 %
Delaware
CONTRATO DE FIDEICOMISO IRRV DE ADM NUMBER 5746
100 %
Mexico
Contrato de Fideicomiso Irrevocable Traslativo de Dominio en Zona Restringida y de Administracion
numero 3908
100 %
Mexico
Contrato De Fideicomiso Revocable de Administracion de Bienes Inmuebles Numero 3801
100 %
Mexico
CONTRATO DE FIDEICOMISO REVOCABLE DE ADMINISTRACION DE BIENES INMUEBLES
NUMERO 3890
100 %
Mexico
Contrato De Fideicomiso Revocable de Adminstracion de Bienes Inmuebles Numero 3968
100 %
Mexico
Consys (SC) QRS 16-66, Inc.
100 %
Delaware
Consys-9 (SC) LLC
100 %
Delaware
Containers (DE) Limited Partnership
100 %
Delaware
Containers (DE) QRS 15-36, Inc.
100 %
Delaware
COOP (GA) LLC
100 %
Delaware
Corporate Property Associates
100 %
California
Corporate Property Associates 15 Incorporated
100 %
Maryland
Corporate Property Associates 4, A California Limited Partnership
100 %
California
Corporate Property Associates 6, A California Limited Partnership
100 %
California
Corporate Property Associates 9, L.P., A Delaware Limited Partnership
100 %
Delaware
Courtyard Albuquerque Airport Operator LLC
100 %
Delaware
Courtyard Baltimore Washington Airport Operator LLC
100 %
Delaware
Courtyard Chicago OHare Operator LLC
100 %
Delaware
Courtyard Indianapolis Airport Operator LLC
100 %
Delaware
Courtyard Irvine John Wayne Airport Operator LLC
100 %
Delaware
Courtyard Louisville East Operator LLC
100 %
Delaware
Courtyard Newark Liberty international Airport Operator LLC
100 %
Delaware
Courtyard Orlando Airport Operator LLC
100 %
Delaware
Courtyard Orlando International Drive Convention Center Operator LLC
100 %
Delaware
Courtyard Sacramento Operator LLC
100 %
Delaware
Courtyard San Diego Sorrento Operator LLC
100 %
Delaware
Courtyard Spokane Downtown Operator LLC
100 %
Delaware
COWBOY UP DG LLC
100 %
Delaware
CP GAL (IN) QRS 16-61, Inc.
100 %
Delaware
CP GAL Kennesaw, LLC
100 %
Delaware
CP GAL Leawood, LLC
100 %
Delaware
CP GAL Lombard, LLC
100 %
Delaware
CP GAL Plainfield, LLC
100 %
Delaware
CPA 15 Merger Sub Inc.
100 %
Maryland
CPA 16 LLC
100 %
Delaware
CPA 16 Merger Sub Inc.
100 %
Maryland
CPA 17 International Holding and Financing LLC
100 %
Delaware
CPA17 Merger Sub LLC
100 %
Maryland
CPA 17 Pan-European Holding Cooperatief U.A.
100 %
Netherlands
CPA 17 SB1 Lender LLC
100 %
Delaware
CPA 17 SB2 Lender LLC
100 %
Delaware
CPA 17 SBOP JV Member LLC
100 %
Delaware
CPA 17 SBPROP JV Member LLC
100 %
Delaware

SUBSIDIARIES OF REGISTRANT (Continued)
Name of Subsidiary
Ownership
State or Country of
Incorporation
CPA17 SBOP MANAGER LLC
100 %
Delaware
CPA17 SBPROP MANAGER LLC
100 %
Delaware
CPA 18 Con s.r.o.
100 %
Slovakia
CPA 18 GH Member LLC
100 %
Delaware
CPA 18 Integras JV (DE) LLC
100 %
Delaware
CPA 18 International Holding and Financing LLC
100 %
Delaware
CPA18 Merger Sub LLC
100 %
Maryland
CPA 18 Pan-European Holding Coöperatief U.A.
100 %
Netherlands
CPA 18 SH (TX) LIMITED PARTNER LLC
100 %
Delaware
CPA 18 SH (TX) Special General Partner LLC
100 %
Delaware
CPA Paper, Inc.
100 %
Delaware
CPA:17 Limited Partnership
100 %
Delaware
CPA:18 Limited Partnership
100 %
Delaware
CPA16 German (DE) Limited Partnership
100 %
Delaware
CPA16 German GP (DE) QRS 16-155, Inc.
100 %
Delaware
CPA-CS Holdings LP
90 %
Delaware
CQ Landlord (MI) LLC
100 %
Delaware
CQ Landlord (Multi) LLC
100 %
Delaware
CQ Mezz Manager (Multi) LLC
100 %
Delaware
Crafty (AL) LLC
100 %
Delaware
Crate (GER) QRS 16-142 LLC
100 %
Delaware
CRI (AZ-CO) QRS 16-4, Inc.
100 %
Delaware
Crystal Lake Storage 18 (IL) LLC
100 %
Delaware
CS-GP 18 (TOR) LLC
100 %
Delaware
Cups (DE) LP
100 %
Delaware
Cups Number One (DE) LLC
100 %
Delaware
Cusona Sp. z o.o.
100 %
Poland
CU-SOL (VA) LLC
100 %
Delaware
Dan (FL) QRS 15-7, Inc.
100 %
Delaware
Darnekusa sp. z o. o.
100 %
Poland
DCNETH Landlord (NL) LLC
100 %
Delaware
DCNETH Member (NL) QRS 15-102 Inc.
100 %
Delaware
Delaware Frame (TX), LP
100 %
Delaware
Delmo (DE) QRS 11/12-1, Inc.
100 %
Delaware
Delmo (PA) QRS 11-36
100 %
Pennsylvania
Delmo (PA) QRS 12-10
100 %
Pennsylvania
Delmo 11/12 (DE) LLC
100 %
Delaware
Desert Storage 18 (CA) LP
100 %
Delaware
Desert Storage GP 18 (CA) LLC
100 %
Delaware
DES-Tech GP (TN) QRS 16-49, Inc.
100 %
Delaware
DES-Tech LP (TN) QRS 16-50, Inc.
100 %
Delaware
Dfence (Belgium) 16 SRL
100 %
Belgium
Dfend 15 LLC
100 %
Delaware
Dfend 16 LLC
100 %
Delaware
DGB (LA-OH) LLC
100 %
Delaware
DGB BUYER ONE (OH) LLC
100 %
Delaware
DGB BUYER ONE (WI) LLC
100 %
Delaware
DGB BUYER SIX (WI) LLC
100 %
Delaware

SUBSIDIARIES OF REGISTRANT (Continued)
Name of Subsidiary
Ownership
State or Country of
Incorporation
DGB BUYER THREE (NY) LLC
100 %
Delaware
DGB BUYER THREE (WI) LLC
100 %
Delaware
DGB BUYER TWO (IL) LLC
100 %
Delaware
DGB BUYER TWO (OH) LLC
100 %
Delaware
DGB BUYER (MULTI) LLC
100 %
Delaware
DGB BUYER (PA) LLC
100 %
Delaware
DGB BUYER FIVE (WI) LLC
100 %
Delaware
DGB BUYER FOUR (WI) LLC
100 %
Delaware
DGB BUYER ONE (IL) LLC
100 %
Delaware
DGB BUYER ONE (NY) LLC
100 %
Delaware
DGB BUYER SEVEN (WI) LLC
100 %
Delaware
DGB BUYER THREE (IL) LLC
100 %
Delaware
DGB BUYER TWO (NY) LLC
100 %
Delaware
DGB BUYER TWO (WI) LLC
100 %
Delaware
DGB MANAGER (MULTI) LLC
100 %
Delaware
DG ZULU (MULTI) LLC
100 %
Delaware
Diagalves Sp. z o.o.
100 %
Poland
DIFUSÃO – SOCIEDADE IMOBILIÁRIA S.A.
100 %
Portugal
DIY Poland Sp. z o.o.
100 %
Poland
DKSN Storage 18 (TX) LLC
100 %
Delaware
DOPEY (WI) LLC
100 %
Delaware
DOPPIO (IL) LLC
100 %
Delaware
Dough (DE) QRS 14-77, Inc.
100 %
Delaware
Dough (MD)
100 %
Maryland
Dough Lot (DE) QRS 14-110, Inc.
100 %
Delaware
Dough Lot (MD)
100 %
Maryland
DP Realty Holdings, LLC
100 %
Indiana
DP WPC (TX) LLC
100 %
Delaware
Drill (DE) Trust
100 %
Maryland
Drill GmbH & Co. KG
100 %
Germany
DSG (IN) QRS 15-44, Inc.
100 %
Delaware
DSG GP (PA) QRS 14-103, Inc.
100 %
Delaware
DSG Landlord (PA) L.P.
100 %
Delaware
DSG LP (PA) Trust
100 %
Maryland
DT Memphis New TRS (DE) LLC
100 %
Delaware
DYNAMITE (MULTI) LLC
100 %
Delaware
Dyne (DE) LP
100 %
Delaware
ED Landlord (GA) LLC
100 %
Delaware
Ed Landlord Two (DE) LLC
100 %
Delaware
El Paso Six Storage 18 (TX) LLC
100 %
Delaware
ELECTRIC TRUSTOR (MX) LLC
100 %
Delaware
Eleventh Storage 18 (GA) LLC
100 %
Delaware
ELL (GER) QRS 16-37, Inc.
100 %
Delaware
European Fund Investor LLC
100 %
Delaware
Fabric (DE) GP
100 %
Delaware
Fast (DE) QRS 14-22, Inc.
100 %
Delaware
Faur WPC (OH) LLC
100 %
Delaware
Faverga Sp. z o.o.
100 %
Poland

SUBSIDIARIES OF REGISTRANT (Continued)
Name of Subsidiary
Ownership
State or Country of
Incorporation
Fayetteville Storage 17 (NC) LLC
100 %
Delaware
Fernandina Beach Storage 18 (FL) LLC
100 %
Delaware
FELIX (MULTI) LLC
100 %
Delaware
Film (FL) QRS 14-44, Inc.
100 %
Delaware
Finistar (CA-TX) Limited Partnership
100 %
Delaware
Finistar GP (CA-TX) QRS 16-21, Inc.
100 %
Delaware
Finistar LP (DE) QRS 16-29, Inc.
100 %
Delaware
FIRED UP (IL) LLC
100 %
Delaware
FIS (MI) LLC
100 %
Delaware
Fit(TX)GP QRS 12-60, Inc.
100 %
Delaware
Fit(TX) LP
100 %
Delaware
Fit(TX) Trust
100 %
Maryland
Flan 1 (IL) LLC
100 %
Delaware
Flan 4 (Multi) LLC
100 %
Delaware
Flan Hud (NY) LLC
100 %
Delaware
Flatlands Self Storage NYC Mezz, LLC
100 %
Delaware
Flatlands Self Storage NYC, LLC
100 %
Delaware
Flavortown (IL) LLC
100 %
Delaware
Flex (NE) LLC
100 %
Delaware
Flex Member (NE) LLC
100 %
Delaware
Flipper (FL) LLC
100 %
Delaware
FLOUR POWER (CAN) LLC
100 %
Delaware
FLOUR POWER (ID) LLC
100 %
Delaware
FLOUR POWER (IL) LLC
100 %
Delaware
FLOUR POWER (MULTI) LLC
100 %
Delaware
FLOUR POWER (UT) LLC
100 %
Delaware
FLUX CAPACITOR 121 GW LLC
100 %
Delaware
FM Naples Storage 18 (FL) LLC
100 %
Delaware
Food (DE) QRS 12-49, Inc.
100 %
Delaware
Forever Metal (QC) Ltd.
100 %
Canada
FORT-BEN HOLDINGS (ONQC) LTD.
100 %
Canada
FORT-NOM HOLDINGS (ONQC) INC.
100 %
Canada
Forterra Canada GP LLC
100 %
Delaware
Forterra Canada Holdings LP
100 %
Delaware
Fortune Road Storage 18 (FL) LLC
100 %
Delaware
Foss (NH) QRS 16-3, Inc.
100 %
Delaware
Four World Landlord (GA) LLC
100 %
Delaware
Four World Manager (GA) LLC
100 %
Delaware
Frame (TX) QRS 14-25, Inc.
100 %
Delaware
Freight (IL) LLC
100 %
Delaware
FRO 16 (NC) LLC
100 %
Delaware
FRO Man Member 17 (NC) LLC
100 %
Delaware
FRO Spin (NC) LLC
100 %
Delaware
Furniture Exch Manager (WI) LLC
100 %
Delaware
Furniture Exch Manager Too (WI) LLC
100 %
Delaware
Furniture Owner (WI) LLC
100 %
Delaware
Furniture Owner Too (WI) LLC
100 %
Delaware
GAINS (AZ) LLC
100 %
Delaware

SUBSIDIARIES OF REGISTRANT (Continued)
Name of Subsidiary
Ownership
State or Country of
Incorporation
GAINS EXCH MANAGER LLC
100 %
Delaware
GAINS LAVEEN (AZ) LLC
100 %
Delaware
GAINS MESA (AZ) LLC
100 %
Delaware
GAINS VEGAS (NV) LLC
100 %
Delaware
GAL III (IN) QRS 15-49, Inc.
100 %
Delaware
GAL III (NJ) QRS 15-45, Inc.
100 %
Delaware
GAL III (NY) QRS 15-48, Inc.
100 %
Delaware
Galadean Sp. z o.o.
100 %
Poland
Galleria Storage 18 (TX) LLC
100 %
Delaware
GEMCHI (IL) LLC
100 %
Delaware
GERB TOLLAND QRS (CT) 16 Inc.
100 %
Delaware
GFY San Diego (CA) LP
100 %
Delaware
GFY SAN DIEGO EXCHANGE MANAGER (CA) LLC
100 %
Delaware
GFY SAN DIEGO GP (CA) LLC
100 %
Delaware
Gilroy Storage GP 18 (CA) LLC
100 %
Delaware
Gilroy Storage Owner 18 (CA) LP
100 %
Delaware
GIVE ME A BRAKE (OH) LLC
100 %
Delaware
Global Cerit, SL
100 %
Spain
Global Pumarejo S.L.
100 %
Spain
Global Tavascan SLU
100 %
Spain
Go Green (OH) LLC
100 %
Delaware
Goldyard, S.L.
100 %
Spain
GONE FISHING (PA) LLC
100 %
Delaware
Granite Landlord (GA) LLC
100 %
Delaware
GRC (TX) Limited Partnership
100 %
Delaware
GRC (TX) Trust
100 %
Maryland
GRC-II (TX) Limited Partnership
100 %
Delaware
Greens (Finland) QRS 16-14, Inc.
100 %
Delaware
Greens Shareholder (Finland) QRS 16-16, Inc.
100 %
Delaware
Greensboro Storage GP 18 (NC) LLC
100 %
Delaware
Greensboro Storage Owner 18 (NC) LP
100 %
Delaware
GROVEPORT OWNER (OH) LLC
100 %
Delaware
Guggenheim Credit Income Fund
3 %
Delaware
Guitar Mass (TN) QRS 14-36, Inc.
100 %
Delaware
Guitar Plus (TN) QRS 14-37, Inc.
100 %
Delaware
H2 17 Investor (GER) LLC
100 %
Delaware
H2 Investor (GER) QRS 14-104 LLC
100 %
Delaware
H2 Investor (GER) QRS 15-91, Inc.
100 %
Delaware
H2 Investor (GER) QRS 16-100, Inc.
100 %
Delaware
Hammer (DE) Limited Partnership
100 %
Delaware
Hammer (DE) LP QRS 12-65, Inc.
100 %
Delaware
Hammer (DE) LP QRS 14-100, Inc.
100 %
Delaware
Hammer (DE) LP QRS 15-33, Inc.
100 %
Delaware
Hammer (DE) QRS 15-32, Inc.
100 %
Delaware
Hammer (DE) Trust
100 %
Maryland
Hammer Time (TX) LLC
100 %
Delaware
Hammer Time Owner (TX) LP
100 %
Delaware
Hammered Home (OH) LLC
100 %
Delaware

SUBSIDIARIES OF REGISTRANT (Continued)
Name of Subsidiary
Ownership
State or Country of
Incorporation
Hans Gruber Godo Kaisha
100 %
Japan
HAPPY (NC) LLC
100 %
Delaware
HAPPY GP (NC) LLC
100 %
Delaware
Hawk JV Landlord Two (IA) LLC
90 %
Delaware
Hawk Landlord (IA) LLC
100 %
Delaware
Hawk Landlord Two (IA) LLC
90 %
Delaware
Hawk Two (IA) LLC
100 %
Delaware
HCF GP (CA) LLC
100 %
Delaware
HCF Landlord (CA) LP
100 %
Delaware
HEF (NC-SC) QRS 14-86, Inc.
100 %
Delaware
Hellweg GmbH & Co. Vermögensverwaltungs KG
100 %
Germany
Hesperia Storage 17 (CA) LLC
100 %
Delaware
HF Landlord (SC) LLC
100 %
Delaware
HF Member (SC) LLC
100 %
Delaware
HF Three Landlord (SC) LLC
100 %
Delaware
HF Two Landlord (SC) LLC
100 %
Delaware
HILLTOP SH VENTURE (TX) LP
90 %
Delaware
HIPPOCRATES (MULTI) LLC
100 %
Delaware
HLWG B Note Purchaser (DE) LLC
100 %
Delaware
HLWG Two (GER) LLC
100 %
Delaware
HOAGIES (FL) LLC
100 %
Delaware
HOB (TX) LLC
100 %
Delaware
HOCUS POCUS STORAGE LLC
100 %
Delaware
HP STORAGE OWNER LLC
100 %
Delaware
Hoe Management GmbH
100 %
Germany
Holiday Storage 17 (FL) LLC
100 %
Delaware
Honey Badger GP LLC
100 %
Delaware
Honey Badger (NC) LP
100 %
Delaware
HOT AIR (CANADA) LLC
100 %
Delaware
HOT AIR (MULTI) LLC
100 %
Delaware
HOT AIR NOMINEE CORP.
100 %
Delaware
Hotel Airport Stuttgart Grundstücks GmbH
95 %
Germany
Hotel (MN) QRS 16-84, Inc.
100 %
Delaware
Hotel Operator (MN) TRS 16-87, Inc.
100 %
Delaware
House Money (Multi) LLC
100 %
Delaware
Hulikoa Kona Storage 18 (HI) LLC
100 %
Delaware
Hum (DE) QRS 11-45, Inc.
100 %
Delaware
Humbert (Ontario) I LLC (fka Shelf 1 (Canada) LLC)
100 %
Delaware
Humbert (Ontario) II LLC (fka Shelf 2 (Canada) LLC)
100 %
Delaware
HUMBERT NOMINEE CORP.
100 %
Canada
HUMBERT II NOMINEE CORP.
100 %
Canada
Humble Storage 18 (TX) LLC
100 %
Delaware
Huntwood (TX) Limited Partnership
100 %
Delaware
Huntwood (TX) QRS 16-8, Inc.
100 %
Delaware
ICG (TX) Limited Partnership
100 %
Delaware
ICG-GP (TX) QRS 15-3, Inc.
100 %
Delaware
ICG-LP (TX) Trust
100 %
Maryland
ID Wheel (FL) LLC
100 %
Delaware

SUBSIDIARIES OF REGISTRANT (Continued)
Name of Subsidiary
Ownership
State or Country of
Incorporation
IDrive Mezz Lender (FL) LLC
100 %
Delaware
IH37 Storage 18 (TX) LLC
100 %
Delaware
Ijobbers (DE) QRS 14-41, Inc.
100 %
Delaware
Ijobbers LLC
100 %
Delaware
IM NOT A FREIGHT MX LLC
100 %
Delaware
Image (NY) QRS 16-67, Inc.
100 %
Delaware
Industrial Center 7 Sp. z o.o.
100 %
Poland
INGESCORP 2008, S.L.
100 %
Spain
Initiator (CA) QRS 14-62, Inc.
100 %
Delaware
Ithaca Storage 18 (NY) LLC
100 %
Delaware
Jamaica (IL) LLC
100 %
Delaware
Jamesinvest SRL
100 %
Belgium
Jandoor (MULTI) LLC
100 %
Delaware
JARVIS (NJ) LLC
100 %
Delaware
JARVIS MANAGER (NJ) LLC
100 %
Delaware
Jen (MA) QRS 12-54, Inc.
100 %
Delaware
Jensen Beach Storage 18 (FL) LLC
100 %
Delaware
Joan Storage 18 (FL) LLC
100 %
Delaware
John McCLane (NY) LLC
100 %
New York
JX STORAGE (MULTI) 1 LLC
100 %
Delaware
JX STORAGE (MULTI) 2 LLC
100 %
Delaware
Kabushiki Kaisha Mure Property
100 %
Japan
Kaloko Storage 18 (HI) LLC
100 %
Delaware
KIDNEY BEANS (TN) LLC
100 %
Delaware
KITKAT (IL) LLC
100 %
Delaware
KNOT JUST A SNACK (MULTI) LLC
100 %
Delaware
KNOX SPRING STORAGE (TN) LLC
100 %
Delaware
KRO (IL) LLC
100 %
Delaware
KSM Cresskill (NJ) QRS 16-80, Inc.
100 %
Delaware
KSM Livingston (NJ) QRS 16-76, INC.
100 %
Delaware
KSM Montclair (NJ) QRS 16-78, INC.
100 %
Delaware
KSM Morristown (NJ) QRS 16-79, INC.
100 %
Delaware
KSM Summit (NJ) QRS 16-75, Inc.
100 %
Delaware
Labels-Ben (DE) QRS 16-28, Inc.
100 %
Delaware
Labrador (AZ) LP
100 %
Delaware
Lady L Storage 18 (FL) LLC
100 %
Delaware
Lake Street Storage 17 (IL) LLC
100 %
Delaware
LASER GP (CA) LLC
100 %
Delaware
LASER LANDLORD (CA) LP
100 %
Delaware
Leather (DE) QRS 14-72, Inc.
100 %
Delaware
Leesburg Storage 18 (FL) LLC
100 %
Delaware
Lewisville Dealer 17 (TX) LLC
100 %
Delaware
Lincoln (DE) LP
100 %
Delaware
Longboom (Finland) QRS 16-131, Inc.
100 %
Delaware
Longboom Finance (Finland) QRS 16-130, Inc.
100 %
Delaware
Louisville Storage 18 (KY) LLC
100 %
Delaware
Loznica d.o.o.
100 %
Croatia
LPD (CT) QRS 16-132, Inc.
100 %
Delaware

SUBSIDIARIES OF REGISTRANT (Continued)
Name of Subsidiary
Ownership
State or Country of
Incorporation
LPORT (WA-TX) QRS 16-92, Inc.
100 %
Delaware
LPORT 2 (WA) QRS 16-147, Inc.
100 %
Delaware
LT Fit (AZ-MD) LLC
100 %
Delaware
LTI (DE) QRS 14-81, Inc.
100 %
Delaware
LTI Trust (MD)
100 %
Maryland
LV LENDER 65 (NV) LLC
100 %
Delaware
LV Storage Portfolio 18 (NV) LLC
100 %
Delaware
Madde Investments Sp. z o.o.
100 %
Poland
Madison Storage NYC, LLC
100 %
Delaware
Mala-IDS (DE) QRS 16-71, Inc.
100 %
Delaware
Mallika PBJ LLC
100 %
Delaware
Mapinvest Delaware LLC
100 %
Delaware
Marcourt Investments Incorporated
100 %
Maryland
Master (DE) QRS 15-71, Inc.
100 %
Delaware
MBM-Beef (DE) QRS 15-18, Inc.
100 %
Delaware
MCDORMY (NY) LLC
100 %
Delaware
Medi (PA) Limited Partnership
100 %
Delaware
Medical (Multi) LLC
100 %
Delaware
Meri (NC) LLC
100 %
Delaware
MERI(NC)MM QRS 14-98, Inc.
100 %
Delaware
MET WST (UT) QRS 16-97, Inc.
100 %
Delaware
Metal (DE) QRS 14-67, Inc.
100 %
Delaware
Metal (GER) QRS 15-94, Inc.
100 %
Delaware
MFF Mezz (Multi) LLC
100 %
Delaware
Miami Storage 18 (FL) LLC
100 %
Delaware
Milford Storage 18 (MA) LLC
100 %
Delaware
Mill Storage 17 (CA) LLC
100 %
Delaware
Millsboro Storage 18 (DE) LLC
100 %
Delaware
MK (Mexico) QRS 16-48, Inc.
100 %
Delaware
MK GP BEN (DE) QRS 16-45, Inc.
100 %
Delaware
MK Landlord (DE) Limited Partnership
100 %
Delaware
MK LP Ben (DE) QRS 16-46, Inc.
100 %
Delaware
MK-Ben (DE) Limited Partnership
100 %
Delaware
MK-GP (DE) QRS 16-43, Inc.
100 %
Delaware
MK-LP (DE) QRS 16-44, Inc.
100 %
Delaware
MK-Nom (ONT), Inc.
100 %
Canada
MM(UT) QRS 11-59, Inc.
100 %
Delaware
Module (DE) Limited Partnership
100 %
Delaware
Mons (DE) QRS 15-68, Inc.
100 %
Delaware
MOPROBLEMS (MI) LLC
100 %
Delaware
More Applied Utah (UT) LLC
100 %
Delaware
Movie (VA) QRS 14-24, Inc.
100 %
Delaware
MR Lender (TX) LLC
100 %
Delaware
MSTEEL (IL) LLC
100 %
Delaware
MWI Investor 17 (TX) LP
100 %
Delaware
MWI Investor GP 17 (TX) LLC
100 %
Delaware
Nail (DE) Trust
100 %
Maryland
NAILED IT GP LLC
100 %
Delaware

SUBSIDIARIES OF REGISTRANT (Continued)
Name of Subsidiary
Ownership
State or Country of
Incorporation
NAILED IT (MULTI) LP
100 %
Delaware
NAKATOMI PLAZA (DE) LLC
100 %
Delaware
National Storage 17 (Multi) LLC
100 %
Delaware
New Castle Storage 18 (DE) LLC
100 %
Delaware
Nord (GA) QRS 16-98, Inc.
100 %
Delaware
Northwest Storage 17 (IL) LLC
100 %
Delaware
Olimpia Investments Sp. z o.o.
100 %
Poland
OLIVIA (IL) LLC
100 %
Delaware
OLIVIA (ON) HOLDINGS CORP.
100 %
Canada
OLIVIA (ONTARIO) LLC
100 %
Delaware
OPH Storage 17 (FL) LLC
100 %
Delaware
Optical (CA) QRS 15-8, Inc.
100 %
Delaware
Orb (MO) QRS 12-56, Inc.
100 %
Delaware
OSCAR (IL) LLC
100 %
Delaware
OTC (MULTI) LLC
100 %
Delaware
OTC RX Holdings ULC
100 %
Canada
OTC RX Nominee CORP.
100 %
Canada
OTC RX (ONTARIO) LLC
100 %
Delaware
OUI CHEF (MULTI) GP LLC
100 %
Delaware
OUI CHEF (MULTI) LP
100 %
Delaware
Overtape (CA) QRS 15-14, Inc.
100 %
Delaware
OX (AL) LLC
100 %
Delaware
OX-GP (AL) QRS 15-15, Inc.
100 %
Delaware
Pacpress (IL-MI) QRS 16-114, Inc.
100 %
Delaware
Pallet (FRA) SARL
100 %
France
Palm Bay Storage 18 (FL) LLC
100 %
Delaware
Panama Storage 18 (FL) LLC
100 %
Delaware
Panel (UK) QRS 14-54, Inc.
100 %
Delaware
Paper Limited Liability Company
100 %
Delaware
PDC Industrial Center 83 Sp. z o.o.
100 %
Poland
Pem (MN) QRS 15-39, Inc.
100 %
Delaware
Pend (WI) LLC
100 %
Delaware
Pend II (OH-IN) LLC
100 %
Delaware
PERFECT STORM (UT) LLC
100 %
Delaware
PET(TX)GP QRS 11-62, INC.
100 %
Delaware
Pet(TX) LP
100 %
Delaware
Pet(TX) Trust
100 %
Maryland
Pewaukee Development, LLC
100 %
Wisconsin
PG (Multi-16) L.P.
100 %
Delaware
PG (Multi-16) QRS 16-7, Inc.
100 %
Delaware
PG (Multi-16) Trust
100 %
Maryland
Pipe Portfolio GP LLC
100 %
Delaware
Pipe Portfolio Owner (Multi) LP
100 %
Delaware
Plants (Sweden) QRS 16-13, Inc.
100 %
Delaware
Plants Shareholder (Sweden) QRS 16-15, Inc.
100 %
Delaware
Plastic (DE) Limited Partnership
100 %
Delaware
Plastic (DE) QRS 15-56, Inc.
100 %
Delaware
Plastic (DE) Trust
100 %
Maryland

SUBSIDIARIES OF REGISTRANT (Continued)
Name of Subsidiary
Ownership
State or Country of
Incorporation
Plastic II (IL) LLC
100 %
Delaware
Plastic II (IL) QRS 16-27, Inc.
100 %
Delaware
Plastix (WI) LLC
100 %
Delaware
Plates (DE) QRS 14-63, Inc.
100 %
Delaware
Pleasant Hill GL 18 (FL) LLC
100 %
Delaware
Pleasant Hill Storage 18 (FL) LLC
100 %
Delaware
Pliers (DE) Trust
100 %
Maryland
Plum (DE) QRS 15-67, Inc.
100 %
Delaware
Pol (NC) QRS 15-25, Inc.
100 %
Delaware
Pold (GER) QRS 16-133 LLC
100 %
Delaware
Pole Landlord (LA-TX) LLC
100 %
Delaware
Polkinvest Sprl
100 %
Belgium
Poly (Multi) Limited Partnership
100 %
Delaware
Poly GP (Multi) QRS 16-35, Inc.
100 %
Delaware
Poly LP (MD) Trust
100 %
Maryland
Pompano Storage 18 (FL) LLC
100 %
Delaware
Portland Storage 18 (OR) LLC
100 %
Delaware
POUCH TWO (IN) LLC
100 %
Delaware
POWER MOVE (KY) LLC
100 %
Delaware
POWER MOVE MANAGER (KY) LLC
100 %
Delaware
PRA (OH) LLC
100 %
Delaware
Pratt Road Storage (AR) LLC
100 %
Delaware
Primo (MS) QRS 16-94, Inc.
100 %
Delaware
Print (WI) QRS 12-40, Inc.
100 %
Wisconsin
Projector (FL) QRS 14-45, Inc.
100 %
Delaware
Pump (MO) QRS 14-52, Inc.
100 %
Delaware
QRS 10-1 (ILL), Inc.
100 %
Illinois
QRS 10-18 (FL), LLC
100 %
Delaware
QRS 11-2 (AR), LLC
100 %
Delaware
QS ARK (DE) QRS 15-38, Inc.
100 %
Delaware
Rails (UK) QRS 15-54, Inc.
100 %
Delaware
RAISE THE PAR (IA) LLC
100 %
Delaware
Randolph/Clinton Limited Partnership
100 %
Delaware
Rankin Storage 18 (TX) LLC
100 %
Delaware
Rankin Storage Owner 18 (TX) LP
100 %
Delaware
REDEALER (NJ-PA) LLC
100 %
Delaware
Redrock Storage 18 (NV) LLC
100 %
Delaware
Rehoboth Storage 18 (DE) LLC
100 %
Delaware
REIT Brickan AB
100 %
Sweden
RI(CA) QRS 12-59, Inc.
100 %
Delaware
RII (CA) QRS 15-2, Inc.
100 %
Delaware
Rubbertex (TX) QRS 16-68, Inc.
100 %
Delaware
SAB (IA) LLC
100 %
Delaware
SALE-LEAFBACK (MN) LLC
100 %
Delaware
Salted Peanuts (LA) QRS 15-13, LLC
100 %
Delaware
SBOP INVESTOR LLC
100 %
Delaware
SBPROP INVESTOR LLC
100 %
Delaware
SCHNEI-ELEC (MA) LLC
100 %
Delaware

SUBSIDIARIES OF REGISTRANT (Continued)
Name of Subsidiary
Ownership
State or Country of
Incorporation
Sealtex (DE) QRS 16-69, Inc.
100 %
Delaware
Sebastian Storage 18 (FL) LLC
100 %
Delaware
Sekeslog 17 UAB
100 %
Lithuania
SF(TX) Trust
100 %
Maryland
SFC (TN) QRS 11-21, Inc.
100 %
Tennessee
SFCO (GA) QRS 16-127, INC.
100 %
Delaware
SFT INS (TX) LLC
100 %
Delaware
Shaq (DE) QRS 15-75, Inc.
100 %
Delaware
Shep (KS-OK) QRS 16-113, Inc.
100 %
Delaware
SHOTS-ORL (FL) LLC
100 %
Delaware
Shovel Management GmbH
100 %
Germany
SINGLE USE (MULTI) LLC
100 %
Delaware
Sixth Sense GP (NC) LLC
100 %
Delaware
Sixth Sense (NC) LP
100 %
Delaware
SLEEPY (AL) LLC
100 %
Delaware
SM(NY) QRS 14-93, Inc.
100 %
Delaware
Smalvollveien 65 Eiendom AS
91 %
Norway
Smalvollvn 65 ANS
91 %
Norway
SNAP INTO (IN) LLC
100 %
Delaware
SNEEZY (MULTI) LLC
100 %
Delaware
SNOW WHITE (MULTI) LLC
100 %
Delaware
SP Label (TN) LLC
100 %
Delaware
SPARE ME (MULTI) LLC
100 %
Delaware
Sparky's Storage 18 (CA) LP
100 %
Delaware
Sparky's Storage GP 18 (CA) LLC
100 %
Delaware
Speed (NC) QRS 14-70, Inc.
100 %
Delaware
Spencer Storage 18 (MO) LLC
100 %
Delaware
ST(TX)GP QRS 11-63, INC.
100 %
Delaware
ST(TX) LP
100 %
Delaware
ST(TX) Trust
100 %
Maryland
State Road Storage 18 (FL) LLC
100 %
Delaware
Steely Dan (WI) LLC
100 %
Delaware
STOCKSANDEN, S.L.
100 %
Spain
Stone Cold (CA) LP
100 %
Delaware
Stone Cold GP (CA) LLC
100 %
Delaware
Storage 18 ES Account (DE) LLC
100 %
Delaware
Stradella Sp. z o.o.
100 %
Poland
STRUCK OIL (MULTI) LLC
100 %
Delaware
SUDS LANDLORD (MULTI) LLC
100 %
Delaware
SUDS II EXCH MANAGER (MULTI) LLC
100 %
Delaware
SUDS II LANDLORD (MULTI) LLC
100 %
Delaware
SUIT YOURSELF EXCHANGE MANAGER (TX) LLC
100 %
Delaware
SUIT YOURSELF (TX) GP LLC
100 %
Delaware
SUIT YOURSELF (TX) LP
100 %
Delaware
Sun (SC) QRS 12-68, Inc.
100 %
Delaware
Sunpro (KY) LLC
100 %
Delaware
Suspension (DE) QRS 15-1, Inc.
100 %
Delaware
SW Chicago Storage 18 (IL) LLC
100 %
Delaware

SUBSIDIARIES OF REGISTRANT (Continued)
Name of Subsidiary
Ownership
State or Country of
Incorporation
SWFHOUSTON (TX) GP LLC
100 %
Delaware
SWFHOUSTON (TX) LP
100 %
Delaware
TAGLESS TOTS (OH) LLC
100 %
Delaware
Tallahassee Storage 18 (FL) LLC
100 %
Delaware
TASTY KALE (UT) LLC
100 %
Delaware
Tech (GER) 17-1 B.V.
100 %
Netherlands
Tech (GER) QRS 16-144, Inc.
100 %
Delaware
Tech Landlord (GER) LLC
100 %
Delaware
Teeth Finance (Finland) QRS 16-106, Inc.
100 %
Delaware
Teeth Landlord (Finland) LLC
100 %
Delaware
Teeth Member (Finland) QRS 16-107, Inc.
100 %
Delaware
Temecula Storage 18 (CA) LP
100 %
Delaware
Temecula Storage GP 18 (CA) LLC
100 %
Delaware
TENACIOUS HOLDINGS ULC
100 %
Canada
TENACIOUS NOMINEE CORP.
100 %
Canada
Tenacious WPC (Multi) LLC
100 %
Delaware
Terrier (AZ) QRS 14-78, Inc.
100 %
Delaware
Tfarma (CO) QRS 16-93, Inc.
100 %
Delaware
THAT'S A WRAP (WI) LLC
100 %
Delaware
Third Avenue Self Storage NYC, LLC
100 %
Delaware
Three Aircraft Seats (DE) Limited Partnership
100 %
Delaware
THREE AMIGOS (US MULTI) LLC
100 %
Delaware
Three Cabin Seats (DE) LLC
100 %
Delaware
TICKTOCK (TX-PA) LLC
100 %
Delaware
Tissue SARL
100 %
France
Toner (DE) QRS 14-96, Inc.
100 %
Delaware
Toolbelt (PA-SC) LLC
100 %
Delaware
Toolbox (MX) LLC
100 %
Delaware
TOOL TIME (WV) LLC
100 %
Delaware
TOOTH FAIRY (IL) LLC
100 %
Delaware
Tower (DE) QRS 14-89, Inc.
100 %
Delaware
Tower 14 (DE)
100 %
Maryland
Townline Storage 17 (IL) LLC
100 %
Delaware
Toys (NE) QRS 15-74, Inc.
100 %
Delaware
Trinity WPC (UK) LLC
100 %
Delaware
TRUCKIN' (IL) LLC
100 %
Delaware
Trucks (France) SARL
100 %
France
TR-VSS (MI) QRS 16-90, Inc.
100 %
Delaware
TSO-Hungary Kft.
100 %
Hungary
Two Notch Storage 18 (SC) LLC
100 %
Delaware
Under Pressure (Multi) LLC
100 %
Delaware
Uni-Tech (CA) QRS 15-64, Inc.
100 %
Delaware
Uni-Tech (PA) QRS 15-51, Inc.
100 %
Delaware
Uni-Tech (PA) QRS 15-63, Inc.
100 %
Delaware
Uni-Tech (PA) Trust
100 %
Maryland
Uni-Tech (PA), L.P.
100 %
Delaware
URubber (TX) Limited Partnership
100 %
Delaware
UTI-SAC (CA) QRS 16-34, Inc.
100 %
Delaware

SUBSIDIARIES OF REGISTRANT (Continued)
Name of Subsidiary
Ownership
State or Country of
Incorporation
Valrico Storage 18 (FL) LLC
100 %
Delaware
Vellam Investments sp z o.o.
100 %
Poland
Veritas Group IX - NYC, LLC
100 %
Delaware
Vinyl (DE) QRS 14-71, Inc.
100 %
Delaware
VIPER 63 (NV) LLC
100 %
Delaware
VIPER LB 63 (NV) LLC
100 %
Delaware
VIPER LENDER 63 (NV) LLC
100 %
Delaware
W. P. Carey & Co. B.V.
100 %
Netherlands
W.P. Carey & Co. Limited
100 %
United Kingdom
W. P. Carey International LLC
100 %
Delaware
W. P. Carey Management LLC
100 %
Delaware
W. P. Carey Property Investor LLC
100 %
Delaware
Wadd-II (TN) LP
100 %
Delaware
Wadd-II General Partner (TN) QRS 15-19, INC.
100 %
Delaware
Wallers (Multi) LLC
100 %
Delaware
Wals (IN) LLC
100 %
Delaware
Weg (GER) QRS 15-83, Inc.
100 %
Delaware
Wegell GmbH & Co. KG
100 %
Germany
Wegell Verwaltungs GmbH
100 %
Germany
West Farms Self Storage NYC Mezz, LLC
100 %
Delaware
West Farms Self Storage NYC, LLC
100 %
Delaware
WGN (GER) LLC
100 %
Delaware
WGN 15 Holdco (GER) QRS 15-98, Inc.
100 %
Delaware
WGN 15 Member (GER) QRS 15-99, Inc.
100 %
Delaware
Wheeler Dealer 17 Multi, LLC
100 %
Delaware
Wheeler Mezzanine JV (DE) LLC
100 %
Delaware
WILLFA (IL) LLC
100 %
Delaware
Willow Festival Annex Property Owners Association
100 %
Illinois
WILSON NEIGHBOR (IL) LLC
100 %
Delaware
Windough (DE) LP
100 %
Delaware
Windough Lot (DE) LP
100 %
Delaware
WIRE2WIRE (AZ) LLC
100 %
Delaware
Wlgrn (NV) LLC
100 %
Delaware
Wolv (DE) Limited Partnership
100 %
Delaware
Wolv Trust, a Maryland Business Trust
100 %
Maryland
Work (GER) QRS 16-117, Inc.
100 %
Delaware
WPC 17 Green Sp. z o. o.
100 %
Poland
WPC 17 Polk Sp. z o.o.
100 %
Poland
WPC 1031 MANAGER LLC
100 %
Delaware
WPC Agro I 17-13 B.V.
100 %
 Netherlands
WPC Agro II 17-17 B.V.
100 %
Netherlands
WPC Agro 5 d.o.o.
100 %
Croatia
WPC AX Sp. z o.o.
100 %
Poland
WPC BILLBOARD LENDER LLC
100 %
Delaware
WPC Blade SCI
100 %
France
WPC CM6-Hotel Manager, LLC
100 %
Delaware
WPC Cube Czech s.r.o.
100 %
Czechia
WPC Deville Denmark ApS
100 %
Denmark

SUBSIDIARIES OF REGISTRANT (Continued)
Name of Subsidiary
Ownership
State or Country of
Incorporation
WPC DF Denmark ApS
100 %
Denmark
WPC DF III Denmark ApS
100 %
Denmark
WPC DISPLAY OWNER (MULTI) LLC
100 %
Delaware
WPC Drunen 17-27 B.V.
100 %
Netherlands
WPC Eurobond B.V.
100 %
Netherlands
WPC EXCH BUYERSBURG (IN) LLC
100 %
Delaware
WPC EXCH Morrisville Landlord (NC) LLC
100 %
Delaware
WPC Exch Sublandlord (DE) LLC
100 %
Delaware
WPC Fau Czech sro
100 %
Czechia
WPC FINANCING GP INC.
100 %
Delaware
WPC FINANCING LP
100 %
Delaware
WPC FM Czech s.r.o.
100 %
Czechia
WPC FM Slovakia s.r.o.
100 %
Slovakia
WPC FriesCamp 17-30 B.V.
100 %
Netherlands
WPC Gam Holding B.V.
100 %
Netherlands
WPC GELSENKIRCHEN 17-33 B.V.
100 %
Netherlands
WPC Hamburg 18-12 B.V.
100 %
Netherlands
WPC Holdco LLC
100 %
Maryland
WPC Hornbachplatz 1 GmbH
100 %
Austria
WPC International Holding and Financing LLC
100 %
Delaware
WPC International Holding LP
100 %
Delaware
WPC International Investor LLC
100 %
Delaware
WPC Jumb 17-19 B.V.
100 %
Netherlands
WPC KEN SCI
100 %
France
WPC LER SCI
100 %
France
WPC MAN Denmark ApS
100 %
Denmark
WPC MAN-Strasse 1 GmbH
100 %
Austria
WPC Meru SCI
100 %
France
WPC Pan-European Holding Cooperatief U.A.
100 %
Netherlands
WPC Pola Sp. z o.o.
100 %
Poland
WPC QBE Manager, LLC
100 %
Delaware
WPC REIT AXL 39 B.V.
100 %
Netherlands
WPC REIT Cart (UK) Limited
100 %
United Kingdom
WPC REIT Cold (UK) Limited
100 %
United Kingdom
WPC REIT DS (UK) Limited
100 %
United Kingdom
WPC REIT Financing B.V.
100 %
Netherlands
WPC REIT Gam 21 B.V.
100 %
Netherlands
WPC REIT Gam 22 B.V.
100 %
Netherlands
WPC REIT Gam 23 B.V.
100 %
Netherlands
WPC REIT Gam 24 B.V.
100 %
Netherlands
WPC REIT Gam 25 B.V.
100 %
Netherlands
WPC REIT INEEDATOW 47 B.V.
100 %
Netherlands
WPC REIT Kampen 29 B.V.
100 %
Netherlands
WPC REIT Kar 26 B.V.
100 %
Netherlands
WPC REIT MAN 16 B.V.
100 %
Netherlands
WPC REIT Merger Sub Inc.
100 %
Maryland
WPC REIT MX-AB 19 B.V.
100 %
Netherlands
WPC REIT MX-AB 37 TRS B.V.
100 %
Netherlands

SUBSIDIARIES OF REGISTRANT (Continued)
Name of Subsidiary
Ownership
State or Country of
Incorporation
WPC REIT NatExp (UK) Limited
100 %
United Kingdom
WPC REIT NEWCO B.V.
100 %
Netherlands
WPC REIT Nipp 13 B.V.
100 %
Netherlands
WPC REIT Nozzle UK 49 B.V.
100 %
Netherlands
WPC REIT Part (UK) 1 B.V.
100 %
Netherlands
WPC REIT Part (UK) 2 B.V.
100 %
Netherlands
WPC REIT Part (UK) 3 B.V.
100 %
Netherlands
WPC REIT Part (UK) 4 B.V.
100 %
Netherlands
WPC REIT Part (UK) 5 B.V.
100 %
Netherlands
WPC REIT Part (UK) 6 B.V.
100 %
Netherlands
WPC REIT Part (UK) 7 B.V.
100 %
Netherlands
WPC REIT Part (UK) 8 B.V.
100 %
Netherlands
WPC REIT Part (UK) 9 B.V.
100 %
Netherlands
WPC REIT Part (UK) 10 B.V.
100 %
Netherlands
WPC REIT Part (UK) 11 B.V.
100 %
Netherlands
WPC REIT PD 12 B.V.
100 %
Netherlands
WPC REIT PeRo 40 B.V.
100 %
Netherlands
WPC REIT Rem (IT) Srl
100 %
Italy
WPC REIT Rock Sp. z o. o
100 %
Poland
WPC REIT Side Steel (ES), S.L.
100 %
Spain
WPC REIT Side Steel (IT) S.r.l.
100 %
Italy
WPC REIT Son 30 B.V.
100 %
Netherlands
WPC REIT Son 31 B.V.
100 %
Netherlands
WPC REIT Son 32 B.V.
100 %
Netherlands
WPC REIT Son 33 B.V.
100 %
Netherlands
WPC REIT Son 34 B.V.
100 %
Netherlands
WPC REIT Ster 18 B.V.
100 %
Netherlands
WPC REIT Stretch (UK) Limited
100 %
United Kingdom
WPC REIT TRS 27 B.V.
100 %
Netherlands
WPC REIT (UK) LIMITED
100 %
United Kingdom
WPC REIT UP 46 B.V.
100 %
Netherlands
WPC REIT VAC 44 B.V.
100 %
Netherlands
WPC REIT Vert (BE) SRL
100 %
Belgium
WPC REIT VM 28 B.V.
100 %
Netherlands
WPC REIT VM (BE) SRL
100 %
Belgium
WPC REIT VM II 48 B.V.
100 %
Netherlands
WPC REIT VM II (BE) SRL
100 %
Belgium
WPC REIT VM III (BE) S.A.
100 %
Belgium
WPC REIT Wait 45 B.V.
100 %
Netherlands
WPC Seville 18-28 B.V.
100 %
Netherlands
WPC Shaft (GER) LLC
100 %
Delaware
WPC Smalvollveien Holding AS
100 %
Norway
WPC Smalvollveien Purchaser AS
90 %
Norway
WPC Smucker Manager, LLC
100 %
Delaware
WPC Star Denmark ApS
100 %
Denmark
WPC Starbuilders Sweden AB
100 %
Sweden
WPC Storage TRS 18-1 (DE) Inc.
100 %
Delaware
WPC Swansea 18-24 B.V.
100 %
Netherlands

SUBSIDIARIES OF REGISTRANT (Continued)
Name of Subsidiary
Ownership
State or Country of
Incorporation
WPC Swansea Student Housing 18-33 B.V.
100 %
Netherlands
WPC Swansea TRS 18-32 B.V.
100 %
Netherlands
WPC TRS 17-39 B.V.
100 %
Netherlands
WPC VM III 17-40 B.V.
100 %
Netherlands
WPC VUL SCI
100 %
France
WPC WGN 17-2 B.V.
100 %
Netherlands
WPC-CPA:18 Holdings, LLC
100 %
Delaware
Wrench (DE) Limited Partnership
100 %
Delaware
Wrench (DE) QRS 15-31, Inc.
100 %
Delaware
Wrench (DE) Trust
100 %
Maryland
Wyckoff Self Storage NYC Mezz, LLC
100 %
Delaware
Wyckoff Self Storage NYC, LLC
100 %
Delaware
You Scream (PA) LLC
100 %
Delaware
YOURE IT (TN) LLC
100 %
Delaware
Zakup Agro 4 d.o.o.
100 %
Croatia
Zerega Self Storage NYC Mezz, LLC
100 %
Delaware
Zerega Self Storage NYC, LLC
100 %
Delaware

Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We hereby consent to the incorporation by reference in the Registration Statements on Form S-8 (Nos. 333-56121, 333-90880, 333-160078, 333-160079, 333-
187729, 333-189999, 333-219007, 333-275669, and 333-280209) and Form S-3 (No. 333-264613) of W. P. Carey Inc. of our report dated February 12, 2025
relating to the financial statements, financial statement schedules and the effectiveness of internal control over financial reporting, which appears in this Form
10-K.
/s/ PricewaterhouseCoopers LLP
New York, New York
February 12, 2025

Exhibit 31.1
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, Jason E. Fox, certify that:
1.
I have reviewed this Annual Report on Form 10-K of W. P. Carey Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange
Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the
registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure
that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal
quarter (the registrant’s fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect,
the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the
registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely
to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over
financial reporting.
Date: February 12, 2025
/s/ Jason E. Fox    
Jason E. Fox
Chief Executive Officer

Exhibit 31.2
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, ToniAnn Sanzone, certify that:
1.
I have reviewed this Annual Report on Form 10-K of W. P. Carey Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange
Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the
registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure
that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal
quarter (the registrant’s fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect,
the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the
registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely
to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over
financial reporting.
Date: February 12, 2025
/s/ ToniAnn Sanzone    
ToniAnn Sanzone
Chief Financial Officer

Exhibit 32
Certifications Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
In connection with the Annual Report of W. P. Carey Inc. on Form 10-K for the period ended December 31, 2024 as filed with the Securities and Exchange
Commission on the date hereof (the “Report”), each of the undersigned officers of W. P. Carey Inc., does hereby certify, to the best of such officer’s knowledge
and belief, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of W. P. Carey Inc.
Date: February 12, 2025
/s/ Jason E. Fox    
Jason E. Fox
Chief Executive Officer
Date: February 12, 2025
/s/ ToniAnn Sanzone    
ToniAnn Sanzone
Chief Financial Officer
The certification set forth above is being furnished as an exhibit solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part
of the Report as a separate disclosure document of W. P. Carey Inc. or the certifying officers.
A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that
appears in typed form within the electronic version of this written statement required by Section 906, has been provided to W. P. Carey Inc. and will be retained
by W. P. Carey Inc. and furnished to the Securities and Exchange Commission or its staff upon request.