W. P. Carey — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net income attributable to W. P. Carey for the third quarter of 2026 was $141.0 million, unchanged from the $141.0 million reported in the third quarter of 2025.
• Diluted earnings per share were $0.61 for the third quarter of 2026, compared to $0.64 in the third quarter of 2025.
• Adjusted Funds from Operations (AFFO) for the third quarter of 2026 totaled $308.2 million, or $1.33 per diluted share, representing a 6.4% increase from $1.25 per diluted share in the third quarter of 2025.
• Revenues, including reimbursable costs, totaled $468.3 million for the third quarter of 2026, an 8.6% increase from $431.3 million in the third quarter of 2025.
• Lease revenues increased due to net investment activity, while operating property revenues decreased due to the sale of the self-storage operating portfolio.
• Net income for the nine months ended September 30, 2026, was $503.3 million, compared to $318.4 million for the same period in 2025.
• AFFO for the nine months ended September 30, 2026, was $902.3 million, or $3.97 per diluted share, compared to $817.1 million, or $3.70 per diluted share, in 2025.
• Total assets were $18.66 billion as of September 30, 2026, compared to $18.0 billion as of December 31, 2025.
• Total debt was $8.78 billion as of September 30, 2026, compared to $8.72 billion as of December 31, 2025.
• Total liquidity was $2.6 billion as of September 30, 2026, including $1.9 billion of available capacity under the Senior Unsecured Credit Facility.

Guidance and Future Outlook:

• The Company raised and narrowed its 2026 AFFO per diluted share guidance range to $5.23–$5.29, implying 5.8% year-over-year growth at the midpoint, up from the prior range of $5.19–$5.27.
• The Company raised the low end of its full-year investment volume assumption to $1.8 billion, narrowing the range to $1.8–$2.1 billion from the prior range of $1.7–$2.1 billion.
• The Company raised the low end of its disposition volume guidance to $350 million, narrowing the range to $350–$450 million from the prior range of $350–$550 million.
• General and administrative expense guidance was raised to $104–$106 million from $103–$106 million.
• Property expenses (excluding reimbursable tenant costs) guidance was narrowed to $54–$57 million from $54–$58 million.
• Tax expense (on an AFFO basis) guidance was lowered to $40–$43 million from $43–$47 million.
• Management expects AFFO per share growth to approach 6% for the full year 2026.
• Management anticipates increasingly attractive investment opportunities in 2027 if current interest rate repricing trends continue.

Business Segments and Product Lines:

• Investment volume completed year-to-date was $1.6 billion, including $181.9 million in the third quarter and $143.2 million subsequent to quarter end.
• Gross disposition proceeds totaled $273.2 million during the first nine months of 2026, including $27.0 million in the third quarter.
• The portfolio consists of 1,755 properties covering 189 million square feet leased to 383 tenants as of September 30, 2026.
• Contractual same-store rent growth was 2.6% year-over-year on a constant currency basis.
• The weighted-average lease term is 12.0 years with an occupancy rate of 98.6%.
• Seven capital investments totaling $204.8 million are scheduled for completion in 2027, and one investment of $25.2 million is scheduled for 2028.
• Three capital investments totaling $95.2 million are scheduled for completion in the fourth quarter of 2026.

Market and Competitive Landscape:

• Management noted that sharply higher interest rates have added uncertainty to the transaction market, yet investment activity remains near record levels.
• The Company is a net lease REIT focused on single-tenant industrial, warehouse, and retail properties in the U.S. and Europe.
• Management highlighted a trend of repricing in the market that is expected to create attractive opportunities to deploy capital.

Risks and Challenges:

• Forward-looking statements note risks including fluctuating interest rates, inflation, and tariffs impacting tenants and the Company.
• Risks include the effects of pandemics, global outbreaks, geopolitical crises, political instability, and civil unrest.
• Actual results may differ materially from projections due to unknown or unpredictable risks.

Management Commentary and Tone:

• CEO Jason Fox stated the Company executed at a high level over the first nine months with strong portfolio performance and best-in-class rent growth.
• Management expressed confidence that full-year investment volume will remain within the updated guidance range.
• Management believes the Company is well-positioned to continue delivering attractive total returns to shareholders through internal growth and dividend yield.

Other Key Points:

• The Board of Directors increased the quarterly cash dividend to $0.950 per share, an annualized rate of $3.80, representing a 4.4% increase from the third quarter of 2025.
• The Company settled a portion of forward sale agreements during the third quarter for net proceeds of approximately $150 million.
• Approximately $538 million of equity subject to forward sale agreements remained available for settlement as of September 30, 2026.
• The Company issued $350 million of 5.200% Senior Unsecured Notes due 2036 and used the proceeds to prepay $350 million of 4.250% Senior Unsecured Notes due October 2026.
• The Company sold 2,301,613 shares of common stock during the third quarter as part of forward equity settlements.
• A live conference call and audio webcast were scheduled for October 28, 2026, at 11:00 a.m. Eastern Time.