Summary of W. P. Carey Inc. Conference Call Company Overview - **Company**: W. P. Carey Inc. (NYSE: WPC) - **Market Cap**: Approximately $15 billion as of the date of the call [4] - **Industry**: Real Estate Investment Trust (REIT), specifically focused on net lease properties - **Portfolio**: 1,400 net lease properties generating about $1.4 billion of Annual Base Rent (ABR) with a weighted average lease term of approximately 11 years [5] Key Points Discussed Diversification and Investment Strategy - **Diversification Benefits**: The company emphasizes diversification across asset types and geographies, which provides downside protection and a wider funnel for capital allocation [8][9] - **Tenant Concentration**: The top 10 tenants account for about 18% of ABR, with no single tenant exceeding 2.7% [9] - **Geographic Focus**: Approximately 62% of the portfolio is in the U.S., with the remainder primarily in Northern and Western Europe [5] Market Conditions and Cap Rates - **Cap Rate Trends**: The company has observed an expansion in cap rates, with a run rate of around 6% two to three years ago, expanding to 7.2% year-to-date [10][11] - **Cost of Capital**: The company maintains a strong balance sheet, recently upgraded to investment-grade ratings (BBB+ and Baa1) [7] Sale-Leaseback Transactions - **Increased Activity**: Sale-leasebacks are becoming more common, driven by companies seeking to optimize occupancy costs and generate proceeds for debt management [15][16] - **Competitive Environment**: The current environment is favorable for W. P. Carey due to rising borrowing costs for competitors, allowing the company to secure deals at competitive rates [17][19] Recent Transactions - **Apotex Acquisition**: A significant sale-leaseback transaction involving Apotex, the largest generic drug manufacturer in Canada, valued at close to $500 million [20][21] - **Transaction Structure**: The deal was structured on a master lease, providing downside protection and ensuring that the properties are critical to the company's operations [23] Inflation and Rent Increases - **CPI-Linked Rents**: Approximately 57% of the portfolio is indexed to inflation, with two-thirds being uncapped CPI [31] - **Fixed Increases**: The average fixed rent increase across the portfolio is around 3%, which is higher than historical averages [36] Economic Outlook and Resilience - **Recession Preparedness**: The company believes it is well-positioned for a recession due to its diversified portfolio and long lease terms [48] - **Credit Watch List**: The current credit watch list is around 2.5%, indicating a benign outlook for tenant performance [49] Future Growth and M&A Activity - **M&A Potential**: The CEO anticipates potential M&A activity in the net lease sector, driven by the number of smaller REITs and divergent cost of capital [61][62] - **Growth Strategy**: W. P. Carey is open to growth opportunities, focusing on portfolio quality and strategic acquisitions [62] Additional Insights - **Operating Assets**: The company has exposure to operating assets, including self-storage and hotels, with plans to sell some hotel properties in 2023 [39][46] - **Balance Sheet Management**: The company plans to finance new investments on a leverage-neutral basis, primarily using equity [54] This summary captures the essential points discussed during the conference call, highlighting the company's strategic focus, market conditions, and future outlook.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 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 of incorpora ...

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W. P. Carey Inc. (NYSE:WPC) Q1 2023 Earnings Conference Call April 28, 2023 10:00 AM ET Company Participants Peter Sands - Head, Investor Relations Jason Fox - Chief Executive Officer Toni Sanzone - Chief Financial Officer Brooks Gordon - Head, Asset Management Conference Call Participants Spenser Allaway - Green Street Brad Heffern - RBC Anthony Paolone - JPMorgan Eric Wolfe - Citi Jim Kammert - Evercore ISI Josh Dennerlein - Bank of America John Kim - BMO Capital Markets Operator Hello and welcome to W. P ...

Call Start: 13:00 January 1, 0000 1:36 PM ET W. P. Carey Inc. (NYSE:WPC) Citi 2023 Global Property CEO Conference March 6, 2023 1:00 PM Company Participants Jason Fox - CEO & Director Jeremiah Gregory - Head of Capital Markets Conference Call Participants Eric Wolfe - Citi Eric Wolfe Session is CitiÂ's 2023 Global Property CEO Conference. I'm Eric Wolfe with Citi Research. And we are pleased to have us with W. P. Carey Inc. and CEO, Jason Fox. This session is for Citi clients only, if media or other individ ...

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, 2022 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 | | --- | --- | | (S ...

W. P. Carey Inc. Investor Presentation 4Q22 50 Years of Investing for the Long Run® | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------|-------|-------|-------| | | | | | | | | | | | Table of Contents | | | | | | | | | | Overview | 3 | | | | Real Estate Portfolio | 7 | | | | Balance Sheet | 18 | | | | ESG | 23 | | | | | | | | | Unless otherwise noted, all data in this presentation is as of December 31, ...

W. P. Carey Inc. (NYSE:WPC) Q4 2022 Earnings Conference Call February 10, 2023 10:00 AM ET Company Participants Peter Sands - Head, Investor Relations Jason Fox - Chief Executive Officer Toni Sanzone - Chief Financial Officer John Park - President Brooks Gordon - Head, Asset Management Conference Call Participants Greg McGinniss - Scotiabank Joshua Dennerlein - Bank of America Spenser Allaway - Green Street Mitch Germain - JMP Securities Anthony Paolone - JPMorgan Brad Heffern - RBC Capital Markets John Mas ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 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 of incor ...

W. P. Carey, Inc. (NYSE:WPC) Q3 2022 Earnings Conference Call November 4, 2022 10:00 AM ET Company Participants Peter Sands - Executive Director & Head, IR Jason Fox - CEO & Director Toni Sanzone - MD & CFO Brooks Gordon - MD & Head, Asset Management Conference Call Participants Richard Milligan - Raymond James & Associates John Kim - BMO Capital Markets Anthony Paolone - JPMorgan Chase & Co. Spenser Allaway - Green Street Advisors Nicholas Joseph - Citi John Massocca - Ladenburg Thalmann & Co. Bradley Heff ...