Core Insights - W.P. Carey (WPC) reported a third-quarter 2025 adjusted funds from operations (AFFO) per share of $1.25, exceeding the Zacks Consensus Estimate of $1.23, and reflecting a 5.9% year-over-year increase [1][10] - The company raised its full-year 2025 AFFO per share guidance due to higher expected investment volume and lower potential rent loss from tenant credit events [8][10] Financial Performance - Quarterly revenues reached $429 million, surpassing the Zacks Consensus Estimate of $422.2 million, marking an 8.7% increase year over year [2][10] - Lease revenues increased by 11.4% year over year to $372.1 million, driven by net investment activity and rent escalations [3][10] - Income from finance leases and loans receivable saw significant year-over-year growth, primarily due to net investment activity [3] Investment Activity - The total investment value for the quarter was $656.4 million, with 29 properties sold for gross proceeds of $495.2 million [5] - As of October 28, 2025, the company has five capital investments and commitments totaling $67.1 million scheduled for completion in 2025, and six commitments totaling $181 million to be completed by the first quarter of 2027 [5] Balance Sheet and Liquidity - As of September 30, 2025, WPC had total liquidity of $2.1 billion, which includes approximately $1.6 billion available under its senior unsecured credit facility, $249 million in cash and cash equivalents, and $64.1 million in cash held at qualified intermediaries [7] 2025 Outlook - W.P. Carey has raised its guidance for 2025 AFFO per share to a range of $4.93 to $4.99, up from the previous range of $4.87 to $4.95 [8] - The company expects an investment volume between $1.8 billion and $2.1 billion and a disposition volume between $1.3 billion and $1.5 billion for 2025 [8]

Portfolio Overview - W P Carey has a large, diversified portfolio comprising 1,662 properties and 373 tenants[25] - The portfolio's square footage totals 1828 million[25] - The annualized base rent (ABR) is $151 billion, with 66% from North America, 34% from Europe, and 1% from other regions[25] - The weighted average lease term (WALT) is 121 years, and the occupancy rate is 970%[25] - Investment grade tenants account for 219% of ABR, and the top 10 tenants contribute 186% of ABR[25] Rent Escalation and Growth - 50% of leases have CPI-linked rent escalations, 47% have fixed escalations, and 4% have other types[25] - The contractual same store ABR growth is 24%[47] Balance Sheet - Total equity stands at $14808 million[71] - Total pro rata debt is $8851 million, resulting in a net debt of $8537 million[71] - Net Debt to Adjusted EBITDA is 59x[71] - Net Debt to Enterprise Value is 366%[71]

分组1 - W.P. Carey reported quarterly funds from operations (FFO) of $1.25 per share, exceeding the Zacks Consensus Estimate of $1.23 per share, and up from $1.18 per share a year ago, representing an FFO surprise of +1.63% [1] - The company achieved revenues of $429.02 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 1.62%, compared to year-ago revenues of $397.38 million [2] - W.P. Carey shares have increased approximately 22.7% year-to-date, outperforming the S&P 500's gain of 16.9% [3] 分组2 - The current consensus FFO estimate for the upcoming quarter is $1.25 on revenues of $425.57 million, and for the current fiscal year, it is $4.91 on revenues of $1.68 billion [7] - The Zacks Industry Rank for REIT and Equity Trust - Other is in the top 35% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]

Exhibit 99.2 W. P. Carey Inc. Supplemental Information Third Quarter 2025 Terms and Definitions As used in this supplemental package, the terms "W. P. Carey," "WPC," "we," "us" and "our" include W. P. Carey Inc., its consolidated subsidiaries and its predecessors, unless otherwise indicated. Other terms and definitions are as follows: As of or for the three months ended September 30, 2025. | Financial Results | | | | | | --- | --- | --- | --- | --- | | Revenues, including reimbursable costs – consolidated ( ...

Core Insights - W.P. Carey (WPC) shares have increased by 22.7% year to date, significantly outperforming the industry average of 1% [1] - The company's diverse portfolio of mission-critical, single-tenant net lease commercial properties, along with contractual rent increases and a strong balance sheet, contributes to its positive outlook [1] Dividend Information - W.P. Carey announced a 1.1% increase in its quarterly cash dividend, raising it to 91 cents per share from 90 cents [2] - The new dividend will be paid on October 15 to shareholders recorded as of September 30, 2025 [2] - Analysts have revised the Zacks Consensus Estimate for the company's 2025 FFO per share upward by 3 cents to $4.91 [2] Portfolio and Investment Strategy - W.P. Carey holds one of the largest portfolios of single-tenant net lease commercial real estate in the U.S. and Northern and Western Europe [4] - The company focuses on high-quality, mission-critical assets through sale-leaseback transactions, generating steady revenues with minimal investments [4] - The portfolio is well-diversified across tenants, industries, property types, and geographies, which supports stable revenue generation [5] Financial Performance and Projections - As of June 30, 2025, W.P. Carey's portfolio had a weighted average lease term of 12.1 years, with over 99% of ABR from leases featuring contractual rent increases [5] - The total investment value from the beginning of the year through September 4 reached $1.3 billion, with expected total investments for 2025 between $1.4 billion and $1.8 billion [6] - The company has a total liquidity of $1.7 billion, including approximately $1.3 billion available under its senior unsecured credit facility [8] Balance Sheet and Credit Ratings - W.P. Carey maintains a healthy balance sheet with a pro rata net debt to adjusted EBITDA ratio of 5.8X [8] - The company enjoys investment-grade ratings of BBB+ from S&P Global Ratings and Baa1 from Moody's, facilitating favorable access to the debt market [8]

Core Viewpoint - W.P. Carey is a real estate investment trust (REIT) that offers a high-yielding and steadily growing dividend, making it an attractive option for passive income investors [1][10]. Company Overview - W.P. Carey owns a diversified portfolio of high-quality commercial real estate across North America and Europe, focusing on single-tenant industrial, warehouse, retail, and other properties secured by long-term net leases with built-in rent escalations [3][4]. Financial Performance - The REIT expects to produce adjusted funds from operations (FFO) between $4.87 and $4.95 per share this year, which comfortably covers its current annual dividend of $3.64 per share, resulting in a dividend yield of 5.2% based on a stock price below $70 [4][5]. Growth Drivers - W.P. Carey benefits from built-in rental escalation clauses in 50% of its leases, which are primarily linked to inflation, contributing to a same-store annual base rent growth of 2% to 4% [6]. - The company plans to invest between $1.4 billion and $1.8 billion this year, having already secured $1.3 billion in new investments, mainly in single-tenant industrial properties [7]. - A capital recycling strategy has been employed to fund new investments, with the company selling $875 million in properties and aiming for $900 million to $1.3 billion in total sales this year [8]. Dividend Growth - W.P. Carey has increased its dividend by 4% over the past 12 months, supported by a projected 4.5% rise in adjusted FFO per share this year, indicating confidence in continued dividend increases backed by rent growth and property acquisitions [9].

Core Points - W. P. Carey Inc. will release its financial results for Q3 2025 on October 28, 2025, after market close [1] - A conference call to discuss these results is scheduled for October 29, 2025, at 11:00 a.m. Eastern Time [2][3] Company Overview - W. P. Carey Inc. is one of the largest net lease REITs, with a diversified portfolio of 1,600 net lease properties covering approximately 178 million square feet and 66 self-storage operating properties as of June 30, 2025 [3] - The company focuses on investing in single-tenant, industrial, warehouse, and retail properties located in the U.S. and Europe, under long-term net leases with built-in rent escalations [3]

Core Viewpoint - W.P. Carey (WPC) has been upgraded to a Zacks Rank 2 (Buy), indicating an upward trend in earnings estimates which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system is based on changes in earnings estimates, which are strongly correlated with near-term stock price movements [4][6]. - Rising earnings estimates for W.P. Carey suggest an improvement in the company's underlying business, likely leading to an increase in stock price [5][10]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly Zacks Rank 1 stocks averaging a +25% annual return since 1988 [7][9]. - W.P. Carey’s upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, indicating a strong potential for market-beating returns in the near term [10]. Recent Earnings Estimate Revisions - For the fiscal year ending December 2025, W.P. Carey is expected to earn $4.88 per share, unchanged from the previous year, but the Zacks Consensus Estimate has increased by 0.5% over the past three months [8].

Group 1 - The Federal Reserve's mandate includes combating inflation, which historically undermines investor savings and can negatively impact the stock market as the dollar's purchasing power diminishes [2] - Rate cuts are beneficial for U.S. economic growth, leading to positive outcomes such as pay raises and supporting businesses like real estate investment trusts (REITs) including AGNC Investment, W.P. Carey, and Simon Property Group [3][9] - Falling interest rates reduce AGNC Investment's costs, allowing for a wider spread between the interest earned on mortgage securities and interest expenses, which is advantageous if the housing market improves [6][4] Group 2 - W.P. Carey benefits from lower interest rates, enabling it to expand its portfolio of physical assets, particularly in industrial properties, through a net lease approach [7] - The company finances property acquisitions by taking out loans and issuing shares, which allows sellers to avoid leveraging their own balance sheets, making W.P. Carey more competitive in property purchases [8] - The current economic environment suggests that rate cuts could significantly benefit financial stocks, including AGNC Investment, W.P. Carey, and Simon Property Group [9]

Core Insights - W. P. Carey (NYSE: WPC) is now trading at a premium compared to its historical peers, a result of its strategic portfolio transformation focusing on industrial and warehouse properties [1] Company Strategy - The company has successfully shifted its investment focus towards industrial and warehouse properties, which are expected to yield better returns [1] Investment Philosophy - The investment group led by Julian emphasizes finding undervalued companies with strong growth potential, focusing on those with robust balance sheets and effective management teams [1]