W.P. Carey, Inc. Q1 FY2026 earnings call

• Investment activity: Completed ~$680 million in investments this year, pipeline over $500 million in advanced stages, raised full-year investment volume guidance by $250 million to $1.5 - $2 billion. Mostly weighted towards Europe and Canada, with strong deal flow despite geopolitical tensions. • Capital raising: Well-executed capital raising in February with debt issuance and forward equity sales, pre-funded 2026 investment needs, has ~$2.8 billion liquidity at end of Q1. • Asset performance: AFFO per share $1.30 in Q1, +11.1% y-o-y. Asset sales in Q1 grossed $163 million, exited operating self-storage. Contractual same-store rent growth 2.4% y-o-y, portfolio occupancy 98.1% at end of Q1. • Balance sheet: Active in capital markets, accessed ~$2 billion in Q1, amended credit agreement, sold 6.9 million shares forward for $497 million, net debt to adjusted EBITDA 5.3 times at end of Q1.

So far this year, WP Carey has completed investments totaling approximately $680 million. Its pipeline remains very strong with over half a billion dollars of deals at advanced stages. Warehouse and industrial properties accounted for approximately 60% of investment volume during the first quarter, and retail represented the remaining 40%. For example, the sale-leaseback of a large industrial portfolio in Europe and the Go Auto auto dealership sale-leaseback in Canada are part of the segment activity. The investment volume guidance has been raised to between $1.5 and $2 billion, and AFFO per share is expected to be between $5.16 and $5.26.

• Raised full-year investment volume guidance to $1.5 - $2 billion. • AFFO per share expected to be between $5.16 and $5.26 for 2026, implying 4.8% growth at midpoint. • Lowered potential rent loss assumption to $8 - $12 million, or 50 - 75 basis points of ABR.

• Geopolitical tensions could potentially impact transaction activity in the future, although no noticeable impact to date. • Credit risk related to tenants, although portfolio has performed well with no new material changes in credit so far this year. • Potential impact of inflationary pressures and energy price fluctuations on the portfolio, although the portfolio is positioned to benefit from CPI-linked rent escalations.

Q: Michael Goldsmith with UBS asked about impact of global macro events and conflict in Iran on Europe portfolio.

A: No impact seen yet, portfolio is diversified with large companies that can ride through cycles.

Q: Jana Galan with Bank of America asked about Cary tenant solution platform.

A: It includes construction projects like build-outs, expansions, redevelopments, ~$280 million of projects in process with ~180 million to complete this year.

Q: Anthony Paolone with JP Morgan asked about investment pipeline geography and property types.

A: Pipeline strong, ~half of deals closed y-t-d in Europe, ~30% in Canada, ~2/3 in US; ~60% industrial (60% warehouse) y-t-d, pipeline more weighted towards industrial.

Q: Ryan Caviola with Green Street Advisors asked about onshoring and lease escalators.

A: Onshoring benefits portfolio, CPI-based leases ~3/4 of deals closed y-t-d, more customary in Europe.

Q: Jim Kammer with Evercore ISI asked about color on Robin and GoAuto.

A: GoAuto is 2nd largest auto dealership platform in Canada, sales >$3 billion; Robin is large 3PL operator in Poland.

Q: Greg McGinnis with Scotiabank asked about geographic diversity in Europe.

A: Poland is top international exposure, attractive market with projected growth, ~5% of portfolio exposure, will stay active but mindful of diversification.

Q: Jason Wayne with Barclays asked about lease expiration schedule.

A: Lease expirations manageable, 2026 ~1.8% by ABR, 2027 ~3.5% by ABR, making good progress on rent recapture.