Financial Analysis

Commitments and Contingencies At December 31, 2025, 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. In addition, we capitalize our captive insurance company in accordance with applicable regulatory requirements ( Note 4 ).

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Debt Term Loan Agreement On March 31, 2025, we refinanced our 500.0 million term loan (our Unsecured Term Loan due 2029), extending the maturity date by three years to April 24, 2029, with an option to extend the term loan by up to an additional year, subject to certain customary conditions. Pursuant to the credit agreement, the Unsecured Term Loan due 2029 borrowing rate at December 31, 2025 was 80 basis points over EURIBOR (as defined below). In conjunction with the refinancing of the Unsecured Term Loan due 2029, we executed variable-to-fixed interest rate swaps that fix the floating rate component of the per annum interest rate at 2.00% through the end of 2027, for a total annual interest rate of approximately 2.80% as of December 31, 2025 (inclusive of the current spread). The Unsecured Term Loan due 2029 is incorporated into the Senior Unsecured Credit Facility, which is described below. Senior Unsecured Credit Facility As of both December 31, 2025 and 2024, 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. The GBP Term …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Stock-Based and Other Compensation Stock-Based Compensation At December 31, 2025, we maintained the stock-based compensation plans described below. The total compensation expense (net of forfeitures) for awards issued under these plans was $39.9 million, $40.9 million, and $34.5 million for the years ended December 31, 2025, 2024, and 2023, respectively, which was included in Stock-based compensation expense 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, 2025, 4,521,900 shares remained available for issuance under the Plan. Nonvested RSAs, RSUs, and PSUs at December 31, 2025 and changes during the years ended December 31, 2025 , 2024, and 2023 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, 2023 376,298 $ 74.78 531,781 $ 89.14 Granted 260,193 82.43 150,989 144.54 Vested (a) (173,883) 76.50 (218,147) 104.65 Forfeited (3,581) 82.58 (3,487) 10 …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

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 colla …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

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 38 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, 2025 are described in Note 5 . In connection with certain business combinations, 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, 2023 $ 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 translat …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

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, 2025 2024 2023 Federal Current $ 588 $ (450) $ (291) Deferred (11) (71) 577 (521) (291) State and Local Current 3,044 2,209 3,456 3,044 2,209 3,456 Foreign Current 39,161 34,195 41,085 Deferred (10,874) (4,174) (198) 28,287 30,021 40,887 Total Provision for Income Taxes $ 31,908 $ 31,709 $ 44,052 The composition of income before income taxes for the year ended December 31, 2025 is as follows (in thousands): Income before Income Taxes Year Ended December 31, 2025 Domestic $ 285,029 International 219,794 Total $ 504,823 A reconciliation of effective income tax for the periods presented is as follows (in thousands): Year Ended December 31, 2025 Income before income taxes $ 504,823 Federal provision at statutory tax rate $ 106,013 21.0 % REIT income not subject to federal income taxes (88,760) (17.6) % State and local taxes, net of federal benefit (a) 3,038 0.6 % Foreign Tax Effects: The Netherlands: Change in valuation allowance (6,524) (1.3) % Other 278 0.1 % United Kingdom 6,822 1.4 % Other foreign jurisdictions 11,561 2.3 % Changes in unrecognized tax benefits (1,421) (0.3) % Change in valuation allowance 196 0.0 % Other 705 0.1 % Total Provision for Income Taxes $ 31,908 6.3 % Years Ended December 31, 2024 2023 Income before income taxes attributable to taxable subsidiaries $ 63,669 $ 73,669 Federal provision at …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Recent Accounting Pronouncements In November 2024, the Financial Accounting Standards Board (FASB) issued ASU 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures , requiring all public business entities to provide additional disclosure of the nature of expenses included in the consolidated statements of income. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and for interim reporting periods beginning after December 15, 2027, on a prospective basis, with early adoption permitted. We are currently evaluating the impact of this standard on our consolidated financial statements. 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. We adopted this standard for our annual period beginning January 1, 2025 on a prospective basis. The adoption of this standard did not have a material impact on our consolidate …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Agreements and Transactions with Related Parties Advisory Agreements with NLOP and CESH 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 . The following tables present a summary of revenue earned and reimbursable costs received/accrued from NLOP and CESH for the periods indicated, included in the consolidated financial statements (in thousands): Years Ended December 31, 2025 2024 2023 Asset management revenue (a) (b) $ 4,957 $ 6,597 $ 2,184 Administrative reimbursements (a) (c) 4,000 4,000 667 Reimbursable costs from affiliates (a) (c) 284 224 368 $ 9,241 $ 10,821 $ 3,219 Years Ended December 31, 2025 2024 2023 NLOP $ 8,578 $ 10,243 $ 1,912 CESH 663 578 1,307 $ 9,241 $ 10,821 $ 3,219 __________ (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. 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, 2025 2024 Accounts receivable $ 535 $ 462 Asset management fees receivable 391 554 Reimbursable costs 70 73 $ 996 $ 1,089 Performance Obligations and Significant Judgments The fees earne …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

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 5 ) or Income from finance leases and loans receivable ( Note 6 ) 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. Geographic Information Our portfolio is comprised of domestic and international investments. At December 31, 2025, our international …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

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, 2025 2024 2023 Ordinary income $ 3.3754 $ 3.0709 $ 3.8233 Capital gains 0.2046 0.2363 0.3443 Return of capital 0.1628 0.8671 Total dividends paid (a) (b) $ 3.5800 $ 3.4700 $ 5.0347 __________ (a) A portion of dividends paid during 2026 (as described below) has been applied to 2025 for income tax purposes. (b) 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 2025, our Board declared a quarterly dividend of $0.920 per share, which was paid on January 15, 2026 to stockholders of record as of December 31, 2025. Earnings Per Share The following table summarizes basic and diluted earnings (dollars in thousands) : Years Ended December 31, 2025 2024 2023 Net income basic and diluted $ 466,359 $ 460,839 $ 708,334 Weighted-average shar …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Subsequent Events Acquisitions and Completed Construction Projects In January and February 2026, we completed five acquisitions totaling approximately $262.4 million. They are as follows: $2.2 million for a retail facility in Las Vegas, New Mexico; $9.4 million for a manufacturing facility in Arlington Heights, Illinois; $185.0 million for a portfolio of six warehouse facilities and one office facility in Poland; $43.4 million for an industrial facility in Glenwillow, Ohio; and $22.3 million for two manufacturing facilities in Peebles, Ohio, and one manufacturing facility in Hope, Arkansas. In addition, in January 2026, we completed two construction projects totaling approximately $29.3 million. They are as follows: $17.6 million for a build-to-suit at an existing retail facility in Amsterdam, the Netherlands; and $11.6 million for a build-to-suit retail facility in Surprise, Arizona. Dispositions In January and February 2026, we sold four properties for gross proceeds totaling $60.2 million. One of these properties was classified as held for sale as of December 31, 2025 ( Note 5 ). Mortgage Loan Repayments In January and February 2026, we repaid at maturity two non-recourse mortgage loans totaling approximately $22.4 million. …

SubsequentEventsTextBlock · excerpt; the full note is in the filing

Commitments and Contingencies At June 30, 2026, 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. In addition, we capitalize our captive insurance company in accordance with applicable regulatory requirements ( Note 3 ).

CommitmentsAndContingenciesDisclosureTextBlock

Debt Term Loan Agreement As of both June 30, 2026 and December 31, 2025, we had a 500.0 million term loan (our Unsecured Term Loan due 2029). Pursuant to the credit agreement, the Unsecured Term Loan due 2029 borrowing rate at June 30, 2026 was 80 basis points over EURIBOR . Certain variable-to-fixed interest rate swaps fix the floating rate component of the per annum interest rate on our Unsecured Term Loan due 2029 at 2.00% through the end of 2027, for a total annual interest rate of approximately 2.80% as of June 30, 2026 (inclusive of the current spread). The Unsecured Term Loan due 2029 is incorporated into the Senior Unsecured Credit Facility, which is described below. Senior Unsecured Credit Facility On March 11, 2026, we amended our multi-currency senior unsecured credit facility to (i) replace the 215.0 million term loan due2028 (the EUR Term Loan due2028), which was repaid in February 2026, with a new C$347.3 million term loan maturing on February 14, 2028 (our CAD Term Loan due 2028) of an equivalent notional amount and under the same terms, definitions, and extension options, and (ii) improve pricing on our Unsecured Revolving Credit Facility (as defined below) by five basis points at all levels. As a result, as of June 30, 2026, our senior unsecured credit facility comprises (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 (o …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

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, comprise foreign currency collars, inte …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill and Other Intangibles 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 six months ended June 30, 2026 are described in Note 4 . Goodwill decreased by $4.5 million during the six months ended June 30, 2026 due to foreign currency translation adjustments. Intangible assets, intangible liabilities, and goodwill are summarized as follows (in thousands): June 30, 2026 December 31, 2025 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 $ 5,026 $ (1,971) $ 3,055 $ 3,996 $ (1,578) $ 2,418 5,026 (1,971) 3,055 3,996 (1,578) 2,418 Lease Intangibles: In-place lease 2,440,459 (1,005,678) 1,434,781 2,316,09 …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income Taxes We elected to be treated as a REIT and believe that we have been organized and have operated in such a manner to maintain our qualification as a REIT for federal and state income tax purposes. As a REIT, we are generally not subject to corporate level federal income taxes on earnings distributed to our stockholders. Since inception, we have distributed at least 100% of our taxable income annually. Accordingly, we have not included any provisions for federal income taxes related to the REIT in the accompanying consolidated financial statements for the three and six months ended June 30, 2026 and 2025. Certain of our subsidiaries have elected taxable REIT subsidiary (TRS) status. A TRS may provide certain services considered impermissible for REITs and may hold assets that REITs may not hold directly. 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. The accompanying consolidated financial statements include an interim tax provision for our TRSs and foreign subsidiaries, as necessary, for the three and six months ended June 30, 2026 and 2025. Current income tax expense was $10.8 million and $10.3 million for the three months ended June 30, 2026 and 2025, respectively, and $22.7 million for both the six months ended June 30, 2026 and 2025. Deferred income tax expense was $2.3 million and $2.8 million for the three months end …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Recent Accounting Pronouncements In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures , requiring all public business entities to provide additional disclosure of the nature of expenses included in the consolidated statements of income. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and for interim reporting periods beginning after December 15, 2027, on a prospective basis, with early adoption permitted. We are currently evaluating the impact of this standard on our consolidated financial statements. …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Agreements and Transactions with Related Parties Advisory Agreements with NLOP and CESH We currently have advisory arrangements with Net Lease Office Properties (NLOP), pursuant to which we earn fees and are entitled to receive reimbursement for certain administrative expenses. Carey European Student Housing Fund I, L.P. (CESH) sold its last property during the first quarter of 2026 (and was dissolved in May 2026), after which it ceased paying asset management fees and other reimbursable costs to us pursuant to certain advisory agreements. The following tables present a summary of revenue earned and reimbursable costs received/accrued from NLOP and CESH for the periods indicated, included in the consolidated financial statements (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Administrative reimbursements (a) (b) $ 1,000 $ 1,000 $ 2,000 $ 2,000 Asset management revenue (a) (c) 394 1,304 884 2,654 Reimbursable costs from affiliates (a) (b) 72 139 $ 1,394 $ 2,376 $ 2,884 $ 4,793 Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 NLOP $ 1,394 $ 2,209 $ 2,875 $ 4,469 CESH 167 9 324 $ 1,394 $ 2,376 $ 2,884 $ 4,793 __________ (a) Amounts represent revenues from contracts under ASC 606. (b) Included within Other advisory income and reimbursements in the consolidated statements of income. (c) Included within Asset management revenue in the consolidated statements of income. The following table presents a summary of amou …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

Stock-Based Compensation and Equity Stock-Based Compensation We maintain several stock-based compensation plans, which are more fully described in the 2025 Annual Report. There have been no significant changes to the terms and conditions of any of our stock-based compensation plans or arrangements during the six months ended June 30, 2026. We recorded stock-based compensation expense of $13.9 million and $10.9 million during the three months ended June 30, 2026 and 2025, respectively, and $21.4 million and $20.1 million for the six months ended June 30, 2026 and 2025, respectively which was included in Stock-based compensation expense in the consolidated financial statements. Restricted and Conditional Awards Nonvested restricted share awards (RSAs), restricted share units (RSUs), and performance share units (PSUs) at June 30, 2026 and changes during the six months ended June 30, 2026 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, 2026 615,908 $ 64.34 693,820 $ 88.40 Granted (a) 422,584 69.59 208,661 90.48 Vested (b) (280,070) 68.57 (121,629) 144.54 Forfeited (268) 62.17 Adjustment (c) (15,842) 68.54 Nonvested at June 30, 2026 (d) 758,154 $ 65.70 765,010 $ 78.60 __________ (a) 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 sim …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Subsequent Events Issuance of Senior Unsecured Notes On July 2, 2026, we completed an underwritten public offering of $350 million of 5.200% Senior Notes due 2036, at a price of 99.015% of par value. These 5.200% Senior Notes due 2036 have a 10.2-year term and are scheduled to mature on September 15, 2036 ( Note 10 ). Prepayment of Senior Unsecured Notes On July 29, 2026, we prepaid our $350 million of 4.250% Senior Notes due October 2026 with no associated prepayment costs ( Note 10 ).

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