W. P. Carey Inc. - FORM 8-K - EX-99.2 - EXHIBIT 99.2

Attached files

file	filename
EX-99.1 - EXHIBIT 99.1 - W. P. Carey Inc.	wpc2017q28-kerexh991.htm
8-K - 8-K - W. P. Carey Inc.	wpc2017q28-ksupplemental.htm

Exhibit 99.2

W. P. Carey Inc.

Supplemental Information

Second Quarter 2017

Important Disclosures About This Supplemental Package

As used in this supplemental package, the terms “W. P. Carey,” “WPC,” “the Company,” “we,” “us” and “our” include W. P. Carey Inc., its consolidated subsidiaries and its predecessors, unless otherwise indicated. “CPA^®REITs” means Corporate Property Associates 17 – Global Incorporated, or CPA^®:17 – Global, and Corporate Property Associates 18 – Global Incorporated, or CPA^®:18 – Global. “CWI REITs” means Carey Watermark Investors Incorporated, or CWI 1, and Carey Watermark Investors 2 Incorporated, or CWI 2. “Managed REITs” means the CPA^®REITs and the CWI REITs. “Managed Programs” means the Managed REITs, Carey Credit Income Fund, or CCIF, and Carey European Student Housing Fund I, L.P., or CESH I. “U.S.” means United States. “AUM” means assets under management.

Important Note Regarding Non-GAAP Financial Measures

This supplemental package includes certain “non-GAAP” supplemental measures that are not defined by generally accepted accounting principles, or GAAP, including funds from operations, or FFO; adjusted funds from operations, or AFFO; earnings before interest, taxes, depreciation and amortization, or EBITDA; adjusted EBITDA; pro rata cash net operating income, or pro rata cash NOI; and normalized pro rata cash NOI. A description of these non-GAAP financial measures and reconciliations to their most directly comparable GAAP measures, as well as a description of other metrics presented, are provided within the Appendix to this supplemental package. FFO is a non-GAAP measure defined by the National Association of Real Estate Investments Trusts, Inc., or NAREIT, an industry trade group.

Amounts may not sum to totals due to rounding.

W. P. Carey Inc.

Supplemental Information – Second Quarter 2017



Table of Contents



Overview
Summary Metrics	1
Components of Net Asset Value	3

Financial Results
Statements of Income – Last Five Quarters
Consolidated	6
Owned Real Estate	7
Investment Management	8
FFO and AFFO – Last Five Quarters
Consolidated	9
Owned Real Estate	10
Investment Management	11
Elements of Pro Rata Consolidated Statement of Income and AFFO Adjustments	12
Capital Expenditures and Build-to-Suits, Redevelopments and Expansions	14

Balance Sheets and Capitalization
Consolidated Balance Sheets	16
Capitalization	17
Debt Overview	18
Debt Maturity	19
Unsecured Senior Notes	20

Owned Real Estate
Investment Activity – Acquisitions and Dispositions	22
Joint Ventures	23
Top Ten Tenants	24
Diversification by Property Type	25
Diversification by Tenant Industry	26
Diversification by Geography	27
Contractual Rent Increases	29
Same Store Analysis	30
Leasing Activity	31
Lease Expirations – Total Net-Lease Portfolio	32
Lease Expirations – Unencumbered Net-Lease Portfolio	33

Investment Management
Selected Information – Managed Programs	35
Managed Programs Fee Summary	36
Investment Activity – Managed Programs	38
Summary of Future Liquidity Strategies for Managed Programs	40
Summary of Back-End Fees for / Interest in the Managed Programs	41

Appendix
Normalized Pro Rata Cash Net Operating Income (NOI)	43
Adjusted EBITDA – Last Five Quarters
Consolidated	45
Owned Real Estate	46
Investment Management	47
Terms and Definitions	48

W. P. Carey Inc.

Overview – Second Quarter 2017



Summary Metrics

As of or for the three months ended June 30, 2017.



Financial Results
					Segment
					Owned Real Estate		Investment Management		Total
Revenues, excluding reimbursable costs – consolidated ($'000)					$	168,725	$	34,002	$	202,727
Net income attributable to W. P. Carey ($'000)					43,540		20,778		64,318
Net income attributable to W. P. Carey per diluted share					0.40		0.19		0.59
Normalized pro rata cash NOI from real estate ($'000) ^{(a) (b)}					163,640		N/A		163,640
Adjusted EBITDA ($'000) ^(a) ^(b)					161,326		31,638		192,964
AFFO attributable to W. P. Carey ($'000) ^{(a) (b)}					117,422		31,015		148,437
AFFO attributable to W. P. Carey per diluted share ^(a) ^(b)					1.09		0.29		1.38

Distributions declared per share – second quarter									1.00
Distributions declared per share – second quarter annualized									4.00
Dividend yield – annualized, based on quarter end share price of $66.01									6.1		%
Dividend payout ratio – for the six months ended June 30, 2017 ^(c)									76.1		%

Balance Sheet and Capitalization
Equity market capitalization – based on quarter end share price of $66.01 ($'000)									$	7,054,266
Pro rata net debt ($'000) ^(d)									4,142,441
Enterprise value ($'000)									11,196,707

Total capitalization ($'000) ^(e)									11,368,294

Total consolidated debt ($'000)									4,264,664
Gross assets ($'000) ^(f)									8,869,658
Liquidity ($'000) ^(g)									1,505,984

Pro rata net debt to enterprise value ^(b)									37.0		%
Pro rata net debt to adjusted EBITDA (annualized) ^(a) ^(b)									5.4x
Total consolidated debt to gross assets									48.1		%

Weighted-average interest rate ^(b)									3.6		%
Weighted-average debt maturity (years) ^(b)									5.8

Moody's Investors Service – corporate rating									Baa2 (stable)
Standard & Poor's Ratings Services – issuer rating									BBB (stable)

Owned Real Estate Portfolio (Pro Rata)
Number of net-leased properties									895
Number of operating properties									2
Number of tenants –net-leased properties									214

ABR from Investment Grade tenants as a % of total ABR – net-leased properties ^(h)									27.6		%

Net-leased properties – square footage (millions)									86.6

Occupancy – net-leased properties									99.3		%
Weighted-average remaining lease term (years)									9.6

Acquisitions and completed build-to-suits, redevelopments and expansions – second quarter ($'000)									$	60,322
Dispositions – second quarter ($'000)									20,128

Managed Programs	CPA^®REITs		CWI REITs		CCIF		CESH I		Total
AUM ($'000) ⁽ⁱ⁾	$	8,010,741	$	4,606,365	$	397,942	$	147,407	$	13,162,455
Acquisitions – second quarter ($'000)	141,480		175,705		N/A		188,805		505,990
Dispositions – second quarter ($'000)	13,306		19,000		N/A		—		32,306

________



		Investing for the long run^TM \| 1

W. P. Carey Inc.

Overview – Second Quarter 2017


(a)	Normalized pro rata cash NOI, Adjusted EBITDA and AFFO are non-GAAP measures. See the Terms and Definitions section in the Appendix for a description of our non-GAAP measures and for details on how certain non-GAAP measures are calculated.


(b)	Presented on a pro rata basis. See the Terms and Definitions section in the Appendix for a description of pro rata.


(c)	Represents distributions declared per share divided by AFFO per diluted share on a year-to-date basis.


(d)	Represents total pro rata debt outstanding less consolidated cash and cash equivalents. See the Terms and Definitions section in the Appendix for a description of pro rata.


(e)	Represents equity market capitalization plus total pro rata debt outstanding. See the Terms and Definitions section in the Appendix for a description of pro rata.


(f)	Gross assets represent consolidated total assets before accumulated depreciation on real estate. Gross assets are net of accumulated amortization on in-place lease and other intangible assets of $379.3 million and above-market rent intangible assets of $242.7 million.


(g)	Represents availability on our Senior Unsecured Credit Facility plus consolidated cash and cash equivalents.

(h)

Percentage of portfolio is based on ABR, as of June 30, 2017. Includes tenants or guarantors with investment grade ratings (19.1%) and subsidiaries of non-guarantor parent companies with investment grade ratings (8.5%). Investment grade refers to an entity with a rating of BBB- or higher from Standard & Poor’s Ratings Services or Baa3 or higher from Moody’s Investors Service. See the Terms and Definitions section in the Appendix for a description of ABR.


(i)	Represents estimated value of real estate assets plus cash and cash equivalents, less distributions payable for the Managed REITs and fair value of investments plus cash for CCIF and CESH I.



		Investing for the long run^TM \| 2

W. P. Carey Inc.

Overview – Second Quarter 2017



Components of Net Asset Value

In thousands, except shares, per share amounts and percentages.



Real Estate	Three Months Ended Jun. 30, 2017		Annualized
Owned Real Estate:	A		A x 4
Normalized pro rata cash NOI ^(a)	$	163,640	$	654,560

Investment Management ^{(b) (c)}	Three Months Ended Jun. 30, 2017		Twelve Months Ended Jun. 30, 2017
Asset Management Revenue	$	17,966	$	67,686
Structuring Revenue	14,330		46,803
Operating Partnership Interests in Real Estate Cash Flow of Managed REITs ^(d)	10,412		43,756

Adjusted EBITDA ^(a)	31,638		114,795

Balance Sheet - Selected Information (Consolidated Unless Otherwise Stated)			As of Jun. 30, 2017
Assets
Book value of real estate excluded from NOI ^(e)			$	11,208
Cash and cash equivalents			171,587
Due from affiliates			129,337

Other assets, net:
Straight-line rent adjustments			$	63,553
Restricted cash, including escrow			56,306
Deferred charges			46,112
Securities and derivatives			36,665
Accounts receivable			28,233
Prepaid expenses			18,105
Other intangible assets, net			16,187
Note receivable			10,166
Leasehold improvements, furniture and fixtures			4,513
Other			270
Total other assets, net			$	280,110

Liabilities
Total pro rata debt outstanding ^(f)			$	4,314,028
Distributions payable			108,638
Deferred income taxes			86,593
Accounts payable, accrued expenses and other liabilities:
Accounts payable and accrued expenses			$	125,365
Prepaid and deferred rents			81,393
Tenant security deposits			30,834
Accrued taxes payable			22,594
Straight-line rent adjustments			2,575
Other			18,654
Total accounts payable, accrued expenses and other liabilities			$	281,415



		Investing for the long run^TM \| 3

W. P. Carey Inc.

Overview – Second Quarter 2017



Other	Number of Shares/Units Owned	NAV / Offering Price Per Share			Implied Value
	A	B			A x B
Ownership in Managed Programs: ^(g)
CPA^®:17 – Global (3.8% ownership)	13,190,709	$	10.11	^(h)	$	133,358
CPA^®:18 – Global (2.1% ownership)	2,915,292	7.90		⁽ⁱ⁾	23,031
CWI 1 (1.5% ownership)	2,057,241	10.80		^(j)	22,218
CWI 2 (1.0% ownership)	839,557	10.74		^(k)	9,017
CCIF (9.6% ownership)	2,777,778	8.55		^(l)	23,750
CESH I (2.4% ownership)	3,393	1,000.00		^(m)	3,393
					$	214,767

________


(a)	Normalized pro rata cash NOI and Adjusted EBITDA are non-GAAP measures. See the Terms and Definitions section in the Appendix for a description of our non-GAAP measures and for details on how they are calculated.

(b)

In connection with our decision to exit all non-traded retail fundraising activities, during the second quarter of 2017 we revised how we view and present our two business segments. As such, equity in earnings of equity method investments in the Managed REITs and CESH I is now recognized within our Investment Management segment. Equity in earnings of our equity method investment in CCIF continues to be included in our Investment Management segment. Prior periods have been revised to reflect this change.


(c)	A description of any back-end fees and interests associated with the Managed Programs is detailed in the Summary of Back-End Fees for / Interests in the Managed Programs section.

(d)

We are entitled to receive distributions of our share of earnings up to 10% of the Available Cash of each of the Managed REITs, as defined in their respective operating partnership agreements. Pursuant to the terms of their subadvisory agreements, however, 20% of the distributions of Available Cash we receive from CWI 1 and 25% of the distributions of Available Cash we receive from CWI 2 are paid to their respective subadvisors.


(e)	Represents the value of real estate not included in net operating income, such as vacant assets and in-progress build-to-suit properties.


(f)	See the Terms and Definitions section in the Appendix for a description of pro rata.


(g)	Separate from operating partnership interests and our interests in unconsolidated joint ventures with our affiliate, CPA^®:17 – Global.

(h)

The estimated net asset value per share, or NAV, for CPA^®:17 – Global was determined as of December 31, 2016. We calculated CPA^®:17 – Global’s NAV by relying in part on an estimate of the fair market value of CPA^®:17 – Global’s real estate portfolio and debt provided by third parties, adjusted to give effect to the estimated fair value of mortgage loans encumbering its assets (also provided by a third party) as well as other adjustments.

(i)

We own shares of CPA^®:18 – Global’s Class A common stock. The NAV for CPA^®:18 – Global’s Class A common stock was determined as of March 31, 2017. We calculated the NAV for CPA^®:18 – Global’s Class A common stock by relying in part on an estimate of the fair market value of CPA^®:18 – Global’s real estate portfolio and debt provided by third parties, adjusted to give effect to the estimated fair value of mortgage loans encumbering its assets (also provided by a third party), as well as other adjustments.

(j)

The NAV for CWI 1 was based on shares of common stock outstanding at December 31, 2016. We calculated CWI 1’s NAV relying in part on appraisals of the fair market value of CWI 1’s real estate portfolio and mortgage debt provided by third parties. The net amount was then adjusted for estimated disposition costs (including estimates of expenses, commissions and fees payable to us) and CWI 1’s other net assets and liabilities at the same date.

(k)

We own shares of CWI 2’s Class A common stock. The NAV for CWI 2’s Class A common stock was determined as of December 31, 2016. We calculated the NAV for CWI 2’s Class A common stock by relying in part on an appraisal of the fair market value of CWI 2’s real estate portfolio and estimates of the fair market value of CWI 2’s mortgage debt at December 31, 2016. The net amount was then adjusted for other net assets and liabilities and our interest in disposition proceeds at December 31, 2016.


(l)	The NAV for CCIF was determined as of March 31, 2017. We account for our interest in this investment using the equity method of accounting because we share the decision making with the third-party investment partner.


(m)	We own limited partnership units of CESH I at its private placement price of $1,000.00 per share; a NAV for CESH I has not yet been calculated.



		Investing for the long run^TM \| 4

W. P. Carey Inc.

Financial Results

Second Quarter 2017



		Investing for the long run^TM \| 5

W. P. Carey Inc.

Financial Results – Second Quarter 2017



Consolidated Statements of Income – Last Five Quarters

In thousands, except share and per share amounts.



	Three Months Ended
	Jun. 30, 2017			Mar. 31, 2017			Dec. 31, 2016			Sep. 30, 2016			Jun. 30, 2016
Revenues
Owned Real Estate:
Lease revenues	$	158,255		$	155,781		$	157,105		$	163,786		$	167,328
Operating property revenues	8,223			6,980			7,071			8,524			8,270
Reimbursable tenant costs	5,322			5,221			6,201			6,537			6,391
Lease termination income and other	2,247			760			1,093			1,224			838
	174,047			168,742			171,470			180,071			182,827
Investment Management:
Asset management revenue	17,966			17,367			16,375			15,978			15,005
Structuring revenue	14,330			3,834			16,338			12,301			5,968
Reimbursable costs from affiliates	13,479			25,700			20,061			14,540			12,094
Dealer manager fees	1,000			3,325			2,623			1,835			1,372
Other advisory revenue	706			91			1,913			522			—
	47,481			50,317			57,310			45,176			34,439
	221,528			219,059			228,780			225,247			217,266
Operating Expenses
Depreciation and amortization	62,849			62,430			62,675			62,802			66,581
Reimbursable tenant and affiliate costs	18,801			30,921			26,262			21,077			18,485
General and administrative	17,529			18,424			24,230			15,733			20,951
Property expenses, excluding reimbursable tenant costs	10,530			10,110			10,956			10,193			10,510
Restructuring and other compensation ^(a)	7,718			—			—			—			452
Subadvisor fees ^(b)	3,672			2,720			4,131			4,842			1,875
Stock-based compensation expense	3,104			6,910			3,051			4,356			4,001
Dealer manager fees and expenses	2,788			3,294			3,808			3,028			2,620
Property acquisition and other expenses ^(c)	1,000			73			18			—			(207		)
Impairment charges	—			—			9,433			14,441			35,429
	127,991			134,882			144,564			136,472			160,697
Other Income and Expenses
Interest expense	(42,235		)	(41,957		)	(43,913		)	(44,349		)	(46,752		)
Equity in earnings of equity method investments in the Managed Programs and real estate	15,728			15,774			16,476			16,803			16,429
Other income and (expenses)	(916		)	516			(3,731		)	5,101			426
	(27,423		)	(25,667		)	(31,168		)	(22,445		)	(29,897		)
Income before income taxes and gain on sale of real estate	66,114			58,510			53,048			66,330			26,672
(Provision for) benefit from income taxes	(2,448		)	1,305			(7,826		)	(3,154		)	8,217
Income before gain on sale of real estate	63,666			59,815			45,222			63,176			34,889
Gain on sale of real estate, net of tax	3,465			10			3,248			49,126			18,282
Net Income	67,131			59,825			48,470			112,302			53,171
Net income attributable to noncontrolling interests	(2,813		)	(2,341		)	(766		)	(1,359		)	(1,510		)
Net Income Attributable to W. P. Carey	$	64,318		$	57,484		$	47,704		$	110,943		$	51,661

Basic Earnings Per Share	$	0.60		$	0.53		$	0.44		$	1.03		$	0.48
Diluted Earnings Per Share	$	0.59		$	0.53		$	0.44		$	1.03		$	0.48
Weighted-Average Shares Outstanding
Basic	107,668,218			107,562,484			107,487,181			107,221,668			106,310,362
Diluted	107,783,204			107,764,279			107,715,965			107,468,029			106,530,036

Distributions Declared Per Share	$	1.0000		$	0.9950		$	0.9900		$	0.9850		$	0.9800

________

(a)

Amount for the three months ended June 30, 2017 represents restructuring expenses resulting from our exit of all non-traded retail fundraising activities. Amount for the three months ended June 30, 2016 represents restructuring and other compensation-related expenses resulting from a reduction in headcount and employee severance arrangements, primarily in connection with the reduction in force that we completed in March 2016.

(b)

We earn investment management revenue from CWI 1 and CWI 2 in our role as their advisor. Pursuant to the terms of their subadvisory agreements, however, 20% of the fees we receive from CWI 1 and 25% of the fees we receive from CWI 2 are paid to their respective subadvisors. In connection with the acquisitions of multi-family properties on behalf of CPA^®:18 – Global, we entered into agreements with third-party advisors for the day-to-day management of the properties for which we pay 30% of the initial acquisition fees and 100% of asset management fees paid to us by CPA^®:18 – Global. Pursuant to the terms of the subadvisory agreement we have with the subadvisor in connection with CCIF, we pay a subadvisory fee equal to 50% of the asset management fees and organization and offering costs paid to us by CCIF.


(c)	Amount for the three months ended June 30, 2017 is comprised of an accrual for estimated one-time legal settlement expenses.



		Investing for the long run^TM \| 6

W. P. Carey Inc.

Financial Results – Second Quarter 2017



Statements of Income, Owned Real Estate – Last Five Quarters

In thousands, except share and per share amounts.



	Three Months Ended
	Jun. 30, 2017			Mar. 31, 2017			Dec. 31, 2016			Sep. 30, 2016			Jun. 30, 2016
Revenues
Lease revenues	$	158,255		$	155,781		$	157,105		$	163,786		$	167,328
Operating property revenues	8,223			6,980			7,071			8,524			8,270
Reimbursable tenant costs	5,322			5,221			6,201			6,537			6,391
Lease termination income and other	2,247			760			1,093			1,224			838
	174,047			168,742			171,470			180,071			182,827
Operating Expenses
Depreciation and amortization	61,989			61,522			61,717			61,740			65,457
Property expenses, excluding reimbursable tenant costs	10,530			10,110			10,956			10,193			10,510
General and administrative	7,803			8,274			8,938			7,453			8,656
Reimbursable tenant costs	5,322			5,221			6,201			6,537			6,391
Property acquisition and other expenses ^(a)	1,000			73			18			—			78
Stock-based compensation expense	899			1,954			908			1,572			907
Impairment charges	—			—			9,433			14,441			35,429
Restructuring and other compensation	—			—			—			—			(13		)
	87,543			87,154			98,171			101,936			127,415
Other Income and Expenses
Interest expense	(42,235		)	(41,957		)	(43,913		)	(44,349		)	(46,752		)
Equity in earnings of equity method investments in real estate ^(b)	3,721			2,072			3,343			3,230			3,198
Other income and (expenses)	(1,371		)	40			(4,016		)	3,244			662
	(39,885		)	(39,845		)	(44,586		)	(37,875		)	(42,892		)
Income before income taxes and gain on sale of real estate	46,619			41,743			28,713			40,260			12,520
(Provision for) benefit from income taxes	(3,731		)	(1,454		)	(3,374		)	(530		)	9,410
Income before gain on sale of real estate	42,888			40,289			25,339			39,730			21,930
Gain on sale of real estate, net of tax	3,465			10			3,248			49,126			18,282
Net Income from Owned Real Estate	46,353			40,299			28,587			88,856			40,212
Net income attributable to noncontrolling interests	(2,813		)	(2,341		)	(766		)	(1,359		)	(1,510		)
Net Income from Owned Real Estate Attributable to W. P. Carey ^(b)	$	43,540		$	37,958		$	27,821		$	87,497		$	38,702

Basic Earnings Per Share ^(b)	$	0.41		$	0.35		$	0.26		$	0.81		$	0.36
Diluted Earnings Per Share ^(b)	$	0.40		$	0.35		$	0.26		$	0.81		$	0.36
Weighted-Average Shares Outstanding
Basic	107,668,218			107,562,484			107,487,181			107,221,668			106,310,362
Diluted	107,783,204			107,764,279			107,715,965			107,468,029			106,530,036

________


(a)	Amount for the three months ended June 30, 2017 is comprised of an accrual for estimated one-time legal settlement expenses.

(b)



		Investing for the long run^TM \| 7

W. P. Carey Inc.

Financial Results – Second Quarter 2017



Statements of Income, Investment Management – Last Five Quarters

In thousands, except share and per share amounts.



	Three Months Ended
	Jun. 30, 2017		Mar. 31, 2017		Dec. 31, 2016			Sep. 30, 2016			Jun. 30, 2016
Revenues
Asset management revenue	$	17,966	$	17,367	$	16,375		$	15,978		$	15,005
Structuring revenue	14,330		3,834		16,338			12,301			5,968
Reimbursable costs from affiliates	13,479		25,700		20,061			14,540			12,094
Dealer manager fees	1,000		3,325		2,623			1,835			1,372
Other advisory revenue	706		91		1,913			522			—
	47,481		50,317		57,310			45,176			34,439
Operating Expenses
Reimbursable costs from affiliates	13,479		25,700		20,061			14,540			12,094
General and administrative	9,726		10,150		15,292			8,280			12,295
Restructuring and other compensation ^(a)	7,718		—		—			—			465
Subadvisor fees ^(b)	3,672		2,720		4,131			4,842			1,875
Dealer manager fees and expenses	2,788		3,294		3,808			3,028			2,620
Stock-based compensation expense	2,205		4,956		2,143			2,784			3,094
Depreciation and amortization	860		908		958			1,062			1,124
Property acquisition and other expenses	—		—		—			—			(285		)
	40,448		47,728		46,393			34,536			33,282
Other Income and Expenses
Equity in earnings of equity method investments in the Managed Programs ^(c)	12,007		13,702		13,133			13,573			13,231
Other income and (expenses)	455		476		285			1,857			(236		)
	12,462		14,178		13,418			15,430			12,995
Income before income taxes	19,495		16,767		24,335			26,070			14,152
Benefit from (provision for) income taxes	1,283		2,759		(4,452		)	(2,624		)	(1,193		)
Net Income from Investment Management Attributable to W. P. Carey ^(c)	$	20,778	$	19,526	$	19,883		$	23,446		$	12,959

Basic Earnings Per Share ^(c)	$	0.19	$	0.18	$	0.18		$	0.22		$	0.12
Diluted Earnings Per Share ^(c)	$	0.19	$	0.18	$	0.18		$	0.22		$	0.12
Weighted-Average Shares Outstanding
Basic	107,668,218		107,562,484		107,487,181			107,221,668			106,310,362
Diluted	107,783,204		107,764,279		107,715,965			107,468,029			106,530,036

________

(a)

(b)

(c)



		Investing for the long run^TM \| 8

W. P. Carey Inc.

Financial Results – Second Quarter 2017



FFO and AFFO, Consolidated – Last Five Quarters

In thousands, except share and per share amounts.



	Three Months Ended
	Jun. 30, 2017			Mar. 31, 2017			Dec. 31, 2016			Sep. 30, 2016			Jun. 30, 2016
Net income attributable to W. P. Carey	$	64,318		$	57,484		$	47,704		$	110,943		$	51,661
Adjustments:
Depreciation and amortization of real property	61,636			61,182			61,373			61,396			65,096
Gain on sale of real estate, net	(3,465		)	(10		)	(3,248		)	(49,126		)	(18,282		)
Impairment charges	—			—			9,433			14,441			35,429
Proportionate share of adjustments for noncontrolling interests to arrive at FFO	(2,562		)	(2,541		)	(3,184		)	(3,254		)	(2,662		)
Proportionate share of adjustments to equity in net income of partially owned entities to arrive at FFO	833			2,717			1,059			1,354			1,331
Total adjustments	56,442			61,348			65,433			24,811			80,912
FFO Attributable to W. P. Carey (as defined by NAREIT)^(a)	120,760			118,832			113,137			135,754			132,573
Adjustments:
Above- and below-market rent intangible lease amortization, net	12,323			12,491			12,653			12,564			13,105
Restructuring and other compensation ^(b)	7,718			—			—			—			452
Other amortization and non-cash items ^{(c) (d)}	6,693			2,094			5,584			(4,897		)	404
Stock-based compensation	3,104			6,910			3,051			4,356			4,001
Straight-line and other rent adjustments	(2,965		)	(3,500		)	(4,953		)	(5,116		)	(2,234		)
Amortization of deferred financing costs ^(d)	2,542			1,400			926			1,007			541
(Gain) loss on extinguishment of debt	(2,443		)	912			224			2,072			(112		)
Tax benefit – deferred	(1,382		)	(5,551		)	(2,433		)	(2,999		)	(16,535		)
Property acquisition and other expenses ^(e)	1,000			73			18			—			(207		)
Realized (gains) losses on foreign currency	(378		)	403			1,102			1,559			1,222

Proportionate share of adjustments to equity in net income of partially owned entities to arrive at AFFO	1,978			550			2,810			261			(841		)
Proportionate share of adjustments for noncontrolling interests to arrive at AFFO	(513		)	(376		)	(595		)	(90		)	(131		)
Total adjustments	27,677			15,406			18,387			8,717			(335		)
AFFO Attributable to W. P. Carey^(a)	$	148,437		$	134,238		$	131,524		$	144,471		$	132,238

Summary
FFO attributable to W. P. Carey (as defined by NAREIT)^(a)	$	120,760		$	118,832		$	113,137		$	135,754		$	132,573
FFO attributable to W. P. Carey (as defined by NAREIT) per diluted share ^(a)	$	1.12		$	1.10		$	1.05		$	1.26		$	1.24
AFFO attributable to W. P. Carey^(a)	$	148,437		$	134,238		$	131,524		$	144,471		$	132,238
AFFO attributable to W. P. Carey per diluted share ^(a)	$	1.38		$	1.25		$	1.22		$	1.34		$	1.24
Diluted weighted-average shares outstanding	107,783,204			107,764,279			107,715,965			107,468,029			106,530,036

________


(a)	FFO and AFFO are non-GAAP measures. See the Terms and Definitions section in the Appendix for a description of our non-GAAP measures.

(b)


(c)	Represents primarily unrealized gains and losses from foreign exchange and derivatives.


(d)	Effective July 1, 2016, the amortization of debt premiums and discounts, which was previously included in Other amortization and non-cash items, is included in Amortization of deferred financing costs. Prior periods have been revised to reflect this change. Amortization of debt premiums and discounts for the three months ended June 30, 2016 was $0.8 million.


(e)	Amount for the three months ended June 30, 2017 is comprised of an accrual for estimated one-time legal settlement expenses.



		Investing for the long run^TM \| 9

W. P. Carey Inc.

Financial Results – Second Quarter 2017



FFO and AFFO, Owned Real Estate – Last Five Quarters

In thousands, except share and per share amounts.



	Three Months Ended
	Jun. 30, 2017			Mar. 31, 2017			Dec. 31, 2016			Sep. 30, 2016			Jun. 30, 2016
Net income from Owned Real Estate attributable to W. P. Carey ^(a)	$	43,540		$	37,958		$	27,821		$	87,497		$	38,702
Adjustments:
Depreciation and amortization of real property	61,636			61,182			61,373			61,396			65,096
Gain on sale of real estate, net	(3,465		)	(10		)	(3,248		)	(49,126		)	(18,282		)
Impairment charges	—			—			9,433			14,441			35,429
Proportionate share of adjustments for noncontrolling interests to arrive at FFO	(2,562		)	(2,541		)	(3,184		)	(3,254		)	(2,662		)
Proportionate share of adjustments to equity in net income of partially owned entities to arrive at FFO	833			2,717			1,059			1,354			1,331
Total adjustments	56,442			61,348			65,433			24,811			80,912
FFO Attributable to W. P. Carey (as defined by NAREIT) - Owned Real Estate ^{(a) (b)}	99,982			99,306			93,254			112,308			119,614
Adjustments:
Above- and below-market rent intangible lease amortization, net	12,323			12,491			12,653			12,564			13,105
Other amortization and non-cash items ^{(c) (d)}	7,038			2,009			5,698			(4,356		)	15
Straight-line and other rent adjustments	(2,965		)	(3,500		)	(4,953		)	(5,116		)	(2,234		)
Amortization of deferred financing costs ^(d)	2,542			1,400			926			1,007			541
(Gain) loss on extinguishment of debt	(2,443		)	912			224			2,072			(112		)
Property acquisition and other expenses ^(e)	1,000			73			18			—			78
Stock-based compensation	899			1,954			908			1,572			907
Realized (gains) losses on foreign currency	(382		)	395			1,136			1,559			1,204
Tax expense (benefit) – deferred	33			(2,460		)	2,273			(3,387		)	(14,826		)
Restructuring and other compensation	—			—			—			—			(13		)
Proportionate share of adjustments to equity in net income of partially owned entities to arrive at AFFO ^(a)	(92		)	(434		)	(189		)	(103		)	(145		)
Proportionate share of adjustments for noncontrolling interests to arrive at AFFO	(513		)	(376		)	(595		)	(90		)	(131		)
Total adjustments	17,440			12,464			18,099			5,722			(1,611		)
AFFO Attributable to W. P. Carey - Owned Real Estate^{(a) (b)}	$	117,422		$	111,770		$	111,353		$	118,030		$	118,003

Summary
FFO attributable to W. P. Carey (as defined by NAREIT) - Owned Real Estate ^{(a) (b)}	$	99,982		$	99,306		$	93,254		$	112,308		$	119,614
FFO attributable to W. P. Carey (as defined by NAREIT) per diluted share - Owned Real Estate ^{(a) (b)}	$	0.93		$	0.92		$	0.87		$	1.04		$	1.12
AFFO attributable to W. P. Carey - Owned Real Estate ^{(a) (b)}	$	117,422		$	111,770		$	111,353		$	118,030		$	118,003
AFFO attributable to W. P. Carey per diluted share - Owned Real Estate ^{(a) (b)}	$	1.09		$	1.04		$	1.03		$	1.10		$	1.11
Diluted weighted-average shares outstanding	107,783,204			107,764,279			107,715,965			107,468,029			106,530,036

________

(a)


(b)	FFO and AFFO are non-GAAP measures. See the Terms and Definitions section in the Appendix for a description of our non-GAAP measures.


(c)	Represents primarily unrealized gains and losses from foreign exchange and derivatives.


(d)	Effective July 1, 2016, the amortization of debt premiums and discounts, which was previously included in Other amortization and non-cash items, is included in Amortization of deferred financing costs. Prior periods have been revised to reflect this change. Amortization of debt premiums and discounts for the three months ended June 30, 2016 was $0.8 million.


(e)	Amount for the three months ended June 30, 2017 is comprised of an accrual for estimated one-time legal settlement expenses.



		Investing for the long run^TM \| 10

W. P. Carey Inc.

Financial Results – Second Quarter 2017



FFO and AFFO, Investment Management – Last Five Quarters

In thousands, except share and per share amounts.



	Three Months Ended
	Jun. 30, 2017			Mar. 31, 2017			Dec. 31, 2016			Sep. 30, 2016			Jun. 30, 2016
Net income from Investment Management attributable to W. P. Carey ^(a)	$	20,778		$	19,526		$	19,883		$	23,446		$	12,959
FFO Attributable to W. P. Carey (as defined by NAREIT) - Investment Management ^{(a) (b)}	20,778			19,526			19,883			23,446			12,959
Adjustments:
Restructuring and other compensation ^(c)	7,718			—			—			—			465
Stock-based compensation	2,205			4,956			2,143			2,784			3,094
Tax (benefit) expense – deferred	(1,415		)	(3,091		)	(4,706		)	388			(1,709		)
Other amortization and non-cash items ^(d)	(345		)	85			(114		)	(541		)	389
Realized losses (gains) on foreign currency	4			8			(34		)	—			18
Property acquisition and other expenses	—			—			—			—			(285		)
Proportionate share of adjustments to equity in net income of partially owned entities to arrive at AFFO ^(a)	2,070			984			2,999			364			(696		)
Total adjustments	10,237			2,942			288			2,995			1,276
AFFO Attributable to W. P. Carey - Investment Management^{(a) (b)}	$	31,015		$	22,468		$	20,171		$	26,441		$	14,235

Summary
FFO attributable to W. P. Carey (as defined by NAREIT) - Investment Management ^{(a) (b)}	$	20,778		$	19,526		$	19,883		$	23,446		$	12,959
FFO attributable to W. P. Carey (as defined by NAREIT) per diluted share - Investment Management ^{(a) (b)}	$	0.19		$	0.18		$	0.18		$	0.22		$	0.12
AFFO attributable to W. P. Carey - Investment Management^{(a) (b)}	$	31,015		$	22,468		$	20,171		$	26,441		$	14,235
AFFO attributable to W. P. Carey per diluted share - Investment Management ^{(a) (b)}	$	0.29		$	0.21		$	0.19		$	0.24		$	0.13
Diluted weighted-average shares outstanding	107,783,204			107,764,279			107,715,965			107,468,029			106,530,036

________

(a)


(b)	FFO and AFFO are non-GAAP measures. See the Terms and Definitions section in the Appendix for a description of our non-GAAP measures.

(c)


(d)	Represents primarily unrealized gains and losses from foreign exchange and derivatives.



		Investing for the long run^TM \| 11

W. P. Carey Inc.

Financial Results – Second Quarter 2017



Elements of Pro Rata Consolidated Statement of Income and AFFO Adjustments

In thousands. For the three months ended June 30, 2017.

We believe that the table below is useful for investors to help them better understand our business by illustrating the impact of each of our AFFO adjustments on our GAAP statement of income line items. This presentation is not an alternative to the GAAP statement of income, nor is AFFO an alternative to net income as determined by GAAP.



	Equity Investments ^(a)			Noncontrolling Interests ^(b)			AFFO Adjustments
Revenues
Owned Real Estate:
Lease revenues	$	4,747		$	(5,765	)	$	8,769		^(c)
Operating property revenues:
Hotel revenues	—			—			—
Reimbursable tenant costs	22			(99		)	—
Lease termination income and other	—			(1		)	(5		)

Investment Management:
Asset management revenue	—			—			—
Structuring revenue	—			—			—
Reimbursable costs from affiliates	—			—			—
Dealer manager fees	—			—			—
Other advisory revenue	—			—			—

Operating Expenses
Depreciation and amortization	339			(2,569		)	(59,440		)	^(d)
General and administrative	—			17			—
Reimbursable tenant and affiliate costs	23			(100		)	—
Property expenses, excluding reimbursable tenant costs:
Hotel expenses	—			—			—
Non-reimbursable property expenses	8			(28		)	215			^(e)
Restructuring and other compensation	—			—			(7,718		)	^(f)
Subadvisor fees ^(g)	—			—			—
Stock-based compensation expense	—			—			(3,104		)	^(e)
Dealer manager fees and expenses	—			—			—
Property acquisition and other expenses	—			—			(1,000		)	^(h)

Other Income and Expenses
Interest expense	(497		)	298			2,473			⁽ⁱ⁾
Equity in earnings of equity method investments in the Managed Programs and real estate:
Income related to our general partnership interests in the Managed REITs ^(j)	—			(309		)	—
Joint ventures	(3,891		)	(1		)	495			^(k)
Income related to our ownership in the Managed Programs	—			—			2,070			^(l)
Other income and (expenses)	1			100			4,217			^(m)

Provision for income taxes	(12		)	284			(1,482		)	⁽ⁿ⁾
Gain on sale of real estate, net of tax	—			—			(3,465		)
Net income attributable to noncontrolling interests	—			2,813			—

________


(a)	Represents the break-out by line item of amounts recorded in Equity in earnings of equity method investments in the Managed Programs and real estate.


(b)	Represents the break-out by line item of amounts recorded in Net income attributable to noncontrolling interests.


(c)	For the three months ended June 30, 2017, represents the reversal of amortization of above- or below-market lease intangibles of $11.8 million and the elimination of non-cash amounts related to straight-line rent and other of $3.0 million.


(d)	Adjustment is a non-cash adjustment excluding corporate depreciation and amortization.


(e)	Adjustment to exclude a non-cash item.


(f)	Adjustment to exclude restructuring expenses resulting from our exit of all non-traded retail fundraising activities.

(g)


(h)	Adjustment to exclude an accrual for estimated one-time legal settlement expenses.


(i)	Represents the elimination of non-cash components of interest expense, such as deferred financing costs, debt premiums and discounts.



		Investing for the long run^TM \| 12

W. P. Carey Inc.

Financial Results – Second Quarter 2017


(j)	Amount includes 100% of CWI 2 general operating partnership distribution, including less than $0.1 million paid to subadvisors.


(k)	Adjustments to include our pro rata share of AFFO adjustments from equity investments.


(l)	Represents Adjusted MFFO from the Managed Programs in place of our pro rata share of net income from our ownership in the Managed Programs. Adjusted MFFO is defined as MFFO adjusted for deferred taxes and excluding the adjustment for realized gains and losses on hedges.


(m)	Represents eliminations of gains (losses) related to the extinguishment of debt, foreign currency, unrealized gains (losses) on derivatives and other items.


(n)	Represents primarily the elimination of deferred taxes.



		Investing for the long run^TM \| 13

W. P. Carey Inc.

Financial Results – Second Quarter 2017



Capital Expenditures

In thousands. For the three months ended June 30, 2017.



Tenant Improvements and Leasing Costs
Tenant improvements	$	2,646
Leasing costs	2,510
Tenant Improvements and Leasing Costs	5,156

Maintenance Capital Expenditures
Net-lease properties	606
Operating properties	119
Maintenance Capital Expenditures	725

Total: Tenant Improvements and Leasing Costs, and Maintenance Capital Expenditures	$	5,881

Non-maintenance Capital Expenditures
Build-to-suits, redevelopments and expansions	$	10,791
Other non-maintenance capital expenditures	—
Total: Non-maintenance Capital Expenditures	$	10,791



Build-to-Suits, Redevelopments and Expansions ^{(a) (b) (c)}

Dollars in thousands.



		Property Type	Actual Completion	Estimated New Square Footage	Lease Term (Years)	Funded During Three Months Ended Jun. 30, 2017		Total Funded Through Jun. 30, 2017		Maximum Commitment
Tenant	Location	Property Type	Actual Completion	Estimated New Square Footage	Lease Term (Years)	Funded During Three Months Ended Jun. 30, 2017		Total Funded Through Jun. 30, 2017		Remaining		Total
Completed
1Q17
Leipold	Windsor, CT	Industrial	1Q17	22,704	20	$	—	$	3,302	$	—	$	3,302
1Q17 Total						—		3,302		—		3,302
2Q17
Nord Anglia ^{(d) (e) (f)}	Coconut Creek, FL	Education Facility	2Q17	40,000	25	1,118		17,764		—		17,764
Inghams ^{(d) (e)}	Monarto South, Australia	Industrial	2Q17	386,705	18	5,057		15,082		—		15,082
Gestamp ^(g)	McCalla, AL	Industrial	2Q17	178,000	20	4,616		20,676		800		21,476
2Q17 Total						10,791		53,522		800		54,322
Year-to-Date Total						$	10,791	$	56,824	$	800	$	57,624

________


(a)	This schedule includes future estimates for which we can give no assurance as to timing or amounts.


(b)	Funding amounts exclude land acquisition costs and capitalized construction interest.


(c)	Excludes two projects for which we have accrued costs but not funded.


(d)	Project is fully funded and generating rent.


(e)	Total maximum commitment equals total funded through period end.


(f)	We earned interest from this tenant, which was accrued throughout the construction period and deducted from the remaining commitment.


(g)	Asset is fully constructed, with tenant occupying space and paying rent.



		Investing for the long run^TM \| 14

W. P. Carey Inc.

Balance Sheets and Capitalization

Second Quarter 2017



		Investing for the long run^TM \| 15

W. P. Carey Inc.

Balance Sheets and Capitalization – Second Quarter 2017



Consolidated Balance Sheets

In thousands.



	Jun. 30, 2017			Dec. 31, 2016
Assets
Investments in real estate:
Real estate	$	5,276,976		$	5,204,126
Operating real estate	81,902			81,711
Net investments in direct financing leases	708,997			684,059
In-place lease and other intangible assets	1,199,289			1,172,238
Above-market rent intangible assets	639,654			632,383
Assets held for sale ^(a)	32,470			26,247
Investments in real estate	7,939,288			7,800,764
Accumulated depreciation and amortization ^(b)	(1,174,374		)	(1,018,864		)
Net investments in real estate	6,764,914			6,781,900
Equity investments in the Managed Programs and real estate ^(c)	330,540			298,893
Cash and cash equivalents	171,587			155,482
Due from affiliates	129,337			299,610
Other assets, net	280,110			282,149
Goodwill	640,761			635,920
Total assets	$	8,317,249		$	8,453,954

Liabilities and Equity
Debt:
Unsecured senior notes, net	$	2,415,400		$	1,807,200
Unsecured term loans, net	369,300			249,978
Unsecured revolving credit facility	165,501			676,715
Non-recourse mortgages, net	1,314,463			1,706,921
Debt, net	4,264,664			4,440,814
Accounts payable, accrued expenses and other liabilities	281,415			266,917
Below-market rent and other intangible liabilities, net	118,736			122,203
Deferred income taxes	86,593			90,825
Distributions payable	108,638			107,090
Total liabilities	4,860,046			5,027,849
Redeemable noncontrolling interest	965			965

Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued	—			—
Common stock, $0.001 par value, 450,000,000 shares authorized; 106,866,623 and 106,294,162 shares, respectively, issued and outstanding	107			106
Additional paid-in capital	4,423,841			4,399,961
Distributions in excess of accumulated earnings	(989,384		)	(894,137		)
Deferred compensation obligation	46,711			50,222
Accumulated other comprehensive loss	(243,648		)	(254,485		)
Total stockholders' equity	3,237,627			3,301,667
Noncontrolling interests	218,611			123,473
Total equity	3,456,238			3,425,140
Total liabilities and equity	$	8,317,249		$	8,453,954

________


(a)	At June 30, 2017, we had three properties classified as Assets held for sale. At December 31, 2016, we had one property classified as Assets held for sale, which was sold during the six months ended June 30, 2017.


(b)	Includes $552.4 million and $484.4 million of real estate asset depreciation as of June 30, 2017 and December 31, 2016, respectively, and $622.0 million and $534.4 million of lease intangible amortization as of June 30, 2017 and December 31, 2016, respectively.


(c)	Our equity investments in the Managed Programs totaled $191.3 million and $160.8 million as of June 30, 2017 and December 31, 2016, respectively. Our equity investments in real estate joint ventures totaled $139.2 million and $138.1 million as of June 30, 2017 and December 31, 2016, respectively.



		Investing for the long run^TM \| 16

W. P. Carey Inc.

Balance Sheets and Capitalization – Second Quarter 2017



Capitalization

In thousands, except share and per share amounts. As of June 30, 2017.



Description	Shares	Share Price		Market Value
Equity
Common equity	106,866,623	$	66.01	$	7,054,266
Preferred equity				—
Total Equity Market Capitalization				7,054,266

				Outstanding Balance ^(a)
Pro Rata Debt
Non-recourse mortgages				1,336,437
Unsecured term loans				370,890
Unsecured revolving credit facility				165,501
Unsecured senior notes:
Due January 20, 2023				570,600
Due July 19, 2024				570,600
Due April 1, 2024				500,000
Due February 1, 2025				450,000
Due October 1, 2026				350,000
Total Pro Rata Debt				4,314,028

Total Capitalization				$	11,368,294

________


(a)	Excludes unamortized deferred financing costs totaling $17.2 million and unamortized discount, net totaling $13.1 million as of June 30, 2017.



		Investing for the long run^TM \| 17

W. P. Carey Inc.

Balance Sheets and Capitalization – Second Quarter 2017



Debt Overview

Dollars in thousands. Pro rata. As of June 30, 2017.



	USD-Denominated				EUR-Denominated				Other Currencies ^(a)				Total
													Outstanding Balance
	Out-standing Balance (in USD)		Weigh-ted -Avg. Interest Rate		Out-standing Balance (in USD)		Weigh-ted -Avg. Interest Rate		Out-standing Balance (in USD)		Weigh-ted Avg. Interest Rate		Amount ^{(b) (c)} (in USD)		% of Total		Weigh-ted -Avg. Interest Rate		Weigh-ted -Avg. Maturity (Years)
Non-Recourse Debt
Fixed	$	869,750	5.7	%	$	142,894	4.7	%	$	22,967	6.2	%	$	1,035,611	24.0	%	5.6	%	4.5
Variable:
Floating	46,130		3.0	%	114,960		0.9	%	4,353		5.4	%	165,443		3.9	%	1.6	%	1.3
Swapped	108,832		5.0	%	8,722		6.2	%	—		—	%	117,554		2.7	%	5.1	%	3.2
Capped	—		—	%	17,829		3.3	%	—		—	%	17,829		0.4	%	3.3	%	4.1
Total Pro Rata Non-Recourse Debt	1,024,712		5.5	%	284,405		3.1	%	27,320		6.1	%	1,336,437		31.0	%	5.0	%	4.0

Recourse Debt
Fixed – Unsecured senior notes:
Due January 20, 2023	—		—	%	570,600		2.0	%	—		—	%	570,600		13.2	%	2.0	%	5.6
Due July 19, 2024	—		—	%	570,600		2.3	%	—		—	%	570,600		13.2	%	2.3	%	7.1
Due April 1, 2024	500,000		4.6	%	—		—	%	—		—	%	500,000		11.6	%	4.6	%	6.8
Due February 1, 2025	450,000		4.0	%	—		—	%	—		—	%	450,000		10.5	%	4.0	%	9.3
Due October 1, 2026	350,000		4.3	%	—		—	%	—		—	%	350,000		8.1	%	4.3	%	7.6
Total Unsecured Senior Notes	1,300,000		4.3	%	1,141,200		2.1	%	—		—	%	2,441,200		56.6	%	3.3	%	7.1
Variable:
Unsecured term loans (due February 22, 2022) ^(d)	—		—	%	370,890		1.1	%	—		—	%	370,890		8.6	%	1.1	%	4.7
Unsecured revolving credit facility (due February 22, 2021) ^(e)	58,000		2.1	%	107,501		1.0	%	—		—	%	165,501		3.8	%	1.4	%	3.7
Total Recourse Debt	1,358,000		4.2	%	1,619,591		1.8	%	—				2,977,591		69.0	%	2.9	%	6.6

Total Pro Rata Debt Outstanding ^(a)	$	2,382,712			$	1,903,996			$	27,320			$	4,314,028	100.0	%	3.6	%	5.8

________


(a)	Other currencies include debt denominated in Canadian dollar, British pound sterling, Japanese yen, Malaysian ringgit and Thai baht.


(b)	Debt data is presented on a pro rata basis. See the Terms and Definitions section in the Appendix for a description of pro rata.


(c)	Excludes unamortized deferred financing costs totaling $17.2 million and unamortized discount, net totaling $13.1 million as of June 30, 2017.


(d)	We incurred interest at the Euro Interbank Offered Rate (EURIBOR) plus 1.10% on our Unsecured term loans.


(e)	Based on the applicable currency, we incurred interest at the London Interbank Offered Rate (LIBOR) or EURIBOR plus 1.00% on our Unsecured revolving credit facility. Availability under our Unsecured revolving credit facility was $1.3 billion as of June 30, 2017.



		Investing for the long run^TM \| 18

W. P. Carey Inc.

Balance Sheets and Capitalization – Second Quarter 2017



Debt Maturity

Dollars in thousands. Pro rata. As of June 30, 2017.



	Real Estate			Debt
	Number of Properties ^(a)			Weighted- Average Interest Rate				Total Outstanding Balance ^{(b) (c)}		Percent of Total Outstanding Balance
Year of Maturity	Number of Properties ^(a)	ABR ^(a)		Weighted- Average Interest Rate		Balloon		Total Outstanding Balance ^{(b) (c)}		Percent of Total Outstanding Balance
Non-Recourse Debt
Remaining 2017	8	$	7,860	5.7	%	$	75,330	$	76,225	1.8	%
2018	34	40,531		3.7	%	224,623		231,108		5.3	%
2019	11	17,379		6.1	%	51,450		58,835		1.4	%
2020	23	48,134		4.8	%	223,109		258,379		6.0	%
2021	14	25,079		5.5	%	106,731		125,796		2.9	%
2022	30	42,486		5.1	%	202,097		241,218		5.6	%
2023	26	36,862		5.2	%	91,087		145,508		3.4	%
2024	22	20,509		5.9	%	3,444		59,362		1.4	%
2025	13	14,302		4.9	%	48,427		84,470		2.0	%
2026	7	9,921		6.6	%	18,992		44,406		1.0	%
2027	1	2,423		5.8	%	—		11,130		0.2	%
Total Pro Rata Non-Recourse Debt	189	$	265,486	5.0	%	$	1,045,290	1,336,437		31.0	%

Recourse Debt
Unsecured senior notes:
Due January 20, 2023				2.0	%			570,600
Due July 19, 2024				2.3	%			570,600
Due April 1, 2024				4.6	%			500,000
Due February 1, 2025				4.0	%			450,000
Due October 1, 2026				4.3	%			350,000
Total Unsecured senior notes				3.3	%			2,441,200		56.6	%
Unsecured term loans (due February 22, 2022) ^(d)				1.1	%			370,890		8.6	%
Unsecured revolving credit facility (due February 22, 2021) ^(e)				1.4	%			165,501		3.8	%
Total Recourse Debt				2.9	%			2,977,591		69.0	%

Total Pro Rata Debt Outstanding				3.6	%			$	4,314,028	100.0	%

________


(a)	Represents the number of properties and ABR associated with the debt that is maturing in each respective year.


(b)	Debt maturity data is presented on a pro rata basis. See the Terms and Definitions section in the Appendix for a description of pro rata. Total outstanding balance includes balloon payments and scheduled amortization for our non-recourse debt.


(c)	Excludes unamortized deferred financing costs totaling $17.2 million and unamortized discount, net totaling $13.1 million as of June 30, 2017.


(d)	We incurred interest at EURIBOR plus 1.10% on our Unsecured term loans.


(e)	Based on the applicable currency, we incurred interest at LIBOR or EURIBOR plus 1.00% on our Unsecured revolving credit facility. Availability under our Unsecured revolving credit facility was $1.3 billion as of June 30, 2017.



		Investing for the long run^TM \| 19

W. P. Carey Inc.

Balance Sheets and Capitalization – Second Quarter 2017



Unsecured Senior Notes

As of June 30, 2017.

Ratings



	Issuer / Corporate		Unsecured Senior Notes
Ratings Agency	Rating	Outlook	Rating	Outlook
Moody's	Baa2	Stable	Baa2	Stable
Standard & Poor's	BBB	Stable	BBB	Stable

Unsecured Senior Note Covenants

The following is a summary of the key financial covenants for the Unsecured Senior Notes, along with our estimated calculations of our compliance with those covenants at the end of the period presented. These ratios are not measures of our liquidity or performance and serve only to demonstrate our ability to incur additional debt, as permitted by the covenants for the Unsecured Senior Notes.



Covenant	Metric	Required	As of June 30, 2017
Limitation on the incurrence of debt	"Total Debt" / "Total Assets"	≤ 60%	45.3%
Limitation on the incurrence of secured debt	"Secured Debt" / "Total Assets"	≤ 40%	13.9%
Limitation on the incurrence of debt based on consolidated EBITDA to annual debt service charge	"Consolidated EBITDA" / "Annual Debt Service Charge"	≥ 1.5x	4.7x
Maintenance of unencumbered asset value	"Unencumbered Assets" / "Total Unsecured Debt"	≥ 150%	188.3%



		Investing for the long run^TM \| 20

W. P. Carey Inc.

Owned Real Estate

Second Quarter 2017



		Investing for the long run^TM \| 21

W. P. Carey Inc.

Owned Real Estate Portfolio – Second Quarter 2017



Investment Activity – Acquisitions and Dispositions

Dollars in thousands. Pro rata. For the six months ended June 30, 2017.



Acquisitions and Construction Projects Tenant / Lease Guarantor	Property Location(s)	Purchase Price		Closing Date / Asset Completion Date	Property Type(s)	Gross Square Footage
Constructed Properties Upon Purchase
1Q17 (N/A)

2Q17
Griffith Foods Group Inc. ^(a)	Chicago, IL	$	6,000	Jun-17	Industrial	84,174
2Q17 Total		6,000				84,174

Year-to-Date Total		$	6,000			84.174

Completed Build-to-Suit, Redevelopment and Expansion Properties
1Q17
Leipold	Windsor, CT	3,302		Mar-17	Industrial	22,704
1Q17 Total		3,302				22,704

2Q17
Nord Anglia	Coconut Creek, FL	17,764		Apr-17	Education Facility	40,000
Inghams ^(b)	Monarto South, Australia	15,082		May-17	Industrial	386,705
Gestamp	McCalla, AL	21,476		May-17	Industrial	178,000
2Q17 Total		54,322				604,705

Year-to-Date Total		$	57,624			627,409

Year-to-Date Total Acquisitions and Construction Projects		$	63,624			711,583

Dispositions

Tenant / Lease Guarantor

Property Location(s)

Gross Sale Price

Closing Date

Property

Type(s)

Gross Square Footage

1Q17

Vacant (2 properties) ^{(b) (c)}

Espoo, Finland

28,122

Jan-17

Office

466,483

DuraFiber Technologies ^(b)

Bad Hersfeld, Germany

24,083

Jan-17

Industrial, Office, Warehouse

858,958

Vacant ^(b)

Doncaster, United Kingdom

626

Feb-17

Land

N/A

1Q17 Total

52,831

1,325,441

2Q17

Vacant

Houston, TX

1,375

May-17

Warehouse

25,125

Vacant

Glendale Heights, IL

2,125

May-17

Office

35,455

Bouygues Telecom and Grand-Est International Campus ^(b)

Illkirch-Graffenstaden, France

5,150

May-17

Office

72,163

Pendragon PLC (2 properties) ^(b)

Doncaster and Newport, United Kingdom

11,478

Jun-17

Retail

34,429

2Q17 Total

20,128

167,172

Year-to-Date Total Dispositions

72,959

1,492,613

________


(a)	We also committed to fund an additional $3.6 million of building improvements.


(b)	Amount reflects the applicable exchange rate on the date of the transaction.


(c)	In January 2017, we transferred ownership of these properties and the related non-recourse mortgage loan to the mortgage lender. Amount represents the carrying value of the mortgage loan on date of transfer, less cash held in escrow that was retained by the mortgage lender.



		Investing for the long run^TM \| 22

W. P. Carey Inc.

Owned Real Estate Portfolio – Second Quarter 2017



Joint Ventures

Dollars in thousands. As of June 30, 2017.



Joint Venture or JV (Principal Tenant)	JV Partnership		Consolidated				Pro Rata ^(a)
Joint Venture or JV (Principal Tenant)	Partner	WPC %	Debt Outstanding ^(b)		ABR		Debt Outstanding ^(c)		ABR
Unconsolidated Joint Ventures (Equity Method Investments) ^(d)
Wanbishi Archives Co. Ltd. ^(e)	CPA^®:17 – Global	3.00%	$	23,226	$	2,725	$	697	$	82
Jumbo Logistiek Vastgoed B.V. ^(e)	CPA^®:17 – Global	15.00%	73,616		14,028		11,042		2,104
ALSO Actebis GmbH ^(e)	CPA^®:17 – Global	30.00%	—		3,732		—		1,120
Wagon Automotive GmbH ^(e)	CPA^®:17 – Global	33.33%	—		3,250		—		1,083
Frontier Spinning Mills, Inc.	CPA^®:17 – Global	40.00%	—		5,237		—		2,095
The New York Times Company	CPA^®:17 – Global	45.00%	102,511		27,247		46,130		12,261
Total Unconsolidated Joint Ventures			199,353		56,219		57,869		18,745

Consolidated Joint Ventures
Berry Global Inc. ^(f)	CPA^®:17 – Global	50.00%	23,774		7,426		11,887		3,713
Tesco Global Aruhazak Zrt. ^(e)	CPA^®:17 – Global	51.00%	34,959		6,488		17,829		3,309
Dick’s Sporting Goods, Inc. ^(f)	CPA^®:17 – Global	55.10%	19,190		3,559		10,574		1,961
Hellweg Die Profi-Baumärkte GmbH & Co. KG ^{(e) (f)}	CPA^®:17 – Global	63.48%	—		32,465		—		20,609
Eroski Sociedad Cooperativa ^(e)	CPA^®:17 – Global	70.00%	—		2,319		—		1,623
U-Haul Moving Partners, Inc. and Mercury Partners, LP	CPA^®:17 – Global	88.46%	—		36,008		—		31,853
McCoy-Rockford, Inc.	Third party	90.00%	3,515		857		3,163		771
Total Consolidated Joint Ventures			81,438		89,122		43,453		63,839
Total Unconsolidated and Consolidated Joint Ventures			$	280,791	$	145,341	$	101,322	$	82,584

________


(a)	See the Terms and Definitions section in the Appendix for a description of pro rata.


(b)	Excludes unamortized deferred financing costs totaling $0.9 million and unamortized premium, net totaling $0.4 million as of June 30, 2017.


(c)	Excludes unamortized deferred financing costs totaling $0.3 million and unamortized premium, net totaling $0.2 million as of June 30, 2017.


(d)	Excludes a preferred equity position in a jointly owned investment, Beach House JV, LLC, which did not have debt outstanding or ABR as of June 30, 2017.


(e)	Amounts are based on the applicable exchange rate at the end of the period.


(f)	Excludes certain properties leased to the tenants that we consolidate and in which we have a 100% ownership interest.



		Investing for the long run^TM \| 23

W. P. Carey Inc.

Owned Real Estate Portfolio – Second Quarter 2017



Top Ten Tenants

Dollars in thousands. Pro rata. As of June 30, 2017.



Tenant / Lease Guarantor	Property Type	Tenant Industry	Location	Number of Properties	ABR		ABR Percent		Weighted-Average Remaining Lease Term (Years)
Hellweg Die Profi-Baumärkte GmbH & Co. KG ^(a)	Retail	Retail Stores	Germany	53	$	35,054	5.2	%	12.7
U-Haul Moving Partners Inc. and Mercury Partners, LP	Self Storage	Cargo Transportation, Consumer Services	United States	78	31,853		4.7	%	6.8
State of Andalucia ^(a)	Office	Sovereign and Public Finance	Spain	70	27,750		4.1	%	17.5
Pendragon PLC ^(a)	Retail	Retail Stores, Consumer Services	United Kingdom	71	21,088		3.2	%	12.8
Marriott Corporation	Hotel	Hotel, Gaming and Leisure	United States	18	20,065		3.0	%	6.4
Forterra Building Products ^{(a) (b)}	Industrial	Construction and Building	United States and Canada	49	17,414		2.6	%	18.8
OBI Group ^(a)	Office, Retail	Retail Stores	Poland	18	15,751		2.4	%	6.9
True Value Company	Warehouse	Retail Stores	United States	7	15,680		2.3	%	5.5
UTI Holdings, Inc.	Education Facility	Consumer Services	United States	5	14,359		2.1	%	4.7
ABC Group Inc. ^(c)	Industrial, Office, Warehouse	Automotive	Canada, Mexico and United States	14	13,771		2.1	%	19.4
Total^(d)				383	$	212,785	31.7	%	11.3

________


(a)	ABR amounts are subject to fluctuations in foreign currency exchange rates.


(b)	Of the 49 properties leased to Forterra Building Products, 44 are located in the United States and five are located in Canada.


(c)	Of the 14 properties leased to ABC Group Inc., six are located in Canada, four are located in Mexico and four are located in the United States, subject to three master leases all denominated in U.S. dollars.


(d)	See the Terms and Definitions section in the Appendix for a description of pro rata.



		Investing for the long run^TM \| 24

W. P. Carey Inc.

Owned Real Estate Portfolio – Second Quarter 2017



Diversification by Property Type

In thousands, except percentages. Pro rata. As of June 30, 2017.



	Total Net-Lease Portfolio							Unencumbered Net-Lease Portfolio ^(a)
Property Type	ABR		ABR Percent		Square Footage ^(b)	Sq. ft. Percent		ABR		ABR Percent		Square Footage ^(b)	Sq. ft. Percent
U.S.
Industrial	$	139,098	20.7	%	28,352	32.7	%	$	72,967	18.0	%	15,771	28.9	%
Office	104,134		15.5	%	6,283	7.3	%	39,750		9.8	%	2,854	5.2	%
Retail	27,291		4.1	%	2,211	2.6	%	15,593		3.8	%	1,350	2.5	%
Warehouse	72,678		10.8	%	14,505	16.7	%	33,673		8.3	%	7,062	12.9	%
Self Storage	31,853		4.7	%	3,535	4.1	%	31,853		7.9	%	3,535	6.5	%
Other^(c)	68,159		10.2	%	4,345	5.0	%	30,527		7.5	%	1,827	3.3	%
U.S. Total	443,213		66.0	%	59,231	68.4	%	224,363		55.3	%	32,399	59.3	%

International
Industrial	62,204		9.3	%	11,293	13.0	%	58,839		14.5	%	10,693	19.6	%
Office	62,788		9.3	%	4,754	5.5	%	46,711		11.5	%	3,891	7.1	%
Retail	80,677		12.0	%	7,579	8.7	%	65,085		16.0	%	5,773	10.6	%
Warehouse	22,533		3.4	%	3,791	4.4	%	10,931		2.7	%	1,862	3.4	%
Self Storage	—		—	%	—	—	%	—		—	%	—	—	%
Other	—		—	%	—	—	%	—		—	%	—	—	%
International Total	228,202		34.0	%	27,417	31.6	%	181,566		44.7	%	22,219	40.7	%

Total
Industrial	201,302		30.0	%	39,645	45.7	%	131,806		32.5	%	26,464	48.5	%
Office	166,922		24.8	%	11,037	12.8	%	86,461		21.3	%	6,745	12.3	%
Retail	107,968		16.1	%	9,790	11.3	%	80,678		19.8	%	7,123	13.1	%
Warehouse	95,211		14.2	%	18,296	21.1	%	44,604		11.0	%	8,924	16.3	%
Self Storage	31,853		4.7	%	3,535	4.1	%	31,853		7.9	%	3,535	6.5	%
Other^(c)	68,159		10.2	%	4,345	5.0	%	30,527		7.5	%	1,827	3.3	%
Total ^(d)	$	671,415	100.0	%	86,648	100.0	%	$	405,929	100.0	%	54,618	100.0	%

________


(a)	Represents properties unencumbered by non-recourse mortgage debt.


(b)	Includes square footage for vacant properties.


(c)	Includes ABR from tenants with the following property types: education facility, hotel, theater, fitness facility and net-lease student housing.


(d)	See the Terms and Definitions section in the Appendix for a description of pro rata.



		Investing for the long run^TM \| 25

W. P. Carey Inc.

Owned Real Estate Portfolio – Second Quarter 2017



Diversification by Tenant Industry

In thousands, except percentages. Pro rata. As of June 30, 2017.



	Total Net-Lease Portfolio							Unencumbered Net-Lease Portfolio ^(a)
Industry Type	ABR		ABR Percent		Square Footage	Sq. ft. Percent		ABR		ABR Percent		Square Footage	Sq. ft. Percent
Retail Stores ^(b)	$	116,248	17.3	%	14,927	17.2	%	$	68,499	16.9	%	7,340	13.4	%
Consumer Services	70,568		10.5	%	5,604	6.5	%	53,786		13.3	%	4,345	8.0	%
Automotive	53,777		8.0	%	8,864	10.2	%	46,559		11.5	%	7,617	13.9	%
Sovereign and Public Finance	41,249		6.1	%	3,408	3.9	%	31,293		7.7	%	3,000	5.5	%
Construction and Building	36,443		5.4	%	8,142	9.4	%	25,016		6.2	%	6,170	11.3	%
Hotel, Gaming and Leisure	35,001		5.2	%	2,254	2.6	%	14,228		3.5	%	995	1.8	%
Beverage, Food and Tobacco	30,913		4.6	%	6,876	7.9	%	24,066		5.9	%	6,085	11.1	%
Cargo Transportation	28,487		4.3	%	3,860	4.4	%	22,090		5.4	%	3,423	6.3	%
Healthcare and Pharmaceuticals	27,959		4.2	%	1,988	2.3	%	9,969		2.4	%	750	1.4	%
Media: Advertising, Printing and Publishing	27,954		4.2	%	1,694	2.0	%	5,787		1.4	%	655	1.2	%
Containers, Packaging and Glass	26,994		4.0	%	5,325	6.1	%	7,734		1.9	%	1,556	2.8	%
High Tech Industries	26,399		3.9	%	2,449	2.8	%	16,262		4.0	%	1,397	2.6	%
Capital Equipment	24,107		3.6	%	4,037	4.7	%	18,194		4.5	%	2,800	5.1	%
Wholesale	14,743		2.2	%	2,946	3.4	%	4,455		1.1	%	881	1.6	%
Business Services	14,175		2.1	%	1,730	2.0	%	9,937		2.4	%	1,468	2.7	%
Durable Consumer Goods	11,201		1.7	%	2,485	2.9	%	1,362		0.3	%	370	0.7	%
Grocery	11,071		1.7	%	1,260	1.5	%	4,869		1.2	%	421	0.8	%
Aerospace and Defense	10,804		1.6	%	1,183	1.4	%	6,759		1.7	%	857	1.6	%
Chemicals, Plastics and Rubber	9,269		1.4	%	1,108	1.3	%	1,911		0.5	%	245	0.4	%
Metals and Mining	9,073		1.4	%	1,341	1.5	%	3,474		0.9	%	772	1.4	%
Oil and Gas	8,314		1.2	%	368	0.4	%	8,314		2.0	%	367	0.7	%
Non-Durable Consumer Goods	7,966		1.2	%	1,883	2.2	%	5,783		1.4	%	1,355	2.5	%
Banking	7,488		1.1	%	596	0.7	%	—		—	%	—	—	%
Telecommunications	7,008		1.0	%	418	0.5	%	3,155		0.8	%	167	0.3	%
Other ^(c)	14,204		2.1	%	1,902	2.2	%	12,427		3.1	%	1,582	2.9	%
Total ^(d)	$	671,415	100.0	%	86,648	100.0	%	$	405,929	100.0	%	54,618	100.0	%

________


(a)	Represents properties unencumbered by non-recourse mortgage debt.


(b)	Includes automotive dealerships.


(c)	Includes ABR from tenants in the following industries: insurance, electricity, media: broadcasting and subscription, forest products and paper and environmental industries. Also includes square footage for vacant properties.


(d)	See the Terms and Definitions section in the Appendix for a description of pro rata.



		Investing for the long run^TM \| 26

W. P. Carey Inc.

Owned Real Estate Portfolio – Second Quarter 2017



Diversification by Geography

In thousands, except percentages. Pro rata. As of June 30, 2017.



	Total Net-Lease Portfolio							Unencumbered Net-Lease Portfolio ^(a)
Region	ABR		ABR Percent		Square Footage ^(b)	Sq. ft. Percent		ABR		ABR Percent		Square Footage ^(b)	Sq. ft. Percent
U.S.
South
Texas	$	56,316	8.4	%	8,192	9.5	%	$	31,038	7.6	%	5,010	9.2	%
Florida	29,373		4.4	%	2,657	3.1	%	26,239		6.5	%	2,401	4.4	%
Georgia	20,553		3.1	%	3,293	3.8	%	12,235		3.0	%	2,101	3.8	%
Tennessee	15,552		2.3	%	2,306	2.6	%	5,226		1.3	%	1,205	2.2	%
Other ^(c)	9,826		1.5	%	1,987	2.3	%	9,177		2.3	%	1,828	3.3	%
Total South	131,620		19.7	%	18,435	21.3	%	83,915		20.7	%	12,545	22.9	%

East
North Carolina	19,812		3.0	%	4,518	5.2	%	12,887		3.2	%	3,238	5.9	%
Pennsylvania	18,638		2.8	%	2,525	2.9	%	7,473		1.8	%	1,477	2.7	%
New Jersey	18,539		2.8	%	1,097	1.3	%	8,312		2.1	%	601	1.1	%
New York	18,244		2.7	%	1,178	1.3	%	758		0.2	%	66	0.1	%
Massachusetts	15,101		2.2	%	1,390	1.6	%	11,064		2.7	%	1,163	2.1	%
Virginia	8,048		1.2	%	1,093	1.3	%	5,793		1.4	%	497	0.9	%
Connecticut	6,757		1.0	%	1,135	1.3	%	1,941		0.5	%	251	0.5	%
Other ^(c)	17,692		2.6	%	3,782	4.4	%	5,785		1.4	%	1,324	2.4	%
Total East	122,831		18.3	%	16,718	19.3	%	54,013		13.3	%	8,617	15.7	%

West
California	42,412		6.3	%	3,303	3.8	%	12,761		3.1	%	1,342	2.4	%
Arizona	26,731		4.0	%	3,049	3.5	%	8,358		2.1	%	685	1.3	%
Colorado	10,815		1.6	%	1,268	1.5	%	6,175		1.5	%	509	0.9	%
Utah	6,858		1.0	%	920	1.1	%	2,700		0.7	%	477	0.9	%
Other ^(c)	19,541		2.9	%	2,322	2.7	%	13,800		3.4	%	1,483	2.7	%
Total West	106,357		15.8	%	10,862	12.6	%	43,794		10.8	%	4,496	8.2	%

Midwest
Illinois	21,642		3.2	%	3,295	3.8	%	8,069		2.0	%	1,727	3.2	%
Michigan	12,171		1.8	%	1,396	1.6	%	12,171		3.0	%	1,396	2.6	%
Indiana	9,329		1.4	%	1,418	1.6	%	3,205		0.8	%	433	0.8	%
Ohio	8,547		1.3	%	1,911	2.2	%	4,581		1.1	%	1,048	1.9	%
Minnesota	6,932		1.0	%	811	0.9	%	4,239		1.0	%	415	0.8	%
Other ^(c)	23,784		3.5	%	4,385	5.1	%	10,376		2.6	%	1,722	3.2	%
Total Midwest	82,405		12.2	%	13,216	15.2	%	42,641		10.5	%	6,741	12.5	%
U.S. Total	443,213		66.0	%	59,231	68.4	%	224,363		55.3	%	32,399	59.3	%

International
Germany	58,288		8.7	%	6,272	7.2	%	54,995		13.5	%	6,060	11.1	%
United Kingdom	32,800		4.9	%	2,534	2.9	%	30,806		7.6	%	2,321	4.2	%
Spain	29,373		4.4	%	2,927	3.4	%	29,373		7.2	%	2,927	5.3	%
Poland	17,687		2.6	%	2,189	2.5	%	1,936		0.5	%	362	0.7	%
The Netherlands	14,829		2.2	%	2,233	2.6	%	11,703		2.9	%	1,792	3.3	%
France	13,899		2.1	%	1,266	1.5	%	6,234		1.5	%	1,025	1.9	%
Finland	12,567		1.9	%	1,121	1.3	%	7,197		1.8	%	641	1.2	%
Canada	12,456		1.8	%	2,196	2.5	%	12,456		3.1	%	2,196	4.0	%
Australia	12,272		1.8	%	3,272	3.8	%	12,272		3.0	%	3,272	6.0	%
Other^(d)	24,031		3.6	%	3,407	3.9	%	14,594		3.6	%	1,623	3.0	%
International Total	228,202		34.0	%	27,417	31.6	%	181,566		44.7	%	22,219	40.7	%
Total^(e)	$	671,415	100.0	%	86,648	100.0	%	$	405,929	100.0	%	54,618	100.0	%

________



		Investing for the long run^TM \| 27

W. P. Carey Inc.

Owned Real Estate Portfolio – Second Quarter 2017


(a)	Represents properties unencumbered by non-recourse mortgage debt.


(b)	Includes square footage for vacant properties.

(c)

Other properties within South include assets in Louisiana, Alabama, Arkansas, Mississippi and Oklahoma. Other properties within East include assets in Kentucky, South Carolina, Maryland, New Hampshire and West Virginia. Other properties within West include assets in Washington, Nevada, Oregon, New Mexico, Wyoming, Alaska and Montana. Other properties within Midwest include assets in Missouri, Kansas, Nebraska, Wisconsin, Iowa, South Dakota and North Dakota.


(d)	Includes assets in Norway, Hungary, Austria, Thailand, Mexico, Sweden, Belgium, Malaysia and Japan.


(e)	See the Terms and Definitions section in the Appendix for a description of pro rata.



		Investing for the long run^TM \| 28

W. P. Carey Inc.

Owned Real Estate Portfolio – Second Quarter 2017



Contractual Rent Increases

In thousands, except percentages. Pro rata. As of June 30, 2017.



	Total Net-Lease Portfolio							Unencumbered Net-Lease Portfolio ^(a)
Rent Adjustment Measure	ABR		ABR Percent		Square Footage	Sq. ft. Percent		ABR		ABR Percent		Square Footage	Sq. ft. Percent
(Uncapped) CPI	$	284,138	42.3	%	34,848	40.2	%	$	185,309	45.7	%	21,910	40.1	%
CPI-based	175,626		26.1	%	23,777	27.4	%	106,543		26.2	%	15,977	29.3	%
Fixed	174,237		26.0	%	24,414	28.2	%	97,063		23.9	%	14,713	26.9	%
Other ^(b)	28,231		4.2	%	1,981	2.3	%	12,131		3.0	%	945	1.7	%
None	9,183		1.4	%	1,045	1.2	%	4,883		1.2	%	690	1.3	%
Vacant	—		—	%	583	0.7	%	—		—	%	383	0.7	%
Total ^(c)	$	671,415	100.0	%	86,648	100.0	%	$	405,929	100.0	%	54,618	100.0	%

________


(a)	Represents properties unencumbered by non-recourse mortgage debt.


(b)	Represents leases attributable to percentage rent.


(c)	See the Terms and Definitions section in the Appendix for a description of pro rata.



		Investing for the long run^TM \| 29

W. P. Carey Inc.

Owned Real Estate Portfolio – Second Quarter 2017



Same Store Analysis

Dollars in thousands. Pro rata.

Same store portfolio includes leases that were continuously in place during the period from June 30, 2016 to June 30, 2017. Excludes leases for properties that were acquired, sold or vacated, or were subject to lease renewals, extensions or modifications at any time that affected ABR during that period. For purposes of comparability, ABR is presented on a constant currency basis using exchange rates as of June 30, 2017.



	ABR						Percent
Property Type	As of June 30, 2017		As of June 30, 2016		Increase		Increase
Industrial	$	178,628	$	176,435	$	2,193	1.2	%
Office	163,462		161,135		2,327		1.4	%
Retail	106,156		104,982		1,174		1.1	%
Warehouse	89,596		87,765		1,831		2.1	%
Self Storage	31,853		31,853		—		—	%
Other ^(a)	58,787		57,808		979		1.7	%
Total	$	628,482	$	619,978	$	8,504	1.4	%

Rent Adjustment Measure
(Uncapped) CPI	$	275,198	$	272,558	$	2,640	1.0	%
CPI-based	156,742		154,707		2,035		1.3	%
Fixed	161,822		158,023		3,799		2.4	%
Other ^(b)	28,231		28,201		30		0.1	%
None	6,489		6,489		—		—	%
Total	$	628,482	$	619,978	$	8,504	1.4	%

Geography
U.S.	$	414,287	$	407,972	$	6,315	1.5	%
Europe	195,641		193,671		1,970		1.0	%
Other International ^(c)	18,554		18,335		219		1.2	%
Total	$	628,482	$	619,978	$	8,504	1.4	%

Same Store Portfolio Summary
Number of properties	852
Square footage (in thousands)	79,131

________


(a)	Includes ABR from tenants with the following property types: education facility, hotel, theater, fitness facility and net-lease student housing.


(b)	Represents leases attributable to percentage rent.


(c)	Includes assets in Norway, Hungary, Austria, Thailand, Mexico, Sweden, Belgium, Malaysia and Japan.



		Investing for the long run^TM \| 30

W. P. Carey Inc.

Owned Real Estate Portfolio – Second Quarter 2017



Leasing Activity

For the three months ended June 30, 2017, except ABR. Pro rata.



Lease Renewals and Extensions										Expected Tenant Improvements/Leasing Commissions ($’000s)
			ABR
Property Type	Square Feet	Number of Leases	Prior Lease ($’000s)			New Lease ($'000s) ^(a)		Releasing Spread				Incremental Lease Term
Industrial	1,142,594	4	$	4,857		$	4,818	(0.8	)%	$	3,881	9.9 years
Office	118,578	2	1,174			1,225		4.4	%	160		3.7 years
Retail	116,088	5	3,254			3,254		—	%	—		10 years
Warehouse	75,000	1	203			203		—	%	26		5 years
Self Storage	—	—	—			—		—	%	—		N/A
Other	—	—	—			—		—	%	—		N/A
Total / Weighted Average ^(b)	1,452,260	12	$	9,488		$	9,500	0.1	%	$	4,067	9.0 years

Q2 Summary
Prior Lease ABR (% of Total Portfolio)			1.4		%



New Leases					Expected Tenant Improvements/Leasing Commissions ($’000s)
			ABR
Property Type	Square Feet	Number of Leases	New Lease ($'000s) ^(a)				New Lease Term
Industrial	—	—	$	—	$	—	N/A
Office	111,357	1	2,784		4,600		10 years
Retail	4,500	1	220		564		10 years
Warehouse	139,920	1	630		1,669		15.3 years
Self Storage	—	—	—		—		N/A
Other	—	—	—		—		N/A
Total / Weighted Average ^(c)	255,777	3	$	3,634	$	6,833	10.9 years

________


(a)	New Lease amounts are based on in-place rents at time of lease commencement and exclude any free rent periods.


(b)	Weighted average refers to the incremental lease term.


(c)	Weighted average refers to the new lease term.



		Investing for the long run^TM \| 31

W. P. Carey Inc.

Owned Real Estate Portfolio – Second Quarter 2017



Lease Expirations – Total Net-Lease Portfolio

In thousands, except percentages and number of leases. Pro rata. As of June 30, 2017.



Year of Lease Expiration^(a)	Number of Leases Expiring	ABR		ABR Percent		Square Footage	Sq. ft. Percent
Remaining 2017 ^(b)	6	$	5,260	0.8	%	390	0.5	%
2018	7	9,303		1.4	%	1,217	1.4	%
2019	22	30,585		4.5	%	3,219	3.7	%
2020	24	33,267		5.0	%	3,343	3.9	%
2021	80	41,696		6.2	%	6,376	7.4	%
2022	41	69,514		10.4	%	9,537	11.0	%
2023	20	41,145		6.1	%	5,805	6.7	%
2024	43	94,446		14.1	%	11,592	13.4	%
2025	42	33,274		5.0	%	3,622	4.2	%
2026	19	18,639		2.8	%	3,159	3.6	%
2027	26	41,924		6.2	%	6,052	7.0	%
2028	9	19,083		2.8	%	2,166	2.4	%
2029	11	19,772		2.9	%	2,897	3.3	%
2030	11	49,435		7.4	%	4,804	5.5	%
Thereafter (>2030)	95	164,072		24.4	%	21,886	25.3	%
Vacant	—	—		—	%	583	0.7	%
Total^(c)	456	$	671,415	100.0	%	86,648	100.0	%

________


(a)	Assumes tenant does not exercise any renewal option.


(b)	One month-to-month lease with ABR of $0.1 million is included in 2017 ABR.


(c)	See the Terms and Definitions section in the Appendix for a description of pro rata.



		Investing for the long run^TM \| 32

W. P. Carey Inc.

Owned Real Estate Portfolio – Second Quarter 2017



Lease Expirations – Unencumbered Net-Lease Portfolio

In thousands, except percentages and number of leases. Pro rata. As of June 30, 2017.



Year of Lease Expiration^(a)	Number of Leases Expiring	ABR		ABR Percent		Square Footage	Sq. ft. Percent
Remaining 2017 ^(b)	5	$	2,686	0.7	%	284	0.5	%
2018	6	8,728		2.1	%	987	1.8	%
2019	11	6,269		1.5	%	995	1.8	%
2020	14	15,420		3.8	%	1,958	3.6	%
2021	70	23,755		5.9	%	4,256	7.8	%
2022	22	17,785		4.4	%	2,829	5.2	%
2023	13	12,929		3.2	%	2,463	4.5	%
2024	16	48,358		11.9	%	6,302	11.5	%
2025	33	20,444		5.0	%	1,717	3.1	%
2026	8	11,613		2.9	%	1,995	3.7	%
2027	19	27,327		6.7	%	3,601	6.6	%
2028	6	8,116		2.0	%	1,268	2.3	%
2029	10	18,505		4.6	%	2,562	4.7	%
2030	9	43,246		10.6	%	4,206	7.7	%
Thereafter (>2030)	83	140,748		34.7	%	18,812	34.5	%
Vacant	—	—		—	%	383	0.7	%
Total^{(c) (d)}	325	$	405,929	100.0	%	54,618	100.0	%

________


(a)	Assumes tenant does not exercise any renewal option.


(b)	One month-to-month lease with ABR of $0.1 million is included in 2017 ABR.


(c)	See the Terms and Definitions section in the Appendix for a description of pro rata.


(d)	Represents properties unencumbered by non-recourse mortgage debt.



		Investing for the long run^TM \| 33

W. P. Carey Inc.

Investment Management

Second Quarter 2017



		Investing for the long run^TM \| 34

W. P. Carey Inc.

Investment Management – Second Quarter 2017



Selected Information – Managed Programs

Dollars and square footage in thousands. As of or for the three months ended June 30, 2017, unless otherwise noted.



	Managed Programs
	CPA^®:17 – Global			CPA^®:18 – Global			CWI 1			CWI 2			CCIF			CESH I
General
Year established	2007			2013			2010			2015			2015			2016
Total AUM ^{(a) (b)}	$	5,762,962		$	2,247,779		$	2,904,677		$	1,701,688		$	397,942		$	147,407
Total net-lease AUM	4,966,486			1,328,354			N/A			N/A			N/A			N/A

Portfolio
Investment type	Net lease / Diversified REIT			Net lease / Diversified REIT			Lodging REIT			Lodging REIT			BDC			Student Housing
Number of net-leased properties	410			59			N/A			N/A			N/A			N/A
Number of operating properties	38			78			31			11			N/A			8
Number of tenants – net-leased properties ^(c)	117			101			N/A			N/A			N/A			N/A
Square footage ^(c)	47,129			16,838			6,525			3,360			N/A			N/A
Occupancy ^(d)	99.8		%	100.0		%	80.1		%	82.1		%	N/A			N/A
Acquisitions – second quarter	$	141,480		$	—		$	—		$	175,705		N/A			$	188,805
Dispositions – second quarter	13,306			—			19,000			—			N/A			—

Balance Sheet (Book Value)
Total assets	$	4,638,606		$	2,289,686		$	2,423,166		$	1,644,772		$	400,757		$	147,344
Total debt	1,998,641			1,210,015			1,426,125			817,465			148,743			618
Total debt / total assets	43.1		%	52.8		%	58.9		%	49.7		%	37.1		%	0.4		%

Investor Capital
Gross offering proceeds – second quarter ^(e)	N/A			N/A			N/A			$	22,994		$	12,360		$	24,819
Fundraising status (as of August 4, 2017) ^(f)	Closed			Closed			Closed			Closed			Closed			Closed
Amount raised:
Initial offering ^(e)	$	1,537,187		$	1,243,518		$	575,810		$	844,823		$	195,299		$	137,976
Follow-on offering ^(e)	1,347,280			N/A			577,358			N/A			N/A			N/A

________


(a)	Represents estimated value of real estate assets plus cash and cash equivalents, less distributions payable for the Managed REITs and fair value of investments plus cash for CCIF and CESH I.


(b)	CCIF Total AUM includes $50.0 million of initial investment, including $25.0 million made by W. P. Carey Inc.


(c)	For CPA^®:17 – Global and CPA^®:18 – Global, excludes operating properties. For CESH I, the investments are build-to-suit projects, and gross square footage cannot be determined at this time.

(d)

Represents occupancy for net-leased properties for CPA^®:17 – Global and single-tenant net-leased properties for CPA^®:18 – Global. Represents occupancy for hotels owned by CWI 1 and CWI 2 for the three months ended June 30, 2017. Occupancy for CPA^®:17 – Global's 37 self-storage properties was 94.0% as of June 30, 2017. Occupancy for CPA^®:18 – Global's 69 self-storage properties and nine multi-family properties was 92.8% and 93.2%, respectively, as of June 30, 2017. CPA^®:18 – Global’s multi-tenant net-leased properties had an occupancy of 93.4% and square footage of 0.4 million as of June 30, 2017.


(e)	Excludes distribution reinvestment plan proceeds. Distribution reinvestment plan proceeds, net of redemptions, for the three months ended June 30, 2017 were $9.1 million for CPA^®:17 – Global, $6.5 million for CPA^®:18 – Global, $(7.1) million for CWI 1 and $3.1 million for CWI 2.


(f)	In connection with our exit from non-traded retail fundraising activities, as of June 30, 2017, we ceased active fundraising for CWI 2, CCIF and CESH I. CWI 2 and CESH I closed their offerings on July 31, 2017. We currently expect to continue managing the Managed Programs through the end of their natural life cycles.



		Investing for the long run^TM \| 35

W. P. Carey Inc.

Investment Management – Second Quarter 2017



Managed Programs Fee Summary

Dollars in thousands. For the three months ended June 30, 2017, unless otherwise noted.



	Managed Programs
	CPA^®:17 – Global		CPA^®:18 – Global		CWI 1		CWI 2			CCIF ^(a)			CESH I ^(b)			Total
Year established	2007		2013		2010		2015			2015			2016
Fundraising status (as of August 4, 2017)	Closed		Closed		Closed		Closed ^(c)			Closed			Closed ^(c)

1. Structuring Fees
Structuring fee, gross (% of total aggregate cost)	4.50% ^(d)		4.50% ^(d)		2.50%		2.50%			N/A			2.00%
Net of subadvisor fees ^(e)	4.50%		4.50%		2.00%		1.875%			N/A			2.00%
Gross acquisition volume - second quarter	$	141,480	$	—	$	—	$	175,705		N/A			$	188,805		$	505,990
Structuring revenue - second quarter ^(f)	$	6,124	$	—	$	310	$	4,398		N/A			$	3,498		$	14,330

2. Asset Management Fees
Asset management fee, gross (% of average AUM, per annum)	0.50% ^(g)		0.50% ^(g)		0.50% ^(g)		0.55% ^(g)			1.75% - 2.00% ^(h)			1.00% ⁽ⁱ⁾
Net of subadvisor fees ^(e)	0.50%		0.50%		0.40%		0.41%			0.875% - 1.00%			1.00%
Total AUM - current quarter	$	5,762,962	$	2,247,779	$	2,904,677	$	1,701,688		$	397,942		$	147,407		$	13,162,455
Total AUM - prior quarter	$	5,789,018	$	2,215,556	$	2,924,767	$	1,586,565		$	378,333		$	102,368		$	12,996,607
Average AUM	$	5,775,990	$	2,231,668	$	2,914,722	$	1,644,127		$	388,138		$	124,888		$	13,079,531
Asset management revenue - second quarter	$	7,339	$	2,767	$	3,585	$	2,023		$	1,965		$	287		$	17,966

3. Operating Partnership Interests ^(j)
Operating partnership interests, gross (% of Available Cash)	10.00%		10.00%		10.00%		10.00%			N/A			N/A
Net of subadvisor fees ^(e)	10.00%		10.00%		8.00%		7.50%			N/A			N/A
Equity in earnings of equity method investments in the Managed Programs and real estate (profits interest) - second quarter	$	6,971	$	2,186	$	1,544	$	27		N/A			N/A			$	10,728

4. Distribution Fees / Expenses
Dealer manager fee ^(c)	We received a dealer manager fee for the sale of shares in the Managed Programs, a portion of which have been re-allowed to selected broker dealers.
Selling commission ^(c)	We received selling commissions for the sale of shares in the Managed Programs, which were re-allowed to selected broker dealers.
Distribution and shareholder servicing fee	We received an annual distribution and shareholder servicing fee in connection with shares of CPA^®:18 – Global’s Class C common stock, CWI 2’s Class T common stock, and CCIF 2016 T’s common shares, which have been re-allowed to selected broker dealers. CPA^®:18 – Global and CWI 2 will directly pay the distribution and shareholder servicing fee to selected broker dealers beginning with the fee for the third quarter of 2017.

Dealer manager fees received (revenues) - second quarter	$	—	$	—	$	—	$	365		$	172		$	423		$	1,000		^(k)
Dealer manager fees paid and expenses (operating) - second quarter	—		—		—		1,291			592			905			2,788
Net impact of dealer manager fees and expenses - second quarter	$	—	$	—	$	—	$	(926	)	$	(420	)	$	(482	)	$	(1,788	)	^(k)

________

(a)

In addition to the fees shown, we may earn incentive fees on income and capital gains. Incentive fees on income are paid quarterly, if earned, and are calculated as the sum of (i) 100% of quarterly pre-incentive fee net investment income in excess of 1.875% of average adjusted capital up to a limit of 2.344% of average adjusted capital and (ii) 20% of pre-incentive fee net investment income in excess of 2.344% of average adjusted capital. The incentive fee on capital gains is paid annually, if earned, and is equal to 20% of realized capital gains on a cumulative basis from inception, net of (i) all realized capital losses and unrealized depreciation on a cumulative basis from inception and (ii) the aggregate amount, if any, of previously paid incentive fees on capital gains.

(b)

In addition to the fees shown, and in lieu of reimbursing us for organization and offering costs, we receive limited partnership units of CESH I equal to 2.5% of gross offering proceeds. For the three months ended June 30, 2017, this other advisory revenue was $0.6 million. We may also receive distributions from CESH I upon liquidation of the fund in an amount potentially equal to 20% of available cash after the limited partners have received certain cumulative distributions.


(c)	CWI 2 and CESH I closed their offerings on July 31, 2017.



		Investing for the long run^TM \| 36

W. P. Carey Inc.

Investment Management – Second Quarter 2017

(d)

Comprised of an initial acquisition fee (generally 2.50% of the total aggregate cost of net-leased properties) paid when the transaction is completed and a subordinated acquisition fee (generally 2.00% of the total aggregate cost of net-leased properties) paid in annual installments over three years, provided certain performance criterion are met. The acquisition fee for other properties is generally 1.75% of the total aggregate cost.


(e)	The subadvisors for CWI 1, CWI 2, and CCIF earn a percentage of gross fees recorded, which are expenses for us and are recorded as Subadvisor fees in our consolidated statements of income. The amounts paid to the subadvisors are the difference between gross and net fees.


(f)	Structuring revenue from CWI 1 is related to a mortgage loan refinancing.

(g)

Based on average market value of assets. Under the terms of the respective advisory agreements of the Managed REITs, we may elect to receive cash or shares of CWI 1 and CWI 2’s stock for asset management fees due, while the CPA^® REITs have an option to pay asset management fees in cash or shares upon our recommendation. Asset management fees are recorded in Asset management revenue in our consolidated financial statements.


(h)	Based on average of gross assets at the end of the two most recently completed calendar months. Management fees are incurred at 2.00% on portion of assets below $1.0 billion; 1.875% on portion of assets between $1.0 billion and $2.0 billion; and 1.75% on portion of assets above $2.0 billion.


(i)	Based on gross assets at fair value.


(j)	Available Cash means cash generated by operating partnership operations and investments, excluding cash from sales and refinancings, after the payment of debt service and other operating expenses, but before distributions to partners. Recorded in Equity in earnings of equity method investments in the Managed Programs and real estate in our consolidated financial statements.


(k)	Total dealer manager fees received includes approximately $40,000 representing an immaterial true-up from a prior quarter’s activity.



		Investing for the long run^TM \| 37

W. P. Carey Inc.

Investment Management – Second Quarter 2017



Investment Activity – Managed Programs

Dollars in thousands. Pro rata. For the six months ended June 30, 2017.

Acquisitions – Net-Leased Properties

Gross Square Footage

Portfolio(s)

Tenant / Lease Guarantor

Property Location(s)

Purchase

Price

Closing Date

Property

Type(s)

1Q17

CPA^®:17 – Global

Angus Chemical

Buffalo Grove, IL

11,463

Feb-17

Office

62,201

CPA^®:18 – Global (90%)

Board of Regents, State of Iowa

Iowa City, IA

7,342

Mar-17

Warehouse

140,917

1Q17 Total

18,805

203,118

2Q17

CPA^®:17 – Global (70%)

Kesko Senukai (19 properties) ^(a)

Various, Lithuania (12 properties); Latvia (4 properties); and Estonia (3 properties)

141,480

May-17

Retail, Warehouse

1,585,879

2Q17 Total

141,480

1,585,879

Year-to-Date Total Acquisitions – Net-Leased Properties

160,285

1,788,997



Acquisitions – Self-Storage
Portfolio(s)	Property Location(s)	Purchase Price	Closing Date
1Q17
CPA^®:18 – Global ^(a) ^(b)	Toronto, Canada	17,634	Jan-17
1Q17 Total		17,634

2Q17 (N/A)

Year-to-Date Total Acquisitions – Self-Storage Properties		17,634



Acquisitions – Student Housing
Portfolio(s)	Property Location(s)	Purchase Price	Closing Date
1Q17
CPA^®:18 – Global (97%) ^{(a) (b)}	Portsmouth, United Kingdom	1,273	Jan-17
CPA^®:18 – Global (94.5%) ^{(a) (b)}	Cardiff, United Kingdom	29,932	Jan-17
CESH I ^{(a) (b)}	Madrid, Spain	16,045	Feb-17
CESH I ^{(a) (b)}	Lisbon, Portugal	27,276	Mar-17
1Q17 Total		74,526

2Q17
CESH I ^{(a) (b)}	Norwich, United Kingdom	79,141	Apr-17
CESH I ^{(a) (b)}	Madrid, Spain	70,261	May-17
CESH I ^{(a) (b)}	Porto, Portugal	39,403	May-17
2Q17 Total		188,805

Year-to-Date Total Acquisitions – Student Housing		263,331



		Investing for the long run^TM \| 38

W. P. Carey Inc.

Investment Management – Second Quarter 2017



Investment Activity – Managed Programs (continued)

Dollars in thousands. Pro rata. For the six months ended June 30, 2017.



Acquisitions – Hotels
Portfolio(s)	Property Location(s)	Purchase Price		Closing Date
1Q17 (N/A)

2Q17
CWI 2 ^(c)	Charlotte, NC	175,705		Jun-17
2Q17 Total		175,705

Year-to-Date Total Acquisitions – Hotels		175,705

Year-to-Date Total Acquisitions		$	616,955



Dispositions
Portfolio(s)	Property Location(s)	Gross Sale Price		Closing Date
1Q17
CPA^®:17 – Global (land sale) ^(a)	Luton, United Kingdom	$	314	Jan-17
CWI 1 (3 properties)	Birmingham, AL; Baton Rouge, LA; and Frisco, TX	33,000		Feb-17
CPA^®:17 – Global	Houston, TX	15,500		Mar-17
CPA^®:17 – Global	Orlando, FL	117,500		Mar-17
1Q17 Total		166,314

2Q17
CWI 1	Braintree, MA	19,000		May-17
CPA^®:17 – Global (2 properties)	Lima and Miamisburg, OH	5,029		Jun-17
CPA^®:17 – Global ^(a)	Pordenone, Italy	8,277		Jun-17
2Q17 Total		32,306

Year-to-Date Total Dispositions		$	198,620

________


(a)	Amount reflects the applicable exchange rate on the date of the transaction.


(b)	Acquisition includes a build-to-suit transaction. Purchase price represents total commitment for build-to-suit funding. Gross square footage cannot be determined at this time.


(c)	Purchase price includes acquisition-related costs and fees, which were expensed.



		Investing for the long run^TM \| 39

W. P. Carey Inc.

Investment Management – Second Quarter 2017



Summary of Future Liquidity Strategies for Managed Programs

As of June 30, 2017.

Liquidity events for the Managed REITs must be approved by each Managed REIT’s board of the directors. A liquidity transaction could include sales of assets, either on a portfolio basis or individually, a listing of each Managed REIT’s shares on a national securities exchange, a merger or another transaction approved by the respective board of directors. Market conditions and other factors could cause the delay of a liquidity transaction or the commencement of liquidation. Even if a Managed REIT’s board of directors decides to liquidate, the Managed REIT is under no obligation to conclude a liquidation within a set time because the precise timing of the sale of assets will depend on the then-prevailing real estate and financial markets, the economic conditions of the areas in which properties are located and the federal income tax consequences to the Managed REIT’s stockholders.



	Liquidation Period
	CPA^®:17 – Global	CPA^®:18 – Global	CWI 1	CWI 2	CESH I
Disclosure	“We currently intend to begin the process of achieving a liquidity event (i.e., listing of our common stock on a national exchange, a merger or sale of our assets, or another similar transaction) within eight to 12 years following the investment of substantially all of the net proceeds from our initial public offering, which occurred in April 2011.” Source: Form 10-Q dated May 11, 2017. Page 52.	“We currently intend to begin the process of achieving a liquidity event (i.e., listing of our common stock on a national exchange, a merger or sale of our assets, or another similar transaction) beginning in April 2022, which is seven years following the closing of our initial public offering.” Source: Form 10-Q dated May 11, 2017. Page 45.	“We intend to begin the process of achieving a liquidity event (i.e., listing of our common stock on a national exchange, a merger or sale of our assets or another similar transaction) not later than six years following the conclusion of our initial public offering, which occurred on September 15, 2013. Thus, we intend to have a limited life.” Source: Form 10-Q dated May 12, 2017. Page 35.	“We intend to begin the process of achieving a liquidity event (i.e., listing of our common stock on a national exchange, a merger or sale of our assets or another similar transaction) not later than six years following the conclusion of our initial public offering. Thus, we intend to have a limited life.” CWI 2’s initial public offering concluded on July 31, 2017. Source: Form 10-Q dated May 12, 2017. Page 35.	CESH I does not have a fixed term, however, W. P. Carey expects to start seeking disposition of its properties five years after CESH I raised its minimum offering amount, which occurred in July 2016.



		Investing for the long run^TM \| 40

W. P. Carey Inc.

Investment Management – Second Quarter 2017



Summary of Back-End Fees for / Interests in the Managed Programs

The overview below is intended to provide a summary of current disclosures regarding various back-end fees and interests that we may be entitled to upon each Managed Program’s liquidity event. Such liquidity events are at the discretion of each Managed REIT’s board of directors and there is no assurance that any of the fees or interests described below will be realized. Please refer to each Managed REIT’s filings with the Securities and Exchange Commission for complete descriptions of each REIT’s liquidity strategy.



	Back-End Fees and Interests
	CPA^®:17 – Global	CPA^®:18 – Global	CWI 1	CWI 2	CESH I
Disposition Fees	Net leased properties — equal to the lesser of (i) 50% of the brokerage commission paid or (ii) 3% of the contract sales price of a property. Investments in B Notes, C Notes, mortgage-backed securities and real estate-related loans — 1% of the average equity value.	Investments other than those described below — equal to the lesser of (i) 50% of the brokerage commission paid or (ii) 3% of the contract sales price of a property. Readily marketable real estate securities — none.	Equal to the lesser of: (i) 50% of the competitive real estate commission and (ii) 1.5% of the contract sales price of a property.	Equal to the lesser of: (i) 50% of the competitive real estate commission and (ii) 1.5% of the contract sales price of a property.	N/A
Interest in Disposition Proceeds	Special general partner interest entitle to receive distributions of up to 15% of the net proceeds from the sale, exchange or other disposition of operating partnership assets remaining after the corporation has received a return of 100% of its initial investment in the operating partnership, through certain liquidity events or distributions, plus the 6% preferred return rate.	Special general partner interest entitled to receive distributions of up to 15% of the net proceeds from the sale, exchange or other disposition of operating partnership assets remaining after the corporation has received a return of 100% of its initial investment in the operating partnership, through certain liquidity events or distributions, plus the 6% preferred return rate.	Special general partner interest receives up to 15% of the net proceeds from the sale, exchange or other disposition of operating partnership assets remaining after the corporation has received a return of 100% of its initial investment in the operating partnership (through certain liquidity transactions or distributions) plus the six percent preferred return rate. A listing will not trigger the payment of this distribution.	Special general partner interest receives up to 15% of the net proceeds from the sale, exchange or other disposition of operating partnership assets remaining after the corporation has received a return of 100% of its initial investment in the operating partnership (through certain liquidity transactions or distributions) plus the six percent preferred return rate. A listing will not trigger the payment of this distribution.	Available Cash (as defined in In “Principal Terms”), subject to any other limitations provided for herein, will be initially apportioned among the Limited Partners in proportion to their respective capital contributions and the General Partner as provided in connection with its Carried Interest and distributed.^(a)
Purchase of Special GP Interest	Lesser of (i) 5.0x the distributions of the last completed fiscal year and (ii) the discounted value of expected future distributions from point of valuation to April 2021, using a discount rate used by the independent third-party valuation firm to determine the most recent appraisal	Lesser of (i) 5.0x the distributions of the last completed fiscal year and (ii) the discounted value of expected future distributions from point of valuation to March 2025 using a discount rate used by the independent third-party valuation firm to determine the most recent appraisal	Fair market value as determined by Appraisal	Fair market value as determined by Appraisal	N/A
Distribution Related to Ownership of Shares	3.8% ownership as of 6/30/2017	2.1% ownership as of 6/30/2017	1.5% ownership as of 6/30/2017	1.0% ownership as of 6/30/2017	2.4% ownership as of 6/30/2017

________

(a)

Order of distributions are as follows: (1) First, to a Limited Partner until it has received an amount equal to its total capital contributions or deemed capital contribution with respect to the Advisor Units in the case of the Advisor (or a wholly owned subsidiary of the Advisor); (2) Second, to a Limited Partner until such Limited Partner has received a cumulative, non-compounding, annual 10% return on its unreturned capital contributions (the “Preferred Return”); (3) Third, to the General Partner until the General Partner has received 20% of the aggregate amounts distributed pursuant to clause (2) and this clause (3); (4) Thereafter, 80% to such Limited Partner and 20% to the General Partner (together with the amounts received under clause (3), the General Partner’s “Carried Interest”). The Advisor’s capital contribution for purposes of the Partnership Agreement will be deemed to be the value of the Advisor Units upon their issuance.



		Investing for the long run^TM \| 41

W. P. Carey Inc.

Appendix

Second Quarter 2017



		Investing for the long run^TM \| 42

W. P. Carey Inc.

Appendix – Second Quarter 2017



Normalized Pro Rata Cash Net Operating Income (NOI)

In thousands. From real estate.



	Three Months Ended Jun. 30, 2017
Consolidated Lease Revenues
Total lease revenues – as reported	$	158,255
Less: Consolidated Non-Reimbursable Property Expenses
Non-reimbursable property expenses – as reported	4,313
	153,942

Plus: NOI from Operating Properties
Hotel revenues	8,223
Hotel expenses	(6,217		)
	2,006
	155,948

Adjustments for Pro Rata Ownership of Real Estate Joint Ventures:
Add: Pro rata share of NOI from equity investments	4,740
Less: Pro rata share of NOI attributable to noncontrolling interests	(5,737		)
	(997		)

	154,951

Adjustments for Pro Rata Non-Cash Items:
Add: Above- and below-market rent intangible lease amortization	11,746
Less: Straight-line rent amortization	(2,977		)
Add: Other non-cash items	(62		)
	8,707

Pro Rata Cash NOI ^(a)	163,658

Adjustment to normalize for intra-period acquisitions, build-to-suit projects placed into service and dispositions ^(b)	(18		)

Normalized Pro Rata Cash NOI ^(a)	$	163,640



		Investing for the long run^TM \| 43

W. P. Carey Inc.

Appendix – Second Quarter 2017

The following table presents a reconciliation from Net income from Owned Real Estate attributable to W. P. Carey to Normalized pro rata cash NOI:



	Three Months Ended Jun. 30, 2017
Net Income from Owned Real Estate Attributable to W. P. Carey
Net income from Owned Real Estate attributable to W. P. Carey – as reported	$	43,540
Adjustments for Consolidated Operating Expenses
Add: Operating expenses – as reported	87,543
Less: Property expenses, excluding reimbursable tenant costs – as reported	(10,530		)
	77,013

Adjustments for Other Consolidated Revenues and Expenses:
Add: Other income and (expenses)	39,885
Less: Reimbursable property expenses – as reported	(5,322		)
Less: Lease termination income and other	(2,247		)
Add: Provision for income taxes	3,731
Less: Gain on sale of real estate	(3,465		)
	32,582

Other Adjustments:
Add: Above- and below-market rent intangible lease amortization	12,323
Less: Straight-line rent amortization	(2,965		)
Add: Adjustments for pro rata ownership	1,234
Less: Property expenses, excluding reimbursable tenant costs, non-cash	(69		)
Adjustment to normalize for intra-period acquisitions, build-to-suit projects placed into service and dispositions ^(b)	(18		)
	10,505

Normalized Pro Rata Cash NOI ^(a)	$	163,640

________


(a)	Pro rata cash NOI and normalized pro rata cash NOI are non-GAAP measures. See the Terms and Definitions section that follows for a description of our non-GAAP measures and for details on how pro rata cash NOI and normalized pro rata cash NOI are calculated.

(b)

For properties acquired or placed into service during the three months ended June 30, 2017, the adjustment modifies our pro rata share of cash NOI for the partial period with an amount estimated to be equivalent to the additional pro rata share of cash NOI necessary to reflect ownership for the full quarter. For properties disposed of during the three months ended June 30, 2017, the adjustment eliminates our pro rata share of cash NOI for the period.



		Investing for the long run^TM \| 44

W. P. Carey Inc.

Appendix – Second Quarter 2017



Reconciliation of Net Income to Adjusted EBITDA, Consolidated – Last Five Quarters

In thousands.



	Three Months Ended
	Jun. 30, 2017			Mar. 31, 2017			Dec. 31, 2016			Sep. 30, 2016			Jun. 30, 2016
Net income attributable to W. P. Carey	$	64,318		$	57,484		$	47,704		$	110,943		$	51,661

Adjustments to Derive Consolidated EBITDA
Depreciation and amortization	62,849			62,430			62,675			62,802			66,581
Interest expense	42,235			41,957			43,913			44,349			46,752
Provision for (benefit from) income taxes	2,448			(1,305		)	7,826			3,154			(8,217		)
EBITDA ^(a)	171,850			160,566			162,118			221,248			156,777

Adjustments to Derive Adjusted EBITDA
Adjustments for Non-Cash Items:
Above- and below-market rent intangible and straight-line rent adjustments	9,186			8,828			8,154			7,927			9,908
Unrealized losses (gains) ^(b)	7,226			2,639			4,719			(2,760		)	536
Stock-based compensation expense	3,104			6,910			3,051			4,356			4,001
Impairment charges	—			—			9,433			14,441			35,429
	19,516			18,377			25,357			23,964			49,874
Adjustments for Non-Core Items: ^(c)
Restructuring and other compensation ^(d)	7,718			—			—			—			452
Gain on sale of real estate, net	(3,465		)	(10		)	(3,248		)	(49,126		)	(18,282		)
(Gain) loss on extinguishment of debt	(2,443		)	912			224			2,072			(112		)
Other non-recurring expenses (income) ^(e)	1,000			—			—			—			(353		)
Property acquisition and other expenses	—			73			18			—			146
Other	(536		)	253			736			523			2,439
	2,274			1,228			(2,270		)	(46,531		)	(15,710		)
Adjustments for Pro Rata Ownership
Real Estate Joint Ventures: ^(f)
Add: Pro rata share of adjustments for equity investments	1,242			2,376			1,387			1,795			1,781
Less: Pro rata share of adjustments for amounts attributable to noncontrolling interests	(3,620		)	(3,941		)	(5,736		)	(5,363		)	(5,225		)
	(2,378		)	(1,565		)	(4,349		)	(3,568		)	(3,444		)
Adjustments for Equity Investments in the Managed Programs: ^(g)
Add: Distributions received from equity investments in the Managed Programs	2,981			2,809			2,496			2,773			(321		)
Less: Income from equity investments in the Managed Programs	(1,279		)	(1,674		)	(30		)	(2,716		)	(3,069		)
	1,702			1,135			2,466			57			(3,390		)

Adjusted EBITDA ^(a)	$	192,964		$	179,741		$	183,322		$	195,170		$	184,107

________


(a)	EBITDA and adjusted EBITDA are non-GAAP measures. See the Terms and Definitions section that follows for a description of our non-GAAP measures.


(b)	Comprised of gains and losses on interest rate derivatives and gains and losses on foreign currency.

(c)

Comprised of items that we do not consider to be part of our core operating business plan or representative of our overall long-term operating performance, based on a number of factors, including the nature of the item and/or the frequency with which it occurs. We believe that these adjustments provide a more representative view of EBITDA from our core operating business and allow for more meaningful comparisons.

(d)


(e)	Amount for the three months ended June 30, 2017 is comprised of an accrual for estimated one-time legal settlement expenses.


(f)	Adjustments to include our pro rata share of depreciation and amortization, interest expense, provision for income taxes, non-cash items and non-core items from joint ventures.


(g)	Adjustments to include cash distributions received from the Managed Programs in place of our pro rata share of net income from our ownership in the Managed Programs.



		Investing for the long run^TM \| 45

W. P. Carey Inc.

Appendix – Second Quarter 2017



Reconciliation of Net Income to Adjusted EBITDA, Owned Real Estate – Last Five Quarters

In thousands.



	Three Months Ended
	Jun. 30, 2017			Mar. 31, 2017			Dec. 31, 2016			Sep. 30, 2016			Jun. 30, 2016
Net income from Owned Real Estate attributable to W. P. Carey ^(a)	$	43,540		$	37,958		$	27,821		$	87,497		$	38,702

Adjustments to Derive Consolidated EBITDA
Depreciation and amortization	61,989			61,522			61,717			61,740			65,457
Interest expense	42,235			41,957			43,913			44,349			46,752
Provision for (benefit from) income taxes	3,731			1,454			3,374			530			(9,410		)
EBITDA - Owned Real Estate ^{(a) (b)}	151,495			142,891			136,825			194,116			141,501

Adjustments to Derive Adjusted EBITDA
Adjustments for Non-Cash Items:
Above- and below-market rent intangible and straight-line rent adjustments	9,186			8,828			8,154			7,927			9,908
Unrealized losses (gains) ^(c)	7,685			2,566			4,581			(2,531		)	147
Stock-based compensation expense	899			1,954			908			1,572			907
Impairment charges	—			—			9,433			14,441			35,429
	17,770			13,348			23,076			21,409			46,391
Adjustments for Non-Core Items: ^(d)
Gain on sale of real estate, net	(3,465		)	(10		)	(3,248		)	(49,126		)	(18,282		)
(Gain) loss on extinguishment of debt	(2,443		)	912			224			2,072			(112		)
Other non-recurring expenses (income) ^(e)	1,000			—			—			—			(353		)
Property acquisition and other expenses	—			73			18			—			431
Restructuring and other compensation	—			—			—			—			(13		)
Other	(653		)	685			770			523			2,421
	(5,561		)	1,660			(2,236		)	(46,531		)	(15,908		)
Adjustments for Pro Rata Ownership
Real Estate Joint Ventures: ^(f)
Add: Pro rata share of adjustments for equity investments	1,242			2,376			1,387			1,795			1,781
Less: Pro rata share of adjustments for amounts attributable to noncontrolling interests	(3,620		)	(3,941		)	(5,736		)	(5,363		)	(5,225		)
	(2,378		)	(1,565		)	(4,349		)	(3,568		)	(3,444		)

Adjusted EBITDA - Owned Real Estate ^{(a) (b)}	$	161,326		$	156,334		$	153,316		$	165,426		$	168,540

________

(a)

In connection with our decision to exit all non-traded retail fundraising activities, during the second quarter of 2017 we revised how we view and present our two business segments. As such, equity in earnings of and distributions from equity method investments in the Managed REITs and CESH I are now recognized within our Investment Management segment. Equity in earnings of our equity method investment in CCIF continues to be included in our Investment Management segment. Prior periods have been revised to reflect this change.


(b)	EBITDA and adjusted EBITDA are non-GAAP measures. See the Terms and Definitions section that follows for a description of our non-GAAP measures.


(c)	Comprised of gains and losses on interest rate derivatives and gains and losses on foreign currency.

(d)


(e)	Amount for the three months ended June 30, 2017 is comprised of an accrual for estimated one-time legal settlement expenses.


(f)	Adjustments to include our pro rata share of depreciation and amortization, interest expense, provision for income taxes, non-cash items and non-core items from joint ventures.



		Investing for the long run^TM \| 46

W. P. Carey Inc.

Appendix – Second Quarter 2017



Reconciliation of Net Income to Adjusted EBITDA, Investment Management – Last Five Quarters

In thousands.



	Three Months Ended
	Jun. 30, 2017			Mar. 31, 2017			Dec. 31, 2016			Sep. 30, 2016			Jun. 30, 2016
Net income from Investment Management attributable to W. P. Carey ^(a)	$	20,778		$	19,526		$	19,883		$	23,446		$	12,959

Adjustments to Derive Consolidated EBITDA
(Benefit from) provision for income taxes	(1,283		)	(2,759		)	4,452			2,624			1,193
Depreciation and amortization	860			908			958			1,062			1,124
EBITDA - Investment Management ^{(a) (b)}	20,355			17,675			25,293			27,132			15,276

Adjustments to Derive Adjusted EBITDA
Adjustments for Non-Cash Items:
Stock-based compensation expense	2,205			4,956			2,143			2,784			3,094
Unrealized (gains) losses ^(c)	(459		)	73			138			(229		)	389
	1,746			5,029			2,281			2,555			3,483
Adjustments for Non-Core Items: ^(d)
Restructuring and other compensation ^(e)	7,718			—			—			—			465
Property acquisition and other expenses	—			—			—			—			(285		)
Other	117			(432		)	(34		)	—			18
	7,835			(432		)	(34		)	—			198

Adjustments for Equity Investments in the Managed Programs: ^{(f) (a)}
Add: Distributions received from equity investments in the Managed Programs	2,981			2,809			2,496			2,773			(321		)
Less: Income from equity investments in the Managed Programs	(1,279		)	(1,674		)	(30		)	(2,716		)	(3,069		)
	1,702			1,135			2,466			57			(3,390		)

Adjusted EBITDA - Investment Management ^{(a) (b)}	$	31,638		$	23,407		$	30,006		$	29,744		$	15,567

________

(a)

In connection with our decision to exit all non-traded retail fundraising activities, during the second quarter of 2017 we revised how we view and present our two business segments. As such, equity in earnings of and distributions from equity method investments in the Managed REITs and CESH I are now recognized within our Investment Management segment. Equity in earnings of our equity method investment in CCIF continues to be included in our Investment Management segment. Prior periods have been revised to reflect this change.


(b)	EBITDA and adjusted EBITDA are non-GAAP measures. See the Terms and Definitions section that follows for a description of our non-GAAP measures.


(c)	Comprised of gains and losses on foreign currency.

(d)

(e)


(f)	Adjustments to include cash distributions received from the Managed Programs in place of our pro rata share of net income from our ownership in the Managed Programs.



		Investing for the long run^TM \| 47

W. P. Carey Inc.

Appendix – Second Quarter 2017



Terms and Definitions

Non-GAAP Financial Disclosures

AFFO

Due to certain unique operating characteristics of real estate companies, as discussed below, the National Association of Real Estate Investment Trusts, Inc., or NAREIT, an industry trade group, has promulgated a non-GAAP measure known as FFO, which we believe to be an appropriate supplemental measure, when used in addition to and in conjunction with results presented in accordance with GAAP, to reflect the operating performance of a REIT. The use of FFO is recommended by the REIT industry as a supplemental non-GAAP measure. FFO is not equivalent to nor a substitute for net income or loss as determined under GAAP.

We define FFO, a non-GAAP measure, consistent with the standards established by the White Paper on FFO approved by the Board of Governors of NAREIT, as revised in February 2004. The White Paper defines FFO as net income or loss computed in accordance with GAAP, excluding gains or losses from sales of property, impairment charges on real estate, and depreciation and amortization from real estate assets; and after adjustments for unconsolidated partnerships and jointly owned investments. Adjustments for unconsolidated partnerships and jointly owned investments are calculated to reflect FFO. Our FFO calculation complies with NAREIT’s policy described above.

We modify the NAREIT computation of FFO to include other adjustments to GAAP net income to adjust for certain non-cash charges such as amortization of real estate-related intangibles, deferred income tax benefits and expenses, straight-line rents, stock compensation, gains or losses from extinguishment of debt and deconsolidation of subsidiaries and unrealized foreign currency exchange gains and losses. Our assessment of our operations is focused on long-term sustainability and not on such non-cash items, which may cause short-term fluctuations in net income but have no impact on cash flows. Additionally, we exclude non-core income and expenses such as property acquisition and other expenses (which includes expenses related to the formal strategic review that we completed in May 2016), certain lease termination income, expenses related to restructuring and other compensation-related expenses resulting from a reduction in headcount and employee severance arrangements primarily during the first quarter of 2016 and the second quarter of 2017, and accruals for estimated one-time legal settlement expenses. We also exclude realized gains/losses on foreign exchange transactions (other than those realized on the settlement of foreign currency derivatives), which are not considered fundamental attributes of our business plan and do not affect our overall long-term operating performance. We refer to our modified definition of FFO as AFFO. We exclude these items from GAAP net income to arrive at AFFO as they are not the primary drivers in our decision making process and excluding these items provides investors a view of our portfolio performance over time and makes it more comparable to other REITs which are currently not engaged in acquisitions, mergers and restructuring which are not part of our normal business operations. We use AFFO as one measure of our operating performance when we formulate corporate goals, evaluate the effectiveness of our strategies and determine executive compensation.

We believe that AFFO is a useful supplemental measure for investors to consider as we believe it will help them to better assess the sustainability of our operating performance without the potentially distorting impact of these short-term fluctuations. However, there are limits on the usefulness of AFFO to investors. For example, impairment charges and unrealized foreign currency losses that we exclude may become actual realized losses upon the ultimate disposition of the properties in the form of lower cash proceeds or other considerations. We use our FFO and AFFO measures as supplemental financial measures of operating performance. We do not use our FFO and AFFO measures as, nor should they be considered to be, alternatives to net earnings computed under GAAP or as alternatives to cash from operating activities computed under GAAP or as indicators of our ability to fund our cash needs.

Pro Rata Cash NOI

Cash net operating income, or cash NOI, is a non-GAAP financial measure that is intended to reflect the performance of our net leased and operating properties. We define cash NOI as cash rents from our leased and operating properties less non-reimbursable property expenses. Cash NOI excludes amortization of intangibles and straight-line rent adjustments that are included in GAAP lease revenues. We present cash NOI on a pro rata basis, referred to as pro rata cash NOI, to account for our share of income related to unconsolidated joint ventures and noncontrolling interests. We believe that pro rata cash NOI is a helpful measure that both investors and management can use to evaluate the financial performance of our leased and operating properties and it allows for comparison of our operating performance between periods and to other REITs. Pro rata cash NOI should not be considered as an alternative to net income as an indication of our financial performance or to cash flows as a measure of liquidity or our ability to fund all needs. The method by which we calculate and present cash NOI and/or pro rata cash NOI, may not be directly comparable to the way other REITs present cash NOI.

Normalized Pro Rata Cash NOI

Normalized pro rata cash NOI is pro rata cash NOI as defined above adjusted primarily to exclude our pro rata share of cash NOI from properties disposed of during the most recent quarter and to include a full quarter’s pro rata cash NOI related to properties acquired or placed into service during the period, as applicable. We believe this measure provides a helpful representation of our net operating income from our in-place leased and operating properties.



		Investing for the long run^TM \| 48

W. P. Carey Inc.

Appendix – Second Quarter 2017

Adjusted EBITDA

We believe that EBITDA is a useful supplemental measure to investors and analysts for assessing the performance of our business segments because (i) it removes the impact of our capital structure from our operating results and (ii) because it is helpful when comparing our operating performance to that of companies in our industry without regard to such items, which can vary substantially from company to company. Adjusted EBITDA as disclosed represents EBITDA, modified to include other adjustments to GAAP net income for certain non-cash charges, such as impairments, non-cash rent adjustments, and unrealized gains and losses from our hedging activity. Additionally, we exclude gains and losses in real estate, which are not considered fundamental attributes of our business plans and do not affect our overall long-term operating performance. We exclude these items from adjusted EBITDA as they are not the primary drivers in our decision-making process. Our assessment of our operations is focused on long-term sustainability and not on such non-cash and non-core items, which may cause short-term fluctuations in net income but have no impact on cash flows. We believe that adjusted EBITDA is a useful supplemental measure to investors and analysts, although it does not represent net income that is computed in accordance with GAAP. Accordingly, adjusted EBITDA should not be considered as an alternative to net income or as an indicator of our financial performance. EBITDA and adjusted EBITDA as calculated by us may not be comparable to similarly titled measures of other companies.

Other Metrics

Pro Rata Metrics

This supplemental package contains certain metrics prepared under the pro rata consolidation method. We refer to these metrics as pro rata metrics. We have a number of investments, usually with our affiliates, in which our economic ownership is less than 100%. Under the full consolidation method, we report 100% of the assets, liabilities, revenues and expenses of those investments that are deemed to be under our control or for which we are deemed to be the primary beneficiary, even if our ownership is less than 100%. Also, for all other jointly owned investments, which we do not control, we report our net investment and our net income or loss from that investment. Under the pro rata consolidation method, we present our proportionate share, based on our economic ownership of these jointly owned investments, of the assets, liabilities, revenues and expenses of those investments. Multiplying each of the jointly owned investments’ financial statement line items by our percentage ownership and adding those amounts to or subtracting those amounts from our totals, as applicable, may not accurately depict the legal and economic implications of holding an ownership interest of less than 100% in such jointly owned investments.

ABR

ABR represents contractual minimum annualized base rent for our net-leased properties and reflects exchange rates as of the date of this report. If there is a rent abatement, we annualize the first monthly contractual base rent following the free rent period. ABR is not applicable to operating properties and is presented on a pro rata basis.



		Investing for the long run^TM \| 49

Attached files

Stock widget

Investing forum

W. P. Carey Inc. Reports