W. P. Carey Inc. Files 2024 10-K Report

TL;DR

WP Carey filed its 2024 10-K. All good.

AI Summary

W. P. Carey Inc. filed its 2024 10-K report on February 12, 2025, detailing its financial performance and operations for the fiscal year ending December 31, 2024. The company, a Real Estate Investment Trust, is headquartered in New York and operates within the real estate and construction sector. The filing provides comprehensive information on its assets, liabilities, and business activities.

Why It Matters

This 10-K filing provides investors and stakeholders with a detailed overview of W. P. Carey Inc.'s financial health and strategic direction for the past fiscal year, crucial for investment decisions.

Risk Assessment

Risk Level: low — The provided text is a standard 10-K filing header and does not contain specific financial performance data or forward-looking statements that would indicate a high risk.

Key Numbers

• 2124921100 — Business Phone (Contact number for W. P. Carey Inc.)

Key Players & Entities

• W. P. Carey Inc. (company) — Filer of the 10-K report
• 20241231 (date) — Fiscal year end date
• 20250212 (date) — Filing date of the 10-K
• New York (location) — Company headquarters city
• REAL ESTATE INVESTMENT TRUSTS [6798] (industry) — Company's Standard Industrial Classification

FAQ

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 Par Value WPC New York Stock Exchange
• $2.2 billion — :18 Merger"), which added approximately $2.2 billion of real estate assets to our portfolio.
• $2.0 billion — maintaining significant capacity on our $2.0 billion unsecured revolving credit facility (th

Filing Documents

• wpc-20241231.htm (10-K) — 7836KB
• wpc202410-kexh191.htm (EX-19.1) — 66KB
• wpc202410-kexh211.htm (EX-21.1) — 1046KB
• wpc202410-kexh231.htm (EX-23.1) — 3KB
• wpc202410-kexh311.htm (EX-31.1) — 9KB
• wpc202410-kexh312.htm (EX-31.2) — 9KB
• wpc202410-kexh32.htm (EX-32) — 5KB
• image_1a.jpg (GRAPHIC) — 15KB
• wpc-20241231_g1.jpg (GRAPHIC) — 104KB
• wpc-20241231_g2.jpg (GRAPHIC) — 80KB
• wpc-20241231_g3.jpg (GRAPHIC) — 58KB
• wpc-20241231_g4.jpg (GRAPHIC) — 48KB
• 0001025378-25-000031.txt ( ) — 40036KB
• wpc-20241231.xsd (EX-101.SCH) — 262KB
• wpc-20241231_cal.xml (EX-101.CAL) — 172KB
• wpc-20241231_def.xml (EX-101.DEF) — 1297KB
• wpc-20241231_lab.xml (EX-101.LAB) — 2184KB
• wpc-20241231_pre.xml (EX-101.PRE) — 1652KB
• wpc-20241231_htm.xml (XML) — 7993KB

Business

Item 1. Business 3

Risk Factors

Item 1A. Risk Factors 7

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 20

Cybersecurity

Item 1C. Cybersecurity 20

Properties

Item 2. Properties 22

Legal Proceedings

Item 3. Legal Proceedings 22

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 22 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 23

Reserved

Item 6. Reserved 23

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 24

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 46

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 48

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 134

Controls and Procedures

Item 9A. Controls and Procedures 134

Other Information

Item 9B. Other Information 135

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 135 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 136

Executive Compensation

Item 11. Executive Compensation 136

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 136

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 136

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 136 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 137

Form 10-K Summary

Item 16. Form 10-K Summary 143

SIGNATURES

SIGNATURES W. P. Carey 2024 10-K – 1

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K (the "Report"), including Management's Discussion and Analysis of Financial Condition and Results of Operations in Item 7 of Part II of this Report, contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. These forward-looking statements include, but are not limited to, statements regarding: the NLOP Spin-Off (as defined herein); our expectations surrounding the impact of the broader macroeconomic environment and the ability of tenants to pay rent; our financial condition, liquidity, results of operations, and prospects; our future capital expenditure and leverage levels, debt service obligations, and plans to fund our liquidity needs; prospective statements regarding our access to the capital markets, including our "at-the-market" program ("ATM Program"); statements that we make regarding our ability to remain qualified for taxation as a real estate investment trust ("REIT"); and the impact of recently issued accounting pronouncements and other regulatory activity. These statements are based on the current expectations of our management. It is important to note that our actual results could be materially different from those projected in such forward-looking statements. There are a number of risks and uncertainties that could cause actual results to differ materially from these forward-looking statements. Other unknown or unpredictable risks or uncertainties, like the risks related to fluctuating interest rates, the impact of inflation on our tenants and us, the effects of pandemics and global outbreaks of contagious diseases, and domestic or geopolitical crises, such as terrorism, military conflict, war or th

Business

Item 1. Business. General Development of Business W. P. Carey Inc. ("W. P. Carey" or the "Company") is an internally-managed diversified REIT that, together with our consolidated subsidiaries and predecessors, is a leading owner of commercial real estate, net-leased to companies located primarily in the United States and Northern and Western Europe on a long-term basis. The vast majority of our revenues originate from lease revenue provided by our real estate portfolio, which is comprised primarily of single-tenant industrial, warehouse, retail, and self-storage facilities that are critical to our tenants' operations. Our portfolio is comprised of 1,555 properties, net-leased to 355 tenants in 26 countries. As of December 31, 2024, approximately 61% of our contractual minimum annualized base rent ("ABR") was generated by properties located in the United States and approximately 33% was generated by properties located in Europe. As of that same date, our portfolio included 84 operating properties, comprised of 78 self-storage properties, four hotels, and two student housing properties. In September 2023, we announced a plan to exit the office assets within our portfolio by (i) spinning-off 59 office properties into Net Lease Office Properties, a Maryland real estate investment trust ("NLOP"), so that it became a separate publicly-traded REIT (the "Spin-Off"), and (ii) implementing an asset sale program to dispose of certain office properties retained by us (the "Office Sale Program"), which was completed in 2024 ( N o t e 1 ). On November 1, 2023, we completed the Spin-Off, contributing 59 office properties to NLOP ( Note 3 ). Following the closing of the Spin-Off, NLOP operates as a separate publicly-traded REIT, which we externally manage pursuant to certain advisory agreements (the "NLOP Advisory Agreements"). On August 1, 2022, one of our former investment programs, Corporate Property Associates 18 – Global Incorporated ("CPA:18 – Global"), merged with

Risk Factors

Item 1A. Risk Factors. Our business, results of operations, financial condition, and ability to pay dividends could be materially adversely affected by various risks and uncertainties, including those enumerated below, which could cause such results to differ materially from those in any forward-looking statements. You should not consider this list exhaustive. New risk factors emerge periodically and we cannot assure you that the factors described below list all risks that may become material to us at any later time. Risks Related to Our Portfolio and Ownership of Real Estate We face an increasingly competitive marketplace for investments. We compete for investments with many other institutions and investors, including other REITs, private equity firms, pension funds, and real es