W. P. Carey Inc.
For the period ended Oct 27, 2026. Filed Oct 27, 2026.
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Oct 27, 2026 · Filed Oct 27, 2026
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Contents
EX-99.2 · Same-Store Analysis
Same-Store Analysis
Dollars in thousands. Pro rata.
Contractual Same-Store Growth
Same-store portfolio includes leases on our net leased properties that were continuously in place during the period from September 30, 2025 to September 30, 2026. 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 September 30, 2026.
| ABR | ||||
|---|---|---|---|---|
| As of | ||||
| Sep. 30, 2026 | Sep. 30, 2025 | Increase | % Increase | |
| Property Type | ||||
| Industrial | $539,577 | $525,667 | $13,910 | 2.6% |
| Warehouse | 346,334 | 335,207 | 11,127 | 3.3% |
| Retail (a) | 287,691 | 282,154 | 5,537 | 2.0% |
| Other (b) | 188,223 | 183,778 | 4,445 | 2.4% |
| Total | $1,361,825 | $1,326,806 | $35,019 | 2.6% |
| Rent Adjustment Measure | ||||
| Uncapped CPI | $389,993 | $380,855 | $9,138 | 2.4% |
| Capped CPI | 262,518 | 254,777 | 7,741 | 3.0% |
| CPI-linked | 652,511 | 635,632 | 16,879 | 2.7% |
| Fixed | 656,975 | 640,081 | 16,894 | 2.6% |
| Other (c) | 46,900 | 45,654 | 1,246 | 2.7% |
| None | 5,439 | 5,439 | — | —% |
| Total | $1,361,825 | $1,326,806 | $35,019 | 2.6% |
| Geography | ||||
| U.S. | $835,740 | $815,365 | $20,375 | 2.5% |
| Europe | 443,193 | 430,781 | 12,412 | 2.9% |
| Other International (d) | 82,892 | 80,660 | 2,232 | 2.8% |
| Total | $1,361,825 | $1,326,806 | $35,019 | 2.6% |
| Same-Store Portfolio Summary | ||||
| Number of properties | 1,433 | |||
| Square footage (in thousands) | 157,580 | |||
Investing for the Long Run® | 26
Comprehensive Same-Store Growth
Same-store portfolio includes net leased properties that were continuously owned and in place during the quarter ended September 30, 2025 through September 30, 2026 (including properties that were subject to lease renewals, extensions or modifications at any time during that period). Excludes properties that were acquired, sold or listed as capital investments and commitments (see Investment Activity – Capital Investments and Commitments section) during that period. For purposes of comparability, same-store pro rata rental income is presented on a constant currency basis using average exchange rates for the three months ended September 30, 2026. Same-store pro rata rental income is a non-GAAP measure. See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of same-store pro rata rental income and for details on how it is calculated.
| Same-Store Pro Rata Rental Income | ||||
|---|---|---|---|---|
| Three Months Ended | ||||
| Sep. 30, 2026 | Sep. 30, 2025 | Increase | % Increase | |
| Property Type | ||||
| Industrial | $132,688 | $128,543 | $4,145 | 3.2% |
| Warehouse | 90,853 | 88,724 | 2,129 | 2.4% |
| Retail (a) | 77,037 | 74,593 | 2,444 | 3.3% |
| Other (b) | 48,853 | 50,123 | (1,270) | (2.5)% |
| Total | $349,431 | $341,983 | $7,448 | 2.2% |
| Rent Adjustment Measure | ||||
| Uncapped CPI | $105,261 | $104,261 | $1,000 | 1.0% |
| Capped CPI | 62,836 | 61,259 | 1,577 | 2.6% |
| CPI-linked | 168,097 | 165,520 | 2,577 | 1.6% |
| Fixed | 168,627 | 164,102 | 4,525 | 2.8% |
| Other (c) | 11,551 | 11,300 | 251 | 2.2% |
| None | 1,156 | 1,061 | 95 | 9.0% |
| Total | $349,431 | $341,983 | $7,448 | 2.2% |
| Geography | ||||
| U.S. | $214,874 | $210,739 | $4,135 | 2.0% |
| Europe | 112,798 | 110,260 | 2,538 | 2.3% |
| Other International (d) | 21,759 | 20,984 | 775 | 3.7% |
| Total | $349,431 | $341,983 | $7,448 | 2.2% |
| Same-Store Portfolio Summary | ||||
| Number of properties | 1,503 | |||
| Square footage (in thousands) | 164,223 | |||
Investing for the Long Run® | 27
The following table presents a reconciliation from lease revenues to same-store pro rata rental income:
| Three Months Ended | ||
|---|---|---|
| Sep. 30, 2026 | Sep. 30, 2025 | |
| Consolidated Lease Revenues | ||
| Total lease revenues – as reported | $422,499 | $372,087 |
| Income from finance leases and loans receivable | 26,954 | 26,498 |
| Less: Reimbursable tenant costs – as reported | (17,665) | (14,562) |
| Less: Income from secured loans receivable | (744) | (669) |
| 431,044 | 383,354 | |
| Adjustments for Pro Rata Ownership of Real Estate Joint Ventures: | ||
| Add: Pro rata share of adjustments from equity method investments | 2,477 | 3,625 |
| Less: Pro rata share of adjustments for noncontrolling interests | (178) | (272) |
| 2,299 | 3,353 | |
| Adjustments for Pro Rata Non-Cash Items: | ||
| Less: Straight-line and other leasing and financing adjustments | (23,239) | (20,424) |
| Add: Above- and below-market rent intangible lease amortization | 3,738 | 4,363 |
| Less: Adjustments for pro rata ownership | 17 | 1,780 |
| (19,484) | (14,281) | |
| Adjustment to normalize for (i) properties not continuously owned since July 1, 2025 and (ii) constant currency presentation for prior year quarter (e) | (64,428) | (30,443) |
| Same-Store Pro Rata Rental Income | $349,431 | $341,983 |
(a)Includes automotive dealerships.
(b)Includes ABR or same-store pro rata rental income from tenants with the following property types: education facility, specialty, self-storage (net lease), laboratory, research and development, hotel (net lease), office and land.
(c)Represents leases attributable to percentage rent.
(d)Includes assets in Canada, Mexico and Mauritius.
(e)This adjustment excludes amounts attributable to properties that were acquired, sold or listed as capital investments and commitments (see Investment Activity – Capital Investments and Commitments section) that were not continuously owned and in place during the quarter ended September 30, 2025 through September 30, 2026. In addition, for the three months ended September 30, 2025, an adjustment is made to reflect average exchange rates for the three months ended September 30, 2026 for purposes of comparability, since same-store pro rata rental income is presented on a constant currency basis.
Investing for the Long Run® | 28
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