W. P. Carey Inc.

Note 2. Basis of Presentation

Basis of Presentation

Our interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not necessarily include all information and footnotes necessary for a complete statement of our consolidated financial position, results of operations, and cash flows in accordance with generally accepted accounting principles in the United States (“GAAP”). In the opinion of management, the unaudited financial information for the interim periods presented in this Report reflects all normal and recurring adjustments necessary for a fair presentation of financial position, results of operations, and cash flows. Our interim consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes for the year ended December 31, 2025, which are included in the 2025 Annual Report, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this Report. Operating results for interim periods are not necessarily indicative of operating results for an entire year.

W. P. Carey 9/30/2026 10-Q – 9

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.

Basis of Consolidation

Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated.

When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a VIE and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity. There have been no significant changes in our VIE policies from what was disclosed in the 2025 Annual Report.

At both September 30, 2026 and December 31, 2025, we consideredten entities to be VIEs, of which we consolidatedsix, as we are considered the primary beneficiary. The following table presents a summary of selected financial data of the consolidated VIEs included in our consolidated balance sheets (in thousands):

At both September 30, 2026 and December 31, 2025, ourfour unconsolidated VIEs included our interests in (i)two unconsolidated real estate investments, which we account for under the equity method of accounting (we do not consolidate these entities because we are not the primary beneficiary and the nature of our involvement in the activities of these entities allows us to exercise significant influence on, but does not give us power over, decisions that significantly affect the economic performance of these entities), (ii)one unconsolidated investment in equity securities, which we accounted for as an investment in shares of the entity at fair value, and (iii)one construction loan investment, which we accounted for as a secured loan receivable. As of September 30, 2026, and December 31, 2025, the net carrying amount of our investments in these entities was $475.8 million and $477.5 million, respectively, and our maximum exposure to loss in these entities was limited to our investments.

Revenue Recognition

There have been no significant changes in our policies for revenue from contracts under ASC 606 from what was disclosed in the 2025 Annual Report. ASC 606 does not apply to our lease revenues, which constitute a majority of our revenues, but primarily applies to (i) revenues generated from our hotel operating properties and (ii) investment management revenues. Revenue from contracts primarily represented hotel operating property revenues of $11.3 million and $10.7 million for the three months ended September 30, 2026 and 2025, respectively, and $30.2 million and $29.0 million for the nine months ended September 30, 2026 and 2025, respectively. Investment management revenue from contracts under ASC 606 is discussed in Note 3.

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Cash and Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands):

(a)Restricted cash is included within Other assets, net on our consolidated balance sheets. Amount as of December 31, 2025 included $80.9 million of proceeds from certain dispositions, which were held by an intermediary and were designated for future tax-deferred like-kind exchanges under Section 1031 of the Internal Revenue Code. There was no such balance as of September 30, 2026.

Recent Accounting Pronouncements

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

Note 3. Agreements and Transactions with Related Parties

Advisory Agreements with NLOP and CESH

We currently have advisory arrangements with Net Lease Office Properties (“NLOP”), pursuant to which we earn fees and are entitled to receive reimbursement for certain administrative expenses. Carey European Student Housing Fund I, L.P. (“CESH”) sold its last property during the first quarter of 2026 (and was dissolved in May 2026), after which it ceased paying asset management fees and other reimbursable costs to us pursuant to certain advisory agreements.

The following tables present a summary of revenue earned and reimbursable costs received/accrued from NLOP and CESH for the periods indicated, included in the consolidated financial statements (in thousands):

(a)Amounts represent revenues from contracts under ASC 606.

(b)Included within Other advisory income and reimbursements in the consolidated statements of income.

(c)Included within Asset management revenue in the consolidated statements of income.

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The following table presents a summary of amounts due from affiliates, which are included within Other assets, net in the consolidated financial statements (in thousands):

Asset Management Revenue

Under the advisory agreement with NLOP, we earn an asset management fee, paid in cash, which was initially set at an annual amount of $7.5 million and is being reduced proportionately following the disposition of each portfolio property.

Administrative Reimbursements

Under the advisory agreement with NLOP, we initially earned a base administrative amount of $4.0 million annually, for certain administrative services, including day-to-day management services, investor relations, accounting, tax, legal, and other administrative matters, paid in cash. In May 2026, a reduction in the base administrative reimbursement paid by NLOP to us was agreed upon; effective July 1, 2026, the reimbursement is $2.0 million annually instead of $4.0 million annually.

Other Transactions with Affiliates and Related Parties

Captive Insurance Company

In March 2025, we formed a wholly owned captive insurance company, which commenced operations in May 2025 and insures a portion of the North American real property portfolios of each of NLOP and us. Our captive insurance company does not have a material impact on our consolidated financial statements.

Other

At September 30, 2026, we owned interests ineight jointly owned investments in real estate, with the remaining interests held by third parties. We consolidate five such investments and account for the remaining three investments under the equity method of accounting (Note 7). We acquired a consolidated jointly owned investment in real estate in October 2026 (Note 15). In addition, we owned limited partnership units of CESH prior to its dissolution in May 2026. We elected to account for our investment in CESH under the fair value option (Note 7). We received a distribution from CESH of $0.5 million during the nine months ended September 30, 2026, which is included in Other gains and (losses) in our consolidated statements of income. We didnot receive distributions from CESH during the nine months ended September 30, 2025.

Note 4. Land, Buildings and Improvements, and Assets Held for Sale

Land, Buildings and Improvements — Net Lease and Other

Land and buildings leased to others, which are subject to operating leases, and real estate under construction, are summarized as follows (in thousands):

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As a result of foreign currency exchange rate fluctuations during the nine months ended September 30, 2026 (primarily the U.S. dollar strengthening against the euro), there was a decrease of $149.9 million in the carrying value of Land, buildings and improvements — net lease and other from December 31, 2025 to September 30, 2026.

During the nine months ended September 30, 2026, we reclassified a property classified as Land, buildings and improvements — net lease and other to Net investments in finance leases and loans receivable since we entered into an agreement to sell the property to the tenant. As a result, the carrying value of our Land, buildings and improvements — net lease and other decreased by $6.3 million from December 31, 2025 to September 30, 2026 (Note 5). This property was sold in March 2026.

During the nine months ended September 30, 2026, we reclassifiedtwo properties with a carrying value of $42.8 million from Net investments in finance leases and loans receivable to Land, buildings and improvements — net lease and other in connection with changes in lease classifications due to extensions of the underlying leases (Note 5).

Depreciation expense, including the effect of foreign currency translation, on our buildings and improvements subject to operating leases was $85.9 million and $78.6 million for the three months ended September 30, 2026 and 2025, respectively, and $262.1 million and $231.3 million for the nine months ended September 30, 2026 and 2025, respectively.

Acquisitions of Real Estate

During the nine months ended September 30, 2026, we entered into the following investments, which were deemed to be real estate asset acquisitions (dollars in thousands):

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

(b)This investment includes properties located across 24 U.S. states.

(c)We acquired these properties from a jointly owned investment in which we own a 70% interest and account for as an equity method investment (Note 7). In connection with this acquisition, we assumed a non-recourse mortgage loan encumbering the properties with an outstanding principal balance of $97.8 million (Note 7, Note 10)

(d)We entered into a purchase agreement to acquire an additional industrial facility leased to this tenant for $37.4 million, which is expected to be completed in 2027.

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The aggregate purchase price allocation for investments disclosed above is as follows (dollars in thousands):

Real Estate Under Construction — Net Lease and Operating Properties

During the nine months ended September 30, 2026, we capitalized real estate under construction totaling $78.1 million. The number of construction projects in progress with balances included in real estate under construction wasfour andten as of September 30, 2026 and December 31, 2025, respectively. Aggregate unfunded commitments totaled approximately $107.9 million and $125.3 million as of September 30, 2026 and December 31, 2025, respectively.

During the nine months ended September 30, 2026, we completed the following construction projects (dollars in thousands):

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

(b)The tenant at this property is expected to commence paying rent in January 2027.

During the nine months ended September 30, 2026, we committed to fund three construction projects totaling approximately $50.0 million. We currently expect to complete these projects in 2027 and 2028.

Capitalized interest incurred during construction was $0.3 million and $0.2 million for the three months ended September 30, 2026 and 2025, respectively, and $1.0 million and $0.8 million for the nine months ended September 30, 2026 and 2025, respectively, which reduces Interest expense in the consolidated statements of income.

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Dispositions of Properties

During the nine months ended September 30, 2026, we sold 19 properties, which were classified as Land, buildings and improvements — net lease and other. As a result, the carrying value of our Land, buildings and improvements — net lease and other decreased by $134.0 million from December 31, 2025 to September 30, 2026 (Note 14).

Other Lease-Related Income

2026— For the three and nine months ended September 30, 2026, other lease-related income on our consolidated statements of income included: (i) lease termination income of $4.6 million and $19.6 million, respectively, and (ii) other lease-related settlements totaling $0.7 million and $6.3 million, respectively.

2025 — For the three and nine months ended September 30, 2025, other lease-related income on our consolidated statements of income included: (i) lease termination income of $2.9 million and $10.3 million, respectively, and (ii) other lease-related settlements totaling $0.3 million and $4.7 million, respectively.

Leases

Operating Lease Income

Lease income related to operating leases recognized and included in the consolidated statements of income is as follows (in thousands):

(a)Includes (i) rent increases based on changes in the U.S. Consumer Price Index (CPI) and other comparable indices and (ii) reimbursements for property taxes, insurance, and common area maintenance services.

Land, Buildings and Improvements — Operating Properties

At September 30, 2026, Land, buildings and improvements — operating properties consisted of our investments infour hotels andone student housing property. At December 31, 2025, Land, buildings and improvements — operating properties consisted of our investments in 11 self-storage properties, four hotels, andone student housing property. Below is a summary of our Land, buildings and improvements — operating properties (in thousands):

During the nine months ended September 30, 2026, we recognized an impairment charge on our student housing operating property, which reduced the carrying value of (i) Land, buildings and improvements — operating properties by $46.7 million and (ii) In-place lease intangible assets and other by $3.4 million (Note 8). In addition, during the nine months ended September 30, 2026, the U.S. dollar strengthened against the British pound sterling, resulting in a decrease of $1.5 million in the carrying value of our Land, buildings and improvements — operating properties from December 31, 2025 to September 30, 2026.

Depreciation expense, including the effect of foreign currency translation, on our buildings and improvements attributable to operating properties was $1.2 million and $5.2 million for the three months ended September 30, 2026 and 2025, respectively, and $4.4 million and $19.0 million for the nine months ended September 30, 2026 and 2025, respectively.

W. P. Carey 9/30/2026 10-Q – 15

Dispositions of Properties

During the nine months ended September 30, 2026, we sold our 11 remaining self-storage operating properties, which were classified as Land, buildings and improvements — operating properties. As a result, the carrying value of our Land, buildings and improvements — operating properties decreased by $47.3 million from December 31, 2025 to September 30, 2026 (Note 14).

Assets Held for Sale, Net

Below is a summary of our properties held for sale (in thousands):

At September 30, 2026, we hadthree properties classified as Assets held for sale, net, with an aggregate carrying value of $8.2 million, one of which was sold in October 2026 (Note 15). At December 31, 2025, we hadone property classified as Assets held for sale, net, with an aggregate carrying value of $3.3 million, which was sold in January 2026.

Note 5. Finance Receivables

Assets representing rights to receive money on demand or at fixed or determinable dates are referred to as finance receivables. Our finance receivables portfolio consists of our Net investments in finance leases and loans receivable (net of allowance for credit losses). Operating leases are not included in finance receivables.

Finance Receivables

Net investments in finance leases and loans receivable are summarized as follows (in thousands):

(a)These investments are accounted for as loans receivable in accordance with ASC 310, Receivables and ASC 842, Leases. Maturity dates reflect the current lease maturity dates. Amounts are net of allowance for credit losses of $33.7 million and $35.3 million as of September 30, 2026 and December 31, 2025, respectively.

(b)Amounts are net of allowance for credit losses, as disclosed below under Net Investments in Direct Financing Leases.

(c)These investments are assessed for credit loss allowances but no such allowances were recorded as of September 30, 2026 or December 31, 2025.

As a result of foreign currency exchange rate fluctuations during the nine months ended September 30, 2026 (primarily the U.S. dollar strengthening against the euro), there was a decrease of $11.9 million in the carrying value of Net investments in finance leases and loans receivable from December 31, 2025 to September 30, 2026.

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Income from finance leases and loans receivable is summarized as follows (in thousands):

Loans Receivable

During the nine months ended September 30, 2026, we entered into the following sale-leaseback, which was deemed to be a loan receivable in accordance with ASC 310, Receivables and ASC 842, Leases (dollars in thousands):

During the nine months ended September 30, 2026 and 2025, we recorded a release of allowance for credit losses of $1.7 million and an allowance for credit losses of $17.4 million, respectively, on our sale-leaseback transactions accounted for as loans receivables due to changes in economic conditions.

In connection withtwo construction projects, and in accordance with ASC 310, Receivables and ASC 842, Leases, through September 30, 2026 we capitalized land and buildings totaling $81.2 million on a consolidated basis, including $47.0 million during the nine months ended September 30, 2026, which is recorded in Net investments in finance leases and loans receivable in our consolidated financial statements.

At September 30, 2026, the following construction loans are accounted for as secured loan receivables for accounting purposes in accordance with the acquisition, development and construction arrangement sub-section of ASC 310, Receivables(in thousands):

(a)The borrowers for these construction loans retain certain loan maturity extension options.

Net Investments in Direct Financing Leases

Net investments in direct financing leases is summarized as follows (in thousands):

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(a)During the nine months ended September 30, 2026 and 2025, we recorded a net allowance for credit losses of $14.9 million and $5.8 million, respectively, on our net investments in direct financing leases, which was included within Other gains and (losses) in our consolidated statements of income, due to changes in expected economic conditions. In addition, during the nine months ended September 30, 2026, we reduced the allowance for credit losses balance by $16.8 million, in connection with the reclassification of a property from Net investments in finance leases and loans receivable to Land, buildings and improvements — net lease and other, as described below.

During the nine months ended September 30, 2026, we reclassifiedtwo properties with a carrying value of $42.8 million from Net investments in finance leases and loans receivable to Land, buildings and improvements — net lease and other in connection with changes in lease classifications due to extensions of the underlying leases (Note 4).

Net Investments in Sales-Type Leases

In January 2026, we reclassified a net-lease property located in Oceanside, California, to net investments in sales-type leases for $11.0 million on our consolidated balance sheets (based on the estimated purchase price) in accordance with ASC 842, Leases, since the property was expected to be sold to the tenant leasing the property, resulting in a lease modification. In connection with this transaction, we reclassified the following amounts to Net investments in finance leases and loans receivable: (i) $8.1 million from Land, buildings and improvements — net lease and other and (ii) $1.8 million from Accumulated depreciation and amortization. We recognized an aggregate Gain on sale of real estate, net, of $4.6 million during the nine months ended September 30, 2026 related to this transaction. This property was sold in March 2026. As a result, the carrying value of Net investments in finance leases and loans receivable decreased by $10.5 million (Note 4, Note 14).

In May 2026, we reclassified a net-lease property located in Mt. Carmel, Illinois, to net investments in sales-type leases for $2.2 million on our consolidated balance sheets (based on the estimated purchase price) in accordance with ASC 842, Leases, since the property was expected to be sold to the tenant leasing the property, resulting in a lease modification. In connection with this transaction, we reclassified $2.9 million from net investments in direct financing leases, and recognized an aggregate Loss on sale of real estate, net, of $0.5 million during the nine months ended September 30, 2026, reflecting a balance of $0.2 million within Accounts payable, accrued expenses and other liabilities for this investment. This property was sold in May 2026. As a result, the carrying value of Net investments in finance leases and loans receivable decreased by $2.2 million (Note 14).

Prior to the reclassifications of certain properties to net investments in sales-type leases, earnings from such investments were recognized in Lease revenues in the consolidated financial statements.

Net investments in sales-type leases is summarized as follows (in thousands):

Credit Quality of Finance Receivables

We generally invest in facilities that we believe are critical to a tenant’s business and therefore have a lower risk of tenant default. At both September 30, 2026 and December 31, 2025, no material balances of our finance receivables were past due. Other than the lease extensions noted above under Net Investments in Direct Financing Leases, there were no material modifications of finance receivables during the nine months ended September 30, 2026.

We evaluate the credit quality of our finance receivables utilizing an internal five-point credit rating scale, with one representing the highest credit quality and five representing the lowest. A credit quality of one through three indicates a range of investment grade to stable. A credit quality of four through five indicates a range of inclusion on the watch list to risk of default. The credit quality evaluation of our finance receivables is updated quarterly.

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A summary of our finance receivables by internal credit quality rating, excluding our allowance for credit losses, is as follows (dollars in thousands):

Note 6. Goodwill and Other Intangibles

In-place lease intangibles, at cost are included in In-place lease intangible assets and other in the consolidated financial statements. Above-market rent intangibles, at cost are included in Above-market rent intangible assets in the consolidated financial statements. Accumulated amortization of in-place lease and above-market rent intangibles is included in Accumulated depreciation and amortization in the consolidated financial statements. Internal-use software development intangibles are included in Other assets, net in the consolidated financial statements. Below-market rent intangibles are included in Below-market rent intangible liabilities, net in the consolidated financial statements.

Net lease intangibles recorded in connection with property acquisitions during the nine months ended September 30, 2026 are described in Note 4.

Goodwill decreased by $5.0 million during the nine months ended September 30, 2026 due to foreign currency translation adjustments.

Intangible assets, intangible liabilities, and goodwill are summarized as follows (in thousands):

As a result of foreign currency exchange rate fluctuations during the nine months ended September 30, 2026 (primarily the U.S. dollar strengthening against the euro), there was a decrease of $16.3 million in the carrying value of our net intangible assets from December 31, 2025 to September 30, 2026.

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Net amortization of intangibles, including the effect of foreign currency translation, was $44.6 million and $44.8 million for the three months ended September 30, 2026 and 2025, respectively, and $139.1 million and $133.0 million for the nine months ended September 30, 2026 and 2025, respectively. Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to Lease revenues and amortization of internal-use software development and in-place lease intangibles is included in Depreciation and amortization.

Note 7. Equity Method Investments

Interests in Unconsolidated Real Estate Investments and CESH

We own interests in certain unconsolidated real estate investments with third parties and in CESH (prior to its dissolution in May 2026 (Note 3)). There have been no significant changes in our equity method investment policies from what was disclosed in the 2025 Annual Report.

We own equity interests in properties that are generally leased to companies through noncontrolling interests in partnerships and limited liability companies that we do not control but over which we exercise significant influence. The underlying investments are jointly owned with third parties. We account for these investments under the equity method of accounting. We accounted for our interest in CESH under the equity method because, as its advisor, we did not exert control over, but we did have the ability to exercise significant influence over, CESH (Note 3).

The following table sets forth our ownership interests in our equity method investments and their respective carrying values (dollars in thousands):

(a)See “Las Vegas Retail Complex” below for discussion of this equity method investment.

(b)This investment is reported using the hypothetical liquidation at book value model, which may be different than pro rata ownership percentages, primarily due to the capital structure of the partnership agreement.

(c)The carrying value of this investment is affected by fluctuations in the exchange rate of the euro.

(d)See “Kesko Senukai” below for discussion of this equity method investment.

(e)CESH sold its last property during the first quarter of 2026 (and was dissolved in May 2026). Prior to dissolution, we elected to account for our investment in CESH at fair value by selecting the equity method fair value option available under GAAP.

We received aggregate distributions of $93.4 million and $16.0 million from our unconsolidated real estate investments for the nine months ended September 30, 2026 and 2025, respectively (including $81.2 million received from the Kesko Senukai jointly owned investment during the nine months ended September 30, 2026, as described below). At September 30, 2026 and December 31, 2025, the aggregate unamortized basis differences on our unconsolidated real estate investments were $15.6 million and $15.1 million, respectively.

Las Vegas Retail Complex

On June 10, 2021, we entered into an agreement to fund a construction loan of approximately $261.9 million (as of September 30, 2026) for a retail complex in Las Vegas, Nevada. The loan bears an interest rate of 6.0% through December 31, 2026, after which it increases to 8.0% through June 30, 2027 (which is the loan maturity date). The borrower retains additionalone-year extension options. Through September 30, 2026, we funded $250.9 million. The outstanding principal on this loan was $245.9 million as of September 30, 2026.

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On February 27, 2025, we exercised our option to purchase a 47.50% ownership interest in the partnership that owns the Las Vegas Retail Complex for $5.0 million. Effective as of that date, we began recognizing our proportionate share of revenues and expenses from this jointly owned investment.

Equity income from this investment (including interest income from the construction loan and our proportionate share of earnings from the 47.50% equity interest) was $10.9 million and $10.2 million for the nine months ended September 30, 2026 and 2025, respectively, which was recognized within Earnings from equity method investments in our consolidated statements of income.

Kesko Senukai

On May 20, 2026, we acquired all of the real estate assets held by the Kesko Senukai jointly owned investment (the “Fund”) for approximately $206.6 million. These real estate assets comprise 19 properties (18 retail andone warehouse) located in Lithuania, Latvia, and Estonia. The Fund continues to exist as an unconsolidated equity method investment, for which we still retain a 70% ownership interest (which primarily consists of cash and cash equivalents), as reflected in the table above.

In accordance with ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets, the sale of assets to us was treated as a disposition for the Fund. As a result, we recognized our $49.9 million proportionate share of the gain on sale of real estate recorded by the Fund during the nine months ended September 30, 2026, which was included in Earnings from equity method investments in our consolidated statements of income. In addition, we received a distribution of $81.2 million from the Fund during the nine months ended September 30, 2026, reflecting our proportionate share of net proceeds from the transaction.

We deemed our purchase of the 19-property portfolio to be an asset acquisition, and capitalized the following amounts at acquisition: (i) $152.5 million to Land, buildings and improvements — net lease and other, and (ii) $54.1 million to In-place lease intangible assets and other (comprising $46.7 million of in-place lease intangible assets and $7.4 million of below-market ground lease intangibles) (Note 4). Effective as of the date of acquisition, we began recognizing Lease revenues from these properties.

In connection with this acquisition, we assumed a non-recourse mortgage loan with an aggregate principal balance of $97.8 million and an interest rate of the Euro Interbank Offered Rate (“EURIBOR”) +2.10%. In conjunction with the assumption of this mortgage loan, we extended the loan maturity date from August 31, 2026 to April 30, 2031 (Note 10).

Note 8. Fair Value Measurements

The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps, interest rate swaps, and foreign currency collars; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions.

Items Measured at Fair Value on a Recurring Basis

The methods and assumptions described below were used to estimate the fair value of each class of financial instrument. For significant Level 3 items, we have also provided the unobservable inputs.

Derivative Assets and Liabilities — Our derivative assets and liabilities, which are included in Other assets, net and Accounts payable, accrued expenses and other liabilities, respectively, in the consolidated financial statements, comprise foreign currency collars, interest rate swaps, and interest rate caps (Note 9).

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The valuation of our derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves, spot and forward rates, and implied volatilities. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative instruments for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. These derivative instruments were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market.

Investment in Shares of Lineage — We have elected to apply the measurement alternative under ASU 2016-01, Financial Instruments — Overall (Subtopic 825-10) to account for our investment in 5,546,547 shares of Lineage (a cold storage REIT), which is included in Other assets, net in the consolidated financial statements. Under this alternative, the carrying value is adjusted for any impairments or changes in fair value resulting from observable transactions for similar or identical investments in the issuer. We classified this investment as Level 2 within the fair value hierarchy because shares of Lineage are actively traded on an open market, and we make an adjustment to the value of our investment based on the promote value that the sponsor of our investment is entitled to. Since we were a legacy investor in Lineage prior to their public offering completed in July 2024, our ownership interest is subject to settlement at the discretion of Lineage over athree-year period, during which we will have the option to settle our investment in the form of cash or common stock. If our investment is not settled by Lineage during thethree-year period, our investment will convert to common shares.

We recognized non-cash unrealized losses on our investment in shares of Lineage of $35.8 million and $22.6 million during the three months ended September 30, 2026 and 2025, respectively, and $4.6 million and $91.7 million during the nine months ended September 30, 2026 and 2025, respectively, due to changes in the closing share price, which was recorded within Other gains and (losses) in the consolidated financial statements. In addition, during the nine months ended September 30, 2026 and 2025, we recognized dividends of $8.6 million and $8.4 million, respectively, from our investment in shares of Lineage, which was recorded within Non-operating income in the consolidated financial statements. The fair value of this investment was $163.0 million and $167.5 million at September 30, 2026 and December 31, 2025, respectively.

We did not have any transfers into or out of Level 1, Level 2, and Level 3 category of measurements during either the nine months ended September 30, 2026 or 2025. Gains and losses (realized and unrealized) recognized on items measured at fair value on a recurring basis included in earnings are reported within Other gains and (losses) on our consolidated financial statements.

Our other material financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands):

(a)The carrying value of Senior Unsecured Notes, net (Note 10) includes unamortized deferred financing costs of $35.8 million and $29.3 million at September 30, 2026 and December 31, 2025, respectively. The carrying value of Non-recourse mortgages, net includes unamortized deferred financing costs of $0.3 million and $0.4 million at September 30, 2026 and December 31, 2025, respectively.

(b)The carrying value of Senior Unsecured Notes, net includes unamortized discount of $40.3 million and $29.8 million at September 30, 2026 and December 31, 2025, respectively. The carrying value of Non-recourse mortgages, net includes unamortized discount of $1.7 million and $2.4 million at September 30, 2026 and December 31, 2025, respectively.

(c)For those Senior Unsecured Notes for which there are no observable market prices (specifically, our private placement Senior Unsecured Notes (Note 10)), we used a discounted cash flow model that estimates the present value of future loan payments by discounting such payments at current estimated market interest rates. We consider these notes to be within the Level 3 category. For all other Senior Unsecured Notes, we determined the estimated fair value using observed market prices in an open market, which may experience limited trading volume. We consider these notes to be within the Level 2 category.

W. P. Carey 9/30/2026 10-Q – 22

(d)We determined the estimated fair value of our non-recourse mortgage loans using a discounted cash flow model that estimates the present value of the future loan payments by discounting such payments at current estimated market interest rates. The estimated market interest rates consider interest rate risk and the value of the underlying collateral, which includes quality of the collateral, the credit quality of the tenant/obligor, and the time until maturity.

We estimated that our other financial assets and liabilities, including amounts outstanding under our Senior Unsecured Credit Facility and Unsecured Term Loan due 2029 (Note 10), but excluding finance receivables (Note 5), had fair values that approximated their carrying values at both September 30, 2026 and December 31, 2025.

Items Measured at Fair Value on a Non-Recurring Basis (Including Impairment Charges)

We periodically assess whether there are any indicators that the value of our real estate investments may be impaired or that their carrying value may not be recoverable. There have been no significant changes in our impairment policies from what was disclosed in the 2025 Annual Report.

The following tables present information about assets for which we recorded an impairment charge and that were measured at fair value on a non-recurring basis (classified as Level 3) (in thousands):

Impairment charges, and their related triggering events and fair value measurements, recognized during the three and nine months ended September 30, 2026, and 2025 were as follows:

Real Estate

The impairment charges described below are reflected within Impairment charges — real estate in our consolidated statements of income.

2026 — During the three and nine months ended September 30, 2026, we recognized an impairment charge of $6.1 million on a property due to changes in expected cash flows related to tenant vacancy, in order to reduce its carrying value to its estimated fair value. The fair value measurement for the property was determined by using the following unobservable inputs:

•Estimated market rent of €3.50 per square feet;

•Vacancy period oftwo years for property renovations, which are estimated to cost approximately €4.6 million;

•Terminal capitalization rate of 8.0%; and

•Cash flow discount rate of 9.0%.

W. P. Carey 9/30/2026 10-Q – 23

Additionally, during the nine months ended September 30, 2026, we recognized impairment charges totaling $103.7 million on 15 properties, in order to reduce their carrying values to their estimated fair values, which approximated their estimated selling prices, less costs to sell. One of these properties was sold in August 2026.

In addition, during the nine months ended September 30, 2026, we recognized an impairment charge of $9.0 million on a property due to changes in expected cash flows related to the existing tenant’s lease expiration in 2027, in order to reduce its carrying value to its estimated fair value. The fair value measurement for the property was determined by using the following unobservable inputs:

•Estimated market rent of €1.35 million for ground and mezzanine spaces to be leased approximatelytwo years following the tenant’s lease expiration;

•Terminal capitalization rate of 7.75%; and

•Cash flow discount rate of 10.0%.

Furthermore, during the nine months ended September 30, 2026, we recognized an impairment charge of $6.7 million on a property due to changes in expected cash flows related to the existing tenant’s lease expiration in 2027, in order to reduce its carrying value to its estimated fair value. The fair value measurement for the property was determined by using the following unobservable inputs:

•Estimated rent collection of $2 million;

•Cash flow discount rate of 9.0%;

•Expected land value of $7.9 million; and

•Residual discount rate of 15.0%.

2025 — During the three and nine months ended September 30, 2025, we recognized impairment charges totaling $19.5 million and $30.7 million onten and 12 properties, respectively, in order to reduce their carrying values to their estimated fair values, which approximated their estimated selling prices, less costs to sell. Seven of these properties were self-storage operating properties, which were sold in October 2025 and November 2025. Three of the other properties were also sold in October 2025 and November 2025.

Note 9. Risk Management and Use of Derivative Financial Instruments

Risk Management

In the normal course of our ongoing business operations, we encounter economic risk. There are four main components of economic risk that impact us: interest rate risk, credit risk, market risk, and foreign currency risk. We are primarily subject to interest rate risk on our interest-bearing liabilities, including our Senior Unsecured Credit Facility (Note 10) and unhedged variable-rate non-recourse mortgage loans. Credit risk is the risk of default on our operations and our tenants’ inability or unwillingness to make contractually required payments. Market risk includes changes in the value of our properties and related loans, Senior Unsecured Notes, and other securities, due to changes in interest rates or other market factors. We own investments in North America and Europe, and are subject to risks associated with fluctuating foreign currency exchange rates.

W. P. Carey 9/30/2026 10-Q – 24

Derivative Financial Instruments

There have been no significant changes in our derivative financial instrument policies from what was disclosed in the 2025 Annual Report. At both September 30, 2026 and December 31, 2025, no cash collateral had been posted nor received for any of our derivative positions.

The following table sets forth certain information regarding our derivative instruments (in thousands):

The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands):

(a)Excludes net gains of $0.1 million recognized on unconsolidated jointly owned investments for the three months ended September 30, 2025, and net gains of $0.1 million and $0.2 million for the nine months ended September 30, 2026 and 2025, respectively. No such gains or losses were recognized for the three months ended September 30, 2026.

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Amounts reported in Other comprehensive income (loss) related to interest rate derivative contracts will be reclassified to Interest expense as interest is incurred on our variable-rate debt. Amounts reported in Other comprehensive income (loss) related to foreign currency derivative contracts will be reclassified to Non-operating income when the hedged foreign currency contracts are settled. As of September 30, 2026, we estimate that an additional $7.0 million and $(0.2) million of gains (losses) will be reclassified as Interest expense and Non-operating income, respectively, during the next 12 months.

See below for information on our purposes for entering into derivative instruments.

Interest Rate Swaps and Caps

We are exposed to the impact of interest rate changes primarily through our borrowing activities. To limit this exposure, we generally seek long-term debt financing on a fixed-rate basis. However, from time to time, we have obtained, and may in the future obtain, variable-rate (i) non-recourse mortgage loans and (ii) unsecured term loans (Note 10) and, as a result, we have entered into, and may continue to enter into, interest rate swap agreements or interest rate cap agreements with counterparties. Interest rate swaps, which effectively convert the variable-rate debt service obligations of a loan to a fixed rate, are agreements in which one party exchanges a stream of interest payments for a counterparty’s stream of cash flow over a specific period. The notional, or face, amount on which the swaps are based is not exchanged. Interest rate caps limit the effective borrowing rate of variable-rate debt obligations while allowing participants to share in downward shifts in interest rates. Our objective in using these derivatives is to limit our exposure to interest rate movements.

The interest rate swaps that our consolidated subsidiaries had outstanding at September 30, 2026 are summarized as follows (currency in thousands):

(a)Fair value amounts are based on the exchange rate of the euro at September 30, 2026, as applicable.

Foreign Currency Collars

We are exposed to foreign currency exchange rate movements, primarily in the euro and, to a lesser extent, the British pound sterling and certain other currencies. In order to hedge certain of our foreign currency cash flow exposures, we enter into foreign currency collars. A foreign currency collar consists of a written call option and a purchased put option to sell the foreign currency at a range of predetermined exchange rates. A foreign currency collar guarantees that the exchange rate of the currency will not fluctuate beyond the range of the options’ strike prices. Our foreign currency collars have maturities of 51 months or less.

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The following table presents the foreign currency collars that we had outstanding at September 30, 2026 (currency in thousands):

Credit Risk-Related Contingent Features

We measure our credit exposure on a counterparty basis as the net positive aggregate estimated fair value of our derivatives, net of any collateral received. No collateral was received as of September 30, 2026. At September 30, 2026, our total credit exposure and the maximum exposure to any single counterparty was $13.4 million and $4.2 million, respectively.

Some of the agreements we have with our derivative counterparties contain cross-default provisions that could trigger a declaration of default on our derivative obligations if we default, or are capable of being declared in default, on certain of our indebtedness. At September 30, 2026, we had not been declared in default on any of our derivative obligations. The estimated fair value of our derivatives in a net liability position was $2.9 million and $18.5 million at September 30, 2026 and December 31, 2025, respectively, which included accrued interest and any nonperformance risk adjustments. If we had breached any of these provisions at September 30, 2026 or December 31, 2025, we could have been required to settle our obligations under these agreements at their aggregate termination value of $2.9 million and $18.6 million, respectively.

Net Investment Hedges

Certain borrowings under our Senior Unsecured Notes, Unsecured Revolving Credit Facility, and Unsecured Term Loans (all as defined in Note 10) denominated in euro, British pounds sterling, or Canadian dollars are designated as, and are effective as, economic hedges of our net investments in foreign entities.

Exchange rate variations impact our financial results because the financial results of our foreign subsidiaries are translated to U.S. dollars each period, with the effect of exchange rate variations being recorded in Other comprehensive income (loss) as part of the cumulative foreign currency translation adjustment. As a result, changes in the value of our designated borrowings under our euro-denominated senior notes and changes in the value of our euro, British pounds sterling, and Canadian dollar borrowings under our Senior Unsecured Credit Facility, related to changes in the spot rates, will be reported in the same manner as foreign currency translation adjustments, which are recorded in Other comprehensive income (loss) as part of the cumulative foreign currency translation adjustment. Such gains (losses) related to non-derivative net investment hedges were $11.6 million and $1.3 million for the three months ended September 30, 2026 and 2025, respectively and $161.8 million and $(488.4) million for the nine months ended September 30, 2026 and 2025, respectively.

W. P. Carey 9/30/2026 10-Q – 27

Note 10. Debt

Term Loan Agreement

As of both September 30, 2026 and December 31, 2025, we had a €500.0 million term loan (our “Unsecured Term Loan due 2029”). Pursuant to the credit agreement, the Unsecured Term Loan due 2029 borrowing rate at September 30, 2026 was 75 basis points over EURIBOR. Certain variable-to-fixed interest rate swaps fix the floating rate component of the per annum interest rate on our Unsecured Term Loan due 2029 at 2.00% through the end of 2027, for a total annual interest rate of approximately 2.75% as of September 30, 2026 (inclusive of the current spread). The Unsecured Term Loan due 2029 is incorporated into the Senior Unsecured Credit Facility, which is described below.

Senior Unsecured Credit Facility

On March 11, 2026, we amended our multi-currency senior unsecured credit facility to (i) replace the €215.0 million term loan due 2028 (the “EUR Term Loan due 2028”), which was repaid in February 2026, with a new C$347.3 million term loan maturing on February 14, 2028 (our “CAD Term Loan due 2028”) of an equivalent notional amount and under the same terms, definitions, and extension options, and (ii) improve pricing on our Unsecured Revolving Credit Facility (as defined below) byfive basis points at all levels. As a result, as of September 30, 2026, our senior unsecured credit facility comprises (i) a $2.0 billion unsecured revolving credit facility maturing on February 14, 2029 (our “Unsecured Revolving Credit Facility”), (ii) a £270.0 million term loan maturing on February 14, 2028 (our “GBP Term Loan due 2028”), and (iii) our C$347.3 million CAD Term Loan due 2028.

The GBP Term Loan due 2028 borrowing rate at September 30, 2026 was 75 basis points over SONIA (as defined below). Certain variable-to-fixed interest rate swaps fix the floating rate component of the per annum interest rate on our GBP Term Loan due 2028 at 3.92% through the end of 2027, for a total per annum interest rate of approximately 4.67% as of September 30, 2026 (inclusive of the current spread). The CAD Term Loan due 2028 borrowing rate at September 30, 2026 was 75 basis points over CORRA (as defined below). We have an option to extend each of these term loans by up to an additional year, subject to certain customary conditions. We refer to these term loans collectively as the “Unsecured Term Loans due 2028.” We refer to our Unsecured Term Loan due 2029 and Unsecured Term Loans due 2028 collectively as our “Unsecured Term Loans.” We refer to our Unsecured Revolving Credit Facility and our Unsecured Term Loans collectively as our “Senior Unsecured Credit Facility.”

As of September 30, 2026, the aggregate principal amount (of revolving and term loans) available under the Senior Unsecured Credit Facility was able to be increased up to an amount not to exceed the U.S. dollar equivalent of $4.35 billion, subject to the conditions to increase set forth in our credit agreement.

At September 30, 2026, our Unsecured Revolving Credit Facility had available capacity of approximately $1.9 billion (net of amounts reserved for standby letters of credit totaling $2.8 million). We currently incur an annual facility fee of 0.115% of the total commitment on our Unsecured Revolving Credit Facility based on (i) our credit ratings of BBB+ and Baa1, (ii) our Leverage Ratio, and (iii) the achievement of certain sustainability key performance indicators (“KPIs”) agreed to under the credit agreement, which is included within Interest expense in our consolidated statements of income.

W. P. Carey 9/30/2026 10-Q – 28

The following table presents a summary of our Senior Unsecured Credit Facility (dollars in thousands):

(a)The applicable interest rate at September 30, 2026 was based on the credit ratings for our Senior Unsecured Notes of BBB+/Baa1, our Leverage Ratio, and the achievement of certain sustainability KPIs.

(b)Balance excludes unamortized discount of $5.2 million and $6.9 million at September 30, 2026 and December 31, 2025, respectively, and unamortized deferred financing costs of $0.3 million and $0.4 million at September 30, 2026 and December 31, 2025, respectively.

(c)Interest rate is subject to variable-to-fixed interest rate swaps that fix the floating rate component of the per annum interest rate at 2.00% through December 31, 2027. Upon maturity of the interest rate swaps, the Unsecured Term Loan due 2029 will be subject to a variable interest rate based on EURIBOR.

(d)Interest rate is subject to variable-to-fixed interest rate swaps that fix the floating rate component of the per annum interest rate at 3.92% through December 31, 2027. Upon maturity of the interest rate swaps, the GBP Term Loan due 2028 will be subject to a variable interest rate based on the Sterling Overnight Index Average (SONIA).

(e)CORRA means Canadian Overnight Repo Rate Average.

(f)The EUR Term Loan due 2028 was repaid in February 2026, as described above.

(g)SOFR means Secured Overnight Financing Rate.

W. P. Carey 9/30/2026 10-Q – 29

Senior Unsecured Notes

As set forth in the table below, we have euro and U.S. dollar-denominated senior unsecured notes outstanding with an aggregate principal balance outstanding of $7.4 billion at September 30, 2026 (the “Senior Unsecured Notes”).

On February 24, 2026, we completed an underwritten public offering of €1.0 billion in aggregate principal amount of senior notes, comprising the following tranches: (i) €500 million aggregate principal amount of 3.250% Senior Notes due 2031, at a price of 99.249% of par value and (ii) €500 million aggregate principal amount of 3.750% Senior Notes due 2035, at a price of 98.500% of par value.

On July 2, 2026, we completed an underwritten public offering of $350 million of 5.200% Senior Notes due 2036, at a price of 99.015% of par value.

Interest on the Senior Unsecured Notes is payable annually or semi-annually in arrears. The Senior Unsecured Notes can be redeemed at par within three months of their respective maturities, or we can call the notes at any time for the principal, accrued interest, and a make-whole amount based upon the applicable government bond yield plus 15 to 35 basis points (except for our 3.410% Senior Notes due 2029 and 3.700% Senior Notes due 2032, which are subject to different repayment provisions). The following table presents a summary of our Senior Unsecured Notes outstanding at September 30, 2026 (currency in thousands):

(a)In March 2026, we repaid our €500 million of 2.250% Senior Notes due 2026.

(b)In July 2026, we prepaid our $350 million of 4.250% Senior Notes due 2026 with no associated prepayment costs.

Covenants

The credit agreements for our Senior Unsecured Credit Facility, each of the Senior Unsecured Notes, and certain of our non-recourse mortgage loan agreements include customary financial maintenance covenants that require us to maintain certain ratios and benchmarks at the end of each quarter. There have been no significant changes in our debt covenants from what was disclosed in the 2025 Annual Report. We were in compliance with all of these covenants at September 30, 2026.

W. P. Carey 9/30/2026 10-Q – 30

Non-Recourse Mortgages

At September 30, 2026, the weighted-average interest rate for our total non-recourse mortgage notes payable was 4.7% (fixed-rate and variable-rate non-recourse mortgage notes payable were 4.9% and 4.4%, respectively), with maturity dates ranging from May 2027 to February 2033.

During the nine months ended September 30, 2026, we assumed a non-recourse mortgage loan with an aggregate principal balance of $97.8 million and an interest rate of EURIBOR +2.10%, in connection with the acquisition of a portfolio of properties from a jointly owned investment in which we own a 70% interest and account for as an equity method investment. In conjunction with the assumption of this mortgage loan, we extended the loan maturity date from August 31, 2026 to April 30, 2031 (Note 4, Note 7).

Repayments

During the nine months ended September 30, 2026, we repaid non-recourse mortgage loans at or close to maturity with an aggregate principal balance of approximately $36.9 million. The weighted-average interest rate for these non-recourse mortgage loans on their respective dates of repayment was 5.5%.

Foreign Currency Exchange Rate Impact

As a result of foreign currency exchange rate fluctuations during the nine months ended September 30, 2026 (primarily the U.S. dollar strengthening against the euro), there was a decrease of $219.0 million in the aggregate carrying values of our Non-recourse mortgages, net, Senior Unsecured Credit Facility, and Senior Unsecured Notes, net from December 31, 2025 to September 30, 2026.

Scheduled Debt Principal Payments

Scheduled debt principal payments as of September 30, 2026 are as follows (in thousands):

Certain amounts in the table above are based on the applicable foreign currency exchange rate at September 30, 2026.

Note 11. Commitments and Contingencies

At September 30, 2026, we were not involved in any material litigation. Various claims and lawsuits arising in the normal course of business are pending against us. The results of these proceedings are not expected to have a material adverse effect on our consolidated financial position or results of operations. In addition, we capitalize our captive insurance company in accordance with applicable regulatory requirements (Note 3).

W. P. Carey 9/30/2026 10-Q – 31

Note 12. Stock-Based Compensation and Equity

Stock-Based Compensation

We maintain several stock-based compensation plans, which are more fully described in the 2025 Annual Report. There have been no significant changes to the terms and conditions of any of our stock-based compensation plans or arrangements during the nine months ended September 30, 2026. We recorded stock-based compensation expense of $10.0 million and $11.2 million during the three months ended September 30, 2026 and 2025, respectively, and $31.3 million and $31.2 million for the nine months ended September 30, 2026 and 2025, respectively which was included in Stock-based compensation expense in the consolidated financial statements.

Restricted and Conditional Awards

Nonvested restricted share awards (“RSAs”), restricted share units (“RSUs”), and performance share units (“PSUs”) at September 30, 2026 and changes during the nine months ended September 30, 2026 were as follows:

(a)The grant date fair value of RSAs and RSUs reflect our stock price on the date of grant on aone-for-one basis. The grant date fair value of PSUs was determined utilizing a Monte Carlo simulation model to generate an estimate of our future stock price over thethree-year performance period. To estimate the fair value of PSUs granted during the nine months ended September 30, 2026, we used a risk-free interest rate of 3.6%, an expected volatility rate of 20.7%, and assumed a dividend yield ofzero.

(b)The grant date fair value of shares vested during the nine months ended September 30, 2026 was $38.3 million. Employees and non-employee directors have the option to take immediate delivery of the shares upon vesting or defer receipt to a future date pursuant to previously made deferral elections. At September 30, 2026 and December 31, 2025, we had an obligation to issue 1,504,465 and 1,335,743 shares, respectively, of our common stock underlying such deferred awards, which is recorded within Total stockholders’ equity as a Deferred compensation obligation of $100.9 million and $80.2 million, respectively.

(c)Vesting and payment of the PSUs is conditioned upon certain company and/or market performance goals being met during the relevant three-year performance period. The ultimate number of PSUs to be vested will depend on the extent to which the performance goals are met and can range from zero tothree times the original awards. As a result, we recorded adjustments at September 30, 2026 to reflect the number of shares expected to be issued when the PSUs vest.

(d)At September 30, 2026, total unrecognized compensation expense related to these awards was approximately $56.1 million, with an aggregate weighted-average remaining term of 2.1 years.

W. P. Carey 9/30/2026 10-Q – 32

Earnings Per Share

The following table summarizes basic and diluted earnings (dollars in thousands):

For the three and nine months ended September 30, 2026 and 2025, potentially dilutive securities excluded from the computation of diluted earnings per share were insignificant.

ATM Program

On May 1, 2025, we established a continuous “at-the-market” offering program (“ATM Program”) with a syndicate of banks, pursuant to which shares of our common stock having an aggregate gross sales price of up to $1.25 billion may be sold (i) directly through or to the banks acting as sales agents or as principal for their own accounts or (ii) through or to participating banks or their affiliates acting as forward sellers on behalf of any forward purchasers pursuant to a forward sale agreement (our “ATM Forwards”). Effective as of that date, we terminated a prior ATM Program that was established on May 2, 2022, under which we were able to offer and sell shares of our common stock from time to time, up to an aggregate gross sales price of $1.0 billion, with a syndicate of banks.

We expect to settle the ATM Forwards in full on or prior to the maturity date of each ATM Forward via physical delivery of the outstanding shares of common stock in exchange for cash proceeds. However, subject to certain exceptions, we may also elect to cash settle or net share settle all or any portion of our obligations under any ATM Forwards. The forward sale price that we will receive upon physical settlement of the ATM Forwards will be (i) subject to adjustment on a daily basis based on a floating interest rate factor equal to a specified daily rate less a spread (i.e., if the specified daily rate is less than the spread on any day, the interest rate factor will result in a daily reduction of the applicable forward sale price) and (ii) decreased based on amounts related to expected dividends on shares of our common stock during the term of the ATM Forwards.

Forward Equity Offering

On February 17, 2026, we entered into an underwriting agreement, as well as certain forward sale agreements, with certain banks acting as underwriters, forward sellers, and/or forward purchasers in connection with an underwritten public offering of 6,000,000 shares of common stock. The underwriters were granted a 30-day option to purchase up to an additional 900,000 shares of common stock at the initial forward sale price, which they fully exercised on February 20, 2026. Therefore, as of the option closing on February 24, 2026, the forward purchasers borrowed from third parties and sold to the underwriters an aggregate of 6,900,000 shares of common stock for gross proceeds of approximately $496.8 million. As a result of this forward construct, we did not receive any proceeds from the sale of such shares at closing.

We expect to settle the forward sale agreements in full within 24 months of the offering date via physical delivery of the outstanding shares of common stock in exchange for cash proceeds, although we may elect cash settlement or net share settlement for all or a portion of our obligations under the forward sale agreements, subject to certain conditions. The forward sale price that we will receive upon physical settlement of the agreements will be (i) subject to adjustment on a daily basis based on a floating interest rate factor equal to a specified daily rate less a spread (i.e., if the specified daily rate is less than the spread on any day, the interest rate factor will result in a daily reduction of the applicable forward sale price) and (ii) decreased based on amounts related to expected dividends on shares of our common stock during the term of the forward sale agreements.

We determined that our ATM Forwards and Equity Forwards meet the criteria for equity classification and are therefore exempt from derivative accounting. We recorded the forward sale agreements at fair value at inception, which we determined to be zero. Subsequent changes to fair value are not required under equity classification.

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Our ATM Forwards and Equity Forwards are presented below (net proceeds in thousands):

The following table sets forth certain information regarding the settlement of our forward equity during the periods presented (dollars in thousands):

Reclassifications Out of Accumulated Other Comprehensive Loss

The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands):

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See Note 9 for additional information on our derivatives activity recognized within Other comprehensive income (loss) for the periods presented.

Dividends Declared

During the third quarter of 2026, our board of directors declared a quarterly dividend of $0.950 per share, which was paid on October 15, 2026 to stockholders of record as of September 30, 2026.

During the nine months ended September 30, 2026, we declared dividends totaling $2.820 per share.

Note 13. Income Taxes

We elected to be treated as a REIT and believe that we have been organized and have operated in such a manner to maintain our qualification as a REIT for federal and state income tax purposes. As a REIT, we are generally not subject to corporate level federal income taxes on earnings distributed to our stockholders. Since inception, we have distributed at least 100% of our taxable income annually. Accordingly, we have not included any provisions for federal income taxes related to the REIT in the accompanying consolidated financial statements for the three and nine months ended September 30, 2026 and 2025.

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Certain of our subsidiaries have elected taxable REIT subsidiary (“TRS”) status. A TRS may provide certain services considered impermissible for REITs and may hold assets that REITs may not hold directly. We also own real property in jurisdictions outside the United States through foreign subsidiaries and are subject to income taxes on our pre-tax income earned from properties in such countries. The accompanying consolidated financial statements include an interim tax provision for our TRSs and foreign subsidiaries, as necessary, for the three and nine months ended September 30, 2026 and 2025.

Current income tax expense was $9.9 million and $9.7 million for the three months ended September 30, 2026 and 2025, respectively, and $32.6 million and $32.4 million for the nine months ended September 30, 2026 and 2025, respectively. Deferred income tax (expense) benefit was $(0.6) million and $1.2 million for the three months ended September 30, 2026 and 2025, respectively, and $(5.6) million and $(0.8) million for the nine months ended September 30, 2026 and 2025, respectively.

Note 14. Property Dispositions

All property dispositions are also discussed in Note 4 and Note 5.

2026 — During the three and nine months ended September 30, 2026, we sold five and 33 properties, respectively, for total proceeds, net of selling costs, of $26.5 million and $259.2 million, respectively, and recognized a net gain on these sales totaling $7.0 million and $66.9 million, respectively (inclusive of income taxes totaling $0.1 million and $1.1 million, respectively, recognized upon sale).

This disposition activity for the nine months ended September 30, 2026 includes the sale of our 11 remaining self-storage operating properties for total proceeds, net of selling costs, of $73.0 million, resulting in a net gain on these sales totaling $28.8 million.

In connection with the sale of a property in Japan in April 2026, and in accordance with ASC 830-30-40, Foreign Currency Matters, we reclassified an aggregate of $5.5 million of net foreign currency translation losses from Accumulated other comprehensive loss to Gain on sale of real estate, net (as a decrease to Gain on sale of real estate, net), since the sale represented a disposal of our final investment denominated in Japanese yen (Note 12).

2025 — During the three and nine months ended September 30, 2025, we sold 29 and 84 properties, respectively, for total proceeds, net of selling costs, of $483.0 million and $970.3 million, respectively, and recognized a net gain on these sales totaling $44.4 million and $141.0 million, respectively (inclusive of income taxes totaling $0.1 million and $4.9 million, respectively, recognized upon sale).

This disposition activity for the three and nine months ended September 30, 2025 includes the sale of 22 and 32 self-storage operating properties, respectively, for total proceeds, net of selling costs, of $340.8 million and $451.2 million, respectively, resulting in a net gain on these sales totaling $21.0 million and $34.9 million, respectively. In addition, disposition activity for the three and nine months ended September 30, 2025 includes the sale of a student housing operating property for proceeds, net of selling costs, of $77.8 million, resulting in a net gain on sale of $9.3 million.

Note 15. Subsequent Events

In October 2026, we completed three acquisitions totaling approximately $144.5 million. They are as follows:

•$7.6 million for a manufacturing facility in Rocky Mount, North Carolina;

•$34.5 million on a consolidated basis (of which our proportionate share is approximately $33.3 million) for a warehouse facility in Itasca, Illinois; we own a 90% controlling interest in this investment, which we consolidate; and

•$102.4 million for a portfolio ofsix industrial facilities in Illinois and Wisconsin.

Dispositions

In October 2026, we sold three properties for gross proceeds totaling $7.5 million. One of these properties was classified as held for sale as of September 30, 2026 (Note 4).

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