Pay vs Performance Disclosure, Table



Pay vs. Performance Disclosures(1)(2)(8)
Year	Summary Compensation Table Total for PEO ($)	Compensation Actually Paid for PEO(3) ($)	Average Summary Compensation Table Total for Non-PEO NEOs ($)	Average Compensation Actually Paid for Non-PEO NEOs(4) ($)	Value of Fixed $100 Investment Based On:		Net Income ($)	Total AFFO per Share(7) ($)
					W. P. Carey Total Shareholder Return(5) ($)	MSCI US REIT Index Total Shareholder Return(6) ($)

2024	10,153,724	3,680,523	3,814,908	1,750,974	93.59	123.47	460,839,000	4.70
2023(9)	12,990,932	4,687,585	3,889,876	1,917,029	104.67	113.54	708,334,000	5.18
2022	9,405,063	16,628,053	3,240,587	5,044,873	116.07	99.82	599,139,000	5.29
2021	10,103,384	13,913,308	3,448,110	4,514,778	115.52	132.23	409,988,000	5.03
2020	7,405,905	4,593,269	2,607,968	1,808,871	94.01	92.43	455,359,000	4.74

Named Executive Officers, Footnote

Our principal executive officer ("PEO") for FY2020 through FY2024 was Jason E. Fox. Our other, non-PEO, NEOs for FY2020 through FY2024 for whom the Summary Compensation Table total average compensation and other amounts are presented were ToniAnn Sanzone, John J. Park, Gino M. Sabatini and Brooks G. Gordon.

Peer Group Issuers, Footnote

Peer TSR calculated for the MSCI US REIT Index based on an assumed $100 investment as of December 31, 2019 and the reinvestment of any issued dividends.

PEO Total Compensation Amount

$ 10,153,724

$ 12,990,932

$ 9,405,063

$ 10,103,384

$ 7,405,905

PEO Actually Paid Compensation Amount

$ 3,680,523

4,687,585

16,628,053

13,913,308

4,593,269

Adjustment To PEO Compensation, Footnote

The following table sets forth the adjustments made during 2024 represented in the Pay Versus Performance Table to arrive at compensation "actually paid" to our PEO during 2024. No adjustments were made pursuant to defined benefit or actuarial pension plans and such line items have been excluded from the table below:



PEO "Compensation Actually Paid" Calculation Detail
Compensation Element			2024 ($)

Summary Compensation Table Reported Total Compensation			10,153,724
Aggregate Summary Compensation Table Reported Equity Compensation (-)			(7,712,724)
Year-End Fair Value of Awards Granted During the FY & Outstanding (+)			5,168,020
Year-Over-Year Change in Fair Value of Awards Granted During Prior FY & Outstanding (+/-)			(4,573,714)
Vesting Date Fair Value of Awards Granted & Vested During the Covered FY (+)			—
Year-Over-Year Change in Fair Value of Awards Granted During Prior FY & Vesting During Covered FY (+/-)			(598,345)
Prior FYE Value of Awards Determined to Fail to Meet Vesting Conditions During Covered FY (-)			—
Value of Dividends or Other Earnings Paid on Stock Awards Not Otherwise Included (+)			1,243,562
"Compensation Actually Paid" Determination			3,680,523

Non-PEO NEO Average Total Compensation Amount

$ 3,814,908

3,889,876

3,240,587

3,448,110

2,607,968

Non-PEO NEO Average Compensation Actually Paid Amount

$ 1,750,974

1,917,029

5,044,873

4,514,778

1,808,871

Adjustment to Non-PEO NEO Compensation Footnote

The following table sets forth the adjustments made during 2024 represented in the Pay Versus Performance Table to arrive at compensation "actually paid" to our non-PEO NEOs during 2024:


Average Non-PEO NEO "Compensation Actually Paid" Calculation Detail
Compensation Element			2024 ($)

Summary Compensation Table Reported Total Compensation			3,814,908
Aggregate Summary Compensation Table Reported Equity Compensation (-)			(2,442,497)
Year-End Fair Value of Awards Granted During the FY & Outstanding (+)			1,303,787
Year-Over-Year Change in Fair Value of Awards Granted During Prior FY & Outstanding (+/-)			(1,086,980)
Vesting Date Fair Value of Awards Granted & Vested During the Covered FY (+)			—
Year-Over-Year Change in Fair Value of Awards Granted During Prior FY & Vesting During Covered FY (+/-)			(147,978)
Prior FYE Value of Awards Determined to Fail to Meet Vesting Conditions During Covered FY (-)			—
Value of Dividends or Other Earnings Paid on Stock Awards Not Otherwise Included (+)			309,734
"Compensation Actually Paid" Determination			1,750,974

Compensation Actually Paid vs. Total Shareholder Return

Compensation Actually Paid vs. TSR

Compensation Actually Paid vs. Net Income

Compensation Actually Paid vs. Company Selected Measure

Compensation Actually Paid vs. Total AFFO(1) per Share

1.See Appendix A for a description of this non-GAAP financial measure.

Tabular List, Table


Performance Metric Tabular Disclosure

Total Adjusted Funds from Operations ("Total AFFO") per Share(1)
Total Shareholder Return
Net Debt to Adjusted EBITDA(1)
Cash Interest Expense Coverage Ratio(1)
Investment Volume(2)

Total Shareholder Return Amount

$ 93.59

104.67

116.07

115.52

94.01

Peer Group Total Shareholder Return Amount

123.47

113.54

99.82

132.23

92.43

Net Income (Loss)

$ 460,839,000

$ 708,334,000

$ 599,139,000

$ 409,988,000

$ 455,359,000

Company Selected Measure Amount

4.70

5.18

5.29

5.03

4.74

PEO Name

Jason E. Fox

Additional 402(v) Disclosure

Equity compensation fair value calculated based on assumptions determined in accordance with FASB ASC Topic 718. No adjustments were made to Summary Compensation Table disclosed compensation values pursuant to any defined benefit or actuarial pension plans. W. P. Carey TSR calculated based on an assumed $100 investment as of December 31, 2019 and the reinvestment of any issued dividends. See Appendix A for a description of these non-GAAP financial measures. Effective January 1, 2024, we no longer separately analyze our business between real estate operations and investment management operations, and instead view the business as one reportable segment, since our investment management operations have been determined to be both quantitatively and qualitatively insignificant to the Company’s business. Our business is characterized as investing in operationally-critical, single-tenant commercial real estate properties that are leased on a long-term basis. These economic characteristics are similar across various property types, geographic locations, and industries in which our tenants operate and therefore considered one operating segment. The consolidated operating results are regularly reviewed, in the aggregate, by the chief operating decision maker (“CODM”) to evaluate performance and allocate resources. The CODM is our CEO. Accordingly, all operations have been considered to represent one reportable segment, which are reported on our consolidated statements of income and our

consolidated balance sheets. As a result of this change, we have amended one of our company-specific measures from Real Estate AFFO to Total AFFO per share, to reflect how we currently view our business.

8.In connection with the Spin-Off, each RSU and PSU outstanding at November 1, 2023 received an equitable adjustment pursuant to the equitable adjustment provision of the 2017 SIP equal to the ratio of the five-day volume weighted-average per-share price of our common stock prior to the Spin-Off divided by the five-day volume weighted-average per-share of our common stock following the Spin-Off. Concurrently, our Board approved modifying the performance vesting conditions assigned to the 2021 and 2022 PSU outstanding awards to account for the Spin-Off pursuant to the equitable adjustment provision of the 2017 SIP. The modification resulted in minimal incremental fair value to the 2022 PSU outstanding awards under the provisions of ASC 718.

See Appendix A for a description of these non-GAAP financial measures.2.This metric only impacts Mr. Sabatini's compensation performance.

Measure:: 1

Non-GAAP Measure Description

Total Adjusted Funds from Operations ("Total AFFO") per Share(1)

Our Compensation Committee reviews a variety of Company-wide and individual factors to link executive compensation actually paid with Company and executive performance. To promote strong pay-for-performance orientation, when setting executive pay levels, the Compensation Committee considers the Company's absolute and relative TSR, short- and long-term business outlook, including Total AFFO(7) per share and the broader market environment.

The following section provides a description of the relationships between W. P. Carey's TSR relative to a peer comparator index, as well as compensation actually paid relative to W. P. Carey's TSR, net income, and Total AFFO(7) per share over the last four completed fiscal years.

Measure:: 2

Total Shareholder Return

Measure:: 3

Net Debt to Adjusted EBITDA(1)

Measure:: 4

Cash Interest Expense Coverage Ratio(1)

Measure:: 5

PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

Investment Volume(2)

PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

$ (7,712,724)

PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

5,168,020

PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year

(4,573,714)

PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year

(598,345)

PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year

Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

1,243,562

Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

(2,442,497)

Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

1,303,787

Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year

(1,086,980)

Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year

(147,978)

Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year