Strategic Plan to Exit Office

Overview (1) Strategic Plan Accelerated exit of office (the "Transaction") by: (i) Spinning-off the majority of WPC's office portfolio into a publicly-traded REIT, Net Lease Office Properties (NYSE: NLOP) (the "Spin-Off") (ii) Selling office assets remaining on WPC's balance sheet (the "Office Sale Program") Spin-Off NLOP is comprised of 59 net leased office properties, with ABR of $145 million, almost all of which are located in the U.S. Net lease portfolio with favorable weighting to investment grade-rated tenants, built-in rent growth and staggered lease maturities W. P. CAREY Business plan focused on maximizing value for shareholders through strategic asset management and disposition of properties over time with proceeds from operating cash flow and sales used to repay debt and pay distributions to its shareholders Capitalized with approximately $168 million of existing mortgage debt outstanding and a new $455 million debt financing package, with approximately $350 million of proceeds, net of transaction expenses, from the new financing transferred to WPC Externally managed by WPC given its in-depth knowledge of the assets, desire to maintain efficiency and timeline of NLOP's business plan Office Sale Program Office Sale Program is expected to be complete by early 2024 • Spanish government office portfolio consisting of 70 properties located in Spain on track to close in January 2024 • Additional 17 office properties comprised primarily of single-tenant properties in Europe excluded from the Spin-Off expected to mostly close by year end 2023 into early 2024 Go Forward WPC - Portfolio comprised primarily of industrial / warehouse, essential retail and self-storage assets with 11+-year WALT and favorable rent increases Reset dividend policy, targeting a pro forma AFFO payout ratio of approximately 70% to 75% Generated approximately $734 million from NLOP transfer and settlement of equity forwards used to repay debt and to fund new investments Transaction maintains leverage targets and incrementally improves liquidity and overall credit profile Timing Spin-Off distribution closed on November 1, 2023, at a ratio of 1 NLOP share for every 15 WPC shares 1. Portfolio information reflects pro rata ownership of real estate assets (excluding operating properties) as of September 30, 2023. 8

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