W. P. Carey Inc. Announces Ratings Upgrade to Baa1 by Moody's Investors Service

Senior Unsecured Debt and Issuer Ratings Upgraded with Stable Outlook

NEW YORK, Sept. 26, 2022 /PRNewswire/ -- W. P. Carey Inc. (W. P. Carey, NYSE: WPC), a leading net lease REIT, announced today that Moody's Investors Service (Moody's) has upgraded the company's senior unsecured debt and issuer ratings from Baa2 with a positive outlook, to Baa1 with a stable outlook. In the same action, the senior unsecured debt rating of its European affiliate, WPC Eurobond B.V., was upgraded from Baa2 with a positive outlook, to Baa1 with a stable outlook.

In support of its upgrade, Moody's cited numerous positive attributes of the company, including W. P. Carey's large and diversified net lease portfolio, prudent approach to capital management, strong fixed charge coverage and its healthy liquidity position. W. P. Carey's portfolio mix was also highlighted, with the majority of revenues generated from industrial, warehouse and self-storage properties, and in the current inflationary environment, having contractual rent escalators covering almost the entire portfolio, the vast majority of which are CPI-linked or fixed, was identified as an important credit strength. Furthermore, Moody's cites the company's moderate and stable leverage metrics, consistent with its prudent capital strategy and reflecting its proven access to multiple sources of capital.

"Our upgrade by Moody's to Baa1 reflects not only the quality of our portfolio and the strength of our balance sheet, but also our differentiated approach within net lease," said Jason Fox, Chief Executive Officer of W. P. Carey. "We're pleased with this upgrade, which affirms W. P. Carey's sustained positive trajectory since receiving our initial investment grade rating in 2014 — executing on our growth, balance sheet and capital markets strategies."

W. P. Carey Inc.

W. P. Carey ranks among the largest net lease REITs with an enterprise value of approximately $25 billion and a diversified portfolio of operationally critical commercial real estate. Having completed its merger with CPA:18 on August 1, 2022, W. P Carey's portfolio includes 1,390 net lease properties covering approximately 170 million square feet and a portfolio of 84 self-storage operating properties (on a combined company basis as of June 30, 2022 and after certain planned dispositions of CPA:18 properties). For nearly five decades, the company has invested in high-quality single-tenant industrial, warehouse, office, retail and self-storage properties subject to long-term net leases with built-in rent escalators. Its portfolio is located primarily in the U.S. and Northern and Western Europe and is well-diversified by tenant, property type, geographic location and tenant industry.

This press release may contain forward-looking statements within the meaning of U.S. Federal securities laws. The statements of Mr. Fox are examples of forward-looking statements. A number of factors could cause W. P. Carey's actual results, performance or achievement to differ materially from those anticipated. Among those risks, trends and uncertainties are the general economic climate, including the continuing impact of the COVID-19 pandemic; the supply of and demand for commercial properties; interest rate levels; and other risks associated with the acquisition and ownership of properties, including risks that the tenants will not pay rent, or that costs may be greater than anticipated. For further information on factors that could impact W. P. Carey, reference is made to its filings with the U.S. Securities and Exchange Commission.

Institutional Investors:
Peter Sands
1 (212) 492-1110
institutionalir@wpcarey.com

Individual Investors:
W. P. Carey Inc.
1 (212) 492-8920
ir@wpcarey.com

Press Contact:
Anna McGrath
1 (212) 492-1166
amcgrath@wpcarey.com

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