Highlights from the letter include:


Dual Engines of Growth: 6.3% year-over-year growth in Real Estate AFFO per share, driven by record contractual same-store rent growth and accretive investments, including the CPA®:18 merger.

The Benefits of Diversification: W. P. Carey’s diversified strategy continued to provide a wide funnel of opportunities across property type—with a primary focus on warehouse and industrial—tenant industry and geography, in addition to offering downside protection.

Opportune Capital Raising Amid Unsettled Markets: W. P. Carey selectively raised well-priced capital aided both by the strength of its stock price and access to various forms of capital.

Positive Outlook for 2023: Improved transaction market fundamentals, coupled with W. P. Carey’s strong competitive position and well-equipped balance sheet, set us up for increased investment activity at higher cap rates in 2023.

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