W. P. Carey Announces Release of its 2020 CEO Letter

NEW YORK, March 31, 2021 /PRNewswire/ -- W. P. Carey Inc. (NYSE: WPC), a leading net lease REIT specializing in corporate sale-leasebacks, build-to-suits and the acquisition of single-tenant net lease properties, today announced the release of its 2020 CEO Letter to shareholders. The letter can be viewed and downloaded from W. P. Carey's website here: www.wpcarey.com/CEO-Letter.

In the letter, Chief Executive Officer Jason Fox reflected on 2020 and the resilience of W. P. Carey's business amid the pandemic as well as his pride in the performance of employees during a challenging year. He explained how the company's disciplined investment approach, diversified portfolio and proactive approach to asset management enabled W. P. Carey to maintain consistently high rent collections, which in conjunction with its strong balance sheet and liquidity position, enabled the company to promptly resume external investment activity once transaction markets reopened.

Key 2020 achievements highlighted in the letter include:

• Maintaining consistently high rent collections throughout the pandemic, averaging 98% from April – December, a validation of its disciplined underwriting and diversified investment strategy
• Executing on $826 million of investments, 26% of which was in green buildings totaling 1.3 million square feet
• Successfully accessing the capital markets to raise over $880 million in permanent and long-term capital
• Continuing to provide stable and growing income for shareholders, increasing total dividends declared to $4.17 per share
• Launching the Diversity & Inclusion Initiative to formalize and build on the company's commitment to cultivating a diverse, inclusive and equitable workforce. Subsequent milestones included, signing the CEO Action Pledge for Diversity & Inclusion, being named a "Winning Company" for board diversity by Women on Boards and inclusion in the Bloomberg Gender-Equality Index in early 2021

"2020 was a year unlike any other in W. P. Carey's nearly 50-year history. Despite its challenges, in many ways it served to amplify the benefits of our long-standing business model. Thanks to the hard work of our employees and seamless transition to a remote work environment, we continued to grow our portfolio and execute on corporate initiatives that position us for future growth. We look forward to building on this momentum and to delivering durable, long-term value to our shareholders in 2021 and beyond," said Mr. Fox.

W. P. Carey Inc.

W. P. Carey ranks among the largest net lease REITs with an enterprise value of approximately $19 billion and a diversified portfolio of operationally critical commercial real estate that includes 1,243 net lease properties covering approximately 144 million square feet as of December 31, 2020. 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.  
www.wpcarey.com

This press release may contain forward-looking statements within the meaning of U.S. Federal securities laws. The comment of Mr. Fox is an example 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.

W. P. Carey Inc. Contacts:

Press Contact: 
Anna McGrath
W. P. Carey Inc.
+1 212-492-1166 
amcgrath@wpcarey.com

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

Individual Investors:  
+1-800-WP CAREY (1-800-972-2739) 
ir@wpcarey.com

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SOURCE W. P. Carey Inc.