WPC 10-K Fiscal year ended Dec. 31, 2024

The registrant incorporates by reference its definitive Proxy Statement with respect to its 2025 Annual Meeting of Stockholders, to be filed with the Securities and Exchange Commission within 120 days following the end of its fiscal year, into Part III of this Annual Report on Form 10-K.

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Management and Board Oversight

We are committed to cybersecurity and vigilantly protecting all our resources and information from unauthorized access. Our cybersecurity approach incorporates a layered portfolio of employee training programs, multiple resources to manage and monitor the evolving threat landscape, Board oversight of cybersecurity risks and knowledgeable teams responsible for preventing and detecting cybersecurity risks.

As part of the Board’s oversight of risk management, the Board reviews our cyber-risks with management and the actions we are taking to mitigate such risks. These actions include implementing industry-recognized practices for protecting systems, third-party monitoring of certain systems and cybersecurity training for employees. Board oversight of risk is also performed between meetings through the Audit Committee and communications between management and the Board. The Board receives periodic education around cybersecurity risks and best practices.

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Additionally, the Audit Committee, which consists solely of independent directors, is responsible for overseeing cybersecurity risks and related initiatives. The Audit Committee reviews our enterprise risk and cybersecurity risks. It also reviews the steps management has taken to protect against threats to our information systems and security and receives updates on cybersecurity on a quarterly basis.

Our information technology team is led by our Chief Information Officer who reports to our Chief Financial Officer and has extensive experience working with information security systems. Our information technology team consists of individuals with expertise in assessing, preventing and addressing cybersecurity risk and is responsible for executing our cybersecurity program as well as communicating regularly with senior management, our cybersecurity governance committee, the Audit Committee and the Board . Our cybersecurity governance committee, comprised of our Chief Financial Officer, Chief Legal Officer, Chief Information Officer, Head of Internal Audit and senior members of our information technology team are responsible for developing and maintaining our cybersecurity policies and standards, monitoring ongoing compliance and program updates, and ensuring our information security is aligned with our business objectives and strategies.

Processes for Assessing, Identifying and Managing Material Risks from Cybersecurity Threats

Our cybersecurity program focuses on (1) preventing and preparing for cybersecurity incidents, (2) detecting and analyzing cybersecurity incidents and (3) containing, eradicating, recovering from and reporting cybersecurity events.

Prevention and Preparation

We employ a variety of measures to prevent threats related to privacy, information technology security and cybersecurity, which include password protection, frequent mandatory password change events, multi-factor authentication, internal phishing testing, vulnerability scanning and penetration testing.

Our information technology and internal audit teams utilize frameworks consistent with well-recognized industry cybersecurity frameworks to identify and mitigate information security risks and oversee an active cybersecurity training program.

In addition, our information technology team conducts routine security assessments as well as ongoing cybersecurity training campaigns for employees and our Board to enhance awareness and increase vigilance for the various types of cybersecurity attacks to which they may be exposed. Our internal audit team evaluates and monitors our internal controls over systems access in an effort to mitigate information security risks that may result from unauthorized access to systems and data.

Third-party vendors are vetted through our service delivery program to ensure they have an established cybersecurity program. We have also engaged our managed security provider to manage a supply chain defense subscription that will help obtain visibility into cybersecurity risks across third party vendors by proactively identifying, prioritizing, and driving remediation for cyber risks posed by critical business partners. Our managed security provider’s risk operations center will escalate certain alerts regarding third-party vendors directly to the IT Department thus providing direct collaboration with third parties, saving time and improving risk reduction while safeguarding our relationships with such third parties.

Detection and Analysis

Cybersecurity incidents may be detected through a variety of means, including but not limited to automated event-detection notifications or similar technologies which are monitored by our managed cybersecurity provider, notifications from employees, vendors or service providers, and notifications from third party information technology system providers. Once a potential cybersecurity incident is identified, including a third party cybersecurity event, the incident response team designated pursuant to our incident response plan follows the procedures set forth in the plan to investigate the potential incident, such as determining the nature of the event and assessing the severity of the event.

Containment, Eradication, Recovery, and Reporting

In the event of a cybersecurity incident, the incident response team is responsible for containing the cybersecurity incident, consistent with the procedures in the incident response plan.

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Once a cybersecurity incident is contained, the focus shifts to remediation. Eradication and recovery activities depend on the nature of the cybersecurity incident. They may include returning affected systems to an operationally ready state and confirming that the affected systems are functioning normally.

We have relationships with a number of third party service providers to assist with cybersecurity containment and remediation efforts, including outside legal counsel, vendors and external insurance brokers .

In the event of a cybersecurity incident, the incident response team is responsible for following the steps outlined in our incident response plan, including notifying our senior management, as appropriate.

Following the conclusion of an incident, we, with the assistance of the incident response team, will generally reassess the effectiveness of the cybersecurity program and incident response plan, identify potential adjustments as appropriate and report to our senior management and our Audit Committee on these matters.

Cybersecurity Risks

As of December 31, 2024, we are not aware of any instances of material cybersecurity incidents that impacted the Company in the last three years. However, there can be no assurance that our cybersecurity efforts and measures will be effective or that attempted cybersecurity incidents or disruptions would not be successful or damaging. See Item 1A. Risk Factors — The occurrence of cyber incidents, or a deficiency in our cyber security, could negatively impact our business by causing a disruption to our operations, a compromise or corruption of our confidential information, and/or damage to our business relationships, all of which could negatively impact our financial results .

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W. P. Carey Inc. (“W. P. Carey” or the “Company”) is a real estate investment trust (“REIT”) that, together with our consolidated subsidiaries, invests primarily in operationally-critical, single-tenant commercial real estate properties located in the United States and Northern and Western Europe that are leased on a long-term basis. We earn revenue principally by leasing the properties we own to companies on a triple-net lease basis, which generally requires each tenant to pay the costs associated with operating and maintaining the property.

Founded in 1973, our shares of common stock are listed on the New York Stock Exchange under the symbol “WPC.”

We elected to be taxed as a REIT under Section 856 through 860 of the Internal Revenue Code effective as of February 15, 2012. As a REIT, we are not subject to federal income taxes on income and gains that we distribute to our stockholders as long as we satisfy certain requirements, principally relating to the nature of our income and the level of our distributions, as well as other factors. We also own real property in jurisdictions outside the United States through foreign subsidiaries and are subject to income taxes on our pre-tax income earned from properties in such countries.

In September 2023, we announced a plan to exit the office assets within our portfolio by (i) spinning-off 59 office properties into Net Lease Office Properties (“NLOP”), so that it became a separate publicly-traded real estate investment trust (the “Spin-Off”), and (ii) implementing an asset sale program to dispose of certain office properties retained by us (the “Office Sale Program”), which was completed in 2024.

On November 1, 2023, we completed the Spin-Off, contributing 59 office properties to NLOP ( Note 3 ). Following the closing of the Spin-Off, NLOP operates as a separate publicly-traded REIT, which we externally manage pursuant to certain advisory agreements (the “NLOP Advisory Agreements”).

On August 1, 2022, a non-traded REIT that we previously advised, Corporate Property Associates 18 – Global Incorporated (“CPA:18 – Global”) merged with and into one of our indirect subsidiaries (the “CPA:18 Merger”) ( Note 4 ). At December 31, 2024, we were the advisor to Carey European Student Housing Fund I, L.P. (“CESH”), a limited partnership formed for the purpose of developing, owning, and operating student housing properties in Europe ( Note 5 ).

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 Chief Executive Officer. 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 conformed prior period segment information to reflect how we currently view our business ( Note 18 ).

Lease revenues from our real estate investments generate the vast majority of our earnings. We invest primarily in commercial properties located in the United States and Northern and Western Europe, which are leased to companies on a triple-net lease basis. At December 31, 2024, our portfolio was comprised of our full or partial ownership interests in 1,555 properties, totaling approximately 176 million square feet (unaudited), substantially all of which were net leased to 355 tenants, with a weighted-average lease term of 12.3 years and an occupancy rate of 98.6 % (unaudited). In addition, at December 31, 2024, our portfolio was comprised of full ownership interests in 84 operating properties, including 78 self-storage properties, four hotels, and two student housing properties, totaling approximately 6.4 million square feet (unaudited).

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Critical Accounting Policies and Estimates

Accounting for Acquisitions

In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the assets acquired are not a business, we account for the transaction or other event as an asset acquisition. Under both methods, we recognize the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquired entity. In addition, for transactions that are business combinations, we evaluate the existence of goodwill or a gain from a bargain purchase. We capitalize acquisition-related costs and fees associated with asset acquisitions. We immediately expense acquisition-related costs and fees associated with business combinations. All transaction costs incurred during the reporting period were capitalized since our acquisitions were classified as asset acquisitions (excluding the CPA:18 Merger).

Purchase Price Allocation of Tangible Assets — When we acquire properties with leases classified as operating leases, we allocate the purchase price to the tangible and intangible assets and liabilities acquired based on their estimated fair values. The tangible assets consist of land, buildings, and site improvements. The intangible assets include the above- and below-market value of leases and the in-place leases, which includes the value of tenant relationships. Land is typically valued utilizing the sales comparison (or market) approach. Buildings are valued, as if vacant, using the cost and/or income approach. Under the cost approach, the fair value of real estate is based on estimated costs to construct a vacant building with similar characteristics. Under the income approach, we use either the discounted cash flow method or the direct capitalization method. For the discounted cash flow method, the fair value of real estate is determined (i) by applying a discounted cash flow analysis to the estimated net operating income for each property in the portfolio during the remaining anticipated lease term and (ii) by the estimated residual value, which is based on a hypothetical sale of the property upon expiration of a lease factoring in the re-tenanting of such property at estimated market rental rates, and applying a selected capitalization rate. For the direct capitalization method, the fair value of real estate is determined (i) by the stabilized estimated net operating income for each property in the portfolio and (ii) a selected capitalization rate.

Assumptions used in the model are property-specific where this information is available; however, when certain necessary information is not available, we use available regional and property-type information. Assumptions and estimates include the following:

• a discount rate or internal rate of return;

• market rents, growth factors of rents, and market lease term;

• capitalization rates to be applied to an estimate of market rent at the beginning and/or the end of the market lease term;

• the marketing period necessary to put a lease in place;

• carrying costs during the marketing period; and

• leasing commissions and tenant improvement allowances.

The discount rates and residual capitalization rates used to value the properties are selected based on several factors, including:

• the creditworthiness of the lessees;

• industry surveys;

• property type;

• property location and age;

• current lease rates relative to market lease rates; and

• anticipated lease duration.

In the case where a tenant has a purchase option deemed to be favorable to the tenant, or the tenant has long-term renewal options at rental rates below estimated market rental rates, we generally include the value of the exercise of such purchase option or long-term renewal options in the determination of residual value.

The remaining economic life of leased assets is estimated by relying in part upon third-party appraisals of the leased assets and industry standards. Different estimates of remaining economic life will affect the depreciation expense that is recorded.

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Purchase Price Allocation of Intangible Assets and Liabilities — For acquired properties that do not qualify as sale-leaseback transactions, w e record above- and below-market lease intangible assets and liabilities for acquired properties based on the present value (using a discount rate reflecting the risks associated with the leases acquired including consideration of the credit of the lessee) of the difference between (i) the contractual rents to be paid pursuant to the leases negotiated or in place at the time of acquisition of the properties and (ii) our estimate of fair market lease rates for the property or equivalent property, both of which are measured over the estimated lease term, which includes renewal options that have rental rates below estimated market rental rates. We discount the difference between the estimated market rent and contractual rent to a present value using an interest rate reflecting our current assessment of the risk associated with the lease acquired, which includes a consideration of the credit of the lessee. When we enter into sale-leaseback transactions with above- or below-market leases, the intangibles will be accounted for as loan receivables or prepaid rent liabilities, respectively. We measure the fair value of below-market purchase option liabilities we acquire as the excess of the present value of the fair value of the real estate over the present value of the tenant’s exercise price at the option date. We determine these values using our estimates or by relying in part upon third-party valuations conducted by independent appraisal firms.

We amortize the above-market lease intangible as a reduction of lease revenue over the remaining contractual lease term. We amortize the below-market lease intangible as an increase to lease revenue over the initial term and any renewal periods in the respective leases. We include the value of below-market leases in Below-market rent intangible liabilities in the consolidated financial statements.

For acquired properties with tenants in place, we record in-place lease intangible assets based on the estimated value ascribed to the avoidance of costs of leasing the properties for the remaining primary in-place lease terms. The cost avoidance is derived first by determining the in-place lease term on the subject lease. Then, based on our review of the market, the cost to be borne by a property owner to replicate a market lease to the remaining in-place term is estimated. These costs consist of: (i) rent lost during downtime (i.e., assumed periods of vacancy), (ii) estimated expenses that would be incurred by the property owner during periods of vacancy, (iii) rent concessions (i.e., free rent), (iv) leasing commissions, and (v) tenant improvements allowances given to tenants. We determine these values using our estimates or by relying in part upon third-party valuations. We amortize the value of in-place lease intangibles to depreciation and amortization expense over the remaining initial term of each lease. The amortization period for intangibles does not exceed the remaining depreciable life of the building.

If a lease is terminated, we charge the unamortized portion of above- and below-market lease values to rental income and in-place lease values to amortization expense. If a lease is amended, we will determine whether the economics of the amended lease continue to support the existence of the above- or below-market lease intangibles.

Purchase Price Allocation of Debt — When we acquire leveraged properties, the fair value of the related debt instruments is determined using a discounted cash flow model with rates that take into account the credit of the tenants, where applicable, and interest rate risk. Such resulting premium or discount is amortized over the remaining term of the obligation. We also consider the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the tenant, the time until maturity and the current interest rate.

Purchase Price Allocation of Goodwill — In the case of a business combination, after identifying all tangible and intangible assets and liabilities, the excess consideration paid over the fair value of the assets and liabilities acquired and assumed, respectively, represents goodwill. In the event we dispose of a property or an investment that constitutes a business under U.S. generally accepted accounting principles (“GAAP”) from a property with goodwill, we allocate a portion of the property’s goodwill to that business in determining the gain or loss on the disposal of the business. The amount of goodwill allocated to the business is based on the relative fair value of the business to the fair value of the property. As part of purchase accounting for a business, we record any deferred tax assets and/or liabilities resulting from the difference between the tax basis and GAAP basis of the investment in the taxing jurisdiction. Such deferred tax amount will be included in purchase accounting and may impact the amount of goodwill recorded depending on the fair value of all of the other assets and liabilities and the amounts paid.

Financing Arrangements — In accordance with Accounting Standards Codification (“ASC”) 310, Receivables and ASC 842, Leases , real estate assets acquired through a sale-leaseback transaction are accounted for as a financing arrangement if the investment does not meet the criteria for sale-leaseback accounting. We record such investments within Net investments in finance leases and loans receivable on the consolidated balance sheets. Rent payments from these investments are included within Income from finance leases and loans receivable on the consolidated statements of income.

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Impairments

Real Estate — We periodically assess whether there are any indicators that the value of our long-lived real estate and related intangible assets may be impaired or that their carrying value may not be recoverable. These impairment indicators include, but are not limited to, vacancies, an upcoming lease expiration, a tenant with credit difficulty, the termination of a lease by a tenant, or a likely disposition of the property.

For real estate assets held for investment and related intangible assets in which an impairment indicator is identified, we follow a two-step process to determine whether an asset is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the estimated future net undiscounted cash flow that we expect the property’s asset group will generate, including any estimated proceeds from the eventual sale of the property’s asset group. The undiscounted cash flow analysis requires us to make our best estimate of market rents, residual values, and holding periods. We estimate market rents and residual values using market information from outside sources such as third-party market research, external appraisals, broker quotes, or recent comparable sales.

As our investment objective is to hold properties on a long-term basis, holding periods used in the undiscounted cash flow analysis are generally ten years, but may be less if our intent is to hold a property for less than ten years. Depending on the assumptions made and estimates used, the future cash flow projected in the evaluation of long-lived assets and associated intangible assets can vary within a range of outcomes. We consider the likelihood of possible outcomes in determining our estimate of future cash flows and, if warranted, we apply a probability-weighted method to the different possible scenarios. If the future net undiscounted cash flow of the property’s asset group is less than the carrying value, the carrying value of the property’s asset group is considered not recoverable. We then measure the impairment loss as the excess of the carrying value of the property’s asset group over its estimated fair value.

Assets Held for Sale — We generally classify real estate assets that are subject to operating leases as held for sale when we have entered into a contract to sell the property, all material due diligence requirements have been satisfied, we received a non-refundable deposit, and we believe it is probable that the disposition will occur within one year. When we classify an asset as held for sale, we compare the asset’s fair value less estimated cost to sell to its carrying value, and if the fair value less estimated cost to sell is less than the property’s carrying value, we reduce the carrying value to the fair value less estimated cost to sell. We will continue to review the property for subsequent changes in the fair value, and may recognize an additional impairment charge, if warranted.

Equity Method Investments — We evaluate our equity method investments on a periodic basis to determine if there are any indicators that the value of our equity investment may be impaired and whether or not that impairment is other-than-temporary. To the extent an impairment has occurred and is determined to be other-than-temporary, we measure the charge as the excess of the carrying value of our investment over its estimated fair value, which is determined by calculating our share of the estimated fair market value of the underlying net assets based on the terms of the applicable partnership or joint-venture agreement. For our equity method investments, we calculate the estimated fair value of the underlying investment’s real estate as described in Real Estate above. The fair value of the underlying investment’s debt, if any, is calculated based on market interest rates and other market information. The fair value of the underlying investment’s other financial assets and liabilities (excluding net investment in direct financing leases) have fair values that generally approximate their carrying values.

Goodwill — We evaluate goodwill for possible impairment at least annually or upon the occurrence of a triggering event (for example, the CPA:18 Merger ( Note 4 , Note 8 ) and the Spin-Off ( Note 3 , Note 8 )). To identify any impairment, we first assess qualitative factors to determine whether it is more likely than not that the fair value of the Company is less than its carrying value. This assessment is used as a basis to determine whether it is necessary to calculate fair value of the Company. We calculate the estimated fair value of the Company by utilizing our market capitalization. Impairments, if any, will be the difference between the Company’s fair value and carrying amount, not to exceed the carrying amount of goodwill.

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Credit Losses

The allowance for credit losses, which is recorded as a reduction to Net investments in finance leases and loans receivable on our consolidated balance sheets, is measured on a pool basis by credit ratings ( Note 7 ), using a probability of default method based on the lessees’ respective credit ratings, the expected value of the underlying collateral upon its repossession, and our historical loss experience related to other direct financing leases. Included in our model are factors that incorporate forward-looking information. If we determine that a finance lease no longer shares risk characteristics with other finance leases in the pool, we evaluate the finance lease for expected credit losses on an individual basis. Allowance for credit losses is included in our consolidated statements of income within Other gains and (losses).

Other Accounting Policies

Basis of Consolidation — Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated.

When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a VIE and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity. We apply accounting guidance for consolidation of VIEs to certain entities in which the equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. Fixed price purchase and renewal options within a lease, as well as certain decision-making rights within a loan or joint-venture agreement, can cause us to consider an entity a VIE. Limited partnerships and other similar entities that operate as a partnership will be considered a VIE unless the limited partners hold substantive kick-out rights or participation rights. Significant judgment is required to determine whether a VIE should be consolidated. We review the contractual arrangements provided for in the partnership agreement or other related contracts to determine whether the entity is considered a VIE, and to establish whether we have any variable interests in the VIE. We then compare our variable interests, if any, to those of the other variable interest holders to determine which party is the primary beneficiary of the VIE based on whether the entity (i) has the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The liabilities of these VIEs are non-recourse to us and can only be satisfied from each VIE’s respective assets.

During the year ended December 31, 2024, we had a net decrease of seven entities classified as VIEs, primarily related to the completion of certain tax-deferred like-kind exchanges under Section 1031 of the Internal Revenue Code (“1031 Exchange”), dispositions, and the purchase of the remaining controlling interest in a jointly owned investment, partly offset by acquisitions and the funding of new construction loans ( Note 7 , Note 9 ).

At December 31, 2024 and 2023, we considered 14 and 21 entities to be VIEs, respectively, of which we consolidated nine and 15 , respectively, as we are considered the primary beneficiary. The following table presents a summary of selected financial data of the consolidated VIEs included in our consolidated balance sheets (in thousands):

			December 31,
			2024						2023
Land, buildings and improvements — net lease and other			$	468,484					$	237,858
Land, buildings and improvements — operating properties			—						39,422
Net investments in finance leases and loans receivable			144,103						595,524
In-place lease intangible assets and other			67,764						40,650
Above-market rent intangible assets			3,757						6,828
Accumulated depreciation and amortization			( 19,391 )						( 23,580 )
Total assets			671,402						947,509
Non-recourse mortgages, net			$	47,853					$	59,715
Below-market rent intangible liabilities, net			25						32
Total liabilities			72,521						101,047

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At December 31, 2024 and 2023, our five and six unconsolidated VIEs, respectively, included our interests in (i) two and three unconsolidated real estate investments, respectively, which we account for under the equity method of accounting (we do not consolidate these entities because we are not the primary beneficiary and the nature of our involvement in the activities of these entities allows us to exercise significant influence on, but does not give us power over, decisions that significantly affect the economic performance of these entities), (ii) two unconsolidated investments in equity securities, which we accounted for as investments in shares of the entities at fair value, and (iii) one unconsolidated construction loan investment, which we accounted for as a secured loan receivable, as of December 31, 2024. In addition, at December 31, 2023, we had a variable interest in NLOP, which we also deemed a VIE, due to our guarantee of a non-recourse mortgage loan with approximately $ 19 million principal balance outstanding as of December 31, 2023 encumbering a property that was derecognized in the Spin-Off ( Note 3 ). This non-recourse mortgage loan was repaid by NLOP during the first quarter of 2024 and as a result, NLOP is not deemed a VIE as of December 31, 2024. As of December 31, 2024 and 2023, the net carrying amount of our investments in these entities was $ 576.2 million and $ 729.8 million, respectively, and our maximum exposure to loss in these entities was limited to our investments.

Leases

As a Lessee : Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments under the lease. We determine if an arrangement contains a lease at contract inception and determine the classification of the lease at commencement. Operating and financing lease ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. We do not include renewal options in the lease term when calculating the lease liability unless we are reasonably certain we will exercise the option. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. Our variable lease payments consist of increases as a result of the Consumer Price Index (“CPI”) or other comparable indices, taxes, and maintenance costs. Lease expense for lease payments is recognized on a straight-line basis over the term of the lease. Below-market ground lease intangible assets and above-market ground lease intangible liabilities are included as a component of ROU assets. See Note 6 for additional disclosures on the presentation of these amounts in our consolidated balance sheets.

The implicit rate within our operating leases is generally not determinable and, as a result, we use our incremental borrowing rate at the lease commencement date to determine the present value of lease payments. The determination of our incremental borrowing rate requires judgment. We determine our incremental borrowing rate for each lease using estimated baseline mortgage rates. These baseline rates are determined based on a review of current mortgage debt market activity for benchmark securities across domestic and international markets, utilizing a yield curve. The rates are then adjusted for various factors, including level of collateralization and lease term.

As a Lessor : We combine non-lease components (lease arrangements that include common area maintenance services) with related lease components (lease revenues), since both the timing and pattern of transfer are the same for the non-lease component and related lease component, the lease component is the predominant component, and the lease component would otherwise be classified as an operating lease. For (i) operating lease arrangements involving real estate that include common area maintenance services and (ii) all real estate arrangements that include real estate taxes and insurance costs, we present these amounts within lease revenues in our consolidated statements of income. We record amounts reimbursed by the lessee in the period in which the applicable expenses are incurred, if the reimbursements are deemed collectible.

Net investments in sales-type leases are accounted for under ASC 842, Leases . Upon lease commencement or lease modification, we assess lease classification to determine whether the lease should be classified as an operating, direct financing, or sales-type lease. If the lease is determined to be a sales-type lease, we record a net investment in the lease, which is equal to the sum of the lease payments receivable and the unguaranteed residual value, discounted at the rate implicit in the lease. Any difference between the fair value of the asset and the net investment in the lease is considered a gain on sale of real estate and recognized upon execution of the lease.

Reclassifications — Certain prior period amounts have been reclassified to conform to the current period presentation.

Reimbursable costs from affiliates (revenues) are now included within Other advisory income and reimbursements. Reimbursable affiliate costs (expenses) are now included within General and administrative expenses. Previously, such amounts were presented in their own financial statement line items on the consolidated statements of income.

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Cash and Cash Equivalents — We consider all short-term, highly liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase to be cash equivalents. Items classified as cash equivalents include commercial paper and money market funds. Our cash and cash equivalents are held in the custody of several financial institutions, and these balances, at times, exceed federally insurable limits. We seek to mitigate this risk by depositing funds only with major financial institutions.

Restricted Cash — Restricted cash primarily consists of (i) security deposits and amounts required to be reserved pursuant to lender agreements for debt service, capital improvements, and real estate taxes, and (ii) funds designated for future 1031 Exchange transactions. The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands):

			December 31,
			2024						2023						2022
Cash and cash equivalents			$	640,373					$	633,860					$	167,996
Restricted cash (a)			50,328						58,111						56,145
Total cash and cash equivalents and restricted cash			$	690,701					$	691,971					$	224,141

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(a) Restricted cash is included within Other assets, net on our consolidated balance sheets. The amount as of December 31, 2024 includes $ 14.6 million of proceeds from certain dispositions, which are held by an intermediary and have been designated for future 1031 Exchange transactions.

Real Estate and Operating Real Estate — We carry land, buildings, and improvements at cost less accumulated depreciation. We capitalize costs that extend the useful life of properties or increase their value, while we expense maintenance and repairs that do not improve or extend the lives of the respective assets as incurred.

Gain/Loss on Sale — We recognize gains and losses on the sale of properties when the transaction meets the definition of a contract, criteria are met for the sale of one or more distinct assets, and control of the properties is transferred.

Internal-Use Software Development Costs and Cloud Computing Arrangements — We expense costs associated with the assessment stage of software development projects. Upon completion of the preliminary project assessment stage, we capitalize internal and external costs associated with the application development stage. We expense the personnel-related costs of training and data conversion. We also expense costs associated with the post-implementation and operation stage, including maintenance and specified upgrades; however, we capitalize internal and external costs associated with significant upgrades to existing systems that result in additional functionality. Cloud computing arrangement costs follow the internal-use software accounting guidance to determine which implementation costs to capitalize as assets or expense as incurred. Capitalized internal-use software development costs are amortized on a straight-line basis over the software’s estimated useful life, which is three to seven years . Capitalized implementation costs related to a service contract will be amortized over the term of the hosting arrangement beginning when the component of the hosting arrangement is ready for its intended use. Periodically, we reassess the useful life considering technology, obsolescence, and other factors.

Other Assets and Liabilities — We include prepaid expenses, straight-line rent adjustments, tenant receivables, deferred charges, escrow balances held by lenders, restricted cash balances, marketable securities, derivative assets, other intangible assets, corporate fixed assets, our investment in shares of Lineage (a cold storage REIT) ( Note 10 ), and office lease ROU assets in Other assets, net. We include derivative liabilities, amounts held on behalf of tenants, operating lease liabilities, and deferred revenue in Accounts payable, accrued expenses and other liabilities.

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Investment in Shares of Lineage — We have elected to apply the measurement alternative under ASU 2016-01, Financial Instruments — Overall (Subtopic 825-10) to account for our investment in 5,546,547 shares of Lineage, which is included in Other assets, net in the consolidated financial statements ( Note 10 ). Under this alternative, the carrying value is adjusted for any impairments or changes in fair value resulting from observable transactions for similar or identical investments in the issuer. We transferred this investment from Level 3 to Level 2 within the fair value hierarchy during the third quarter of 2024 because Lineage became a publicly traded company during that period. Although its share price is actively traded on an open market, we make an adjustment to the value of our investment based on the promote value that the sponsor of our investment is entitled to. Since we were a legacy investor in Lineage prior to their public offering completed in July 2024, our ownership interest is subject to settlement at the discretion of Lineage over a three-year period, during which we will have the option to settle our investment in the form of cash or common stock. If our investment is not settled by Lineage during the three-year period, our investment will convert to common shares.

Revenue Recognition, Real Estate Leased to Others — We lease real estate to others primarily on a triple-net leased basis, whereby the tenant is generally responsible for operating expenses relating to the property, including property taxes, insurance, maintenance, repairs, and improvements.

Substantially all of our leases provide for either scheduled rent increases, periodic rent adjustments based on formulas indexed to changes in the CPI or similar indices, or percentage rents. CPI-based adjustments are contingent on future events and are therefore not included as minimum rent in straight-line rent calculations. We recognize rents from percentage rents as reported by the lessees, which is after the level of sales requiring a rental payment to us is reached. Percentage rents were insignificant for the periods presented.

For our operating leases, we recognize future minimum rental revenue on a straight-line basis over the non-cancelable lease term of the related leases and charge expenses to operations as incurred ( Note 6 ). We record leases accounted for under the direct financing method as a net investment in direct financing leases ( Note 7 ). The net investment is equal to the cost of the leased assets. The difference between the cost and the gross investment, which includes the residual value of the leased asset and the future minimum rents, is unearned income. We defer and amortize unearned income to income over the lease term so as to produce a constant periodic rate of return on our net investment in the lease.

Revenue from contracts under ASC 606, Revenue from Contracts with Customers is recognized when, or as, control of promised goods or services is transferred to customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. At contract inception, we assess the services promised in our contracts with customers and identify a performance obligation for each promise to transfer to the customer a good or service (or bundle of goods or services) that is distinct. To identify the performance obligations, we consider all of the services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. ASC 606 does not apply to our lease revenues, which constitute a majority of our revenues, but primarily applies to revenues generated from our hotel operating properties and revenues earned from our affiliates ( Note 5 ).

Revenue from contracts primarily represented hotel operating property revenues of $ 43.0 million, $ 76.2 million, and $ 12.0 million for the years ended December 31, 2024, 2023, and 2022, respectively, generated from 13 hotels located in the United States ( 12 of which were reclassified from net leases to operating properties in the first quarter of 2023 ( Note 6 ); eight of these properties were sold during 2023 and one was sold during the second quarter of 2024 ( Note 17 )).

Such operating property revenues are primarily comprised of revenues from room rentals and from food and beverage services at our hotel operating properties during those years. We identified a single performance obligation for each distinct service. Performance obligations are typically satisfied at a point in time, at the time of sale, or at the rendering of the service. Fees are generally determined to be fixed. Payment is typically due immediately following the delivery of the service.

Revenue Recognition, Investment Management Operations — We earn asset management revenue in connection with providing services to CESH and NLOP. We earn asset management revenue from property management, leasing, and advisory services performed.

We earn other advisory income and reimbursements from NLOP for certain administrative services, including day-to-day management services, investor relations, accounting, tax, legal, and other administrative matters, paid in cash.

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CESH reimburses us for certain personnel and overhead costs that we incur on their behalf. We record reimbursement income as the expenses are incurred, subject to limitations imposed by the advisory agreements. Revenue from contracts with affiliates under ASC 606 is discussed in Note 5 .

Asset Retirement Obligations — Asset retirement obligations relate to the legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development, and/or normal operation of a long-lived asset. The fair value of a liability for an asset retirement obligation is recorded in the period in which it is incurred or at the point of acquisition of an asset with an assumed asset retirement obligation, and the cost of such liability is recorded as an increase in the carrying amount of the related long-lived asset by the same amount. The liability is accreted each period and the capitalized cost is depreciated over the estimated remaining life of the related long-lived asset. Revisions to estimated retirement obligations result in adjustments to the related capitalized asset and corresponding liability.

In order to determine the fair value of the asset retirement obligations, we make certain estimates and assumptions including, among other things, projected cash flows, the borrowing interest rate, and an assessment of market conditions that could significantly impact the estimated fair value. These estimates and assumptions are subjective.

Depreciation — We compute depreciation of building and related improvements using the straight-line method over the estimated remaining useful lives of the properties (not to exceed 40 years) and furniture, fixtures, and equipment. We compute depreciation of tenant improvements using the straight-line method over the lesser of the remaining term of the lease or the estimated useful life.

Stock-Based Compensation — We have granted restricted share awards (“RSAs”), restricted share units (“RSUs”), and performance share units (“PSUs”) to certain employees, independent directors, and nonemployees. Grants were awarded in the name of the recipient subject to certain restrictions of transferability and a risk of forfeiture. Stock-based compensation expense for all equity-classified stock-based compensation awards is based on the grant date fair value estimated in accordance with current accounting guidance for share-based payments, which includes awards granted to certain nonemployees. We recognize these compensation costs for only those shares expected to vest on a straight-line basis over the requisite service or performance period of the award. We include stock-based compensation within Additional paid-in capital in the consolidated statements of equity and Stock-based compensation expense in the consolidated statements of income.

Foreign Currency Translation and Transaction Gains and Losses — We have interests in international real estate investments primarily in Europe, Canada, and Japan, and the primary functional currencies for those investments are the euro, the British pound sterling, the Danish krone, the Canadian dollar, and the Japanese yen. We perform the translation from these currencies to the U.S. dollar for assets and liabilities using current exchange rates in effect at the balance sheet date and for revenue and expense accounts using the average exchange rate during the month in which the transaction occurs. We report the gains and losses resulting from such translation as a component of other comprehensive income in equity. These translation gains and losses are released to net income (within Gain on sale of real estate, net, in the consolidated statements of income) when we have substantially exited from all investments in the related currency.

A transaction gain or loss (measured from the transaction date or the most recent intervening balance sheet date, whichever is later), realized upon settlement of a foreign currency transaction generally will be included in net income for the period in which the transaction is settled. Also, foreign currency intercompany transactions that are scheduled for settlement, consisting primarily of accrued interest and the translation to the reporting currency of intercompany debt that is short-term or has scheduled principal payments, are included in the determination of net income (within Other gains and (losses) in the statements of income).

The translation impact of foreign currency transactions of a long-term nature (that is, settlement is not planned or anticipated in the foreseeable future), in which the entities involved in the transactions are consolidated or accounted for by the equity method in our consolidated financial statements, are not included in net income but are reported as a component of other comprehensive income in equity.

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Derivative Instruments — We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For derivatives designated and that qualify as cash flow hedges, the change in fair value of the derivative is recognized in Other comprehensive income (loss) until the hedged transaction affects earnings. Gains and losses on the cash flow hedges representing hedge components excluded from the assessment of effectiveness are recognized in earnings over the life of the hedge on a systematic and rational basis, as documented at hedge inception in accordance with our accounting policy election. Such gains and losses are recorded within Other gains and (losses) or Interest expense in our consolidated statements of income. The earnings recognition of excluded components is presented in the same line item as the hedged transactions. For derivatives designated and that qualify as a net investment hedge, the change in the fair value and/or the net settlement of the derivative is reported in Other comprehensive income (loss) as part of the cumulative foreign currency translation adjustment. Amounts are reclassified out of Other comprehensive income (loss) into earnings (within Gain on sale of real estate, net, in our consolidated statements of income) when the hedged investment is either sold or substantially liquidated. In accordance with fair value measurement guidance, counterparty credit risk is measured on a net portfolio position basis.

Income Taxes — We conduct business in various states and municipalities primarily within North America and Europe, and as a result, we or one or more of our subsidiaries file income tax returns in the United States federal jurisdiction and various state and foreign jurisdictions. We derive most of our REIT income from our real estate operations. Our domestic real estate operations are generally not subject to federal tax, and accordingly, no provision has been made for U.S. federal income taxes in the consolidated financial statements for these operations. These operations may be subject to certain state and local taxes, as applicable. Prior to the CPA:18 Merger, we conducted our investment management operations primarily through taxable REIT subsidiaries (“TRSs”). In general, a TRS may perform additional services for our tenants and generally may engage in any real estate or non-real estate-related business. These operations are subject to federal, state, local, and foreign taxes, as applicable. Our financial statements are prepared on a consolidated basis including these TRSs and include a provision for current and deferred taxes on these operations.

Significant judgment is required in determining our tax provision and in evaluating our tax positions. We establish tax reserves based on a benefit recognition model, which could result in a greater amount of benefit (and a lower amount of reserve) being initially recognized in certain circumstances. Provided that the tax position is deemed more likely than not of being sustained, we recognize the largest amount of tax benefit that is greater than 50% likely of being ultimately realized upon settlement. We derecognize the tax position when it is no longer more likely than not of being sustained.

Our earnings and profits, which determine the taxability of distributions to stockholders, differ from net income reported for financial reporting purposes due primarily to differences in depreciation, including hotel properties, and timing differences of rent recognition and certain expense deductions, for federal income tax purposes.

We recognize deferred income taxes in certain of our subsidiaries taxable in the United States or in foreign jurisdictions. Deferred income taxes are generally the result of temporary differences (items that are treated differently for tax purposes than for GAAP purposes as described in Note 16 ). In addition, deferred tax assets arise from unutilized tax net operating losses, generated in prior years. Deferred income taxes are computed under the asset and liability method. The asset and liability method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between tax bases and financial bases of assets and liabilities. We provide a valuation allowance against our deferred income tax assets when we believe that it is more likely than not that all or some portion of the deferred income tax asset may not be realized. Whenever a change in circumstances causes a change in the estimated realizability of the related deferred income tax asset, the resulting increase or decrease in the valuation allowance is included in deferred income tax expense (benefit).

Earnings Per Share — Basic earnings per share is calculated by dividing net income available to common stockholders by the weighted-average number of shares of common stock outstanding during the year. Diluted earnings per share reflects potentially dilutive securities (RSAs, RSUs, PSUs, and shares available for issuance under our Equity Forwards and ATM Forwards, each as defined in Note 14 ) using the treasury stock method, except when the effect would be anti-dilutive.

Reference Rate Reform — Durin g the first quarter of 2023, we applied the guidance in ASC 848, Reference Rate Reform and elected the practical expedient to transition certain contracts that reference London Interbank Offered Rate (“LIBOR”) to the Secured Overnight Financing Rate (“SOFR”), including our Senior Unsecured Credit Facility ( Note 12 ) and certain derivative instruments. The application of this guidance did not have a material impact on our consolidated financial statements.

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Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.

Recent Accounting Pronouncements

In June 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions . ASU 2022-03 clarifies that contractual sale restrictions should not be considered in measuring the fair value of equity securities. We adopted this guidance for our interim and annual periods beginning January 1, 2024. The adoption of this standard did not have a material impact on our consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . ASU 2023-07 requires quarterly disclosure of segment expenses if they are (i) significant to the segment, (ii) regularly provided to the CODM, and (iii) included in each reported measure of a segment’s profit or loss. In addition, ASU 2023-07 requires an annual disclosure of the CODM’s title and a description of how the CODM uses the segment’s profit/loss measure to assess segment performance and to allocate resources. We adopted this guidance for our interim and annual periods beginning January 1, 2024. The adoption of this standard did not have a material impact on our consolidated financial statements, but has resulted in incremental disclosures within the footnotes to our consolidated financial statements ( Note 18 ).

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . ASU 2023-09 requires public companies to annually (i) disclose specific categories in the rate reconciliation disclosure and (ii) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pre-tax income or loss by the applicable statutory income tax rate). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state, and local jurisdictions, among other changes. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements.

Spin-Off

On November 1, 2023, we completed the Spin-Off of 59 office properties into NLOP ( Note 1 ). The Spin-Off was accomplished via a pro rata dividend of one NLOP common share for every 15 shares of WPC common stock outstanding. Following the closing of the Spin-Off, NLOP operates as a separate publicly-traded REIT, for which we serve as advisor pursuant to the NLOP Advisory Agreements executed in connection with the Spin-Off, as described below in further detail.

On the date of the Spin-Off, NLOP’s portfolio of 59 office properties totaled approximately 9.3 million leasable square feet (including 0.6 million of operating square footage for a parking garage at a domestic property) (unaudited) primarily leased to 62 corporate tenants on a single-tenant net lease basis. The vast majority of the office properties owned by NLOP are located in the United States, with the balance in Europe. NLOP’s portfolio generated ABR totaling approximately $ 145 million as of September 30, 2023. We also derecognized non-recourse mortgages encumbering ten properties totaling $ 164.7 million.

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The following table summarizes assets, liabilities, and equity derecognized in connection with the Spin-Off (in thousands):

Assets
Investments in real estate:
Land, buildings and improvements — net lease and other			$	1,299,400
In-place lease and other intangible assets			373,631
Above-market rent intangible assets			58,426
Investments in real estate			1,731,457
Accumulated depreciation and amortization			( 454,768 )
Net investments in real estate			1,276,689
Cash and cash equivalents and restricted cash			9,141
Other assets, net (excluding restricted cash)			70,472
Goodwill ( Note 8 )			61,737
Less: impairment charges ( Note 10 )			( 47,282 )
Total assets			$	1,370,757
Liabilities and Equity
Non-recourse mortgages, net			$	164,743
Accounts payable, accrued expenses and other liabilities			54,199
Below-market rent intangible liabilities			11,799
Deferred income taxes			9,718
Total liabilities			240,459
Distributions in excess of accumulated earnings			229,712
Accumulated other comprehensive loss			( 35,664 )
Noncontrolling interests			4,406
Total equity			198,454
Total liabilities and equity			$	438,913

The following table summarizes the impact to the components of Total equity in connection with the Spin-Off (in thousands):

Impact to Total Equity
Total assets derecognized (excluding cash and cash equivalents and restricted cash)			$	( 1,361,616 )
Total liabilities derecognized			240,459
Net assets derecognized			( 1,121,157 )
Less: Proceeds in connection with the Spin-Off, reflecting cash and cash equivalents and restricted cash derecognized (described below under “Debt Facility”)			343,885
Impact to Total equity			$	( 777,272 )
Impact to Components of Total Equity
Distributions in excess of accumulated earnings derecognized			$	( 229,712 )
Accumulated other comprehensive income derecognized			35,664
Noncontrolling interests derecognized			( 4,406 )
Reduction to Additional paid-in capital			( 578,818 )
Impact to Total equity			$	( 777,272 )

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NLOP Agreements

Pursuant to the NLOP Advisory Agreements, which we entered into on November 1, 2023, we provide NLOP with strategic management services, including asset management, property disposition support, and various related services. NLOP will pay us an asset management fee, which was initially set at an annual amount of approximately $ 7.5 million and is being reduced proportionately following the disposition of each portfolio property. Such fees are included in Asset management revenue on our consolidated statements of income. In addition, NLOP will reimburse us a base administrative amount of approximately $ 4.0 million annually, for certain administrative services, including day-to-day management services, investor relations, accounting, tax, legal, and other administrative matters. Such amounts are included in Other advisory income and reimbursements on our consolidated statements of income.

On October 31, 2023, we entered into a Separation and Distribution Agreement, which set forth the various individual transactions to be consummated that comprised the Separation and the Distribution, including the assets transferred to and liabilities assumed by NLOP.

On October 31, 2023, we also entered into a Tax Matters Agreement, which governs the respective rights, responsibilities, and obligations of us and NLOP after the Distribution, with respect to tax liabilities and benefits, the preparation and filing of tax returns, the control of audits and other tax proceedings, tax covenants, tax indemnification, cooperation, and information sharing.

Debt Facility

In September 2023, NLOP entered into a new $ 455 million debt facility, which was executed by NLOP and funded upon the closing of the Spin-Off on November 1, 2023 (the “NLOP Financing Arrangements”). Approximately $ 343.9 million of this amount (net of (i) transaction expenses and (ii) cash and cash equivalents and restricted cash derecognized) was retained by us in connection with the Spin-Off.

Spin-Off Costs

In connection with the Spin-Off, we have incurred approximately $ 61.6 million in total costs, comprised of (i) $ 10.0 million of advisory fees, which is included in Merger and other expenses on our consolidated statements of income ($ 4.9 million of such fees were recognized during 2022 and $ 5.1 million were recognized during the year ended December 31, 2023); and (ii) $ 51.6 million of additional Spin-Off related costs (including $ 14.4 million of financing costs incurred in connection with the NLOP Financing Arrangements), which were reimbursed to us by NLOP in connection with the Spin-Off.

CPA:18 Merger

On February 27, 2022, we and certain of our subsidiaries entered into a merger agreement with CPA:18 – Global, pursuant to which CPA:18 – Global would merge with and into one of our indirect subsidiaries in exchange for shares of our common stock and cash, subject to approval by the stockholders of CPA:18 – Global. The CPA:18 Merger and related transactions were approved by the stockholders of CPA:18 – Global on July 26, 2022 and completed on August 1, 2022.

At the effective time of the CPA:18 Merger, each share of CPA:18 – Global common stock issued and outstanding immediately prior to the effective time of the CPA:18 Merger was canceled and, in exchange for cancellation of such share, the rights attaching to such share were converted automatically into the right to receive (i) 0.0978 shares of our common stock and (ii) $ 3.00 in cash, which we refer to herein as the Merger Consideration. Each share of CPA:18 – Global common stock owned by us or any of our subsidiaries immediately prior to the effective time of the CPA:18 Merger was automatically canceled and retired, and ceased to exist, for no Merger Consideration. In exchange for the 141,099,002 shares of CPA:18 – Global common stock that we and our subsidiaries did not previously own, we paid total merger consideration of approximately $ 1.6 billion, consisting of (i) the issuance of 13,786,302 shares of our common stock with a fair value of $ 1.2 billion, based on the closing price of our common stock on August 1, 2022 of $ 87.46 per share, (ii) cash consideration of $ 423.3 million, and (iii) cash of $ 0.1 million paid in lieu of issuing any fractional shares of our common stock. Pursuant to the terms of the definitive merger agreement, in connection with the closing of the CPA:18 Merger, we waived certain back-end fees that we would have otherwise been entitled to receive from CPA:18 – Global upon its liquidation pursuant to the terms of our pre-closing advisory agreement with CPA:18 – Global.

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Immediately prior to the closing of the CPA:18 Merger, CPA:18 – Global’s portfolio was comprised of full or partial ownership interests in 42 leased properties (including seven properties in which we already owned a partial ownership interest), substantially all of which were net leased with a weighted-average lease term of 7.0 years, an occupancy rate of 99.3 % (unaudited), and an estimated contractual minimum annualized base rent (“ABR”) totaling $ 81.0 million, as well as 65 self-storage operating properties and two student housing operating properties totaling 5.1 million square feet (unaudited). The related property-level debt was comprised of non-recourse mortgage loans with an aggregate consolidated fair value of approximately $ 900.2 million with a weighted-average annual interest rate of 5.1 % as of August 1, 2022. From the closing of the CPA:18 Merger through December 31, 2022, lease revenues, operating property revenues, and net income from properties acquired were $ 42.7 million, $ 39.2 million, and $ 12.3 million, respectively.

Two of the net lease properties that we acquired in the CPA:18 Merger were classified as Assets held for sale, with an aggregate fair value of $ 85.0 million at acquisition. From the closing of the CPA:18 Merger through December 31, 2022, lease revenues from these properties totaled $ 4.9 million. We sold one of these properties in August 2022 for total proceeds, net of selling costs, of $ 44.5 million, and recognized a loss on sale of $ 0.2 million ( Note 17 ). We sold the other property in October 2023 for total proceeds, net of selling costs, of $ 29.5 million ( Note 17 ).

Purchase Price Allocation

We accounted for the CPA:18 Merger as a business combination under the acquisition method of accounting. After consideration of all applicable factors pursuant to the business combination accounting rules, we were considered the “accounting acquirer” due to various factors, including the fact that our stockholders held the largest portion of the voting rights in the combined company upon completion of the CPA:18 Merger. Costs related to the CPA:18 Merger have been expensed as incurred and classified within Merger and other expenses in the consolidated statements of income, totaling $ 17.2 million for the year ended December 31, 2022.

The purchase price was allocated to the assets acquired and liabilities assumed, based upon their fair values at August 1, 2022. See Consolidated Statements of Cash Flows — Supplemental Non-Cash Investing and Financing Activities for a summary of the estimated fair values of the assets acquired and liabilities assumed in the CPA:18 Merger.

Goodwill

The $ 172.3 million of goodwill recorded in the CPA:18 Merger was primarily due to the premium we paid over CPA:18 – Global’s estimated fair value. Management believes the premium is supported by several factors, including that the CPA:18 Merger (i) concludes our exit from the non-traded REIT business, (ii) adds a high-quality diversified portfolio of net lease assets that is well-aligned with our existing portfolio, (iii) enhances certain portfolio metrics, and (iv) adds an attractive portfolio of self-storage operating properties.

The fair value of the 13,786,302 shares of our common stock issued in the CPA:18 Merger as part of the consideration paid for CPA:18 – Global of $ 1.6 billion was derived from the closing market price of our common stock on the acquisition date. As required by GAAP, the fair value related to the assets acquired and liabilities assumed, as well as the shares exchanged, has been computed as of the date we gained control, which was the closing date of the CPA:18 Merger, in a manner consistent with the methodology described above.

Goodwill is not deductible for income tax purposes.

Equity Investments

During the third quarter of 2022, we recognized a gain on change in control of interests of approximately $ 22.5 million, which was the difference between the carrying value of approximately $ 65.8 million and the fair value of approximately $ 88.3 million of our previously held equity interest in 8,556,732 shares of CPA:18 – Global’s common stock.

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The CPA:18 Merger also resulted in our acquisition of the remaining interests in four investments in which we already had a joint interest and accounted for under the equity method. Upon acquiring the remaining interests in these investments, we owned 100% of these investments and thus accounted for the acquisitions of these interests utilizing the purchase method of accounting. Due to the change in control of the four jointly owned investments that occurred, we recorded a gain on change in control of interests of approximately $ 11.4 million during the third quarter of 2022, which was the difference between our carrying values and the fair values of our previously held equity interests on August 1, 2022 of approximately $ 17.2 million and approximately $ 28.6 million, respectively. Subsequent to the CPA:18 Merger, we consolidate these wholly owned investments.

Pro Forma Financial Information (Unaudited)

The following consolidated pro forma financial information has been presented as if the CPA:18 Merger had occurred on January 1, 2021 for the year ended December 31, 2022. The pro forma financial information is not necessarily indicative of what the actual results would have been had the CPA:18 Merger on that date, nor does it purport to represent the results of operations for future periods.

(in thousands)

			Year Ended December 31, 2022
Pro forma total revenues			$	1,590,233

Advisory Agreements and Partnership Agreements with NLOP, CESH, and CPA:18 – Global

We currently have advisory arrangements with NLOP and CESH, pursuant to which we earn fees and are entitled to receive reimbursement for certain administrative expenses. The NLOP Advisory Agreements are described in Note 3 . Upon completion of the CPA:18 Merger on August 1, 2022 ( Note 4 ), our advisory agreements with CPA:18 – Global were terminated, and we ceased earning revenue from CPA:18 – Global.

The following tables present a summary of revenue earned, reimbursable costs, and distributions of Available Cash received/accrued from NLOP, CESH, and CPA:18 – Global for the periods indicated, included in the consolidated financial statements (in thousands):

			Years Ended December 31,
			2024						2023						2022
Asset management revenue (a) (b)			$	6,597					$	2,184					$	8,467
Administrative reimbursements (a) (c)			4,000						667						—
Reimbursable costs from affiliates (a) (c)			224						368						2,518
Distributions of Available Cash (d)			—						—						8,746
Interest income on loans to affiliates (e)			—						—						112
			$	10,821					$	3,219					$	19,843

			Years Ended December 31,
			2024						2023						2022
NLOP			$	10,243					$	1,912					$	—
CESH			578						1,307						1,989
CPA:18 – Global			—						—						17,854
			$	10,821					$	3,219					$	19,843

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(a) Amounts represent revenues from contracts under ASC 606.

(b) Included within Asset management revenue in the consolidated statements of income.

(c) Included within Other advisory income and reimbursements in the consolidated statements of income.

(d) Included within Earnings from equity method investments in the consolidated statements of income.

(e) Included within Non-operating income in the consolidated statements of income.

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The following table presents a summary of amounts due from affiliates, which are included within Other assets, net in the consolidated financial statements (in thousands):

			December 31,
			2024						2023
Asset management fees receivable			$	554					$	1,349
Accounts receivable			462						768
Reimbursable costs			73						59
			$	1,089					$	2,176

Performance Obligations and Significant Judgments

The fees earned pursuant to our advisory agreements are considered variable consideration. For the agreements that include multiple performance obligations, including asset management services, revenue is allocated to each performance obligation based on estimates of the price that we would charge for each promised service if it were sold on a standalone basis.

Judgment is applied in assessing whether there should be a constraint on the amount of fees recognized, such as amounts in excess of certain threshold limits with respect to the contract price or any potential clawback provisions included in certain of our arrangements. We exclude fees subject to such constraints to the extent it is probable that a significant reversal of those amounts will occur.

Asset Management Revenue

Under the advisory agreement with CESH, we earn asset management revenue at a rate of 1.0 % based on its gross assets at fair value, paid in cash. Under the advisory agreement with NLOP, we earn an asset management fee, which was initially set at an annual amount of $ 7.5 million and is being reduced proportionately following the disposition of each portfolio property.

The performance obligation for asset management services is satisfied over time as services are rendered. The time-based output method is used to measure progress over time, as this is representative of the transfer of the services. We are compensated for our services on a monthly or quarterly basis. However, these services represent a series of distinct daily services under ASC 606, Revenue from Contracts with Customers . Accordingly, we satisfy the performance obligation and resolve the variability associated with our fees on a daily basis. We apply the practical expedient and, as a result, do not disclose variable consideration attributable to wholly or partially unsatisfied performance obligations as of the end of the reporting period.

In providing asset management services, we are reimbursed for certain costs. Direct reimbursement of these costs does not represent a separate performance obligation. Payment for asset management services is typically due on the first business day following the month of the delivery of the service.

Administrative Reimbursements

Under the advisory agreement with NLOP, we earn a base administrative amount of approximately $ 4.0 million annually, for certain administrative services, including day-to-day management services, investor relations, accounting, tax, legal, and other administrative matters, paid in cash.

Reimbursable Costs from Affiliates

CESH reimburses us in cash for certain personnel and overhead costs that we incur on its behalf, based on actual expenses incurred.

Distributions of Available Cash

We were entitled to receive distributions of up to 10 % of the Available Cash (as defined in CPA:18 – Global’s partnership agreement) from the operating partnership of CPA:18 – Global, payable quarterly in arrears. After completion of the CPA:18 Merger on August 1, 2022 ( Note 4 ), we no longer receive distributions of Available Cash from CPA:18 – Global.

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Back-End Fees and Interests in CPA:18 – Global and CESH

Under our advisory arrangements with CESH, we may also receive compensation in connection with providing a liquidity event for its investors. Such back-end fees or interests include interests in disposition proceeds. There can be no assurance as to whether or when any back-end fees or interests will be realized. Pursuant to the terms of the definitive merger agreement, in connection with the closing of the CPA:18 Merger, we waived certain back-end fees that we would have been entitled to receive from CPA:18 – Global upon its liquidation pursuant to the terms of our advisory agreement and partnership agreement with CPA:18 – Global ( Note 4 ).

Other Transactions with Affiliates and Related Parties

Loans to Affiliates

From time to time, our board of directors (our “Board”) has approved the making of secured and unsecured loans or lines of credit from us to certain of the investment programs we have sponsored, at our sole discretion, generally for the purpose of facilitating acquisitions or for working capital purposes. In July 2022, CPA:18 – Global repaid the $ 16.0 million principal outstanding balance on its line of credit in full. The loan agreement with CPA:18 – Global was terminated upon completion of the CPA:18 Merger on August 1, 2022. No such line of credit with CESH or NLOP existed during the reporting period.

Other

At December 31, 2024, we owned interests in seven jointly owned investments in real estate, with the remaining interests held by third parties. We consolidate four such investments and account for the remaining three investments under the equity method of accounting ( Note 9 ). In addition, we owned limited partnership units of CESH at that date. We elected to account for our investment in CESH under the fair value option ( Note 9 ).

Land, Buildings and Improvements — Net Lease and Other

Land and buildings leased to others, which are subject to operating leases, and real estate under construction, are summarized as follows (in thousands):

			December 31,
			2024						2023
Land			$	2,398,409					$	2,248,300
Buildings and improvements			10,388,418						9,801,596
Real estate under construction			56,042						45,562
Less: Accumulated depreciation			( 1,701,892 )						( 1,509,730 )
			$	11,140,977					$	10,585,728

During 2024, the U.S. dollar strengthened against the euro, as the end-of-period rate for the U.S. dollar in relation to the euro decreased by 6.0 % to $ 1.0389 from $ 1.1050 . As a result of this fluctuation in foreign currency exchange rates, the carrying value of our Land, buildings and improvements — net lease and other decreased by $ 210.0 million from December 31, 2023 to December 31, 2024.

On September 1, 2024, we entered into net lease agreements for certain self-storage properties previously classified as operating properties. As a result, in September 2024, we reclassified three consolidated self-storage properties with an aggregate carrying value of $ 46.1 million from Land, buildings and improvements — operating properties to Land, buildings and improvements — net lease and other. Effective as of that time, we began recognizing Lease revenues from these properties, whereas previously we recognized Operating property revenues and expenses from these properties. In addition, in connection with the net lease agreements described above, in September 2024, we reclassified nine self-storage properties from Equity method investments and recorded $ 84.4 million in Land, buildings and improvements — net lease and other. Effective as of that time, we began recognizing Lease revenues from these properties ( Note 9 ).

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In connection with changes in lease classifications due to (i) extensions of the underlying leases, (ii) entering into a new lease, or (iii) lease expirations, we reclassified 17 properties with an aggregate carrying value of $ 120.9 million from Net investments in finance leases and loans receivable to Land, buildings and improvements — net lease and other during 2024 ( Note 7 ).

During the year ended December 31, 2024, we reclassified two properties classified as Land, buildings and improvements — net lease and other to Net investments in finance leases and loans receivable since we entered into an agreement to sell the properties to the tenant. As a result, the carrying value of our Land, buildings and improvements — net lease and other decreased by $ 6.8 million from December 31, 2023 to December 31, 2024 ( Note 7 ).

See Note 3 for a description of land, buildings and improvements derecognized in connection with the Spin-Off.

As discussed in Note 4 , we acquired 39 consolidated properties subject to existing operating leases in the CPA:18 Merger, which increased the carrying value of our Land, buildings and improvements — net lease and other by $ 881.6 million during the year ended December 31, 2022.

Depreciation expense, including the effect of foreign currency translation, on our buildings and improvements subject to operating leases was $ 292.9 million, $ 325.8 million, and $ 299.4 million for the years ended December 31, 2024, 2023, and 2022, respectively.

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Acquisitions of Real Estate During 2024

During 2024, we entered into the following investments, which were deemed to be real estate asset acquisitions (dollars in thousands):

Property Location(s)						Number of Properties						Date of Acquisition						Property Type						Total Capitalized Costs (a)
Doncaster, United Kingdom (a)						2						1/9/2024						Retail						$	30,055
Various, Italy (a)						5						1/30/2024						Industrial, Warehouse						148,130
Laval, Canada (a)						1						3/26/2024						Industrial						2,604
Commercial Point, Ohio						1						4/5/2024						Warehouse						94,220
Tucson, Arizona						1						5/13/2024						Warehouse						38,784
Portfolio Acquisition:
Various, United States						5						5/15/2024						Industrial, Warehouse						44,400
Various, United States						4						5/15/2024						Industrial						23,330
Sylacauga, Alabama						1						5/15/2024						Industrial						5,852
Moxee, Washington and La Porte, Indiana (b)						2						6/26/2024						Industrial						37,019
Various, North Carolina (b)						3						7/23/2024						Industrial, Retail						18,260
Neenah, Wisconsin (b)						1						7/23/2024						Industrial						19,868
Alexandria, Canada (a) (b)						1						8/6/2024						Warehouse						26,030
Tillsonburg and Oldcastle, Canada (b)						2						8/6/2024						Industrial						15,919
Portfolio Total						19																		190,678
Mesa and Laveen, Arizona						2						6/3/2024						Retail						26,964
Various, Poland (a)						123						7/25/2024; 9/18/2024						Retail						31,508
Las Vegas, Nevada						1						8/2/2024						Retail						12,471
West Des Moines, Iowa						1						8/9/2024						Retail						21,063
Various, United States						3						10/1/2024						Retail (Car Wash)						15,259
Lebanon, Indiana						1						10/17/2024						Industrial						58,289
Shelbyville, Kentucky						1						10/18/2024						Industrial						99,572
Stockton, California						1						11/27/2024						Land						55,073
Weehawken, New Jersey						1						11/27/2024						Specialty (Datacenter)						97,244
Various, United States (c)						106						Various						Retail						201,160
Manchester, United Kingdom (a)						1						12/13/2024						Retail						25,873
Yarnfield, United Kingdom (a)						1						12/19/2024						Education						23,329
						271																		$	1,172,276

__________

(a) Amount reflects the applicable exchange rate on the date of transaction.

(b) In connection with these acquisitions, we assumed non-recourse mortgage loans encumbering the properties with an outstanding principal balance totaling $ 66.0 million ( Note 12 ).

(c) This investment was completed in several tranches during November and December 2024, with properties located across 21 U.S. states.

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The aggregate purchase price allocation for investments disclosed above is as follows (dollars in thousands):

			Total Capitalized Costs
Land			$	219,411
Buildings and improvements			772,346
Intangible assets and liabilities:
In-place lease (weighted-average expected life of 14.8 years)			166,054
Above-market rent (expected life of 14.4 years)			7,093
Below-market rent (expected life of 12.8 years)			( 408 )
Right-of-use assets:
Land lease right-of-use assets			4,346
Below-market ground lease intangibles			3,549
Debt discount and deferred financing costs on non-recourse mortgage loans assumed			4,231
Operating lease liabilities			( 4,346 )
			$	1,172,276

Acquisitions of Real Estate During 2023 — We entered into 12 investments, which were deemed to be real estate asset acquisitions, at a total cost of $ 1.2 billion, including land of $ 212.6 million, buildings of $ 774.1 million, in-place lease intangibles of $ 185.9 million, ROU assets of $ 13.0 million, and prepaid rent liabilities of $ 6.9 million.

Acquisitions of Real Estate During 2022 — We entered into 23 investments, which were deemed to be real estate asset acquisitions, at a total cost of $ 1.2 billion, including land of $ 145.1 million, buildings of $ 853.0 million, in-place lease intangibles of $ 152.9 million, below-market rent intangibles of $ 7.0 million, and ROU assets of $ 12.3 million. These investments exclude properties acquired in the CPA:18 Merger ( Note 4 ).

Real Estate Under Construction — Net Lease and Operating Properties

During 2024, we capitalized real estate under construction totaling $ 96.3 million. The number of construction projects in progress with balances included in real estate under construction was four and 11 as of December 31, 2024 and 2023, respectively. Aggregate unfunded commitments totaled approximately $ 72.1 million and $ 71.8 million as of December 31, 2024 and 2023, respectively.

During 2024, we completed the following construction projects (dollars in thousands):

Property Location(s)

Primary Transaction Type

Number of Properties

Date of Completion

Property Type

Total Capitalized Costs

Salisbury, North Carolina

Expansion

1

3/8/2024

Industrial

$

14,737

Little Rock, Arkansas

Expansion

1

4/10/2024

Self-Storage (Operating)

3,280

Irvine, California

Redevelopment

1

6/27/2024

Industrial

15,222

Washington, Michigan

Redevelopment

1

12/13/2024

Research and Development

36,290

Atlanta, Georgia

Redevelopment

1

12/31/2024

Warehouse

17,520

5

$

87,049

During 2023, we completed four construction projects, at a total cost of $ 60.7 million.

During 2022, we completed six construction projects, at a total cost of $ 148.1 million.

During 2024, we committed to fund four construction projects, for an aggregate amount of $ 95.8 million. We currently expect to complete the projects in 2025 and 2026.

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Capitalized interest incurred during construction was $ 1.0 million, $ 0.6 million, and $ 1.3 million for the years ended December 31, 2024, 2023, and 2022 respectively, which reduces Interest expense in the consolidated statements of income.

Dispositions of Properties

During 2024, we sold 25 properties, which were classified as Land, buildings and improvements — net lease and other. As a result, the carrying value of our Land, buildings and improvements — net lease and other decreased by $ 281.1 million from December 31, 2023 to December 31, 2024 ( Note 17 ).

Other Lease-Related Income

2024 — For the year ended December 31, 2024, Other lease-related income on our consolidated statements of income included: (i) lease termination income totaling $ 7.0 million received from one tenant and (ii) other lease-related settlements totaling $ 11.8 million.

2023 — For the year ended December 31, 2023, Other lease-related income on our consolidated statements of income included: (i) lease termination income totaling $ 11.9 million received from two tenants in connection with the sales of the properties they occupied and (ii) other lease-related settlements totaling $ 9.1 million.

2022 — For the year ended December 31, 2022, Other lease-related income on our consolidated statements of income included: (i) other lease-related settlements totaling $ 17.6 million; (ii) lease termination income totaling $ 12.4 million received from two tenants; and (iii) income from a parking garage attached to one of our net-leased properties totaling $ 1.6 million.

Leases

Operating Lease Income

Lease income related to operating leases recognized and included in the consolidated statements of income is as follows (in thousands):

			Years Ended December 31,
			2024						2023						2022
Lease income — fixed			$	1,186,730					$	1,254,340					$	1,160,942
Lease income — variable (a)			145,058						173,036						140,675
Total operating lease income			$	1,331,788					$	1,427,376					$	1,301,617

__________

(a) Includes (i) rent increases based on changes in the CPI and other comparable indices and (ii) reimbursements for property taxes, insurance, and common area maintenance services.

Scheduled Future Lease Payments to be Received

Scheduled future lease payments to be received (exclusive of expenses paid by tenants, percentage of sales rents, and future CPI-based adjustments) under non-cancelable operating leases at December 31, 2024 are as follows (in thousands):

Years Ending December 31,						Total
2025						$	1,260,864
2026						1,254,010
2027						1,217,122
2028						1,190,048
2029						1,138,578
Thereafter						11,103,738
Total						$	17,164,360

See Note 7 for scheduled future lease payments to be received under non-cancelable direct financing leases and sales-type leases.

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Lease Cost

Lease costs for operating leases are included in (i) General and administrative expenses (office leases), (ii) Property expenses, excluding reimbursable tenant costs (land leases), and (iii) Reimbursable tenant costs (land leases) in the consolidated statements of income. Certain information related to the total lease cost for operating leases is as follows (in thousands):

			Years Ended December 31,
			2024						2023						2022
Fixed lease cost			$	15,550					$	15,518					$	15,087
Variable lease cost			1,992						1,731						1,086
Total lease cost			$	17,542					$	17,249					$	16,173

During the years ended December 31, 2024, 2023, and 2022, we received sublease income totaling approximately $ 5.0 million, $ 4.9 million, and $ 4.6 million, respectively, which is included in Lease revenues in the consolidated statements of income.

Other Information

Supplemental balance sheet information related to ROU assets and lease liabilities is as follows (dollars in thousands):

									December 31,
			Location on Consolidated Balance Sheets						2024						2023
Operating ROU assets — land leases			In-place lease intangible assets and other						$	115,156					$	114,080
Finance ROU assets — land and building leases			In-place lease intangible assets and other						25,253						26,034
Operating ROU assets — office leases			Other assets, net						51,319						54,730
Total operating ROU assets									$	191,728					$	194,844
Operating lease liabilities			Accounts payable, accrued expenses and other liabilities						$	143,274					$	138,733
Weighted-average remaining lease term — operating leases									23.4 years						23.8 years
Weighted-average discount rate — operating leases									6.8		%				6.6		%
Number of land lease arrangements — operating leases									72						66
Weighted-average remaining lease term — finance leases (a)									56.4 years						58.6 years
Number of land and building lease arrangements — finance leases									2						2
Number of office space arrangements									4						4
Remaining lease term range (excluding extension options not reasonably certain of being exercised)									< 1 – 95 years						< 1 – 98 years

__________

(a) There are no related lease liabilities for our finance ROU assets. Therefore, there is no applicable weighted-average discount rate for such assets.

Cash paid for operating lease liabilities included in Net cash provided by operating activities totaled $ 16.2 million, $ 16.1 million, and $ 15.8 million for the years ended December 31, 2024, 2023, and 2022, respectively.

We assumed seven land lease arrangements in the CPA:18 Merger, for which we are the lessee. As a result, we capitalized (i) ROU assets totaling $ 24.5 million (comprised of below-market ground lease intangibles totaling $ 17.9 million and land lease ROU assets totaling $ 6.6 million), which are included within In-place lease intangible assets and other on our consolidated balance sheets, and (ii) operating lease liabilities totaling $ 6.6 million, which are included within Accounts payable, accrued expenses and other liabilities on our consolidated balance sheets.

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Undiscounted Cash Flows

A reconciliation of the undiscounted cash flows for operating leases recorded on the consolidated balance sheet within Accounts payable, accrued expenses and other liabilities as of December 31, 2024 is as follows (in thousands):

Years Ending December 31,						Total
2025						$	14,805
2026						15,057
2027						15,279
2028						15,169
2029						14,291
Thereafter						228,739
Total lease payments						303,340
Less: amount of lease payments representing interest						( 160,066 )
Present value of future lease payments/lease obligations						$	143,274

Land, Buildings and Improvements — Operating Properties

At December 31, 2024, Land, buildings and improvements — operating properties consisted of our investments in 78 consolidated self-storage properties, four consolidated hotels, and two consolidated student housing properties. At December 31, 2023, Land, buildings and improvements — operating properties consisted of our investments in 80 consolidated self-storage properties, five consolidated hotels, and two consolidated student housing properties. Below is a summary of our Land, buildings and improvements — operating properties (in thousands):

			December 31,
			2024						2023
Land			$	144,871					$	150,084
Buildings and improvements			1,053,805						1,104,635
Real estate under construction			—						1,530
Less: Accumulated depreciation			( 100,575 )						( 80,057 )
			$	1,098,101					$	1,176,192

As described above under Land, Buildings and Improvements — Net Lease and Other , on September 1, 2024, we entered into net lease agreements for certain self-storage properties previously classified as operating properties. As a result, in September 2024, we reclassified three consolidated self-storage properties with an aggregate carrying value of $ 46.1 million from Land, buildings and improvements — operating properties to Land, buildings and improvements — net lease and other. Effective as of that time, we began recognizing Lease revenues from these properties, whereas previously we recognized Operating property revenues and expenses from these properties.

During the year ended December 31, 2024, the U.S. dollar strengthened against the British pound sterling, resulting in a decrease of $ 1.4 million in the carrying value of our Land, buildings and improvements — operating properties from December 31, 2023 to December 31, 2024.

During the year ended December 31, 2024, we sold one hotel operating property, which was classified as Land, buildings and improvements — operating properties. As a result, the carrying value of our Land, buildings and improvements — operating properties decreased by $ 14.6 million from December 31, 2023 to December 31, 2024 ( Note 17 ).

Depreciation expense, including the effect of foreign currency translation, on our buildings and improvements attributable to operating properties was $ 28.7 million, $ 29.8 million, and $ 11.6 million for the years ended December 31, 2024, 2023, and 2022, respectively.

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During the year ended December 31, 2024, we entered into the following self-storage operating property investment, which was deemed to be a real estate asset acquisition (dollars in thousands):

Property Location(s)						Number of Properties						Date of Acquisition						Property Type						Total Capitalized Costs
Dayton, Ohio						1						8/19/2024						Self-Storage						$	7,408
						1																		$	7,408

The aggregate purchase price allocation for investments disclosed above is as follows (dollars in thousands):

			Total Capitalized Costs
Land			$	1,729
Buildings and improvements			5,291
Intangible assets:
In-place lease (expected life of 0.5 years)			388
			$	7,408

Acquisitions of Operating Real Estate During 2023 — We entered into four self-storage operating property investments, which were deemed to be real estate asset acquisitions, at a total cost of $ 47.3 million, including land of $ 13.5 million, buildings of $ 31.9 million, and in-place lease intangibles of $ 1.8 million.

For the year ended December 31, 2024, Land, buildings and improvements — operating properties revenues totaling $ 146.8 million were comprised of $ 136.5 million in lease revenues and $ 10.3 million in other income (such as food and beverage revenue) from 81 consolidated self-storage properties, five consolidated hotels, and two consolidated student housing properties. For the year ended December 31, 2023, Land, buildings and improvements — operating properties revenues totaling $ 180.3 million were comprised of $ 164.5 million in lease revenues and $ 15.8 million in other income (such as food and beverage revenue) from 80 consolidated self-storage properties, 13 consolidated hotels, and two consolidated student housing properties. For the year ended December 31, 2022, Land, buildings and improvements — operating properties revenues totaling $ 59.2 million were comprised of $ 54.4 million in lease revenues and $ 4.8 million in other income from 75 consolidated self-storage properties, two consolidated student housing properties, and one consolidated hotel. We derive self-storage revenue primarily from rents received from customers who rent storage space under month-to-month leases for personal or business use. We derive hotel revenue primarily from room rentals, as well as food, beverage, and other services. We earn student housing operating revenue primarily from leases of one year or less with individual students.

Assets Held for Sale, Net

Below is a summary of our properties held for sale (in thousands):

			December 31,
			2024						2023
Land, buildings and improvements — net lease and other			$	—					$	46,986
In-place lease intangible assets and other			—						5,222
Above-market rent intangible assets			—						8,374
Accumulated depreciation and amortization			—						( 23,460 )
Assets held for sale, net			$	—					$	37,122

At December 31, 2023, we had two properties classified as Assets held for sale, net, with an aggregate carrying value of $ 37.1 million. These properties were sold in January 2024.

Assets representing rights to receive money on demand or at fixed or determinable dates are referred to as finance receivables. Our finance receivables portfolio consists of our Net investments in finance leases and loans receivable (net of allowance for credit losses). Operating leases are not included in finance receivables. See Note 2 and Note 6 for information on ROU operating lease assets recognized in our consolidated balance sheets.

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Finance Receivables

Net investments in finance leases and loans receivable are summarized as follows (in thousands):

			Maturity Date						December 31,
									2024						2023
Sale-leaseback transactions accounted for as loans receivable (a)			2038 – 2054						$	451,813					$	236,611
Net investments in direct financing leases (b)			2025 – 2036						277,698						431,328
Net investments in sales-type leases (c)			2025						36,891						835,734
Secured loans receivable (d)			2025						31,857						11,250
									$	798,259					$	1,514,923

__________

(a) These investments are accounted for as loans receivable in accordance with ASC 310, Receivables and ASC 842, Leases . Maturity dates reflect the current lease maturity dates. Amounts are net of allowance for credit losses of $ 14.3 million and $ 0.8 million as of December 31, 2024 and 2023, respectively.

(b) Amounts are net of allowance for credit losses, as disclosed below under Net Investments in Direct Financing Leases .

(c) These investments are assessed for credit loss allowances but no such allowances were recorded as of December 31, 2024 or 2023.

(d) Amounts are net of allowance for credit losses of $ 2.1 million as of December 31, 2023. No such allowance was recorded as of December 31, 2024.

During the year ended December 31, 2024, the U.S. dollar strengthened against the euro, resulting in a $ 24.0 million decrease in the carrying value of Net investments in finance leases and loans receivable from December 31, 2023 to December 31, 2024.

Income from finance leases and loans receivable is summarized as follows (in thousands):

			Years Ended December 31,
			2024						2023						2022
Net investments in direct financing leases			$	34,375					$	49,950					$	53,017
Sale-leaseback transactions accounted for as loans receivable			22,754						14,715						13,569
Net investments in sales-type leases			13,280						38,109						—
Secured loans receivable			2,853						4,399						7,680
			$	73,262					$	107,173					$	74,266

Loans Receivable

During the year ended December 31, 2024, we entered into the following sale-leasebacks, which were deemed to be loans receivable in accordance with ASC 310, Receivables and ASC 842, Leases (dollars in thousands):

Property Location(s)						Number of Properties						Date of Acquisition						Property Type						Total Investment
Various, Italy (a)						4						3/26/2024						Industrial, Warehouse						$	83,890
Nueva Leon, Mexico						4						10/15/2024; 12/11/2024						Industrial						98,580
Various, Poland (a) (b)						11						11/14/2024; 12/18/2024						Industrial						56,150
						19																		$	238,620

__________

(a) Amount reflects the applicable exchange rate on the date of transaction.

(b) In connection with this acquisition, we capitalized (i) land lease ROU assets totaling $ 0.7 million, which are included within In-place lease intangible assets and other on our consolidated balance sheets, and (ii) operating lease liabilities totaling $ 0.7 million, which are included within Accounts payable, accrued expenses and other liabilities on our consolidated balance sheets.

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During the year ended December 31, 2022, we entered into one sale-leaseback, which was deemed to be a loan receivable, at a total cost of $ 19.8 million.

During the years ended December 31, 2024 and 2023, we recorded allowance for credit losses of $ 13.5 million and $ 0.8 million, respectively, on our sale-leaseback transactions accounted for as loans receivables due to changes in economic conditions.

In November 2024, we entered into an agreement to fund a construction loan of $ 25.0 million for a mixed-use complex in Las Vegas, Nevada, at an interest rate of SOFR plus 3.0 % (with a floor of 6.5 %) and with a maturity date of November 2025, with two one-year extension options. During the fourth quarter of 2024, we funded $ 15.0 million, with the remaining amount expected to be funded in 2025. This loan will be treated as a secured loan receivable for accounting purposes in accordance with the acquisition, development and construction arrangement sub-section of ASC 310, Receivables . As of December 31, 2024, this secured loan receivable had a carrying value of $ 15.0 million and was included in Net investments in finance leases and loans receivable in our consolidated balance sheets.

In November 2024, we entered into an agreement to fund a construction loan of $ 23.4 million for a retail project in Las Vegas, Nevada, at an interest rate of 8.0 % and with a maturity date of December 2025, with two one-year extension options. During the fourth quarter of 2024, we funded $ 16.8 million, with the remaining amount expected to be funded in 2025. This loan will be treated as a secured loan receivable for accounting purposes in accordance with the acquisition, development and construction arrangement sub-section of ASC 310, Receivables . As of December 31, 2024, this secured loan receivable had a carrying value of $ 16.8 million and was included in Net investments in finance leases and loans receivable in our consolidated balance sheets.

In June 2024, in connection with a property disposition, we provided financing to the buyer of $ 15.0 million with an interest rate of 15.0 %. In September 2024, this secured loan receivable was repaid to us for $ 15.0 million.

In March 2024, a secured loan receivable was repaid to us for $ 24.0 million. In connection with this repayment, we recorded a release of allowance for credit losses of $ 2.1 million since the loan principal was fully repaid. In addition, we collected $ 1.4 million of unpaid interest related to a prior year upon repayment of this secured loan receivable, which was included in Income from finance leases and loans receivable on the consolidated statements of income for the year ended December 31, 2024.

In August 2023, one of our secured loans receivable was repaid to us for $ 28.0 million. In connection with this repayment, we received an $ 0.6 million prepayment penalty from the borrower, which was included in Income from finance leases and loans receivable in the consolidated financial statements for the year ended December 31, 2023. This secured loan receivable was initially acquired in the CPA:18 Merger ( Note 4 ).

In September 2022, one of our secured loans receivable was repaid to us for $ 34.0 million. In connection with this repayment, we recorded a release of allowance for credit losses of $ 10.5 million since the loan principal was fully repaid.

Net Investments in Direct Financing Leases

Net investments in direct financing leases is summarized as follows (in thousands):

			December 31,
			2024						2023
Lease payments receivable			$	178,639					$	285,512
Unguaranteed residual value			273,502						434,234
			452,141						719,746
Less: unearned income			( 150,383 )						( 251,441 )
Less: allowance for credit losses (a)			( 24,060 )						( 36,977 )
			$	277,698					$	431,328

__________

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(a) During the years ended December 31, 2024 and 2023, we recorded a net allowance for credit losses of $ 16.2 million and $ 28.2 million, respectively, on our net investments in direct financing leases due to changes in expected economic conditions, which was included within Other gains and (losses) in our consolidated statements of income. In addition, during the year ended December 31, 2024, we reduced the allowance for credit losses balance by $ 29.2 million, in connection with the reclassification of certain properties from Net investments in finance leases and loans receivable to Land, buildings and improvements — net lease and other, as described below.

2024 — During the year ended December 31, 2024, we reclassified 17 properties with a carrying value of $ 120.9 million from Net investments in finance leases and loans receivable to Land, buildings and improvements — net lease and other in connection with changes in lease classifications due to (i) extensions of the underlying leases, (ii) entering into a new lease, or (iii) lease expirations ( Note 6 ). In addition, during the year ended December 31, 2024, we sold one property accounted for as a direct financing lease that had a net carrying value of $ 5.8 million.

2022 — As discussed in Note 4 , we acquired one consolidated property subject to a direct financing lease in the CPA:18 Merger, which increased the carrying value of our Net investments in finance leases and loans receivable by $ 10.5 million during the year ended December 31, 2022.

Net Investments in Sales-Type Leases

On February 28, 2023, the tenant occupying our portfolio of 78 net-lease self-storage properties located in the United States provided notice of its intention to exercise its option to repurchase the properties. In accordance with ASC 842, Leases , we reclassified these net-lease assets to net investments in sales-type leases totaling $ 451.4 million on our consolidated balance sheets within Net investments in finance leases and loans receivable (based on the present value of remaining rents and estimated purchase price, using the CPI rates as of the exercise notice date), since the tenant provided notice of its intention to exercise its purchase option. We recognized an aggregate Gain on sale of real estate, net, of $ 176.2 million during the year ended December 31, 2023 related to this transaction. During the year ended December 31, 2024, we completed the sale of this portfolio. The purchase price was calculated using the U.S. CPI as of the closing date. As a result, the carrying value of Net investments in finance leases and loans receivable decreased by $ 451.4 million from December 31, 2023 to December 31, 2024 ( Note 17 ).

On October 16, 2023, the tenant occupying an industrial/office facility located in Nagold, Germany, provided notice of its intention to exercise its option to repurchase the property. In accordance with ASC 842, Leases , we reclassified this net-lease asset to net investments in sales-type leases totaling $ 20.6 million on our consolidated balance sheets (based on the estimated purchase price and the foreign currency exchange rate of the euro on the date of notice), since the tenant provided notice of its intention to exercise its purchase option. No gain or loss on sale of real estate was recognized related to this transaction.

On October 31, 2023, we entered into an agreement to sell our portfolio of 70 office properties located in Spain to the tenant occupying the properties. In accordance with ASC 842, Leases , we reclassified these net-lease assets to net investments in sales-type leases totaling $ 348.6 million on our consolidated balance sheets within Net investments in finance leases and loans receivable (based on the estimated purchase price and the foreign currency exchange rate of the euro on the agreement date), since this agreement resulted in a lease modification. We recognized an aggregate Gain on sale of real estate, net, of $ 59.1 million during the three months ended December 31, 2023 related to this transaction. During the year ended December 31, 2024, we completed the sale of this portfolio. As a result, the carrying value of Net investments in finance leases and loans receivable decreased by $ 359.3 million from December 31, 2023 to December 31, 2024 ( Note 17 ).

On July 10, 2024, we entered into an agreement to sell two properties located in the Netherlands to the tenant occupying the properties. In accordance with ASC 842, Leases , we reclassified these net-lease assets to net investments in sales-type leases totaling $ 17.3 million on our consolidated balance sheets (based on the estimated purchase price and the foreign currency exchange rate of the euro on the agreement date), since this agreement resulted in a lease modification. In connection with this transaction, we reclassified the following amounts to Net investments in finance leases and loans receivable: (i) $ 9.2 million from Land, buildings and improvements — net lease and other, (ii) $ 3.0 million from In-place lease intangible assets and other, (iii) $ 0.2 million from Above-market rent intangible assets, (iv) $ 3.8 million from Accumulated depreciation and amortization, and (v) $ 2.3 million from Other assets, net. We recognized an aggregate Gain on sale of real estate, net, of $ 6.4 million during the year ended December 31, 2024 related to this transaction. We sold these properties in January 2025 ( Note 19 ).

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Prior to the reclassifications of certain properties to net investments in sales-type leases, earnings from such investments were recognized in Lease revenues in the consolidated financial statements.

Net investments in sales-type leases is summarized as follows (in thousands):

			December 31,
			2024						2023
Lease payments receivable (a)			$	36,938					$	849,881
			36,938						849,881
Less: unearned income			( 47 )						( 14,147 )
			$	36,891					$	835,734

__________

(a) Includes estimated purchase price and total rents owed.

Scheduled Future Lease Payments to be Received

Scheduled future lease payments to be received (exclusive of expenses paid by tenants, percentage of sales rents, and future CPI-based adjustments) under non-cancelable direct financing leases and sales-type leases at December 31, 2024 are as follows (in thousands):

Years Ending December 31,						Total
2025 (a)						$	69,427
2026						31,414
2027						30,248
2028						23,541
2029						20,933
Thereafter						40,014
Total						$	215,577

__________

(a) Includes $ 36.9 million for the net investments in sales-type leases described above, representing the estimated purchase prices of the investments plus remaining rents. One such investment (comprising two properties) was sold in January 2025 for gross proceeds of approximately $ 16.6 million ( Note 19 ).

See Note 6 for scheduled future lease payments to be received under non-cancelable operating leases.

Credit Quality of Finance Receivables

We generally invest in facilities that we believe are critical to a tenant’s business and therefore have a lower risk of tenant default. At both December 31, 2024 and 2023, no material balances of our finance receivables were past due. Other than the lease extensions, new leases, and lease expirations noted above under Net Investments in Direct Financing Leases , there were no material modifications of finance receivables during the year ended December 31, 2024.

We evaluate the credit quality of our finance receivables utilizing an internal five-point credit rating scale, with one representing the highest credit quality and five representing the lowest. A credit quality of one through three indicates a range of investment grade to stable. A credit quality of four through five indicates a range of inclusion on the watch list to risk of default. The credit quality evaluation of our finance receivables is updated quarterly.

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A summary of our finance receivables by internal credit quality rating, excluding our allowance for credit losses, is as follows (dollars in thousands):

						Number of Tenants / Obligors at December 31,												Carrying Value at December 31,
Internal Credit Quality Indicator						2024						2023						2024						2023
1 – 3						18						18						$	575,361					$	1,338,877
4						7						8						254,864						215,953
5						1						—						6,411						—
																		$	836,636					$	1,554,830

We have recorded lease and internal-use software development intangibles that are being amortized over periods ranging from one year to 48 years. In-place lease intangibles, at cost are included in In-place lease intangible assets and other in the consolidated financial statements. Above-market rent intangibles, at cost are included in Above-market rent intangible assets in the consolidated financial statements. Accumulated amortization of in-place lease and above-market rent intangibles is included in Accumulated depreciation and amortization in the consolidated financial statements. Internal-use software development intangibles are included in Other assets, net in the consolidated financial statements. Below-market rent intangibles are included in Below-market rent intangible liabilities, net in the consolidated financial statements.

Net lease intangibles recorded in connection with property acquisitions during the year ended December 31, 2024 are described in Note 6 .

In connection with certain business combinations, including the CPA:18 Merger ( Note 4 ), we recorded goodwill as a result of consideration exceeding the fair values of the assets acquired and liabilities assumed ( Note 2 ). The following table presents a reconciliation of our goodwill (in thousands):

															Goodwill
Balance at January 1, 2022															$	901,529
Acquisition of CPA:18 – Global ( Note 4 )															172,346
Impairment charges ( Note 10 )															( 29,334 )
Foreign currency translation adjustments															( 7,129 )
Balance at December 31, 2022															1,037,412
Allocation of goodwill distributed to NLOP ( Note 3 )															( 61,737 )
Foreign currency translation adjustments															2,614
Balance at December 31, 2023															978,289
Foreign currency translation adjustments															( 10,446 )
Balance at December 31, 2024															$	967,843

Current accounting guidance requires that we test for the recoverability of goodwill at least annually, or more frequently if events or changes in circumstances indicate that the carrying value of goodwill may not be recoverable. We performed our annual test for impairment in October 2024 and found no impairment indicated.

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Intangible assets, intangible liabilities, and goodwill are summarized as follows (in thousands):

			December 31,
			2024																		2023
			Gross Carrying Amount						Accumulated Amortization						Net Carrying Amount						Gross Carrying Amount						Accumulated Amortization						Net Carrying Amount
Finite-Lived Intangible Assets
Internal-use software development costs			$	2,778					$	( 999 )					$	1,779					$	20,745					$	( 19,569 )					$	1,176
			2,778						( 999 )						1,779						20,745						( 19,569 )						1,176
Lease Intangibles:
In-place lease			2,157,163						( 938,574 )						1,218,589						2,168,739						( 934,138 )						1,234,601
Above-market rent			665,495						( 481,355 )						184,140						706,773						( 481,554 )						225,219
			2,822,658						( 1,419,929 )						1,402,729						2,875,512						( 1,415,692 )						1,459,820
Goodwill
Goodwill			967,843						—						967,843						978,289						—						978,289
Total intangible assets			$	3,793,279					$	( 1,420,928 )					$	2,372,351					$	3,874,546					$	( 1,435,261 )					$	2,439,285
Finite-Lived Intangible Liabilities
Below-market rent			$	( 197,971 )					$	78,140					$	( 119,831 )					$	( 203,413 )					$	66,541					$	( 136,872 )
Total intangible liabilities			$	( 197,971 )					$	78,140					$	( 119,831 )					$	( 203,413 )					$	66,541					$	( 136,872 )

During 2024, the U.S. dollar strengthened against the euro, resulting in a decrease of $ 22.9 million in the carrying value of our net intangible assets from December 31, 2023 to December 31, 2024. See Note 7 for a description of intangible assets and liabilities reclassified to net investments in sales-type leases during the year ended December 31, 2024.

Net amortization of intangibles, including the effect of foreign currency translation, was $ 186.7 million, $ 247.5 million, and $ 229.2 million for the years ended December 31, 2024, 2023, and 2022, respectively. Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to Lease revenues and amortization of internal-use software development and in-place lease intangibles is included in Depreciation and amortization.

Based on the intangible assets and liabilities recorded at December 31, 2024, scheduled annual net amortization of intangibles for each of the next five calendar years and thereafter is as follows (in thousands):

Years Ending December 31,						Net Decrease (Increase) in Lease Revenues						Increase to Amortization						Total
2025						$	19,177					$	125,679					$	144,856
2026						14,392						117,110						131,502
2027						12,373						111,677						124,050
2028						11,159						102,470						113,629
2029						10,885						93,043						103,928
Thereafter						( 3,677 )						670,389						666,712
Total						$	64,309					$	1,220,368					$	1,284,677

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Interests in Unconsolidated Real Estate Investments and CESH

We own interests in certain unconsolidated real estate investments with third parties and in CESH. We account for our interests in these investments under the equity method of accounting (i.e., at cost, increased or decreased by our share of earnings or losses, less distributions, plus contributions and other adjustments required by equity method accounting, such as basis differences) or at fair value by electing the equity method fair value option available under GAAP.

We classify distributions received from equity method investments using the cumulative earnings approach. In general, distributions received are considered returns on the investment and classified as cash inflows from operating activities. If, however, the investor’s cumulative distributions received, less distributions received in prior periods determined to be returns of investment, exceeds cumulative equity in earnings recognized, the excess is considered a return of investment and is classified as cash inflows from investing activities.

We own equity interests in properties that are generally leased to companies through noncontrolling interests in partnerships and limited liability companies that we do not control but over which we exercise significant influence. The underlying investments are jointly owned with third parties. We account for these investments under the equity method of accounting. We account for our interest in CESH under the equity method because, as its advisor, we do not exert control over, but we do have the ability to exercise significant influence over, CESH.

The following table sets forth our ownership interests in our equity method investments and their respective carrying values (dollars in thousands):

												Carrying Value at December 31,
Lessee/Fund/Description						Ownership Interest						2024						2023
Las Vegas Retail Complex (a) (b)						N/A						$	248,972					$	235,979
Kesko Senukai (c)						70.00 %						26,773						28,860
Harmon Retail Corner (b)						15.00 %						24,169						24,229
CESH (d)						2.43 %						1,201						1,259
Johnson Self Storage (e)						90.00 %						—						63,934
												$	301,115					$	354,261

__________

(a) See “Las Vegas Retail Complex” below for discussion of this equity method investment.

(b) This investment is reported using the hypothetical liquidation at book value model, which may be different than pro rata ownership percentages, primarily due to the capital structure of the partnership agreement.

(c) The carrying value of this investment is affected by fluctuations in the exchange rate of the euro.

(d) We have elected to account for our investment in CESH at fair value by selecting the equity method fair value option available under GAAP.

(e) See “Johnson Self Storage” below for discussion of this equity method investment.

We received aggregate distributions of $ 22.1 million, $ 29.1 million, and $ 27.8 million from our unconsolidated real estate investments for the years ended December 31, 2024, 2023, and 2022, respectively. At December 31, 2024 and 2023, the aggregate unamortized basis differences on our unconsolidated real estate investments were $ 16.5 million and $ 18.0 million, respectively. We received distributions from CESH of $ 1.2 million during both the years ended December 31, 2023 and 2022. We did not receive a distribution from CESH during the year ended December 31, 2024.

Las Vegas Retail Complex

On June 10, 2021, we entered into an agreement to fund a construction loan of approximately $ 261.9 million for a retail complex in Las Vegas, Nevada, at an interest rate of 6.0 % and term of 36 months. Through December 31, 2024, we funded $ 247.7 million (including $ 16.3 million during the year ended December 31, 2024), with the remaining amount expected to be funded in 2025. We hold a purchase option for two net-leased units at the complex upon its completion, as well as an equity purchase option to acquire a 47.5 % equity interest in the partnership that owns the borrower. As of the agreement date, we did not deem the exercise of the purchase options to be reasonably certain.

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In accordance with ASC 810, Consolidation , we determined that this loan will not be consolidated, but due to the characteristics of the arrangement (including our participation in expected residual profits), the risks and rewards of the agreement are similar to those associated with an investment in real estate rather than a loan. Therefore, the loan will be treated as an implied investment in real estate (i.e., an equity method investment in real estate) for accounting purposes in accordance with the acquisition, development and construction arrangement sub-section of ASC 310, Receivables . Equity income from this investment was $ 13.2 million, $ 12.8 million, and $ 10.1 million for the years ended December 31, 2024, 2023, and 2022, respectively, which was recognized within Earnings from equity method investments in our consolidated statements of income.

Johnson Self Storage

On September 1, 2024, we acquired the remaining 10 % controlling interest in the Johnson Self Storage jointly owned investment for $ 10.5 million, bringing our ownership interest to 100 %. This investment comprised nine self-storage operating properties. Following this acquisition, we consolidate the investment. Due to this change in control, we recorded a gain on change in control of interests of approximately $ 31.8 million during the third quarter of 2024, which was the difference between our carrying value and the fair value of our previously held equity interest on September 1, 2024 of approximately $ 62.9 million and approximately $ 94.7 million, respectively.

In addition, on September 1, 2024, we entered into net lease agreements for these nine self-storage properties previously classified as operating properties. As a result, in September 2024, we reclassified these nine self-storage properties from Equity method investments and recorded the following amounts: (i) $ 84.4 million to Land, buildings and improvements — net lease and other, and (ii) $ 20.6 million to In-place lease intangible assets and other. Effective as of that date, we began recognizing Lease revenues from these properties.

CPA:18 – Global

Prior to the CPA:18 Merger ( Note 4 ), we owned an interest in CPA:18 – Global and accounted for this interest under the equity method because, as its advisor, we did not exert control over, but we did have the ability to exercise significant influence over, CPA:18 – Global.

We received distributions from this investment during the year ended December 31, 2022 of $ 1.6 million. We received distributions from our investment in the CPA:18 – Global operating partnership during the year ended December 31, 2022 of $ 8.7 million ( Note 5 ).

The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps, interest rate swaps, and foreign currency collars; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions.

Items Measured at Fair Value on a Recurring Basis

The methods and assumptions described below were used to estimate the fair value of each class of financial instrument. For significant Level 3 items, we have also provided the unobservable inputs.

Derivative Assets and Liabilities — Our derivative assets and liabilities, which are included in Other assets, net and Accounts payable, accrued expenses and other liabilities, respectively, in the consolidated financial statements, are comprised of foreign currency collars, interest rate swaps, and interest rate caps ( Note 11 ).

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The valuation of our derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves, spot and forward rates, and implied volatilities. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative instruments for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. These derivative instruments were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market.

Equity Method Investment in CESH — We have elected to account for our investment in CESH, which is included in Equity method investments in the consolidated financial statements, at fair value by selecting the equity method fair value option available under GAAP ( Note 9 ). We classified this investment as Level 3 because we primarily used valuation models that incorporate unobservable inputs to determine its fair value.

Investment in Shares of Lineage — Refer to Note 2 for information about the accounting treatment of our investment in 5,546,547 shares of Lineage, which is classified as Level 2 as of December 31, 2024 . During the years ended December 31, 2024 and 2022, we recognized non-cash unrealized (losses) gains on our investment in shares of Lineage totaling $( 134.0 ) million and $ 38.6 million, respectively, due to a (lower) higher closing share price, which was recorded within Other gains and (losses) in the consolidated financial statements. We did no t recognize such gains (losses) during the year ended December 31, 2023. In addition, during the years ended December 31, 2024 and 2022, we recognized dividends of $ 7.9 million and $ 4.3 million, respectively, from our investment in shares of Lineage, which was recorded within Non-operating income in the consolidated financial statements. We did no t recognize such dividends during the year ended December 31, 2023. The fair value of this investment was $ 270.9 million and $ 404.9 million at December 31, 2024 and 2023, respectively, which is reflected in Other assets, net in the consolidated financial statements.

Investment in Preferred Shares of WLT — In January 2022, Watermark Lodging Trust, Inc. (“WLT”) (a former affiliate) redeemed in full our 1,300,000 shares of its preferred stock for gross proceeds of $ 65.0 million (based on the liquidation preference of $ 50.00 per share). Since this redemption was based on market conditions that existed as of December 31, 2021, during the year ended December 31, 2021, we recognized an unrealized gain on our investment in preferred shares of WLT of $ 18.7 million, which was recognized within Other comprehensive income (loss) in the consolidated financial statements. In January 2022, in connection with this redemption, we reclassified this $ 18.7 million unrealized gain from Accumulated other comprehensive loss to Other gains and (losses) in the consolidated financial statements ( Note 14 ). During the year ended December 31, 2022, we received cash dividends of $ 0.9 million from our investment in preferred shares of WLT, which was recorded within Non-operating income in the consolidated financial statements.

Investment in Common Shares of WLT — In January 2022, we reclassified our investment in 12,208,243 shares of common stock of WLT from equity method investments to equity securities, since we no longer had significant influence over WLT, following the redemption of our investment in preferred shares of WLT, as described above. As a result, we accounted for this investment, which was included in Other assets, net in the consolidated financial statements, at fair value. We classified this investment as Level 3 because it is not traded in an active market. We recognized non-cash unrealized gains of $ 49.2 million on our investment in shares of common stock of WLT during the year ended December 31, 2022, reflecting the most recently published net asset value of WLT, which was recorded within Other gains and (losses) in the consolidated financial statements. WLT completed its previously announced sale to private real estate funds in October 2022 and we received $ 82.6 million in cash proceeds. Upon completion of this transaction, we have no remaining interest in WLT.

Other than the transfer of our investment in shares of Lineage from Level 3 to Level 2 noted above, we did not have any transfers into or out of Level 1, Level 2, and Level 3 category of measurements during either the years ended December 31, 2024 or 2023. Gains and losses (realized and unrealized) recognized on items measured at fair value on a recurring basis included in earnings are reported within Other gains and (losses) on our consolidated financial statements.

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Our other material financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands):

									December 31, 2024												December 31, 2023
			Level						Carrying Value						Fair Value						Carrying Value						Fair Value
Senior Unsecured Notes, net (a) (b) (c)			2 and 3						$	6,505,907					$	6,232,889					$	6,035,686					$	5,598,423
Non-recourse mortgages, net (a) (b) (d)			3						401,821						400,508						579,147						572,553

__________

(a) The carrying value of Senior Unsecured Notes, net ( Note 12 ) includes unamortized deferred financing costs of $ 30.2 million and $ 21.0 million at December 31, 2024 and 2023, respectively. The carrying value of Non-recourse mortgages, net includes unamortized deferred financing costs of $ 0.5 million and less than $ 0.1 million at December 31, 2024 and 2023, respectively.

(b) The carrying value of Senior Unsecured Notes, net includes unamortized discount of $ 29.9 million and $ 20.1 million at December 31, 2024 and 2023, respectively. The carrying value of Non-recourse mortgages, net includes unamortized discount of $ 4.4 million and $ 4.3 million at December 31, 2024 and 2023, respectively.

(c) For those Senior Unsecured Notes for which there are no observable market prices (specifically, our private placement Senior Unsecured Notes ( Note 12 )), we used a discounted cash flow model that estimates the present value of future loan payments by discounting such payments at current estimated market interest rates. We consider these notes to be within the Level 3 category. For all other Senior Unsecured Notes, we determined the estimated fair value using observed market prices in an open market, which may experience limited trading volume. We consider these notes to be within the Level 2 category.

(d) We determined the estimated fair value of our non-recourse mortgage loans using a discounted cash flow model that estimates the present value of the future loan payments by discounting such payments at current estimated market interest rates. The estimated market interest rates consider interest rate risk and the value of the underlying collateral, which includes quality of the collateral, the credit quality of the tenant/obligor, and the time until maturity.

We estimated that our other financial assets and liabilities, including amounts outstanding under our Senior Unsecured Credit Facility and Unsecured Term Loan due 2026 ( Note 12 ), but excluding finance receivables ( Note 7 ), had fair values that approximated their carrying values at both December 31, 2024 and 2023.

Items Measured at Fair Value on a Non-Recurring Basis (Including Impairment Charges)

We periodically assess whether there are any indicators that the value of our real estate investments may be impaired or that their carrying value may not be recoverable, including investments impacted by the Spin-Off and Office Sale Program ( Note 1 ). Our impairment policies are described in Note 2 .

The following table presents information about assets for which we recorded an impairment charge and that were measured at fair value on a non-recurring basis (in thousands):

			Years Ended December 31,
			2024												2023												2022
			Fair Value Measurements						Impairment Charges						Fair Value Measurements						Impairment Charges						Fair Value Measurements						Impairment Charges
Impairment Charges
Real estate			$	110,485					$	43,595					$	1,182,551					$	86,411					$	32,497					$	39,119
Investment management goodwill			—						—						—						—						—						29,334
									$	43,595											$	86,411											$	68,453

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Impairment charges, and their related triggering events and fair value measurements, recognized during 2024, 2023, and 2022 were as follows:

Real Estate

The impairment charges described below are reflected within Impairment charges — real estate in our consolidated statements of income.

2024 — During the year ended December 31, 2024, we recognized impairment charges totaling $ 23.0 million on four properties in order to reduce their carrying values to their estimated fair values, which approximated their estimated selling prices. Two of these properties were sold in July 2024.

In addition, during the year ended December 31, 2024, we recognized impairment charges totaling $ 20.6 million on two properties leased to the same tenant due to changes in expected cash flows related to a tenant bankruptcy, in order to reduce their carrying values to their estimated fair values. The fair value measurements for these properties were determined by using the following unobservable inputs:

• Comparable vacant sale prices ranging from $ 35 per square foot to $ 36 per square foot; and

• Six months of estimated net cash flows ranging from $ 0.5 million to $ 1.0 million.

2023 — During the year ended December 31, 2023, we recorded an impairment charge of $ 47.3 million related to the 59 properties that were contributed to NLOP in the Spin-Off ( Note 3 ). The fair value measurements for certain of these properties were determined by estimating discounted cash flows using the following unobservable inputs:

• Market rents ranging from $ 6 per square foot to $ 65 per square foot;

• Cash flow discount rates ranging from 6.5 % to 12.0 %; and

• Terminal capitalization rates ranging from 5.5 % to 12.0 %.

Additionally, the fair value measurements for certain of these properties approximated their estimated selling prices.

The fair value measurements for the non-recourse mortgages encumbering certain of the properties that were contributed to NLOP were determined using a discounted cash flow model that estimates the present value of the future loan payments by discounting such payments at current estimated market interest rates. The estimated market interest rates consider interest rate risk and the value of the underlying collateral, which includes quality of the collateral, the credit quality of the tenant/obligor, and the time until maturity.

In addition, during the year ended December 31, 2023, we recognized impairment charges totaling $ 39.1 million on three office properties in order to reduce their carrying values to their estimated fair values, which approximated their estimated selling prices. We sold all of these properties during 2023 and 2024.

2022 — During the year ended December 31, 2022, we recognized impairment charges totaling $ 39.1 million on 11 properties in order to reduce their carrying values to their estimated fair values, as follows:

• $ 12.4 million on three properties based on their estimated selling prices; we sold one of these properties in August 2022, one in March 2023, and one in January 2024;

• $ 10.9 million on a property due to changes in expected cash flows related to the existing tenant’s lease expiration in 2023. The fair value measurement was determined by estimating discounted cash flows using two significant unobservable inputs, which were the cash flow discount rate ( 14.0 %) and terminal capitalization rate ( 11.0 %); we sold this property in November 2023;

• $ 9.3 million on six Pendragon PLC properties in order to reduce the carrying values of the properties to their estimated fair values. The fair value measurements for the properties were determined using a direct capitalization rate analysis; the capitalization rate for the various scenarios ranged from 4.75 % to 10.00 %. In March 2022, we entered into a transaction to restructure certain leases with Pendragon PLC (a tenant at certain automotive dealerships in the United Kingdom). Under this restructuring, we extended the leases on 30 properties by 11 years (no change to rent) and entered into an agreement to dispose of 12 properties, with the tenant continuing to pay rent until the earlier of sale date or certain specified dates over the following 12 months; four of these properties were sold during 2022 and two of these properties were sold during 2024; and

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• $ 6.5 million on a property due to a potential property vacancy.

Investment Management Goodwill

The impairment charges described below are reflected within Impairment charges — investment management goodwill in our consolidated statements of income.

2022 — During the year ended December 31, 2022, we recognized an impairment charge of $ 29.3 million on goodwill related to our investment management operations in order to reduce its carrying value to its estimated fair value of $ 0 , since future investment management cash flows are expected to be minimal following the CPA:18 Merger ( Note 4 ).

Risk Management

In the normal course of our ongoing business operations, we encounter economic risk. There are four main components of economic risk that impact us: interest rate risk, credit risk, market risk, and foreign currency risk. We are primarily subject to interest rate risk on our interest-bearing liabilities, including our Senior Unsecured Credit Facility ( Note 12 ) and unhedged variable-rate non-recourse mortgage loans. Credit risk is the risk of default on our operations and our tenants’ inability or unwillingness to make contractually required payments. Market risk includes changes in the value of our properties and related loans, Senior Unsecured Notes, and other securities, due to changes in interest rates or other market factors. We own investments in North America, Europe, and Japan and are subject to risks associated with fluctuating foreign currency exchange rates.

Derivative Financial Instruments

When we use derivative instruments, it is generally to reduce our exposure to fluctuations in interest rates and foreign currency exchange rate movements. We have not entered into, and do not plan to enter into, financial instruments for trading or speculative purposes. In addition to entering into derivative instruments on our own behalf, we may also be a party to derivative instruments that are embedded in other contracts, and we may be granted common stock warrants by lessees when structuring lease transactions, which are considered to be derivative instruments. The primary risks related to our use of derivative instruments include a counterparty to a hedging arrangement defaulting on its obligation and a downgrade in the credit quality of a counterparty to such an extent that our ability to sell or assign our side of the hedging transaction is impaired. While we seek to mitigate these risks by entering into hedging arrangements with large financial institutions that we deem to be creditworthy, it is possible that our hedging transactions, which are intended to limit losses, could adversely affect our earnings. Furthermore, if we terminate a hedging arrangement, we may be obligated to pay certain costs, such as transaction or breakage fees. We have established policies and procedures for risk assessment and the approval, reporting, and monitoring of derivative financial instrument activities.

We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For derivatives designated and that qualify as cash flow hedges, the change in fair value of the derivative is recognized in Other comprehensive income (loss) until the hedged item is recognized in earnings. Gains and losses on the cash flow hedges representing hedge components excluded from the assessment of effectiveness are recognized in earnings over the life of the hedge on a systematic and rational basis, as documented at hedge inception in accordance with our accounting policy election. Such gains and losses are recorded within Other gains and (losses) or Interest expense in our consolidated statements of income. The earnings recognition of excluded components is presented in the same line item as the hedged transactions. For derivatives designated and that qualify as a net investment hedge, the change in the fair value and/or the net settlement of the derivative is reported in Other comprehensive income (loss) as part of the cumulative foreign currency translation adjustment. Amounts are reclassified out of Other comprehensive income (loss) into earnings (within Gain on sale of real estate, net, in our consolidated statements of income) when the hedged net investment is either sold or substantially liquidated.

All derivative transactions with an individual counterparty are governed by a master International Swap and Derivatives Association agreement, which can be considered as a master netting arrangement; however, we report all our derivative instruments on a gross basis on our consolidated financial statements. At both December 31, 2024 and 2023, no cash collateral had been posted nor received for any of our derivative positions.

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The following table sets forth certain information regarding our derivative instruments (in thousands):

Derivatives Designated as Hedging Instruments						Balance Sheet Location						Asset Derivatives Fair Value at												Liability Derivatives Fair Value at
												December 31, 2024						December 31, 2023						December 31, 2024						December 31, 2023
Foreign currency collars						Other assets, net						$	21,556					$	14,103					$	—					$	—
Interest rate swaps						Other assets, net						250						995						—						—
Interest rate swaps						Accounts payable, accrued expenses and other liabilities						—						—						( 848 )						( 1,678 )
Foreign currency collars						Accounts payable, accrued expenses and other liabilities						—						—						( 50 )						( 4,029 )
												21,806						15,098						( 898 )						( 5,707 )
Derivatives Not Designated as Hedging Instruments
Foreign currency collars						Other assets, net						1,696						—						—						—
Foreign currency collars						Accounts payable, accrued expenses and other liabilities						—						—						—						( 217 )
												1,696						—						—						( 217 )
Total derivatives												$	23,502					$	15,098					$	( 898 )					$	( 5,924 )

The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands):

						Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) (a)
						Years Ended December 31,
Derivatives in Cash Flow Hedging Relationships						2024						2023						2022
Foreign currency collars						$	11,432					$	( 21,112 )					$	13,013
Interest rate swaps						154						( 3,270 )						3,068
Interest rate caps						—						( 9 )						16
Total						$	11,586					$	( 24,391 )					$	16,097

												Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss)
Derivatives in Cash Flow Hedging Relationships						Location of Gain (Loss) Recognized in Income						Years Ended December 31,
												2024						2023						2022
Foreign currency collars						Non-operating income						$	8,695					$	14,874					$	17,483
Interest rate swaps and caps						Interest expense						1,582						1,956						( 167 )
Total												$	10,277					$	16,830					$	17,316

__________

(a) Excludes net losses of $ 1.0 million, net losses of $ 2.0 million, and net gains of $ 3.6 million recognized on unconsolidated jointly owned investments for the years ended December 31, 2024, 2023, and 2022, respectively.

Amounts reported in Other comprehensive income (loss) related to interest rate derivative contracts will be reclassified to Interest expense as interest is incurred on our variable-rate debt. Amounts reported in Other comprehensive income (loss) related to foreign currency derivative contracts will be reclassified to Non-operating income when the hedged foreign currency contracts are settled. As of December 31, 2024, we estimate that an additional less than $ 0.1 million and $ 12.2 million will be reclassified as Interest expense and Non-operating income, respectively, during the next 12 months.

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												Amount of Gain (Loss) on Derivatives Recognized in Income
Derivatives in Cash Flow Hedging Relationships						Location of Gain (Loss) Recognized in Income						Years Ended December 31,
												2024						2023						2022
Foreign currency collars						Non-operating income						$	3,826					$	( 389 )					$	6,574
Interest rate swaps						Interest expense						( 1,691 )						( 2,076 )						171
Derivatives Not in Cash Flow Hedging Relationships
Foreign currency collars						Other gains and (losses)						1,913						32						( 248 )
Stock warrants						Other gains and (losses)						—						( 3,950 )						( 650 )
Total												$	4,048					$	( 6,383 )					$	5,847

See below for information on our purposes for entering into derivative instruments.

Interest Rate Swaps and Caps

We are exposed to the impact of interest rate changes primarily through our borrowing activities. To limit this exposure, we generally seek long-term debt financing on a fixed-rate basis. However, from time to time, we have obtained, and may in the future obtain, variable-rate (i) non-recourse mortgage loans and (ii) unsecured term loans ( Note 12 ), and, as a result, we have entered into, and may continue to enter into, interest rate swap agreements or interest rate cap agreements with counterparties. Interest rate swaps, which effectively convert the variable-rate debt service obligations of a loan to a fixed rate, are agreements in which one party exchanges a stream of interest payments for a counterparty’s stream of cash flow over a specific period. The notional, or face, amount on which the swaps are based is not exchanged. Interest rate caps limit the effective borrowing rate of variable-rate debt obligations while allowing participants to share in downward shifts in interest rates. Our objective in using these derivatives is to limit our exposure to interest rate movements.

The interest rate swaps that our consolidated subsidiaries had outstanding at December 31, 2024 are summarized as follows (currency in thousands):

Interest Rate Derivatives						Number of Instruments						Notional Amount									Fair Value at December 31, 2024 (a)
Designated as Cash Flow Hedging Instruments
Interest rate swaps (b)						4						530,938			EUR						$	( 848 )
Interest rate swap						1						11,695			USD						250
																					$	( 598 )

__________

(a) Fair value amounts are based on the exchange rate of the euro at December 31, 2024, as applicable.

(b) Includes three interest rate swaps with an aggregate notional of € 500 million and fair value of $ 0 , which matured on December 31, 2024.

Foreign Currency Collars

We are exposed to foreign currency exchange rate movements, primarily in the euro and, to a lesser extent, the British pound sterling and certain other currencies. In order to hedge certain of our foreign currency cash flow exposures, we enter into foreign currency collars. A foreign currency collar consists of a written call option and a purchased put option to sell the foreign currency at a range of predetermined exchange rates. A foreign currency collar guarantees that the exchange rate of the currency will not fluctuate beyond the range of the options’ strike prices. Our foreign currency collars have maturities of 59 months or less.

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The following table presents the foreign currency collars that we had outstanding at December 31, 2024 (currency in thousands):

Foreign Currency Derivatives						Number of Instruments						Notional Amount									Fair Value at December 31, 2024
Designated as Cash Flow Hedging Instruments
Foreign currency collars						48						273,000			EUR						$	20,401
Foreign currency collars						20						12,720			GBP						1,105
Not Designated as Cash Flow Hedging Instruments
Foreign currency collars						5						35,000			EUR						1,696
																					$	23,202

Credit Risk-Related Contingent Features

We measure our credit exposure on a counterparty basis as the net positive aggregate estimated fair value of our derivatives, net of any collateral received. No collateral was received as of December 31, 2024. At December 31, 2024, our total credit exposure and the maximum exposure to any single counterparty was $ 23.5 million and $ 4.5 million, respectively.

Some of the agreements we have with our derivative counterparties contain cross-default provisions that could trigger a declaration of default on our derivative obligations if we default, or are capable of being declared in default, on certain of our indebtedness. At December 31, 2024, we had not been declared in default on any of our derivative obligations. The estimated fair value of our derivatives in a net liability position was $ 0.9 million and $ 5.9 million at December 31, 2024 and 2023, respectively, which included accrued interest and any nonperformance risk adjustments. If we had breached any of these provisions at December 31, 2024 or 2023, we could have been required to settle our obligations under these agreements at their aggregate termination value of $ 0.9 million and $ 6.0 million, respectively.

Net Investment Hedges

Certain borrowings under our Senior Unsecured Notes, Unsecured Revolving Credit Facility, and Unsecured Term Loans (all as defined in Note 12 ) denominated in euro, British pounds sterling, or Japanese yen are designated as, and are effective as, economic hedges of our net investments in foreign entities.

Exchange rate variations impact our financial results because the financial results of our foreign subsidiaries are translated to U.S. dollars each period, with the effect of exchange rate variations being recorded in Other comprehensive income (loss) as part of the cumulative foreign currency translation adjustment. As a result, changes in the value of our borrowings under our euro-denominated senior notes and changes in the value of our euro, Japanese yen, and British pound sterling borrowings under our Senior Unsecured Credit Facility, related to changes in the spot rates, will be reported in the same manner as foreign currency translation adjustments, which are recorded in Other comprehensive income (loss) as part of the cumulative foreign currency translation adjustment. Such gains (losses) related to non-derivative net investment hedges were $ 239.7 million, $( 121.8 ) million, and $ 214.3 million for the years ended December 31, 2024, 2023, and 2022, respectively.

Term Loan Agreement

As of both December 31, 2024 and 2023, we had a € 500.0 million unsecured term loan outstanding maturing on April 24, 2026 (our “Unsecured Term Loan due 2026”), comprised of (i) a € 300.0 million term loan (our “Term Loan due 2026”) and (ii) a € 200.0 million delayed draw term loan (our “Delayed Draw Term Loan due 2026”). The Unsecured Term Loan due 2026 is incorporated into the Senior Unsecured Credit Facility, which is described below.

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Senior Unsecured Credit Facility

As of both December 31, 2024 and 2023, we had a multi-currency senior unsecured credit facility, comprised of (i) a $ 2.0 billion unsecured revolving credit facility maturing on February 14, 2029 (our “Unsecured Revolving Credit Facility”), (ii) a £ 270.0 million term loan maturing on February 14, 2028 (our “GBP Term Loan due 2028”), and (iii) a € 215.0 million term loan maturing on February 14, 2028 (our “EUR Term Loan due 2028”). We have an option to extend each of these term loans by up to an additional year, subject to certain customary conditions. We refer to these term loans collectively as the “Unsecured Term Loans due 2028.” We refer to our Unsecured Term Loan due 2026 and Unsecured Term Loans due 2028 collectively as our “Unsecured Term Loans.” We refer to our Unsecured Revolving Credit Facility and our Unsecured Term Loans collectively as our “Senior Unsecured Credit Facility.”

As of December 31, 2024, the aggregate principal amount (of revolving and term loans) available under the Senior Unsecured Credit Facility was able to be increased up to an amount not to exceed the U.S. dollar equivalent of $ 4.35 billion, subject to the conditions to increase set forth in our credit agreement.

At December 31, 2024, our Unsecured Revolving Credit Facility had available capacity of approximately $ 1.9 billion (net of amounts reserved for standby letters of credit totaling $ 4.9 million). We currently incur an annual facility fee of 0.125 % of the total commitment on our Unsecured Revolving Credit Facility based on (i) our credit ratings of BBB+ and Baa1 or (ii) the “Leverage Ratio” (as defined in the credit agreement for our Senior Unsecured Credit Facility), which is included within Interest expense in our consolidated statements of income.

The following table presents a summary of our Senior Unsecured Credit Facility (dollars in thousands):

Senior Unsecured Credit Facility						Interest Rate at December 31, 2024 (a)						Maturity Date at December 31, 2024						Principal Outstanding Balance at December 31,
																		2024						2023
Unsecured Term Loans: (b)
Unsecured Term Loan due 2026 — borrowing in euros (c)						4.29 %						4/24/2026						$	519,450					$	552,500
GBP Term Loan due 2028 — borrowing in British pounds sterling (d)						SONIA + 0.80 %						2/14/2028						338,290						343,306
EUR Term Loan due 2028 — borrowing in euros (e)						EURIBOR + 0.80 %						2/14/2028						223,363						237,575
																		1,081,103						1,133,381
Unsecured Revolving Credit Facility:
Borrowing in British pounds sterling (d)						SONIA + 0.725 %						2/14/2029						40,094						—
Borrowing in Japanese yen (f)						TIBOR + 0.725 %						2/14/2029						15,354						17,035
Borrowing in euros						N/A						2/14/2029						—						386,750
																		55,448						403,785
																		$	1,136,551					$	1,537,166

__________

(a) The applicable interest rate at December 31, 2024 was based on the credit ratings for our Senior Unsecured Notes of BBB+/Baa1 or our Leverage Ratio.

(b) Balances exclude unamortized discount of $ 5.0 million and $ 7.4 million at December 31, 2024 and 2023, respectively, and unamortized deferred financing costs of $ 0.2 million and $ 0.4 million at December 31, 2024 and 2023, respectively.

(c) Interest rate was subject to variable-to-fixed interest rate swaps that fixed the total per annum interest rate at 4.29 % inclusive of credit spread through December 31, 2024. These interest rate swaps expired on December 31, 2024, after which the Unsecured Term Loan due 2026 is subject to a variable interest rate based on EURIBOR.

(d) SONIA means Sterling Overnight Index Average.

(e) EURIBOR means Euro Interbank Offered Rate.

(f) TIBOR means Tokyo Interbank Offered Rate.

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Senior Unsecured Notes

As set forth in the table below, we have euro and U.S. dollar-denominated senior unsecured notes outstanding with an aggregate principal balance outstanding of $ 6.6 billion at December 31, 2024 (the “Senior Unsecured Notes”).

On May 16, 2024, we completed an underwritten public offering of € 650.0 million of 4.25 % Senior Notes due 2032, at a price of 99.526 % of par value. These 4.25 % Senior Notes due 2032 had an initial 8.2-year term and are scheduled to mature on July 23, 2032.

On June 28, 2024, we completed an underwritten public offering of $ 400.0 million of 5.375 % Senior Notes due 2034, at a price of 98.843 % of par value. These 5.375 % Senior Notes due 2034 had an initial 10.0-year term and are scheduled to mature on June 30, 2034.

On November 19, 2024, we completed an underwritten public offering of € 600.0 million of 3.700 % Senior Notes due 2034, at a price of 98.880 % of par value. These 3.700 % Senior Notes due 2034 had an initial 10.0-year term and are scheduled to mature on November 19, 2034.

Interest on the Senior Unsecured Notes is payable annually or semi-annually in arrears. The Senior Unsecured Notes can be redeemed at par within three months of their respective maturities, or we can call the notes at any time for the principal, accrued interest, and a make-whole amount based upon the applicable government bond yield plus 20 to 35 basis points (except for our 3.41 % Senior Notes due 2029 and 3.7 % Senior Notes due 2032, which are subject to different repayment provisions). The following table presents a summary of our Senior Unsecured Notes outstanding at December 31, 2024 (currency in thousands):

												Principal Amount						Coupon Rate						Maturity Date						Principal Outstanding Balance at December 31,
Senior Unsecured Notes, net (a)						Issue Date																								2024						2023
4.6 % Senior Notes due 2024 (b)						3/14/2014						$	500,000					4.6		%				4/1/2024						$	—					$	500,000
2.25 % Senior Notes due 2024 (c)						1/19/2017						€	500,000					2.25		%				7/19/2024						—						552,500
4.0 % Senior Notes due 2025 (d)						1/26/2015						$	450,000					4.0		%				2/1/2025						450,000						450,000
2.25 % Senior Notes due 2026						10/9/2018						€	500,000					2.25		%				4/9/2026						519,450						552,500
4.25 % Senior Notes due 2026						9/12/2016						$	350,000					4.25		%				10/1/2026						350,000						350,000
2.125 % Senior Notes due 2027						3/6/2018						€	500,000					2.125		%				4/15/2027						519,450						552,500
1.35 % Senior Notes due 2028						9/19/2019						€	500,000					1.35		%				4/15/2028						519,450						552,500
3.85 % Senior Notes due 2029						6/14/2019						$	325,000					3.85		%				7/15/2029						325,000						325,000
3.41 % Senior Notes due 2029						9/28/2022						€	150,000					3.41		%				9/28/2029						155,835						165,750
0.95 % Senior Notes due 2030						3/8/2021						€	525,000					0.95		%				6/1/2030						545,422						580,125
2.4 % Senior Notes due 2031						10/14/2020						$	500,000					2.4		%				2/1/2031						500,000						500,000
2.45 % Senior Notes due 2032						10/15/2021						$	350,000					2.45		%				2/1/2032						350,000						350,000
4.25 % Senior Notes due 2032						5/16/2024						€	650,000					4.25		%				7/23/2032						675,285						—
3.7 % Senior Notes due 2032						9/28/2022						€	200,000					3.7		%				9/28/2032						207,780						221,000
2.25 % Senior Notes due 2033						2/25/2021						$	425,000					2.25		%				4/1/2033						425,000						425,000
5.375 % Senior Notes due 2034						6/28/2024						$	400,000					5.375		%				6/30/2034						400,000						—
3.7 % Senior Notes due 2034						11/19/2024						€	600,000					3.7		%				11/19/2034						623,340						—
																														$	6,566,012					$	6,076,875

__________

(a) Aggregate balance excludes unamortized deferred financing costs totaling $ 30.2 million and $ 21.1 million, and unamortized discount totaling $ 29.9 million and $ 20.1 million at December 31, 2024 and 2023, respectively.

(b) In April 2024, we repaid our $ 500 million of 4.6 % Senior Notes due 2024 at maturity.

(c) In July 2024, we repaid our € 500 million of 2.25 % Senior Notes due 2024 at maturity.

(d) In February 2025, we repaid our $ 450 million of 4.0 % Senior Notes due 2025 at maturity ( Note 19 ).

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Covenants

The credit agreements for our Senior Unsecured Credit Facility, each of the Senior Unsecured Notes, and certain of our non-recourse mortgage loan agreements include customary financial maintenance covenants that require us to maintain certain ratios and benchmarks at the end of each quarter. The credit agreement for our Senior Unsecured Credit Facility also contains various customary affirmative and negative covenants applicable to us and our subsidiaries, subject to materiality and other qualifications, baskets, and exceptions as outlined in the credit agreement. We were in compliance with all of these covenants at December 31, 2024.

We may make unlimited Restricted Payments (as defined in the credit agreement for our Senior Unsecured Credit Facility), as long as no non-payment default or financial covenant default has occurred before, or would on a pro forma basis occur as a result of, the Restricted Payment. In addition, we may make Restricted Payments in an amount required to (i) maintain our REIT status and (ii) as a result of that status, not pay federal or state income or excise tax, as long as the loans under the Credit Agreement have not been accelerated and no bankruptcy or event of default has occurred.

Obligations under the Unsecured Revolving Credit Facility may be declared immediately due and payable upon the occurrence of certain events of default as defined in the credit agreement for our Senior Unsecured Credit Facility, including failure to pay any principal when due and payable, failure to pay interest within five business days after becoming due, failure to comply with any covenant, representation or condition of any loan document, any change of control, cross-defaults, and certain other events as set forth in the credit agreement, with grace periods in some cases.

Non-Recourse Mortgages

Non-recourse mortgages consist of mortgage notes payable, which are collateralized by the assignment of real estate properties. For a list of our encumbered properties, please see Schedule III — Real Estate and Accumulated Depreciation . At December 31, 2024, the weighted-average interest rate for our total non-recourse mortgage notes payable was 4.6 % (all of which had fixed rates), with maturity dates ranging from February 2025 to February 2033.

During the year ended December 31, 2024, we assumed five non-recourse mortgage loans with an aggregate outstanding principal balance totaling $ 66.0 million in connection with the acquisitions of certain properties ( Note 6 ). These mortgage loans have a weighted-average fixed annual interest rate of 4.5 % and maturity dates ranging from May 2027 to September 2029.

See Note 3 for a description of non-recourse mortgages derecognized in connection with the Spin-Off.

CPA:18 Merger

In connection with the CPA:18 Merger on August 1, 2022 ( Note 4 ), we assumed property-level debt comprised of non-recourse mortgage loans with fair values totaling $ 900.2 million and recorded an aggregate fair market value net discount of $ 13.1 million. The fair market value net discount will be amortized to interest expense over the remaining lives of the related loans. These non-recourse mortgage loans had a weighted-average annual interest rate of 5.1 % on the merger date.

Repayments During 2024

During the year ended December 31, 2024, we (i) repaid non-recourse mortgage loans at or close to maturity with an aggregate principal balance of approximately $ 181.3 million, and (ii) prepaid non-recourse mortgage loans totaling $ 33.8 million. We recognized an aggregate net loss on extinguishment of debt of $ 0.1 million on these repayments, which is included within Other gains and (losses) on our consolidated statements of income. The weighted-average interest rate for these non-recourse mortgage loans on their respective dates of repayment was 4.5 %.

Repayments During 2023

During the year ended December 31, 2023, we (i) repaid non-recourse mortgage loans at or close to maturity with an aggregate principal balance of approximately $ 268.1 million and (ii) prepaid non-recourse mortgage loans totaling $ 99.8 million. We recognized an aggregate net loss on extinguishment of debt of $ 3.5 million on these repayments, which is included within Other gains and (losses) on our consolidated statements of income. The weighted-average interest rate for these non-recourse mortgage loans on their respective dates of repayment was 4.9 %.

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Interest Paid

For the years ended December 31, 2024, 2023, and 2022, interest paid was $ 256.6 million, $ 269.7 million, and $ 191.0 million, respectively.

Foreign Currency Exchange Rate Impact

During the year ended December 31, 2024, the U.S. dollar strengthened against the euro and British pound sterling, resulting in a decrease of $ 280.6 million in the aggregate carrying values of our Non-recourse mortgages, net, Senior Unsecured Credit Facility, and Senior Unsecured Notes, net from December 31, 2023 to December 31, 2024.

Scheduled Debt Principal Payments

Scheduled debt principal payments as of December 31, 2024 are as follows (in thousands):

Years Ending December 31,						Total
2025 (a)						$	669,459
2026						1,479,745
2027						529,329
2028						1,152,721
2029						547,983
Thereafter through 2034						3,730,015
Total principal payments						8,109,252
Unamortized discount, net						( 39,310 )
Unamortized deferred financing costs						( 30,940 )
Total						$	8,039,002

__________

(a) In February 2025, we repaid our $ 450 million of 4.0 % Senior Notes due 2025 at maturity ( Note 19 ).

Certain amounts are based on the applicable foreign currency exchange rate at December 31, 2024.

At December 31, 2024, we were not involved in any material litigation. Various claims and lawsuits arising in the normal course of business are pending against us. The results of these proceedings are not expected to have a material adverse effect on our consolidated financial position or results of operations.

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Common Stock

Dividends paid to stockholders consist of ordinary income, capital gains, return of capital or a combination thereof for income tax purposes. Our dividends per share are summarized as follows:

			Dividends Paid
			During the Years Ended December 31,
			2024						2023						2022
Ordinary income			$	3.0709					$	3.8233					$	4.0329
Capital gains			0.2363						0.3443						0.0273
Return of capital			0.1628						0.8671						0.1718
Total dividends paid (a)			$	3.4700					$	5.0347					$	4.2320

__________

(a) Amount for the year ended December 31, 2023 includes a distribution of $ 0.7627 per share representing the taxable distribution of shares of NLOP that occurred in conjunction with the Spin-Off on November 1, 2023 ( Note 3 ). The per share distribution rate is based on the exchange ratio of one share of NLOP distributed for every 15 shares of WPC held and the fair market value of NLOP shares distributed in the Spin-Off, which was determined to be $ 11.44 per NLOP share, using a three-day volume weighted average price.

During the fourth quarter of 2024, our Board declared a quarterly dividend of $ 0.880 per share, which was paid on January 15, 2025 to stockholders of record as of December 31, 2024.

Earnings Per Share

The following table summarizes basic and diluted earnings (dollars in thousands) :

			Years Ended December 31,
			2024						2023						2022
Net income – basic and diluted			$	460,839					$	708,334					$	599,139
Weighted-average shares outstanding – basic			220,168,325						215,369,777						199,633,802
Effect of dilutive securities			352,132						390,719						793,322
Weighted-average shares outstanding – diluted			220,520,457						215,760,496						200,427,124

For the years ended December 31, 2024, 2023, and 2022, potentially dilutive securities excluded from the computation of diluted earnings per share were insignificant.

Acquisitions of Noncontrolling Interests

On May 30, 2023, we acquired the remaining 3 % interest in an international jointly owned investment (which we already consolidated) from the noncontrolling interest holders for nominal consideration, bringing our ownership interest to 100 %. No gain or loss was recognized on the transaction. We recorded an increase of approximately $ 1.2 million to Additional paid-in capital in our consolidated statements of equity for the year ended December 31, 2023 related to the difference between the consideration transferred and the carrying value of the noncontrolling interest related to this investment.

On July 18, 2023, we acquired the remaining 10 % interest in a domestic jointly owned investment (which we already consolidated) from the noncontrolling interest holders for $ 2.4 million, bringing our ownership interest to 100 %. No gain or loss was recognized on the transaction. We recorded an increase of approximately $ 2.5 million to Additional paid-in capital in our consolidated statements of equity for the year ended December 31, 2023 related to the difference between the consideration transferred and the carrying value of the noncontrolling interest related to this investment.

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ATM Program

On May 2, 2022, we established a continuous “at-the-market” offering program (“ATM Program”) with a syndicate of banks, pursuant to which shares of our common stock having an aggregate gross sales price of up to $ 1.0 billion may be sold (i) directly through or to the banks acting as sales agents or as principal for their own accounts or (ii) through or to participating banks or their affiliates acting as forward sellers on behalf of any forward purchasers pursuant to a forward sale agreement (our “ATM Forwards”). Effective as of that date, we terminated a prior ATM Program that was established on August 9, 2019.

The following table sets forth certain information regarding the issuance of shares of our common stock under our prior ATM Program during the periods presented (net proceeds in thousands):

			Years Ended December 31,
			2024						2023						2022
Shares of common stock issued			—						—						2,740,295
Weighted-average price per share			$	—					$	—					$	80.79
Net proceeds			$	—					$	—					$	218,081

Forward Equity

During 2023, we settled the ATM Forwards in full prior to the maturity date of each ATM Forward via physical delivery of the outstanding shares of common stock in exchange for cash proceeds. The forward sale price that we received upon physical settlement of the ATM Forwards was (i) subject to adjustment on a daily basis based on a floating interest rate factor equal to a specified daily rate less a spread (i.e., if the specified daily rate is less than the spread on any day, the interest rate factor will result in a daily reduction of the applicable forward sale price) and (ii) decreased based on amounts related to expected dividends on shares of our common stock during the term of the ATM Forwards.

We determined that our ATM Forwards met the criteria for equity classification and were therefore exempt from derivative accounting. We recorded the ATM Forwards at fair value at inception, which we determined to be zero. Subsequent changes to fair value are not required under equity classification.

From time to time, we have entered into underwriting agreements and forward sale agreements with syndicates of banks acting as underwriters, forward sellers, and/or forward purchasers in connection with public offerings of our common stock (the “Equity Forwards”). At the closing of these transactions, the offered shares were borrowed from third parties by the banks acting as forward purchasers and sold to the underwriters for distribution at the respective gross offering prices. As a result of this forward construct, we did not receive any proceeds from the sale of shares at the closing of each offering, but rather at later settlement dates. We have determined that the forward sale agreements meet the criteria for equity classification and are therefore exempt from derivative accounting. We recorded the forward sale agreements at fair value at inception, which we determined to be zero. Subsequent changes to fair value are not required under equity classification. We settled all of our Equity Forwards during the reporting period.

The following table sets forth certain information regarding the settlement of our forward equity during the periods presented (dollars in thousands):

			Years Ended December 31,
			2024						2023						2022
Shares of common stock delivered			—						7,826,840						3,925,000
Net proceeds			$	—					$	633,785					$	284,259

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Reclassifications Out of Accumulated Other Comprehensive Loss

The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands):

			Gains and (Losses) on Derivative Instruments						Foreign Currency Translation Adjustments						Gains and (Losses) on Investments						Total
Balance at January 1, 2022			$	16,347					$	( 256,705 )					$	18,688					$	( 221,670 )
Other comprehensive loss before reclassifications			37,048						( 63,149 )						—						( 26,101 )
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income			( 17,483 )						—						—						( 17,483 )
Interest expense			167						—						—						167
Other gains and (losses) ( Note 10 )			—						—						( 18,688 )						( 18,688 )
Total			( 17,316 )						—						( 18,688 )						( 36,004 )
Net current period other comprehensive loss			19,732						( 63,149 )						( 18,688 )						( 62,105 )
Net current period other comprehensive income attributable to noncontrolling interests			—						( 5 )						—						( 5 )
Balance at December 31, 2022			36,079						( 319,859 )						—						( 283,780 )
Other comprehensive income before reclassifications			( 9,599 )						19,758						—						10,159
Other comprehensive income derecognized in connection with the Spin-Off ( Note 3 )			—						35,664						—						35,664
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income			( 14,874 )						—						—						( 14,874 )
Interest expense			( 1,956 )						—						—						( 1,956 )
Total			( 16,830 )						—						—						( 16,830 )
Net current period other comprehensive income			( 26,429 )						55,422						—						28,993
Net current period other comprehensive income attributable to noncontrolling interests			—						( 80 )						—						( 80 )
Balance at December 31, 2023			9,650						( 264,517 )						—						( 254,867 )
Other comprehensive income before reclassifications			20,901						( 6,281 )						—						14,620
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income			( 8,695 )						—						—						( 8,695 )
Interest expense			( 1,582 )						—						—						( 1,582 )
Total			( 10,277 )						—						—						( 10,277 )
Net current period other comprehensive income			10,624						( 6,281 )						—						4,343
Net current period other comprehensive income attributable to noncontrolling interests			—						292						—						292
Balance at December 31, 2024			$	20,274					$	( 270,506 )					$	—					$	( 250,232 )

See Note 11 for additional information on our derivatives activity recognized within Other comprehensive income (loss) for the periods presented.

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Stock-Based Compensation

At December 31, 2024, we maintained the stock-based compensation plans described below. The total compensation expense (net of forfeitures) for awards issued under these plans was $ 40.9 million, $ 34.5 million, and $ 32.8 million for the years ended December 31, 2024, 2023, and 2022, respectively, which was included in Stock-based compensation expense in the consolidated financial statements. The tax expense recognized by us related to these awards totaled $ 4.3 million for the year ended December 31, 2022. No such expense was recorded during the years ended December 31, 2024 and 2023. The tax expense for the year ended December 31, 2022 was reflected as a deferred tax expense within Provision for income taxes in the consolidated financial statements.

Amended and Restated 2017 Share Incentive Plan

In June 2024, our stockholders approved the Amended and Restated 2017 Share Incentive Plan (the “Plan”), which authorizes the issuance of up to 4,000,000 additional shares of our common stock and makes certain other changes. The Plan is more fully described in the registration statement on Form S-8 filed on June 14, 2024. The Plan provides for the grant of various stock- and cash-based awards, including (i) RSUs, (ii) PSUs, (iii) RSAs, and (iv) dividend equivalent rights. At December 31, 2024, 4,958,862 shares remained available for issuance under the Plan.

Nonvested RSAs, RSUs, and PSUs at December 31, 2024 and changes during the years ended December 31, 2024 , 2023, and 2022 were as follows:

			RSA and RSU Awards												PSU Awards
			Shares						Weighted-Average Grant Date Fair Value						Shares						Weighted-Average Grant Date Fair Value
Nonvested at January 1, 2022			306,994						$	71.21					398,255						$	86.86
Granted			235,348						80.28						144,311						104.97
Vested (a)			( 154,028 )						72.80						( 165,615 )						92.16
Forfeited			( 12,016 )						75.93						( 4,262 )						98.26
Adjustment (b)			—						—						159,092						80.90
Nonvested at December 31, 2022			376,298						74.78						531,781						89.14
Granted			260,193						82.43						150,989						144.54
Vested (a)			( 173,883 )						76.50						( 218,147 )						104.65
Forfeited			( 3,581 )						82.58						( 3,487 )						107.72
Adjustment (b)			( 11,669 )						80.75						65,277						113.99
Nonvested at December 31, 2023			447,358						77.69						526,413						105.92
Granted (c)			300,657						63.11						213,645						82.95
Vested (a)			( 181,581 )						74.99						( 309,670 )						86.19
Forfeited			( 6,831 )						72.38						( 3,364 )						101.11
Adjustment (b)			—						—						124,509						80.73
Nonvested at December 31, 2024 (d)			559,603						$	70.26					551,533						$	101.20

__________

(a) The grant date fair value of shares vested during the years ended December 31, 2024, 2023, and 2022 was $ 40.3 million, $ 36.1 million, and $ 26.5 million, respectively. Employees have the option to take immediate delivery of the shares upon vesting or defer receipt to a future date pursuant to previously made deferral elections. At December 31, 2024 and 2023, we had an obligation to issue 1,391,456 and 1,196,955 shares, respectively, of our common stock underlying such deferred awards, which is recorded within Total stockholders’ equity as a Deferred compensation obligation of $ 78.5 million and $ 62.0 million, respectively.

(b) Vesting and payment of the PSUs is conditioned upon certain company and/or market performance goals being met during the relevant three-year performance period. The ultimate number of PSUs to be vested will depend on the extent to which the performance goals are met and can range from zero to three times the original awards. As a result, we recorded adjustments to reflect the number of shares expected to be issued when the PSUs vest.

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(c) The grant date fair value of RSAs and RSUs reflect our stock price on the date of grant on a one -for-one basis. The grant date fair value of PSUs was determined utilizing a Monte Carlo simulation model to generate an estimate of our future stock price over the three-year performance period. To estimate the fair value of PSUs granted during the year ended December 31, 2024, we used a risk-free interest rate of 4.1 %, an expected volatility rate of 20.5 %, and assumed a dividend yield of zero .

(d) At December 31, 2024, total unrecognized compensation expense related to these awards was approximately $ 38.3 million, with an aggregate weighted-average remaining term of 1.7 years.

At the end of each reporting period, we evaluate the ultimate number of PSUs we expect to vest (based upon the extent to which we have met and expect to meet the performance goals) and where appropriate, revise our estimate and associated expense. We do not revise the associated expense on PSUs expected to vest based on market performance. Upon vesting, the RSUs and PSUs may be converted into shares of our common stock. Both the RSUs and PSUs carry dividend equivalent rights. Dividend equivalent rights on RSUs issued under a predecessor employee plan are paid in cash on a quarterly basis, whereas dividend equivalent rights on RSUs issued under the Plan are accrued and paid in cash only when the underlying shares vest, which is generally on an annual basis. Dividend equivalents on PSUs accrue during the performance period and are converted into additional shares of common stock at the conclusion of the performance period to the extent the PSUs vest. Dividend equivalent rights are accounted for as a reduction to retained earnings to the extent that the awards are expected to vest.

In connection with the Spin-Off ( Note 3 ), each RSU and PSU outstanding at November 1, 2023 received an equitable adjustment 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 amending the performance vesting conditions assigned to the 2021 and 2022 PSU outstanding awards. The equitable adjustment and the amended performance vesting conditions were considered modifications in accordance with the provisions of ASC 718, Compensation-Stock Compensation . As a result, we compared the fair value of each award immediately prior to the modification to the fair value immediately after the modification to measure incremental compensation cost, if any. The modification resulted in minimal incremental fair value. The table above is inclusive of these adjustments.

Employee Share Purchase Plan

We sponsor an employee share purchase plan (“ESPP”) pursuant to which eligible employees may contribute up to 10 % of compensation, subject to certain limits, to purchase our common stock semi-annually at a price equal to 90 % of the fair market value at certain plan defined dates. Compensation expense under this plan for each of the years ended December 31, 2024, 2023, and 2022 was less than $ 0.1 million. Cash received from purchases under the ESPP during the years ended December 31, 2024, 2023, and 2022 was $ 0.3 million, $ 0.3 million, and $ 0.2 million, respectively.

Profit-Sharing Plan

We sponsor a qualified profit-sharing plan and trust that generally permits all employees, as defined by the plan, to make pre-tax contributions into the plan. We are under no obligation to contribute to the plan and the amount of any contribution is determined by and at the discretion of our Board. In December 2024, 2023, and 2022, our Board determined that the contribution to the plan for each of those respective years would be 10 % of an eligible participant’s cash compensation, up to $ 33,000 for 2024, $ 33,000 for 2023, and $ 30,500 for 2022. For the years ended December 31, 2024, 2023, and 2022, amounts expensed for contributions to the trust were $ 2.8 million, $ 2.6 million, and $ 2.3 million, respectively, which were included in General and administrative expenses in the consolidated financial statements. The profit-sharing plan is a deferred compensation plan and is therefore considered to be outside the scope of current accounting guidance for stock-based compensation.

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Income Tax Provision

The components of our provision for income taxes for the periods presented are as follows (in thousands):

			Years Ended December 31,
			2024						2023						2022
Federal
Current			$	( 450 )					$	( 291 )					$	5,329
Deferred			( 71 )						—						13
			( 521 )						( 291 )						5,342
State and Local
Current			2,209						3,456						3,388
			2,209						3,456						3,388
Foreign
Current			34,195						41,085						27,077
Deferred			( 4,174 )						( 198 )						( 8,083 )
			30,021						40,887						18,994
Total Provision for Income Taxes			$	31,709					$	44,052					$	27,724

A reconciliation of effective income tax for the periods presented is as follows (in thousands):

			Years Ended December 31,
			2024						2023						2022
Pre-tax income attributable to taxable subsidiaries (a)			$	63,669					$	73,669					$	55,604
Federal provision at statutory tax rate (21%)			$	13,370					$	15,471					$	11,677
Non-deductible expense			6,227						3,201						6,972
Change in valuation allowance			3,215						9,970						8,082
Rate differential			2,712						1,357						( 387 )
State and local taxes, net of federal benefit			2,382						3,517						2,920
Windfall tax benefit			—						—						( 1,896 )
Other			3,803						10,536						356
Total provision for income taxes			$	31,709					$	44,052					$	27,724

__________

(a) Pre-tax income attributable to taxable subsidiaries for 2022 includes taxable income, recognized in connection with the CPA:18 Merger, associated with the accelerated vesting of shares previously issued by CPA:18 – Global to us for asset management services performed.

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Deferred Income Taxes

Deferred income taxes at December 31, 2024 and 2023 consist of the following (in thousands):

			December 31,
			2024						2023
Deferred Tax Assets
Net operating loss and other tax credit carryforwards			$	47,134					$	52,375
Basis differences — foreign investments			24,991						35,553
Other			953						1,017
Total deferred tax assets			73,078						88,945
Valuation allowance			( 55,488 )						( 69,800 )
Net deferred tax assets			17,590						19,145
Deferred Tax Liabilities
Basis differences — foreign investments			( 147,462 )						( 181,277 )
Total deferred tax liabilities			( 147,462 )						( 181,277 )
Net Deferred Tax Liability			$	( 129,872 )					$	( 162,132 )

Our deferred tax assets and liabilities are primarily the result of temporary differences related to the following:

• Basis differences between tax and GAAP for certain international real estate investments. For income tax purposes, in certain acquisitions, we assume the seller’s basis, or the carry-over basis, in the acquired assets. The carry-over basis is typically lower than the purchase price, or the GAAP basis, resulting in a deferred tax liability with an offsetting increase to goodwill or the acquired tangible or intangible assets;

• Timing differences generated by differences in the GAAP basis and the tax basis of assets such as those related to capitalized acquisition costs, straight-line rent, prepaid rents, and intangible assets, as well as unearned and deferred compensation; and

• Tax net operating losses in certain subsidiaries, including those domiciled in foreign jurisdictions, that may be realized in future periods if the respective subsidiary generates sufficient taxable income. Certain net operating losses and interest carryforwards were subject to limitations as a result of the CPA:18 Merger, and thus could not be applied to reduce future income tax liabilities.

As of December 31, 2024, U.S. federal and state net operating loss carryforwards were $ 17.7 million and $ 11.7 million, respectively, which will begin to expire in 2033. As of December 31, 2024, net operating loss carryforwards in foreign jurisdictions were $ 85.1 million, which will begin to expire in 2025.

The net deferred tax liability in the table above is comprised of deferred tax asset balances, net of certain deferred tax liabilities and valuation allowances, of $ 17.6 million and $ 18.5 million at December 31, 2024 and 2023, respectively, which are included in Other assets, net in the consolidated balance sheets, and other deferred tax liability balances of $ 147.5 million and $ 180.7 million at December 31, 2024 and 2023, respectively, which are included in Deferred income taxes in the consolidated balance sheets.

Our taxable subsidiaries recognize tax positions in the financial statements only when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in a tax return and amounts recognized in the financial statements.

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The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits (in thousands):

			Years Ended December 31,
			2024						2023
Beginning balance			$	5,112					$	6,218
(Decrease) addition based on tax positions related to the prior year			( 1,379 )						369
Decrease due to lapse in statute of limitations			( 745 )						( 1,622 )
Foreign currency translation adjustments			( 156 )						221
Addition based on tax positions related to the current year			77						43
Decrease due to Spin-Off			—						( 117 )
Ending balance			$	2,909					$	5,112

At December 31, 2024 and 2023, we had unrecognized tax benefits as presented in the table above that, if recognized, would have a favorable impact on our effective income tax rate in future periods. These unrecognized tax benefits are recorded as liabilities within Accounts payable, accrued expenses and other liabilities on our consolidated balance sheets. We recognize interest and penalties related to uncertain tax positions in income tax expense. At December 31, 2024 and 2023, we had approximately $ 1.0 million and $ 1.3 million, respectively, of accrued interest related to uncertain tax positions.

Income Taxes Paid

Income taxes paid were $ 36.3 million, $ 38.6 million, and $ 42.6 million for the years ended December 31, 2024, 2023, and 2022, respectively.

REIT Qualification

We elected to be taxed as a REIT under Section 856 through 860 of the Internal Revenue Code effective as of February 15, 2012. In order to maintain our qualification as a REIT, we are required, among other things, to distribute at least 90% of our REIT net taxable income to our stockholders and meet certain tests regarding the nature of our income and assets. As a REIT, we are not subject to federal income taxes on our income and gains that we distribute to our stockholders as long as we satisfy certain requirements, principally relating to the nature of our income and the level of our distributions, as well as other factors. We believe that we have operated, and we intend to continue to operate, in a manner that allows us to continue to qualify as a REIT. We conduct business primarily in North America and Europe, and as a result, we or one or more of our subsidiaries file income tax returns in the United States federal jurisdiction and various state, local, and foreign jurisdictions.

Prior to the CPA:18 Merger, we conducted our investment management operations through TRSs. Our use of TRSs enabled us to engage in certain businesses while complying with the REIT qualification requirements and also allowed us to retain income generated by these businesses for reinvestment without the requirement to distribute those earnings. Certain of our inter-company transactions that have been eliminated in consolidation for financial accounting purposes were also subject to taxation.

Tax authorities in the relevant jurisdictions may select our tax returns for audit and propose adjustments before the expiration of the statute of limitations. Our tax returns filed for tax years 2019 through 2023 or any ongoing audits remain open to adjustment in the major tax jurisdictions.

We implemented the Office Sale Program in September 2023, which was completed in 2024 ( Note 1 ).

All property dispositions are also discussed in Note 6 and Note 7 . These dispositions exclude properties contributed to NLOP in the Spin-Off ( Note 3 ).

2024 — During the year ended December 31, 2024, we sold 176 properties for total proceeds, net of selling costs, of $ 1.2 billion, and recognized a net gain on these sales totaling $ 68.4 million (inclusive of income taxes totaling $ 7.3 million recognized upon sale). One of the properties sold during 2024 was a hotel operating property.

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This disposition activity for the year ended December 31, 2024 includes the sale of 78 properties under the Office Sale Program for total proceeds, net of selling costs, of $ 524.8 million, resulting in a net gain on these sales totaling $ 3.9 million.

2023 — During the year ended December 31, 2023, we sold 31 properties for total proceeds, net of selling costs, of $ 446.4 million, and recognized a net gain on these sales totaling $ 80.7 million (inclusive of income taxes totaling $ 1.6 million recognized upon sale). Eight of the properties sold during 2023 were hotel operating properties.

This disposition activity includes the sale of eight properties under the Office Sale Program for total proceeds, net of selling costs, of $ 216.9 million, resulting in a net gain on these sales totaling $ 3.6 million.

2022 — During the year ended December 31, 2022, we sold 23 properties for total proceeds, net of selling costs, of $ 234.7 million, and recognized a net gain on these sales totaling $ 43.5 million (inclusive of income taxes totaling $ 5.3 million recognized upon sale). This disposition activity included two properties acquired in the CPA:18 Merger, one of which was classified as assets held for sale and sold in August 2022 ( Note 4 ).

Reportable Segment Information

The Company operates as one reportable segment. Our business is characterized as investing primarily in operationally-critical, single-tenant commercial real estate properties that are principally 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. Our consolidated operating results, including net income, are regularly reviewed, in the aggregate, by our CODM to evaluate performance and allocate resources, which can be found on our consolidated financial statements ( Note 1 , Note 2 ).

Our revenues are largely derived from the long-term leases that we execute with tenants. These revenues are classified as either Lease revenues ( Note 6 ) or Income from finance leases and loans receivable ( Note 7 ) in accordance with ASC 842, Leases .

Our operating expenses are regularly reviewed by our CODM. All expenses are reviewed, but our CODM is regularly provided with the following significant expenses, which are included in our consolidated financial statements and require no additional disaggregation: General and administrative expenses, Property expenses, excluding reimbursable tenant costs, Interest expense, and Provision for income taxes.

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Geographic Information

Our portfolio is comprised of domestic and international investments. At December 31, 2024, our international investments were comprised of investments in Austria, Belgium, Canada, Croatia, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Hungary, Italy, Japan, Latvia, Lithuania, Mauritius, Mexico, the Netherlands, Norway, Poland, Portugal, Slovakia, Spain, Sweden, and the United Kingdom. No tenant or international country individually comprised at least 10% of our total lease revenues for the years ended December 31, 2024, 2023, or 2022, or at least 10% of our total long-lived assets at December 31, 2024 or 2023. The following tables present the geographic information (in thousands):

			Years Ended December 31,
			2024						2023						2022
Revenues
Domestic			$	1,013,217					$	1,154,863					$	996,748
International			569,801						586,495						482,338
Total			$	1,583,018					$	1,741,358					$	1,479,086

			December 31,
			2024						2023
Long-lived Assets
Domestic			$	9,273,858					$	9,049,540
International			5,306,617						5,864,359
Total			$	14,580,475					$	14,913,899
Equity Method Investments
Domestic			$	273,141					$	324,142
International			27,974						30,119
Total			$	301,115					$	354,261

Senior Unsecured Notes Repayment

In February 2025, we repaid our $ 450 million of 4.0 % senior notes due 2025 at maturity ( Note 12 ).

Dispositions

In January 2025, we sold four properties for gross proceeds totaling $ 19.5 million. Two of these properties were classified as net investments in sales-type leases as of December 31, 2024 ( Note 7 ).

Mortgage Loan Repayments

In January and February 2025, we repaid at maturity two non-recourse mortgage loans totaling approximately $ 25.8 million.

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W. P. CAREY INC.

SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS

Years Ended December 31, 2024, 2023, and 2022

(in thousands)

Description						Balance at Beginning of Year						Other Additions						Deductions						Balance at End of Year
Year Ended December 31, 2024
Valuation reserve for deferred tax assets						$	69,800					$	6,731					$	( 21,043 )					$	55,488
Year Ended December 31, 2023
Valuation reserve for deferred tax assets						$	106,185					$	19,107					$	( 55,492 )					$	69,800
Year Ended December 31, 2022
Valuation reserve for deferred tax assets						$	108,812					$	34,894					$	( 37,521 )					$	106,185

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W. P. CAREY INC.

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2024

(in thousands)

												Initial Cost to Company												Cost Capitalized Subsequent to Acquisition (a)						Increase (Decrease) in Net Investments (b)						Gross Amount at which Carried at Close of Period (c) (d)																		Accumulated Depreciation (d)						Date of Construction						Date Acquired						Life on which Depreciation in Latest Statement of Income is Computed
Description						Encumbrances						Land						Buildings																		Land						Buildings						Total
Real Estate Subject to Operating Leases
Industrial facilities in Erlanger, KY						$	—					$	1,526					$	21,427					$	2,966					$	( 84 )					$	1,526					$	24,309					$	25,835					$	16,573					1979; 1987						Jan. 1998						40 yrs.
Industrial facilities in Thurmont, MD and Farmington, NY						—						729						5,903						—						—						729						5,903						6,632						4,208						1964; 1983						Jan. 1998						15 yrs.
Warehouse facility in Commerce, CA						—						4,905						11,898						—						( 3,043 )						4,573						9,187						13,760						6,739						1948						Jan. 1998						40 yrs.
Industrial facility in Goshen, IN						—						239						940						—						—						239						940						1,179						698						1973						Jan. 1998						40 yrs.
Industrial facilities in Sylmar, CA						—						2,052						5,322						—						( 1,889 )						1,494						3,991						5,485						2,701						1962; 1979						Jan. 1998						40 yrs.
Retail facilities in the United States						—						9,382						—						238						14,027						9,025						14,622						23,647						12,272						Various						Jan. 1998						15 yrs.
Land in Glendora, CA						—						1,135						—						—						17						1,152						—						1,152						—						N/A						Jan. 1998						N/A
Warehouse facility in Doraville, GA						—						3,288						9,864						17,079						( 11,410 )						3,288						15,533						18,821						3,820						2016						Jan. 1998						40 yrs.
Warehouse facility in Corpus Christi, TX						—						3,490						72,497						3,615						( 77,927 )						288						1,387						1,675						873						1989						Jan. 1998						40 yrs.
Land in Irving and Houston, TX						—						9,795						—						—						—						9,795						—						9,795						—						N/A						Jan. 1998						N/A
Warehouse facility in Memphis, TN						—						1,882						3,973						294						( 3,892 )						328						1,929						2,257						1,808						1969						Jan. 1998						15 yrs.
Industrial facility in Romulus, MI						—						454						6,411						525						—						454						6,936						7,390						4,156						1970						Jan. 1998						10 yrs.
Retail facility in Bellevue, WA						—						4,125						11,812						393						( 123 )						4,371						11,836						16,207						7,701						1994						Apr. 1998						40 yrs.
Industrial facility in Winston-Salem, NC						—						1,860						12,539						3,075						( 7,325 )						925						9,224						10,149						6,507						1980						Sep. 2002						40 yrs.
Warehouse facility in Greenfield, IN						—						2,807						10,335						223						( 8,383 )						967						4,015						4,982						2,575						1995						Sep. 2004						40 yrs.
Warehouse facilities in Apopka, FL						—						362						10,855						1,196						( 3,330 )						337						8,746						9,083						3,966						1969						Sep. 2004						40 yrs.
Land in San Leandro, CA						—						1,532						—						—						—						1,532						—						1,532						—						N/A						Dec. 2006						N/A
Retail facility in Austin, TX						—						1,725						5,168						—						—						1,725						5,168						6,893						3,280						1995						Dec. 2006						29 yrs.
Retail facility in Wroclaw, Poland						—						3,600						10,306						—						( 4,510 )						2,598						6,798						9,396						2,862						2007						Dec. 2007						40 yrs.
Retail and warehouse facilities in Spain						—						50,231						82,613						239						( 13,026 )						45,022						75,035						120,057						10,128						Various						Various						40 yrs.
Industrial facilities in Auburn, IN; Clinton Township, MI; and Bluffton, OH						—						4,403						20,298						—						( 3,870 )						2,589						18,242						20,831						7,194						1968; 1975; 1995						Sep. 2012; Jan. 2014						30 yrs.
Industrial facility in Irvine, CA						—						4,173						—						15,222						—						4,173						15,222						19,395						195						2024						Sep. 2012						40 yrs.
Industrial facility in Alpharetta, GA						—						2,198						6,349						1,247						—						2,198						7,596						9,794						3,260						1997						Sep. 2012						30 yrs.
Warehouse facility in St. Petersburg, FL						—						3,280						24,627						4,675						( 20,393 )						1,814						10,375						12,189						4,175						1996						Sep. 2012						30 yrs.
Retail facility in Baton Rouge, LA						—						4,168						5,724						3,200						—						4,168						8,924						13,092						3,916						2003						Sep. 2012						30 yrs.
Research and development facility in San Diego, CA						—						7,804						16,729						5,939						( 832 )						7,804						21,836						29,640						9,324						2002						Sep. 2012						30 yrs.
Industrial facility in Richmond, CA						—						895						1,953						—						—						895						1,953						2,848						800						1999						Sep. 2012						30 yrs.
Warehouse facilities in the United States						—						16,386						84,668						15,024						—						16,386						99,692						116,078						37,302						Various						Sep. 2012						30 yrs.
Industrial facilities in Rocky Mount, NC and Lewisville, TX						—						2,163						17,715						609						( 8,389 )						1,132						10,966						12,098						4,494						1948; 1989						Sep. 2012						30 yrs.
Industrial facilities in Chattanooga, TN						—						558						5,923						—						—						558						5,923						6,481						2,398						1974; 1989						Sep. 2012						30 yrs.
Industrial facility in Mooresville, NC						—						756						9,775						—						—						756						9,775						10,531						3,947						1997						Sep. 2012						30 yrs.

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SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2024

(in thousands)

												Initial Cost to Company												Cost Capitalized Subsequent to Acquisition (a)						Increase (Decrease) in Net Investments (b)						Gross Amount at which Carried at Close of Period (c) (d)																		Accumulated Depreciation (d)						Date of Construction						Date Acquired						Life on which Depreciation in Latest Statement of Income is Computed
Description						Encumbrances						Land						Buildings																		Land						Buildings						Total
Industrial facility in McCalla, AL						—						960						14,472						42,662						( 254 )						2,076						55,764						57,840						16,236						2004						Sep. 2012						31 yrs.
Industrial facility in Fort Smith, AZ						—						1,063						6,159						—						—						1,063						6,159						7,222						2,460						1982						Sep. 2012						30 yrs.
Retail facilities in Greenwood, IN and Buffalo, NY						—						—						19,990						—						—						—						19,990						19,990						7,899						2000; 2003						Sep. 2012						30 - 31 yrs.
Industrial facilities in Bowling Green, KY and Jackson, TN						—						1,492						8,182						600						—						1,492						8,782						10,274						3,351						1989; 1995						Sep. 2012						31 yrs.
Education facility in Rancho Cucamonga, CA and laboratory facility in Exton, PA						—						14,006						33,683						10,450						( 20,142 )						6,638						31,359						37,997						10,892						2004						Sep. 2012						31 - 32 yrs.
Industrial facilities in St. Petersburg, FL; Buffalo Grove, IL; West Lafayette, IN; Excelsior Springs, MO; and North Versailles, PA						—						6,559						19,078						4,281						—						6,559						23,359						29,918						8,258						Various						Sep. 2012						31 yrs.
Industrial and warehouse facility in Mesquite, TX						—						2,702						13,029						1,700						—						2,702						14,729						17,431						1,455						1972						Sep. 2012						31 yrs.
Industrial facilities in Tolleson, AZ; Alsip, IL; and Solvay, NY						—						6,080						23,424						810						—						6,080						24,234						30,314						9,242						1990; 1994; 2000						Sep. 2012						31 yrs.
Retail facility in Memphis, TN						—						4,877						4,258						5,215						( 2,353 )						2,027						9,970						11,997						5,591						1990						Sep. 2012						31 yrs.
Warehouse facilities in Oceanside, CA and Concordville, PA						—						3,333						8,270						1,258						—						3,333						9,528						12,861						3,250						1989; 1996						Sep. 2012						31 yrs.
Warehouse facility in La Vista, NE						15,529						4,196						23,148						—						—						4,196						23,148						27,344						8,482						2005						Sep. 2012						33 yrs.
Laboratory facility in Pleasanton, CA						—						3,675						7,468						14,855						—						3,675						22,323						25,998						3,457						2000						Sep. 2012						40 yrs.
Office facility in Chicago, IL						—						2,169						19,010						83						( 72 )						2,169						19,021						21,190						7,325						1910						Sep. 2012						31 yrs.
Industrial facilities in Hollywood and Orlando, FL						—						3,639						1,269						—						—						3,639						1,269						4,908						488						1996						Sep. 2012						31 yrs.
Warehouse facility in Golden, CO						—						808						4,304						77						—						808						4,381						5,189						1,844						1998						Sep. 2012						30 yrs.
Industrial facility in Texarkana, TX						—						1,755						4,493						—						( 2,783 )						216						3,249						3,465						1,250						1997						Sep. 2012						31 yrs.
Industrial facility in South Jordan, UT						—						2,183						11,340						2,609						—						2,183						13,949						16,132						5,073						1995						Sep. 2012						31 yrs.
Warehouse facility in Ennis, TX						—						478						4,087						145						( 145 )						478						4,087						4,565						1,573						1989						Sep. 2012						31 yrs.
Specialty facility in Paris, France						—						23,387						43,450						703						( 12,907 )						18,894						35,739						54,633						13,289						1975						Sep. 2012						32 yrs.
Retail facilities in Poland						—						26,564						72,866						—						( 19,143 )						21,422						58,865						80,287						30,328						Various						Sep. 2012						23 - 34 yrs.
Industrial facilities in Danbury, CT and Bedford, MA						—						3,519						16,329						43						( 5,801 )						1,667						12,423						14,090						5,087						1965; 1980						Sep. 2012						29 yrs.
Industrial facility in Brownwood, TX						—						722						6,268						—						—						722						6,268						6,990						2,507						1964						Sep. 2012						15 yrs.
Industrial facility in Rochester, MN						—						809						14,236						4,387						—						809						18,623						19,432						1,892						1997						Sep. 2012						31 yrs.
Retail facilities in Germany						—						16,146						83,746						—						( 4,032 )						15,494						80,366						95,860						2,466						Various						Sep. 2012						29 yrs.
Retail facility in Houston, TX						—						2,430						2,270						—						—						2,430						2,270						4,700						1,106						1995						Jan. 2014						23 yrs.
Retail facility in St. Charles, MO						—						1,966						1,368						1,980						—						1,966						3,348						5,314						1,560						1987						Jan. 2014						27 yrs.
Industrial facility in Aurora, CO						—						737						2,609						1,206						—						737						3,815						4,552						959						1985						Jan. 2014						32 yrs.
Warehouse facility in Burlington, NJ						—						3,989						6,213						377						—						3,989						6,590						10,579						2,853						1999						Jan. 2014						26 yrs.
Industrial facility in Albuquerque, NM						—						2,467						3,476						715						—						2,467						4,191						6,658						1,777						1993						Jan. 2014						27 yrs.
Industrial facility in North Salt Lake, UT						—						10,601						17,626						—						( 16,936 )						4,388						6,903						11,291						2,880						1981						Jan. 2014						26 yrs.

---

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2024

(in thousands)

																								Cost Capitalized Subsequent to Acquisition (a)						Increase (Decrease) in Net Investments (b)						Gross Amount at which Carried at Close of Period (c) (d)																		Accumulated Depreciation (d)						Date of Construction						Date Acquired						Life on which Depreciation in Latest Statement of Income is Computed
												Initial Cost to Company
Description						Encumbrances						Land						Buildings																		Land						Buildings						Total
Industrial facility in Lexington, NC						—						2,185						12,058						601						( 2,519 )						494						11,831						12,325						4,493						2003						Jan. 2014						28 yrs.
Industrial facility in Dallas, TX						—						3,190						10,010						—						—						3,190						10,010						13,200						769						1968						Jan. 2014						32 yrs.
Land in Welcome, NC						—						980						11,230						—						( 11,724 )						486						—						486						—						N/A						Jan. 2014						N/A
Industrial facilities in Evansville, IN; Lawrence, KS; and Baltimore, MD						—						4,005						44,192						20,636						—						4,005						64,828						68,833						22,743						1911; 1967; 1982						Jan. 2014						24 yrs.
Industrial facilities in Colton, CA; Bonner Springs, KS; Eagan, MN; and Dallas, TX						—						8,451						25,457						—						11,200						8,451						36,657						45,108						10,436						Various						Jan. 2014						17 - 34 yrs.
Retail facility in Torrance, CA						—						8,412						12,241						6,137						( 76 )						8,335						18,379						26,714						6,579						1973						Jan. 2014						25 yrs.
Warehouse facility in Houston, TX						—						6,578						424						560						—						6,578						984						7,562						827						1978						Jan. 2014						27 yrs.
Warehouse facility in Norwich, CT						—						3,885						21,342						—						2						3,885						21,344						25,229						8,249						1960						Jan. 2014						28 yrs.
Warehouse facility in Norwich, CT						—						1,437						9,669						—						—						1,437						9,669						11,106						3,737						2005						Jan. 2014						28 yrs.
Warehouse facility in Whitehall, PA						—						7,435						9,093						27,358						( 9,545 )						6,983						27,358						34,341						2,470						2021						Jan. 2014						40 yrs.
Retail facility in York, PA						—						3,776						10,092						—						( 6,413 )						527						6,928						7,455						2,241						2005						Jan. 2014						34 yrs.
Warehouse facilities in Atlanta, GA and Elkwood, VA						—						5,356						4,121						17,520						( 3,220 )						4,284						19,493						23,777						775						1975						Jan. 2014						28 yrs.
Warehouse facility in Harrisburg, NC						—						1,753						5,840						781						( 111 )						1,642						6,621						8,263						2,623						2000						Jan. 2014						26 yrs.
Industrial facility in Chandler, AZ; and industrial and warehouse facility in Englewood, CO						—						4,306						7,235						224						3						4,306						7,462						11,768						2,614						1978; 1987						Jan. 2014						30 yrs.
Industrial facility in Cynthiana, KY						168						1,274						3,505						525						( 107 )						1,274						3,923						5,197						1,557						1967						Jan. 2014						31 yrs.
Industrial facilities in Albemarle and Old Fort, NC and Holmesville, OH						—						5,507						18,653						—						—						5,507						18,653						24,160						1,876						1955; 1966; 1970						Jan. 2014						32 yrs.
Industrial facility in Columbia, SC						—						2,843						11,886						—						—						2,843						11,886						14,729						5,745						1962						Jan. 2014						23 yrs.
Retail facility in Midlothian, VA						—						2,824						16,618						—						—						2,824						16,618						19,442						3,582						2000						Jan. 2014						40 yrs.
Specialty facility in Laramie, WY						—						1,966						18,896						—						—						1,966						18,896						20,862						6,994						2007						Jan. 2014						33 yrs.
Warehouse facilities in Mendota, IL; Toppenish, WA; and Plover, WI						—						1,444						21,208						—						( 623 )						1,382						20,647						22,029						10,055						1996						Jan. 2014						23 yrs.
Land in Sunnyvale, CA						—						9,297						24,086						—						( 26,077 )						7,306						—						7,306						—						N/A						Jan. 2014						N/A
Industrial facilities in Hampton, NH						—						8,990						7,362						—						—						8,990						7,362						16,352						2,649						1976						Jan. 2014						30 yrs.
Industrial facilities in France						—						36,306						5,212						4,034						1,812						23,777						23,587						47,364						4,385						Various						Jan. 2014						23 yrs.
Retail facility in Lombard, IL						—						5,087						8,578						—						—						5,087						8,578						13,665						3,556						1999						Jan. 2014						26 yrs.
Warehouse facility in Plainfield, IN						—						1,578						29,415						2,176						—						1,578						31,591						33,169						10,965						1997						Jan. 2014						30 yrs.
Retail facility in Kennesaw, GA						—						2,849						6,180						5,530						( 76 )						2,773						11,710						14,483						5,161						1999						Jan. 2014						26 yrs.
Retail facility in Leawood, KS						—						1,487						13,417						—						—						1,487						13,417						14,904						5,562						1997						Jan. 2014						26 yrs.
Industrial facility in Tolland, CT						—						1,817						5,709						—						11						1,817						5,720						7,537						2,278						1968						Jan. 2014						28 yrs.
Warehouse facilities in Lincolnton, NC and Mauldin, SC						—						1,962						9,247						—						—						1,962						9,247						11,209						3,595						1988; 1996						Jan. 2014						28 yrs.
Retail facilities in Germany						—						81,109						153,927						10,510						( 141,305 )						25,819						78,422						104,241						27,648						Various						Jan. 2014						Various
Laboratory facility in The Woodlands, TX						—						3,204						24,997						1,186						—						3,204						26,183						29,387						8,663						1997						Jan. 2014						32 yrs.

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SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2024

(in thousands)

																								Cost Capitalized Subsequent to Acquisition (a)						Increase (Decrease) in Net Investments (b)						Gross Amount at which Carried at Close of Period (c) (d)																		Accumulated Depreciation (d)						Date of Construction						Date Acquired						Life on which Depreciation in Latest Statement of Income is Computed
												Initial Cost to Company
Description						Encumbrances						Land						Buildings																		Land						Buildings						Total
Warehouse facilities in Valdosta, GA and Johnson City, TN						—						1,080						14,998						1,841						—						1,080						16,839						17,919						6,734						1978; 1998						Jan. 2014						27 yrs.
Industrial facility in Amherst, NY						—						674						7,971						—						—						674						7,971						8,645						3,882						1984						Jan. 2014						23 yrs.
Industrial and warehouse facilities in Westfield, MA						—						1,922						9,755						7,435						9						1,922						17,199						19,121						7,450						1954; 1997						Jan. 2014						28 yrs.
Warehouse facility in Gorinchem, Netherlands						—						1,143						5,648						282						( 1,620 )						873						4,580						5,453						1,661						1995						Jan. 2014						28 yrs.
Retail facility in Cresskill, NJ						—						2,366						5,482						—						19						2,366						5,501						7,867						1,928						1975						Jan. 2014						31 yrs.
Retail facility in Livingston, NJ						—						2,932						2,001						—						14						2,932						2,015						4,947						810						1966						Jan. 2014						27 yrs.
Retail facility in Montclair, NJ						—						1,905						1,403						—						6						1,905						1,409						3,314						566						1950						Jan. 2014						27 yrs.
Retail facility in Morristown, NJ						—						3,258						8,352						—						26						3,258						8,378						11,636						3,367						1973						Jan. 2014						27 yrs.
Retail facility in Summit, NJ						—						1,228						1,465						—						8						1,228						1,473						2,701						592						1950						Jan. 2014						27 yrs.
Industrial facilities in Georgetown, TX and Woodland, WA						—						965						4,113						35						—						965						4,148						5,113						1,334						1998; 2001						Jan. 2014						33 - 35 yrs.
Education facilities in Union, NJ; Allentown and Philadelphia, PA; and Grand Prairie, TX						—						5,365						7,845						—						5						5,365						7,850						13,215						3,079						Various						Jan. 2014						28 yrs.
Industrial facility in Salisbury, NC						—						1,499						8,185						—						—						1,499						8,185						9,684						3,220						2000						Jan. 2014						28 yrs.
Industrial facility in Twinsburg, OH						—						2,831						10,565						386						( 6,975 )						1,293						5,514						6,807						2,202						1991						Jan. 2014						27 yrs.
Industrial facility in Cambridge, Canada						—						1,849						7,371						—						( 2,057 )						1,436						5,727						7,163						2,001						2001						Jan. 2014						31 yrs.
Industrial facilities in Peru, IL; Huber Heights, Lima, and Sheffield, OH; and Lebanon, TN						—						2,962						17,832						—						—						2,962						17,832						20,794						6,230						Various						Jan. 2014						31 yrs.
Industrial facility in Ramos Arizpe, Mexico						—						1,059						2,886						—						—						1,059						2,886						3,945						1,005						2000						Jan. 2014						31 yrs.
Industrial facilities in Salt Lake City, UT						—						2,783						3,773						—						—						2,783						3,773						6,556						1,317						1983; 2002						Jan. 2014						31 - 33 yrs.
Specialty facility in Blairsville, PA						—						1,631						23,163						—						—						1,631						23,163						24,794						8,386						2005						Jan. 2014						33 yrs.
Education facility in Mooresville, NC						—						1,795						15,955						—						—						1,795						15,955						17,750						1,948						2002						Jan. 2014						33 yrs.
Warehouse facilities in Atlanta, Doraville, and Rockmart, GA						—						6,488						77,192						—						—						6,488						77,192						83,680						29,538						1959; 1962; 1991						Jan. 2014						23 - 33 yrs.
Warehouse facility in Muskogee, OK						—						554						4,353						—						( 3,437 )						158						1,312						1,470						437						1992						Jan. 2014						33 yrs.
Industrial facility in Richmond, MO						—						2,211						8,505						747						—						2,211						9,252						11,463						3,648						1996						Jan. 2014						28 yrs.
Industrial facility in Tuusula, Finland						—						6,173						10,321						—						( 3,905 )						4,712						7,877						12,589						3,373						1975						Jan. 2014						26 yrs.
Warehouse facility in Phoenix, AZ						—						6,747						21,352						380						—						6,747						21,732						28,479						8,748						1996						Jan. 2014						28 yrs.
Retail facility in Vantaa, Finland						—						1,332						3,908						—						( 4,378 )						219						643						862						7						2004						Jan. 2014						30 yrs.
Industrial facilities in the United States						—						4,816						31,712						4,597						9,460						5,780						44,805						50,585						2,563						Various						Jan. 2014						30 - 32 yrs.
Industrial facilities in Sandersville, GA; Erwin, TN; and Gainesville, TX						—						955						4,779						—						—						955						4,779						5,734						1,683						1950; 1986; 1996						Jan. 2014						31 yrs.
Industrial facility in Buffalo Grove, IL						1,114						1,492						12,233						1,298						—						1,492						13,531						15,023						4,340						1996						Jan. 2014						31 yrs.
Warehouse facility in Carlsbad, CA						—						3,230						5,492						987						—						3,230						6,479						9,709						2,542						1999						Jan. 2014						24 yrs.
Retail facility in Pensacola, FL						—						1,746						—						—						5,181						1,746						5,181						6,927						671						2001						Jan. 2014						33 yrs.

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SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2024

(in thousands)

												Initial Cost to Company												Cost Capitalized Subsequent to Acquisition (a)						Increase (Decrease) in Net Investments (b)						Gross Amount at which Carried at Close of Period (c) (d)																		Accumulated Depreciation (d)						Date of Construction						Date Acquired						Life on which Depreciation in Latest Statement of Income is Computed
Description						Encumbrances						Land						Buildings																		Land						Buildings						Total
Retail facility in Port St. Lucie, FL						—						4,654						2,576						—						—						4,654						2,576						7,230						1,029						2000						Jan. 2014						27 yrs.
Industrial facility in Nurieux-Volognat, France						—						121						5,328						462						( 1,223 )						92						4,596						4,688						1,424						2000						Jan. 2014						32 yrs.
Industrial facility in Monheim, Germany						—						2,500						5,727						—						( 860 )						2,243						5,124						7,367						520						1992						Jan. 2014						32 yrs.
Warehouse facility in Suwanee, GA						—						2,330						8,406						—						—						2,330						8,406						10,736						2,713						1995						Jan. 2014						34 yrs.
Retail facilities in Wichita, KS and Oklahoma City, OK and warehouse facility in Wichita, KS						—						1,878						8,579						3,128						( 89 )						1,878						11,618						13,496						4,320						1954; 1975; 1984						Jan. 2014						24 yrs.
Industrial facility in Mesa, AZ						—						2,888						4,282						—						—						2,888						4,282						7,170						1,715						1991						Jan. 2014						27 yrs.
Industrial facility in North Amityville, NY						—						3,486						11,413						—						—						3,486						11,413						14,899						4,792						1981						Jan. 2014						26 yrs.
Industrial facility in Fort Collins, CO						—						821						7,236						—						—						821						7,236						8,057						2,406						1993						Jan. 2014						33 yrs.
Warehouse facility in Elk Grove Village, IL						—						4,037						7,865						—						—						4,037						7,865						11,902						1,912						1980						Jan. 2014						22 yrs.
Research and development facility in Washington, MI						—						4,085						7,496						36,290						—						4,085						43,786						47,871						2,540						1990						Jan. 2014						33 yrs.
Industrial facilities in Conroe, Odessa, and Weimar, TX and industrial and office facility in Houston, TX						—						4,049						13,021						—						133						4,049						13,154						17,203						7,693						Various						Jan. 2014						12 - 22 yrs.
Education facility in Sacramento, CA						—						—						13,715						—						—						—						13,715						13,715						4,481						2005						Jan. 2014						34 yrs.
Industrial facility in Sankt Ingbert, Germany						—						2,226						17,460						—						( 881 )						2,126						16,679						18,805						2,311						1960						Jan. 2014						34 yrs.
Industrial facilities in City of Industry, CA; Chelmsford, MA; and Lancaster, TX						—						5,138						8,387						—						43						5,138						8,430						13,568						3,321						1969; 1974; 1984						Jan. 2014						27 yrs.
Industrial facility in Woodland, WA						—						707						1,562						—						—						707						1,562						2,269						484						2009						Jan. 2014						35 yrs.
Warehouse facilities in Gyál and Herceghalom, Hungary						—						14,601						21,915						—						( 8,646 )						11,143						16,727						27,870						8,945						2002; 2004						Jan. 2014						21 yrs.
Industrial facility in Windsor, CT						—						453						637						3,422						( 83 )						453						3,976						4,429						877						1999						Jan. 2014						33 yrs.
Industrial facility in Aurora, CO						—						574						3,999						—						—						574						3,999						4,573						1,112						2012						Jan. 2014						40 yrs.
Warehouse facility in University Park, IL						—						7,962						32,756						427						—						7,962						33,183						41,145						10,041						2008						May 2014						40 yrs.
Laboratory facility in Westborough, MA						—						3,409						37,914						53,065						—						3,409						90,979						94,388						17,653						1992						Aug. 2014						40 yrs.
Research and development facility in Andover, MA						—						3,980						45,120						323						—						3,980						45,443						49,423						12,294						2013						Oct. 2014						40 yrs.
Industrial facility in Lewisburg, OH						—						1,627						13,721						—						—						1,627						13,721						15,348						3,911						2014						Nov. 2014						40 yrs.
Industrial facility in Opole, Poland						—						2,151						21,438						—						( 3,880 )						1,797						17,912						19,709						5,275						2014						Dec. 2014						38 yrs.
Retail facilities in the United Kingdom						—						66,319						230,113						277						( 108,864 )						38,925						148,920						187,845						49,122						Various						Jan. 2015						20 - 40 yrs.
Warehouse facility in Rotterdam, Netherlands						—						—						33,935						20,986						( 4,614 )						—						50,307						50,307						10,917						2014						Feb. 2015						40 yrs.
Retail facility in Bad Fischau, Austria						—						2,855						18,829						—						( 778 )						2,753						18,153						20,906						4,882						1998						Apr. 2015						40 yrs.
Industrial facility in Oskarshamn, Sweden						—						3,090						18,262						—						( 5,358 )						2,315						13,679						15,994						3,587						2015						Jun. 2015						40 yrs.

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SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2024

(in thousands)

												Initial Cost to Company												Cost Capitalized Subsequent to Acquisition (a)						Increase (Decrease) in Net Investments (b)						Gross Amount at which Carried at Close of Period (c) (d)																		Accumulated Depreciation (d)						Date of Construction						Date Acquired						Life on which Depreciation in Latest Statement of Income is Computed
Description						Encumbrances						Land						Buildings																		Land						Buildings						Total
Industrial facilities in Gersthofen and Senden, Germany and Leopoldsdorf, Austria						—						9,449						15,838						—						( 1,688 )						8,818						14,781						23,599						3,972						2008; 2010						Aug. 2015						40 yrs.
Net-lease hotels in the United States						—						—						49,190						17,396						—						17,396						49,190						66,586						13,196						1988; 1989; 1990						Oct. 2015						38 - 40 yrs.
Retail facilities in the Netherlands						—						5,698						38,130						79						( 10,277 )						4,926						28,704						33,630						8,041						Various						Nov. 2015						30 - 40 yrs.
Specialty facility in Irvine, CA						—						7,626						16,137						—						—						7,626						16,137						23,763						3,773						1977						Dec. 2015						40 yrs.
Education facility in Windermere, FL						—						5,090						34,721						15,333						—						5,090						50,054						55,144						13,731						1998						Apr. 2016						38 yrs.
Industrial facilities in the United States						—						66,845						87,575						65,400						( 56,525 )						49,672						113,623						163,295						35,219						Various						Apr. 2016						Various
Industrial facilities in North Dumfries and Ottawa, Canada						—						17,155						10,665						—						( 19,138 )						5,385						3,297						8,682						1,698						1967; 1974						Apr. 2016						28 yrs.
Education facilities in Coconut Creek, FL and Houston, TX						—						15,550						83,862						63,830						—						15,550						147,692						163,242						34,879						1979; 1984						May 2016						37 - 40 yrs.
Office facility in Southfield, MI and warehouse facilities in London, KY and Gallatin, TN						—						3,585						17,254						—						—						3,585						17,254						20,839						3,984						1969; 1987; 2000						Nov. 2016						35 - 36 yrs.
Industrial facilities in Brampton, Toronto, and Vaughan, Canada						—						28,759						13,998						—						—						28,759						13,998						42,757						3,852						Various						Nov. 2016						28 - 35 yrs.
Industrial facilities in Queretaro and San Juan del Rio, Mexico						—						5,152						12,614						2,440						—						5,152						15,054						20,206						2,942						Various						Dec. 2016						28 - 40 yrs.
Industrial facility in Chicago, IL						—						2,222						2,655						3,511						—						2,222						6,166						8,388						2,379						1985						Jun. 2017						30 yrs.
Industrial facility in Zawiercie, Poland						—						395						102						10,378						( 1,189 )						352						9,334						9,686						1,561						2018						Aug. 2017						40 yrs.
Industrial facility in Radomsko, Poland						—						1,718						59						37,522						( 1,663 )						1,532						36,104						37,636						3,444						2018						Nov. 2017						40 yrs.
Warehouse facility in Sellersburg, IN						—						1,016						3,838						—						—						1,016						3,838						4,854						915						2000						Feb. 2018						36 yrs.
Retail and warehouse facilities in Appleton, Madison, and Waukesha, WI						—						5,512						61,230						—						—						5,465						61,277						66,742						12,815						1995; 2004						Mar. 2018						36 - 40 yrs.
Warehouse facilities in Denmark						—						20,304						185,481						2,029						( 26,517 )						17,853						163,444						181,297						32,906						Various						Jun. 2018						25 - 41 yrs.
Retail facilities in the Netherlands						—						38,475						117,127						—						( 16,759 )						34,331						104,512						138,843						23,960						Various						Jul. 2018						26 - 30 yrs.
Industrial facility in Oostburg, WI						—						786						6,589						—						—						786						6,589						7,375						1,697						2002						Jul. 2018						35 yrs.
Warehouse facility in Kampen, Netherlands						—						3,251						12,858						126						( 1,676 )						2,915						11,644						14,559						3,030						1976						Jul. 2018						26 yrs.
Warehouse facility in Azambuja, Portugal						—						13,527						35,631						28,051						( 8,368 )						12,140						56,701						68,841						10,442						1994						Sep. 2018						28 yrs.
Retail facilities in Amsterdam, Moordrecht, and Rotterdam, Netherlands						—						2,582						18,731						11,338						( 2,831 )						2,357						27,463						29,820						5,439						Various						Oct. 2018						27 - 37 yrs.
Warehouse facility in Bad Wünnenberg, Germany						—						2,916						39,687						—						( 30,919 )						655						11,029						11,684						2,853						1996						Oct. 2018						40 yrs.
Industrial facility in Norfolk, NE						—						802						3,686						—						—						802						3,686						4,488						771						1975						Oct. 2018						40 yrs.
Retail facilities in Phoenix, AZ and Columbia, MD						—						18,286						33,030						—						—						18,286						33,030						51,316						5,409						2006						Oct. 2018						40 yrs.
Retail facility in Gorzow, Poland						—						1,736						8,298						—						( 884 )						1,583						7,567						9,150						1,343						2008						Oct. 2018						40 yrs.
Industrial facilities in Sergeant Bluff, IA; Bossier City, LA; and Alvarado, TX						—						6,460						49,462						—						—						6,460						49,462						55,922						8,771						Various						Oct. 2018						40 yrs.
Industrial facility in Glendale Heights, IL						—						4,237						45,484						—						—						4,237						45,484						49,721						5,382						1991						Oct. 2018						38 yrs.

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SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2024

(in thousands)

												Initial Cost to Company												Cost Capitalized Subsequent to Acquisition (a)						Increase (Decrease) in Net Investments (b)						Gross Amount at which Carried at Close of Period (c) (d)																		Accumulated Depreciation (d)						Date of Construction						Date Acquired						Life on which Depreciation in Latest Statement of Income is Computed
Description						Encumbrances						Land						Buildings																		Land						Buildings						Total
Industrial facilities in Mayodan, Sanford, and Stoneville, NC						—						3,505						20,913						—						—						3,505						20,913						24,418						3,582						1992; 1997; 1998						Oct. 2018						29 yrs.
Warehouse facility in Dillon, SC						—						3,424						43,114						—						—						3,424						43,114						46,538						7,645						2001						Oct. 2018						40 yrs.
Specialty facility in Birmingham, United Kingdom						—						7,383						7,687						—						( 457 )						7,159						7,454						14,613						1,207						2009						Oct. 2018						40 yrs.
Retail facilities in Spain						—						17,626						44,501						—						( 5,475 )						16,073						40,579						56,652						6,779						Various						Oct. 2018						40 yrs.
Warehouse facility in Gadki, Poland						—						1,376						6,137						—						( 662 )						1,255						5,596						6,851						944						2011						Oct. 2018						40 yrs.
Warehouse facility in Zagreb, Croatia						—						15,789						33,287						15						( 4,326 )						14,397						30,368						44,765						7,443						2001						Oct. 2018						26 yrs.
Industrial facilities in Middleburg Heights and Union Township, OH						2,949						1,295						13,384						—						—						1,295						13,384						14,679						2,172						1990; 1997						Oct. 2018						40 yrs.
Retail facility in Las Vegas, NV						—						—						79,720						—						—						—						79,720						79,720						12,316						2012						Oct. 2018						40 yrs.
Industrial facilities in the United States						—						20,517						14,135						—						30,060						22,585						42,127						64,712						5,720						Various						Oct. 2018						40 yrs.
Warehouse facility in Bowling Green, KY						—						2,652						51,915						72,976						( 11 )						2,652						124,880						127,532						14,315						2011						Oct. 2018						40 yrs.
Warehouse facilities in the United Kingdom						—						6,791						2,315						—						( 276 )						6,585						2,245						8,830						407						Various						Oct. 2018						40 yrs.
Industrial facility in Evansville, IN						—						180						22,095						—						—						180						22,095						22,275						3,496						2009						Oct. 2018						40 yrs.
Warehouse facility in Elorrio, Spain						—						7,858						12,728						—						( 1,813 )						7,166						11,607						18,773						2,167						1996						Oct. 2018						40 yrs.
Industrial and office facilities in Elberton, GA						—						879						2,014						—						—						879						2,014						2,893						448						1997; 2002						Oct. 2018						40 yrs.
Retail facilities in Dugo Selo, Kutina, Samobor, Spansko, and Zagreb, Croatia						—						5,549						12,408						1,777						4,403						6,207						17,930						24,137						4,215						2000; 2002; 2003						Oct. 2018						26 yrs.
Office and warehouse facilities in the United States						—						42,793						193,666						500						—						42,793						194,166						236,959						33,178						Various						Oct. 2018						40 yrs.
Warehouse facilities in Breda, Elst, Gieten, Raalte, and Woerden, Netherlands						—						37,755						91,666						4,787						( 11,669 )						34,428						88,111						122,539						13,900						Various						Oct. 2018						40 yrs.
Warehouse facilities in Oxnard and Watsonville, CA						—						22,453						78,814						—						—						22,453						78,814						101,267						12,867						1975; 1994; 2002						Oct. 2018						40 yrs.
Retail facilities in Italy						—						75,492						138,280						7,242						( 19,919 )						68,839						132,256						201,095						22,731						Various						Oct. 2018						40 yrs.
Land in Hudson, NY						—						2,405						—						—						—						2,405						—						2,405						—						N/A						Oct. 2018						N/A
Land in Chicago, IL						—						9,887						—						—						—						9,887						—						9,887						—						N/A						Oct. 2018						N/A
Industrial facility in Fraser, MI						—						1,346						9,551						—						—						1,346						9,551						10,897						1,605						2012						Oct. 2018						40 yrs.
Net-lease self-storage facilities in the United States						—						19,583						108,971						—						—						19,583						108,971						128,554						19,059						Various						Oct. 2018						40 yrs.
Warehouse facility in Middleburg Heights, OH						—						542						2,507						—						—						542						2,507						3,049						407						2002						Oct. 2018						40 yrs.
Net-lease self-storage facility in Fort Worth, TX						—						691						6,295						—						—						691						6,295						6,986						1,126						2004						Oct. 2018						40 yrs.
Retail facilities in Delnice, Pozega, and Sesvete, Croatia						—						5,519						9,930						1,562						( 1,626 )						5,032						10,353						15,385						2,495						2011						Oct. 2018						27 yrs.
Retail facility in Orlando, FL						—						6,262						25,134						430						—						6,371						25,455						31,826						3,984						2011						Oct. 2018						40 yrs.
Industrial facility in Avon, OH						—						1,447						5,564						—						—						1,447						5,564						7,011						980						2001						Oct. 2018						40 yrs.

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SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2024

(in thousands)

												Initial Cost to Company												Cost Capitalized Subsequent to Acquisition (a)						Increase (Decrease) in Net Investments (b)						Gross Amount at which Carried at Close of Period (c) (d)																		Accumulated Depreciation (d)						Date of Construction						Date Acquired						Life on which Depreciation in Latest Statement of Income is Computed
Description						Encumbrances						Land						Buildings																		Land						Buildings						Total
Industrial facility in Chimelow, Poland						—						6,158						28,032						—						( 3,013 )						5,615						25,562						31,177						4,323						2012						Oct. 2018						40 yrs.
Net-lease self-storage facility in Fayetteville, NC						—						1,839						4,654						—						—						1,839						4,654						6,493						1,062						2001						Oct. 2018						40 yrs.
Retail facilities in the United States						—						19,529						42,318						—						( 7,938 )						17,297						36,612						53,909						6,286						Various						Oct. 2018						40 yrs.
Education facilities in Montgomery, AL and Savannah, GA						—						5,508						12,032						—						—						5,508						12,032						17,540						2,035						1969; 2002						Oct. 2018						40 yrs.
Warehouse facility in Zary, Poland						—						2,062						10,034						—						( 1,066 )						1,881						9,149						11,030						1,587						2013						Oct. 2018						40 yrs.
Industrial facilities in San Antonio, TX and Sterling, VA						—						3,198						23,981						78,728						( 462 )						6,767						98,678						105,445						12,246						1980; 2020						Oct. 2018; Dec. 2018						40 yrs.
Industrial facility in Elk Grove Village, IL						—						5,511						10,766						2,970						—						5,511						13,736						19,247						1,886						1961						Oct. 2018						40 yrs.
Industrial facility in Portage, WI						3,518						3,450						7,797						—						—						3,450						7,797						11,247						1,453						1970						Oct. 2018						40 yrs.
Warehouse facility in Saitama Prefecture, Japan						—						13,507						25,301						6,639						( 16,717 )						9,272						19,458						28,730						3,109						2007						Oct. 2018						40 yrs.
Retail facility in Dallas, TX						—						2,977						16,168						—						—						2,977						16,168						19,145						2,563						1913						Oct. 2018						40 yrs.
Retail facilities in Croatia						—						9,000						13,002						1,415						( 6,268 )						7,116						10,033						17,149						2,168						Various						Oct. 2018						29 - 37 yrs.
Retail facility in Northbrook, IL						—						—						493						447						—						—						940						940						371						2007						Oct. 2018						40 yrs.
Education facility in Chicago, IL						—						18,510						163						—						( 16,859 )						1,793						21						1,814						15						2015						Oct. 2018						40 yrs.
Warehouse facility in Dillon, SC						—						3,516						44,933						—						—						3,516						44,933						48,449						7,907						2013						Oct. 2018						40 yrs.
Net-lease self-storage facilities in New York City, NY						—						29,223						77,202						714						—						29,223						77,916						107,139						12,135						Various						Oct. 2018						40 yrs.
Net-lease self-storage facility in Hilo, HI						—						769						12,869						—						—						769						12,869						13,638						2,014						2007						Oct. 2018						40 yrs.
Net-lease self-storage facility in Clearwater, FL						—						1,247						5,733						—						—						1,247						5,733						6,980						1,022						2001						Oct. 2018						40 yrs.
Warehouse facilities in Gadki, Poland						—						10,422						47,727						1,475						( 5,193 )						9,503						44,928						54,431						7,482						2007; 2010						Oct. 2018						40 yrs.
Net-lease self-storage facility in Orlando, FL						—						1,070						8,686						—						—						1,070						8,686						9,756						1,459						2000						Oct. 2018						40 yrs.
Retail facility in Lewisville, TX						—						3,485						11,263						—						—						3,485						11,263						14,748						1,859						2004						Oct. 2018						40 yrs.
Research and development facility in Wageningen, Netherlands						—						5,227						18,793						—						( 1,857 )						4,767						17,396						22,163						2,940						2013						Oct. 2018						40 yrs.
Net-lease self-storage facility in Palm Coast, FL						—						1,994						4,982						—						—						1,994						4,982						6,976						1,039						2001						Oct. 2018						40 yrs.
Net-lease self-storage facility in Holiday, FL						—						1,730						4,213						—						—						1,730						4,213						5,943						858						1975						Oct. 2018						40 yrs.
Research and development facility in Drunen, Netherlands						—						2,316						9,370						—						( 1,030 )						2,112						8,544						10,656						1,406						2014						Oct. 2018						40 yrs.
Industrial facility Bluffton, IN and New Concord, OH						—						958						2,309						—						3,449						1,409						5,307						6,716						486						1975; 1999						Oct. 2018						34 - 40 yrs.
Retail facility in Gelsenkirchen, Germany						—						2,178						17,097						—						( 1,698 )						1,986						15,591						17,577						2,558						2000						Oct. 2018						40 yrs.
Warehouse facilities in Mszczonow and Tomaszow Mazowiecki, Poland						—						8,782						53,575						—						( 5,495 )						8,008						48,854						56,862						8,685						1995; 2000						Oct. 2018						40 yrs.
Warehouse facility in Sered, Slovakia						—						3,428						28,005						—						( 2,770 )						3,126						25,537						28,663						4,232						2004						Oct. 2018						40 yrs.

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SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2024

(in thousands)

												Initial Cost to Company												Cost Capitalized Subsequent to Acquisition (a)						Increase (Decrease) in Net Investments (b)						Gross Amount at which Carried at Close of Period (c) (d)																		Accumulated Depreciation (d)						Date of Construction						Date Acquired						Life on which Depreciation in Latest Statement of Income is Computed
Description						Encumbrances						Land						Buildings																		Land						Buildings						Total
Industrial facility in Tuchomerice, Czech Republic						—						7,864						27,006						—						( 3,073 )						7,171						24,626						31,797						4,027						1998						Oct. 2018						40 yrs.
Warehouse facility in Kaunas, Lithuania						32,029						10,199						47,391						—						( 5,076 )						9,300						43,214						52,514						7,239						2008						Oct. 2018						40 yrs.
Specialty facility in Jacksonville, FL						11,287						906						17,020						—						—						906						17,020						17,926						2,715						2015						Oct. 2018						40 yrs.
Warehouse facilities in Houston, TX						—						791						1,990						—						—						791						1,990						2,781						347						1972						Oct. 2018						40 yrs.
Warehouse facilities in Shelbyville, IN; Kalamazoo, MI; Tiffin, OH; Andersonville, TN; and Millwood, WV						—						2,868						37,571						—						—						2,868						37,571						40,439						6,699						Various						Oct. 2018						40 yrs.
Warehouse facility in Perrysburg, OH						—						806						11,922						—						—						806						11,922						12,728						2,195						1974						Oct. 2018						40 yrs.
Warehouse facility in Dillon, SC						—						620						46,319						434						—						620						46,753						47,373						6,760						2019						Oct. 2018						40 yrs.
Warehouse facility in Zabia Wola, Poland						—						4,742						23,270						5,636						( 2,937 )						4,324						26,387						30,711						4,308						1999						Oct. 2018						40 yrs.
Laboratory facility in Buffalo Grove, IL						—						2,224						6,583						—						—						2,224						6,583						8,807						1,109						1992						Oct. 2018						40 yrs.
Net-lease self-storage facilities in the United States						—						12,755						48,965						—						—						12,755						48,965						61,720						408						Various						Oct. 2018						40 yrs.
Net-lease self-storage facilities in Raleigh, NC and Mount Pleasant, SC						—						3,473						19,202						—						—						3,473						19,202						22,675						160						2017						Nov. 2018						40 yrs.
Warehouse facilities in McHenry, IL						—						5,794						21,141						—						—						5,794						21,141						26,935						5,238						1990; 1999						Dec. 2018						27 - 28 yrs.
Industrial facilities in Chicago, Cortland, Forest View, Morton Grove, and Northbrook, IL and Madison and Monona, WI						—						23,267						9,166						—						—						23,267						9,166						32,433						2,163						Various						Dec. 2018; Dec. 2019						35 - 40 yrs.
Warehouse facility in Kilgore, TX						—						3,002						36,334						14,096						( 6 )						3,002						50,424						53,426						8,316						2007						Dec. 2018						37 yrs.
Industrial facility in San Luis Potosi, Mexico						—						2,787						12,945						—						—						2,787						12,945						15,732						2,285						2009						Dec. 2018						39 yrs.
Industrial facility in Legnica, Poland						—						995						9,787						6,007						( 1,495 )						906						14,388						15,294						2,825						2002						Dec. 2018						29 yrs.
Industrial facility in Meru, France						—						4,231						14,731						8						( 1,647 )						3,863						13,460						17,323						3,055						1997						Dec. 2018						29 yrs.
Education facility in Portland, OR						—						2,396						23,258						4,177						—						2,396						27,435						29,831						5,196						2006						Feb. 2019						40 yrs.
Warehouse facility in Inwood, WV						—						3,265						36,692						—						—						3,265						36,692						39,957						5,844						2000						Mar. 2019						40 yrs.
Industrial facility in Hurricane, UT						—						1,914						37,279						—						—						1,914						37,279						39,193						5,617						2011						Mar. 2019						40 yrs.
Industrial facility in Bensenville, IL						—						8,640						4,948						—						300						8,940						4,948						13,888						1,198						1981						Mar. 2019						40 yrs.
Industrial facility in Katowice, Poland						—						—						764						15,163						( 885 )						—						15,042						15,042						1,916						2019						Apr. 2019						40 yrs.
Industrial facilities in Westerville, OH and North Wales, PA						—						1,545						6,508						—						—						1,545						6,508						8,053						1,217						1960; 1997						May 2019						40 yrs.
Industrial facilities in Fargo, ND; Norristown, PA; and Atlanta, TX						—						1,616						5,589						—						—						1,616						5,589						7,205						1,158						Various						May 2019						40 yrs.
Industrial facilities in Chihuahua and Juarez, Mexico						—						3,426						7,286						—						—						3,426						7,286						10,712						1,484						1983; 1986; 1991						May 2019						40 yrs.
Warehouse facility in Statesville, NC						—						1,683						13,827						—						—						1,683						13,827						15,510						2,323						1979						Jun. 2019						40 yrs.
Industrial facilities in Searcy, AR and Conestoga, PA						—						4,290						51,410						21,027						—						4,678						72,049						76,727						11,566						1950; 1951						Jun. 2019; Apr. 2021						40 yrs.
Industrial facilities in Hartford and Milwaukee, WI						—						1,471						21,293						—						—						1,471						21,293						22,764						3,471						1964; 1992; 1993						Jul. 2019						40 yrs.

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SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2024

(in thousands)

												Initial Cost to Company												Cost Capitalized Subsequent to Acquisition (a)						Increase (Decrease) in Net Investments (b)						Gross Amount at which Carried at Close of Period (c) (d)																		Accumulated Depreciation (d)						Date of Construction						Date Acquired						Life on which Depreciation in Latest Statement of Income is Computed
Description						Encumbrances						Land						Buildings																		Land						Buildings						Total
Industrial facilities in Brockville and Prescott, Canada						—						2,025						9,519						—						—						2,025						9,519						11,544						1,565						1955; 1995						Jul. 2019						40 yrs.
Industrial facility in Dordrecht, Netherlands						—						3,233						10,954						—						( 781 )						3,059						10,347						13,406						1,397						1986						Sep. 2019						40 yrs.
Industrial facilities in York, PA and Lexington, SC						—						4,155						22,930						—						—						4,155						22,930						27,085						4,137						1968; 1971						Oct. 2019						40 yrs.
Industrial facility in Queretaro, Mexico						—						2,851						12,748						—						( 3 )						2,851						12,745						15,596						2,086						1999						Oct. 2019						40 yrs.
Industrial facilities in Houston, TX and Metairie, LA and office facilities in Houston, TX and Mason, OH						—						6,130						24,981						2,145						—						6,130						27,126						33,256						4,035						Various						Nov. 2019						40 yrs.
Industrial facility in Pardubice, Czech Republic						—						1,694						8,793						436						( 650 )						1,597						8,676						10,273						1,189						1970						Nov. 2019						40 yrs.
Warehouse facilities in Brabrand, Denmark and Arlandastad, Sweden						—						6,499						27,899						147						( 2,931 )						5,882						25,732						31,614						3,655						2012; 2017						Nov. 2019						40 yrs.
Retail facility in Hamburg, PA						—						4,520						34,167						—						—						4,520						34,167						38,687						4,990						2003						Dec. 2019						40 yrs.
Warehouse facility in Charlotte, NC						—						6,481						82,936						—						—						6,481						82,936						89,417						11,809						1995						Dec. 2019						40 yrs.
Warehouse facility in Buffalo Grove, IL						—						3,287						10,167						2,203						—						3,287						12,370						15,657						1,542						1987						Dec. 2019						40 yrs.
Industrial facility in Hvidovre, Denmark						—						1,931						4,243						—						( 419 )						1,808						3,947						5,755						705						2007						Dec. 2019						40 yrs.
Warehouse facility in Huddersfield, United Kingdom						—						8,659						29,752						—						( 1,963 )						8,217						28,231						36,448						3,742						2005						Dec. 2019						40 yrs.
Warehouse facility in Newark, United Kingdom						—						21,869						74,777						—						( 4,466 )						20,858						71,322						92,180						8,891						2006						Jan. 2020						40 yrs.
Industrial facility in Langen, Germany						—						14,160						7,694						32,169						( 7,247 )						12,137						34,639						46,776						3,383						2021						Jan. 2020						40 yrs.
Industrial facility in Aurora, OR						—						2,914						21,459						—						( 5,000 )						2,914						16,459						19,373						2,032						1976						Jan. 2020						40 yrs.
Warehouse facility in Vojens, Denmark						—						1,031						8,784						—						( 570 )						971						8,274						9,245						1,017						2020						Jan. 2020						40 yrs.
Warehouse facility in Knoxville, TN						—						2,455						47,446						—						—						2,455						47,446						49,901						5,360						2020						Jun. 2020						40 yrs.
Industrial facilities in Bluffton and Plymouth, IN; and Lawrence, KS						—						674						33,519						20,542						—						1,064						53,671						54,735						5,124						1981; 2014; 2021						Sep 2020; Dec. 2021						40 yrs.
Industrial facility in Huntley, IL						—						5,260						26,617						—						—						5,260						26,617						31,877						2,831						1996						Sep. 2020						40 yrs.
Industrial facilities in Winter Haven, FL; Belvedere, IL; and Fayetteville, NC						—						8,232						31,745						—						—						8,232						31,745						39,977						3,350						1954; 1984; 1997						Oct. 2020						40 yrs.
Warehouse facility in Little Canada, MN						—						3,384						23,422						—						—						3,384						23,422						26,806						2,443						1987						Oct. 2020						40 yrs.
Warehouse facility in Hurricane, UT						—						5,154						22,893						20,517						—						5,154						43,410						48,564						3,773						2005						Dec. 2020						40 yrs.
Industrial facilities in Bethlehem, PA and Waco, TX						—						4,673						19,111						—						—						4,673						19,111						23,784						1,940						Various						Dec. 2020						40 yrs.
Industrial facilities in Pleasanton, KS; Savage, MN; Grove City, OH; and Mahanoy City, PA						—						7,717						21,569						—						—						7,717						21,569						29,286						2,157						Various						Dec. 2020						40 yrs.
Specialty facilities in Fort Washington, Huntington Valley, and West Chester, PA						—						—						492						—						—						—						492						492						48						2011; 2014; 2016						Jan. 2021						40 yrs.

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SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2024

(in thousands)

												Initial Cost to Company												Cost Capitalized Subsequent to Acquisition (a)						Increase (Decrease) in Net Investments (b)						Gross Amount at which Carried at Close of Period (c) (d)																		Accumulated Depreciation (d)						Date of Construction						Date Acquired						Life on which Depreciation in Latest Statement of Income is Computed
Description						Encumbrances						Land						Buildings																		Land						Buildings						Total
Warehouse facilities in Grove City, OH and Anderson, SC						—						1,415						15,151						—						—						1,415						15,151						16,566						1,482						1995; 2001						Feb. 2021						40 yrs.
Office and retail facilities in NJ and PA						—						17,537						25,987						—						—						17,537						25,987						43,524						2,526						Various						Feb. 2021						40 yrs.
Land and warehouse facilities in CA						—						8,513						45,669						6						( 29,919 )						1,734						22,535						24,269						2,546						Various						Feb. 2021						40 yrs.
Research and development facility in Wageningen, Netherlands						—						1,429						5,777						18,852						531						1,455						25,134						26,589						1,563						2022						Mar. 2021						40 yrs.
Retail facilities in France						—						15,954						104,578						—						( 13,924 )						14,111						92,497						106,608						8,679						1968; 1981; 1983						Apr. 2021						40 yrs.
Warehouse facility in Detroit, MI						—						3,625						47,743						—						—						3,625						47,743						51,368						4,395						1991						Apr. 2021						40 yrs.
Warehouse facility in Solihull, United Kingdom						—						42,137						123,315						—						( 15,820 )						38,108						111,524						149,632						10,213						2021						May 2021						40 yrs.
Specialty facility in New Rochelle, NY						—						3,617						21,590						—						—						3,617						21,590						25,207						1,976						2018						May 2021						40 yrs.
Industrial facility in Groveport, OH						—						—						26,639						2,904						—						—						29,543						29,543						2,646						1982						May 2021						40 yrs.
Industrial facility in Dakota, IL						—						1,970						50,369						—						—						1,970						50,369						52,339						4,585						1978						May 2021						40 yrs.
Industrial facility in San Jose, CA						—						12,808						31,714						—						—						12,808						31,714						44,522						2,885						1984						May 2021						40 yrs.
Warehouse facility in Opelika, AL						—						2,115						39,980						—						—						2,115						39,980						42,095						3,568						2005						Jun. 2021						40 yrs.
Warehouse facilities in Elk Grove Village and Niles, IL; and Guelph, Canada						—						12,932						25,096						—						—						12,932						25,096						38,028						2,236						1962; 1976; 1983						Jun. 2021						40 yrs.
Warehouse facility in Rome, NY						—						1,480						47,781						—						—						1,480						47,781						49,261						4,254						2021						Jun. 2021						40 yrs.
Warehouse facility in Frankfort, IN						—						5,423						95,915						—						—						5,423						95,915						101,338						8,035						2015						Aug. 2021						40 yrs.
Warehouse facility in Rogers, MN						—						1,871						20,959						—						—						1,871						20,959						22,830						1,736						2005						Sep. 2021						40 yrs.
Industrial facilities in Chattanooga, TN						—						4,859						29,302						1,453						—						4,859						30,755						35,614						2,369						2006; 2017						Oct. 2021						40 yrs.
Warehouse facility in Mankato, MN						—						2,979						11,619						—						( 3,126 )						2,336						9,136						11,472						911						1976						Nov. 2021						40 yrs.
Retail facilities in Denmark						—						2,695						38,428						—						( 3,277 )						2,480						35,366						37,846						2,713						Various						Dec. 2021						40 yrs.
Retail facilities in Poland						—						15,110						47,511						—						( 4,854 )						13,939						43,828						57,767						3,338						Various						Dec. 2021						40 yrs.
Industrial facility in Cary, IL						—						4,568						31,977						—						—						4,568						31,977						36,545						2,407						1975						Dec. 2021						40 yrs.
Retail facilities in the Netherlands						—						9,342						32,770						—						( 3,405 )						8,587						30,120						38,707						2,265						Various						Dec. 2021						40 yrs.
Specialty facilities in Flemington and Pennsauken, NJ						—						1,025						397						832						—						1,025						1,229						2,254						80						Various						Dec. 2021						40 yrs.
Industrial facility in Pleasant Prairie, WI						—						1,443						16,532						—						—						1,443						16,532						17,975						1,230						2001						Jan. 2022						40 yrs.
Specialty facilities in Spain						—						26,735						99,822						—						( 10,059 )						24,610						91,888						116,498						6,684						Various						Feb. 2022						40 yrs.
Retail facilities in Denmark						—						3,295						35,898						—						( 2,562 )						3,063						33,568						36,631						2,285						Various						Various						40 yrs.
Industrial facilities in Laval, Canada						—						5,506						16,678						—						( 2,471 )						4,950						14,763						19,713						1,027						1966; 1973						Feb. 2022; Mar. 2024						40 yrs.
Warehouse facility in Chattanooga, TN						—						5,063						36,645						26,159						101						5,063						62,905						67,968						3,513						2003						Mar. 2022						40 yrs.
Industrial facility in Coatzacoalcos, Mexico						—						9,805						17,622						—						—						9,805						17,622						27,427						1,182						1960						Apr. 2022						40 yrs.
Industrial facility in Lowbanks, CA						—						3,574						1,605						—						—						3,574						1,605						5,179						108						1967						Apr. 2022						40 yrs.

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SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2024

(in thousands)

												Initial Cost to Company												Cost Capitalized Subsequent to Acquisition (a)						Increase (Decrease) in Net Investments (b)						Gross Amount at which Carried at Close of Period (c) (d)																		Accumulated Depreciation (d)						Date of Construction						Date Acquired						Life on which Depreciation in Latest Statement of Income is Computed
Description						Encumbrances						Land						Buildings																		Land						Buildings						Total
Industrial facilities in Chicago, IL; Geismar, LA; and Nashville, TN						—						9,300						26,945						—						—						9,300						26,945						36,245						1,785						Various						May 2022						40 yrs.
Industrial and warehouse facilities in the United States						—						9,847						88,227						2						—						9,847						88,229						98,076						5,801						Various						May 2022						40 yrs.
Retail facilities in Denmark						—						2,228						31,774						—						( 734 )						2,182						31,086						33,268						1,984						Various						Various						40 yrs.
Industrial facility in Medina, OH						—						2,029						22,938						—						—						2,029						22,938						24,967						1,458						1963						Jun. 2022						40 yrs.
Warehouse facility in Bree, Belgium						—						—						73,302						42						16						—						73,360						73,360						4,598						1964						Jun. 2022						40 yrs.
Industrial and warehouse facilities in the United States						—						27,543						192,197						—						—						27,543						192,197						219,740						11,703						Various						Jul. 2022						40 yrs.
Retail facilities in Denmark						—						2,690						33,703						—						228						2,709						33,912						36,621						1,984						Various						Various						40 yrs.
Office facility in Austin, TX						—						31,095						45,393						—						—						31,095						45,393						76,488						2,745						1993						Aug. 2022						40 yrs.
Land in Chicago, IL						—						3,873						—						—						—						3,873						—						3,873						—						N/A						Aug. 2022						N/A
Retail facilities in Croatia						—						1,367						23,337						—						377						1,388						23,693						25,081						1,433						2001; 2006						Aug. 2022						40 yrs.
Warehouse facility in Streetsboro, OH						—						2,435						9,333						—						—						2,435						9,333						11,768						564						1993						Aug. 2022						40 yrs.
Net-lease self-storage facility in Kissimmee, FL						—						923						17,205						11						4						923						17,220						18,143						1,043						2005						Aug. 2022						40 yrs.
Warehouse facility in University Park, IL						—						15,377						63,299						17,244						—						15,377						80,543						95,920						3,828						2003						Aug. 2022						40 yrs.
Industrial facilities in Surprise, AZ; Temple, GA; and Houston, TX						—						2,994						26,100						—						—						2,994						26,100						29,094						1,579						1998; 2007; 2011						Aug. 2022						40 yrs.
Warehouse facility in Jonesville, SC						25,661						2,895						32,152						—						—						2,895						32,152						35,047						1,945						1997						Aug. 2022						40 yrs.
Warehouse facility in Albany, GA						—						3,108						12,220						192						—						3,108						12,412						15,520						739						1977						Aug. 2022						40 yrs.
Industrial facilities in Dallas/Fort Worth, TX						—						3,918						9,817						—						—						3,918						9,817						13,735						594						1990; 2008						Aug. 2022						40 yrs.
Warehouse facility in Byron Center, MI						6,318						1,925						10,098						—						—						1,925						10,098						12,023						611						2015						Aug. 2022						40 yrs.
Net-lease hotel in Albion, Mauritius						4,260						7,633						29,274						—						563						7,750						29,720						37,470						1,797						2007						Aug. 2022						40 yrs.
Net-lease self-storage facilities in Hesperia and Thousand Palms, CA						—						3,105						27,124						—						4						3,105						27,128						30,233						1,645						2007						Aug. 2022						40 yrs.
Industrial facility in Plymouth, MN						10,408						3,693						13,242						914						—						3,693						14,156						17,849						845						1975						Aug. 2022						40 yrs.
Net-lease hotel in Hamburg, Germany						—						7,328						17,467						—						379						7,440						17,734						25,174						1,073						2017						Aug. 2022						40 yrs.
Retail facility in Oslo, Norway						47,853						27,948						64,033						930						( 14,001 )						23,729						55,181						78,910						3,415						1971						Aug. 2022						40 yrs.
Industrial facility in Michalovce, Slovakia						—						4,538						19,009						—						359						4,607						19,299						23,906						1,167						2006						Aug. 2022						40 yrs.
Net-lease hotel in Stuttgart, Germany						—						—						31,276						—						477						—						31,753						31,753						1,920						1965						Aug. 2022						40 yrs.
Industrial facility in Menomonee Falls, WI						11,494						2,726						17,453						—						—						2,726						17,453						20,179						1,056						1974						Aug. 2022						40 yrs.
Warehouse facility in Iowa Falls, IA						—						997						8,819						—						—						997						8,819						9,816						533						2001						Aug. 2022						40 yrs.
Warehouse facility in Westlake, OH						—						1,928						24,353						—						( 12,003 )						1,050						13,228						14,278						1,469						1972						Aug. 2022						40 yrs.
Industrial facility in Hebron, Ohio and warehouse facility in Strongsville, OH						—						4,671						5,494						—						—						4,671						5,494						10,165						329						1969; 1999						Aug. 2022						40 yrs.

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SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2024

(in thousands)

												Initial Cost to Company												Cost Capitalized Subsequent to Acquisition (a)						Increase (Decrease) in Net Investments (b)						Gross Amount at which Carried at Close of Period (c) (d)																		Accumulated Depreciation (d)						Date of Construction						Date Acquired						Life on which Depreciation in Latest Statement of Income is Computed
Description						Encumbrances						Land						Buildings																		Land						Buildings						Total
Warehouse facility in Scarborough, Canada						—						5,092						1,868						—						—						5,092						1,868						6,960						112						1980						Aug. 2022						40 yrs.
Specialty facilities in West Des Moines, IA and Clifton Park, NY						—						3,229						17,080						—						—						3,229						17,080						20,309						1,020						1971; 2021						Aug. 2022						40 yrs.
Industrial facility in Orzinuovi, Italy						—						2,473						9,892						—						472						2,567						10,270						12,837						604						1978						Aug. 2022						40 yrs.
Specialty facilities in West Chester, PA						—						—						559						—						—						—						559						559						38						2022						Oct. 2022						40 yrs.
Industrial facilities in the United States						—						11,117						41,107						—						—						11,117						41,107						52,224						2,086						Various						Dec. 2022						40 yrs.
Warehouse facility in Romulus, MI						—						2,788						33,353						—						—						2,788						33,353						36,141						1,672						2017						Dec. 2022						40 yrs.
Industrial facility in Salisbury, NC						—						1,308						13,082						14,147						—						1,308						27,229						28,537						945						2015						Dec. 2022						40 yrs.
Industrial facilities in the United States						—						11,503						42,967						—						—						11,503						42,967						54,470						2,116						Various						Jan. 2023						40 yrs.
Industrial facilities in Italy and Spain						—						21,167						56,172						1						( 3,483 )						20,214						53,643						73,857						2,385						Various						Mar. 2023						40 yrs.
Industrial and warehouse facilities in Canada						—						71,228						330,400						—						—						71,228						330,400						401,628						14,483						Various						Apr. 2023						40 yrs.
Industrial facilities in Canada, Mexico, and the United States						—						11,873						55,997						—						—						11,873						55,997						67,870						2,389						Various						Apr. 2023						40 yrs.
Retail (car wash) facilities in the United States						—						9,511						32,777						—						—						9,511						32,777						42,288						1,287						Various						May 2023; Oct. 2023						40 yrs.
Education and specialty facilities in the United States						—						11,973						90,101						—						—						11,973						90,101						102,074						3,487						Various						Jun. 2023						40 yrs.
Retail (car wash) facilities in the United States						—						11,415						33,163						—						—						11,415						33,163						44,578						788						2023						Nov. 2023; Oct. 2024						40 yrs.
Industrial and warehouse facilities in Italy, Germany, and Spain						—						80,767						191,007						—						( 12,715 )						77,283						181,776						259,059						4,576						Various						Nov. 2023; Jan. 2024						40 yrs.
Warehouse facility in Houston, TX						—						18,999						27,199						—						—						18,999						27,199						46,198						730						2000						Dec. 2023						40 yrs.
Industrial and research and development facilities in San Diego, CA						—						5,739						6,397						1,536						—						5,739						7,933						13,672						220						1990						Dec. 2023						40 yrs.
Retail facility in Phoenix, AZ						—						1,729						9,201						—						—						1,729						9,201						10,930						236						2023						Dec. 2023						40 yrs.
Retail facilities in Doncaster, United Kingdom						—						6,133						17,512						—						( 374 )						6,036						17,235						23,271						421						2010; 2013						Jan. 2024						40 yrs.
Warehouse facility in Commercial Point, OH						—						11,363						76,376						—						—						11,363						76,376						87,739						1,414						2022						Apr. 2024						40 yrs.
Warehouse facility in Tucson, AZ						—						3,742						30,914						—						—						3,742						30,914						34,656						492						2024						May 2024						40 yrs.
Industrial and warehouse facilities in the United States						—						11,209						50,311						—						—						11,209						50,311						61,520						794						Various						May 2024						40 yrs.
Laveen and Mesa, AZ						—						4,407						16,938						1,190						—						4,407						18,128						22,535						256						2024						Jun. 2024						40 yrs.
Industrial facilities in La Porte, IN and Moxee, WA						20,518						3,657						25,004						—						—						3,657						25,004						28,661						323						1963; 1990						Jun. 2024						40 yrs.
Industrial and retail facilities in NC						10,721						2,102						12,021						—						—						2,102						12,021						14,123						133						1959; 1995; 2005						Jul. 2024						40 yrs.

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SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2024

(in thousands)

												Initial Cost to Company												Cost Capitalized Subsequent to Acquisition (a)						Increase (Decrease) in Net Investments (b)						Gross Amount at which Carried at Close of Period (c) (d)																		Accumulated Depreciation (d)						Date of Construction						Date Acquired						Life on which Depreciation in Latest Statement of Income is Computed
Description						Encumbrances						Land						Buildings																		Land						Buildings						Total
Industrial facility in Neenah, WI						10,084						1,734						13,774						—						—						1,734						13,774						15,508						152						1979						Jul. 2024						40 yrs.
Retail facilities in Poland						—						5,585						21,834						—						( 1,210 )						5,340						20,869						26,209						223						Various						Jul. 2024; Sep. 2024						40 yrs.
Retail facility in Las Vegas, NV						—						1,103						8,817						—						—						1,103						8,817						9,920						92						2024						Aug. 2024						40 yrs.
Warehouse facility in Alexandria, Canada						12,701						2,180						18,894						—						( 831 )						2,094						18,149						20,243						183						1980						Aug. 2024						40 yrs.
Industrial facilities in Oldcastle and Tillsonburg, Canada						6,956						1,133						11,269						—						—						1,133						11,269						12,402						114						1990; 1999						Aug. 2024						40 yrs.
Retail facility in West Des Moines, IA						—						—						14,457						—						—						—						14,457						14,457						143						2024						Aug. 2024						40 yrs.
Industrial facility in Lebanon, IN						—						4,995						40,345						—						—						4,995						40,345						45,340						209						2003						Oct. 2024						40 yrs.
Industrial facility in Shelbyville, KY						—						5,704						86,354						—						—						5,704						86,354						92,058						442						2024						Oct. 2024						40 yrs.
Land in Stockton, CA						—						40,217						7,003						—						—						40,217						7,003						47,220						45						2023						Nov. 2024						15 yrs.
Specialty facility in Weehawken, NJ						—						25,016						61,404						—						—						25,016						61,404						86,420						147						1990						Nov. 2024						40 yrs.
Retail facilities in the United States						—						18,387						59,684						—						—						18,387						59,684						78,071						82						Various						Nov. 2024						40 yrs.
Retail facilities in the United States						—						6,705						21,003						—						—						6,705						21,003						27,708						29						2023; 2024						Dec. 2024						40 yrs.
Retail facility in Manchester, United Kingdom						—						—						17,244						—						( 185 )						—						17,059						17,059						22						2012						Dec. 2024						40 yrs.
Education facility in Yarnfield, United Kingdom						—						5,929						14,848						—						( 329 )						5,892						14,556						20,448						13						1960						Dec. 2024						40 yrs.
Retail facilities in the United States						—						9,303						29,973						—						—						9,303						29,973						39,276						18						2023; 2024						Dec. 2024						40 yrs.
Retail facilities in the United States						—						3,572						12,111						—						—						3,572						12,111						15,683						5						Various						Dec. 2024						40 yrs.
						$	233,568					$	2,654,751					$	10,055,987					$	1,074,293					$	( 998,204 )					$	2,398,409					$	10,388,418					$	12,786,827					$	1,701,892

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SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2024

(in thousands)

												Initial Cost to Company												Cost Capitalized Subsequent to Acquisition (a)						Increase (Decrease) in Net Investments (b)						Gross Amount at which Carried at Close of Period Total						Date of Construction						Date Acquired
Description						Encumbrances						Land						Buildings
Direct Financing Method
Industrial facilities in Irving and Houston, TX						$	—					$	—					$	27,599					$	—					$	( 4,375 )					$	23,224					1978						Jan. 1998
Retail facility in Freehold, NJ						—						—						17,067						—						( 558 )						16,509						2004						Sep. 2012
Warehouse facility in Brierley Hill, United Kingdom						—						2,147						12,357						—						( 2,174 )						12,330						1996						Sep. 2012
Retail facilities in El Paso and Fabens, TX						—						4,777						17,823						—						( 143 )						22,457						Various						Jan. 2014
Industrial facility in Mount Carmel, IL						—						135						3,265						—						( 431 )						2,969						1896						Jan. 2014
Retail facility in Linköping, Sweden						—						1,484						9,402						—						( 4,475 )						6,411						2004						Jan. 2014
Industrial facility in Göppingen, Germany						—						10,717						60,120						—						( 23,016 )						47,821						1930						Jan. 2014
Warehouse facilities in Bristol, Leeds, Liverpool, Luton, Newport, Plymouth, and Southampton, United Kingdom						—						1,062						23,087						—						( 910 )						23,239						Various						Oct. 2018
Warehouse facility in Gieten, Netherlands						—						—						15,258						—						( 1,414 )						13,844						1985						Oct. 2018
Warehouse facility in Oxnard, CA						—						—						10,960						—						( 2,496 )						8,464						1975						Oct. 2018
Industrial facilities in Bartow, FL; Momence, IL; Smithfield, NC; Hudson, NY; and Ardmore, OK						—						4,454						87,030						—						3,094						94,578						Various						Oct. 2018
Industrial facility in Countryside, IL						—						563						1,457						—						30						2,050						1981						Oct. 2018
Industrial facility in Clarksville, TN						2,421						1,680						10,180						—						( 381 )						11,479						1998						Oct. 2018
Warehouse facility in Houston, TX						—						—						5,977						—						( 206 )						5,771						1972						Oct. 2018
Warehouse in Chicago, IL						—						—						10,517						—						95						10,612						1942						Aug. 2022
Less: allowance for credit losses																														( 24,060 )						( 24,060 )
						$	2,421					$	27,019					$	312,099					$	—					$	( 61,420 )					$	277,698

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SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2024

(in thousands)

												Initial Cost to Company																		Cost Capitalized Subsequent to Acquisition (a)						Increase (Decrease) in Net Investments (b)						Gross Amount at which Carried at Close of Period (c) (d)																																										Life on which Depreciation in Latest Statement of Income is Computed
Description						Encumbrances						Land						Buildings						Personal Property																		Land						Buildings						Personal Property						Total						Accumulated Depreciation (d)						Date of Construction						Date Acquired
Operating Real Estate – Hotels
Bloomington, MN						$	—					$	3,810					$	29,126					$	3,622					$	7,090					$	( 314 )					$	3,874					$	31,342					$	8,118					$	43,334					$	17,120					2008						Jan. 2014						34 yrs.
Newark, NJ						—						4,912						5,581						—						88						—						4,912						5,581						88						10,581						1,886						1989						Sep. 2012						37 yrs.
San Diego, CA						—						3,898						33,729						—						153						—						3,898						33,729						153						37,780						11,302						1989						Sep. 2012						37 yrs.
Irvine, CA						—						3,720						24,983						—						243						—						3,720						24,983						243						28,946						8,907						1989						Sep. 2012						35 yrs.
Operating Real Estate – Student Housing Facilities
Austin, TX						—						12,994						60,006						—						70						—						12,994						60,033						43						73,070						3,640						2020						Aug. 2022						40 yrs.
Swansea, United Kingdom						—						—						32,884						—						59,827						7,138						—						99,849						—						99,849						5,324						2022						Aug. 2022						40 yrs.
Operating Real Estate – Self-Storage Facilities
Loves Park, IL						—						1,412						4,853						—						118						—						1,412						4,933						38						6,383						1,165						1997						Oct. 2018						40 yrs.
Cherry Valley, IL						—						1,339						4,160						—						26						—						1,339						4,167						19						5,525						951						1988						Oct. 2018						40 yrs.
Rockford, IL						—						695						3,873						—						134						—						695						3,992						15						4,702						836						1979						Oct. 2018						40 yrs.
Rockford, IL						—						87						785						—						—						—						87						785						—						872						146						1979						Oct. 2018						40 yrs.
Rockford, IL						—						454						4,724						—						70						—						454						4,767						27						5,248						812						1957						Oct. 2018						40 yrs.
Peoria, IL						—						444						4,944						—						240						—						444						5,166						18						5,628						1,295						1990						Oct. 2018						40 yrs.
East Peoria, IL						—						268						3,290						—						110						—						268						3,375						25						3,668						789						1986						Oct. 2018						40 yrs.
Loves Park, IL						—						721						2,973						—						45						—						721						3,014						4						3,739						638						1978						Oct. 2018						40 yrs.
Winder, GA						—						338						1,310						—						113						—						338						1,375						48						1,761						340						2006						Oct. 2018						40 yrs.
Winder, GA						—						821						3,180						—						47						—						821						3,202						25						4,048						728						2001						Oct. 2018						40 yrs.
St. Petersburg, FL						—						1,505						16,229						—						133						—						1,505						16,281						81						17,867						994						2007						Aug. 2022						40 yrs.
Corpus Christi, TX						—						904						10,779						—						181						—						904						10,915						45						11,864						681						1998						Aug. 2022						40 yrs.
Palm Desert, CA						—						1,036						22,714						—						90						—						1,036						22,784						20						23,840						1,381						2006						Aug. 2022						40 yrs.
Kailua-Kona, HI						—						1,425						12,267						—						80						—						1,425						12,332						15						13,772						754						1991						Aug. 2022						40 yrs.
Miami, FL						—						3,680						7,215						—						737						—						3,680						7,926						26						11,632						542						1986						Aug. 2022						40 yrs.
Columbia, SC						—						2,481						5,217						—						60						—						2,481						5,259						18						7,758						319						1988						Aug. 2022						40 yrs.
Kailua-Kona, HI						—						2,889						16,397						—						238						—						2,889						16,544						91						19,524						1,027						2004						Aug. 2022						40 yrs.
Pompano Beach, FL						2,774						1,227						10,897						—						301						—						1,227						11,110						88						12,425						689						1992						Aug. 2022						40 yrs.
Jensen Beach, FL						5,120						1,544						15,841						—						270						—						1,544						16,058						53						17,655						982						1989						Aug. 2022						40 yrs.
Dickinson, TX						5,894						1,952						8,826						—						100						—						1,952						8,882						44						10,878						543						2001						Aug. 2022						40 yrs.
Humble, TX						4,614						813						6,459						—						126						—						813						6,472						113						7,398						398						2009						Aug. 2022						40 yrs.
Temecula, CA						5,953						2,368						20,802						—						52						—						2,368						20,845						9						23,222						1,263						2006						Aug. 2022						40 yrs.
Cumming, GA						2,619						655						10,455						—						20						—						655						10,455						20						11,130						637						1994						Aug. 2022						40 yrs.
Naples, FL						9,823						6,826						20,254						—						342						—						6,826						20,544						52						27,422						1,310						1974						Aug. 2022						40 yrs.
Valrico, FL						5,507						1,423						11,316						—						32						—						1,423						11,333						15						12,771						690						2009						Aug. 2022						40 yrs.

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SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2024

(in thousands)

												Initial Cost to Company																		Cost Capitalized Subsequent to Acquisition (a)						Increase (Decrease) in Net Investments (b)						Gross Amount at which Carried at Close of Period (c) (d)																																										Life on which Depreciation in Latest Statement of Income is Computed
Description						Encumbrances						Land						Buildings						Personal Property																		Land						Buildings						Personal Property						Total						Accumulated Depreciation (d)						Date of Construction						Date Acquired
Tallahassee, FL						4,918						1,534						14,416						—						117						—						1,534						14,497						36						16,067						882						1999						Aug. 2022						40 yrs.
Sebastian, FL						1,786						529						7,917						—						82						—						529						7,995						4						8,528						488						1986						Aug. 2022						40 yrs.
Lady Lake, FL						3,944						928						11,881						—						26						—						928						11,886						21						12,835						721						2010						Aug. 2022						40 yrs.
Panama City Beach, FL						2,620						736						7,581						—						62						—						736						7,622						21						8,379						461						1997						Aug. 2022						40 yrs.
Hesperia, CA						—						1,416						18,691						—						74						—						1,416						18,751						14						20,181						1,138						2004						Aug. 2022						40 yrs.
Hesperia, CA						—						699						12,896						—						189						—						699						13,077						8						13,784						803						1985						Aug. 2022						40 yrs.
Highland, CA						—						1,465						11,966						—						104						—						1,465						12,043						27						13,535						735						2003						Aug. 2022						40 yrs.
Lancaster, CA						—						598						12,100						—						8						—						598						12,108						—						12,706						732						1989						Aug. 2022						40 yrs.
Rialto, CA						—						3,502						16,924						—						128						—						3,502						16,944						108						20,554						1,034						2007						Aug. 2022						40 yrs.
Lilburn, GA						2,337						1,555						6,225						—						164						—						1,555						6,360						29						7,944						395						1998						Aug. 2022						40 yrs.
Stockbridge GA						1,623						308						7,238						—						45						—						308						7,268						15						7,591						449						2003						Aug. 2022						40 yrs.
Louisville, KY						6,600						3,115						13,908						—						161						—						3,115						14,037						32						17,184						898						1998						Aug. 2022						40 yrs.
St. Peters, MO						2,308						386						5,521						—						112						—						386						5,605						28						6,019						358						1991						Aug. 2022						40 yrs.
Crystal Lake, IL						2,629						1,325						6,056						—						6						—						1,325						6,060						2						7,387						367						1977						Aug. 2022						40 yrs.
Las Vegas, NV						6,363						717						20,963						—						317						—						717						21,207						73						21,997						1,295						1996						Aug. 2022						40 yrs.
Panama City Beach, FL						6,168						666						17,086						—						88						—						666						17,116						58						17,840						1,046						2008						Aug. 2022						40 yrs.
Sarasota, FL						5,201						1,076						13,597						—						112						—						1,076						13,643						66						14,785						831						2003						Aug. 2022						40 yrs.
Sarasota, FL						3,803						638						10,175						—						79						—						638						10,221						33						10,892						624						2001						Aug. 2022						40 yrs.
Leesburg, FL						2,406						1,272						5,888						—						53						—						1,272						5,921						20						7,213						362						1988						Aug. 2022						40 yrs.
Palm Bay, FL						7,152						2,814						21,425						—						120						—						2,814						21,513						32						24,359						1,304						2000						Aug. 2022						40 yrs.
Houston, TX						4,616						1,878						8,719						—						249						—						1,878						8,957						11						10,846						541						1971						Aug. 2022						40 yrs.
Hudson, FL						3,251						669						6,092						—						68						—						669						6,111						49						6,829						378						2008						Aug. 2022						40 yrs.
Las Vegas, NV						2,341						918						12,355						—						114						—						918						12,464						5						13,387						771						1984						Aug. 2022						40 yrs.
Las Vegas, NV						2,210						829						11,275						—						83						—						829						11,316						42						12,187						692						1987						Aug. 2022						40 yrs.
Ithaca, NY						2,296						890						4,484						—						15						—						890						4,484						15						5,389						274						1988						Aug. 2022						40 yrs.
Kissimmee, FL						—						626						13,147						—						60						—						626						13,162						45						13,833						801						2015						Aug. 2022						40 yrs.
El Paso, TX						3,711						2,126						5,628						—						90						—						2,126						5,716						2						7,844						349						1983						Aug. 2022						40 yrs.
El Paso, TX						2,547						1,053						4,583						—						31						—						1,053						4,601						13						5,667						281						1980						Aug. 2022						40 yrs.
El Paso, TX						3,618						994						7,451						—						211						—						994						7,655						7						8,656						462						1980						Aug. 2022						40 yrs.
El Paso, TX						3,635						1,295						6,318						—						129						—						1,295						6,440						7						7,742						387						1986						Aug. 2022						40 yrs.
El Paso, TX						1,431						587						3,121						—						105						—						587						3,206						20						3,813						197						1985						Aug. 2022						40 yrs.
El Paso, TX						3,725						1,143						5,894						—						199						—						1,143						6,090						3						7,236						368						1980						Aug. 2022						40 yrs.
Fernandina Beach, FL						7,281						2,664						25,000						—						96						—						2,664						25,068						28						27,760						1,519						1986						Aug. 2022						40 yrs.
Kissimmee, FL						3,454						2,149						6,223						—						250						—						2,149						6,450						23						8,622						403						1981						Aug. 2022						40 yrs.

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SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2024

(in thousands)

												Initial Cost to Company																		Cost Capitalized Subsequent to Acquisition (a)						Increase (Decrease) in Net Investments (b)						Gross Amount at which Carried at Close of Period (c) (d)																																										Life on which Depreciation in Latest Statement of Income is Computed
Description						Encumbrances						Land						Buildings						Personal Property																		Land						Buildings						Personal Property						Total						Accumulated Depreciation (d)						Date of Construction						Date Acquired
Houston, TX						2,762						1,350						6,257						—						179						—						1,350						6,404						32						7,786						384						1998						Aug. 2022						40 yrs.
Houston, TX						2,962						1,112						8,044						—						123						—						1,112						8,125						42						9,279						499						2001						Aug. 2022						40 yrs.
Portland, OR						6,359						994						10,176						—						19						—						994						10,194						1						11,189						616						2000						Aug. 2022						40 yrs.
Greensboro, NC						4,043						1,389						15,175						—						415						—						1,389						15,474						116						16,979						973						1953						Aug. 2022						40 yrs.
Avondale, LA						3,428						1,154						9,090						—						5						—						1,154						9,090						5						10,249						550						2008						Aug. 2022						40 yrs.
Washington, D.C.						—						3,371						13,655						—						152						—						3,371						13,807						—						17,178						830						1962						Aug. 2022						40 yrs.
Kissimmee, FL						—						1,770						7,034						—						62						—						1,770						7,067						29						8,866						431						2000						Aug. 2022						40 yrs.
Milford, MA						—						951						11,935						—						12						—						951						11,935						12						12,898						724						2003						Aug. 2022						40 yrs.
Millsboro, DE						—						1,180						14,286						—						9						—						1,180						14,295						—						15,475						864						2001						Aug. 2022						40 yrs.
New Castle, DE						—						1,110						15,787						—						—						—						1,110						15,787						—						16,897						955						2005						Aug. 2022						40 yrs.
Rehoboth, DE						—						1,565						18,284						—						30						—						1,565						18,284						30						19,879						1,109						1999						Aug. 2022						40 yrs.
Chicago, IL						—						787						4,931						—						172						—						787						5,063						40						5,890						325						1990						Aug. 2022						40 yrs.
Gilroy, CA						—						3,058						13,014						—						72						—						3,058						13,066						20						16,144						797						1999						Aug. 2022						40 yrs.
Little Rock, AR						—						1,703						4,358						—						3,345						—						1,703						7,693						10						9,406						228						1996						Jun. 2023						40 yrs.
Houston, TX						—						3,701						8,945						—						143						—						3,701						9,056						32						12,789						312						2006						Aug. 2023						40 yrs.
Knoxville, TN						—						3,783						5,913						—						39						—						3,783						5,929						23						9,735						159						2008						Dec. 2023						40 yrs.
Springfield, TN						—						1,587						3,651						—						47						—						1,587						3,683						15						5,285						98						1989						Dec. 2023						40 yrs.
Bastrop, TX						—						2,772						9,055						—						7						—						2,772						9,055						7						11,834						237						2020						Dec. 2023						40 yrs.
Dayton, OH						—						1,729						5,291						—						15						—						1,729						5,306						—						7,035						49						1978						Aug. 2024						40 yrs.
						$	165,832					$	144,807					$	963,694					$	3,622					$	79,729					$	6,824					$	144,871					$	1,042,940					$	10,865					$	1,198,676					$	100,575

__________

(a) Consists of the cost of improvements subsequent to acquisition and acquisition costs, including construction costs on build-to-suit transactions, legal fees, appraisal fees, title costs, and other related professional fees. For business combinations, transaction costs are excluded.

(b) The increase (decrease) in net investment was primarily due to (i) sales of properties, (ii) impairment charges, (iii) changes in foreign currency exchange rates, (iv) allowances for credit loss ( Note 7 ), (v) reclassifications from net investments in direct financing leases to real estate subject to operating leases, and (vi) the amortization of unearned income from net investments in direct financing leases, which produces a periodic rate of return that at times may be greater or less than lease payments received.

(c) Excludes (i) gross lease intangible assets of $ 2.8 billion and the related accumulated amortization of $ 1.4 billion, (ii) gross lease intangible liabilities of $ 198.0 million and the related accumulated amortization of $ 78.1 million, (iii) net investments in sales-type leases of $ 36.9 million, (iv) sale-leasebacks classified as loans receivable of $ 451.8 million, (v) secured loans receivable of $ 31.9 million (as disclosed in Schedule IV – Mortgage Loans on Real Estate ), and (vi) real estate under construction of $ 56.0 million.

(d) A reconciliation of real estate and accumulated depreciation follows:

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W. P. CAREY INC.

NOTES TO SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION

(in thousands)

			Reconciliation of Real Estate Subject to Operating Leases
			Years Ended December 31,
			2024						2023						2022
Beginning balance			$	12,049,896					$	13,316,632					$	11,677,185
Acquisitions			991,404						984,283						997,937
Dispositions			( 354,456 )						( 256,339 )						( 165,516 )
Foreign currency translation adjustment			( 237,200 )						132,686						( 269,272 )
Reclassification from direct financing leases			120,921						25,460						67,001
Reclassification from equity method investments			84,396						—						—
Reclassification from real estate under construction			83,373						40,479						147,982
Reclassification from operating real estate			48,370						—						—
Capital improvements			46,184						54,667						29,419
Impairment charges			( 36,851 )						( 17,885 )						( 36,624 )
Reclassification to sales-type lease			( 9,210 )						( 662,674 )						—
Derecognition through the Spin-Off			—						( 1,299,400 )						—
Reclassification to operating real estate			—						( 221,028 )						—
Reclassification to assets held for sale			—						( 46,985 )						( 13,093 )
Acquisitions through CPA:18 Merger			—						—						881,613
Ending balance			$	12,786,827					$	12,049,896					$	13,316,632

			Reconciliation of Accumulated Depreciation for Real Estate Subject to Operating Leases
			Years Ended December 31,
			2024						2023						2022
Beginning balance			$	1,509,730					$	1,672,091					$	1,448,020
Depreciation expense			292,770						326,719						298,972
Dispositions			( 73,297 )						( 58,861 )						( 47,463 )
Foreign currency translation adjustment			( 27,239 )						14,192						( 26,400 )
Reclassification to sales-type lease			( 2,386 )						( 156,461 )						—
Reclassification from operating real estate			2,314						—						—
Derecognition through the Spin-Off			—						( 214,977 )						—
Reclassification to operating real estate			—						( 56,434 )						—
Reclassification to assets held for sale			—						( 16,539 )						( 1,038 )
Ending balance			$	1,701,892					$	1,509,730					$	1,672,091

			Reconciliation of Operating Real Estate
			Years Ended December 31,
			2024						2023						2022
Beginning balance			$	1,254,719					$	1,077,326					$	83,673
Reclassification to operating leases			( 48,370 )						—						—
Dispositions			( 21,638 )						( 124,237 )						—
Acquisitions			7,020						45,469						—
Capital improvements			4,702						4,593						1,146
Reclassification from real estate under construction			3,719						25,452						66,820
Foreign currency translation adjustment			( 1,476 )						5,088						3,526
Reclassification from operating leases			—						221,028						—
Acquisitions through CPA:18 Merger			—						—						922,161
Ending balance			$	1,198,676					$	1,254,719					$	1,077,326

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			Reconciliation of Accumulated Depreciation for Operating Real Estate
			Years Ended December 31,
			2024						2023						2022
Beginning balance			$	80,057					$	28,295					$	16,750
Depreciation expense			28,752						29,840						11,541
Dispositions			( 5,826 )						( 34,580 )						—
Reclassification to operating leases			( 2,314 )						—						—
Foreign currency translation adjustment			( 94 )						68						4
Reclassification from operating leases			—						56,434						—
Ending balance			$	100,575					$	80,057					$	28,295

At December 31, 2024, the aggregate cost of real estate that we and our consolidated subsidiaries own for federal income tax purposes was approximately $ 16.1 billion.

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SCHEDULE IV — MORTGAGE LOANS ON REAL ESTATE

December 31, 2024

(dollars in thousands)

						Interest Rate						Final Maturity Date						Carrying Amount
Description
Financing agreement — Las Vegas retail						8.0		%				Dec. 2025						$	16,811
Financing agreement — Las Vegas mixed use						7.6		%				Nov. 2025						15,045
																		$	31,856

			Reconciliation of Mortgage Loans on Real Estate
			Years Ended December 31,
			2024						2023						2022
Beginning balance			$	11,250					$	39,250					$	24,143
Funding of secured loans receivable ( Note 7 )			31,856
Repayments			( 24,000 )						( 28,000 )						( 34,000 )
Gain on repayment of secured loan receivable			10,650						—						10,613
Change in allowance for credit losses ( Note 7 )			2,100						—						10,494
Acquisition through CPA:18 Merger ( Note 7 )			—						—						28,000
Ending balance			$	31,856					$	11,250					$	39,250

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