W. P. Carey Inc 2025年度报告

W. P. Carey Inc.(Exact name of registrant as specified in its charter) Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act. Yes☑No☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d)of the Act. Yes☐No☑ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past 90days. Yes☑No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of Regulation S-T(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes☑No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerginggrowth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule12b-2 of theExchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control overfinancial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its auditreport.☑ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of theregistrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Act). Yes☐No☑ State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity waslast sold, or the average bid and asked price of such common equity, as of last business day of the registrant’s most recently completed second fiscal quarter: $13.6billion. As of February6, 2026, there were 219,145,876 shares of Common Stock of registrant outstanding. The registrant incorporates by reference its definitive Proxy Statement with respect to its 2026 Annual Meeting of Stockholders, to be filed with the Securities andExchange Commission within 120 days following the end of its fiscal year, into PartIII of this Annual Report on Form10-K. INDEX PARTIItem 1.Business3Item 1A.Risk Factors7Item 1B.Unresolved Staff Comments20Item 1C.Cybersecurity20Item 2.Properties21Item 3.Legal Proceedings21Item 4.Mine Safety Disclosures22PARTIIItem 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities23Item 6.Reserved23Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations24Item 7A.Quantitative and Qualitative Disclosures About Market Risk44Item 8.Financial Statements and Supplementary Data46Item 9.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure127Item 9A.Controls and Procedures127Item 9B.Other Information128Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections128PARTIIIItem 10.Directors, Executive Officers and Corporate Governance129Item 11.Executive Compensation129Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters129Item 13.Certain Relationships and Related Transactions, and Director Independence129Item 14.Principal Accounting Fees and Services129PARTIVItem 15.Exhibits and Financial Statement Schedules130Item 16.Form 10-K Summary136SIGNATURES Forward-Looking Statements This Annual Report on Form10-K (the “Report”), including Management’s Discussion and Analysis of Financial Condition andResults of Operations in Item 7 of PartII of this Report, contains forward-looking statements within the meaning of the federalsecurities laws. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,”“estimate,” “intend,” “strategy,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will