
	Dividends Paid
	During the Years Ended December 31,
	2025		2024		2023
Ordinary income	$	3.3754	$	3.0709	$	3.8233
Capital gains	0.2046		0.2363		0.3443
Return of capital	—		0.1628		0.8671
Total dividends paid (a) (b)	$	3.5800	$	3.4700	$	5.0347

(a)A portion of dividends paid during 2026 (as described below) has been applied to 2025 for income tax purposes.

(b)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.

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


	Years Ended December 31,
	2025		2024		2023


Net income – basic and diluted	$	466,359	$	460,839	$	708,334

Weighted-average shares outstanding – basic	220,501,239		220,168,325		215,369,777
Effect of dilutive securities	611,104		352,132		390,719
Weighted-average shares outstanding – diluted	221,112,343		220,520,457		215,760,496

Our ATM Forwards are presented below (gross offering proceeds at closing in thousands):


	Shares Offered	Average Gross Offering Price		Average Gross Offering Proceeds at Closing		Outstanding Shares as of December 31, 2025
ATM Forwards (a)	6,258,496	$	67.53	$	422,621	6,258,496

__________

(a)We sold shares under our ATM Forwards during the three months and year ended December 31, 2025. We did not settle any of the shares sold and therefore did not receive any proceeds from such sales.

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		Total
Balance at January 1, 2023	$	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 loss attributable to noncontrolling interests	—		292		292
Balance at December 31, 2024	20,274		(270,506)		(250,232)
Other comprehensive loss before reclassifications	(30,923)		25,089		(5,834)
Amounts reclassified from accumulated other comprehensive loss to:
Loss on sale of real estate, net (Note 16)	—		7,854		7,854
Non-operating income	(4,352)		—		(4,352)
Interest expense	(453)		—		(453)
Total	(4,805)		7,854		3,049
Net current period other comprehensive loss	(35,728)		32,943		(2,785)
Net current period other comprehensive income attributable to noncontrolling interests	—		(329)		(329)
Balance at December 31, 2025	$	(15,454)	$	(237,892)	$	(253,346)