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þ
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the fiscal year ended December 31, 2017
|
o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For the transition period from__________ to __________
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Maryland
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45-4549771
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(State of incorporation)
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(I.R.S. Employer Identification No.)
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|
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50 Rockefeller Plaza
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New York, New York
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10020
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(Address of principal executive offices)
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(Zip Code)
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Title of each class
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Name of exchange on which registered
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Common Stock, $0.001 Par Value
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New York Stock Exchange
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Page No.
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PART I
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Item 1.
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Item 1A.
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Item 1B.
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Item 2.
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Item 3.
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Item 4.
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PART II
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Item 5.
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Item 6.
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Item 7.
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Item 7A.
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Item 8.
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Item 9.
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Item 9A.
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Item 9B.
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PART III
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Item 10.
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Item 11.
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Item 12.
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Item 13.
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Item 14.
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PART IV
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Item 15.
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Item 16.
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W. P. Carey 2017 10-K
–
1
|
|
W. P. Carey 2017 10-K
–
2
|
|
W. P. Carey 2017 10-K
–
3
|
|
W. P. Carey 2017 10-K
–
4
|
|
W. P. Carey 2017 10-K
–
5
|
•
|
Number of properties — full or partial ownership interests in
887
net-leased properties and two hotels;
|
•
|
Total net-leased square footage —
84.9 million
; and
|
•
|
Occupancy rate — approximately
99.8%
.
|
•
|
Number of tenants —
210
;
|
•
|
Investment grade tenants as a percentage of total ABR —
19%
;
|
•
|
Implied investment grade tenants as a percentage of total ABR —
8%
;
|
•
|
Weighted-average lease term —
9.6
years;
|
•
|
99%
of our leases provide rent adjustments as follows:
|
◦
|
CPI and similar —
68%
|
◦
|
Fixed —
27%
|
◦
|
Other —
4%
|
|
W. P. Carey 2017 10-K
–
6
|
|
W. P. Carey 2017 10-K
–
7
|
•
|
enactment of laws relating to the foreign ownership of property (including expropriation of investments), or laws and regulations relating to our ability to repatriate invested capital, profits, or cash and cash equivalents back to the United States;
|
•
|
legal systems where the ability to enforce contractual rights and remedies may be more limited than under U.S. law;
|
•
|
difficulty in complying with conflicting obligations in various jurisdictions and the burden of observing a variety of evolving foreign laws, regulations, and governmental rules and policies, which may be more stringent than U.S. laws and regulations (including land use, zoning, environmental, financial, and privacy laws and regulations), including the General Data Protection Regulation in the European Union that becomes effective on May 25, 2018;
|
•
|
tax requirements vary by country and existing foreign tax laws and interpretations may change (e.g., the on-going implementation of the European Union’s Anti-Tax Avoidance Directive), which may result in additional taxes on our international investments;
|
•
|
changes in operating expenses in particular countries or regions; and
|
•
|
geopolitical risk and adverse market conditions caused by changes in national or regional economic or political conditions (which may impact relative interest rates and the availability, cost, and terms of mortgage funds).
|
|
W. P. Carey 2017 10-K
–
8
|
•
|
it may increase our vulnerability to general adverse economic conditions and limit our flexibility in planning for, or reacting to, changes in our business and industry;
|
•
|
we may be required to use a substantial portion of our cash flow from operations for the payment of principal and interest on indebtedness, thereby reducing our ability to fund working capital, acquisitions, capital expenditures, and general corporate requirements;
|
•
|
we may be at a disadvantage compared to our competitors with comparatively less indebtedness;
|
•
|
it could cause us to violate restrictive covenants in our debt agreements, which would entitle lenders and other debtholders to accelerate the maturity of such debt;
|
•
|
debt service requirements and financial covenants relating to our indebtedness may limit our ability to maintain our REIT qualification;
|
•
|
we may be unable to hedge our debt; counterparties may fail to honor their obligations under our hedge agreements; our hedge agreements may not effectively protect us from interest rate or currency fluctuation risk; and we will be exposed to existing, and potentially volatile, interest or currency exchange rates upon the expiration of our hedge agreements;
|
•
|
because a portion of our debt bears interest at variable rates, increases in interest rates could materially increase our interest expense;
|
•
|
we may be forced to dispose of one or more of our properties, possibly on disadvantageous terms, in order to service our debt or if we fail to meet our debt service obligations;
|
•
|
upon any default on our secured indebtedness, lenders may foreclose on the properties or our interests in the entities that own the properties securing such indebtedness and receive an assignment of rents and leases; and
|
•
|
we may be unable to raise additional funds as needed or on favorable terms, which could, among other things, adversely affect our ability to capitalize upon acquisition opportunities or meet operational needs.
|
|
W. P. Carey 2017 10-K
–
9
|
|
W. P. Carey 2017 10-K
–
10
|
|
W. P. Carey 2017 10-K
–
11
|
|
W. P. Carey 2017 10-K
–
12
|
•
|
adverse changes in general or local economic conditions;
|
•
|
changes in the supply of, or demand for, similar or competing properties;
|
•
|
changes in interest rates and operating expenses;
|
•
|
competition for tenants;
|
•
|
changes in market rental rates;
|
•
|
inability to lease or sell properties upon termination of existing leases;
|
•
|
renewal of leases at lower rental rates;
|
•
|
inability to collect rents from tenants due to financial hardship, including bankruptcy;
|
•
|
changes in tax, real estate, zoning, or environmental laws that adversely impact the value of real estate;
|
•
|
failure to comply with federal, state, and local legal and regulatory requirements, including the Americans with Disabilities Act and fire or life-safety requirements;
|
•
|
uninsured property liability, property damage, or casualty losses;
|
•
|
unexpected expenditures for capital improvements or to bring properties into compliance with applicable federal, state, and local laws;
|
•
|
exposure to environmental losses;
|
•
|
changes in foreign exchange rates; and
|
•
|
force majeure and other factors beyond the control of our management.
|
|
W. P. Carey 2017 10-K
–
13
|
•
|
responsibility and liability for the cost of investigation and removal or remediation (including at appropriate disposal facilities) of hazardous or toxic substances in, on, or migrating from our property, generally without regard to our knowledge of, or responsibility for, the presence of these contaminants;
|
•
|
liability for claims by third parties based on damages to natural resources or property, personal injuries, or costs of removal or remediation of hazardous or toxic substances in, on, or migrating from our property;
|
•
|
responsibility for managing asbestos-containing building materials and third-party claims for exposure to those materials; and
|
•
|
claims being made against us by the Managed Programs for inadequate due diligence.
|
|
W. P. Carey 2017 10-K
–
14
|
•
|
allocating funds based on numerous factors, including available cash, diversification/concentration, transaction size, tax, leverage, and fund life;
|
•
|
all transactions where we co-invest with a CPA REIT are subject to the approval of the independent directors of the applicable CPA REIT;
|
•
|
investment allocations are reviewed as part of the annual advisory contract renewal process of each CPA REIT; and
|
•
|
quarterly review of all of our investment activities and the investment activities of the CPA REITs by the independent directors of the CPA REITs.
|
|
W. P. Carey 2017 10-K
–
15
|
•
|
it is, or holds itself out as being, engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting, or trading in securities; or
|
•
|
it owns or proposes to acquire investment securities having a value exceeding 40% of the value of its total assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis.
|
|
W. P. Carey 2017 10-K
–
16
|
|
W. P. Carey 2017 10-K
–
17
|
•
|
“business combination” provisions that, subject to limitations, prohibit certain business combinations between us and an “interested stockholder” (defined generally as any person who beneficially owns 10% or more of the voting power of our outstanding voting stock), or an affiliate thereof, for five years after the most recent date on which the stockholder becomes an interested stockholder, and thereafter imposes special appraisal rights and supermajority voting requirements on these combinations; and
|
•
|
“control share” provisions that provide that holders of “control shares” of our company (defined as voting shares which, when aggregated with all other shares owned or controlled by the stockholder, entitle the stockholder to exercise one of three increasing ranges of voting power in electing directors) acquired in a “control share acquisition” (defined as the direct or indirect acquisition of ownership or control of issued and outstanding “control shares”) have no voting rights except to the extent approved by our stockholders by the affirmative vote of at least two-thirds of all the votes entitled to be cast on the matter, excluding all interested shares.
|
|
W. P. Carey 2017 10-K
–
18
|
•
|
actual or anticipated variations in our operating results, earnings, or liquidity, or those of our competitors;
|
•
|
changes in our dividend policy;
|
•
|
publication of research reports about us, our competitors, our tenants, or the REIT industry;
|
•
|
changes in market valuations of similar companies;
|
•
|
speculation in the press or investment community;
|
•
|
our failure to meet, or the lowering of, our earnings estimates, or those of any securities analysts;
|
•
|
increases in market interest rates, which may lead investors to demand a higher dividend yield for our common stock and would result in increased interest expense on our debt;
|
•
|
our use of taxable REIT subsidiaries, or TRSs, may cause the market to value our common stock differently than the shares of other REITs, which may not use TRSs as extensively as we do;
|
•
|
adverse market reaction to the amount of maturing debt in the near and medium term and our ability to refinance such debt and the terms thereof;
|
•
|
adverse market reaction to any additional indebtedness we incur or equity or equity-related securities we issue in the future;
|
•
|
changes in our credit ratings;
|
•
|
actual or perceived conflicts of interest;
|
•
|
changes in key management personnel;
|
•
|
our compliance with GAAP and its policies;
|
•
|
our compliance with the listing requirements of the New York Stock Exchange;
|
•
|
our compliance with applicable laws and regulations or the impact of new laws and regulations;
|
•
|
the financial condition, liquidity, results of operations, and prospects of our tenants;
|
•
|
failure to maintain our REIT qualification;
|
|
W. P. Carey 2017 10-K
–
19
|
•
|
actions by institutional stockholders;
|
•
|
general market and economic conditions, including the current state of the credit and capital markets; and
|
•
|
the realization of any of the other risk factors presented in this Report or in subsequent reports that we file with the SEC.
|
•
|
there is no assurance that rents from our properties will increase or that future acquisitions will increase our cash available for distribution to stockholders, and we may not have enough cash to pay such dividends due to changes in our cash requirements, capital plans, cash flow, or financial position;
|
•
|
our Board, in its sole discretion, determines whether, when, and in which amounts to make any future distributions to our stockholders based on a number of factors (including, but not limited to: our results of operations and financial condition; capital requirements and borrowing capacity; general economic conditions; tax considerations; maintenance of our REIT status and Maryland law; contractual limitations relating to our indebtedness, such as debt covenant restrictions that may impose limitations on cash payments, future acquisitions and divestitures; and other factors relevant from time to time) and therefore our dividend levels are not guaranteed and may fluctuate; and
|
•
|
the amount of dividends that our subsidiaries may distribute to us may be subject to restrictions imposed by state law or regulators, as well as the terms of any current or future indebtedness that these subsidiaries may incur.
|
|
W. P. Carey 2017 10-K
–
20
|
•
|
not be allowed a deduction for distributions to stockholders in computing our taxable income;
|
•
|
be subject to federal and state income tax, including any applicable alternative minimum tax (for taxable years ending prior to January 1, 2018), on our taxable income at regular corporate rates; and
|
•
|
be barred from qualifying as a REIT for the four taxable years following the year when we were disqualified.
|
|
W. P. Carey 2017 10-K
–
21
|
|
W. P. Carey 2017 10-K
–
22
|
|
W. P. Carey 2017 10-K
–
23
|
•
|
reduces the corporate income tax rate from 35% to 21% (including with respect to our TRSs);
|
•
|
reduces the rate of U.S. federal withholding tax on distributions made to non-U.S. shareholders by a REIT that are attributable to gains from the sale or exchange of U.S. real property interests from 35% to 21%;
|
•
|
allows for an immediate 100% deduction of the cost of certain capital asset investments (generally excluding real estate assets), subject to a phase-down of the deduction percentage over time;
|
•
|
changes the recovery periods for certain real property and building improvements (e.g., to 15 years for qualified improvement property under the modified accelerated cost recovery system, to 30 years (previously 40 years) for residential real property, and 20 years (previously 40 years) for qualified improvement property under the alternative depreciation system);
|
|
W. P. Carey 2017 10-K
–
24
|
•
|
restricts the deductibility of interest expense by businesses (generally, to 30% of the business’s adjusted taxable income) except, among others, real property businesses electing out of such restriction; generally, we expect our business to qualify as such a real property business, but businesses conducted by our TRSs may not qualify, and we have not yet determined whether our subsidiaries can and/or will make such an election;
|
•
|
requires the use of the less favorable alternative depreciation system to depreciate real property in the event a real property business elects to avoid the interest deduction restriction above;
|
•
|
restricts the benefits of like-kind exchanges that defer capital gains for tax purposes to exchanges of real property;
|
•
|
permanently repeals the “technical termination” rule for partnerships, meaning sales or exchanges of the interests in a partnership will be less likely to, among other things, terminate the taxable year of, and restart the depreciable lives of assets held by, such partnership for tax purposes;
|
•
|
requires accrual method taxpayers to take certain amounts in income no later than the taxable year in which such income is taken into account as revenue in an applicable financial statement prepared under GAAP, which, with respect to certain leases, could accelerate the inclusion of rental income;
|
•
|
eliminates the federal corporate alternative minimum tax;
|
•
|
implements a one-time deemed repatriation tax on corporate profits (at a rate of 15.5% on cash assets and 8% on non-cash assets) held offshore, which profits are not taken into account for purposes of the REIT gross income tests;
|
•
|
reduces the highest marginal income tax rate for individuals to 37% from 39.6% (excluding, in each case, the 3.8% Medicare tax on net investment income);
|
•
|
generally allows a deduction for individuals equal to 20% of certain income from pass-through entities, including ordinary dividends distributed by a REIT (excluding capital gain dividends and qualified dividend income), generally resulting in a maximum effective federal income tax rate applicable to such dividends of 29.6% compared to 37% (excluding, in each case, the 3.8% Medicare tax on net investment income); and
|
•
|
limits certain deductions for individuals, including deductions for state and local income taxes, and eliminates deductions for miscellaneous itemized deductions (including certain investment expenses).
|
|
W. P. Carey 2017 10-K
–
25
|
|
W. P. Carey 2017 10-K
–
26
|
|
|
2017
|
|
2016
|
||||||||||||||||||||
Period
|
|
High
|
|
Low
|
|
Cash
Distributions
Declared
|
|
High
|
|
Low
|
|
Cash
Distributions
Declared
|
||||||||||||
First quarter
|
|
$
|
64.74
|
|
|
$
|
58.95
|
|
|
$
|
0.9950
|
|
|
$
|
62.27
|
|
|
$
|
51.12
|
|
|
$
|
0.9742
|
|
Second quarter
|
|
68.95
|
|
|
60.22
|
|
|
1.0000
|
|
|
69.44
|
|
|
59.25
|
|
|
0.9800
|
|
||||||
Third quarter
|
|
70.38
|
|
|
65.29
|
|
|
1.0050
|
|
|
72.89
|
|
|
63.83
|
|
|
0.9850
|
|
||||||
Fourth quarter
|
|
72.41
|
|
|
67.32
|
|
|
1.0100
|
|
|
64.35
|
|
|
55.77
|
|
|
0.9900
|
|
|
W. P. Carey 2017 10-K
–
27
|
|
At December 31,
|
||||||||||||||||||||||
|
2012
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
||||||||||||
W. P. Carey Inc.
|
$
|
100.00
|
|
|
$
|
124.05
|
|
|
$
|
149.98
|
|
|
$
|
134.38
|
|
|
$
|
143.16
|
|
|
$
|
177.27
|
|
S&P 500 Index
|
100.00
|
|
|
132.39
|
|
|
150.51
|
|
|
152.59
|
|
|
170.84
|
|
|
208.14
|
|
||||||
FTSE NAREIT Equity REITs Index
|
100.00
|
|
|
102.47
|
|
|
133.35
|
|
|
137.61
|
|
|
149.33
|
|
|
157.14
|
|
|
W. P. Carey 2017 10-K
–
28
|
|
Years Ended December 31,
|
||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Operating Data
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues from continuing operations
(a) (b)
|
$
|
848,302
|
|
|
$
|
941,533
|
|
|
$
|
938,383
|
|
|
$
|
908,446
|
|
|
$
|
489,851
|
|
Income from continuing operations
(a) (b) (c)
|
285,083
|
|
|
274,807
|
|
|
185,227
|
|
|
212,751
|
|
|
93,985
|
|
|||||
Net income
(a) (c) (d)
|
285,083
|
|
|
274,807
|
|
|
185,227
|
|
|
246,069
|
|
|
132,165
|
|
|||||
Net income attributable to noncontrolling interests
|
(7,794
|
)
|
|
(7,060
|
)
|
|
(12,969
|
)
|
|
(6,385
|
)
|
|
(32,936
|
)
|
|||||
Net loss (income) attributable to redeemable noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
142
|
|
|
(353
|
)
|
|||||
Net income attributable to W. P. Carey
(a) (c) (d)
|
277,289
|
|
|
267,747
|
|
|
172,258
|
|
|
239,826
|
|
|
98,876
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic Earnings Per Share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income from continuing operations attributable to W. P. Carey
|
2.56
|
|
|
2.50
|
|
|
1.62
|
|
|
2.08
|
|
|
1.22
|
|
|||||
Net income attributable to W. P. Carey
|
2.56
|
|
|
2.50
|
|
|
1.62
|
|
|
2.42
|
|
|
1.43
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted Earnings Per Share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income from continuing operations attributable to W. P. Carey
|
2.56
|
|
|
2.49
|
|
|
1.61
|
|
|
2.06
|
|
|
1.21
|
|
|||||
Net income attributable to W. P. Carey
|
2.56
|
|
|
2.49
|
|
|
1.61
|
|
|
2.39
|
|
|
1.41
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash distributions declared per share
(e)
|
4.0100
|
|
|
3.9292
|
|
|
3.8261
|
|
|
3.6850
|
|
|
3.5000
|
|
|||||
Balance Sheet Data
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
8,231,402
|
|
|
$
|
8,453,954
|
|
|
$
|
8,742,089
|
|
|
$
|
8,641,029
|
|
|
$
|
4,671,965
|
|
Net investments in real estate
(f)
|
6,703,715
|
|
|
6,781,900
|
|
|
7,229,873
|
|
|
7,190,507
|
|
|
3,521,692
|
|
|||||
Unsecured Senior Notes, net
|
2,474,661
|
|
|
1,807,200
|
|
|
1,476,084
|
|
|
494,231
|
|
|
—
|
|
|||||
Senior credit facilities
|
605,129
|
|
|
926,693
|
|
|
734,704
|
|
|
1,056,648
|
|
|
575,000
|
|
|||||
Non-recourse mortgages, net
|
1,185,477
|
|
|
1,706,921
|
|
|
2,269,421
|
|
|
2,530,217
|
|
|
1,485,425
|
|
|||||
Other Information
|
|
|
|
|
|
|
|
|
|
||||||||||
Net cash provided by operating activities
(g)
|
$
|
516,070
|
|
|
$
|
540,773
|
|
|
$
|
508,541
|
|
|
$
|
421,898
|
|
|
$
|
232,201
|
|
Cash distributions paid
|
431,182
|
|
|
416,655
|
|
|
403,555
|
|
|
347,902
|
|
|
220,395
|
|
(a)
|
The years ended December 31, 2017, 2016, 2015, and 2014 reflect the impact of the CPA:16 Merger, which was completed on January 31, 2014 (
Note 1
).
|
(b)
|
Amounts for the years ended December 31, 2017, 2016, 2015, and 2014 include the operating results of properties sold or reclassified as held for sale during those years, in accordance with Accounting Standards Update, or ASU, 2014-08, which changed the criteria for reporting discontinued operations and which we adopted on January 1, 2014. For the year ended December 31, 2014, operating results of properties held for sale as of December 31, 2013 and sold during 2014, and properties we acquired in the CPA:16 Merger that were held for sale and sold during 2014, were included in income from discontinued operations. Prior to 2014, operating results of properties sold or held for sale were included in income from discontinued operations.
|
(c)
|
Amount for the year ended December 31, 2014 includes a Gain on change in control of interests of $105.9 million recognized in connection with the CPA:16 Merger (
Note 1
).
|
(d)
|
Amounts from year to year will not be comparable primarily due to fluctuations in gains/losses recognized on the sale of real estate and impairment charges.
|
(e)
|
The year ended December 31, 2013 includes a special distribution of $0.110 per share paid in January 2014 to stockholders of record at December 31, 2013.
|
|
W. P. Carey 2017 10-K
–
29
|
(f)
|
In 2017, we reclassified certain line items in our consolidated balance sheets. As a result, Net investments in real estate as of December 31, 2016, 2015, 2014, and 2013 has been revised to conform to the current period presentation (
Note 2
).
|
(g)
|
On January 1, 2017, we adopted ASU 2016-09, which simplified various aspects of how share-based payments are accounted for and presented in the financial statements. As a result of adopting this guidance, we retrospectively reclassified (i) Payments for withholding taxes upon delivery of equity-based awards and exercises of stock options from Net cash provided by operating activities to Net cash (used in) provided by financing activities and (ii) Windfall tax benefit associated with stock-based compensation awards from Net cash (used in) provided by financing activities to Net cash provided by operating activities within our consolidated statements of cash flows for the years ended December 31, 2016, 2015, 2014, and 2013 (
Note 2
).
|
|
W. P. Carey 2017 10-K
–
30
|
|
W. P. Carey 2017 10-K
–
31
|
•
|
Tax rates are permanently reduced on businesses conducted by taxable corporations. The Tax Cuts and Jobs Act is expected to have a favorable impact on the effective tax rate and net income as reported under GAAP for our TRSs;
|
•
|
New limitations on interest deductions are imposed with an exemption for electing real estate businesses. Generally, we expect our business to qualify as such a real property business, but businesses conducted by our TRSs may not qualify, and we have not yet determined whether our subsidiaries can and/or will make such an election;
|
•
|
Depreciation expensing rules provide taxpayers with 100% expensing deductions for qualifying new or used property acquired and placed in service between September 28, 2017 and December 31, 2022, with annual 20% step-downs generally from 2023-2026; however, this will have a limited impact on us due to the interest limitation exception election;
|
•
|
Our non-corporate shareholders may be entitled to deduct 20% of qualified REIT ordinary dividends without regard to wage limitations, asset-based limitations, qualified trade or business limitations, or qualified business income limitations;
|
•
|
Net operating loss, or NOL, carryforwards arising in tax years beginning after 2017 now may reduce only 80% of taxable income of any year, and NOL carryforwards can be carried forward indefinitely but can no longer be carried back to prior years; however, the Tax Cuts and Jobs Act does not restrict the usage of our existing NOLs, which arose through 2017; and
|
•
|
The territorial tax system taxes our income earned within the United States, as opposed to worldwide income, but will have a minimal impact on us due to the ability of REITs to deduct dividends paid.
|
•
|
We acquired two investments totaling
$31.8 million
(
Note 4
).
|
•
|
We completed five construction projects at a cost totaling
$65.4 million
. Construction projects include build-to-suit and expansion projects (
Note 4
).
|
•
|
We committed to fund an aggregate of
$26.2 million
for two build-to-suit projects in Poland, of which approximately
$5.8 million
was funded during the year ended
December 31, 2017
. We expect to complete one project in the second quarter of 2018 and the other project in the third quarter of 2018 (
Note 4
).
|
|
W. P. Carey 2017 10-K
–
32
|
•
|
As part of our active capital recycling program, we sold
16
properties and a parcel of vacant land for total proceeds of
$159.9 million
, net of selling costs. In addition, we disposed of two properties with an aggregate carrying value of
$31.3 million
by transferring ownership to the mortgage lender, in satisfaction of non-recourse mortgage loans encumbering the properties totaling
$28.1 million
(net of
$3.8 million
of cash held in escrow that was retained by the mortgage lender). We recognized a net gain on sale of real estate of
$33.9 million
in connection with these dispositions (
Note 16
).
|
•
|
On
January 19, 2017
, we completed a public offering of
€500.0 million
of 2.25% Senior Notes, at a price of
99.448%
of par value, which were issued by our wholly owned subsidiary, WPC Eurobond B.V., and fully guaranteed by us. These 2.25% Senior Notes have a 7.5-year term and are scheduled to mature on
July 19, 2024
(
Note 10
).
|
•
|
On February 22, 2017, we amended and restated our Senior Unsecured Credit Facility to increase its capacity to $1.85 billion, which is comprised of a $1.5 billion Unsecured Revolving Credit Facility maturing in four years with two six-month extension options, a €236.3 million Amended Term Loan maturing in five years, and a $100.0 million Delayed Draw Term Loan also maturing in five years. On that same date, we drew down our Amended Term Loan in full by borrowing €236.3 million (equivalent to $250.0 million) to repay and terminate our $250.0 million Prior Term Loan. On June 8, 2017, we drew down our Delayed Draw Term Loan in full by borrowing €88.7 million (equivalent to $100.0 million). We incur interest at London Interbank Offered Rate (LIBOR), or a LIBOR equivalent, plus 1.00% on the Unsecured Revolving Credit Facility, and at Euro Interbank Offered Rate (EURIBOR) plus 1.10% on both the Amended Term Loan and Delayed Draw Term Loan (
Note 10
).
|
•
|
We reduced our mortgage debt outstanding by repaying at maturity or prepaying
$482.5 million
of non-recourse mortgage loans with a weighted-average interest rate of
5.5%
. Our weighted-average interest rate decreased from
3.9%
during the year ended December 31, 2016 to
3.6%
during the year ended December 31, 2017 (
Note 10
).
|
•
|
We issued
345,253
shares of our common stock under our current ATM program at a weighted-average price of
$67.78
per share for net proceeds of
$22.8 million
(
Note 13
).
|
•
|
As of
December 31, 2017
, our Owned Real Estate portfolio consisted of
887
net-lease properties, comprising
84.9 million
square feet leased to
210
tenants, and
two
hotels, which are classified as operating properties. As of that date, the weighted-average lease term of the net-lease portfolio was
9.6
years and the occupancy rate was
99.8%
.
|
•
|
On June 15, 2017, in keeping with our long-term strategy of focusing exclusively on net lease investing for our own balance sheet, our Board approved a plan to exit non-traded retail fundraising activities carried out by our wholly-owned broker-dealer subsidiary, Carey Financial, as of June 30, 2017. As a result, we will no longer be raising capital for new or existing funds that we manage, but we do expect to continue managing our existing Managed Programs through the end of their respective life cycles (
Note 1
).
|
•
|
•
|
In August 2017, we resigned as the advisor to CCIF, and our advisory agreement with CCIF was terminated, effective as of September 11, 2017. CCIF was included in the Managed Programs prior to our resignation as its advisor (
Note 1
).
|
|
W. P. Carey 2017 10-K
–
33
|
•
|
CWI 2: We structured
two
investments in domestic hotels for
$423.5 million
, including acquisition-related costs. One of these investments is jointly-owned with CWI 1.
|
•
|
CESH I: We structured investments in
six
international student housing development projects and one build-to-suit expansion on an existing project for an aggregate of
$287.7 million
, including acquisition-related costs.
|
•
|
CPA:17 – Global: We structured investments in a portfolio of
19
properties,
three
build-to-suit expansions on existing properties, and
one
additional property, for an aggregate of
$211.4 million
, including acquisition-related costs. Approximately
$152.8 million
was invested in Europe and
$58.6 million
was invested in the United States.
|
•
|
CWI 1: We structured
one
investment in a domestic hotel for
$165.2 million
, including acquisition-related costs. This investment is jointly-owned with CWI 2.
|
•
|
CPA:18 – Global: We structured investments in
four
properties and
three
build-to-suit projects, including increases in funding commitments, for an aggregate of
$160.7 million
, including acquisition-related costs. Approximately
$153.4 million
was invested internationally and
$7.3 million
was invested in the United States.
|
•
|
In connection with our decision to exit non-traded retail fundraising activities, we ceased active fundraising for the Managed Programs on June 30, 2017 (
Note 1
). The offerings for CWI 2 and CESH I closed on July 31, 2017. In August 2017, we resigned as the advisor to CCIF, effective as of September 11, 2017.
|
•
|
We earned a total of
$4.4 million
in Dealer manager fees during 2017 related to the offerings for CWI 2, CESH I, and CCIF. For investor capital inflows related to the offerings for these funds, see
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Investment Management
.
|
•
|
We declared cash distributions totaling
$4.01
per share in the aggregate amount of
$428.2 million
, comprised of four quarterly dividends per share declared of
$0.995
,
$1.000
,
$1.005
, and
$1.010
.
|
|
W. P. Carey 2017 10-K
–
34
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Revenues from Owned Real Estate
|
$
|
687,208
|
|
|
$
|
755,364
|
|
|
$
|
735,448
|
|
Reimbursable tenant costs
|
21,524
|
|
|
25,438
|
|
|
22,832
|
|
|||
Revenues from Owned Real Estate (excluding reimbursable tenant costs)
|
665,684
|
|
|
729,926
|
|
|
712,616
|
|
|||
|
|
|
|
|
|
||||||
Revenues from Investment Management
|
161,094
|
|
|
186,169
|
|
|
202,935
|
|
|||
Reimbursable costs from affiliates
|
51,445
|
|
|
66,433
|
|
|
55,837
|
|
|||
Revenues from Investment Management (excluding reimbursable costs from affiliates)
|
109,649
|
|
|
119,736
|
|
|
147,098
|
|
|||
|
|
|
|
|
|
||||||
Total revenues
|
848,302
|
|
|
941,533
|
|
|
938,383
|
|
|||
Total reimbursable costs
|
72,969
|
|
|
91,871
|
|
|
78,669
|
|
|||
Total revenues (excluding reimbursable costs)
|
775,333
|
|
|
849,662
|
|
|
859,714
|
|
|||
|
|
|
|
|
|
||||||
Net income from Owned Real Estate attributable to W. P. Carey
(a)
|
192,139
|
|
|
202,557
|
|
|
107,712
|
|
|||
Net income from Investment Management attributable to W. P. Carey
(a)
|
85,150
|
|
|
65,190
|
|
|
64,546
|
|
|||
Net income attributable to W. P. Carey
|
277,289
|
|
|
267,747
|
|
|
172,258
|
|
|||
|
|
|
|
|
|
||||||
Cash distributions paid
|
431,182
|
|
|
416,655
|
|
|
403,555
|
|
|||
|
|
|
|
|
|
||||||
Net cash provided by operating activities
(b)
|
516,070
|
|
|
540,773
|
|
|
508,541
|
|
|||
Net cash provided by (used in) investing activities
|
225,902
|
|
|
(269,806
|
)
|
|
(645,185
|
)
|
|||
Net cash (used in) provided by financing activities
(b)
|
(743,350
|
)
|
|
(265,806
|
)
|
|
121,273
|
|
|||
|
|
|
|
|
|
||||||
Supplemental financial measures:
|
|
|
|
|
|
|
|
||||
Adjusted funds from operations attributable to W. P. Carey (AFFO) — Owned Real Estate
(a) (c)
|
456,865
|
|
|
463,411
|
|
|
434,498
|
|
|||
Adjusted funds from operations attributable to W. P. Carey (AFFO) — Investment Management
(a) (c)
|
116,114
|
|
|
84,286
|
|
|
96,704
|
|
|||
Adjusted funds from operations attributable to W. P. Carey (AFFO)
(c)
|
572,979
|
|
|
547,697
|
|
|
531,202
|
|
|||
|
|
|
|
|
|
||||||
Diluted weighted-average shares outstanding
|
108,035,971
|
|
|
107,073,203
|
|
|
106,507,652
|
|
(a)
|
As a result of our decision to exit non-traded retail fundraising activities as of June 30, 2017, we have revised how we view and present a component of our two reportable segments. As such, beginning with the second quarter of 2017, we include equity in earnings of equity method investments in the Managed Programs in our Investment Management segment (
Note 1
). Earnings from our investment in CCIF continue to be included in our Investment Management segment. Results of operations for prior periods have been reclassified to conform to the current period presentation.
|
(b)
|
On January 1, 2017, we adopted ASU 2016-09, which simplified various aspects of how share-based payments are accounted for and presented in the financial statements. As a result of adopting this guidance, we retrospectively reclassified certain amounts between Net cash provided by operating activities and Net cash (used in) provided by financing activities within our consolidated statements of cash flows for the years ended December 31, 2016 and 2015, as described in
Note 2
.
|
(c)
|
We consider AFFO, a supplemental measure that is not defined by GAAP, referred to as a non-GAAP measure, to be an important measure in the evaluation of our operating performance. See
Supplemental Financial Measures
below for our definition of this non-GAAP measure and a reconciliation to its most directly comparable GAAP measure.
|
|
W. P. Carey 2017 10-K
–
35
|
|
W. P. Carey 2017 10-K
–
36
|
|
As of December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Number of net-leased properties
|
887
|
|
|
903
|
|
|
869
|
|
|||
Number of operating properties
(a)
|
2
|
|
|
2
|
|
|
3
|
|
|||
Number of tenants (net-leased properties)
|
210
|
|
|
217
|
|
|
222
|
|
|||
Total square footage (net-leased properties, in thousands)
|
84,899
|
|
|
87,866
|
|
|
90,120
|
|
|||
Occupancy (net-leased properties)
|
99.8
|
%
|
|
99.1
|
%
|
|
98.8
|
%
|
|||
Weighted-average lease term (net-leased properties, in years)
|
9.6
|
|
|
9.7
|
|
|
9.0
|
|
|||
Number of countries
(b)
|
17
|
|
|
19
|
|
|
19
|
|
|||
Total assets (consolidated basis, in thousands)
|
$
|
8,231,402
|
|
|
$
|
8,453,954
|
|
|
$
|
8,742,089
|
|
Net investments in real estate (consolidated basis, in thousands)
(c)
|
6,703,715
|
|
|
6,781,900
|
|
|
7,229,873
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Financing obtained
— consolidated
(in millions)
(d)
|
$
|
633.4
|
|
|
$
|
384.6
|
|
|
$
|
1,541.7
|
|
Financing obtained
— pro rata
(in millions)
(d)
|
633.4
|
|
|
367.6
|
|
|
1,541.7
|
|
|||
Acquisition volume (in millions)
(e) (f)
|
31.8
|
|
|
530.3
|
|
|
688.7
|
|
|||
Construction projects completed (in millions)
(e) (g)
|
65.4
|
|
|
13.8
|
|
|
53.2
|
|
|||
Average U.S. dollar/euro exchange rate
|
1.1292
|
|
|
1.1067
|
|
|
1.1099
|
|
|||
Average U.S. dollar/British pound sterling exchange rate
|
1.2882
|
|
|
1.3558
|
|
|
1.5286
|
|
|||
Change in the U.S. CPI
(h)
|
2.1
|
%
|
|
2.0
|
%
|
|
0.7
|
%
|
|||
Change in the Germany CPI
(h)
|
1.7
|
%
|
|
1.7
|
%
|
|
0.3
|
%
|
|||
Change in the United Kingdom CPI
(h)
|
2.9
|
%
|
|
1.6
|
%
|
|
0.2
|
%
|
|||
Change in the Spain CPI
(h)
|
1.1
|
%
|
|
1.6
|
%
|
|
0.1
|
%
|
(a)
|
At both
December 31, 2017
and
2016
, operating properties consisted of two hotel properties with an average occupancy of
82.7%
for
2017
. During 2016, we sold our remaining self-storage property. At
December 31, 2015
, operating properties consisted of two hotel properties and one self-storage property.
|
(b)
|
We sold all of our investments in Malaysia and Thailand during 2017 (
Note 16
).
|
(c)
|
In 2017, we reclassified certain line items in our consolidated balance sheets. As a result, Net investments in real estate as of December 31, 2016 and 2015 has been revised to conform to the current period presentation (
Note 2
).
|
|
W. P. Carey 2017 10-K
–
37
|
(d)
|
Both the consolidated and pro rata amounts for 2017 include the issuance of €500.0 million of 2.25% Senior Notes in January 2017, as well as the amendment and restatement of our Senior Unsecured Credit Facility in February 2017, which increased our borrowing capacity under that facility by approximately $100.0 million (
Note 10
). Both the consolidated and pro rata amounts for 2016 include the issuance of $350.0 million of 4.25% Senior Notes in September 2016. The consolidated amount for 2016 includes the refinancing of a non-recourse mortgage loan for $34.6 million, while the pro rata amount for 2016 includes our proportionate share of that refinancing of $17.6 million. Amount for 2015 represents the exercise of the accordion feature under our then-existing Senior Unsecured Credit Facility in January 2015, which increased our borrowing capacity under our Unsecured Revolving Credit Facility by $500.0 million, and the issuances of €500.0 million of 2.0% Senior Notes and $450.0 million of 4.0% Senior Notes in January 2015.
|
(e)
|
Amounts are the same on both a consolidated and pro rata basis.
|
(f)
|
Amount for 2017 excludes a commitment for $3.6 million of building improvements in connection with an acquisition (
Note 4
). Amount for 2016 excludes an aggregate commitment for $128.1 million of build-to-suit financing (
Note 4
). Amount for 2016 also excludes $1.9 million for land acquired in connection with build-to-suit or expansion projects (
Note 4
). Amount for 2015 includes acquisition-related costs for investments that were considered to be business combinations, which were required to be expensed in the consolidated financial statements. We did not complete any investments that were considered to be business combinations during 2017 or 2016.
|
(g)
|
Amount for 2017 includes projects that were partially completed in 2016.
|
(h)
|
Many of our lease agreements include contractual increases indexed to changes in the CPI or similar indices in the jurisdictions in which the properties are located.
|
Tenant/Lease Guarantor
|
|
Property Type
|
|
Tenant Industry
|
|
Location
|
|
Number of Properties
|
|
ABR
|
|
ABR Percent
|
|
Weighted-Average Lease Term (Years)
|
|||||
Hellweg Die Profi-Baumärkte GmbH & Co. KG
(a)
|
|
Retail
|
|
Retail Stores
|
|
Germany
|
|
53
|
|
|
$
|
36,375
|
|
|
5.3
|
%
|
|
16.2
|
|
U-Haul Moving Partners Inc. and Mercury Partners, LP
|
|
Self Storage
|
|
Cargo Transportation, Consumer Services
|
|
United States
|
|
78
|
|
|
31,853
|
|
|
4.7
|
%
|
|
6.3
|
|
|
State of Andalucia
(a)
|
|
Office
|
|
Sovereign and Public Finance
|
|
Spain
|
|
70
|
|
|
29,163
|
|
|
4.3
|
%
|
|
17.0
|
|
|
Pendragon PLC
(a)
|
|
Retail
|
|
Retail Stores, Consumer Services
|
|
United Kingdom
|
|
70
|
|
|
22,266
|
|
|
3.3
|
%
|
|
12.3
|
|
|
Marriott Corporation
|
|
Hotel
|
|
Hotel, Gaming and Leisure
|
|
United States
|
|
18
|
|
|
20,065
|
|
|
2.9
|
%
|
|
5.9
|
|
|
Forterra Building Products
(a) (b)
|
|
Industrial
|
|
Construction and Building
|
|
United States and Canada
|
|
49
|
|
|
17,496
|
|
|
2.6
|
%
|
|
18.3
|
|
|
OBI Group
(a)
|
|
Office, Retail
|
|
Retail Stores
|
|
Poland
|
|
18
|
|
|
16,565
|
|
|
2.4
|
%
|
|
6.4
|
|
|
True Value Company
|
|
Warehouse
|
|
Retail Stores
|
|
United States
|
|
7
|
|
|
15,680
|
|
|
2.3
|
%
|
|
5.0
|
|
|
UTI Holdings, Inc.
|
|
Education Facility
|
|
Consumer Services
|
|
United States
|
|
5
|
|
|
14,484
|
|
|
2.1
|
%
|
|
4.2
|
|
|
ABC Group Inc.
(c)
|
|
Industrial, Office, Warehouse
|
|
Automotive
|
|
Canada, Mexico, and United States
|
|
14
|
|
|
14,110
|
|
|
2.1
|
%
|
|
18.9
|
|
|
Total
|
|
|
|
|
|
|
|
382
|
|
|
$
|
218,057
|
|
|
32.0
|
%
|
|
11.5
|
|
(a)
|
ABR amounts are subject to fluctuations in foreign currency exchange rates.
|
(b)
|
Of the 49 properties leased to Forterra Building Products,
44
are located in the United States and
five
are located in Canada.
|
(c)
|
Of the
14
properties leased to ABC Group Inc.,
six
are located in Canada,
four
are located in Mexico, and
four
are located in the United States, subject to three master leases all denominated in U.S. dollars.
|
|
W. P. Carey 2017 10-K
–
38
|
Region
|
|
ABR
|
|
ABR Percent
|
|
Square Footage
(a)
|
|
Square Footage Percent
|
|||||
United States
|
|
|
|
|
|
|
|
|
|||||
South
|
|
|
|
|
|
|
|
|
|||||
Texas
|
|
$
|
56,704
|
|
|
8.3
|
%
|
|
8,192
|
|
|
9.6
|
%
|
Florida
|
|
29,419
|
|
|
4.3
|
%
|
|
2,657
|
|
|
3.1
|
%
|
|
Georgia
|
|
21,535
|
|
|
3.2
|
%
|
|
3,293
|
|
|
3.9
|
%
|
|
Tennessee
|
|
15,520
|
|
|
2.3
|
%
|
|
2,306
|
|
|
2.7
|
%
|
|
Other
(b)
|
|
11,310
|
|
|
1.7
|
%
|
|
2,279
|
|
|
2.7
|
%
|
|
Total South
|
|
134,488
|
|
|
19.8
|
%
|
|
18,727
|
|
|
22.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|||||
East
|
|
|
|
|
|
|
|
|
|||||
North Carolina
|
|
19,856
|
|
|
2.9
|
%
|
|
4,518
|
|
|
5.3
|
%
|
|
Pennsylvania
|
|
18,880
|
|
|
2.8
|
%
|
|
2,525
|
|
|
3.0
|
%
|
|
New Jersey
|
|
18,768
|
|
|
2.8
|
%
|
|
1,097
|
|
|
1.3
|
%
|
|
New York
|
|
18,258
|
|
|
2.7
|
%
|
|
1,178
|
|
|
1.4
|
%
|
|
Massachusetts
|
|
15,481
|
|
|
2.3
|
%
|
|
1,390
|
|
|
1.6
|
%
|
|
Virginia
|
|
7,630
|
|
|
1.1
|
%
|
|
1,025
|
|
|
1.2
|
%
|
|
Connecticut
|
|
6,949
|
|
|
1.0
|
%
|
|
1,135
|
|
|
1.3
|
%
|
|
Other
(b)
|
|
18,019
|
|
|
2.6
|
%
|
|
3,782
|
|
|
4.5
|
%
|
|
Total East
|
|
123,841
|
|
|
18.2
|
%
|
|
16,650
|
|
|
19.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|||||
West
|
|
|
|
|
|
|
|
|
|||||
California
|
|
41,296
|
|
|
6.1
|
%
|
|
3,213
|
|
|
3.8
|
%
|
|
Arizona
|
|
26,860
|
|
|
3.9
|
%
|
|
3,049
|
|
|
3.6
|
%
|
|
Colorado
|
|
9,941
|
|
|
1.5
|
%
|
|
864
|
|
|
1.0
|
%
|
|
Other
(b)
|
|
26,665
|
|
|
3.9
|
%
|
|
3,230
|
|
|
3.8
|
%
|
|
Total West
|
|
104,762
|
|
|
15.4
|
%
|
|
10,356
|
|
|
12.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|||||
Midwest
|
|
|
|
|
|
|
|
|
|||||
Illinois
|
|
21,839
|
|
|
3.2
|
%
|
|
3,295
|
|
|
3.9
|
%
|
|
Michigan
|
|
12,244
|
|
|
1.8
|
%
|
|
1,456
|
|
|
1.7
|
%
|
|
Indiana
|
|
9,331
|
|
|
1.4
|
%
|
|
1,418
|
|
|
1.7
|
%
|
|
Minnesota
|
|
8,896
|
|
|
1.3
|
%
|
|
947
|
|
|
1.1
|
%
|
|
Ohio
|
|
8,621
|
|
|
1.3
|
%
|
|
1,911
|
|
|
2.3
|
%
|
|
Other
(b)
|
|
24,307
|
|
|
3.5
|
%
|
|
4,385
|
|
|
5.2
|
%
|
|
Total Midwest
|
|
85,238
|
|
|
12.5
|
%
|
|
13,412
|
|
|
15.9
|
%
|
|
United States Total
|
|
448,329
|
|
|
65.9
|
%
|
|
59,145
|
|
|
69.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|||||
International
|
|
|
|
|
|
|
|
|
|||||
Germany
|
|
58,860
|
|
|
8.6
|
%
|
|
5,967
|
|
|
7.0
|
%
|
|
United Kingdom
|
|
34,465
|
|
|
5.1
|
%
|
|
2,324
|
|
|
2.7
|
%
|
|
Spain
|
|
30,920
|
|
|
4.5
|
%
|
|
2,927
|
|
|
3.4
|
%
|
|
Poland
|
|
18,623
|
|
|
2.7
|
%
|
|
2,189
|
|
|
2.6
|
%
|
|
The Netherlands
|
|
15,654
|
|
|
2.3
|
%
|
|
2,233
|
|
|
2.6
|
%
|
|
France
|
|
14,772
|
|
|
2.2
|
%
|
|
1,266
|
|
|
1.5
|
%
|
|
Finland
|
|
13,237
|
|
|
1.9
|
%
|
|
1,121
|
|
|
1.3
|
%
|
|
Canada
|
|
12,807
|
|
|
1.9
|
%
|
|
2,196
|
|
|
2.6
|
%
|
|
Australia
|
|
12,786
|
|
|
1.9
|
%
|
|
3,272
|
|
|
3.9
|
%
|
|
Other
(c)
|
|
20,219
|
|
|
3.0
|
%
|
|
2,259
|
|
|
2.7
|
%
|
|
International Total
|
|
232,343
|
|
|
34.1
|
%
|
|
25,754
|
|
|
30.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|||||
Total
|
|
$
|
680,672
|
|
|
100.0
|
%
|
|
84,899
|
|
|
100.0
|
%
|
|
W. P. Carey 2017 10-K
–
39
|
Property Type
|
|
ABR
|
|
ABR Percent
|
|
Square Footage
(a)
|
|
Square Footage Percent
|
|||||
Industrial
|
|
$
|
202,354
|
|
|
29.7
|
%
|
|
38,318
|
|
|
45.1
|
%
|
Office
|
|
170,284
|
|
|
25.0
|
%
|
|
11,134
|
|
|
13.1
|
%
|
|
Retail
|
|
112,544
|
|
|
16.5
|
%
|
|
9,690
|
|
|
11.4
|
%
|
|
Warehouse
|
|
94,999
|
|
|
14.0
|
%
|
|
17,878
|
|
|
21.1
|
%
|
|
Self Storage
|
|
31,853
|
|
|
4.7
|
%
|
|
3,535
|
|
|
4.2
|
%
|
|
Other
(d)
|
|
68,638
|
|
|
10.1
|
%
|
|
4,344
|
|
|
5.1
|
%
|
|
Total
|
|
$
|
680,672
|
|
|
100.0
|
%
|
|
84,899
|
|
|
100.0
|
%
|
(a)
|
Includes square footage for any vacant properties.
|
(b)
|
Other properties within South include assets in Alabama, Louisiana, Arkansas, Mississippi, and Oklahoma. Other properties within East include assets in Kentucky, South Carolina, Maryland, New Hampshire, and West Virginia. Other properties within West include assets in Utah, Washington, Nevada, Oregon, New Mexico, Wyoming, Alaska, and Montana. Other properties within Midwest include assets in Missouri, Kansas, Wisconsin, Nebraska, Iowa, South Dakota, and North Dakota.
|
(c)
|
Includes assets in Norway, Hungary, Austria, Mexico, Sweden, Belgium, and Japan.
|
(d)
|
Includes ABR from tenants with the following property types: education facility, hotel, theater, fitness facility, and net-lease student housing.
|
|
W. P. Carey 2017 10-K
–
40
|
Industry Type
|
|
ABR
|
|
ABR Percent
|
|
Square Footage
|
|
Square Footage Percent
|
|||||
Retail Stores
(a)
|
|
$
|
120,061
|
|
|
17.6
|
%
|
|
14,916
|
|
|
17.6
|
%
|
Consumer Services
|
|
71,640
|
|
|
10.5
|
%
|
|
5,604
|
|
|
6.6
|
%
|
|
Automotive
|
|
56,162
|
|
|
8.3
|
%
|
|
9,044
|
|
|
10.7
|
%
|
|
Sovereign and Public Finance
|
|
43,522
|
|
|
6.4
|
%
|
|
3,411
|
|
|
4.0
|
%
|
|
Construction and Building
|
|
37,093
|
|
|
5.4
|
%
|
|
8,142
|
|
|
9.6
|
%
|
|
Hotel, Gaming, and Leisure
|
|
35,368
|
|
|
5.2
|
%
|
|
2,254
|
|
|
2.7
|
%
|
|
Beverage, Food, and Tobacco
|
|
31,230
|
|
|
4.6
|
%
|
|
6,876
|
|
|
8.1
|
%
|
|
Cargo Transportation
|
|
29,063
|
|
|
4.3
|
%
|
|
3,860
|
|
|
4.5
|
%
|
|
Healthcare and Pharmaceuticals
|
|
28,329
|
|
|
4.2
|
%
|
|
2,048
|
|
|
2.4
|
%
|
|
High Tech Industries
|
|
28,264
|
|
|
4.2
|
%
|
|
2,490
|
|
|
2.9
|
%
|
|
Containers, Packaging, and Glass
|
|
27,517
|
|
|
4.0
|
%
|
|
5,325
|
|
|
6.3
|
%
|
|
Media: Advertising, Printing, and Publishing
|
|
24,153
|
|
|
3.5
|
%
|
|
1,588
|
|
|
1.9
|
%
|
|
Capital Equipment
|
|
22,720
|
|
|
3.3
|
%
|
|
3,731
|
|
|
4.4
|
%
|
|
Business Services
|
|
14,294
|
|
|
2.1
|
%
|
|
1,739
|
|
|
2.0
|
%
|
|
Grocery
|
|
11,515
|
|
|
1.7
|
%
|
|
1,228
|
|
|
1.5
|
%
|
|
Durable Consumer Goods
|
|
11,509
|
|
|
1.7
|
%
|
|
2,485
|
|
|
2.9
|
%
|
|
Wholesale
|
|
10,893
|
|
|
1.6
|
%
|
|
1,799
|
|
|
2.1
|
%
|
|
Aerospace and Defense
|
|
10,609
|
|
|
1.6
|
%
|
|
1,115
|
|
|
1.3
|
%
|
|
Banking
|
|
10,453
|
|
|
1.5
|
%
|
|
702
|
|
|
0.8
|
%
|
|
Chemicals, Plastics, and Rubber
|
|
9,379
|
|
|
1.4
|
%
|
|
1,108
|
|
|
1.3
|
%
|
|
Metals and Mining
|
|
9,209
|
|
|
1.4
|
%
|
|
1,341
|
|
|
1.6
|
%
|
|
Non-Durable Consumer Goods
|
|
8,159
|
|
|
1.2
|
%
|
|
1,883
|
|
|
2.2
|
%
|
|
Oil and Gas
|
|
8,006
|
|
|
1.2
|
%
|
|
333
|
|
|
0.4
|
%
|
|
Telecommunications
|
|
7,068
|
|
|
1.0
|
%
|
|
418
|
|
|
0.5
|
%
|
|
Other
(b)
|
|
14,456
|
|
|
2.1
|
%
|
|
1,459
|
|
|
1.7
|
%
|
|
Total
|
|
$
|
680,672
|
|
|
100.0
|
%
|
|
84,899
|
|
|
100.0
|
%
|
(a)
|
Includes automotive dealerships.
|
(b)
|
Includes ABR from tenants in the following industries: insurance, electricity, media: broadcasting and subscription, forest products and paper, and environmental industries. Also includes square footage for vacant properties.
|
|
W. P. Carey 2017 10-K
–
41
|
Year of Lease Expiration
(a)
|
|
Number of Leases Expiring
|
|
ABR
|
|
ABR Percent
|
|
Square Footage
|
|
Square Footage Percent
|
||||||
2018
(b)
|
|
4
|
|
|
$
|
9,394
|
|
|
1.4
|
%
|
|
912
|
|
|
1.1
|
%
|
2019
|
|
20
|
|
|
27,820
|
|
|
4.1
|
%
|
|
2,419
|
|
|
2.8
|
%
|
|
2020
|
|
24
|
|
|
33,439
|
|
|
4.9
|
%
|
|
3,343
|
|
|
3.9
|
%
|
|
2021
|
|
80
|
|
|
40,900
|
|
|
6.0
|
%
|
|
6,301
|
|
|
7.4
|
%
|
|
2022
|
|
41
|
|
|
70,270
|
|
|
10.3
|
%
|
|
9,451
|
|
|
11.1
|
%
|
|
2023
|
|
21
|
|
|
41,567
|
|
|
6.1
|
%
|
|
5,811
|
|
|
6.8
|
%
|
|
2024
(c)
|
|
43
|
|
|
96,171
|
|
|
14.1
|
%
|
|
11,592
|
|
|
13.7
|
%
|
|
2025
|
|
41
|
|
|
31,053
|
|
|
4.6
|
%
|
|
3,439
|
|
|
4.1
|
%
|
|
2026
|
|
19
|
|
|
19,020
|
|
|
2.8
|
%
|
|
3,159
|
|
|
3.7
|
%
|
|
2027
|
|
26
|
|
|
42,998
|
|
|
6.3
|
%
|
|
6,052
|
|
|
7.1
|
%
|
|
2028
|
|
11
|
|
|
22,312
|
|
|
3.3
|
%
|
|
2,551
|
|
|
3.0
|
%
|
|
2029
|
|
10
|
|
|
18,834
|
|
|
2.8
|
%
|
|
2,562
|
|
|
3.0
|
%
|
|
2030
|
|
10
|
|
|
30,007
|
|
|
4.4
|
%
|
|
2,680
|
|
|
3.2
|
%
|
|
2031
|
|
55
|
|
|
34,688
|
|
|
5.1
|
%
|
|
2,879
|
|
|
3.4
|
%
|
|
Thereafter (>2031)
|
|
45
|
|
|
162,199
|
|
|
23.8
|
%
|
|
21,608
|
|
|
25.5
|
%
|
|
Vacant
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
140
|
|
|
0.2
|
%
|
|
Total
|
|
450
|
|
|
$
|
680,672
|
|
|
100.0
|
%
|
|
84,899
|
|
|
100.0
|
%
|
(a)
|
Assumes tenants do not exercise any renewal options.
|
(b)
|
One
month-to-month lease with ABR of
$0.1 million
is included in
2018
ABR.
|
(c)
|
Includes ABR of $12.3 million from a tenant (The New York Times Company) that exercised its option in January 2018 to repurchase the property it is leasing from a jointly owned investment with our affiliate, CPA:17 – Global, in which we have a 45% equity interest and which is consolidated by CPA:17 – Global. The repurchase is expected to be completed in December 2019, but there can be no assurance that such repurchase will be completed (
Note 19
).
|
|
W. P. Carey 2017 10-K
–
42
|
|
W. P. Carey 2017 10-K
–
43
|
|
Years Ended December 31,
|
||||||||||||||||||||||
|
2017
|
|
2016
|
|
Change
|
|
2016
|
|
2015
|
|
Change
|
||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Lease revenues
|
$
|
630,373
|
|
|
$
|
663,463
|
|
|
$
|
(33,090
|
)
|
|
$
|
663,463
|
|
|
$
|
656,956
|
|
|
$
|
6,507
|
|
Operating property revenues
|
30,562
|
|
|
30,767
|
|
|
(205
|
)
|
|
30,767
|
|
|
30,515
|
|
|
252
|
|
||||||
Reimbursable tenant costs
|
21,524
|
|
|
25,438
|
|
|
(3,914
|
)
|
|
25,438
|
|
|
22,832
|
|
|
2,606
|
|
||||||
Lease termination income and other
|
4,749
|
|
|
35,696
|
|
|
(30,947
|
)
|
|
35,696
|
|
|
25,145
|
|
|
10,551
|
|
||||||
|
687,208
|
|
|
755,364
|
|
|
(68,156
|
)
|
|
755,364
|
|
|
735,448
|
|
|
19,916
|
|
||||||
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Depreciation and amortization:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net-leased properties
|
243,867
|
|
|
266,637
|
|
|
(22,770
|
)
|
|
266,637
|
|
|
270,241
|
|
|
(3,604
|
)
|
||||||
Operating properties
|
4,276
|
|
|
4,238
|
|
|
38
|
|
|
4,238
|
|
|
4,251
|
|
|
(13
|
)
|
||||||
Corporate depreciation and amortization
|
1,289
|
|
|
1,399
|
|
|
(110
|
)
|
|
1,399
|
|
|
1,744
|
|
|
(345
|
)
|
||||||
|
249,432
|
|
|
272,274
|
|
|
(22,842
|
)
|
|
272,274
|
|
|
276,236
|
|
|
(3,962
|
)
|
||||||
Property expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating property expenses
|
23,426
|
|
|
22,669
|
|
|
757
|
|
|
22,669
|
|
|
22,119
|
|
|
550
|
|
||||||
Reimbursable tenant costs
|
21,524
|
|
|
25,438
|
|
|
(3,914
|
)
|
|
25,438
|
|
|
22,832
|
|
|
2,606
|
|
||||||
Net-leased properties
|
17,330
|
|
|
26,762
|
|
|
(9,432
|
)
|
|
26,762
|
|
|
30,080
|
|
|
(3,318
|
)
|
||||||
|
62,280
|
|
|
74,869
|
|
|
(12,589
|
)
|
|
74,869
|
|
|
75,031
|
|
|
(162
|
)
|
||||||
General and administrative
|
39,002
|
|
|
34,591
|
|
|
4,411
|
|
|
34,591
|
|
|
47,676
|
|
|
(13,085
|
)
|
||||||
Stock-based compensation expense
|
6,960
|
|
|
5,224
|
|
|
1,736
|
|
|
5,224
|
|
|
7,873
|
|
|
(2,649
|
)
|
||||||
Impairment charges
|
2,769
|
|
|
59,303
|
|
|
(56,534
|
)
|
|
59,303
|
|
|
29,906
|
|
|
29,397
|
|
||||||
Other expenses
|
605
|
|
|
2,993
|
|
|
(2,388
|
)
|
|
2,993
|
|
|
(9,908
|
)
|
|
12,901
|
|
||||||
Restructuring and other compensation
|
—
|
|
|
4,413
|
|
|
(4,413
|
)
|
|
4,413
|
|
|
—
|
|
|
4,413
|
|
||||||
|
361,048
|
|
|
453,667
|
|
|
(92,619
|
)
|
|
453,667
|
|
|
426,814
|
|
|
26,853
|
|
||||||
Other Income and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest expense
|
(165,775
|
)
|
|
(183,409
|
)
|
|
17,634
|
|
|
(183,409
|
)
|
|
(194,326
|
)
|
|
10,917
|
|
||||||
Equity in earnings of equity method investments in real estate
|
13,068
|
|
|
12,928
|
|
|
140
|
|
|
12,928
|
|
|
13,874
|
|
|
(946
|
)
|
||||||
Other income and (expenses)
|
(5,655
|
)
|
|
3,665
|
|
|
(9,320
|
)
|
|
3,665
|
|
|
1,952
|
|
|
1,713
|
|
||||||
|
(158,362
|
)
|
|
(166,816
|
)
|
|
8,454
|
|
|
(166,816
|
)
|
|
(178,500
|
)
|
|
11,684
|
|
||||||
Income before income taxes and gain on sale of real estate
|
167,798
|
|
|
134,881
|
|
|
32,917
|
|
|
134,881
|
|
|
130,134
|
|
|
4,747
|
|
||||||
(Provision for) benefit from income taxes
|
(1,743
|
)
|
|
3,418
|
|
|
(5,161
|
)
|
|
3,418
|
|
|
(17,948
|
)
|
|
21,366
|
|
||||||
Income before gain on sale of real estate
|
166,055
|
|
|
138,299
|
|
|
27,756
|
|
|
138,299
|
|
|
112,186
|
|
|
26,113
|
|
||||||
Gain on sale of real estate, net of tax
|
33,878
|
|
|
71,318
|
|
|
(37,440
|
)
|
|
71,318
|
|
|
6,487
|
|
|
64,831
|
|
||||||
Net Income from Owned Real Estate
|
199,933
|
|
|
209,617
|
|
|
(9,684
|
)
|
|
209,617
|
|
|
118,673
|
|
|
90,944
|
|
||||||
Net income attributable to noncontrolling interests
|
(7,794
|
)
|
|
(7,060
|
)
|
|
(734
|
)
|
|
(7,060
|
)
|
|
(10,961
|
)
|
|
3,901
|
|
||||||
Net Income from Owned Real Estate Attributable to W. P. Carey
|
$
|
192,139
|
|
|
$
|
202,557
|
|
|
$
|
(10,418
|
)
|
|
$
|
202,557
|
|
|
$
|
107,712
|
|
|
$
|
94,845
|
|
|
W. P. Carey 2017 10-K
–
44
|
|
Years Ended December 31,
|
||||||||||||||||||||||
|
2017
|
|
2016
|
|
Change
|
|
2016
|
|
2015
|
|
Change
|
||||||||||||
Existing Net-Leased Properties
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Lease revenues
|
$
|
527,396
|
|
|
$
|
521,862
|
|
|
$
|
5,534
|
|
|
$
|
521,862
|
|
|
$
|
524,773
|
|
|
$
|
(2,911
|
)
|
Property expenses
|
(11,985
|
)
|
|
(11,159
|
)
|
|
(826
|
)
|
|
(11,159
|
)
|
|
(13,306
|
)
|
|
2,147
|
|
||||||
Depreciation and amortization
|
(200,473
|
)
|
|
(198,259
|
)
|
|
(2,214
|
)
|
|
(198,259
|
)
|
|
(212,718
|
)
|
|
14,459
|
|
||||||
Property level contribution
|
314,938
|
|
|
312,444
|
|
|
2,494
|
|
|
312,444
|
|
|
298,749
|
|
|
13,695
|
|
||||||
Recently Acquired Net-Leased Properties
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Lease revenues
|
95,300
|
|
|
72,964
|
|
|
22,336
|
|
|
72,964
|
|
|
32,482
|
|
|
40,482
|
|
||||||
Property expenses
|
(3,311
|
)
|
|
(2,707
|
)
|
|
(604
|
)
|
|
(2,707
|
)
|
|
(2,291
|
)
|
|
(416
|
)
|
||||||
Depreciation and amortization
|
(40,386
|
)
|
|
(32,211
|
)
|
|
(8,175
|
)
|
|
(32,211
|
)
|
|
(13,842
|
)
|
|
(18,369
|
)
|
||||||
Property level contribution
|
51,603
|
|
|
38,046
|
|
|
13,557
|
|
|
38,046
|
|
|
16,349
|
|
|
21,697
|
|
||||||
Properties Sold or Held for Sale
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Lease revenues
|
7,677
|
|
|
68,637
|
|
|
(60,960
|
)
|
|
68,637
|
|
|
99,701
|
|
|
(31,064
|
)
|
||||||
Operating revenues
|
—
|
|
|
64
|
|
|
(64
|
)
|
|
64
|
|
|
950
|
|
|
(886
|
)
|
||||||
Property expenses
|
(2,034
|
)
|
|
(13,001
|
)
|
|
10,967
|
|
|
(13,001
|
)
|
|
(15,027
|
)
|
|
2,026
|
|
||||||
Depreciation and amortization
|
(3,008
|
)
|
|
(36,175
|
)
|
|
33,167
|
|
|
(36,175
|
)
|
|
(43,841
|
)
|
|
7,666
|
|
||||||
Property level contribution
|
2,635
|
|
|
19,525
|
|
|
(16,890
|
)
|
|
19,525
|
|
|
41,783
|
|
|
(22,258
|
)
|
||||||
Operating Properties
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenues
|
30,562
|
|
|
30,703
|
|
|
(141
|
)
|
|
30,703
|
|
|
29,565
|
|
|
1,138
|
|
||||||
Property expenses
|
(23,426
|
)
|
|
(22,564
|
)
|
|
(862
|
)
|
|
(22,564
|
)
|
|
(21,575
|
)
|
|
(989
|
)
|
||||||
Depreciation and amortization
|
(4,276
|
)
|
|
(4,230
|
)
|
|
(46
|
)
|
|
(4,230
|
)
|
|
(4,091
|
)
|
|
(139
|
)
|
||||||
Property level contribution
|
2,860
|
|
|
3,909
|
|
|
(1,049
|
)
|
|
3,909
|
|
|
3,899
|
|
|
10
|
|
||||||
Property Level Contribution
|
372,036
|
|
|
373,924
|
|
|
(1,888
|
)
|
|
373,924
|
|
|
360,780
|
|
|
13,144
|
|
||||||
Add: Lease termination income and other
|
4,749
|
|
|
35,696
|
|
|
(30,947
|
)
|
|
35,696
|
|
|
25,145
|
|
|
10,551
|
|
||||||
Less other expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
General and administrative
|
(39,002
|
)
|
|
(34,591
|
)
|
|
(4,411
|
)
|
|
(34,591
|
)
|
|
(47,676
|
)
|
|
13,085
|
|
||||||
Stock-based compensation expense
|
(6,960
|
)
|
|
(5,224
|
)
|
|
(1,736
|
)
|
|
(5,224
|
)
|
|
(7,873
|
)
|
|
2,649
|
|
||||||
Impairment charges
|
(2,769
|
)
|
|
(59,303
|
)
|
|
56,534
|
|
|
(59,303
|
)
|
|
(29,906
|
)
|
|
(29,397
|
)
|
||||||
Corporate depreciation and amortization
|
(1,289
|
)
|
|
(1,399
|
)
|
|
110
|
|
|
(1,399
|
)
|
|
(1,744
|
)
|
|
345
|
|
||||||
Other expenses
|
(605
|
)
|
|
(2,993
|
)
|
|
2,388
|
|
|
(2,993
|
)
|
|
9,908
|
|
|
(12,901
|
)
|
||||||
Restructuring and other compensation
|
—
|
|
|
(4,413
|
)
|
|
4,413
|
|
|
(4,413
|
)
|
|
—
|
|
|
(4,413
|
)
|
||||||
Other Income and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest expense
|
(165,775
|
)
|
|
(183,409
|
)
|
|
17,634
|
|
|
(183,409
|
)
|
|
(194,326
|
)
|
|
10,917
|
|
||||||
Equity in earnings of equity method investments in real estate
|
13,068
|
|
|
12,928
|
|
|
140
|
|
|
12,928
|
|
|
13,874
|
|
|
(946
|
)
|
||||||
Other income and (expenses)
|
(5,655
|
)
|
|
3,665
|
|
|
(9,320
|
)
|
|
3,665
|
|
|
1,952
|
|
|
1,713
|
|
||||||
|
(158,362
|
)
|
|
(166,816
|
)
|
|
8,454
|
|
|
(166,816
|
)
|
|
(178,500
|
)
|
|
11,684
|
|
||||||
Income before income taxes and gain on sale of real estate
|
167,798
|
|
|
134,881
|
|
|
32,917
|
|
|
134,881
|
|
|
130,134
|
|
|
4,747
|
|
||||||
(Provision for) benefit from income taxes
|
(1,743
|
)
|
|
3,418
|
|
|
(5,161
|
)
|
|
3,418
|
|
|
(17,948
|
)
|
|
21,366
|
|
||||||
Income before gain on sale of real estate
|
166,055
|
|
|
138,299
|
|
|
27,756
|
|
|
138,299
|
|
|
112,186
|
|
|
26,113
|
|
||||||
Gain on sale of real estate, net of tax
|
33,878
|
|
|
71,318
|
|
|
(37,440
|
)
|
|
71,318
|
|
|
6,487
|
|
|
64,831
|
|
||||||
Net Income from Owned Real Estate
|
199,933
|
|
|
209,617
|
|
|
(9,684
|
)
|
|
209,617
|
|
|
118,673
|
|
|
90,944
|
|
||||||
Net income attributable to noncontrolling interests
|
(7,794
|
)
|
|
(7,060
|
)
|
|
(734
|
)
|
|
(7,060
|
)
|
|
(10,961
|
)
|
|
3,901
|
|
||||||
Net Income from Owned Real Estate Attributable to W. P. Carey
|
$
|
192,139
|
|
|
$
|
202,557
|
|
|
$
|
(10,418
|
)
|
|
$
|
202,557
|
|
|
$
|
107,712
|
|
|
$
|
94,845
|
|
|
W. P. Carey 2017 10-K
–
45
|
|
W. P. Carey 2017 10-K
–
46
|
|
W. P. Carey 2017 10-K
–
47
|
•
|
$15.0 million of lease termination income related to the domestic property that was sold in February 2016, as discussed above (
Note 16
);
|
•
|
$2.7 million in lease termination income related to a tenant paying us at the end of the lease term for costs associated with repairs the tenant was required to make under the terms of the lease;
|
•
|
$2.4 million of other income in connection with the termination by the buyer of a purchase and sale agreement on one of our properties; and
|
•
|
$2.7 million of lease termination income due to the early termination of two leases during the first quarter of 2015.
|
|
W. P. Carey 2017 10-K
–
48
|
•
|
$2.2 million
recognized on a property due to a tenant bankruptcy; and
|
•
|
$0.6 million
recognized on a property that is expected to be sold.
|
•
|
$41.0 million recognized on a portfolio of 14 properties that was sold in October 2016;
|
•
|
$11.4 million, including an amount attributable to a noncontrolling interest of $1.2 million, recognized on four vacant or partially vacant properties, one of which was sold in 2016 and three of which were disposed of during 2017; and
|
•
|
$7.0 million recognized on a property that was sold in January 2017.
|
•
|
$8.7 million recognized on a property due to the expected expiration of its related lease; this property was disposed of in January 2017;
|
•
|
$6.9 million recognized on a property that was demolished in accordance with a plan to redevelop the property;
|
•
|
$6.9 million, including an amount attributable to a noncontrolling interest of $1.0 million, recognized on two properties and a parcel of vacant land that were sold during 2017;
|
•
|
$4.1 million
recognized on three properties that were disposed of during 2015 or 2016; and
|
•
|
$3.3 million recognized on five properties as a result of other-than-temporary declines in the estimated fair values of the buildings’ residual values.
|
|
W. P. Carey 2017 10-K
–
49
|
|
W. P. Carey 2017 10-K
–
50
|
|
W. P. Carey 2017 10-K
–
51
|
|
As of December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Total properties — Managed Programs
(a)
|
628
|
|
|
606
|
|
|
602
|
|
|||
Assets under management — Managed Programs
(b)
|
$
|
13,125.1
|
|
|
$
|
12,874.8
|
|
|
$
|
11,045.3
|
|
Cumulative funds raised — CPA:18 – Global offering
(c) (d)
|
1,243.5
|
|
|
1,243.5
|
|
|
1,243.5
|
|
|||
Cumulative funds raised — CWI 2 offering
(c) (e)
|
851.3
|
|
|
616.3
|
|
|
247.0
|
|
|||
Cumulative funds raised — CCIF offering
(f)
|
195.3
|
|
|
125.1
|
|
|
2.0
|
|
|||
Cumulative funds raised — CESH I offering
(g)
|
139.7
|
|
|
112.8
|
|
|
—
|
|
|
For the Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Financings structured — Managed Programs
|
$
|
1,034.5
|
|
|
$
|
1,362.8
|
|
|
$
|
1,196.9
|
|
Investments structured — Managed Programs
(h)
|
1,248.5
|
|
|
1,558.9
|
|
|
2,533.9
|
|
|||
Funds raised — CPA:18 – Global offering
(c) (d)
|
—
|
|
|
—
|
|
|
100.4
|
|
|||
Funds raised — CWI 2 offering
(c) (e)
|
235.0
|
|
|
369.3
|
|
|
247.0
|
|
|||
Funds raised — CCIF offering
(f)
|
70.2
|
|
|
123.1
|
|
|
2.0
|
|
|||
Funds raised — CESH I offering
(g)
|
26.9
|
|
|
112.8
|
|
|
—
|
|
(a)
|
Includes properties owned by CPA:17 – Global and CPA:18 – Global for all periods. Includes hotels owned by CWI 1 and CWI 2 for all periods. Includes properties owned by CESH I at December 31, 2017 and 2016.
|
(b)
|
Represents the estimated fair value of the real estate assets owned by the Managed REITs, which was calculated by us as the advisor to the Managed REITs based in part upon third-party appraisals, plus cash and cash equivalents, less distributions payable. Amounts as of December 31, 2017 and 2016 also include the fair value of the investment assets, plus cash, owned by CESH I. Amounts as of December 31, 2016 and 2015 included the fair value of the investment assets, plus cash, owned by CCIF.
|
(c)
|
Excludes reinvested distributions through each entity’s distribution reinvestment plan.
|
(d)
|
Reflects funds raised from CPA:18 – Global’s initial public offering, which commenced in May 2013 and closed in April 2015.
|
(e)
|
Reflects funds raised from CWI 2’s initial public offering, which commenced in February 2015 and closed on July 31, 2017.
|
(f)
|
Amount represents funding from the CCIF Feeder Funds to CCIF. We began to raise funds on behalf of the CCIF Feeder Funds in the fourth quarter of 2015. One of the CCIF Feeder Funds, CCIF 2016 T, closed its offering on April 28, 2017. In August 2017, we resigned as the advisor to CCIF and our advisory agreement with CCIF was terminated, effective as of September 11, 2017.
|
(g)
|
Reflects funds raised from CESH I’s private placement, which commenced in July 2016 and closed on July 31, 2017.
|
(h)
|
Includes acquisition-related costs.
|
|
W. P. Carey 2017 10-K
–
52
|
|
Years Ended December 31,
|
||||||||||||||||||||||
|
2017
|
|
2016
|
|
Change
|
|
2016
|
|
2015
|
|
Change
|
||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Asset management revenue
|
$
|
70,125
|
|
|
$
|
61,971
|
|
|
$
|
8,154
|
|
|
$
|
61,971
|
|
|
$
|
49,984
|
|
|
$
|
11,987
|
|
Reimbursable costs from affiliates
|
51,445
|
|
|
66,433
|
|
|
(14,988
|
)
|
|
66,433
|
|
|
55,837
|
|
|
10,596
|
|
||||||
Structuring revenue
|
34,198
|
|
|
47,328
|
|
|
(13,130
|
)
|
|
47,328
|
|
|
92,117
|
|
|
(44,789
|
)
|
||||||
Dealer manager fees
|
4,430
|
|
|
8,002
|
|
|
(3,572
|
)
|
|
8,002
|
|
|
4,794
|
|
|
3,208
|
|
||||||
Other advisory revenue
|
896
|
|
|
2,435
|
|
|
(1,539
|
)
|
|
2,435
|
|
|
203
|
|
|
2,232
|
|
||||||
|
161,094
|
|
|
186,169
|
|
|
(25,075
|
)
|
|
186,169
|
|
|
202,935
|
|
|
(16,766
|
)
|
||||||
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Reimbursable costs from affiliates
|
51,445
|
|
|
66,433
|
|
|
(14,988
|
)
|
|
66,433
|
|
|
55,837
|
|
|
10,596
|
|
||||||
General and administrative
|
31,889
|
|
|
47,761
|
|
|
(15,872
|
)
|
|
47,761
|
|
|
55,496
|
|
|
(7,735
|
)
|
||||||
Subadvisor fees
|
13,600
|
|
|
14,141
|
|
|
(541
|
)
|
|
14,141
|
|
|
11,303
|
|
|
2,838
|
|
||||||
Stock-based compensation expense
|
11,957
|
|
|
12,791
|
|
|
(834
|
)
|
|
12,791
|
|
|
13,753
|
|
|
(962
|
)
|
||||||
Restructuring and other compensation
|
9,363
|
|
|
7,512
|
|
|
1,851
|
|
|
7,512
|
|
|
—
|
|
|
7,512
|
|
||||||
Dealer manager fees and expenses
|
6,544
|
|
|
12,808
|
|
|
(6,264
|
)
|
|
12,808
|
|
|
11,403
|
|
|
1,405
|
|
||||||
Depreciation and amortization
|
3,902
|
|
|
4,236
|
|
|
(334
|
)
|
|
4,236
|
|
|
4,079
|
|
|
157
|
|
||||||
Other expenses
|
—
|
|
|
2,384
|
|
|
(2,384
|
)
|
|
2,384
|
|
|
2,144
|
|
|
240
|
|
||||||
|
128,700
|
|
|
168,066
|
|
|
(39,366
|
)
|
|
168,066
|
|
|
154,015
|
|
|
14,051
|
|
||||||
Other Income and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Equity in earnings of equity method investments in the Managed Programs
|
51,682
|
|
|
51,791
|
|
|
(109
|
)
|
|
51,791
|
|
|
37,146
|
|
|
14,645
|
|
||||||
Other income and (expenses)
|
2,042
|
|
|
2,002
|
|
|
40
|
|
|
2,002
|
|
|
161
|
|
|
1,841
|
|
||||||
|
53,724
|
|
|
53,793
|
|
|
(69
|
)
|
|
53,793
|
|
|
37,307
|
|
|
16,486
|
|
||||||
Income before income taxes
|
86,118
|
|
|
71,896
|
|
|
14,222
|
|
|
71,896
|
|
|
86,227
|
|
|
(14,331
|
)
|
||||||
Provision for income taxes
|
(968
|
)
|
|
(6,706
|
)
|
|
5,738
|
|
|
(6,706
|
)
|
|
(19,673
|
)
|
|
12,967
|
|
||||||
Net Income from Investment Management
|
85,150
|
|
|
65,190
|
|
|
19,960
|
|
|
65,190
|
|
|
66,554
|
|
|
(1,364
|
)
|
||||||
Net income attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,008
|
)
|
|
2,008
|
|
||||||
Net Income from Investment Management Attributable to W. P. Carey
|
$
|
85,150
|
|
|
$
|
65,190
|
|
|
$
|
19,960
|
|
|
$
|
65,190
|
|
|
$
|
64,546
|
|
|
$
|
644
|
|
|
W. P. Carey 2017 10-K
–
53
|
|
W. P. Carey 2017 10-K
–
54
|
|
W. P. Carey 2017 10-K
–
55
|
|
W. P. Carey 2017 10-K
–
56
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Equity in earnings of equity method investments in the Managed Programs:
|
|
|
|
|
|
||||||
Equity in earnings (losses) of equity method investments in the Managed Programs
(a)
|
$
|
3,820
|
|
|
$
|
6,670
|
|
|
$
|
(1,260
|
)
|
Distributions of Available Cash:
(b)
|
|
|
|
|
|
||||||
CPA:17 – Global
|
26,675
|
|
|
24,765
|
|
|
24,668
|
|
|||
CPA:18 – Global
|
8,650
|
|
|
7,586
|
|
|
6,317
|
|
|||
CWI 1
|
7,459
|
|
|
9,445
|
|
|
7,120
|
|
|||
CWI 2
|
5,078
|
|
|
3,325
|
|
|
301
|
|
|||
Equity in earnings of equity method investments in the Managed Programs
|
$
|
51,682
|
|
|
$
|
51,791
|
|
|
$
|
37,146
|
|
(a)
|
Decrease for 2017 as compared to 2016 was primarily due to a decrease of
$3.2 million
from our investment in shares of common stock of CPA:17 – Global, which recognized significant gains on the sale of real estate during 2016. Increase for 2016 as compared to 2015 was primarily due to an increase of $3.9 million from our investment in shares of common stock of CPA:17 – Global. In addition, we recognized equity in earnings of our equity method investment in CCIF of $2.0 million during 2016, as compared to equity in losses of our equity method investment in CCIF of $2.0 million during 2015.
|
(b)
|
We are entitled to receive distributions of up to 10% of the Available Cash from the operating partnerships of each of the Managed REITs, as defined in their respective operating partnership agreements (
Note 3
). Distributions of Available Cash received and earned from the Managed REITs increased in the aggregate, primarily as a result of new investments entered into by the Managed REITs during 2017, 2016, and 2015.
|
|
W. P. Carey 2017 10-K
–
57
|
|
W. P. Carey 2017 10-K
–
58
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
Carrying Value
|
|
|
|
||||
Fixed rate:
|
|
|
|
||||
Unsecured Senior Notes
(a)
|
$
|
2,474,661
|
|
|
$
|
1,807,200
|
|
Non-recourse mortgages
(a)
|
916,768
|
|
|
1,406,222
|
|
||
|
3,391,429
|
|
|
3,213,422
|
|
||
Variable rate:
|
|
|
|
||||
Unsecured Term Loans
(a)
|
388,354
|
|
|
249,978
|
|
||
Unsecured Revolving Credit Facility
|
216,775
|
|
|
676,715
|
|
||
Non-recourse mortgages
(a)
:
|
|
|
|
||||
Amount subject to interest rate swaps and cap
|
149,563
|
|
|
158,765
|
|
||
Floating interest rate mortgage loans
|
119,146
|
|
|
141,934
|
|
||
|
873,838
|
|
|
1,227,392
|
|
||
|
$
|
4,265,267
|
|
|
$
|
4,440,814
|
|
|
|
|
|
||||
Percent of Total Debt
|
|
|
|
||||
Fixed rate
|
80
|
%
|
|
72
|
%
|
||
Variable rate
|
20
|
%
|
|
28
|
%
|
||
|
100
|
%
|
|
100
|
%
|
||
Weighted-Average Interest Rate at End of Year
|
|
|
|
||||
Fixed rate
|
3.9
|
%
|
|
4.5
|
%
|
||
Variable rate
(b)
|
1.8
|
%
|
|
1.9
|
%
|
|
W. P. Carey 2017 10-K
–
59
|
(a)
|
Aggregate debt balance includes unamortized deferred financing costs totaling
$15.9 million
and
$13.4 million
as of
December 31, 2017
and
2016
, respectively, and unamortized discount totaling
$12.8 million
and
$8.0 million
as of
December 31, 2017
and
2016
, respectively.
|
(b)
|
The impact of our derivative instruments is reflected in the weighted-average interest rates.
|
•
|
cash and cash equivalents totaling
$162.3 million
. Of this amount,
$111.1 million
, at then-current exchange rates, was held in foreign subsidiaries, and we could be subject to restrictions or significant costs should we decide to repatriate these amounts;
|
•
|
our Unsecured Revolving Credit Facility, with unused capacity of
$1.3 billion
, excluding amounts reserved for outstanding letters of credit; and
|
•
|
unleveraged properties that had an aggregate asset carrying value of
$4.5 billion
at
December 31, 2017
, although there can be no assurance that we would be able to obtain financing for these properties.
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||||||||
|
Outstanding Balance
|
|
Maximum Available
|
|
Outstanding Balance
|
|
Maximum Available
|
||||||||
Unsecured Term Loans, net
(a) (b)
|
$
|
389,773
|
|
|
$
|
389,773
|
|
|
$
|
250,000
|
|
|
$
|
250,000
|
|
Unsecured Revolving Credit Facility
|
216,775
|
|
|
1,500,000
|
|
|
676,715
|
|
|
1,500,000
|
|
(a)
|
Amounts as of
December 31, 2017
were comprised of our Amended Term Loan of €236.3 million, which we drew down in full in February 2017, and our Delayed Draw Term Loan of €88.7 million, which we drew down in full in June 2017, and reflected the exchange rate of the euro at that date.
|
(b)
|
Outstanding balance excludes unamortized discount of
$1.2 million
at
December 31, 2017
. Outstanding balance also excludes unamortized deferred financing costs of
$0.2 million
and less than
$0.1 million
at
December 31, 2017
and
2016
, respectively.
|
|
W. P. Carey 2017 10-K
–
60
|
|
Total
|
|
Less than
1 year
|
|
1-3 years
|
|
3-5 years
|
|
More than
5 years
|
||||||||||
Unsecured Senior Notes — principal
(a)
(b)
|
$
|
2,499,300
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,499,300
|
|
Non-recourse mortgages — principal
(a)
|
1,188,169
|
|
|
246,357
|
|
|
321,869
|
|
|
401,212
|
|
|
218,731
|
|
|||||
Senior Unsecured Credit Facility — principal
(c)
|
606,547
|
|
|
—
|
|
|
—
|
|
|
606,547
|
|
|
—
|
|
|||||
Interest on borrowings
(d)
|
791,609
|
|
|
144,667
|
|
|
267,924
|
|
|
216,877
|
|
|
162,141
|
|
|||||
Operating and other lease commitments
(e) (f)
|
165,005
|
|
|
10,054
|
|
|
20,263
|
|
|
8,820
|
|
|
125,868
|
|
|||||
Capital commitments and tenant expansion allowances
(g)
|
189,195
|
|
|
81,259
|
|
|
104,423
|
|
|
—
|
|
|
3,513
|
|
|||||
Restructuring and other compensation commitments
(h)
|
1,870
|
|
|
1,697
|
|
|
173
|
|
|
—
|
|
|
—
|
|
|||||
|
$
|
5,441,695
|
|
|
$
|
484,034
|
|
|
$
|
714,652
|
|
|
$
|
1,233,456
|
|
|
$
|
3,009,553
|
|
(a)
|
Excludes unamortized deferred financing costs totaling
$15.9 million
, the unamortized discount on the Unsecured Senior Notes of
$9.9 million
in aggregate, the unamortized fair market value adjustment of
$1.7 million
in aggregate primarily resulting from the assumption of property-level debt in connection with both the CPA:15 Merger and CPA:16 Merger, and the unamortized discount on the Unsecured Term Loans of
$1.2 million
(
Note 10
).
|
(b)
|
Our Unsecured Senior Notes are scheduled to mature from 2023 through 2026 (
Note 10
).
|
(c)
|
Our Unsecured Revolving Credit Facility is scheduled to mature on February 22, 2021 unless otherwise extended pursuant to its terms. Our Unsecured Term Loans are scheduled to mature on February 22, 2022 (
Note 10
).
|
(d)
|
Interest on unhedged variable-rate debt obligations was calculated using the applicable annual variable interest rates and balances outstanding at
December 31, 2017
.
|
(e)
|
Operating and other lease commitments consist primarily of rental obligations under ground leases and the future minimum rents payable on the leases for our principal offices. Pursuant to their respective advisory agreements with us, we are reimbursed by the Managed Programs for their share of overhead costs, which includes a portion of those future minimum rent amounts. Our operating lease commitments include a total of
$9.9 million
, based on the allocation percentages as of
December 31, 2017
, which we estimate the Managed Programs will reimburse us for in full.
|
(f)
|
Includes a total of
$2.1 million
in office rent related to our lease of certain office space in New York, for which we entered into a sublease agreement with a third party during the fourth quarter of 2017. The sublessee will reimburse us in full for rent through the end of the lease term in the first quarter of 2021.
|
(g)
|
Capital commitments include (i)
$147.9 million
related to build-to-suit projects and redevelopments, including
$52.0 million
related to projects for which the tenant has not exercised the associated construction option (
Note 4
), and (ii)
$41.3 million
related to unfunded tenant improvements, including certain discretionary commitments.
|
(h)
|
Represents severance-related obligations to our former chief executive officer and other employees (
Note 12
).
|
|
W. P. Carey 2017 10-K
–
61
|
|
W. P. Carey 2017 10-K
–
62
|
|
W. P. Carey 2017 10-K
–
63
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Net income attributable to W. P. Carey
|
$
|
277,289
|
|
|
$
|
267,747
|
|
|
$
|
172,258
|
|
Adjustments:
|
|
|
|
|
|
||||||
Depreciation and amortization of real property
|
248,042
|
|
|
270,822
|
|
|
274,358
|
|
|||
Gain on sale of real estate, net
|
(33,878
|
)
|
|
(71,318
|
)
|
|
(6,487
|
)
|
|||
Impairment charges
|
2,769
|
|
|
59,303
|
|
|
29,906
|
|
|||
Proportionate share of adjustments for noncontrolling interests
|
(10,491
|
)
|
|
(11,725
|
)
|
|
(11,510
|
)
|
|||
Proportionate share of adjustments to equity in net income of partially owned entities
|
5,293
|
|
|
5,053
|
|
|
5,142
|
|
|||
Total adjustments
|
211,735
|
|
|
252,135
|
|
|
291,409
|
|
|||
FFO (as defined by NAREIT) attributable to W. P. Carey
|
489,024
|
|
|
519,882
|
|
|
463,667
|
|
|||
Adjustments:
|
|
|
|
|
|
||||||
Above- and below-market rent intangible lease amortization, net
(a)
|
55,195
|
|
|
36,504
|
|
|
43,964
|
|
|||
Stock-based compensation
|
18,917
|
|
|
18,015
|
|
|
21,626
|
|
|||
Tax (benefit) expense — deferred
|
(18,664
|
)
|
|
(24,955
|
)
|
|
1,617
|
|
|||
Other amortization and non-cash items
(b) (c)
|
17,193
|
|
|
(2,111
|
)
|
|
960
|
|
|||
Straight-line and other rent adjustments
(d)
|
(11,679
|
)
|
|
(39,215
|
)
|
|
(25,397
|
)
|
|||
Restructuring and other compensation
(e)
|
9,363
|
|
|
11,925
|
|
|
—
|
|
|||
Amortization of deferred financing costs
|
8,169
|
|
|
3,197
|
|
|
2,655
|
|
|||
Realized (gains) losses on foreign currency
|
(896
|
)
|
|
3,671
|
|
|
818
|
|
|||
Other expenses
(f) (g) (h)
|
605
|
|
|
5,377
|
|
|
(7,764
|
)
|
|||
(Gain) loss on extinguishment of debt
|
(46
|
)
|
|
4,109
|
|
|
5,645
|
|
|||
Allowance for credit losses
|
—
|
|
|
7,064
|
|
|
8,748
|
|
|||
Proportionate share of adjustments to equity in net income of partially owned entities
|
8,476
|
|
|
3,551
|
|
|
8,593
|
|
|||
Proportionate share of adjustments for noncontrolling interests
(i)
|
(2,678
|
)
|
|
683
|
|
|
6,070
|
|
|||
Total adjustments
|
83,955
|
|
|
27,815
|
|
|
67,535
|
|
|||
AFFO attributable to W. P. Carey
|
$
|
572,979
|
|
|
$
|
547,697
|
|
|
$
|
531,202
|
|
|
|
|
|
|
|
||||||
Summary
|
|
|
|
|
|
||||||
FFO (as defined by NAREIT) attributable to W. P. Carey
|
$
|
489,024
|
|
|
$
|
519,882
|
|
|
$
|
463,667
|
|
AFFO attributable to W. P. Carey
|
$
|
572,979
|
|
|
$
|
547,697
|
|
|
$
|
531,202
|
|
|
W. P. Carey 2017 10-K
–
64
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Net income from Owned Real Estate attributable to W. P. Carey
(j)
|
$
|
192,139
|
|
|
$
|
202,557
|
|
|
$
|
107,712
|
|
Adjustments:
|
|
|
|
|
|
||||||
Depreciation and amortization of real property
|
248,042
|
|
|
270,822
|
|
|
274,358
|
|
|||
Gain on sale of real estate, net
|
(33,878
|
)
|
|
(71,318
|
)
|
|
(6,487
|
)
|
|||
Impairment charges
|
2,769
|
|
|
59,303
|
|
|
29,906
|
|
|||
Proportionate share of adjustments for noncontrolling interests
|
(10,491
|
)
|
|
(11,725
|
)
|
|
(11,510
|
)
|
|||
Proportionate share of adjustments to equity in net income of partially owned entities
|
5,293
|
|
|
5,053
|
|
|
5,142
|
|
|||
Total adjustments
|
211,735
|
|
|
252,135
|
|
|
291,409
|
|
|||
FFO (as defined by NAREIT) attributable to W. P. Carey — Owned Real Estate
(j)
|
403,874
|
|
|
454,692
|
|
|
399,121
|
|
|||
Adjustments:
|
|
|
|
|
|
||||||
Above- and below-market rent intangible lease amortization, net
(a)
|
55,195
|
|
|
36,504
|
|
|
43,964
|
|
|||
Tax benefit — deferred
|
(20,168
|
)
|
|
(17,439
|
)
|
|
(2,017
|
)
|
|||
Other amortization and non-cash items
(b) (c)
|
18,115
|
|
|
(1,889
|
)
|
|
519
|
|
|||
Straight-line and other rent adjustments
(d)
|
(11,679
|
)
|
|
(39,215
|
)
|
|
(25,397
|
)
|
|||
Amortization of deferred financing costs
|
8,169
|
|
|
3,197
|
|
|
2,655
|
|
|||
Stock-based compensation
|
6,960
|
|
|
5,224
|
|
|
7,873
|
|
|||
Realized (gains) losses on foreign currency
|
(918
|
)
|
|
3,654
|
|
|
757
|
|
|||
Other expenses
(f) (g) (h)
|
605
|
|
|
2,993
|
|
|
(9,908
|
)
|
|||
(Gain) loss on extinguishment of debt
|
(46
|
)
|
|
4,109
|
|
|
5,645
|
|
|||
Allowance for credit losses
|
—
|
|
|
7,064
|
|
|
8,748
|
|
|||
Restructuring and other compensation
(e)
|
—
|
|
|
4,413
|
|
|
—
|
|
|||
Proportionate share of adjustments to equity in net income of partially owned entities
(j)
|
(564
|
)
|
|
(579
|
)
|
|
(3,532
|
)
|
|||
Proportionate share of adjustments for noncontrolling interests
(i)
|
(2,678
|
)
|
|
683
|
|
|
6,070
|
|
|||
Total adjustments
|
52,991
|
|
|
8,719
|
|
|
35,377
|
|
|||
AFFO attributable to W. P. Carey — Owned Real Estate
(j)
|
$
|
456,865
|
|
|
$
|
463,411
|
|
|
$
|
434,498
|
|
|
|
|
|
|
|
||||||
Summary
|
|
|
|
|
|
||||||
FFO (as defined by NAREIT) attributable to W. P. Carey — Owned Real Estate
(j)
|
$
|
403,874
|
|
|
$
|
454,692
|
|
|
$
|
399,121
|
|
AFFO attributable to W. P. Carey — Owned Real Estate
(j)
|
$
|
456,865
|
|
|
$
|
463,411
|
|
|
$
|
434,498
|
|
|
W. P. Carey 2017 10-K
–
65
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Net income from Investment Management attributable to W. P. Carey
(j)
|
$
|
85,150
|
|
|
$
|
65,190
|
|
|
$
|
64,546
|
|
FFO (as defined by NAREIT) attributable to W. P. Carey — Investment Management
(j)
|
85,150
|
|
|
65,190
|
|
|
64,546
|
|
|||
Adjustments:
|
|
|
|
|
|
||||||
Stock-based compensation
|
11,957
|
|
|
12,791
|
|
|
13,753
|
|
|||
Restructuring and other compensation
(e)
|
9,363
|
|
|
7,512
|
|
|
—
|
|
|||
Tax expense (benefit) — deferred
|
1,504
|
|
|
(7,516
|
)
|
|
3,634
|
|
|||
Other amortization and non-cash items
(c)
|
(922
|
)
|
|
(222
|
)
|
|
441
|
|
|||
Realized losses on foreign currency
|
22
|
|
|
17
|
|
|
61
|
|
|||
Other expenses
(g) (h)
|
—
|
|
|
2,384
|
|
|
2,144
|
|
|||
Proportionate share of adjustments to equity in net income of partially owned entities
(j)
|
9,040
|
|
|
4,130
|
|
|
12,125
|
|
|||
Total adjustments
|
30,964
|
|
|
19,096
|
|
|
32,158
|
|
|||
AFFO attributable to W. P. Carey — Investment Management
(j)
|
$
|
116,114
|
|
|
$
|
84,286
|
|
|
$
|
96,704
|
|
|
|
|
|
|
|
||||||
Summary
|
|
|
|
|
|
||||||
FFO (as defined by NAREIT) attributable to W. P. Carey — Investment Management
(j)
|
$
|
85,150
|
|
|
$
|
65,190
|
|
|
$
|
64,546
|
|
AFFO attributable to W. P. Carey — Investment Management
(j)
|
$
|
116,114
|
|
|
$
|
84,286
|
|
|
$
|
96,704
|
|
(a)
|
Amount for the year ended December 31, 2017 includes an adjustment of
$5.7 million
related to accelerated amortization of an above-market rent intangible in connection with a lease restructuring. Amount for the year ended December 31, 2016 includes an adjustment of $16.7 million related to accelerated amortization of a below-market rent intangible from a tenant of a domestic property that was sold during 2016.
|
(b)
|
Amount for the year ended December 31, 2016 includes an adjustment of $0.6 million to exclude a portion of a gain recognized on the deconsolidation of CESH I (
Note 2
).
|
(c)
|
Represents primarily unrealized gains and losses from foreign exchange and derivatives.
|
(d)
|
Amount for the year ended December 31, 2016 includes an adjustment to exclude $27.2 million of the $32.2 million of lease termination income recognized in connection with a domestic property that was sold during 2016, as such amount was determined to be non-core income. Amount for the year ended December 31, 2016 also reflects an adjustment to include $1.8 million of lease termination income received in December 2015 that represented core income for the year ended December 31, 2016. Amount for the year ended December 31, 2015 includes an adjustment of $15.0 million related to lease termination income recognized from the tenant in the aforementioned domestic property, which has been determined to be non-core income (
Note 16
).
|
(e)
|
Amount for the year ended December 31, 2017 represents restructuring expenses resulting from our exit from non-traded retail fundraising activities, which we announced in June 2017. Amount for the year ended December 31, 2016 represents restructuring and other compensation-related expenses resulting from a reduction in headcount, including the RIF, and employee severance arrangements (
Note 12
).
|
(f)
|
Amount for the year ended December 31, 2017 is primarily comprised of an accrual for estimated one-time legal settlement expenses. In addition, amount for the year ended December 31, 2015 includes $11.5 million of property acquisition expenses.
|
(g)
|
Amount for the year ended December 31, 2015 includes a reversal of $25.0 million of liabilities for German real estate transfer taxes, of which $7.9 million was previously recorded as merger expenses in connection with the CPA:15 Merger in September 2012 and $17.1 million was previously recorded in connection with the restructuring of a German investment, Hellweg 2, in October 2013 (
Note 7
). At the time of the restructuring, we owned an equity interest in the Hellweg 2 investment, which we jointly owned with CPA:16 – Global. In connection with the CPA:16 Merger, we acquired CPA:16 – Global’s controlling interest in the investment. Therefore, the reversal related to the Hellweg 2 investment has been recorded in Other expenses in the consolidated financial statements for the year ended December 31, 2015, since we now consolidate the Hellweg 2 investment.
|
(h)
|
Amounts for the years ended December 31, 2016 and 2015 include expenses related to our formal strategic review, which was completed in May 2016.
|
|
W. P. Carey 2017 10-K
–
66
|
(i)
|
Amount for the year ended December 31, 2015 includes CPA:17 – Global’s $6.3 million share of the reversal of liabilities for German real estate transfer taxes, as described above.
|
(j)
|
As a result of our decision to exit non-traded retail fundraising activities as of June 30, 2017, we have revised how we view and present a component of our two reportable segments. As such, beginning with the second quarter of 2017, we include equity in earnings of equity method investments in the Managed Programs in our Investment Management segment (
Note 1
). Earnings from our investment in CCIF continue to be included in our Investment Management segment. Results of operations for prior periods have been reclassified to conform to the current period presentation.
|
|
W. P. Carey 2017 10-K
–
67
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
|
Total
|
|
Fair value
|
||||||||||||||||
Fixed-rate debt
(a)
|
$
|
101,447
|
|
|
$
|
86,253
|
|
|
$
|
179,307
|
|
|
$
|
116,717
|
|
|
$
|
219,177
|
|
|
$
|
2,715,020
|
|
|
$
|
3,417,921
|
|
|
$
|
3,515,381
|
|
Variable-rate debt
(a)
|
$
|
144,910
|
|
|
$
|
13,250
|
|
|
$
|
43,060
|
|
|
$
|
260,424
|
|
|
$
|
411,441
|
|
|
$
|
3,010
|
|
|
$
|
876,095
|
|
|
$
|
874,179
|
|
(a)
|
Amounts are based on the exchange rate at
December 31, 2017
, as applicable.
|
|
W. P. Carey 2017 10-K
–
68
|
|
W. P. Carey 2017 10-K
–
69
|
Lease Revenues
(a)
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
|
Total
|
||||||||||||||
Euro
(b)
|
|
$
|
171,320
|
|
|
$
|
168,426
|
|
|
$
|
165,285
|
|
|
$
|
162,435
|
|
|
$
|
151,575
|
|
|
$
|
1,354,217
|
|
|
$
|
2,173,258
|
|
British pound sterling
(c)
|
|
34,509
|
|
|
34,766
|
|
|
35,131
|
|
|
35,386
|
|
|
35,523
|
|
|
251,918
|
|
|
427,233
|
|
|||||||
Australian dollar
(d)
|
|
12,472
|
|
|
12,472
|
|
|
12,506
|
|
|
12,472
|
|
|
12,472
|
|
|
147,682
|
|
|
210,076
|
|
|||||||
Other foreign currencies
(e)
|
|
12,810
|
|
|
13,295
|
|
|
13,551
|
|
|
13,775
|
|
|
13,487
|
|
|
125,811
|
|
|
192,729
|
|
|||||||
|
|
$
|
231,111
|
|
|
$
|
228,959
|
|
|
$
|
226,473
|
|
|
$
|
224,068
|
|
|
$
|
213,057
|
|
|
$
|
1,879,628
|
|
|
$
|
3,003,296
|
|
Debt Service
(a) (f)
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
|
Total
|
||||||||||||||
Euro
(b)
|
|
$
|
178,199
|
|
|
$
|
43,721
|
|
|
$
|
87,927
|
|
|
$
|
180,940
|
|
|
$
|
425,337
|
|
|
$
|
1,254,495
|
|
|
$
|
2,170,619
|
|
British pound sterling
(c)
|
|
848
|
|
|
848
|
|
|
848
|
|
|
848
|
|
|
848
|
|
|
10,859
|
|
|
15,099
|
|
|||||||
|
|
$
|
179,047
|
|
|
$
|
44,569
|
|
|
$
|
88,775
|
|
|
$
|
181,788
|
|
|
$
|
426,185
|
|
|
$
|
1,265,354
|
|
|
$
|
2,185,718
|
|
(a)
|
Amounts are based on the applicable exchange rates at
December 31, 2017
. Contractual rents and debt obligations are denominated in the functional currency of the country of each property.
|
(b)
|
We estimate that, for a 1% increase or decrease in the exchange rate between the euro and the U.S. dollar, there would be a corresponding change in the projected estimated cash flow at
December 31, 2017
of less than
$0.1 million
, excluding the impact of our derivative instruments. Amounts included the equivalent of
$599.7 million
of 2.0% Senior Notes outstanding maturing in January 2023; the equivalent of
$599.7 million
of 2.25% Senior Notes outstanding maturing in July 2024; the equivalent of
$389.8 million
borrowed in euro under our Unsecured Term Loans, which are scheduled to mature on February 22, 2022; and the equivalent of
$111.8 million
borrowed in euro under our Unsecured Revolving Credit Facility, which is scheduled to mature on February 22, 2021 unless extended pursuant to its terms, but may be prepaid prior to that date pursuant to its terms (
Note 10
).
|
(c)
|
We estimate that, for a 1% increase or decrease in the exchange rate between the British pound sterling and the U.S. dollar, there would be a corresponding change in the projected estimated cash flow at
December 31, 2017
of
$4.1 million
, excluding the impact of our derivative instruments.
|
(d)
|
We estimate that, for a 1% increase or decrease in the exchange rate between the Australian dollar and the U.S. dollar, there would be a corresponding change in the projected estimated cash flow at
December 31, 2017
of
$2.1 million
, excluding the impact of our derivative instruments. There is no related mortgage loan on this investment.
|
(e)
|
Other foreign currencies for future minimum rents consist of the Canadian dollar, the Swedish krona, and the Norwegian krone.
|
(f)
|
Interest on unhedged variable-rate debt obligations was calculated using the applicable annual interest rates and balances outstanding at
December 31, 2017
.
|
|
W. P. Carey 2017 10-K
–
70
|
•
|
68%
related to domestic operations; and
|
•
|
32%
related to international operations.
|
•
|
66%
related to domestic properties;
|
•
|
34%
related to international properties;
|
•
|
30%
related to industrial facilities,
25%
related to office facilities,
17%
related to retail facilities, and
14%
related to warehouse facilities; and
|
•
|
18%
related to the retail stores industry and
11%
related to the consumer services industry.
|
|
W. P. Carey 2017 10-K
–
71
|
TABLE OF CONTENTS
|
Page No.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W. P. Carey 2017 10-K
–
72
|
|
W. P. Carey 2017 10-K
–
73
|
|
W. P. Carey 2017 10-K
–
74
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
Assets
|
|
|
|
||||
Investments in real estate:
|
|
|
|
||||
Land, buildings and improvements
|
$
|
5,457,265
|
|
|
$
|
5,285,837
|
|
Net investments in direct financing leases
|
721,607
|
|
|
684,059
|
|
||
In-place lease and other intangible assets
|
1,213,976
|
|
|
1,172,238
|
|
||
Above-market rent intangible assets
|
640,480
|
|
|
632,383
|
|
||
Assets held for sale
|
—
|
|
|
26,247
|
|
||
Investments in real estate
|
8,033,328
|
|
|
7,800,764
|
|
||
Accumulated depreciation and amortization
|
(1,329,613
|
)
|
|
(1,018,864
|
)
|
||
Net investments in real estate
|
6,703,715
|
|
|
6,781,900
|
|
||
Equity investments in the Managed Programs and real estate
|
341,457
|
|
|
298,893
|
|
||
Cash and cash equivalents
|
162,312
|
|
|
155,482
|
|
||
Due from affiliates
|
105,308
|
|
|
299,610
|
|
||
Other assets, net
|
274,650
|
|
|
282,149
|
|
||
Goodwill
|
643,960
|
|
|
635,920
|
|
||
Total assets
|
$
|
8,231,402
|
|
|
$
|
8,453,954
|
|
Liabilities and Equity
|
|
|
|
||||
Debt:
|
|
|
|
||||
Unsecured senior notes, net
|
$
|
2,474,661
|
|
|
$
|
1,807,200
|
|
Unsecured term loans, net
|
388,354
|
|
|
249,978
|
|
||
Unsecured revolving credit facility
|
216,775
|
|
|
676,715
|
|
||
Non-recourse mortgages, net
|
1,185,477
|
|
|
1,706,921
|
|
||
Debt, net
|
4,265,267
|
|
|
4,440,814
|
|
||
Accounts payable, accrued expenses and other liabilities
|
263,053
|
|
|
266,917
|
|
||
Below-market rent and other intangible liabilities, net
|
113,957
|
|
|
122,203
|
|
||
Deferred income taxes
|
67,009
|
|
|
90,825
|
|
||
Distributions payable
|
109,766
|
|
|
107,090
|
|
||
Total liabilities
|
4,819,052
|
|
|
5,027,849
|
|
||
Redeemable noncontrolling interest
|
965
|
|
|
965
|
|
||
Commitments and contingencies (
Note 11
)
|
|
|
|
|
|
||
|
|
|
|
||||
Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued
|
—
|
|
|
—
|
|
||
Common stock, $0.001 par value, 450,000,000 shares authorized; 106,922,616 and 106,294,162 shares, respectively, issued and outstanding
|
107
|
|
|
106
|
|
||
Additional paid-in capital
|
4,433,573
|
|
|
4,399,961
|
|
||
Distributions in excess of accumulated earnings
|
(1,052,064
|
)
|
|
(894,137
|
)
|
||
Deferred compensation obligation
|
46,656
|
|
|
50,222
|
|
||
Accumulated other comprehensive loss
|
(236,011
|
)
|
|
(254,485
|
)
|
||
Total stockholders’ equity
|
3,192,261
|
|
|
3,301,667
|
|
||
Noncontrolling interests
|
219,124
|
|
|
123,473
|
|
||
Total equity
|
3,411,385
|
|
|
3,425,140
|
|
||
Total liabilities and equity
|
$
|
8,231,402
|
|
|
$
|
8,453,954
|
|
|
W. P. Carey 2017 10-K
–
75
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Revenues
|
|
|
|
|
|
||||||
Owned Real Estate:
|
|
|
|
|
|
||||||
Lease revenues
|
$
|
630,373
|
|
|
$
|
663,463
|
|
|
$
|
656,956
|
|
Operating property revenues
|
30,562
|
|
|
30,767
|
|
|
30,515
|
|
|||
Reimbursable tenant costs
|
21,524
|
|
|
25,438
|
|
|
22,832
|
|
|||
Lease termination income and other
|
4,749
|
|
|
35,696
|
|
|
25,145
|
|
|||
|
687,208
|
|
|
755,364
|
|
|
735,448
|
|
|||
Investment Management:
|
|
|
|
|
|
||||||
Asset management revenue
|
70,125
|
|
|
61,971
|
|
|
49,984
|
|
|||
Reimbursable costs from affiliates
|
51,445
|
|
|
66,433
|
|
|
55,837
|
|
|||
Structuring revenue
|
34,198
|
|
|
47,328
|
|
|
92,117
|
|
|||
Dealer manager fees
|
4,430
|
|
|
8,002
|
|
|
4,794
|
|
|||
Other advisory revenue
|
896
|
|
|
2,435
|
|
|
203
|
|
|||
|
161,094
|
|
|
186,169
|
|
|
202,935
|
|
|||
|
848,302
|
|
|
941,533
|
|
|
938,383
|
|
|||
Operating Expenses
|
|
|
|
|
|
||||||
Depreciation and amortization
|
253,334
|
|
|
276,510
|
|
|
280,315
|
|
|||
Reimbursable tenant and affiliate costs
|
72,969
|
|
|
91,871
|
|
|
78,669
|
|
|||
General and administrative
|
70,891
|
|
|
82,352
|
|
|
103,172
|
|
|||
Property expenses, excluding reimbursable tenant costs
|
40,756
|
|
|
49,431
|
|
|
52,199
|
|
|||
Stock-based compensation expense
|
18,917
|
|
|
18,015
|
|
|
21,626
|
|
|||
Subadvisor fees
|
13,600
|
|
|
14,141
|
|
|
11,303
|
|
|||
Restructuring and other compensation
|
9,363
|
|
|
11,925
|
|
|
—
|
|
|||
Dealer manager fees and expenses
|
6,544
|
|
|
12,808
|
|
|
11,403
|
|
|||
Impairment charges
|
2,769
|
|
|
59,303
|
|
|
29,906
|
|
|||
Other expenses
|
605
|
|
|
5,377
|
|
|
(7,764
|
)
|
|||
|
489,748
|
|
|
621,733
|
|
|
580,829
|
|
|||
Other Income and Expenses
|
|
|
|
|
|
||||||
Interest expense
|
(165,775
|
)
|
|
(183,409
|
)
|
|
(194,326
|
)
|
|||
Equity in earnings of equity method investments in the Managed Programs and real estate
|
64,750
|
|
|
64,719
|
|
|
51,020
|
|
|||
Other income and (expenses)
|
(3,613
|
)
|
|
5,667
|
|
|
2,113
|
|
|||
|
(104,638
|
)
|
|
(113,023
|
)
|
|
(141,193
|
)
|
|||
Income before income taxes and gain on sale of real estate
|
253,916
|
|
|
206,777
|
|
|
216,361
|
|
|||
Provision for income taxes
|
(2,711
|
)
|
|
(3,288
|
)
|
|
(37,621
|
)
|
|||
Income before gain on sale of real estate
|
251,205
|
|
|
203,489
|
|
|
178,740
|
|
|||
Gain on sale of real estate, net of tax
|
33,878
|
|
|
71,318
|
|
|
6,487
|
|
|||
Net Income
|
285,083
|
|
|
274,807
|
|
|
185,227
|
|
|||
Net income attributable to noncontrolling interests
|
(7,794
|
)
|
|
(7,060
|
)
|
|
(12,969
|
)
|
|||
Net Income Attributable to W. P. Carey
|
$
|
277,289
|
|
|
$
|
267,747
|
|
|
$
|
172,258
|
|
|
|
|
|
|
|
||||||
Basic Earnings Per Share
|
$
|
2.56
|
|
|
$
|
2.50
|
|
|
$
|
1.62
|
|
Diluted Earnings Per Share
|
$
|
2.56
|
|
|
$
|
2.49
|
|
|
$
|
1.61
|
|
Weighted-Average Shares Outstanding
|
|
|
|
|
|
||||||
Basic
|
107,824,738
|
|
|
106,743,012
|
|
|
105,675,692
|
|
|||
Diluted
|
108,035,971
|
|
|
107,073,203
|
|
|
106,507,652
|
|
|
W. P. Carey 2017 10-K
–
76
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Net Income
|
$
|
285,083
|
|
|
$
|
274,807
|
|
|
$
|
185,227
|
|
Other Comprehensive Income (Loss)
|
|
|
|
|
|
||||||
Foreign currency translation adjustments
|
72,428
|
|
|
(92,434
|
)
|
|
(125,447
|
)
|
|||
Realized and unrealized (loss) gain on derivative instruments
|
(37,778
|
)
|
|
9,278
|
|
|
24,053
|
|
|||
Change in unrealized (loss) gain on investments
|
(71
|
)
|
|
(126
|
)
|
|
15
|
|
|||
|
34,579
|
|
|
(83,282
|
)
|
|
(101,379
|
)
|
|||
Comprehensive Income
|
319,662
|
|
|
191,525
|
|
|
83,848
|
|
|||
|
|
|
|
|
|
||||||
Amounts Attributable to Noncontrolling Interests
|
|
|
|
|
|
||||||
Net income
|
(7,794
|
)
|
|
(7,060
|
)
|
|
(12,969
|
)
|
|||
Foreign currency translation adjustments
|
(16,120
|
)
|
|
1,081
|
|
|
4,647
|
|
|||
Realized and unrealized loss on derivative instruments
|
15
|
|
|
7
|
|
|
—
|
|
|||
Comprehensive income attributable to noncontrolling interests
|
(23,899
|
)
|
|
(5,972
|
)
|
|
(8,322
|
)
|
|||
Comprehensive Income Attributable to W. P. Carey
|
$
|
295,763
|
|
|
$
|
185,553
|
|
|
$
|
75,526
|
|
|
W. P. Carey 2017 10-K
–
77
|
|
W. P. Carey Stockholders
|
|
|
|
|
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
Distributions
|
|
|
|
Accumulated
|
|
|
|
|
|
|
|||||||||||||||||
|
Common Stock
|
|
Additional
|
|
in Excess of
|
|
Deferred
|
|
Other
|
|
Total
|
|
|
|
|
|||||||||||||||||||
|
$0.001 Par Value
|
|
Paid-in
|
|
Accumulated
|
|
Compensation
|
|
Comprehensive
|
|
W. P. Carey
|
|
Noncontrolling
|
|
|
|||||||||||||||||||
|
Shares
|
|
Amount
|
|
Capital
|
|
Earnings
|
|
Obligation
|
|
Loss
|
|
Stockholders
|
|
Interests
|
|
Total
|
|||||||||||||||||
Balance at January 1, 2017
|
106,294,162
|
|
|
$
|
106
|
|
|
$
|
4,399,961
|
|
|
$
|
(894,137
|
)
|
|
$
|
50,222
|
|
|
$
|
(254,485
|
)
|
|
$
|
3,301,667
|
|
|
$
|
123,473
|
|
|
$
|
3,425,140
|
|
Shares issued under “at-the-market” offering, net
|
345,253
|
|
|
1
|
|
|
22,885
|
|
|
|
|
|
|
|
|
22,886
|
|
|
|
|
22,886
|
|
||||||||||||
Shares issued to a third party in connection with a legal settlement
|
11,077
|
|
|
—
|
|
|
772
|
|
|
|
|
|
|
|
|
772
|
|
|
|
|
772
|
|
||||||||||||
Contributions from noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
90,550
|
|
|
90,550
|
|
||||||||||||||
Acquisition of noncontrolling interest
|
|
|
|
|
(1,845
|
)
|
|
|
|
|
|
|
|
(1,845
|
)
|
|
1,845
|
|
|
—
|
|
|||||||||||||
Shares issued upon delivery of vested restricted share awards
|
229,121
|
|
|
—
|
|
|
(10,385
|
)
|
|
|
|
|
|
|
|
(10,385
|
)
|
|
|
|
(10,385
|
)
|
||||||||||||
Shares issued upon exercise of stock options and purchases under employee share purchase plan
|
43,003
|
|
|
—
|
|
|
(1,680
|
)
|
|
|
|
|
|
|
|
(1,680
|
)
|
|
|
|
(1,680
|
)
|
||||||||||||
Delivery of deferred vested shares, net
|
|
|
|
|
3,790
|
|
|
|
|
(3,790
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|||||||||||||
Amortization of stock-based compensation expense
|
|
|
|
|
18,917
|
|
|
|
|
|
|
|
|
18,917
|
|
|
|
|
18,917
|
|
||||||||||||||
Distributions to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
(20,643
|
)
|
|
(20,643
|
)
|
||||||||||||||
Distributions declared ($4.0100 per share)
|
|
|
|
|
1,158
|
|
|
(435,216
|
)
|
|
224
|
|
|
|
|
(433,834
|
)
|
|
|
|
(433,834
|
)
|
||||||||||||
Net income
|
|
|
|
|
|
|
277,289
|
|
|
|
|
|
|
277,289
|
|
|
7,794
|
|
|
285,083
|
|
|||||||||||||
Other comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Foreign currency translation adjustments
|
|
|
|
|
|
|
|
|
|
|
56,308
|
|
|
56,308
|
|
|
16,120
|
|
|
72,428
|
|
|||||||||||||
Realized and unrealized loss on derivative instruments
|
|
|
|
|
|
|
|
|
|
|
(37,763
|
)
|
|
(37,763
|
)
|
|
(15
|
)
|
|
(37,778
|
)
|
|||||||||||||
Change in unrealized loss on investments
|
|
|
|
|
|
|
|
|
|
|
(71
|
)
|
|
(71
|
)
|
|
|
|
(71
|
)
|
||||||||||||||
Balance at December 31, 2017
|
106,922,616
|
|
|
$
|
107
|
|
|
$
|
4,433,573
|
|
|
$
|
(1,052,064
|
)
|
|
$
|
46,656
|
|
|
$
|
(236,011
|
)
|
|
$
|
3,192,261
|
|
|
$
|
219,124
|
|
|
$
|
3,411,385
|
|
|
W. P. Carey 2017 10-K
–
78
|
|
W. P. Carey Stockholders
|
|
|
|
|
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
Distributions
|
|
|
|
Accumulated
|
|
|
|
|
|
|
|||||||||||||||||
|
Common Stock
|
|
Additional
|
|
in Excess of
|
|
Deferred
|
|
Other
|
|
Total
|
|
|
|
|
|||||||||||||||||||
|
$0.001 Par Value
|
|
Paid-in
|
|
Accumulated
|
|
Compensation
|
|
Comprehensive
|
|
W. P. Carey
|
|
Noncontrolling
|
|
|
|||||||||||||||||||
|
Shares
|
|
Amount
|
|
Capital
|
|
Earnings
|
|
Obligation
|
|
Loss
|
|
Stockholders
|
|
Interests
|
|
Total
|
|||||||||||||||||
Balance at January 1, 2016
|
104,448,777
|
|
|
$
|
104
|
|
|
$
|
4,282,042
|
|
|
$
|
(738,652
|
)
|
|
$
|
56,040
|
|
|
$
|
(172,291
|
)
|
|
$
|
3,427,243
|
|
|
$
|
134,185
|
|
|
$
|
3,561,428
|
|
Shares issued under “at-the-market” offering, net
|
1,249,836
|
|
|
2
|
|
|
83,764
|
|
|
|
|
|
|
|
|
83,766
|
|
|
|
|
83,766
|
|
||||||||||||
Shares issued to a third party in connection with the redemption of a redeemable noncontrolling interest
|
217,011
|
|
|
—
|
|
|
13,418
|
|
|
|
|
|
|
|
|
13,418
|
|
|
|
|
13,418
|
|
||||||||||||
Contributions from noncontrolling interests (
Note 2
)
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
14,530
|
|
|
14,530
|
|
||||||||||||||
Shares issued upon delivery of vested restricted share awards
|
337,179
|
|
|
—
|
|
|
(14,599
|
)
|
|
|
|
|
|
|
|
(14,599
|
)
|
|
|
|
(14,599
|
)
|
||||||||||||
Shares issued upon exercise of stock options and purchases under employee share purchase plan
|
41,359
|
|
|
—
|
|
|
(1,210
|
)
|
|
|
|
|
|
|
|
(1,210
|
)
|
|
|
|
(1,210
|
)
|
||||||||||||
Delivery of deferred vested shares, net
|
|
|
|
|
6,506
|
|
|
|
|
(6,506
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|||||||||||||
Deconsolidation of affiliate (
Note 2
)
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
(14,184
|
)
|
|
(14,184
|
)
|
||||||||||||||
Windfall tax benefits — share incentive plans
|
|
|
|
|
6,711
|
|
|
|
|
|
|
|
|
6,711
|
|
|
|
|
6,711
|
|
||||||||||||||
Amortization of stock-based compensation expense
|
|
|
|
|
21,222
|
|
|
|
|
|
|
|
|
21,222
|
|
|
|
|
21,222
|
|
||||||||||||||
Redemption value adjustment
|
|
|
|
|
561
|
|
|
|
|
|
|
|
|
561
|
|
|
|
|
561
|
|
||||||||||||||
Distributions to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
(17,030
|
)
|
|
(17,030
|
)
|
||||||||||||||
Distributions declared ($3.9292 per share)
|
|
|
|
|
1,236
|
|
|
(422,922
|
)
|
|
688
|
|
|
|
|
(420,998
|
)
|
|
|
|
(420,998
|
)
|
||||||||||||
Net income
|
|
|
|
|
|
|
267,747
|
|
|
|
|
|
|
267,747
|
|
|
7,060
|
|
|
274,807
|
|
|||||||||||||
Other comprehensive loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Foreign currency translation adjustments
|
|
|
|
|
|
|
|
|
|
|
(91,353
|
)
|
|
(91,353
|
)
|
|
(1,081
|
)
|
|
(92,434
|
)
|
|||||||||||||
Realized and unrealized gain on derivative instruments
|
|
|
|
|
|
|
|
|
|
|
9,285
|
|
|
9,285
|
|
|
(7
|
)
|
|
9,278
|
|
|||||||||||||
Change in unrealized loss on investments
|
|
|
|
|
|
|
|
|
|
|
(126
|
)
|
|
(126
|
)
|
|
|
|
(126
|
)
|
||||||||||||||
Balance at December 31, 2016
|
106,294,162
|
|
|
$
|
106
|
|
|
$
|
4,399,651
|
|
|
$
|
(893,827
|
)
|
|
$
|
50,222
|
|
|
$
|
(254,485
|
)
|
|
$
|
3,301,667
|
|
|
$
|
123,473
|
|
|
$
|
3,425,140
|
|
|
W. P. Carey 2017 10-K
–
79
|
|
W. P. Carey Stockholders
|
|
|
|
|
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
Distributions
|
|
|
|
Accumulated
|
|
|
|
|
|
|
|||||||||||||||||
|
Common Stock
|
|
Additional
|
|
in Excess of
|
|
Deferred
|
|
Other
|
|
Total
|
|
|
|
|
|||||||||||||||||||
|
$0.001 Par Value
|
|
Paid-in
|
|
Accumulated
|
|
Compensation
|
|
Comprehensive
|
|
W. P. Carey
|
|
Noncontrolling
|
|
|
|||||||||||||||||||
|
Shares
|
|
Amount
|
|
Capital
|
|
Earnings
|
|
Obligation
|
|
Loss
|
|
Stockholders
|
|
Interests
|
|
Total
|
|||||||||||||||||
Balance at January 1, 2015
|
104,040,653
|
|
|
$
|
104
|
|
|
$
|
4,293,450
|
|
|
$
|
(497,730
|
)
|
|
$
|
30,624
|
|
|
$
|
(75,559
|
)
|
|
$
|
3,750,889
|
|
|
$
|
139,846
|
|
|
$
|
3,890,735
|
|
Contributions from noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
730
|
|
|
730
|
|
||||||||||||||
Shares issued upon delivery of vested restricted share awards
|
331,252
|
|
|
—
|
|
|
(15,493
|
)
|
|
|
|
|
|
|
|
(15,493
|
)
|
|
|
|
(15,493
|
)
|
||||||||||||
Shares issued upon exercise of stock options and purchases under employee share purchase plan
|
76,872
|
|
|
—
|
|
|
(2,735
|
)
|
|
|
|
|
|
|
|
(2,735
|
)
|
|
|
|
(2,735
|
)
|
||||||||||||
Deferral of vested shares, net
|
|
|
|
|
(20,740
|
)
|
|
|
|
20,740
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|||||||||||||
Windfall tax benefits — share incentive plans
|
|
|
|
|
12,522
|
|
|
|
|
|
|
|
|
12,522
|
|
|
|
|
12,522
|
|
||||||||||||||
Amortization of stock-based compensation expense
|
|
|
|
|
21,626
|
|
|
|
|
|
|
|
|
21,626
|
|
|
|
|
21,626
|
|
||||||||||||||
Redemption value adjustment
|
|
|
|
|
(8,873
|
)
|
|
|
|
|
|
|
|
(8,873
|
)
|
|
|
|
(8,873
|
)
|
||||||||||||||
Distributions to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
(14,713
|
)
|
|
(14,713
|
)
|
||||||||||||||
Distributions declared ($3.8261 per share)
|
|
|
|
|
2,285
|
|
|
(413,180
|
)
|
|
4,676
|
|
|
|
|
(406,219
|
)
|
|
|
|
(406,219
|
)
|
||||||||||||
Net income
|
|
|
|
|
|
|
172,258
|
|
|
|
|
|
|
172,258
|
|
|
12,969
|
|
|
185,227
|
|
|||||||||||||
Other comprehensive loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Foreign currency translation adjustments
|
|
|
|
|
|
|
|
|
|
|
(120,800
|
)
|
|
(120,800
|
)
|
|
(4,647
|
)
|
|
(125,447
|
)
|
|||||||||||||
Realized and unrealized gain on derivative instruments
|
|
|
|
|
|
|
|
|
|
|
24,053
|
|
|
24,053
|
|
|
|
|
24,053
|
|
||||||||||||||
Change in unrealized gain on investments
|
|
|
|
|
|
|
|
|
|
|
15
|
|
|
15
|
|
|
|
|
15
|
|
||||||||||||||
Balance at December 31, 2015
|
104,448,777
|
|
|
$
|
104
|
|
|
$
|
4,282,042
|
|
|
$
|
(738,652
|
)
|
|
$
|
56,040
|
|
|
$
|
(172,291
|
)
|
|
$
|
3,427,243
|
|
|
$
|
134,185
|
|
|
$
|
3,561,428
|
|
|
W. P. Carey 2017 10-K
–
80
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Cash Flows — Operating Activities
|
|
|
|
|
|
||||||
Net income
|
$
|
285,083
|
|
|
$
|
274,807
|
|
|
$
|
185,227
|
|
Adjustments to net income:
|
|
|
|
|
|
||||||
Depreciation and amortization, including intangible assets and deferred financing costs
|
261,415
|
|
|
279,693
|
|
|
287,835
|
|
|||
Investment Management revenue received in shares of Managed REITs and other
|
(69,658
|
)
|
|
(31,786
|
)
|
|
(23,266
|
)
|
|||
Distributions of earnings from equity method investments
|
66,259
|
|
|
64,650
|
|
|
51,435
|
|
|||
Equity in earnings of equity method investments in the Managed Programs and real estate
|
(64,750
|
)
|
|
(64,719
|
)
|
|
(51,020
|
)
|
|||
Amortization of rent-related intangibles and deferred rental revenue
|
55,051
|
|
|
3,322
|
|
|
29,414
|
|
|||
Gain on sale of real estate
|
(33,878
|
)
|
|
(71,318
|
)
|
|
(6,487
|
)
|
|||
Deferred income taxes
|
(20,013
|
)
|
|
(21,444
|
)
|
|
1,476
|
|
|||
Stock-based compensation expense
|
18,917
|
|
|
21,222
|
|
|
21,626
|
|
|||
Straight-line rent
|
(16,980
|
)
|
|
(17,836
|
)
|
|
(13,343
|
)
|
|||
Realized and unrealized losses (gains) on foreign currency transactions, derivatives, and other
|
14,768
|
|
|
(1,314
|
)
|
|
(1,978
|
)
|
|||
Impairment charges
|
2,769
|
|
|
59,303
|
|
|
29,906
|
|
|||
Allowance for credit losses
|
—
|
|
|
7,064
|
|
|
8,748
|
|
|||
Changes in assets and liabilities:
|
|
|
|
|
|
||||||
Deferred structuring revenue received
|
16,705
|
|
|
20,695
|
|
|
23,469
|
|
|||
Increase in deferred structuring revenue receivable
|
(6,530
|
)
|
|
(8,951
|
)
|
|
(29,327
|
)
|
|||
Net changes in other operating assets and liabilities
|
6,912
|
|
|
27,385
|
|
|
(5,174
|
)
|
|||
Net Cash Provided by Operating Activities
|
516,070
|
|
|
540,773
|
|
|
508,541
|
|
|||
Cash Flows — Investing Activities
|
|
|
|
|
|
||||||
Proceeds from repayment of short-term loans to affiliates
|
277,894
|
|
|
37,053
|
|
|
185,447
|
|
|||
Proceeds from sales of real estate
|
159,933
|
|
|
542,422
|
|
|
35,557
|
|
|||
Funding of short-term loans to affiliates
|
(123,492
|
)
|
|
(257,500
|
)
|
|
(185,447
|
)
|
|||
Funding for real estate construction and redevelopments
|
(63,802
|
)
|
|
(56,557
|
)
|
|
(28,040
|
)
|
|||
Purchases of real estate
|
(31,842
|
)
|
|
(531,694
|
)
|
|
(674,808
|
)
|
|||
Other capital expenditures on owned real estate
|
(14,565
|
)
|
|
(7,884
|
)
|
|
(4,415
|
)
|
|||
Change in investing restricted cash
|
11,665
|
|
|
15,188
|
|
|
26,610
|
|
|||
Return of capital from equity method investments
|
10,085
|
|
|
6,498
|
|
|
8,200
|
|
|||
Other investing activities, net
|
1,424
|
|
|
(493
|
)
|
|
1,820
|
|
|||
Capital contributions to equity method investments
|
(1,291
|
)
|
|
(147
|
)
|
|
(16,229
|
)
|
|||
Capital expenditures on corporate assets
|
(553
|
)
|
|
(1,016
|
)
|
|
(4,321
|
)
|
|||
Proceeds from repayments of notes receivable
|
446
|
|
|
409
|
|
|
10,441
|
|
|||
Deconsolidation of affiliate (
Note 2
)
|
—
|
|
|
(15,408
|
)
|
|
—
|
|
|||
Investment in assets of affiliate (
Note 2
)
|
—
|
|
|
(14,861
|
)
|
|
—
|
|
|||
Proceeds from limited partnership units issued by affiliate (
Note 2
)
|
—
|
|
|
14,184
|
|
|
—
|
|
|||
Net Cash Provided by (Used in) Investing Activities
|
225,902
|
|
|
(269,806
|
)
|
|
(645,185
|
)
|
|||
Cash Flows — Financing Activities
|
|
|
|
|
|
||||||
Repayments of Senior Unsecured Credit Facility
|
(1,679,921
|
)
|
|
(954,006
|
)
|
|
(1,330,122
|
)
|
|||
Proceeds from Senior Unsecured Credit Facility
|
1,302,463
|
|
|
1,154,157
|
|
|
1,044,767
|
|
|||
Proceeds from issuance of Unsecured Senior Notes
|
530,456
|
|
|
348,887
|
|
|
1,022,303
|
|
|||
Distributions paid
|
(431,182
|
)
|
|
(416,655
|
)
|
|
(403,555
|
)
|
|||
Scheduled payments of mortgage principal
|
(344,440
|
)
|
|
(161,104
|
)
|
|
(90,328
|
)
|
|||
Prepayments of mortgage principal
|
(191,599
|
)
|
|
(321,705
|
)
|
|
(91,560
|
)
|
|||
Contributions from noncontrolling interests
|
90,550
|
|
|
346
|
|
|
730
|
|
|||
Proceeds from shares issued under “at-the-market” offering, net of selling costs
|
22,824
|
|
|
84,063
|
|
|
—
|
|
|||
Distributions paid to noncontrolling interests
|
(20,643
|
)
|
|
(17,030
|
)
|
|
(14,713
|
)
|
|||
Payment of financing costs
|
(12,675
|
)
|
|
(3,619
|
)
|
|
(10,878
|
)
|
|||
Payments for withholding taxes upon delivery of equity-based awards and exercises of stock options
|
(11,969
|
)
|
|
(16,291
|
)
|
|
(18,742
|
)
|
|||
Proceeds from mortgage financing
|
4,083
|
|
|
33,935
|
|
|
22,667
|
|
|||
Change in financing restricted cash
|
(1,541
|
)
|
|
2,734
|
|
|
(9,811
|
)
|
|||
Proceeds from exercise of stock options and employee purchases under the employee share purchase plan
|
244
|
|
|
482
|
|
|
515
|
|
|||
Net Cash (Used in) Provided by Financing Activities
|
(743,350
|
)
|
|
(265,806
|
)
|
|
121,273
|
|
|||
Change in Cash and Cash Equivalents During the Year
|
|
|
|
|
|
||||||
Effect of exchange rate changes on cash and cash equivalents
|
8,208
|
|
|
(6,906
|
)
|
|
(26,085
|
)
|
|||
Net increase (decrease) in cash and cash equivalents
|
6,830
|
|
|
(1,745
|
)
|
|
(41,456
|
)
|
|||
Cash and cash equivalents, beginning of year
|
155,482
|
|
|
157,227
|
|
|
198,683
|
|
|||
Cash and cash equivalents, end of year
|
$
|
162,312
|
|
|
$
|
155,482
|
|
|
$
|
157,227
|
|
|
W. P. Carey 2017 10-K
–
81
|
|
W. P. Carey 2017 10-K
–
82
|
|
W. P. Carey 2017 10-K
–
83
|
•
|
a discount rate or internal rate of return;
|
•
|
the marketing period necessary to put a lease in place;
|
•
|
carrying costs during the marketing period;
|
•
|
leasing commissions and tenant improvement allowances;
|
•
|
market rents and growth factors of these rents; and
|
•
|
a market lease term and a capitalization rate to be applied to an estimate of market rent at the end of the market lease term.
|
•
|
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.
|
|
W. P. Carey 2017 10-K
–
84
|
|
W. P. Carey 2017 10-K
–
85
|
|
W. P. Carey 2017 10-K
–
86
|
|
December 31,
|
||||||
|
2017
|
|
2016
(a)
|
||||
Land, buildings and improvements
|
$
|
916,001
|
|
|
$
|
886,148
|
|
Net investments in direct financing leases
|
40,133
|
|
|
60,294
|
|
||
In-place lease and other intangible assets
|
268,863
|
|
|
245,480
|
|
||
Above-market rent intangible assets
|
103,081
|
|
|
98,043
|
|
||
Accumulated depreciation and amortization
|
(251,979
|
)
|
|
(184,710
|
)
|
||
Total assets
|
1,118,727
|
|
|
1,150,093
|
|
||
|
|
|
|
||||
Non-recourse mortgages, net
|
$
|
128,230
|
|
|
$
|
406,574
|
|
Total liabilities
|
201,186
|
|
|
548,659
|
|
(a)
|
In 2017, we reclassified certain line items in our consolidated balance sheets, as described below. As a result, prior period amounts for certain line items included within Net investments in real estate have been reclassified to conform to the current period presentation.
|
|
W. P. Carey 2017 10-K
–
87
|
|
W. P. Carey 2017 10-K
–
88
|
|
W. P. Carey 2017 10-K
–
89
|
|
W. P. Carey 2017 10-K
–
90
|
|
W. P. Carey 2017 10-K
–
91
|
|
W. P. Carey 2017 10-K
–
92
|
|
W. P. Carey 2017 10-K
–
93
|
|
W. P. Carey 2017 10-K
–
94
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Asset management revenue
|
$
|
70,125
|
|
|
$
|
61,879
|
|
|
$
|
49,892
|
|
Reimbursable costs from affiliates
|
51,445
|
|
|
66,433
|
|
|
55,837
|
|
|||
Distributions of Available Cash
|
47,862
|
|
|
45,121
|
|
|
38,406
|
|
|||
Structuring revenue
|
34,198
|
|
|
47,328
|
|
|
92,117
|
|
|||
Dealer manager fees
|
4,430
|
|
|
8,002
|
|
|
4,794
|
|
|||
Interest income on deferred acquisition fees and loans to affiliates
|
2,103
|
|
|
740
|
|
|
1,639
|
|
|||
Other advisory revenue
|
896
|
|
|
2,435
|
|
|
203
|
|
|||
|
$
|
211,059
|
|
|
$
|
231,938
|
|
|
$
|
242,888
|
|
|
W. P. Carey 2017 10-K
–
95
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
Short-term loans to affiliates, including accrued interest
|
$
|
84,031
|
|
|
$
|
237,613
|
|
Deferred acquisition fees receivable, including accrued interest
|
12,345
|
|
|
21,967
|
|
||
Reimbursable costs
|
4,315
|
|
|
4,427
|
|
||
Accounts receivable
|
4,089
|
|
|
5,005
|
|
||
Asset management fees receivable
|
356
|
|
|
2,449
|
|
||
Organization and offering costs
|
89
|
|
|
784
|
|
||
Current acquisition fees receivable
|
83
|
|
|
8,024
|
|
||
Distribution and shareholder servicing fees
|
—
|
|
|
19,341
|
|
||
|
$
|
105,308
|
|
|
$
|
299,610
|
|
Managed Program
|
|
Rate
|
|
Payable
|
|
Description
|
CPA:17 – Global
|
|
0.5% – 1.75%
|
|
2015 and 2016 50% in cash and 50% in shares of its common stock; 2017 in shares of its common stock
|
|
Rate depends on the type of investment and is based on the average market or average equity value, as applicable
|
CPA:18 – Global
|
|
0.5% – 1.5%
|
|
In shares of its class A common stock
|
|
Rate depends on the type of investment and is based on the average market or average equity value, as applicable
|
CWI 1
|
|
0.5%
|
|
2015 and 2016 in cash; 2017 in shares of its common stock
|
|
Rate is based on the average market value of the investment; we are required to pay 20% of the asset management revenue we receive to the subadvisor
|
CWI 2
|
|
0.55%
|
|
In shares of its class A common stock
|
|
Rate is based on the average market value of the investment; we are required to pay 25% of the asset management revenue we receive to the subadvisor
|
CCIF
|
|
1.75% – 2.00%
|
|
In cash, prior to our resignation as the advisor to CCIF, effective September 11, 2017 (
Note 1
)
|
|
Based on the average of gross assets at fair value; we were required to pay 50% of the asset management revenue we received to the subadvisor
|
CESH I
|
|
1.0%
|
|
In cash
|
|
Based on gross assets at fair value
|
|
W. P. Carey 2017 10-K
–
96
|
Managed Program
|
|
Rate
|
|
Payable
|
|
Description
|
CPA:17 – Global
|
|
1% – 1.75%, 4.5%
|
|
In cash; for non net-lease investments, 1% – 1.75% upon completion; for net-lease investments, 2.5% upon completion, with 2% deferred and payable in three interest-bearing annual installments
|
|
Based on the total aggregate cost of the net-lease investments made; also based on the total aggregate cost of the non net-lease investments or commitments made; total limited to 6% of the contract prices in aggregate
|
CPA:18 – Global
|
|
4.5%
|
|
In cash; for all investments, other than readily marketable real estate securities for which we will not receive any acquisition fees, 2.5% upon completion, with 2% deferred and payable in three interest-bearing annual installments
|
|
Based on the total aggregate cost of the investments or commitments made; total limited to 6% of the contract prices in aggregate
|
CWI REITs
|
|
1% – 2.5%
|
|
In cash upon completion; loan refinancing transactions up to 1% of the principal amount; 2.5% of the total investment cost of the properties acquired, however, fees were paid 50% in cash and 50% in shares of CWI 1’s common stock and CWI 2’s Class A common stock for a jointly-owned investment structured on behalf of CWI 1 and CWI 2 in September 2017, with the approval of each CWI REIT’s board of directors
|
|
Based on the total aggregate cost of the lodging investments or commitments made; we are required to pay 20% and 25% to the subadvisors of CWI 1 and CWI 2, respectively; total for each CWI REIT limited to 6% of the contract prices in aggregate
|
CESH I
|
|
2.0%
|
|
In cash upon acquisition
|
|
Based on the total aggregate cost of investments or commitments made, including the acquisition, development, construction, or redevelopment of the investments
|
|
W. P. Carey 2017 10-K
–
97
|
Managed Program
|
|
Rate
|
|
Payable
|
|
Description
|
CPA:18 – Global Class A Shares
|
|
$0.70
|
|
In cash upon share settlement; 100% re-allowed to broker-dealers
|
|
Per share sold; this offering closed in April 2015
|
CPA:18 – Global Class C Shares
|
|
$0.14
|
|
In cash upon share settlement; 100% re-allowed to broker-dealers
|
|
Per share sold; this offering closed in April 2015
|
CWI 2 Class A Shares
|
|
January 1, 2015 through March 31, 2017: $0.70
April 27, 2017 through July 31, 2017: $0.84
(a)
|
|
In cash upon share settlement; 100% re-allowed to broker-dealers
|
|
Per share sold
|
CWI 2 Class T Shares
|
|
January 1, 2015 through March 31, 2017: $0.19
April 27, 2017 through July 31, 2017: $0.23
(a)
|
|
In cash upon share settlement; 100% re-allowed to broker-dealers
|
|
Per share sold
|
CCIF Feeder Funds
|
|
Through September 10, 2017:
0% – 3%
(b)
|
|
In cash upon share settlement; 100% re-allowed to broker-dealers
|
|
Based on the selling price of each share sold; the offering for Carey Credit Income Fund 2016 T (known as Guggenheim Credit Income Fund 2016 T since October 23, 2017), or CCIF 2016 T, closed on April 28, 2017
|
CESH I
|
|
Up to 7.0% of gross offering proceeds
(a)
|
|
In cash upon limited partnership unit settlement; 100% re-allowed to broker-dealers
|
|
Based on the selling price of each limited partnership unit sold
|
(a)
|
After the end of active fundraising by Carey Financial on June 30, 2017, we facilitated the orderly processing of sales in the offerings of CWI 2 and CESH I through July 31, 2017, which then closed their respective offerings on that date.
|
(b)
|
In August 2017, we resigned as the advisor to CCIF, and our advisory agreement with CCIF was terminated, effective as of September 11, 2017.
|
|
W. P. Carey 2017 10-K
–
98
|
Managed Program
|
|
Rate
|
|
Payable
|
|
Description
|
CPA:18 – Global Class A Shares
|
|
$0.30
|
|
Per share sold
|
|
In cash upon share settlement; a portion may be re-allowed to broker-dealers; this offering closed in April 2015
|
CPA:18 – Global Class C Shares
|
|
$0.21
|
|
Per share sold
|
|
In cash upon share settlement; a portion may be re-allowed to broker-dealers; this offering closed in April 2015
|
CWI 2 Class A Shares
|
|
January 1, 2015 through March 31, 2017: $0.30
April 27, 2017 through July 31, 2017: $0.36
(a)
|
|
Per share sold
|
|
In cash upon share settlement; a portion may be re-allowed to broker-dealers; this offering closed in July 2017
|
CWI 2 Class T Shares
|
|
January 1, 2015 through March 31, 2017: $0.26
April 27, 2017 through July 31, 2017: $0.31
(a)
|
|
Per share sold
|
|
In cash upon share settlement; a portion may be re-allowed to broker-dealers; this offering closed in July 2017
|
CCIF Feeder Funds
|
|
Through September 10, 2017: 2.50% – 3.0%
(b)
|
|
Based on the selling price of each share sold
|
|
In cash upon share settlement; a portion may be re-allowed to broker-dealers; CCIF 2016 T’s offering closed on April 28, 2017
|
CESH I
|
|
Up to 3.0% of gross offering proceeds
(a)
|
|
Per limited partnership unit sold
|
|
In cash upon limited partnership unit settlement; a portion may be re-allowed to broker-dealers; this offering closed in July 2017
|
(a)
|
In connection with the end of active fundraising by Carey Financial on June 30, 2017, we facilitated the orderly processing of sales in the offerings of CWI 2 and CESH I through July 31, 2017, which then closed their respective offerings on that date.
|
(b)
|
In August 2017, we resigned as the advisor to CCIF, and our advisory agreement with CCIF was terminated, effective as of September 11, 2017.
|
Managed Program
|
|
Rate
|
|
Payable
|
|
Description
|
CPA:18 – Global Class C Shares
(a)
|
|
1.0%
|
|
Accrued daily and payable quarterly in arrears in cash; a portion may be re-allowed to selected dealers
|
|
Based on the purchase price per share sold or, once it was reported, the NAV; cease paying when underwriting compensation from all sources equals 10% of gross offering proceeds
|
CWI 2 Class T Shares
(a)
|
|
1.0%
|
|
Accrued daily and payable quarterly in arrears in cash; a portion may be re-allowed to selected dealers
|
|
Based on the purchase price per share sold or, once it was reported, the NAV; cease paying on the earlier of six years or when underwriting compensation from all sources equals 10% of gross offering proceeds
|
CCIF 2016 T
(b)
|
|
0.9%
|
|
Payable quarterly in arrears in cash; 100% is re-allowed to selected dealers
|
|
Based on the weighted-average net price of shares sold in the public offering; cease paying on the earlier of when underwriting compensation from all sources equals, including this fee, 10% of gross offering proceeds or the date at which a liquidity event occurs
|
|
W. P. Carey 2017 10-K
–
99
|
(a)
|
In connection with our exit from non-traded retail fundraising activities as of June 30, 2017, beginning with the payment for the third quarter of 2017 (which was made during the fourth quarter of 2017), the distribution and shareholder servicing fee is now paid directly to selected dealers by the respective Managed REITs. As a result, our liability to the selected dealers and the corresponding receivable from the Managed REITs were removed during the third quarter of 2017.
|
(b)
|
In connection with our resignation as advisor to CCIF in August 2017, our dealer manager agreement was assigned to Guggenheim. As a result, our liability to the selected dealers and the corresponding receivable from CCIF was removed.
|
Managed Program
|
|
Payable
|
|
Description
|
CPA:17 – Global and CPA:18 – Global
|
|
In cash
|
|
Personnel and overhead costs, excluding those related to our legal transactions group, our senior management, and our investments team, are charged to the CPA REITs based on the average of the trailing 12-month aggregate reported revenues of the Managed Programs and us, and are capped at 2.0%, 2.2%, and 2.4% of each CPA REIT’s pro rata lease revenues for 2017, 2016, and 2015, respectively; the cap is 1.0% for 2018; for the legal transactions group, costs are charged according to a fee schedule
|
CWI 1 and CWI 2
|
|
In cash
|
|
Actual expenses incurred, excluding those related to our senior management; allocated between the CWI REITs based on the percentage of their total pro rata hotel revenues for the most recently completed quarter
|
CCIF and CCIF Feeder Funds
|
|
In cash, prior to our resignation as the advisor to CCIF, effective September 11, 2017 (
Note 1
)
|
|
Actual expenses incurred, excluding those related to our investment management team and senior management team
|
CESH I
|
|
2015 N/A; 2016 and 2017 in cash
|
|
Actual expenses incurred
|
Managed Program
|
|
Payable
|
|
Description
|
CPA:18 – Global
|
|
In cash; within 60 days after the end of the quarter in which the offering terminates
|
|
Actual costs incurred from 1.5% through 4.0% of the gross offering proceeds, depending on the amount raised; this offering closed in April 2015
|
CWI 2
(a)
|
|
In cash; within 60 days after the end of the quarter in which the offering terminates
|
|
Actual costs incurred up to 1.5% of the gross offering proceeds; this offering closed in July 2017
|
CCIF and CCIF Feeder Funds
(b)
|
|
In cash; payable monthly, prior to our resignation as the advisor to CCIF, effective September 11, 2017 (
Note 1
)
|
|
Up to 1.5% of the gross offering proceeds; we were required to pay 50% of the organization and offering costs we received to the subadvisor
|
CESH I
(a)
|
|
N/A
|
|
In lieu of reimbursing us for organization and offering costs, CESH I paid us limited partnership units, as described below under Other Advisory Revenue; this offering closed in July 2017
|
(a)
|
In connection with the end of active fundraising by Carey Financial on June 30, 2017, we facilitated the orderly processing of sales in the offerings of CWI 2 and CESH I through July 31, 2017, which then closed their respective offerings on that date.
|
(b)
|
In August 2017, we resigned as the advisor to CCIF, and our advisory agreement with CCIF was terminated, effective as of September 11, 2017.
|
|
W. P. Carey 2017 10-K
–
100
|
|
|
Interest Rate at
December 31, 2017 |
|
Maturity Date at December 31, 2017
|
|
Maximum Loan Amount Authorized at December 31, 2017
|
|
Principal Outstanding Balance at December 31,
(a)
|
||||||||
Managed Program
|
|
|
|
|
2017
|
|
2016
|
|||||||||
CWI 1
(b) (c)
|
|
LIBOR + 1.00%
|
|
6/30/2018; 12/31/2018
|
|
$
|
100,000
|
|
|
$
|
68,637
|
|
|
$
|
—
|
|
CESH I
(b)
|
|
LIBOR + 1.00%
|
|
5/3/2018; 5/9/2018
|
|
35,000
|
|
|
14,461
|
|
|
—
|
|
|||
CWI 2
(d)
|
|
N/A
|
|
N/A
|
|
25,000
|
|
|
—
|
|
|
210,000
|
|
|||
CPA:18 – Global
|
|
N/A
|
|
N/A
|
|
50,000
|
|
|
—
|
|
|
27,500
|
|
|||
|
|
|
|
|
|
|
|
$
|
83,098
|
|
|
$
|
237,500
|
|
(a)
|
Amounts exclude accrued interest of
$0.9 million
and
$0.1 million
at
December 31, 2017
and
2016
, respectively.
|
(b)
|
LIBOR means London Interbank Offered Rate.
|
(c)
|
We entered into a secured credit facility with CWI 1 in September 2017, comprised of a
$75.0 million
bridge loan to facilitate an acquisition and a
$25.0 million
revolving working capital facility. In January and February 2018, CWI 1 made net repayments totaling
$27.0 million
of the loans outstanding to us at December 31, 2017 (
Note 19
).
|
(d)
|
We entered into a secured
$25.0 million
revolving working capital facility with CWI 2 in October 2017.
|
|
W. P. Carey 2017 10-K
–
101
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
Land
|
$
|
1,125,539
|
|
|
$
|
1,128,933
|
|
Buildings and improvements
|
4,208,907
|
|
|
4,053,334
|
|
||
Real estate under construction
|
39,772
|
|
|
21,859
|
|
||
Less: Accumulated depreciation
|
(613,543
|
)
|
|
(472,294
|
)
|
||
|
$
|
4,760,675
|
|
|
$
|
4,731,832
|
|
•
|
an investment of
$6.0 million
for an industrial facility in Chicago, Illinois on June 27, 2017. We also committed to fund an additional
$3.6 million
of building improvements at that facility by June 2018; and
|
•
|
an investment of
$25.8 million
for an office building in Roseville, Minnesota on November 14, 2017.
|
•
|
an investment of
$167.7 million
for
three
private school campuses in Coconut Creek, Florida on April 1, 2016 and in Windermere, Florida and Houston, Texas on May 31, 2016. We also committed to fund an additional
$128.1 million
of build-to-suit financing through 2020 in order to fund expansions of the existing facilities;
|
•
|
an investment of
$218.2 million
for
43
manufacturing facilities in various locations in the United States and
six
manufacturing facilities in various locations in Canada on April 5 and 14, 2016; on October 4, 2016, we acquired a manufacturing facility in San Antonio, Texas from the tenant for
$3.8 million
(which we consider to be part of the original investment) and simultaneously disposed of a manufacturing facility in Mascouche, Canada, which was acquired as part of the original investment, for the same amount; and
|
|
W. P. Carey 2017 10-K
–
102
|
•
|
an investment of
$140.7 million
for
13
manufacturing facilities and
one
office facility in various locations in Canada, Mexico, and the United States on November 8, 2016 and December 1, 2016. In addition, we recorded an estimated deferred tax liability of
$29.4 million
, with a corresponding increase to the asset value, since we assumed the tax basis of the acquired entities as part of the acquisition of the shares of these entities.
|
•
|
an investment of
$1.1 million
for a parcel of land adjacent to a property owned by us in McCalla, Alabama on October 20, 2016. We also committed to fund
$21.5 million
of build-to-suit financing for the construction of an industrial facility on the land. Construction commenced during 2016 and was completed during 2017; and
|
•
|
an investment of
$0.8 million
for a parcel of land adjacent to a property owned by us in Rio Rancho, New Mexico on December 9, 2016. We will reimburse the tenant in the property for the costs of constructing a parking lot up to
$0.7 million
.
|
•
|
an investment of
$345.9 million
for
73
auto dealership properties in various locations in the United Kingdom on January 28, 2015;
|
•
|
an investment of
$42.4 million
for a logistics facility in Rotterdam, the Netherlands on February 11, 2015;
|
•
|
an investment of
$23.2 million
for a retail facility in Bad Fischau, Austria on April 10, 2015;
|
•
|
an investment of
$26.3 million
for a logistics facility in Oskarshamn, Sweden on June 17, 2015;
|
•
|
an investment of
$41.2 million
for
three
truck and bus service facilities in Gersthofen and Senden, Germany on August 12, 2015 and Leopoldsdorf, Austria on August 24, 2015;
|
•
|
an investment of
$51.7 million
for
six
hotel properties in Iowa, Louisiana, Missouri, New Jersey, North Carolina, and Texas on October 15, 2015; and
|
•
|
an investment of
$30.9 million
for an office building in Irvine, California on December 22, 2015.
|
•
|
an investment of
$53.5 million
for an office building in Sunderland, United Kingdom on August 6, 2015; and
|
•
|
an investment of
$62.5 million
for
ten
auto dealership properties in Almere, Amsterdam, Eindhoven, Houten, Nieuwegein, Utrecht, Veghel, and Zwaag, Netherlands on November 11, 2015.
|
•
|
an expansion project at an industrial facility in Windsor, Connecticut in March 2017 at a cost totaling
$3.3 million
;
|
•
|
an expansion project at an educational facility in Coconut Creek, Florida in May 2017 at a cost totaling
$18.2 million
;
|
|
W. P. Carey 2017 10-K
–
103
|
•
|
an expansion project at
two
industrial facilities in Monarto, Australia in May 2017 at a cost totaling
$15.9 million
;
|
•
|
a build-to-suit project for an industrial facility in McCalla, Alabama in June 2017 at a cost totaling
$21.6 million
; and
|
•
|
an expansion project for a parking garage at an office building in Mönchengladbach, Germany in December 2017 at a cost totaling
$6.4 million
.
|
Years Ending December 31,
|
|
Total
|
||
2018
|
|
$
|
607,293
|
|
2019
|
|
603,717
|
|
|
2020
|
|
581,275
|
|
|
2021
|
|
555,601
|
|
|
2022
|
|
519,604
|
|
|
Thereafter
|
|
3,727,289
|
|
|
Total
|
|
$
|
6,594,779
|
|
|
W. P. Carey 2017 10-K
–
104
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
Land
|
$
|
6,041
|
|
|
$
|
6,041
|
|
Buildings and improvements
|
77,006
|
|
|
75,670
|
|
||
Less: Accumulated depreciation
|
(16,419
|
)
|
|
(12,143
|
)
|
||
|
$
|
66,628
|
|
|
$
|
69,568
|
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
Net investments in direct financing leases
|
$
|
—
|
|
|
$
|
26,247
|
|
Assets held for sale
|
$
|
—
|
|
|
$
|
26,247
|
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
Minimum lease payments receivable
|
$
|
600,228
|
|
|
$
|
619,014
|
|
Unguaranteed residual value
|
676,321
|
|
|
639,002
|
|
||
|
1,276,549
|
|
|
1,258,016
|
|
||
Less: unearned income
|
(554,942
|
)
|
|
(573,957
|
)
|
||
|
$
|
721,607
|
|
|
$
|
684,059
|
|
|
W. P. Carey 2017 10-K
–
105
|
Years Ending December 31,
|
|
Total
|
||
2018
|
|
$
|
70,488
|
|
2019
|
|
68,744
|
|
|
2020
|
|
68,125
|
|
|
2021
|
|
64,793
|
|
|
2022
|
|
55,201
|
|
|
Thereafter
|
|
272,877
|
|
|
Total
|
|
$
|
600,228
|
|
|
W. P. Carey 2017 10-K
–
106
|
|
|
Number of Tenants / Obligors at December 31,
|
|
Carrying Value at December 31,
|
||||||||
Internal Credit Quality Indicator
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
1 – 3
|
|
24
|
|
27
|
|
$
|
608,101
|
|
|
$
|
621,955
|
|
4
|
|
8
|
|
5
|
|
123,477
|
|
|
70,811
|
|
||
5
|
|
—
|
|
1
|
|
—
|
|
|
1,644
|
|
||
|
|
|
|
|
|
$
|
731,578
|
|
|
$
|
694,410
|
|
|
W. P. Carey 2017 10-K
–
107
|
|
Owned Real Estate
|
|
Investment Management
|
|
Total
|
||||||
Balance at January 1, 2015
|
$
|
628,808
|
|
|
$
|
63,607
|
|
|
$
|
692,415
|
|
Foreign currency translation adjustments
|
(10,548
|
)
|
|
—
|
|
|
(10,548
|
)
|
|||
Allocation of goodwill to the cost basis of properties sold or classified as held for sale
(a)
|
(1,762
|
)
|
|
—
|
|
|
(1,762
|
)
|
|||
Other business combinations
|
1,704
|
|
|
—
|
|
|
1,704
|
|
|||
Balance at December 31, 2015
|
618,202
|
|
|
63,607
|
|
|
681,809
|
|
|||
Allocation of goodwill to the cost basis of properties sold or classified as held for sale
(a)
|
(34,405
|
)
|
|
—
|
|
|
(34,405
|
)
|
|||
Impairment charges (
Note 8
)
|
(10,191
|
)
|
|
—
|
|
|
(10,191
|
)
|
|||
Foreign currency translation adjustments
|
(1,293
|
)
|
|
—
|
|
|
(1,293
|
)
|
|||
Balance at December 31, 2016
|
572,313
|
|
|
63,607
|
|
|
635,920
|
|
|||
Foreign currency translation adjustments
|
8,040
|
|
|
—
|
|
|
8,040
|
|
|||
Balance at December 31, 2017
|
$
|
580,353
|
|
|
$
|
63,607
|
|
|
$
|
643,960
|
|
(a)
|
Following our adoption of ASU 2017-01 on January 1, 2017, goodwill that was previously allocated to businesses that were sold or held for sale will no longer be allocated and written off upon sale if future sales are deemed to be sales of assets and not businesses (
Note 2
).
|
|
W. P. Carey 2017 10-K
–
108
|
|
December 31,
|
||||||||||||||||||||||
|
2017
|
|
2016
|
||||||||||||||||||||
|
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
|
$
|
18,649
|
|
|
$
|
(7,862
|
)
|
|
$
|
10,787
|
|
|
$
|
18,568
|
|
|
$
|
(5,068
|
)
|
|
$
|
13,500
|
|
Trade name
|
3,975
|
|
|
(401
|
)
|
|
3,574
|
|
|
3,975
|
|
|
—
|
|
|
3,975
|
|
||||||
|
22,624
|
|
|
(8,263
|
)
|
|
14,361
|
|
|
22,543
|
|
|
(5,068
|
)
|
|
17,475
|
|
||||||
Lease Intangibles:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
In-place lease
|
1,194,055
|
|
|
(421,686
|
)
|
|
772,369
|
|
|
1,148,232
|
|
|
(322,119
|
)
|
|
826,113
|
|
||||||
Above-market rent
|
640,480
|
|
|
(276,110
|
)
|
|
364,370
|
|
|
632,383
|
|
|
(210,927
|
)
|
|
421,456
|
|
||||||
Below-market ground lease
|
18,936
|
|
|
(1,855
|
)
|
|
17,081
|
|
|
23,140
|
|
|
(1,381
|
)
|
|
21,759
|
|
||||||
|
1,853,471
|
|
|
(699,651
|
)
|
|
1,153,820
|
|
|
1,803,755
|
|
|
(534,427
|
)
|
|
1,269,328
|
|
||||||
Indefinite-Lived Goodwill and Intangible Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Goodwill
|
643,960
|
|
|
—
|
|
|
643,960
|
|
|
635,920
|
|
|
—
|
|
|
635,920
|
|
||||||
Below-market ground lease
|
985
|
|
|
—
|
|
|
985
|
|
|
866
|
|
|
—
|
|
|
866
|
|
||||||
|
644,945
|
|
|
—
|
|
|
644,945
|
|
|
636,786
|
|
|
—
|
|
|
636,786
|
|
||||||
Total intangible assets
|
$
|
2,521,040
|
|
|
$
|
(707,914
|
)
|
|
$
|
1,813,126
|
|
|
$
|
2,463,084
|
|
|
$
|
(539,495
|
)
|
|
$
|
1,923,589
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Finite-Lived Intangible Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Below-market rent
|
$
|
(135,704
|
)
|
|
$
|
48,657
|
|
|
$
|
(87,047
|
)
|
|
$
|
(133,137
|
)
|
|
$
|
38,231
|
|
|
$
|
(94,906
|
)
|
Above-market ground lease
|
(13,245
|
)
|
|
3,046
|
|
|
(10,199
|
)
|
|
(12,948
|
)
|
|
2,362
|
|
|
(10,586
|
)
|
||||||
|
(148,949
|
)
|
|
51,703
|
|
|
(97,246
|
)
|
|
(146,085
|
)
|
|
40,593
|
|
|
(105,492
|
)
|
||||||
Indefinite-Lived Intangible Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Below-market purchase option
|
(16,711
|
)
|
|
—
|
|
|
(16,711
|
)
|
|
(16,711
|
)
|
|
—
|
|
|
(16,711
|
)
|
||||||
Total intangible liabilities
|
$
|
(165,660
|
)
|
|
$
|
51,703
|
|
|
$
|
(113,957
|
)
|
|
$
|
(162,796
|
)
|
|
$
|
40,593
|
|
|
$
|
(122,203
|
)
|
|
W. P. Carey 2017 10-K
–
109
|
Years Ending December 31,
|
|
Net Decrease in
Lease Revenues
|
|
Increase to Amortization/
Property Expenses
|
|
Total
|
||||||
2018
|
|
$
|
47,687
|
|
|
$
|
103,345
|
|
|
$
|
151,032
|
|
2019
|
|
44,887
|
|
|
95,296
|
|
|
140,183
|
|
|||
2020
|
|
36,979
|
|
|
87,395
|
|
|
124,374
|
|
|||
2021
|
|
32,747
|
|
|
81,705
|
|
|
114,452
|
|
|||
2022
|
|
25,455
|
|
|
69,590
|
|
|
95,045
|
|
|||
Thereafter
|
|
89,568
|
|
|
356,281
|
|
|
445,849
|
|
|||
Total
|
|
$
|
277,323
|
|
|
$
|
793,612
|
|
|
$
|
1,070,935
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Distributions of Available Cash (
Note 3
)
|
$
|
47,862
|
|
|
$
|
45,121
|
|
|
$
|
38,406
|
|
Proportionate share of equity in earnings (losses) of equity method investments in the Managed Programs
|
5,156
|
|
|
7,698
|
|
|
(454
|
)
|
|||
Amortization of basis differences on equity method investments in the Managed Programs
|
(1,336
|
)
|
|
(1,028
|
)
|
|
(806
|
)
|
|||
Total equity in earnings of equity method investments in the Managed Programs
|
51,682
|
|
|
51,791
|
|
|
37,146
|
|
|||
Equity in earnings of equity method investments in real estate
|
15,452
|
|
|
16,503
|
|
|
17,559
|
|
|||
Amortization of basis differences on equity method investments in real estate
|
(2,384
|
)
|
|
(3,575
|
)
|
|
(3,685
|
)
|
|||
Total equity in earnings of equity method investments in real estate
|
13,068
|
|
|
12,928
|
|
|
13,874
|
|
|||
Equity in earnings of equity method investments in the Managed Programs and real estate
|
$
|
64,750
|
|
|
$
|
64,719
|
|
|
$
|
51,020
|
|
|
W. P. Carey 2017 10-K
–
110
|
|
|
% of Outstanding Shares Owned at
|
|
Carrying Amount of Investment at
|
||||||||||
|
|
December 31,
|
|
December 31,
|
||||||||||
Fund
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||
CPA:17 – Global
(a)
|
|
4.186
|
%
|
|
3.456
|
%
|
|
$
|
125,676
|
|
|
$
|
99,584
|
|
CPA:17 – Global operating partnership
|
|
0.009
|
%
|
|
0.009
|
%
|
|
—
|
|
|
—
|
|
||
CPA:18 – Global
(a)
|
|
2.540
|
%
|
|
1.616
|
%
|
|
28,433
|
|
|
17,955
|
|
||
CPA:18 – Global operating partnership
|
|
0.034
|
%
|
|
0.034
|
%
|
|
209
|
|
|
209
|
|
||
CWI 1
(a)
|
|
2.119
|
%
|
|
1.109
|
%
|
|
26,810
|
|
|
11,449
|
|
||
CWI 1 operating partnership
|
|
0.015
|
%
|
|
0.015
|
%
|
|
186
|
|
|
—
|
|
||
CWI 2
(a)
|
|
1.786
|
%
|
|
0.773
|
%
|
|
16,495
|
|
|
5,091
|
|
||
CWI 2 operating partnership
|
|
0.015
|
%
|
|
0.015
|
%
|
|
300
|
|
|
300
|
|
||
CCIF
(b)
|
|
—
|
%
|
|
13.322
|
%
|
|
—
|
|
|
23,528
|
|
||
CESH I
(c)
|
|
2.430
|
%
|
|
2.431
|
%
|
|
3,299
|
|
|
2,701
|
|
||
|
|
|
|
|
|
$
|
201,408
|
|
|
$
|
160,817
|
|
(a)
|
During 2017, we received asset management revenue from the Managed REITs in shares of their common stock, which increased our ownership percentage in each of the Managed REITs (
Note 3
).
|
(b)
|
In August 2017, we resigned as the advisor to CCIF, effective as of September 11, 2017 (
Note 1
). As such, we reclassified our investment in CCIF from Equity investments in the Managed Programs and real estate to Other assets, net in our consolidated balance sheets and account for it under the cost method, since we no longer share decision-making responsibilities with the third-party investment partner. Our cost method investment in CCIF had a carrying value of
$23.3 million
at
December 31, 2017
and is included in our Investment Management segment.
|
(c)
|
Investment is accounted for at fair value.
|
|
W. P. Carey 2017 10-K
–
111
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
Net investments in real estate
|
$
|
9,377,719
|
|
|
$
|
9,122,072
|
|
Other assets
|
1,810,832
|
|
|
2,079,384
|
|
||
Total assets
|
11,188,551
|
|
|
11,201,456
|
|
||
Debt
|
(5,393,811
|
)
|
|
(5,128,640
|
)
|
||
Accounts payable, accrued expenses and other liabilities
|
(838,567
|
)
|
|
(940,341
|
)
|
||
Total liabilities
|
(6,232,378
|
)
|
|
(6,068,981
|
)
|
||
Noncontrolling interests
|
(261,598
|
)
|
|
(263,783
|
)
|
||
Stockholders’ equity
|
$
|
4,694,575
|
|
|
$
|
4,868,692
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Revenues
|
$
|
1,637,198
|
|
|
$
|
1,465,803
|
|
|
$
|
1,157,432
|
|
Expenses
|
(1,463,933
|
)
|
|
(1,263,498
|
)
|
|
(1,129,294
|
)
|
|||
Income from continuing operations
|
$
|
173,265
|
|
|
$
|
202,305
|
|
|
$
|
28,138
|
|
Net income (loss) attributable to the Managed Programs
(a) (b)
|
$
|
122,955
|
|
|
$
|
149,662
|
|
|
$
|
(15,740
|
)
|
(a)
|
Includes impairment charges recognized by the Managed Programs totaling
$37.5 million
,
$35.7 million
, and
$7.2 million
during the
years ended December 31,
2017
,
2016
, and
2015
, respectively. These impairment charges reduced our income earned from these investments by
$1.6 million
,
$1.1 million
, and
$0.1 million
during the
years ended December 31,
2017
,
2016
, and
2015
, respectively.
|
(b)
|
Amounts included net gains on sale of real estate recorded by the Managed Programs totaling
$19.3 million
,
$132.8 million
, and
$8.9 million
for the
years ended December 31,
2017
,
2016
, and
2015
, respectively. These net gains on sale of real estate increased our income earned from these investments by
$0.5 million
,
$4.6 million
, and
$0.1 million
during the
years ended December 31,
2017
,
2016
, and
2015
, respectively.
|
|
W. P. Carey 2017 10-K
–
112
|
|
|
|
|
|
|
Carrying Value at December 31,
|
||||||
Lessee
|
|
Co-owner
|
|
Ownership Interest
|
|
2017
|
|
2016
|
||||
The New York Times Company
|
|
CPA:17 – Global
|
|
45%
|
|
$
|
69,401
|
|
|
$
|
69,668
|
|
Frontier Spinning Mills, Inc.
|
|
CPA:17 – Global
|
|
40%
|
|
24,153
|
|
|
24,138
|
|
||
Beach House JV, LLC
(a)
|
|
Third Party
|
|
N/A
|
|
15,105
|
|
|
15,105
|
|
||
ALSO Actebis GmbH
(b)
|
|
CPA:17 – Global
|
|
30%
|
|
12,009
|
|
|
11,205
|
|
||
Jumbo Logistiek Vastgoed B.V.
(b) (c)
|
|
CPA:17 – Global
|
|
15%
|
|
10,661
|
|
|
8,739
|
|
||
Wagon Automotive GmbH
(b)
|
|
CPA:17 – Global
|
|
33%
|
|
8,386
|
|
|
8,887
|
|
||
Wanbishi Archives Co. Ltd.
(d)
|
|
CPA:17 – Global
|
|
3%
|
|
334
|
|
|
334
|
|
||
|
|
|
|
|
|
$
|
140,049
|
|
|
$
|
138,076
|
|
(a)
|
This investment is in the form of a preferred equity interest.
|
(b)
|
The carrying value of this investment is affected by fluctuations in the exchange rate of the euro.
|
(c)
|
This investment represents a tenancy-in-common interest, whereby the property is encumbered by the debt for which we are jointly and severally liable. The co-obligor is CPA:17 – Global and the amount due under the arrangement was approximately
$76.2 million
at
December 31, 2017
. Of this amount,
$11.4 million
represents the amount we are liable for and is included within the carrying value of the investment at
December 31, 2017
.
|
(d)
|
The carrying value of this investment is affected by fluctuations in the exchange rate of the yen.
|
|
W. P. Carey 2017 10-K
–
113
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
Net investments in real estate
|
$
|
516,793
|
|
|
$
|
503,186
|
|
Other assets
|
16,465
|
|
|
13,749
|
|
||
Total assets
|
533,258
|
|
|
516,935
|
|
||
Debt
|
(176,660
|
)
|
|
(193,521
|
)
|
||
Accounts payable, accrued expenses and other liabilities
|
(11,950
|
)
|
|
(10,354
|
)
|
||
Total liabilities
|
(188,610
|
)
|
|
(203,875
|
)
|
||
Stockholders’ equity
|
$
|
344,648
|
|
|
$
|
313,060
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Revenues
|
$
|
57,377
|
|
|
$
|
56,791
|
|
|
$
|
61,887
|
|
Expenses
|
(22,231
|
)
|
|
(17,933
|
)
|
|
(21,124
|
)
|
|||
Income from continuing operations
|
$
|
35,146
|
|
|
$
|
38,858
|
|
|
$
|
40,763
|
|
Net income attributable to the jointly owned investments
|
$
|
35,146
|
|
|
$
|
38,858
|
|
|
$
|
40,763
|
|
|
W. P. Carey 2017 10-K
–
114
|
|
W. P. Carey 2017 10-K
–
115
|
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||||||||
|
Level
|
|
Carrying Value
|
|
Fair Value
|
|
Carrying Value
|
|
Fair Value
|
||||||||
Unsecured Senior Notes, net
(a) (b) (c)
|
2
|
|
$
|
2,474,661
|
|
|
$
|
2,588,032
|
|
|
$
|
1,807,200
|
|
|
$
|
1,828,829
|
|
Non-recourse mortgages, net
(a) (b) (d)
|
3
|
|
1,185,477
|
|
|
1,196,399
|
|
|
1,706,921
|
|
|
1,711,364
|
|
||||
Note receivable
(d)
|
3
|
|
9,971
|
|
|
9,639
|
|
|
10,351
|
|
|
10,046
|
|
(a)
|
The carrying value of Unsecured Senior Notes, net (
Note 10
) includes unamortized deferred financing costs of
$14.7 million
and
$12.1 million
at
December 31, 2017
and
2016
, respectively. The carrying value of Non-recourse mortgages, net includes unamortized deferred financing costs of
$1.0 million
and
$1.3 million
at
December 31, 2017
and
2016
, respectively.
|
(b)
|
The carrying value of Unsecured Senior Notes, net includes unamortized discount of
$9.9 million
and
$7.8 million
at
December 31, 2017
and
2016
, respectively. The carrying value of Non-recourse mortgages, net includes unamortized discount of
$1.7 million
and
$0.2 million
at
December 31, 2017
and
2016
, respectively.
|
(c)
|
We determined the estimated fair value of the Unsecured Senior Notes using quoted market prices in an open market with limited trading volume, where available. In cases where there was no trading volume, we determined the estimated fair value using a discounted cash flow model using a rate that reflects the average yield of similar market participants.
|
(d)
|
We determined the estimated fair value of these financial instruments 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 take into account 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.
|
|
Year Ended December 31, 2017
|
|
Year Ended December 31, 2016
|
|
Year Ended December 31, 2015
|
||||||||||||||||||
|
Fair Value
Measurements
|
|
Total Impairment
Charges
|
|
Fair Value
Measurements |
|
Total Impairment
Charges |
|
Fair Value
Measurements |
|
Total Impairment
Charges |
||||||||||||
Impairment Charges
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Land, buildings and improvements and intangibles
|
$
|
2,914
|
|
|
$
|
2,769
|
|
|
$
|
155,839
|
|
|
$
|
52,316
|
|
|
$
|
63,027
|
|
|
$
|
26,597
|
|
Net investments in direct financing leases
|
—
|
|
|
—
|
|
|
23,775
|
|
|
6,987
|
|
|
65,132
|
|
|
3,309
|
|
||||||
|
|
|
$
|
2,769
|
|
|
|
|
$
|
59,303
|
|
|
|
|
$
|
29,906
|
|
|
W. P. Carey 2017 10-K
–
116
|
|
W. P. Carey 2017 10-K
–
117
|
|
W. P. Carey 2017 10-K
–
118
|
Derivatives Designated as Hedging Instruments
|
|
Balance Sheet Location
|
|
Asset Derivatives Fair Value at
|
|
Liability Derivatives Fair Value at
|
||||||||||||
|
|
December 31, 2017
|
|
December 31, 2016
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||||||
Foreign currency forward contracts
|
|
Other assets, net
|
|
$
|
12,737
|
|
|
$
|
37,040
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Foreign currency collars
|
|
Other assets, net
|
|
4,931
|
|
|
17,382
|
|
|
—
|
|
|
—
|
|
||||
Interest rate swaps
|
|
Other assets, net
|
|
523
|
|
|
190
|
|
|
—
|
|
|
—
|
|
||||
Interest rate cap
|
|
Other assets, net
|
|
20
|
|
|
45
|
|
|
—
|
|
|
—
|
|
||||
Foreign currency collars
|
|
Accounts payable, accrued expenses and other liabilities
|
|
—
|
|
|
—
|
|
|
(6,805
|
)
|
|
—
|
|
||||
Interest rate swaps
|
|
Accounts payable, accrued expenses and other liabilities
|
|
—
|
|
|
—
|
|
|
(1,108
|
)
|
|
(2,996
|
)
|
||||
Derivatives Not Designated as Hedging Instruments
|
|
|
|
|
|
|
|
|
|
|
||||||||
Stock warrants
|
|
Other assets, net
|
|
3,685
|
|
|
3,752
|
|
|
—
|
|
|
—
|
|
||||
Interest rate swap
(a)
|
|
Other assets, net
|
|
19
|
|
|
9
|
|
|
—
|
|
|
—
|
|
||||
Total derivatives
|
|
|
|
$
|
21,915
|
|
|
$
|
58,418
|
|
|
$
|
(7,913
|
)
|
|
$
|
(2,996
|
)
|
(a)
|
This interest rate swap does not qualify for hedge accounting; however, it does protect against fluctuations in interest rates related to the underlying variable-rate debt.
|
|
|
Amount of Gain (Loss) Recognized on Derivatives in
Other Comprehensive Income (Loss) (Effective Portion)
(a)
|
||||||||||
|
|
Years Ended December 31,
|
||||||||||
Derivatives in Cash Flow Hedging Relationships
|
|
2017
|
|
2016
|
|
2015
|
||||||
Foreign currency collars
|
|
$
|
(19,220
|
)
|
|
$
|
9,679
|
|
|
$
|
7,769
|
|
Foreign currency forward contracts
|
|
(19,120
|
)
|
|
(1,948
|
)
|
|
15,949
|
|
|||
Interest rate swaps
|
|
1,550
|
|
|
1,291
|
|
|
(284
|
)
|
|||
Interest rate caps
|
|
(29
|
)
|
|
21
|
|
|
64
|
|
|||
Derivatives in Net Investment Hedging Relationships
(b)
|
|
|
|
|
|
|
||||||
Foreign currency forward contracts
|
|
(5,652
|
)
|
|
(462
|
)
|
|
5,819
|
|
|||
Total
|
|
$
|
(42,471
|
)
|
|
$
|
8,581
|
|
|
$
|
29,317
|
|
|
|
|
|
Amount of Gain (Loss) on Derivatives Reclassified from
Other Comprehensive Income (Loss) (Effective Portion)
|
||||||||||
Derivatives in Cash Flow Hedging Relationships
|
|
Location of Gain (Loss) Recognized in Income
|
|
Years Ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||||
Foreign currency forward contracts
|
|
Other income and (expenses)
|
|
$
|
6,845
|
|
|
$
|
7,442
|
|
|
$
|
7,272
|
|
Foreign currency collars
|
|
Other income and (expenses)
|
|
3,650
|
|
|
1,968
|
|
|
357
|
|
|||
Interest rate swaps and caps
|
|
Interest expense
|
|
(1,294
|
)
|
|
(2,106
|
)
|
|
(2,291
|
)
|
|||
Total
|
|
|
|
$
|
9,201
|
|
|
$
|
7,304
|
|
|
$
|
5,338
|
|
(a)
|
Excludes net losses of
$1.0 million
and net gains of
$0.2 million
and
$0.6 million
, recognized on unconsolidated jointly owned investments for the
years ended December 31, 2017
,
2016
, and
2015
, respectively.
|
(b)
|
The effective portion of the changes in fair value of these contracts are reported in the foreign currency translation adjustment section of
Other comprehensive income (loss)
.
|
|
W. P. Carey 2017 10-K
–
119
|
|
|
|
|
Amount of Gain (Loss) on Derivatives Recognized in Income
|
||||||||||
Derivatives Not in Cash Flow Hedging Relationships
|
|
Location of Gain (Loss) Recognized in Income
|
|
Years Ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||||
Foreign currency collars
|
|
Other income and (expenses)
|
|
$
|
(754
|
)
|
|
$
|
824
|
|
|
$
|
514
|
|
Stock warrants
|
|
Other income and (expenses)
|
|
(67
|
)
|
|
134
|
|
|
(134
|
)
|
|||
Foreign currency forward contracts
|
|
Other income and (expenses)
|
|
(53
|
)
|
|
—
|
|
|
(296
|
)
|
|||
Interest rate swaps
|
|
Other income and (expenses)
|
|
18
|
|
|
2,682
|
|
|
4,164
|
|
|||
Derivatives in Cash Flow Hedging Relationships
|
|
|
|
|
|
|
|
|
||||||
Interest rate swaps
(a)
|
|
Interest expense
|
|
693
|
|
|
657
|
|
|
649
|
|
|||
Foreign currency forward contracts
|
|
Other income and (expenses)
|
|
(75
|
)
|
|
40
|
|
|
45
|
|
|||
Foreign currency collars
|
|
Other income and (expenses)
|
|
(32
|
)
|
|
(7
|
)
|
|
23
|
|
|||
Total
|
|
|
|
$
|
(270
|
)
|
|
$
|
4,330
|
|
|
$
|
4,965
|
|
(a)
|
Relates to the ineffective portion of the hedging relationship.
|
|
|
Number of Instruments
|
|
Notional
Amount
|
|
Fair Value at
December 31, 2017 (a) |
||||
Interest Rate Derivatives
|
|
|
|
|||||||
Designated as Cash Flow Hedging Instruments
|
|
|
|
|
|
|
|
|||
Interest rate swaps
|
|
11
|
|
104,014
|
|
USD
|
|
$
|
(523
|
)
|
Interest rate swap
|
|
1
|
|
5,785
|
|
EUR
|
|
(62
|
)
|
|
Interest rate cap
|
|
1
|
|
30,400
|
|
EUR
|
|
20
|
|
|
Not Designated as Cash Flow Hedging Instruments
|
|
|
|
|
|
|
|
|||
Interest rate swap
(b)
|
|
1
|
|
2,854
|
|
USD
|
|
19
|
|
|
|
|
|
|
|
|
|
$
|
(546
|
)
|
(a)
|
Fair value amounts are based on the exchange rate of the euro at
December 31, 2017
, as applicable.
|
|
W. P. Carey 2017 10-K
–
120
|
(b)
|
This interest rate swap does not qualify for hedge accounting; however, it does protect against fluctuations in interest rates related to the underlying variable-rate debt.
|
|
|
Number of Instruments
|
|
Notional
Amount |
|
Fair Value at
December 31, 2017
|
||||
Foreign Currency Derivatives
|
|
|
|
|||||||
Designated as Cash Flow Hedging Instruments
|
|
|
|
|
|
|
|
|||
Foreign currency forward contracts
|
|
22
|
|
69,531
|
|
EUR
|
|
$
|
10,158
|
|
Foreign currency collars
|
|
28
|
|
97,150
|
|
EUR
|
|
(5,902
|
)
|
|
Foreign currency collars
|
|
28
|
|
42,000
|
|
GBP
|
|
4,028
|
|
|
Foreign currency forward contracts
|
|
4
|
|
2,140
|
|
GBP
|
|
461
|
|
|
Foreign currency forward contracts
|
|
8
|
|
10,231
|
|
AUD
|
|
346
|
|
|
Designated as Net Investment Hedging Instruments
|
|
|
|
|
|
|
|
|||
Foreign currency forward contracts
|
|
3
|
|
74,463
|
|
AUD
|
|
1,772
|
|
|
|
|
|
|
|
|
|
$
|
10,863
|
|
|
W. P. Carey 2017 10-K
–
121
|
|
W. P. Carey 2017 10-K
–
122
|
|
|
Interest Rate at December 31, 2017
(a)
|
|
|
|
Principal Outstanding Balance at
December 31,
|
||||||
Senior Unsecured Credit Facility
|
|
|
Maturity Date
|
|
2017
|
|
2016
|
|||||
Unsecured Term Loans:
|
|
|
|
|
|
|
|
|
||||
Amended Term Loan — borrowing in euros
(b) (c)
|
|
EURIBOR + 1.10%
|
|
2/22/2022
|
|
$
|
283.4
|
|
|
$
|
—
|
|
Delayed Draw Term Loan — borrowing in euros
(b) (c)
|
|
EURIBOR + 1.10%
|
|
2/22/2022
|
|
106.3
|
|
|
—
|
|
||
Prior Term Loan — borrowing in
U.S. dollars (d) |
|
N/A
|
|
N/A
|
|
—
|
|
|
250.0
|
|
||
|
|
|
|
|
|
389.7
|
|
|
250.0
|
|
||
Unsecured Revolving Credit Facility:
|
|
|
|
|
|
|
|
|
||||
Unsecured Revolving Credit Facility — borrowing in euros
(c)
|
|
EURIBOR + 1.00%
|
|
2/22/2021
|
|
$
|
111.8
|
|
|
$
|
286.7
|
|
Unsecured Revolving Credit Facility — borrowing in U.S. dollars
|
|
LIBOR + 1.00%
|
|
2/22/2021
|
|
105.0
|
|
|
390.0
|
|
||
|
|
|
|
|
|
216.8
|
|
|
676.7
|
|
||
|
|
|
|
|
|
$
|
606.5
|
|
|
$
|
926.7
|
|
(a)
|
The applicable interest rate at
December 31, 2017
was based on the credit rating for our Unsecured Senior Notes of
BBB/Baa2
.
|
(b)
|
Balance excludes unamortized discount of
$1.2 million
and unamortized deferred financing costs of
$0.2 million
at
December 31, 2017
.
|
(c)
|
EURIBOR means Euro Interbank Offered Rate.
|
(d)
|
Balance excludes unamortized deferred financing costs of less than
$0.1 million
at December 31, 2016.
|
|
W. P. Carey 2017 10-K
–
123
|
|
|
|
|
Principal Amount
|
|
Price of Par Value
|
|
Original Issue Discount
|
|
Effective Interest Rate
|
|
Coupon Rate
|
|
Maturity Date
|
|
Principal Outstanding Balance at December 31,
|
|||||||||||||
Unsecured Senior Notes, net
(a)
|
|
Issue Date
|
|
|
|
|
|
|
|
2017
|
|
2016
|
|||||||||||||||||
2.0% Senior Notes
|
|
1/21/2015
|
|
€
|
500.0
|
|
|
99.220
|
%
|
|
$
|
4.6
|
|
|
2.107
|
%
|
|
2.0
|
%
|
|
1/20/2023
|
|
$
|
599.7
|
|
|
$
|
527.1
|
|
4.6% Senior Notes
|
|
3/14/2014
|
|
$
|
500.0
|
|
|
99.639
|
%
|
|
$
|
1.8
|
|
|
4.645
|
%
|
|
4.6
|
%
|
|
4/1/2024
|
|
500.0
|
|
|
500.0
|
|
||
2.25% Senior Notes
|
|
1/19/2017
|
|
€
|
500.0
|
|
|
99.448
|
%
|
|
$
|
2.9
|
|
|
2.332
|
%
|
|
2.25
|
%
|
|
7/19/2024
|
|
599.7
|
|
|
—
|
|
||
4.0% Senior Notes
|
|
1/26/2015
|
|
$
|
450.0
|
|
|
99.372
|
%
|
|
$
|
2.8
|
|
|
4.077
|
%
|
|
4.0
|
%
|
|
2/1/2025
|
|
450.0
|
|
|
450.0
|
|
||
4.25% Senior Notes
|
|
9/12/2016
|
|
$
|
350.0
|
|
|
99.682
|
%
|
|
$
|
1.1
|
|
|
4.290
|
%
|
|
4.25
|
%
|
|
10/1/2026
|
|
350.0
|
|
|
350.0
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,499.4
|
|
|
$
|
1,827.1
|
|
(a)
|
Aggregate balance excludes unamortized deferred financing costs totaling
$14.7 million
and
$12.1 million
, and unamortized discount totaling
$9.9 million
and
$7.8 million
at
December 31, 2017
and
2016
, respectively.
|
|
W. P. Carey 2017 10-K
–
124
|
Years Ending December 31,
|
|
Total
(a)
|
||
2018
|
|
$
|
246,357
|
|
2019
|
|
99,503
|
|
|
2020
|
|
222,367
|
|
|
2021
|
|
377,141
|
|
|
2022
|
|
630,618
|
|
|
Thereafter through 2027
|
|
2,718,030
|
|
|
Total principal payments
|
|
4,294,016
|
|
|
Unamortized deferred financing costs
|
|
(15,920
|
)
|
|
Unamortized discount, net
(b)
|
|
(12,829
|
)
|
|
Total
|
|
$
|
4,265,267
|
|
(a)
|
Certain amounts are based on the applicable foreign currency exchange rate at
December 31, 2017
.
|
(b)
|
Represents the unamortized discount on the Unsecured Senior Notes of
$9.9 million
in aggregate, unamortized discount of
$1.7 million
in aggregate primarily resulting from the assumption of property-level debt in connection with both the CPA:15 Merger and CPA:16 Merger, and unamortized discount on the Unsecured Term Loans of
$1.2 million
.
|
|
W. P. Carey 2017 10-K
–
125
|
|
W. P. Carey 2017 10-K
–
126
|
|
Distributions Paid
|
||||||||||
|
During the Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Ordinary income
|
$
|
3.2537
|
|
|
$
|
3.3075
|
|
|
$
|
3.5497
|
|
Return of capital
|
0.5182
|
|
|
0.5963
|
|
|
0.2618
|
|
|||
Capital gains
|
0.2181
|
|
|
—
|
|
|
—
|
|
|||
Total distributions paid
|
$
|
3.9900
|
|
|
$
|
3.9038
|
|
|
$
|
3.8115
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Net income attributable to W. P. Carey
|
$
|
277,289
|
|
|
$
|
267,747
|
|
|
$
|
172,258
|
|
Net income attributable to nonvested participating RSUs and RSAs
|
(784
|
)
|
|
(886
|
)
|
|
(579
|
)
|
|||
Net income – basic and diluted
|
$
|
276,505
|
|
|
$
|
266,861
|
|
|
$
|
171,679
|
|
|
|
|
|
|
|
||||||
Weighted-average shares outstanding – basic
|
107,824,738
|
|
|
106,743,012
|
|
|
105,675,692
|
|
|||
Effect of dilutive securities
|
211,233
|
|
|
330,191
|
|
|
831,960
|
|
|||
Weighted-average shares outstanding – diluted
|
108,035,971
|
|
|
107,073,203
|
|
|
106,507,652
|
|
|
W. P. Carey 2017 10-K
–
127
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Beginning balance
|
$
|
965
|
|
|
$
|
14,944
|
|
|
$
|
6,071
|
|
Distributions
|
—
|
|
|
(13,418
|
)
|
|
—
|
|
|||
Redemption value adjustment
|
—
|
|
|
(561
|
)
|
|
8,873
|
|
|||
Ending balance
|
$
|
965
|
|
|
$
|
965
|
|
|
$
|
14,944
|
|
|
W. P. Carey 2017 10-K
–
128
|
|
Gains and (Losses) on Derivative Instruments
|
|
Foreign Currency Translation Adjustments
|
|
Gains and (Losses) on Investments
|
|
Total
|
||||||||
Balance at January 1, 2015
|
$
|
13,597
|
|
|
$
|
(89,177
|
)
|
|
$
|
21
|
|
|
$
|
(75,559
|
)
|
Other comprehensive loss before reclassifications
|
29,391
|
|
|
(125,447
|
)
|
|
15
|
|
|
(96,041
|
)
|
||||
Amounts reclassified from accumulated other comprehensive loss to:
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
2,291
|
|
|
—
|
|
|
—
|
|
|
2,291
|
|
||||
Other income and (expenses)
|
(7,629
|
)
|
|
—
|
|
|
—
|
|
|
(7,629
|
)
|
||||
Total
|
(5,338
|
)
|
|
—
|
|
|
—
|
|
|
(5,338
|
)
|
||||
Net current period other comprehensive loss
|
24,053
|
|
|
(125,447
|
)
|
|
15
|
|
|
(101,379
|
)
|
||||
Net current period other comprehensive loss attributable to noncontrolling interests
|
—
|
|
|
4,647
|
|
|
—
|
|
|
4,647
|
|
||||
Balance at December 31, 2015
|
37,650
|
|
|
(209,977
|
)
|
|
36
|
|
|
(172,291
|
)
|
||||
Other comprehensive loss before reclassifications
|
16,582
|
|
|
(92,434
|
)
|
|
(126
|
)
|
|
(75,978
|
)
|
||||
Amounts reclassified from accumulated other comprehensive loss to:
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
2,106
|
|
|
—
|
|
|
—
|
|
|
2,106
|
|
||||
Other income and (expenses)
|
(9,410
|
)
|
|
—
|
|
|
—
|
|
|
(9,410
|
)
|
||||
Total
|
(7,304
|
)
|
|
—
|
|
|
—
|
|
|
(7,304
|
)
|
||||
Net current period other comprehensive loss
|
9,278
|
|
|
(92,434
|
)
|
|
(126
|
)
|
|
(83,282
|
)
|
||||
Net current period other comprehensive loss attributable to noncontrolling interests
|
7
|
|
|
1,081
|
|
|
—
|
|
|
1,088
|
|
||||
Balance at December 31, 2016
|
46,935
|
|
|
(301,330
|
)
|
|
(90
|
)
|
|
(254,485
|
)
|
||||
Other comprehensive income before reclassifications
|
(28,577
|
)
|
|
69,040
|
|
|
(71
|
)
|
|
40,392
|
|
||||
Amounts reclassified from accumulated other comprehensive loss to:
|
|
|
|
|
|
|
|
||||||||
Gain on sale of real estate, net of tax (
Note 16
)
|
—
|
|
|
3,388
|
|
|
—
|
|
|
3,388
|
|
||||
Interest expense
|
1,294
|
|
|
—
|
|
|
—
|
|
|
1,294
|
|
||||
Other income and (expenses)
|
(10,495
|
)
|
|
—
|
|
|
—
|
|
|
(10,495
|
)
|
||||
Total
|
(9,201
|
)
|
|
3,388
|
|
|
—
|
|
|
(5,813
|
)
|
||||
Net current period other comprehensive income
|
(37,778
|
)
|
|
72,428
|
|
|
(71
|
)
|
|
34,579
|
|
||||
Net current period other comprehensive gain attributable to noncontrolling interests
|
15
|
|
|
(16,120
|
)
|
|
—
|
|
|
(16,105
|
)
|
||||
Balance at December 31, 2017
|
$
|
9,172
|
|
|
$
|
(245,022
|
)
|
|
$
|
(161
|
)
|
|
$
|
(236,011
|
)
|
|
W. P. Carey 2017 10-K
–
129
|
|
W. P. Carey 2017 10-K
–
130
|
|
RSA and RSU Awards
|
|
PSU Awards
|
||||||||||
|
Shares
|
|
Weighted-Average
Grant Date
Fair Value
|
|
Shares
|
|
Weighted-Average
Grant Date Fair Value |
||||||
Nonvested at January 1, 2015
|
442,502
|
|
|
$
|
53.03
|
|
|
877,641
|
|
|
$
|
32.06
|
|
Granted
|
189,893
|
|
|
69.92
|
|
|
75,277
|
|
|
83.68
|
|
||
Vested
(a)
|
(264,628
|
)
|
|
49.69
|
|
|
(792,465
|
)
|
|
56.77
|
|
||
Forfeited
|
(10,996
|
)
|
|
66.46
|
|
|
—
|
|
|
—
|
|
||
Adjustment
(b)
|
—
|
|
|
—
|
|
|
179,905
|
|
|
49.70
|
|
||
Nonvested at December 31, 2015
|
356,771
|
|
|
64.09
|
|
|
340,358
|
|
|
52.26
|
|
||
Granted
|
277,836
|
|
|
58.27
|
|
|
200,005
|
|
|
73.18
|
|
||
Vested
(a)
|
(217,617
|
)
|
|
61.32
|
|
|
(180,723
|
)
|
|
80.21
|
|
||
Forfeited
|
(60,125
|
)
|
|
61.81
|
|
|
(51,657
|
)
|
|
75.49
|
|
||
Adjustment
(b)
|
—
|
|
|
—
|
|
|
2,035
|
|
|
72.22
|
|
||
Nonvested at December 31, 2016
|
356,865
|
|
|
61.63
|
|
|
310,018
|
|
|
73.80
|
|
||
Granted
(c)
|
194,349
|
|
|
62.22
|
|
|
107,934
|
|
|
75.39
|
|
||
Vested
(a)
|
(185,259
|
)
|
|
62.72
|
|
|
(132,412
|
)
|
|
74.21
|
|
||
Forfeited
|
(41,616
|
)
|
|
61.08
|
|
|
(45,258
|
)
|
|
76.91
|
|
||
Adjustment
(b)
|
—
|
|
|
—
|
|
|
41,017
|
|
|
63.18
|
|
||
Nonvested at December 31, 2017
(d)
|
324,339
|
|
|
$
|
61.43
|
|
|
281,299
|
|
|
$
|
74.57
|
|
(a)
|
The total fair value of shares vested during the years ended
December 31, 2017
,
2016
, and
2015
was
$21.4 million
,
$27.8 million
, and
$58.1 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, 2017
and
2016
, we had an obligation to issue
1,140,632
and
1,217,274
shares, respectively, of our common stock underlying such deferred awards, which is recorded within Total stockholders’ equity as a Deferred compensation obligation of
$46.7 million
and
$50.2 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.
|
(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 (i) a Monte Carlo simulation model to generate an estimate of our future stock price over the
three
-year performance period and (ii) future financial performance projections. To estimate the fair value of PSUs granted during the year ended
December 31, 2017
, we used a risk-free interest rate of
1.5%
, an expected volatility rate of
17.1%
, and assumed a dividend yield of
zero
.
|
(d)
|
At
December 31, 2017
, total unrecognized compensation expense related to these awards was approximately
$18.1 million
, with an aggregate weighted-average remaining term of
1.7
years.
|
|
W. P. Carey 2017 10-K
–
131
|
|
Years Ended December 31,
|
||||||||||||||||
|
2016
|
|
2015
|
||||||||||||||
|
Shares
|
|
Weighted-Average
Exercise Price
|
|
Weighted-Average
Remaining
Contractual
Term (in Years)
|
|
Shares
|
|
Weighted-Average
Exercise Price
|
|
Weighted-Average
Remaining
Contractual
Term (in Years)
|
||||||
Outstanding — beginning of year
|
258,787
|
|
|
$
|
31.10
|
|
|
|
|
475,765
|
|
|
$
|
29.95
|
|
|
|
Exercised
|
(113,002
|
)
|
|
28.34
|
|
|
|
|
(213,479
|
)
|
|
28.57
|
|
|
|
||
Canceled / Expired
|
(752
|
)
|
|
28.42
|
|
|
|
|
(3,499
|
)
|
|
28.71
|
|
|
|
||
Outstanding — end of year
|
145,033
|
|
|
$
|
33.27
|
|
|
0.30
|
|
258,787
|
|
|
$
|
31.10
|
|
|
1.06
|
Exercisable — end of year
|
145,033
|
|
|
$
|
33.27
|
|
|
|
|
236,112
|
|
|
$
|
30.99
|
|
|
|
|
W. P. Carey 2017 10-K
–
132
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Federal
|
|
|
|
|
|
|
|
|
|||
Current
|
$
|
(687
|
)
|
|
$
|
6,412
|
|
|
$
|
10,551
|
|
Deferred
|
(9,520
|
)
|
|
(1,608
|
)
|
|
1,901
|
|
|||
|
(10,207
|
)
|
|
4,804
|
|
|
12,452
|
|
|||
State and Local
|
|
|
|
|
|
|
|
|
|||
Current
|
1,954
|
|
|
7,014
|
|
|
9,075
|
|
|||
Deferred
|
572
|
|
|
(2,026
|
)
|
|
1,158
|
|
|||
|
2,526
|
|
|
4,988
|
|
|
10,233
|
|
|||
Foreign
|
|
|
|
|
|
|
|
|
|||
Current
|
21,457
|
|
|
10,727
|
|
|
16,656
|
|
|||
Deferred
|
(11,065
|
)
|
|
(17,231
|
)
|
|
(1,720
|
)
|
|||
|
10,392
|
|
|
(6,504
|
)
|
|
14,936
|
|
|||
Total Provision
|
$
|
2,711
|
|
|
$
|
3,288
|
|
|
$
|
37,621
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Pre-tax income (loss) attributable to taxable subsidiaries
(a)
|
$
|
49,909
|
|
|
$
|
(15,374
|
)
|
|
$
|
72,343
|
|
|
|
|
|
|
|
||||||
Federal provision (benefit) at statutory tax rate (35%)
|
$
|
17,468
|
|
|
$
|
(5,380
|
)
|
|
$
|
25,244
|
|
Rate differential
|
(13,134
|
)
|
|
892
|
|
|
(10,589
|
)
|
|||
Change in valuation allowance
|
11,805
|
|
|
6,477
|
|
|
9,074
|
|
|||
Non-taxable income
|
(8,073
|
)
|
|
(5,399
|
)
|
|
(5,475
|
)
|
|||
Revaluation of deferred taxes due to Tax Cuts and Jobs Act
(b)
|
(7,826
|
)
|
|
—
|
|
|
—
|
|
|||
Windfall tax benefit
(c)
|
(4,618
|
)
|
|
—
|
|
|
—
|
|
|||
Non-deductible expense
|
3,010
|
|
|
3,111
|
|
|
6,982
|
|
|||
State and local taxes, net of federal benefit
|
1,115
|
|
|
2,749
|
|
|
6,151
|
|
|||
Other
|
2,964
|
|
|
838
|
|
|
6,234
|
|
|||
Total provision
|
$
|
2,711
|
|
|
$
|
3,288
|
|
|
$
|
37,621
|
|
|
W. P. Carey 2017 10-K
–
133
|
(a)
|
Pre-tax income attributable to taxable subsidiaries for 2017 excludes the impact of foreign exchange rates on an intercompany transaction related to the euro-denominated
2.25%
Senior Notes issued in 2017 (
Note 10
) since it had no tax impact and eliminates in consolidation. Pre-tax loss attributable to taxable subsidiaries for 2016 was primarily driven by the impairment charges we recognized on international properties during the year (
Note 8
).
|
(b)
|
The Tax Cuts and Jobs Act, which was signed into law on December 22, 2017, lowered the U.S. corporate income tax rate from 35% to 21%. The dollar amount shown in the table reflects the net impact of the Tax Cuts and Jobs Act on our domestic TRSs.
|
(c)
|
Following the adoption of ASU 2016-09 during the first quarter of 2017, windfall tax benefits are reflected as a reduction to provision for income taxes. Under the former accounting guidance, windfall tax benefits were recognized within Additional paid-in capital in our consolidated statements of equity (
Note 2
).
|
|
At December 31,
|
||||||
|
2017
|
|
2016
|
||||
Deferred Tax Assets
|
|
|
|
|
|
||
Net operating loss and other tax credit carryforwards
|
$
|
61,632
|
|
|
$
|
31,381
|
|
Basis differences — foreign investments
|
31,472
|
|
|
28,324
|
|
||
Unearned and deferred compensation
|
21,192
|
|
|
33,100
|
|
||
Other
|
3,029
|
|
|
5,560
|
|
||
Total deferred tax assets
|
117,325
|
|
|
98,365
|
|
||
Valuation allowance
|
(39,155
|
)
|
|
(27,350
|
)
|
||
Net deferred tax assets
|
78,170
|
|
|
71,015
|
|
||
Deferred Tax Liabilities
|
|
|
|
|
|
||
Basis differences — foreign investments
(a)
|
(104,390
|
)
|
|
(123,269
|
)
|
||
Basis differences — equity investees
|
(23,950
|
)
|
|
(17,282
|
)
|
||
Deferred revenue
|
(3,784
|
)
|
|
(7,318
|
)
|
||
Total deferred tax liabilities
|
(132,124
|
)
|
|
(147,869
|
)
|
||
Net Deferred Tax Liability
|
$
|
(53,954
|
)
|
|
$
|
(76,854
|
)
|
(a)
|
Includes
$17.3 million
and
$29.2 million
as of
December 31, 2017
and
2016
, respectively, related to a portfolio of properties with locations in Canada, Mexico, and the United States leased to ABC Group Inc.
|
•
|
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;
|
•
|
Basis differences in equity investments represents fees earned in shares recognized under GAAP into income and deferred for U.S. taxes based upon a share vesting schedule; 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.
|
|
W. P. Carey 2017 10-K
–
134
|
|
Years Ended December 31,
|
||||||
|
2017
|
|
2016
|
||||
Beginning balance
|
$
|
5,586
|
|
|
$
|
4,304
|
|
Decrease due to lapse in statute of limitations
|
(1,853
|
)
|
|
(97
|
)
|
||
Addition based on tax positions related to prior years
|
660
|
|
|
1,264
|
|
||
Addition based on tax positions related to the current year
|
639
|
|
|
137
|
|
||
Foreign currency translation adjustments
|
170
|
|
|
(22
|
)
|
||
Ending balance
|
$
|
5,202
|
|
|
$
|
5,586
|
|
|
W. P. Carey 2017 10-K
–
135
|
|
W. P. Carey 2017 10-K
–
136
|
|
W. P. Carey 2017 10-K
–
137
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Revenues
|
|
|
|
|
|
||||||
Lease revenues
|
$
|
630,373
|
|
|
$
|
663,463
|
|
|
$
|
656,956
|
|
Operating property revenues
|
30,562
|
|
|
30,767
|
|
|
30,515
|
|
|||
Reimbursable tenant costs
|
21,524
|
|
|
25,438
|
|
|
22,832
|
|
|||
Lease termination income and other
|
4,749
|
|
|
35,696
|
|
|
25,145
|
|
|||
|
687,208
|
|
|
755,364
|
|
|
735,448
|
|
|||
Operating Expenses
|
|
|
|
|
|
||||||
Depreciation and amortization
|
249,432
|
|
|
272,274
|
|
|
276,236
|
|
|||
Property expenses, excluding reimbursable tenant costs
|
40,756
|
|
|
49,431
|
|
|
52,199
|
|
|||
General and administrative
|
39,002
|
|
|
34,591
|
|
|
47,676
|
|
|||
Reimbursable tenant costs
|
21,524
|
|
|
25,438
|
|
|
22,832
|
|
|||
Stock-based compensation expense
|
6,960
|
|
|
5,224
|
|
|
7,873
|
|
|||
Impairment charges
|
2,769
|
|
|
59,303
|
|
|
29,906
|
|
|||
Other expenses
|
605
|
|
|
2,993
|
|
|
(9,908
|
)
|
|||
Restructuring and other compensation
|
—
|
|
|
4,413
|
|
|
—
|
|
|||
|
361,048
|
|
|
453,667
|
|
|
426,814
|
|
|||
Other Income and Expenses
|
|
|
|
|
|
||||||
Interest expense
|
(165,775
|
)
|
|
(183,409
|
)
|
|
(194,326
|
)
|
|||
Equity in earnings of equity method investments in real estate
|
13,068
|
|
|
12,928
|
|
|
13,874
|
|
|||
Other income and (expenses)
|
(5,655
|
)
|
|
3,665
|
|
|
1,952
|
|
|||
|
(158,362
|
)
|
|
(166,816
|
)
|
|
(178,500
|
)
|
|||
Income before income taxes and gain on sale of real estate
|
167,798
|
|
|
134,881
|
|
|
130,134
|
|
|||
(Provision for) benefit from income taxes
|
(1,743
|
)
|
|
3,418
|
|
|
(17,948
|
)
|
|||
Income before gain on sale of real estate
|
166,055
|
|
|
138,299
|
|
|
112,186
|
|
|||
Gain on sale of real estate, net of tax
|
33,878
|
|
|
71,318
|
|
|
6,487
|
|
|||
Net Income from Owned Real Estate
|
199,933
|
|
|
209,617
|
|
|
118,673
|
|
|||
Net income attributable to noncontrolling interests
|
(7,794
|
)
|
|
(7,060
|
)
|
|
(10,961
|
)
|
|||
Net Income from Owned Real Estate Attributable to W. P. Carey
|
$
|
192,139
|
|
|
$
|
202,557
|
|
|
$
|
107,712
|
|
|
W. P. Carey 2017 10-K
–
138
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Revenues
|
|
|
|
|
|
||||||
Asset management revenue
|
$
|
70,125
|
|
|
$
|
61,971
|
|
|
$
|
49,984
|
|
Reimbursable costs from affiliates
|
51,445
|
|
|
66,433
|
|
|
55,837
|
|
|||
Structuring revenue
|
34,198
|
|
|
47,328
|
|
|
92,117
|
|
|||
Dealer manager fees
|
4,430
|
|
|
8,002
|
|
|
4,794
|
|
|||
Other advisory revenue
|
896
|
|
|
2,435
|
|
|
203
|
|
|||
|
161,094
|
|
|
186,169
|
|
|
202,935
|
|
|||
Operating Expenses
|
|
|
|
|
|
||||||
Reimbursable costs from affiliates
|
51,445
|
|
|
66,433
|
|
|
55,837
|
|
|||
General and administrative
|
31,889
|
|
|
47,761
|
|
|
55,496
|
|
|||
Subadvisor fees
|
13,600
|
|
|
14,141
|
|
|
11,303
|
|
|||
Stock-based compensation expense
|
11,957
|
|
|
12,791
|
|
|
13,753
|
|
|||
Restructuring and other compensation
|
9,363
|
|
|
7,512
|
|
|
—
|
|
|||
Dealer manager fees and expenses
|
6,544
|
|
|
12,808
|
|
|
11,403
|
|
|||
Depreciation and amortization
|
3,902
|
|
|
4,236
|
|
|
4,079
|
|
|||
Other expenses
|
—
|
|
|
2,384
|
|
|
2,144
|
|
|||
|
128,700
|
|
|
168,066
|
|
|
154,015
|
|
|||
Other Income and Expenses
|
|
|
|
|
|
||||||
Equity in earnings of equity method investments in the Managed Programs
|
51,682
|
|
|
51,791
|
|
|
37,146
|
|
|||
Other income and (expenses)
|
2,042
|
|
|
2,002
|
|
|
161
|
|
|||
|
53,724
|
|
|
53,793
|
|
|
37,307
|
|
|||
Income before income taxes
|
86,118
|
|
|
71,896
|
|
|
86,227
|
|
|||
Provision for income taxes
|
(968
|
)
|
|
(6,706
|
)
|
|
(19,673
|
)
|
|||
Net Income from Investment Management
|
85,150
|
|
|
65,190
|
|
|
66,554
|
|
|||
Net income attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
(2,008
|
)
|
|||
Net Income from Investment Management Attributable to W. P. Carey
|
$
|
85,150
|
|
|
$
|
65,190
|
|
|
$
|
64,546
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Revenues
|
$
|
848,302
|
|
|
$
|
941,533
|
|
|
$
|
938,383
|
|
Operating expenses
|
489,748
|
|
|
621,733
|
|
|
580,829
|
|
|||
Other income and (expenses)
|
(104,638
|
)
|
|
(113,023
|
)
|
|
(141,193
|
)
|
|||
Provision for income taxes
|
(2,711
|
)
|
|
(3,288
|
)
|
|
(37,621
|
)
|
|||
Gain on sale of real estate, net of tax
|
33,878
|
|
|
71,318
|
|
|
6,487
|
|
|||
Net income attributable to noncontrolling interests
|
(7,794
|
)
|
|
(7,060
|
)
|
|
(12,969
|
)
|
|||
Net income attributable to W. P. Carey
|
$
|
277,289
|
|
|
$
|
267,747
|
|
|
$
|
172,258
|
|
|
Total Assets at December 31,
|
||||||
|
2017
|
|
2016
|
||||
Owned Real Estate
|
$
|
7,885,751
|
|
|
$
|
8,104,974
|
|
Investment Management
|
345,651
|
|
|
348,980
|
|
||
Total Company
|
$
|
8,231,402
|
|
|
$
|
8,453,954
|
|
|
W. P. Carey 2017 10-K
–
139
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Domestic
|
|
|
|
|
|
||||||
Revenues
|
$
|
451,310
|
|
|
$
|
490,134
|
|
|
$
|
468,703
|
|
Operating expenses
|
(255,796
|
)
|
|
(274,013
|
)
|
|
(296,265
|
)
|
|||
Interest expense
|
(141,842
|
)
|
|
(149,615
|
)
|
|
(153,219
|
)
|
|||
Other income and expenses, excluding interest expense
|
(82,212
|
)
|
|
9,887
|
|
|
11,793
|
|
|||
Benefit from (provision for) income taxes
|
5,526
|
|
|
(4,808
|
)
|
|
(6,219
|
)
|
|||
Gain on sale of real estate, net of tax
|
14,580
|
|
|
56,492
|
|
|
2,941
|
|
|||
Net income attributable to noncontrolling interests
|
(8,808
|
)
|
|
(7,591
|
)
|
|
(5,358
|
)
|
|||
Net (loss) income attributable to W. P. Carey
|
$
|
(17,242
|
)
|
|
$
|
120,486
|
|
|
$
|
22,376
|
|
Germany
|
|
|
|
|
|
||||||
Revenues
|
$
|
60,907
|
|
|
$
|
68,372
|
|
|
$
|
65,777
|
|
Operating (expenses) benefits
(a)
|
(20,276
|
)
|
|
(28,473
|
)
|
|
818
|
|
|||
Interest expense
|
(1,859
|
)
|
|
(15,681
|
)
|
|
(15,432
|
)
|
|||
Other income and expenses, excluding interest expense
|
112
|
|
|
649
|
|
|
4,175
|
|
|||
Provision for income taxes
|
(7,213
|
)
|
|
(4,083
|
)
|
|
(4,357
|
)
|
|||
Gain on sale of real estate, net of tax
|
5,867
|
|
|
—
|
|
|
21
|
|
|||
Net loss (income) attributable to noncontrolling interests
|
1,966
|
|
|
252
|
|
|
(5,537
|
)
|
|||
Net income attributable to W. P. Carey
|
$
|
39,504
|
|
|
$
|
21,036
|
|
|
$
|
45,465
|
|
Other International
|
|
|
|
|
|
||||||
Revenues
|
$
|
174,991
|
|
|
$
|
196,858
|
|
|
$
|
200,968
|
|
Operating expenses
|
(84,976
|
)
|
|
(151,181
|
)
|
|
(131,367
|
)
|
|||
Interest expense
|
(22,074
|
)
|
|
(18,113
|
)
|
|
(25,675
|
)
|
|||
Other income and expenses, excluding interest expense
|
89,513
|
|
|
6,057
|
|
|
(142
|
)
|
|||
(Provision for) benefit from income taxes
|
(56
|
)
|
|
12,309
|
|
|
(7,372
|
)
|
|||
Gain on sale of real estate, net of tax
|
13,431
|
|
|
14,826
|
|
|
3,525
|
|
|||
Net (income) loss attributable to noncontrolling interests
|
(952
|
)
|
|
279
|
|
|
(66
|
)
|
|||
Net income attributable to W. P. Carey
|
$
|
169,877
|
|
|
$
|
61,035
|
|
|
$
|
39,871
|
|
Total
|
|
|
|
|
|
||||||
Revenues
|
$
|
687,208
|
|
|
$
|
755,364
|
|
|
$
|
735,448
|
|
Operating expenses
|
(361,048
|
)
|
|
(453,667
|
)
|
|
(426,814
|
)
|
|||
Interest expense
|
(165,775
|
)
|
|
(183,409
|
)
|
|
(194,326
|
)
|
|||
Other income and expenses, excluding interest expense
|
7,413
|
|
|
16,593
|
|
|
15,826
|
|
|||
(Provision for) benefit from income taxes
|
(1,743
|
)
|
|
3,418
|
|
|
(17,948
|
)
|
|||
Gain on sale of real estate, net of tax
|
33,878
|
|
|
71,318
|
|
|
6,487
|
|
|||
Net income attributable to noncontrolling interests
|
(7,794
|
)
|
|
(7,060
|
)
|
|
(10,961
|
)
|
|||
Net income attributable to W. P. Carey
|
$
|
192,139
|
|
|
$
|
202,557
|
|
|
$
|
107,712
|
|
|
W. P. Carey 2017 10-K
–
140
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
Domestic
|
|
|
|
||||
Long-lived assets
(b)
|
$
|
4,123,856
|
|
|
$
|
4,263,469
|
|
Equity investments in real estate
|
108,659
|
|
|
108,911
|
|
||
Total assets
|
5,040,296
|
|
|
5,379,761
|
|
||
Germany
|
|
|
|
||||
Long-lived assets
(b)
|
$
|
708,316
|
|
|
$
|
675,616
|
|
Equity investments in real estate
|
20,395
|
|
|
20,092
|
|
||
Total assets
|
747,877
|
|
|
718,397
|
|
||
Other International
|
|
|
|
||||
Long-lived assets
(b)
|
$
|
1,871,543
|
|
|
$
|
1,842,815
|
|
Equity investments in real estate
|
10,995
|
|
|
9,073
|
|
||
Total assets
|
2,097,578
|
|
|
2,006,816
|
|
||
Total
|
|
|
|
||||
Long-lived assets
(b)
|
$
|
6,703,715
|
|
|
$
|
6,781,900
|
|
Equity investments in real estate
|
140,049
|
|
|
138,076
|
|
||
Total assets
|
7,885,751
|
|
|
8,104,974
|
|
(a)
|
Amount for the year ended December 31, 2015 includes a reversal of
$25.0 million
of liabilities for German real estate transfer taxes (
Note 7
).
|
(b)
|
Consists of Net investments in real estate. In 2017, we reclassified certain line items in our consolidated balance sheets. As a result, Net investments in real estate as of December 31, 2016 has been revised to conform to the current period presentation.
|
|
W. P. Carey 2017 10-K
–
141
|
|
Three Months Ended
|
||||||||||||||
|
March 31, 2017
|
|
June 30, 2017
|
|
September 30, 2017
|
|
December 31, 2017
|
||||||||
Revenues
|
$
|
219,059
|
|
|
$
|
221,528
|
|
|
$
|
210,754
|
|
|
$
|
196,961
|
|
Expenses
|
134,882
|
|
|
127,991
|
|
|
115,164
|
|
|
111,711
|
|
||||
Net income
(a)
|
59,825
|
|
|
67,131
|
|
|
83,654
|
|
|
74,473
|
|
||||
Net (income) loss attributable to noncontrolling interests
|
(2,341
|
)
|
|
(2,813
|
)
|
|
(3,376
|
)
|
|
736
|
|
||||
Net income attributable to W. P. Carey
(a)
|
57,484
|
|
|
64,318
|
|
|
80,278
|
|
|
75,209
|
|
||||
Earnings per share attributable to W. P. Carey:
|
|
|
|
|
|
|
|
||||||||
Basic
(b)
|
$
|
0.53
|
|
|
$
|
0.60
|
|
|
$
|
0.74
|
|
|
$
|
0.69
|
|
Diluted
(b)
|
$
|
0.53
|
|
|
$
|
0.59
|
|
|
$
|
0.74
|
|
|
$
|
0.69
|
|
Distributions declared per share
|
$
|
0.9950
|
|
|
$
|
1.0000
|
|
|
$
|
1.0050
|
|
|
$
|
1.0100
|
|
|
Three Months Ended
|
||||||||||||||
|
March 31, 2016
|
|
June 30, 2016
|
|
September 30, 2016
|
|
December 31, 2016
|
||||||||
Revenues
(c)
|
$
|
270,240
|
|
|
$
|
217,266
|
|
|
$
|
225,247
|
|
|
$
|
228,780
|
|
Expenses
|
180,000
|
|
|
160,697
|
|
|
136,472
|
|
|
144,564
|
|
||||
Net income
(c) (d)
|
60,864
|
|
|
53,171
|
|
|
112,302
|
|
|
48,470
|
|
||||
Net income attributable to noncontrolling interests
|
(3,425
|
)
|
|
(1,510
|
)
|
|
(1,359
|
)
|
|
(766
|
)
|
||||
Net income attributable to W. P. Carey
(c) (d)
|
57,439
|
|
|
51,661
|
|
|
110,943
|
|
|
47,704
|
|
||||
Earnings per share attributable to W. P. Carey:
|
|
|
|
|
|
|
|
||||||||
Basic
(b)
|
$
|
0.54
|
|
|
$
|
0.48
|
|
|
$
|
1.03
|
|
|
$
|
0.44
|
|
Diluted
(b)
|
$
|
0.54
|
|
|
$
|
0.48
|
|
|
$
|
1.03
|
|
|
$
|
0.44
|
|
Distributions declared per share
|
$
|
0.9742
|
|
|
$
|
0.9800
|
|
|
$
|
0.9850
|
|
|
$
|
0.9900
|
|
(a)
|
Amount for the three months ended September 30, 2017 includes an aggregate gain on sale of real estate of
$19.3 million
recognized on the disposition of
five
properties. Amount for the three months ended December 31, 2017 includes an aggregate gain on sale of real estate of
$11.1 million
recognized on the disposition of
five
properties.
|
(b)
|
The sum of the quarterly basic and diluted earnings per share amounts may not agree to the full year basic and diluted earnings per share amounts because the calculations of basic and diluted weighted-average shares outstanding for each quarter and the full year are performed independently.
|
(c)
|
Amount for the three months ended March 31, 2016 includes lease termination income of
$32.2 million
recognized in connection with a domestic property that was sold during that period (
Note 16
).
|
(d)
|
Amount for the three months ended September 30, 2016 includes an aggregate gain on sale of real estate of
$49.1 million
recognized on the disposition of
four
properties.
|
|
W. P. Carey 2017 10-K
–
142
|
|
W. P. Carey 2017 10-K
–
143
|
Description
|
|
Balance at
Beginning
of Year
|
|
Other Additions
|
|
Deductions
|
|
Balance at
End of Year
|
||||||||
Year Ended December 31, 2017
|
|
|
|
|
|
|
|
|
||||||||
Valuation reserve for deferred tax assets
|
|
$
|
27,350
|
|
|
$
|
18,031
|
|
|
$
|
(6,226
|
)
|
|
$
|
39,155
|
|
|
|
|
|
|
|
|
|
|
||||||||
Year Ended December 31, 2016
|
|
|
|
|
|
|
|
|
||||||||
Valuation reserve for deferred tax assets
|
|
$
|
29,746
|
|
|
$
|
8,810
|
|
|
$
|
(11,206
|
)
|
|
$
|
27,350
|
|
|
|
|
|
|
|
|
|
|
||||||||
Year Ended December 31, 2015
|
|
|
|
|
|
|
|
|
||||||||
Valuation reserve for deferred tax assets
|
|
$
|
20,672
|
|
|
$
|
10,001
|
|
|
$
|
(927
|
)
|
|
$
|
29,746
|
|
|
W. P. Carey 2017 10-K
–
144
|
|
|
|
|
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
|
|
|
|
|
||||||||||||||||||||||||
Land, Buildings and Improvements Subject to Operating Leases
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Industrial facilities in Erlanger, KY
|
|
$
|
—
|
|
|
$
|
1,526
|
|
|
$
|
21,427
|
|
|
$
|
2,966
|
|
|
$
|
141
|
|
|
$
|
1,526
|
|
|
$
|
24,534
|
|
|
$
|
26,060
|
|
|
$
|
12,683
|
|
|
1979; 1987
|
|
Jan. 1998
|
|
40 yrs.
|
Industrial facilities in Thurmont, MD and Farmington, NY
|
|
—
|
|
|
729
|
|
|
5,903
|
|
|
—
|
|
|
—
|
|
|
729
|
|
|
5,903
|
|
|
6,632
|
|
|
1,451
|
|
|
1964; 1983
|
|
Jan. 1998
|
|
15 yrs.
|
|||||||||
Retail facility in Montgomery, AL
|
|
—
|
|
|
855
|
|
|
6,762
|
|
|
277
|
|
|
(7,017
|
)
|
|
142
|
|
|
735
|
|
|
877
|
|
|
492
|
|
|
1987
|
|
Jan. 1998
|
|
40 yrs.
|
|||||||||
Warehouse facilities in Anchorage, AK and Commerce, CA
|
|
—
|
|
|
4,905
|
|
|
11,898
|
|
|
—
|
|
|
12
|
|
|
4,905
|
|
|
11,910
|
|
|
16,815
|
|
|
4,613
|
|
|
1948; 1975
|
|
Jan. 1998
|
|
40 yrs.
|
|||||||||
Industrial facility in Toledo, OH
|
|
—
|
|
|
224
|
|
|
2,408
|
|
|
—
|
|
|
—
|
|
|
224
|
|
|
2,408
|
|
|
2,632
|
|
|
1,505
|
|
|
1966
|
|
Jan. 1998
|
|
40 yrs.
|
|||||||||
Industrial facility in Goshen, IN
|
|
—
|
|
|
239
|
|
|
940
|
|
|
—
|
|
|
—
|
|
|
239
|
|
|
940
|
|
|
1,179
|
|
|
368
|
|
|
1973
|
|
Jan. 1998
|
|
40 yrs.
|
|||||||||
Office facility in Raleigh, NC
|
|
—
|
|
|
1,638
|
|
|
2,844
|
|
|
187
|
|
|
(2,554
|
)
|
|
828
|
|
|
1,287
|
|
|
2,115
|
|
|
795
|
|
|
1983
|
|
Jan. 1998
|
|
20 yrs.
|
|||||||||
Office facility in King of Prussia, PA
|
|
—
|
|
|
1,219
|
|
|
6,283
|
|
|
1,295
|
|
|
—
|
|
|
1,219
|
|
|
7,578
|
|
|
8,797
|
|
|
3,642
|
|
|
1968
|
|
Jan. 1998
|
|
40 yrs.
|
|||||||||
Industrial facility in Pinconning, MI
|
|
—
|
|
|
32
|
|
|
1,692
|
|
|
—
|
|
|
—
|
|
|
32
|
|
|
1,692
|
|
|
1,724
|
|
|
846
|
|
|
1948
|
|
Jan. 1998
|
|
40 yrs.
|
|||||||||
Industrial facilities in San Fernando, CA
|
|
6,351
|
|
|
2,052
|
|
|
5,322
|
|
|
—
|
|
|
(1,889
|
)
|
|
1,494
|
|
|
3,991
|
|
|
5,485
|
|
|
2,012
|
|
|
1962; 1979
|
|
Jan. 1998
|
|
40 yrs.
|
|||||||||
Retail facilities in several cities in the following states: Alabama, Florida, Georgia, Illinois, Louisiana, Missouri, New Mexico, North Carolina, South Carolina, Tennessee, and Texas
|
|
—
|
|
|
9,382
|
|
|
—
|
|
|
238
|
|
|
14,229
|
|
|
9,025
|
|
|
14,824
|
|
|
23,849
|
|
|
3,053
|
|
|
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
|
|
|
15,629
|
|
|
(11,410
|
)
|
|
3,288
|
|
|
14,083
|
|
|
17,371
|
|
|
408
|
|
|
2016
|
|
Jan. 1998
|
|
40 yrs.
|
|||||||||
Office facility in Collierville, TN and warehouse facility in Corpus Christi, TX
|
|
45,726
|
|
|
3,490
|
|
|
72,497
|
|
|
—
|
|
|
(15,609
|
)
|
|
288
|
|
|
60,090
|
|
|
60,378
|
|
|
13,896
|
|
|
1989; 1999
|
|
Jan. 1998
|
|
40 yrs.
|
|||||||||
Land in Irving and Houston, TX
|
|
—
|
|
|
9,795
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,795
|
|
|
—
|
|
|
9,795
|
|
|
—
|
|
|
N/A
|
|
Jan. 1998
|
|
N/A
|
|||||||||
Industrial facility in Chandler, AZ
|
|
8,097
|
|
|
5,035
|
|
|
18,957
|
|
|
7,435
|
|
|
541
|
|
|
5,035
|
|
|
26,933
|
|
|
31,968
|
|
|
12,888
|
|
|
1989
|
|
Jan. 1998
|
|
40 yrs.
|
|||||||||
Office facility in Bridgeton, MO
|
|
—
|
|
|
842
|
|
|
4,762
|
|
|
2,523
|
|
|
71
|
|
|
842
|
|
|
7,356
|
|
|
8,198
|
|
|
3,217
|
|
|
1972
|
|
Jan. 1998
|
|
40 yrs.
|
|||||||||
Retail facility in Drayton Plains, MI
|
|
—
|
|
|
1,039
|
|
|
4,788
|
|
|
236
|
|
|
(2,296
|
)
|
|
494
|
|
|
3,273
|
|
|
3,767
|
|
|
1,094
|
|
|
1972
|
|
Jan. 1998
|
|
35 yrs.
|
|||||||||
Warehouse facility in Memphis, TN
|
|
—
|
|
|
1,882
|
|
|
3,973
|
|
|
294
|
|
|
(3,892
|
)
|
|
328
|
|
|
1,929
|
|
|
2,257
|
|
|
1,050
|
|
|
1969
|
|
Jan. 1998
|
|
15 yrs.
|
|||||||||
Retail facility in Bellevue, WA
|
|
—
|
|
|
4,125
|
|
|
11,812
|
|
|
393
|
|
|
(123
|
)
|
|
4,371
|
|
|
11,836
|
|
|
16,207
|
|
|
5,771
|
|
|
1994
|
|
Apr. 1998
|
|
40 yrs.
|
|||||||||
Office facility in Rio Rancho, NM
|
|
—
|
|
|
1,190
|
|
|
9,353
|
|
|
5,866
|
|
|
—
|
|
|
2,287
|
|
|
14,122
|
|
|
16,409
|
|
|
5,342
|
|
|
1999
|
|
Jul. 1998
|
|
40 yrs.
|
|||||||||
Office facility in Moorestown, NJ
|
|
—
|
|
|
351
|
|
|
5,981
|
|
|
1,619
|
|
|
1
|
|
|
351
|
|
|
7,601
|
|
|
7,952
|
|
|
3,847
|
|
|
1964
|
|
Feb. 1999
|
|
40 yrs.
|
|||||||||
Industrial facilities in Lenexa, KS and Winston-Salem, NC
|
|
—
|
|
|
1,860
|
|
|
12,539
|
|
|
2,875
|
|
|
(1,135
|
)
|
|
1,725
|
|
|
14,414
|
|
|
16,139
|
|
|
5,324
|
|
|
1968; 1980
|
|
Sep. 2002
|
|
40 yrs.
|
|||||||||
Office facilities in Playa Vista and Venice, CA
|
|
43,978
|
|
|
2,032
|
|
|
10,152
|
|
|
52,817
|
|
|
1
|
|
|
5,889
|
|
|
59,113
|
|
|
65,002
|
|
|
11,746
|
|
|
1991; 1999
|
|
Sep. 2004; Sep. 2012
|
|
40 yrs.
|
|||||||||
Warehouse facility in Greenfield, IN
|
|
—
|
|
|
2,807
|
|
|
10,335
|
|
|
223
|
|
|
(8,383
|
)
|
|
967
|
|
|
4,015
|
|
|
4,982
|
|
|
1,570
|
|
|
1995
|
|
Sep. 2004
|
|
40 yrs.
|
|||||||||
Industrial facility in Scottsdale, AZ
|
|
—
|
|
|
586
|
|
|
46
|
|
|
—
|
|
|
—
|
|
|
586
|
|
|
46
|
|
|
632
|
|
|
15
|
|
|
1988
|
|
Sep. 2004
|
|
40 yrs.
|
|
W. P. Carey 2017 10-K
–
145
|
|
|
|
|
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 Hot Springs, AR
|
|
—
|
|
|
850
|
|
|
2,939
|
|
|
2
|
|
|
(2,614
|
)
|
|
—
|
|
|
1,177
|
|
|
1,177
|
|
|
392
|
|
|
1985
|
|
Sep. 2004
|
|
40 yrs.
|
Warehouse facilities in Apopka, FL
|
|
—
|
|
|
362
|
|
|
10,855
|
|
|
920
|
|
|
(155
|
)
|
|
337
|
|
|
11,645
|
|
|
11,982
|
|
|
3,580
|
|
|
1969
|
|
Sep. 2004
|
|
40 yrs.
|
Land in San Leandro, CA
|
|
—
|
|
|
1,532
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,532
|
|
|
—
|
|
|
1,532
|
|
|
—
|
|
|
N/A
|
|
Dec. 2006
|
|
N/A
|
Fitness facility in Austin, TX
|
|
—
|
|
|
1,725
|
|
|
5,168
|
|
|
—
|
|
|
—
|
|
|
1,725
|
|
|
5,168
|
|
|
6,893
|
|
|
2,010
|
|
|
1995
|
|
Dec. 2006
|
|
29 yrs.
|
Retail facility in Wroclaw, Poland
|
|
6,931
|
|
|
3,600
|
|
|
10,306
|
|
|
—
|
|
|
(3,060
|
)
|
|
2,999
|
|
|
7,847
|
|
|
10,846
|
|
|
1,960
|
|
|
2007
|
|
Dec. 2007
|
|
40 yrs.
|
Office facility in Fort Worth, TX
|
|
30,552
|
|
|
4,600
|
|
|
37,580
|
|
|
101
|
|
|
—
|
|
|
4,600
|
|
|
37,681
|
|
|
42,281
|
|
|
7,438
|
|
|
2003
|
|
Feb. 2010
|
|
40 yrs.
|
Warehouse facility in Mallorca, Spain
|
|
—
|
|
|
11,109
|
|
|
12,636
|
|
|
—
|
|
|
95
|
|
|
11,133
|
|
|
12,707
|
|
|
23,840
|
|
|
2,406
|
|
|
2008
|
|
Jun. 2010
|
|
40 yrs.
|
Retail facilities in Florence, AL; Snellville, GA; Concord, NC; Rockport, TX; and Virginia Beach, VA
|
|
—
|
|
|
5,646
|
|
|
12,367
|
|
|
—
|
|
|
—
|
|
|
5,646
|
|
|
12,367
|
|
|
18,013
|
|
|
1,737
|
|
|
2005; 2007
|
|
Sep. 2012
|
|
40 yrs.
|
Hotels in Irvine, Sacramento, and San Diego, CA; Orlando, FL; Des Plaines, IL; Indianapolis, IN; Louisville, KY; Linthicum Heights, MD; Newark, NJ; Albuquerque, NM; and Spokane, WA
|
|
133,185
|
|
|
32,680
|
|
|
198,999
|
|
|
—
|
|
|
—
|
|
|
32,680
|
|
|
198,999
|
|
|
231,679
|
|
|
28,786
|
|
|
1989; 1990
|
|
Sep. 2012
|
|
34 - 37 yrs.
|
Industrial facilities in Auburn, IN; Clinton Township, MI; and Bluffton, OH
|
|
—
|
|
|
4,403
|
|
|
20,298
|
|
|
—
|
|
|
(3,870
|
)
|
|
2,589
|
|
|
18,242
|
|
|
20,831
|
|
|
2,721
|
|
|
1968; 1975; 1995
|
|
Sep. 2012; Jan. 2014
|
|
30 yrs.
|
Land in Irvine, CA
|
|
1,617
|
|
|
4,173
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,173
|
|
|
—
|
|
|
4,173
|
|
|
—
|
|
|
N/A
|
|
Sep. 2012
|
|
N/A
|
Industrial facility in Alpharetta, GA
|
|
—
|
|
|
2,198
|
|
|
6,349
|
|
|
1,247
|
|
|
—
|
|
|
2,198
|
|
|
7,596
|
|
|
9,794
|
|
|
1,213
|
|
|
1997
|
|
Sep. 2012
|
|
30 yrs.
|
Office facility in Clinton, NJ
|
|
20,916
|
|
|
2,866
|
|
|
34,834
|
|
|
—
|
|
|
—
|
|
|
2,866
|
|
|
34,834
|
|
|
37,700
|
|
|
6,107
|
|
|
1987
|
|
Sep. 2012
|
|
30 yrs.
|
Office facilities in St. Petersburg, FL
|
|
—
|
|
|
3,280
|
|
|
24,627
|
|
|
—
|
|
|
—
|
|
|
3,280
|
|
|
24,627
|
|
|
27,907
|
|
|
4,302
|
|
|
1996; 1999
|
|
Sep. 2012
|
|
30 yrs.
|
Movie theater in Baton Rouge, LA
|
|
—
|
|
|
4,168
|
|
|
5,724
|
|
|
3,200
|
|
|
—
|
|
|
4,168
|
|
|
8,924
|
|
|
13,092
|
|
|
1,080
|
|
|
2003
|
|
Sep. 2012
|
|
30 yrs.
|
Industrial and office facility in San Diego, CA
|
|
—
|
|
|
7,804
|
|
|
16,729
|
|
|
1,725
|
|
|
—
|
|
|
7,804
|
|
|
18,454
|
|
|
26,258
|
|
|
3,585
|
|
|
2002
|
|
Sep. 2012
|
|
30 yrs.
|
Industrial facility in Richmond, CA
|
|
—
|
|
|
895
|
|
|
1,953
|
|
|
—
|
|
|
—
|
|
|
895
|
|
|
1,953
|
|
|
2,848
|
|
|
342
|
|
|
1999
|
|
Sep. 2012
|
|
30 yrs.
|
Warehouse facilities in Kingman, AZ; Woodland, CA; Jonesboro, GA; Kansas City, MO; Springfield, OR; Fogelsville, PA; and Corsicana, TX
|
|
54,863
|
|
|
16,386
|
|
|
84,668
|
|
|
—
|
|
|
—
|
|
|
16,386
|
|
|
84,668
|
|
|
101,054
|
|
|
14,723
|
|
|
Various
|
|
Sep. 2012
|
|
30 yrs.
|
Industrial facilities in Orlando, FL; Rocky Mount, NC; and Lewisville, TX
|
|
—
|
|
|
2,163
|
|
|
17,715
|
|
|
384
|
|
|
—
|
|
|
2,163
|
|
|
18,099
|
|
|
20,262
|
|
|
3,110
|
|
|
Various
|
|
Sep. 2012
|
|
30 yrs.
|
Industrial facilities in Chattanooga, TN
|
|
—
|
|
|
558
|
|
|
5,923
|
|
|
—
|
|
|
—
|
|
|
558
|
|
|
5,923
|
|
|
6,481
|
|
|
1,027
|
|
|
1974; 1989
|
|
Sep. 2012
|
|
30 yrs.
|
Industrial facility in Mooresville, NC
|
|
3,959
|
|
|
756
|
|
|
9,775
|
|
|
—
|
|
|
—
|
|
|
756
|
|
|
9,775
|
|
|
10,531
|
|
|
1,690
|
|
|
1997
|
|
Sep. 2012
|
|
30 yrs.
|
Industrial facility in McCalla, AL
|
|
—
|
|
|
960
|
|
|
14,472
|
|
|
29,028
|
|
|
—
|
|
|
2,076
|
|
|
42,384
|
|
|
44,460
|
|
|
4,584
|
|
|
2004
|
|
Sep. 2012
|
|
31 yrs.
|
Office facility in Lower Makefield Township, PA
|
|
—
|
|
|
1,726
|
|
|
12,781
|
|
|
144
|
|
|
—
|
|
|
1,726
|
|
|
12,925
|
|
|
14,651
|
|
|
2,205
|
|
|
2002
|
|
Sep. 2012
|
|
30 yrs.
|
Industrial facility in Fort Smith, AZ
|
|
—
|
|
|
1,063
|
|
|
6,159
|
|
|
—
|
|
|
—
|
|
|
1,063
|
|
|
6,159
|
|
|
7,222
|
|
|
1,054
|
|
|
1982
|
|
Sep. 2012
|
|
30 yrs.
|
|
W. P. Carey 2017 10-K
–
146
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|||||||||||||||
Retail facilities in Greenwood, IN and Buffalo, NY
|
|
7,659
|
|
|
—
|
|
|
19,990
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19,990
|
|
|
19,990
|
|
|
3,383
|
|
|
2000; 2003
|
|
Sep. 2012
|
|
30 - 31 yrs.
|
Industrial facilities in Bowling Green, KY and Jackson, TN
|
|
5,593
|
|
|
1,492
|
|
|
8,182
|
|
|
—
|
|
|
—
|
|
|
1,492
|
|
|
8,182
|
|
|
9,674
|
|
|
1,396
|
|
|
1989; 1995
|
|
Sep. 2012
|
|
31 yrs.
|
Education facilities in Avondale, AZ; Rancho Cucamonga, CA; and Exton, PA
|
|
28,469
|
|
|
14,006
|
|
|
33,683
|
|
|
—
|
|
|
(3,878
|
)
|
|
11,179
|
|
|
32,632
|
|
|
43,811
|
|
|
5,361
|
|
|
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
|
|
8,053
|
|
|
6,559
|
|
|
19,078
|
|
|
—
|
|
|
—
|
|
|
6,559
|
|
|
19,078
|
|
|
25,637
|
|
|
3,228
|
|
|
Various
|
|
Sep. 2012
|
|
31 yrs.
|
Industrial facilities in Tolleson, AZ; Alsip, IL; and Solvay, NY
|
|
10,168
|
|
|
6,080
|
|
|
23,424
|
|
|
—
|
|
|
—
|
|
|
6,080
|
|
|
23,424
|
|
|
29,504
|
|
|
3,932
|
|
|
1990; 1994; 2000
|
|
Sep. 2012
|
|
31 yrs.
|
Fitness facilities in Englewood, CO; Memphis TN; and Bedford, TX
|
|
4,695
|
|
|
4,877
|
|
|
4,258
|
|
|
5,215
|
|
|
4,756
|
|
|
4,877
|
|
|
14,229
|
|
|
19,106
|
|
|
2,184
|
|
|
1990; 1995; 2001
|
|
Sep. 2012
|
|
31 yrs.
|
Office facility in Mons, Belgium
|
|
7,373
|
|
|
1,505
|
|
|
6,026
|
|
|
653
|
|
|
(584
|
)
|
|
1,404
|
|
|
6,196
|
|
|
7,600
|
|
|
988
|
|
|
1982
|
|
Sep. 2012
|
|
32 yrs.
|
Warehouse facilities in Oceanside, CA and Concordville, PA
|
|
3,022
|
|
|
3,333
|
|
|
8,270
|
|
|
—
|
|
|
—
|
|
|
3,333
|
|
|
8,270
|
|
|
11,603
|
|
|
1,392
|
|
|
1989; 1996
|
|
Sep. 2012
|
|
31 yrs.
|
Self-storage facilities located throughout the United States
|
|
—
|
|
|
74,551
|
|
|
319,186
|
|
|
—
|
|
|
(50
|
)
|
|
74,501
|
|
|
319,186
|
|
|
393,687
|
|
|
53,153
|
|
|
Various
|
|
Sep. 2012
|
|
31 yrs.
|
Warehouse facility in La Vista, NE
|
|
20,178
|
|
|
4,196
|
|
|
23,148
|
|
|
—
|
|
|
—
|
|
|
4,196
|
|
|
23,148
|
|
|
27,344
|
|
|
3,633
|
|
|
2005
|
|
Sep. 2012
|
|
33 yrs.
|
Office facility in Pleasanton, CA
|
|
8,633
|
|
|
3,675
|
|
|
7,468
|
|
|
—
|
|
|
—
|
|
|
3,675
|
|
|
7,468
|
|
|
11,143
|
|
|
1,240
|
|
|
2000
|
|
Sep. 2012
|
|
31 yrs.
|
Office facility in San Marcos, TX
|
|
—
|
|
|
440
|
|
|
688
|
|
|
—
|
|
|
—
|
|
|
440
|
|
|
688
|
|
|
1,128
|
|
|
114
|
|
|
2000
|
|
Sep. 2012
|
|
31 yrs.
|
Office facility in Chicago, IL
|
|
13,266
|
|
|
2,169
|
|
|
19,010
|
|
|
—
|
|
|
—
|
|
|
2,169
|
|
|
19,010
|
|
|
21,179
|
|
|
3,132
|
|
|
1910
|
|
Sep. 2012
|
|
31 yrs.
|
Industrial facilities in Hollywood and Orlando, FL
|
|
—
|
|
|
3,639
|
|
|
1,269
|
|
|
—
|
|
|
—
|
|
|
3,639
|
|
|
1,269
|
|
|
4,908
|
|
|
209
|
|
|
1996
|
|
Sep. 2012
|
|
31 yrs.
|
Warehouse facility in Golden, CO
|
|
—
|
|
|
808
|
|
|
4,304
|
|
|
77
|
|
|
—
|
|
|
808
|
|
|
4,381
|
|
|
5,189
|
|
|
793
|
|
|
1998
|
|
Sep. 2012
|
|
30 yrs.
|
Industrial facility in Texarkana, TX
|
|
—
|
|
|
1,755
|
|
|
4,493
|
|
|
—
|
|
|
(2,783
|
)
|
|
216
|
|
|
3,249
|
|
|
3,465
|
|
|
535
|
|
|
1997
|
|
Sep. 2012
|
|
31 yrs.
|
Industrial facility in Eugene, OR
|
|
4,252
|
|
|
2,286
|
|
|
3,783
|
|
|
—
|
|
|
—
|
|
|
2,286
|
|
|
3,783
|
|
|
6,069
|
|
|
623
|
|
|
1980
|
|
Sep. 2012
|
|
31 yrs.
|
Industrial facility in South Jordan, UT
|
|
11,613
|
|
|
2,183
|
|
|
11,340
|
|
|
1,642
|
|
|
—
|
|
|
2,183
|
|
|
12,982
|
|
|
15,165
|
|
|
1,909
|
|
|
1995
|
|
Sep. 2012
|
|
31 yrs.
|
Warehouse facility in Ennis, TX
|
|
—
|
|
|
478
|
|
|
4,087
|
|
|
145
|
|
|
—
|
|
|
478
|
|
|
4,232
|
|
|
4,710
|
|
|
819
|
|
|
1989
|
|
Sep. 2012
|
|
31 yrs.
|
Retail facility in Braintree, MA
|
|
2,835
|
|
|
2,409
|
|
|
—
|
|
|
6,184
|
|
|
(1,403
|
)
|
|
1,006
|
|
|
6,184
|
|
|
7,190
|
|
|
795
|
|
|
1994
|
|
Sep. 2012
|
|
30 yrs.
|
Office facility in Paris, France
|
|
57,518
|
|
|
23,387
|
|
|
43,450
|
|
|
—
|
|
|
(4,507
|
)
|
|
21,810
|
|
|
40,520
|
|
|
62,330
|
|
|
6,507
|
|
|
1975
|
|
Sep. 2012
|
|
32 yrs.
|
Retail facilities in Bydgoszcz, Czestochowa, Jablonna, Katowice, Kielce, Lodz, Lubin, Olsztyn, Opole, Plock, Rybnik, Walbrzych, and Warsaw, Poland
|
|
119,146
|
|
|
26,564
|
|
|
72,866
|
|
|
—
|
|
|
(6,703
|
)
|
|
24,773
|
|
|
67,954
|
|
|
92,727
|
|
|
14,991
|
|
|
Various
|
|
Sep. 2012
|
|
23 - 34 yrs.
|
Industrial facility in Laupheim, Germany
|
|
—
|
|
|
2,072
|
|
|
8,339
|
|
|
—
|
|
|
(702
|
)
|
|
1,933
|
|
|
7,776
|
|
|
9,709
|
|
|
2,047
|
|
|
1960
|
|
Sep. 2012
|
|
20 yrs.
|
Industrial facilities in Danbury, CT and Bedford, MA
|
|
7,942
|
|
|
3,519
|
|
|
16,329
|
|
|
—
|
|
|
—
|
|
|
3,519
|
|
|
16,329
|
|
|
19,848
|
|
|
2,871
|
|
|
1965; 1980
|
|
Sep. 2012
|
|
29 yrs.
|
|
W. P. Carey 2017 10-K
–
147
|
|
|
|
|
|
|
|
|
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 Venlo, Netherlands
|
|
—
|
|
|
10,154
|
|
|
18,590
|
|
|
—
|
|
|
(2,233
|
)
|
|
9,365
|
|
|
17,146
|
|
|
26,511
|
|
|
2,362
|
|
|
1998; 1999
|
|
Apr. 2013
|
|
35 yrs.
|
Industrial and office facility in Tampere, Finland
|
|
—
|
|
|
2,309
|
|
|
37,153
|
|
|
—
|
|
|
(3,158
|
)
|
|
2,098
|
|
|
34,206
|
|
|
36,304
|
|
|
5,008
|
|
|
2012
|
|
Jun. 2013
|
|
40 yrs.
|
Office facility in Quincy, MA
|
|
—
|
|
|
2,316
|
|
|
21,537
|
|
|
127
|
|
|
—
|
|
|
2,316
|
|
|
21,664
|
|
|
23,980
|
|
|
2,654
|
|
|
1989
|
|
Jun. 2013
|
|
40 yrs.
|
Office facility in Salford, United Kingdom
|
|
—
|
|
|
—
|
|
|
30,012
|
|
|
—
|
|
|
(4,078
|
)
|
|
—
|
|
|
25,934
|
|
|
25,934
|
|
|
2,886
|
|
|
1997
|
|
Sep. 2013
|
|
40 yrs.
|
Office facility in Lone Tree, CO
|
|
—
|
|
|
4,761
|
|
|
28,864
|
|
|
2,837
|
|
|
—
|
|
|
4,761
|
|
|
31,701
|
|
|
36,462
|
|
|
3,716
|
|
|
2001
|
|
Nov. 2013
|
|
40 yrs.
|
Office facility in Mönchengladbach, Germany
|
|
35,353
|
|
|
2,154
|
|
|
6,917
|
|
|
50,626
|
|
|
3,494
|
|
|
2,303
|
|
|
60,888
|
|
|
63,191
|
|
|
3,175
|
|
|
2015
|
|
Dec. 2013
|
|
40 yrs.
|
Fitness facility in Houston, TX
|
|
2,992
|
|
|
2,430
|
|
|
2,270
|
|
|
—
|
|
|
—
|
|
|
2,430
|
|
|
2,270
|
|
|
4,700
|
|
|
396
|
|
|
1995
|
|
Jan. 2014
|
|
23 yrs.
|
Fitness facility in St. Charles, MO
|
|
—
|
|
|
1,966
|
|
|
1,368
|
|
|
1,352
|
|
|
—
|
|
|
1,966
|
|
|
2,720
|
|
|
4,686
|
|
|
286
|
|
|
1987
|
|
Jan. 2014
|
|
27 yrs.
|
Fitness facility in Salt Lake City, UT
|
|
2,703
|
|
|
856
|
|
|
2,804
|
|
|
—
|
|
|
—
|
|
|
856
|
|
|
2,804
|
|
|
3,660
|
|
|
425
|
|
|
1999
|
|
Jan. 2014
|
|
26 yrs.
|
Land in Scottsdale, AZ
|
|
10,014
|
|
|
22,300
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,300
|
|
|
—
|
|
|
22,300
|
|
|
—
|
|
|
N/A
|
|
Jan. 2014
|
|
N/A
|
Industrial facility in Aurora, CO
|
|
2,843
|
|
|
737
|
|
|
2,609
|
|
|
—
|
|
|
—
|
|
|
737
|
|
|
2,609
|
|
|
3,346
|
|
|
323
|
|
|
1985
|
|
Jan. 2014
|
|
32 yrs.
|
Warehouse facility in Burlington, NJ
|
|
—
|
|
|
3,989
|
|
|
6,213
|
|
|
377
|
|
|
—
|
|
|
3,989
|
|
|
6,590
|
|
|
10,579
|
|
|
998
|
|
|
1999
|
|
Jan. 2014
|
|
26 yrs.
|
Industrial facility in Albuquerque, NM
|
|
—
|
|
|
2,467
|
|
|
3,476
|
|
|
606
|
|
|
—
|
|
|
2,467
|
|
|
4,082
|
|
|
6,549
|
|
|
588
|
|
|
1993
|
|
Jan. 2014
|
|
27 yrs.
|
Industrial facility in North Salt Lake, UT
|
|
—
|
|
|
10,601
|
|
|
17,626
|
|
|
—
|
|
|
(16,936
|
)
|
|
4,388
|
|
|
6,903
|
|
|
11,291
|
|
|
1,033
|
|
|
1981
|
|
Jan. 2014
|
|
26 yrs.
|
Industrial facilities in Lexington, NC and Murrysville, PA
|
|
—
|
|
|
2,185
|
|
|
12,058
|
|
|
—
|
|
|
2,713
|
|
|
1,608
|
|
|
15,348
|
|
|
16,956
|
|
|
2,165
|
|
|
1940; 1995
|
|
Jan. 2014
|
|
28 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
|
|
24,149
|
|
|
4,005
|
|
|
44,192
|
|
|
—
|
|
|
—
|
|
|
4,005
|
|
|
44,192
|
|
|
48,197
|
|
|
7,259
|
|
|
1911; 1967; 1982
|
|
Jan. 2014
|
|
24 yrs.
|
Industrial facilities in Colton, CA; Bonner Springs, KS; and Dallas, TX and land in Eagan, MN
|
|
18,267
|
|
|
8,451
|
|
|
25,457
|
|
|
—
|
|
|
298
|
|
|
8,451
|
|
|
25,755
|
|
|
34,206
|
|
|
3,511
|
|
|
1978; 1979; 1986
|
|
Jan. 2014
|
|
17 - 34 yrs.
|
Retail facility in Torrance, CA
|
|
—
|
|
|
8,412
|
|
|
12,241
|
|
|
1,213
|
|
|
(77
|
)
|
|
8,335
|
|
|
13,454
|
|
|
21,789
|
|
|
2,162
|
|
|
1973
|
|
Jan. 2014
|
|
25 yrs.
|
Office facility in Houston, TX
|
|
3,274
|
|
|
6,578
|
|
|
424
|
|
|
560
|
|
|
—
|
|
|
6,578
|
|
|
984
|
|
|
7,562
|
|
|
174
|
|
|
1978
|
|
Jan. 2014
|
|
27 yrs.
|
Land in Doncaster, United Kingdom
|
|
—
|
|
|
4,257
|
|
|
4,248
|
|
|
—
|
|
|
(8,102
|
)
|
|
403
|
|
|
—
|
|
|
403
|
|
|
—
|
|
|
N/A
|
|
Jan. 2014
|
|
N/A
|
Warehouse facility in Norwich, CT
|
|
9,888
|
|
|
3,885
|
|
|
21,342
|
|
|
—
|
|
|
2
|
|
|
3,885
|
|
|
21,344
|
|
|
25,229
|
|
|
2,958
|
|
|
1960
|
|
Jan. 2014
|
|
28 yrs.
|
Warehouse facility in Norwich, CT
|
|
—
|
|
|
1,437
|
|
|
9,669
|
|
|
—
|
|
|
—
|
|
|
1,437
|
|
|
9,669
|
|
|
11,106
|
|
|
1,340
|
|
|
2005
|
|
Jan. 2014
|
|
28 yrs.
|
Retail facility in Johnstown, PA and warehouse facility in Whitehall, PA
|
|
—
|
|
|
7,435
|
|
|
9,093
|
|
|
—
|
|
|
(2,297
|
)
|
|
7,140
|
|
|
7,091
|
|
|
14,231
|
|
|
1,545
|
|
|
1986; 1992
|
|
Jan. 2014
|
|
23 yrs.
|
Retail facilities in York, PA
|
|
8,325
|
|
|
3,776
|
|
|
10,092
|
|
|
—
|
|
|
—
|
|
|
3,776
|
|
|
10,092
|
|
|
13,868
|
|
|
1,274
|
|
|
1992; 2005
|
|
Jan. 2014
|
|
26 - 34 yrs.
|
Industrial facility in Pittsburgh, PA
|
|
—
|
|
|
1,151
|
|
|
10,938
|
|
|
—
|
|
|
—
|
|
|
1,151
|
|
|
10,938
|
|
|
12,089
|
|
|
1,730
|
|
|
1991
|
|
Jan. 2014
|
|
25 yrs.
|
Warehouse facilities in Atlanta, GA and Elkwood, VA
|
|
—
|
|
|
5,356
|
|
|
4,121
|
|
|
—
|
|
|
(2,104
|
)
|
|
4,284
|
|
|
3,089
|
|
|
7,373
|
|
|
434
|
|
|
1975
|
|
Jan. 2014
|
|
28 yrs.
|
Warehouse facility in Harrisburg, NC
|
|
—
|
|
|
1,753
|
|
|
5,840
|
|
|
—
|
|
|
(111
|
)
|
|
1,642
|
|
|
5,840
|
|
|
7,482
|
|
|
877
|
|
|
2000
|
|
Jan. 2014
|
|
26 yrs.
|
|
W. P. Carey 2017 10-K
–
148
|
|
|
|
|
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
|
|
|
|
|
|||||||||||||||
Education facility in Nashville, TN
|
|
5,067
|
|
|
1,098
|
|
|
7,043
|
|
|
3,345
|
|
|
—
|
|
|
1,098
|
|
|
10,388
|
|
|
11,486
|
|
|
1,272
|
|
|
1988
|
|
Jan. 2014
|
|
31 yrs.
|
Industrial facility in Chandler, AZ; industrial, office, and warehouse facility in Englewood, CO; and land in Englewood, CO
|
|
4,494
|
|
|
4,306
|
|
|
7,235
|
|
|
—
|
|
|
3
|
|
|
4,306
|
|
|
7,238
|
|
|
11,544
|
|
|
937
|
|
|
1978; 1987
|
|
Jan. 2014
|
|
30 yrs.
|
Industrial facility in Cynthiana, KY
|
|
2,145
|
|
|
1,274
|
|
|
3,505
|
|
|
480
|
|
|
(107
|
)
|
|
1,274
|
|
|
3,878
|
|
|
5,152
|
|
|
510
|
|
|
1967
|
|
Jan. 2014
|
|
31 yrs.
|
Industrial facility in Columbia, SC
|
|
—
|
|
|
2,843
|
|
|
11,886
|
|
|
—
|
|
|
—
|
|
|
2,843
|
|
|
11,886
|
|
|
14,729
|
|
|
2,060
|
|
|
1962
|
|
Jan. 2014
|
|
23 yrs.
|
Land in Midlothian, VA
|
|
—
|
|
|
2,824
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,824
|
|
|
—
|
|
|
2,824
|
|
|
—
|
|
|
N/A
|
|
Jan. 2014
|
|
N/A
|
Net-lease student housing facility in Laramie, WY
|
|
—
|
|
|
1,966
|
|
|
18,896
|
|
|
—
|
|
|
—
|
|
|
1,966
|
|
|
18,896
|
|
|
20,862
|
|
|
3,235
|
|
|
2007
|
|
Jan. 2014
|
|
33 yrs.
|
Office facility in Greenville, SC
|
|
8,094
|
|
|
562
|
|
|
7,916
|
|
|
—
|
|
|
43
|
|
|
562
|
|
|
7,959
|
|
|
8,521
|
|
|
1,242
|
|
|
1972
|
|
Jan. 2014
|
|
25 yrs.
|
Warehouse facilities in Mendota, IL; Toppenish, WA; and Plover, WI
|
|
—
|
|
|
1,444
|
|
|
21,208
|
|
|
—
|
|
|
(623
|
)
|
|
1,382
|
|
|
20,647
|
|
|
22,029
|
|
|
3,606
|
|
|
1996
|
|
Jan. 2014
|
|
23 yrs.
|
Industrial facility in Allen, TX and office facility in Sunnyvale, CA
|
|
9,173
|
|
|
9,297
|
|
|
24,086
|
|
|
—
|
|
|
(42
|
)
|
|
9,255
|
|
|
24,086
|
|
|
33,341
|
|
|
3,050
|
|
|
1981; 1997
|
|
Jan. 2014
|
|
31 yrs.
|
Industrial facilities in Hampton, NH
|
|
7,984
|
|
|
8,990
|
|
|
7,362
|
|
|
—
|
|
|
—
|
|
|
8,990
|
|
|
7,362
|
|
|
16,352
|
|
|
950
|
|
|
1976
|
|
Jan. 2014
|
|
30 yrs.
|
Industrial facilities located throughout France
|
|
—
|
|
|
36,306
|
|
|
5,212
|
|
|
—
|
|
|
(4,938
|
)
|
|
31,988
|
|
|
4,592
|
|
|
36,580
|
|
|
785
|
|
|
Various
|
|
Jan. 2014
|
|
23 yrs.
|
Retail facility in Fairfax, VA
|
|
4,764
|
|
|
3,402
|
|
|
16,353
|
|
|
—
|
|
|
—
|
|
|
3,402
|
|
|
16,353
|
|
|
19,755
|
|
|
2,431
|
|
|
1998
|
|
Jan. 2014
|
|
26 yrs.
|
Retail facility in Lombard, IL
|
|
4,764
|
|
|
5,087
|
|
|
8,578
|
|
|
—
|
|
|
—
|
|
|
5,087
|
|
|
8,578
|
|
|
13,665
|
|
|
1,275
|
|
|
1999
|
|
Jan. 2014
|
|
26 yrs.
|
Warehouse facility in Plainfield, IN
|
|
19,356
|
|
|
1,578
|
|
|
29,415
|
|
|
—
|
|
|
—
|
|
|
1,578
|
|
|
29,415
|
|
|
30,993
|
|
|
3,797
|
|
|
1997
|
|
Jan. 2014
|
|
30 yrs.
|
Retail facility in Kennesaw, GA
|
|
3,304
|
|
|
2,849
|
|
|
6,180
|
|
|
—
|
|
|
—
|
|
|
2,849
|
|
|
6,180
|
|
|
9,029
|
|
|
919
|
|
|
1999
|
|
Jan. 2014
|
|
26 yrs.
|
Retail facility in Leawood, KS
|
|
8,453
|
|
|
1,487
|
|
|
13,417
|
|
|
—
|
|
|
—
|
|
|
1,487
|
|
|
13,417
|
|
|
14,904
|
|
|
1,995
|
|
|
1997
|
|
Jan. 2014
|
|
26 yrs.
|
Office facility in Tolland, CT
|
|
7,775
|
|
|
1,817
|
|
|
5,709
|
|
|
—
|
|
|
11
|
|
|
1,817
|
|
|
5,720
|
|
|
7,537
|
|
|
817
|
|
|
1968
|
|
Jan. 2014
|
|
28 yrs.
|
Warehouse facilities in Lincolnton, NC and Mauldin, SC
|
|
9,506
|
|
|
1,962
|
|
|
9,247
|
|
|
—
|
|
|
—
|
|
|
1,962
|
|
|
9,247
|
|
|
11,209
|
|
|
1,289
|
|
|
1988; 1996
|
|
Jan. 2014
|
|
28 yrs.
|
Retail facilities located throughout Germany
|
|
—
|
|
|
81,109
|
|
|
153,927
|
|
|
1,526
|
|
|
(27,924
|
)
|
|
71,461
|
|
|
137,177
|
|
|
208,638
|
|
|
18,722
|
|
|
Various
|
|
Jan. 2014
|
|
Various
|
Office facility in Southfield, MI
|
|
—
|
|
|
1,726
|
|
|
4,856
|
|
|
89
|
|
|
—
|
|
|
1,726
|
|
|
4,945
|
|
|
6,671
|
|
|
622
|
|
|
1985
|
|
Jan. 2014
|
|
31 yrs.
|
Office facility in The Woodlands, TX
|
|
19,003
|
|
|
3,204
|
|
|
24,997
|
|
|
—
|
|
|
—
|
|
|
3,204
|
|
|
24,997
|
|
|
28,201
|
|
|
3,107
|
|
|
1997
|
|
Jan. 2014
|
|
32 yrs.
|
Warehouse facilities in Valdosta, GA and Johnson City, TN
|
|
7,559
|
|
|
1,080
|
|
|
14,998
|
|
|
—
|
|
|
—
|
|
|
1,080
|
|
|
14,998
|
|
|
16,078
|
|
|
2,209
|
|
|
1978; 1998
|
|
Jan. 2014
|
|
27 yrs.
|
Industrial facility in Amherst, NY
|
|
7,669
|
|
|
674
|
|
|
7,971
|
|
|
—
|
|
|
—
|
|
|
674
|
|
|
7,971
|
|
|
8,645
|
|
|
1,392
|
|
|
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
|
|
|
1,851
|
|
|
1954; 1997
|
|
Jan. 2014
|
|
28 yrs.
|
Warehouse facilities in Kottka, Finland
|
|
—
|
|
|
—
|
|
|
8,546
|
|
|
—
|
|
|
(1,017
|
)
|
|
—
|
|
|
7,529
|
|
|
7,529
|
|
|
1,350
|
|
|
1999; 2001
|
|
Jan. 2014
|
|
21 - 23 yrs.
|
Office facility in Bloomington, MN
|
|
—
|
|
|
2,942
|
|
|
7,155
|
|
|
—
|
|
|
—
|
|
|
2,942
|
|
|
7,155
|
|
|
10,097
|
|
|
989
|
|
|
1988
|
|
Jan. 2014
|
|
28 yrs.
|
Warehouse facility in Gorinchem, Netherlands
|
|
3,773
|
|
|
1,143
|
|
|
5,648
|
|
|
—
|
|
|
(808
|
)
|
|
1,007
|
|
|
4,976
|
|
|
5,983
|
|
|
688
|
|
|
1995
|
|
Jan. 2014
|
|
28 yrs.
|
|
W. P. Carey 2017 10-K
–
149
|
|
|
|
|
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 Cresskill, NJ
|
|
—
|
|
|
2,366
|
|
|
5,482
|
|
|
—
|
|
|
19
|
|
|
2,366
|
|
|
5,501
|
|
|
7,867
|
|
|
691
|
|
|
1975
|
|
Jan. 2014
|
|
31 yrs.
|
Retail facility in Livingston, NJ
|
|
5,055
|
|
|
2,932
|
|
|
2,001
|
|
|
—
|
|
|
14
|
|
|
2,932
|
|
|
2,015
|
|
|
4,947
|
|
|
290
|
|
|
1966
|
|
Jan. 2014
|
|
27 yrs.
|
Retail facility in Maplewood, NJ
|
|
—
|
|
|
845
|
|
|
647
|
|
|
—
|
|
|
4
|
|
|
845
|
|
|
651
|
|
|
1,496
|
|
|
94
|
|
|
1954
|
|
Jan. 2014
|
|
27 yrs.
|
Retail facility in Montclair, NJ
|
|
—
|
|
|
1,905
|
|
|
1,403
|
|
|
—
|
|
|
6
|
|
|
1,905
|
|
|
1,409
|
|
|
3,314
|
|
|
203
|
|
|
1950
|
|
Jan. 2014
|
|
27 yrs.
|
Retail facility in Morristown, NJ
|
|
—
|
|
|
3,258
|
|
|
8,352
|
|
|
—
|
|
|
26
|
|
|
3,258
|
|
|
8,378
|
|
|
11,636
|
|
|
1,207
|
|
|
1973
|
|
Jan. 2014
|
|
27 yrs.
|
Retail facility in Summit, NJ
|
|
—
|
|
|
1,228
|
|
|
1,465
|
|
|
—
|
|
|
8
|
|
|
1,228
|
|
|
1,473
|
|
|
2,701
|
|
|
212
|
|
|
1950
|
|
Jan. 2014
|
|
27 yrs.
|
Industrial and office facilities in Bunde, Dransfeld, and Wolfach, Germany
|
|
—
|
|
|
2,789
|
|
|
8,750
|
|
|
—
|
|
|
(1,328
|
)
|
|
2,457
|
|
|
7,754
|
|
|
10,211
|
|
|
1,247
|
|
|
1898; 1956; 1978
|
|
Jan. 2014
|
|
24 yrs.
|
Industrial facilities in Georgetown, TX and Woodland, WA
|
|
—
|
|
|
965
|
|
|
4,113
|
|
|
—
|
|
|
—
|
|
|
965
|
|
|
4,113
|
|
|
5,078
|
|
|
477
|
|
|
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
|
|
|
1,104
|
|
|
Various
|
|
Jan. 2014
|
|
28 yrs.
|
Industrial facility in Ylämylly, Finland
|
|
7,096
|
|
|
1,669
|
|
|
6,034
|
|
|
—
|
|
|
(917
|
)
|
|
1,470
|
|
|
5,316
|
|
|
6,786
|
|
|
611
|
|
|
1999
|
|
Jan. 2014
|
|
34 yrs.
|
Industrial facility in Salisbury, NC
|
|
5,851
|
|
|
1,499
|
|
|
8,185
|
|
|
—
|
|
|
—
|
|
|
1,499
|
|
|
8,185
|
|
|
9,684
|
|
|
1,155
|
|
|
2000
|
|
Jan. 2014
|
|
28 yrs.
|
Industrial facilities in Solon and Twinsburg, OH and office facility in Plymouth, MI
|
|
3,575
|
|
|
2,831
|
|
|
10,565
|
|
|
—
|
|
|
—
|
|
|
2,831
|
|
|
10,565
|
|
|
13,396
|
|
|
1,522
|
|
|
1970; 1991; 1995
|
|
Jan. 2014
|
|
26 - 27 yrs.
|
Industrial facility in Cambridge, Canada
|
|
—
|
|
|
1,849
|
|
|
7,371
|
|
|
—
|
|
|
(1,001
|
)
|
|
1,648
|
|
|
6,571
|
|
|
8,219
|
|
|
823
|
|
|
2001
|
|
Jan. 2014
|
|
31 yrs.
|
Industrial facilities in Peru, IL; Huber Heights, Lima, and Sheffield, OH; and Lebanon, TN
|
|
10,291
|
|
|
2,962
|
|
|
17,832
|
|
|
—
|
|
|
—
|
|
|
2,962
|
|
|
17,832
|
|
|
20,794
|
|
|
2,234
|
|
|
Various
|
|
Jan. 2014
|
|
31 yrs.
|
Industrial facility in Ramos Arizpe, Mexico
|
|
—
|
|
|
1,059
|
|
|
2,886
|
|
|
—
|
|
|
—
|
|
|
1,059
|
|
|
2,886
|
|
|
3,945
|
|
|
361
|
|
|
2000
|
|
Jan. 2014
|
|
31 yrs.
|
Industrial facilities in Salt Lake City, UT
|
|
—
|
|
|
2,783
|
|
|
3,773
|
|
|
—
|
|
|
—
|
|
|
2,783
|
|
|
3,773
|
|
|
6,556
|
|
|
472
|
|
|
1983; 2002
|
|
Jan. 2014
|
|
31 - 33 yrs.
|
Net-lease student housing facility in Blairsville, PA
|
|
10,582
|
|
|
1,631
|
|
|
23,163
|
|
|
—
|
|
|
—
|
|
|
1,631
|
|
|
23,163
|
|
|
24,794
|
|
|
3,718
|
|
|
2005
|
|
Jan. 2014
|
|
33 yrs.
|
Industrial facility in Nashville, TN
|
|
—
|
|
|
1,078
|
|
|
5,619
|
|
|
302
|
|
|
—
|
|
|
1,078
|
|
|
5,921
|
|
|
6,999
|
|
|
1,039
|
|
|
1962
|
|
Jan. 2014
|
|
21 yrs.
|
Office facility in Lafayette, LA
|
|
—
|
|
|
1,048
|
|
|
1,507
|
|
|
—
|
|
|
(587
|
)
|
|
785
|
|
|
1,183
|
|
|
1,968
|
|
|
218
|
|
|
1995
|
|
Jan. 2014
|
|
27 yrs.
|
Warehouse facilities in Atlanta, Doraville, and Rockmart, GA
|
|
—
|
|
|
6,488
|
|
|
77,192
|
|
|
—
|
|
|
—
|
|
|
6,488
|
|
|
77,192
|
|
|
83,680
|
|
|
10,593
|
|
|
1959; 1962; 1991
|
|
Jan. 2014
|
|
23 - 33 yrs.
|
Warehouse facilities in Flora, MS and Muskogee, OK
|
|
3,269
|
|
|
554
|
|
|
4,353
|
|
|
—
|
|
|
—
|
|
|
554
|
|
|
4,353
|
|
|
4,907
|
|
|
520
|
|
|
1992; 2002
|
|
Jan. 2014
|
|
33 yrs.
|
Industrial facility in Richmond, MO
|
|
4,162
|
|
|
2,211
|
|
|
8,505
|
|
|
—
|
|
|
—
|
|
|
2,211
|
|
|
8,505
|
|
|
10,716
|
|
|
1,207
|
|
|
1996
|
|
Jan. 2014
|
|
28 yrs.
|
Warehouse facility in Dallas, TX
|
|
5,643
|
|
|
468
|
|
|
8,042
|
|
|
—
|
|
|
—
|
|
|
468
|
|
|
8,042
|
|
|
8,510
|
|
|
1,335
|
|
|
1997
|
|
Jan. 2014
|
|
24 yrs.
|
Industrial facility in Tuusula, Finland
|
|
—
|
|
|
6,173
|
|
|
10,321
|
|
|
—
|
|
|
(1,962
|
)
|
|
5,439
|
|
|
9,093
|
|
|
14,532
|
|
|
1,396
|
|
|
1975
|
|
Jan. 2014
|
|
26 yrs.
|
Office facility in Turku, Finland
|
|
—
|
|
|
5,343
|
|
|
34,106
|
|
|
—
|
|
|
(4,693
|
)
|
|
4,707
|
|
|
30,049
|
|
|
34,756
|
|
|
4,227
|
|
|
1981
|
|
Jan. 2014
|
|
28 yrs.
|
Industrial facility in Turku, Finland
|
|
—
|
|
|
1,105
|
|
|
10,243
|
|
|
—
|
|
|
(1,334
|
)
|
|
973
|
|
|
9,041
|
|
|
10,014
|
|
|
1,277
|
|
|
1981
|
|
Jan. 2014
|
|
28 yrs.
|
|
W. P. Carey 2017 10-K
–
150
|
|
|
|
|
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 Baraboo, WI
|
|
—
|
|
|
917
|
|
|
10,663
|
|
|
—
|
|
|
—
|
|
|
917
|
|
|
10,663
|
|
|
11,580
|
|
|
3,190
|
|
|
1988
|
|
Jan. 2014
|
|
13 yrs.
|
Warehouse facility in Phoenix, AZ
|
|
17,966
|
|
|
6,747
|
|
|
21,352
|
|
|
—
|
|
|
—
|
|
|
6,747
|
|
|
21,352
|
|
|
28,099
|
|
|
3,012
|
|
|
1996
|
|
Jan. 2014
|
|
28 yrs.
|
Land in Calgary, Canada
|
|
—
|
|
|
3,721
|
|
|
—
|
|
|
—
|
|
|
(404
|
)
|
|
3,317
|
|
|
—
|
|
|
3,317
|
|
|
—
|
|
|
N/A
|
|
Jan. 2014
|
|
N/A
|
Industrial facilities in Sandersville, GA; Erwin, TN; and Gainesville, TX
|
|
1,997
|
|
|
955
|
|
|
4,779
|
|
|
—
|
|
|
—
|
|
|
955
|
|
|
4,779
|
|
|
5,734
|
|
|
603
|
|
|
1950; 1986; 1996
|
|
Jan. 2014
|
|
31 yrs.
|
Industrial facility in Buffalo Grove, IL
|
|
6,188
|
|
|
1,492
|
|
|
12,233
|
|
|
—
|
|
|
—
|
|
|
1,492
|
|
|
12,233
|
|
|
13,725
|
|
|
1,549
|
|
|
1996
|
|
Jan. 2014
|
|
31 yrs.
|
Warehouse facility in Spanish Fork, UT
|
|
6,611
|
|
|
991
|
|
|
7,901
|
|
|
—
|
|
|
—
|
|
|
991
|
|
|
7,901
|
|
|
8,892
|
|
|
947
|
|
|
2001
|
|
Jan. 2014
|
|
33 yrs.
|
Industrial facilities in West Jordan, UT and Tacoma, WA; office facility in Eugene, OR; and warehouse facility in Perris, CA
|
|
—
|
|
|
8,989
|
|
|
5,435
|
|
|
—
|
|
|
8
|
|
|
8,989
|
|
|
5,443
|
|
|
14,432
|
|
|
759
|
|
|
Various
|
|
Jan. 2014
|
|
28 yrs.
|
Office facility in Carlsbad, CA
|
|
—
|
|
|
3,230
|
|
|
5,492
|
|
|
—
|
|
|
—
|
|
|
3,230
|
|
|
5,492
|
|
|
8,722
|
|
|
912
|
|
|
1999
|
|
Jan. 2014
|
|
24 yrs.
|
Land in Pensacola, FL
|
|
—
|
|
|
1,746
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,746
|
|
|
—
|
|
|
1,746
|
|
|
—
|
|
|
N/A
|
|
Jan. 2014
|
|
N/A
|
Movie theater in Port St. Lucie, FL
|
|
—
|
|
|
4,654
|
|
|
2,576
|
|
|
—
|
|
|
—
|
|
|
4,654
|
|
|
2,576
|
|
|
7,230
|
|
|
369
|
|
|
2000
|
|
Jan. 2014
|
|
27 yrs.
|
Movie theater in Hickory Creek, TX
|
|
—
|
|
|
1,693
|
|
|
3,342
|
|
|
—
|
|
|
—
|
|
|
1,693
|
|
|
3,342
|
|
|
5,035
|
|
|
489
|
|
|
2000
|
|
Jan. 2014
|
|
27 yrs.
|
Industrial facility in Nurieux-Volognat, France
|
|
—
|
|
|
121
|
|
|
5,328
|
|
|
—
|
|
|
(541
|
)
|
|
106
|
|
|
4,802
|
|
|
4,908
|
|
|
581
|
|
|
2000
|
|
Jan. 2014
|
|
32 yrs.
|
Warehouse facility in Suwanee, GA
|
|
—
|
|
|
2,330
|
|
|
8,406
|
|
|
—
|
|
|
—
|
|
|
2,330
|
|
|
8,406
|
|
|
10,736
|
|
|
973
|
|
|
1995
|
|
Jan. 2014
|
|
34 yrs.
|
Retail facilities in Wichita, KS and Oklahoma City, OK and warehouse facility in Wichita, KS
|
|
—
|
|
|
1,878
|
|
|
8,579
|
|
|
—
|
|
|
—
|
|
|
1,878
|
|
|
8,579
|
|
|
10,457
|
|
|
1,434
|
|
|
1954; 1975; 1984
|
|
Jan. 2014
|
|
24 yrs.
|
Industrial facilities in Fort Dodge, IA and Menomonie and Oconomowoc, WI
|
|
8,032
|
|
|
1,403
|
|
|
11,098
|
|
|
—
|
|
|
—
|
|
|
1,403
|
|
|
11,098
|
|
|
12,501
|
|
|
2,673
|
|
|
1996
|
|
Jan. 2014
|
|
16 yrs.
|
Industrial facility in Mesa, AZ
|
|
4,307
|
|
|
2,888
|
|
|
4,282
|
|
|
—
|
|
|
—
|
|
|
2,888
|
|
|
4,282
|
|
|
7,170
|
|
|
615
|
|
|
1991
|
|
Jan. 2014
|
|
27 yrs.
|
Industrial facility in North Amityville, NY
|
|
7,157
|
|
|
3,486
|
|
|
11,413
|
|
|
—
|
|
|
—
|
|
|
3,486
|
|
|
11,413
|
|
|
14,899
|
|
|
1,718
|
|
|
1981
|
|
Jan. 2014
|
|
26 yrs.
|
Warehouse facilities in Greenville, SC
|
|
—
|
|
|
567
|
|
|
10,217
|
|
|
—
|
|
|
15
|
|
|
567
|
|
|
10,232
|
|
|
10,799
|
|
|
1,945
|
|
|
1960
|
|
Jan. 2014
|
|
21 yrs.
|
Industrial facility in Fort Collins, CO
|
|
—
|
|
|
821
|
|
|
7,236
|
|
|
—
|
|
|
—
|
|
|
821
|
|
|
7,236
|
|
|
8,057
|
|
|
863
|
|
|
1993
|
|
Jan. 2014
|
|
33 yrs.
|
Land in Elk Grove Village, IL
|
|
1,585
|
|
|
4,037
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,037
|
|
|
—
|
|
|
4,037
|
|
|
—
|
|
|
N/A
|
|
Jan. 2014
|
|
N/A
|
Office facility in Washington, MI
|
|
—
|
|
|
4,085
|
|
|
7,496
|
|
|
—
|
|
|
—
|
|
|
4,085
|
|
|
7,496
|
|
|
11,581
|
|
|
896
|
|
|
1990
|
|
Jan. 2014
|
|
33 yrs.
|
Office facility in Houston, TX
|
|
—
|
|
|
522
|
|
|
7,448
|
|
|
227
|
|
|
—
|
|
|
522
|
|
|
7,675
|
|
|
8,197
|
|
|
1,134
|
|
|
1999
|
|
Jan. 2014
|
|
27 yrs.
|
Industrial facilities in Conroe, Odessa, and Weimar, TX and industrial and office facility in Houston, TX
|
|
5,678
|
|
|
4,049
|
|
|
13,021
|
|
|
—
|
|
|
133
|
|
|
4,049
|
|
|
13,154
|
|
|
17,203
|
|
|
2,758
|
|
|
Various
|
|
Jan. 2014
|
|
12 - 22 yrs.
|
Education facility in Sacramento, CA
|
|
26,433
|
|
|
—
|
|
|
13,715
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,715
|
|
|
13,715
|
|
|
1,607
|
|
|
2005
|
|
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
|
|
|
1,191
|
|
|
1969; 1974; 1984
|
|
Jan. 2014
|
|
27 yrs.
|
Office facility in Tinton Falls, NJ
|
|
—
|
|
|
1,958
|
|
|
7,993
|
|
|
13
|
|
|
—
|
|
|
1,958
|
|
|
8,006
|
|
|
9,964
|
|
|
1,025
|
|
|
2001
|
|
Jan. 2014
|
|
31 yrs.
|
|
W. P. Carey 2017 10-K
–
151
|
|
|
|
|
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 Woodland, WA
|
|
—
|
|
|
707
|
|
|
1,562
|
|
|
—
|
|
|
—
|
|
|
707
|
|
|
1,562
|
|
|
2,269
|
|
|
173
|
|
|
2009
|
|
Jan. 2014
|
|
35 yrs.
|
Warehouse facilities in Gyál and Herceghalom, Hungary
|
|
36,115
|
|
|
14,601
|
|
|
21,915
|
|
|
—
|
|
|
(4,343
|
)
|
|
12,864
|
|
|
19,309
|
|
|
32,173
|
|
|
3,702
|
|
|
2002; 2004
|
|
Jan. 2014
|
|
21 yrs.
|
Industrial facility in Windsor, CT
|
|
—
|
|
|
453
|
|
|
637
|
|
|
3,422
|
|
|
(83
|
)
|
|
453
|
|
|
3,976
|
|
|
4,429
|
|
|
158
|
|
|
1999
|
|
Jan. 2014
|
|
33 yrs.
|
Industrial facility in Aurora, CO
|
|
2,660
|
|
|
574
|
|
|
3,999
|
|
|
—
|
|
|
—
|
|
|
574
|
|
|
3,999
|
|
|
4,573
|
|
|
399
|
|
|
2012
|
|
Jan. 2014
|
|
40 yrs.
|
Office facility in Chandler, AZ
|
|
—
|
|
|
5,318
|
|
|
27,551
|
|
|
—
|
|
|
—
|
|
|
5,318
|
|
|
27,551
|
|
|
32,869
|
|
|
3,003
|
|
|
2000
|
|
Mar. 2014
|
|
40 yrs.
|
Warehouse facility in University Park, IL
|
|
—
|
|
|
7,962
|
|
|
32,756
|
|
|
221
|
|
|
—
|
|
|
7,962
|
|
|
32,977
|
|
|
40,939
|
|
|
3,426
|
|
|
2008
|
|
May 2014
|
|
40 yrs.
|
Office facility in Stavanger, Norway
|
|
—
|
|
|
10,296
|
|
|
91,744
|
|
|
—
|
|
|
(24,794
|
)
|
|
7,869
|
|
|
69,377
|
|
|
77,246
|
|
|
5,993
|
|
|
1975
|
|
Aug. 2014
|
|
40 yrs.
|
Office facility in Westborough, MA
|
|
—
|
|
|
3,409
|
|
|
37,914
|
|
|
—
|
|
|
—
|
|
|
3,409
|
|
|
37,914
|
|
|
41,323
|
|
|
3,562
|
|
|
1992
|
|
Aug. 2014
|
|
40 yrs.
|
Office facility in Andover, MA
|
|
—
|
|
|
3,980
|
|
|
45,120
|
|
|
—
|
|
|
—
|
|
|
3,980
|
|
|
45,120
|
|
|
49,100
|
|
|
3,884
|
|
|
2013
|
|
Oct. 2014
|
|
40 yrs.
|
Office facility in Newport, United Kingdom
|
|
—
|
|
|
—
|
|
|
22,587
|
|
|
—
|
|
|
(3,600
|
)
|
|
—
|
|
|
18,987
|
|
|
18,987
|
|
|
1,555
|
|
|
2014
|
|
Oct. 2014
|
|
40 yrs.
|
Industrial facilities located throughout Australia
|
|
—
|
|
|
30,455
|
|
|
94,724
|
|
|
15,086
|
|
|
(12,430
|
)
|
|
27,025
|
|
|
100,810
|
|
|
127,835
|
|
|
18,164
|
|
|
Various
|
|
Oct. 2014
|
|
Various
|
Industrial facility in Lewisburg, OH
|
|
—
|
|
|
1,627
|
|
|
13,721
|
|
|
—
|
|
|
—
|
|
|
1,627
|
|
|
13,721
|
|
|
15,348
|
|
|
1,218
|
|
|
2014
|
|
Nov. 2014
|
|
40 yrs.
|
Industrial facility in Opole, Poland
|
|
—
|
|
|
2,151
|
|
|
21,438
|
|
|
—
|
|
|
(837
|
)
|
|
2,075
|
|
|
20,677
|
|
|
22,752
|
|
|
1,850
|
|
|
2014
|
|
Dec. 2014
|
|
38 yrs.
|
Office facilities located throughout Spain
|
|
—
|
|
|
51,778
|
|
|
257,624
|
|
|
10
|
|
|
(5,620
|
)
|
|
53,909
|
|
|
249,883
|
|
|
303,792
|
|
|
19,723
|
|
|
Various
|
|
Dec. 2014
|
|
Various
|
Retail facilities located throughout the United Kingdom
|
|
—
|
|
|
66,319
|
|
|
230,113
|
|
|
—
|
|
|
(43,068
|
)
|
|
56,266
|
|
|
197,098
|
|
|
253,364
|
|
|
19,184
|
|
|
Various
|
|
Jan. 2015
|
|
20 - 40 yrs.
|
Warehouse facility in Rotterdam, Netherlands
|
|
—
|
|
|
—
|
|
|
33,935
|
|
|
—
|
|
|
1,924
|
|
|
—
|
|
|
35,859
|
|
|
35,859
|
|
|
2,775
|
|
|
2014
|
|
Feb. 2015
|
|
40 yrs.
|
Retail facility in Bad Fischau, Austria
|
|
—
|
|
|
2,855
|
|
|
18,829
|
|
|
—
|
|
|
2,450
|
|
|
3,178
|
|
|
20,956
|
|
|
24,134
|
|
|
1,867
|
|
|
1998
|
|
Apr. 2015
|
|
40 yrs.
|
Industrial facility in Oskarshamn, Sweden
|
|
—
|
|
|
3,090
|
|
|
18,262
|
|
|
—
|
|
|
139
|
|
|
3,109
|
|
|
18,382
|
|
|
21,491
|
|
|
1,284
|
|
|
2015
|
|
Jun. 2015
|
|
40 yrs.
|
Office facility in Sunderland, United Kingdom
|
|
—
|
|
|
2,912
|
|
|
30,140
|
|
|
—
|
|
|
(4,383
|
)
|
|
2,525
|
|
|
26,144
|
|
|
28,669
|
|
|
1,824
|
|
|
2007
|
|
Aug. 2015
|
|
40 yrs.
|
Industrial facilities in Gersthofen and Senden, Germany and Leopoldsdorf, Austria
|
|
—
|
|
|
9,449
|
|
|
15,838
|
|
|
—
|
|
|
1,955
|
|
|
10,179
|
|
|
17,063
|
|
|
27,242
|
|
|
1,423
|
|
|
2008; 2010
|
|
Aug. 2015
|
|
40 yrs.
|
Hotels in Clive, IA; Baton Rouge, LA; St. Louis, MO; Greensboro, NC; Mount Laurel, NJ; and Fort Worth, TX
|
|
—
|
|
|
—
|
|
|
49,190
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
49,190
|
|
|
49,190
|
|
|
3,210
|
|
|
1988; 1989; 1990
|
|
Oct. 2015
|
|
38 - 40 yrs.
|
Retail facilities in Almere, Amsterdam, Eindhoven, Houten, Nieuwegein, Utrecht, Veghel, and Zwaag, Netherlands
|
|
—
|
|
|
5,698
|
|
|
38,130
|
|
|
79
|
|
|
5,118
|
|
|
6,362
|
|
|
42,663
|
|
|
49,025
|
|
|
2,830
|
|
|
Various
|
|
Nov. 2015
|
|
30 - 40 yrs.
|
Office facility in Irvine, CA
|
|
—
|
|
|
7,626
|
|
|
16,137
|
|
|
—
|
|
|
—
|
|
|
7,626
|
|
|
16,137
|
|
|
23,763
|
|
|
858
|
|
|
1977
|
|
Dec. 2015
|
|
40 yrs.
|
Education facility in Windermere, FL
|
|
—
|
|
|
5,090
|
|
|
34,721
|
|
|
—
|
|
|
—
|
|
|
5,090
|
|
|
34,721
|
|
|
39,811
|
|
|
2,876
|
|
|
1998
|
|
Apr. 2016
|
|
38 yrs.
|
|
W. P. Carey 2017 10-K
–
152
|
|
|
|
|
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 located throughout the United States
|
|
—
|
|
|
66,845
|
|
|
87,575
|
|
|
—
|
|
|
—
|
|
|
66,845
|
|
|
87,575
|
|
|
154,420
|
|
|
11,573
|
|
|
Various
|
|
Apr. 2016
|
|
Various
|
|||||||||
Industrial facilities in North Dumfries, Ottawa, Saint-Eustache, Uxbridge, and Whitchurch-Stouffville, Canada
|
|
—
|
|
|
17,155
|
|
|
10,665
|
|
|
—
|
|
|
(1,916
|
)
|
|
15,340
|
|
|
10,564
|
|
|
25,904
|
|
|
1,772
|
|
|
Various
|
|
Apr. 2016
|
|
Various
|
|||||||||
Education facilities in Coconut Creek, FL and Houston, TX
|
|
—
|
|
|
15,550
|
|
|
83,862
|
|
|
18,136
|
|
|
—
|
|
|
15,550
|
|
|
101,998
|
|
|
117,548
|
|
|
4,903
|
|
|
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
|
|
|
561
|
|
|
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
|
|
|
542
|
|
|
Various
|
|
Nov. 2016
|
|
28 - 35 yrs.
|
|||||||||
Industrial facilities in Queretaro and San Juan del Rio, Mexico
|
|
—
|
|
|
5,152
|
|
|
12,614
|
|
|
—
|
|
|
—
|
|
|
5,152
|
|
|
12,614
|
|
|
17,766
|
|
|
381
|
|
|
Various
|
|
Dec. 2016
|
|
28 - 40 yrs.
|
|||||||||
Industrial facility in Chicago, IL
|
|
—
|
|
|
2,222
|
|
|
2,655
|
|
|
—
|
|
|
—
|
|
|
2,222
|
|
|
2,655
|
|
|
4,877
|
|
|
61
|
|
|
1985
|
|
Jun. 2017
|
|
30 yrs.
|
|||||||||
Office facility in Roseville, MN
|
|
—
|
|
|
2,560
|
|
|
16,025
|
|
|
—
|
|
|
—
|
|
|
2,560
|
|
|
16,025
|
|
|
18,585
|
|
|
39
|
|
|
2001
|
|
Nov. 2017
|
|
40 yrs.
|
|||||||||
|
|
$
|
1,107,534
|
|
|
$
|
1,188,337
|
|
|
$
|
4,138,933
|
|
|
$
|
253,609
|
|
|
$
|
(246,433
|
)
|
|
$
|
1,125,539
|
|
|
$
|
4,208,907
|
|
|
$
|
5,334,446
|
|
|
$
|
613,543
|
|
|
|
|
|
|
|
|
W. P. Carey 2017 10-K
–
153
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Retail facilities in Baton Rouge, Louisiana; and Kannapolis and Morgantown, North Carolina
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
16,416
|
|
|
$
|
—
|
|
|
$
|
(15,514
|
)
|
|
$
|
902
|
|
|
1984; 1985; 1986
|
|
Jan. 1998
|
Industrial facilities in Glendora, CA and Romulus, MI
|
|
—
|
|
|
454
|
|
|
13,251
|
|
|
9
|
|
|
(4,388
|
)
|
|
9,326
|
|
|
1950; 1970
|
|
Jan. 1998
|
||||||
Industrial facilities in Irving and Houston, TX
|
|
—
|
|
|
—
|
|
|
27,599
|
|
|
—
|
|
|
(4,004
|
)
|
|
23,595
|
|
|
1978
|
|
Jan. 1998
|
||||||
Retail facility in Freehold, NJ
|
|
7,823
|
|
|
—
|
|
|
17,067
|
|
|
—
|
|
|
(186
|
)
|
|
16,881
|
|
|
2004
|
|
Sep. 2012
|
||||||
Office facilities in Corpus Christi, Odessa, San Marcos, and Waco, TX
|
|
3,402
|
|
|
2,089
|
|
|
14,211
|
|
|
—
|
|
|
(596
|
)
|
|
15,704
|
|
|
1969; 1996; 2000
|
|
Sep. 2012
|
||||||
Retail facilities in Arnstadt, Borken, Bünde, Dorsten, Duisburg, Freiberg, Gütersloh, Leimbach-Kaiserro, Monheim, Oberhausen, Osnabrück, Rodewisch, Sankt Augustin, Schmalkalden, Stendal, and Wuppertal Germany
|
|
—
|
|
|
28,734
|
|
|
145,854
|
|
|
—
|
|
|
(12,329
|
)
|
|
162,259
|
|
|
Various
|
|
Sep. 2012
|
||||||
Warehouse facility in Brierley Hill, United Kingdom
|
|
—
|
|
|
2,147
|
|
|
12,357
|
|
|
—
|
|
|
(1,457
|
)
|
|
13,047
|
|
|
1996
|
|
Sep. 2012
|
||||||
Industrial and warehouse facility in Mesquite, TX
|
|
5,959
|
|
|
2,851
|
|
|
15,899
|
|
|
—
|
|
|
(1,746
|
)
|
|
17,004
|
|
|
1972
|
|
Sep. 2012
|
||||||
Industrial facility in Rochester, MN
|
|
3,188
|
|
|
881
|
|
|
17,039
|
|
|
—
|
|
|
(1,834
|
)
|
|
16,086
|
|
|
1997
|
|
Sep. 2012
|
||||||
Office facility in Irvine, CA
|
|
6,133
|
|
|
—
|
|
|
17,027
|
|
|
—
|
|
|
(1,203
|
)
|
|
15,824
|
|
|
1981
|
|
Sep. 2012
|
||||||
Industrial facility in Brownwood, TX
|
|
—
|
|
|
722
|
|
|
6,268
|
|
|
—
|
|
|
(1
|
)
|
|
6,989
|
|
|
1964
|
|
Sep. 2012
|
||||||
Office facility in Scottsdale, AZ
|
|
19,258
|
|
|
—
|
|
|
43,570
|
|
|
—
|
|
|
(686
|
)
|
|
42,884
|
|
|
1977
|
|
Jan. 2014
|
||||||
Retail facilities in El Paso and Fabens, TX
|
|
—
|
|
|
4,777
|
|
|
17,823
|
|
|
—
|
|
|
(28
|
)
|
|
22,572
|
|
|
Various
|
|
Jan. 2014
|
||||||
Industrial facility in Dallas, TX
|
|
—
|
|
|
3,190
|
|
|
10,010
|
|
|
—
|
|
|
187
|
|
|
13,387
|
|
|
1968
|
|
Jan. 2014
|
||||||
Industrial facility in Eagan, MN
|
|
6,748
|
|
|
—
|
|
|
11,548
|
|
|
—
|
|
|
(208
|
)
|
|
11,340
|
|
|
1975
|
|
Jan. 2014
|
||||||
Industrial facilities in Albemarle and Old Fort, NC; Holmesville, OH; and Springfield, TN
|
|
—
|
|
|
6,542
|
|
|
20,668
|
|
|
—
|
|
|
(1,553
|
)
|
|
25,657
|
|
|
Various
|
|
Jan. 2014
|
||||||
Movie theater in Midlothian, VA
|
|
—
|
|
|
—
|
|
|
16,546
|
|
|
—
|
|
|
125
|
|
|
16,671
|
|
|
2000
|
|
Jan. 2014
|
||||||
Industrial facilities located throughout France
|
|
—
|
|
|
—
|
|
|
27,270
|
|
|
—
|
|
|
(2,471
|
)
|
|
24,799
|
|
|
Various
|
|
Jan. 2014
|
||||||
Retail facility in Gronau, Germany
|
|
—
|
|
|
281
|
|
|
4,401
|
|
|
—
|
|
|
(556
|
)
|
|
4,126
|
|
|
1989
|
|
Jan. 2014
|
||||||
Industrial and office facility in Marktheidenfeld, Germany
|
|
—
|
|
|
1,629
|
|
|
22,396
|
|
|
—
|
|
|
(4,104
|
)
|
|
19,921
|
|
|
2002
|
|
Jan. 2014
|
||||||
Industrial and warehouse facility in Newbridge, United Kingdom
|
|
10,498
|
|
|
6,851
|
|
|
22,868
|
|
|
—
|
|
|
(6,275
|
)
|
|
23,444
|
|
|
1998
|
|
Jan. 2014
|
||||||
Education facility in Mooresville, NC
|
|
2,935
|
|
|
1,795
|
|
|
15,955
|
|
|
—
|
|
|
1
|
|
|
17,751
|
|
|
2002
|
|
Jan. 2014
|
||||||
Industrial facility in Mount Carmel, IL
|
|
—
|
|
|
135
|
|
|
3,265
|
|
|
—
|
|
|
(69
|
)
|
|
3,331
|
|
|
1896
|
|
Jan. 2014
|
||||||
Retail facility in Vantaa, Finland
|
|
—
|
|
|
5,291
|
|
|
15,522
|
|
|
—
|
|
|
(2,475
|
)
|
|
18,338
|
|
|
2004
|
|
Jan. 2014
|
||||||
Retail facility in Linköping, Sweden
|
|
—
|
|
|
1,484
|
|
|
9,402
|
|
|
—
|
|
|
(2,271
|
)
|
|
8,615
|
|
|
2004
|
|
Jan. 2014
|
||||||
Industrial facility in Calgary, Canada
|
|
—
|
|
|
—
|
|
|
7,076
|
|
|
—
|
|
|
(764
|
)
|
|
6,312
|
|
|
1965
|
|
Jan. 2014
|
||||||
Industrial facilities in Kearney, MO; Fair Bluff, NC; York, NE; Walbridge, OH; Middlesex Township, PA; Rocky Mount, VA; and Martinsburg, WV
|
|
8,910
|
|
|
5,780
|
|
|
40,860
|
|
|
—
|
|
|
(226
|
)
|
|
46,414
|
|
|
Various
|
|
Jan. 2014
|
||||||
Movie theater in Pensacola, FL
|
|
—
|
|
|
—
|
|
|
13,034
|
|
|
—
|
|
|
(545
|
)
|
|
12,489
|
|
|
2001
|
|
Jan. 2014
|
||||||
Industrial facility in Monheim, Germany
|
|
—
|
|
|
2,939
|
|
|
7,379
|
|
|
—
|
|
|
(1,438
|
)
|
|
8,880
|
|
|
1992
|
|
Jan. 2014
|
||||||
Industrial facility in Göppingen, Germany
|
|
—
|
|
|
10,717
|
|
|
60,120
|
|
|
—
|
|
|
(10,074
|
)
|
|
60,763
|
|
|
1930
|
|
Jan. 2014
|
|
W. P. Carey 2017 10-K
–
154
|
|
|
|
|
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
|
|
|
|
|
|
|||||||||||||||||
Warehouse facility in Elk Grove Village, IL
|
|
3,089
|
|
|
—
|
|
|
7,863
|
|
|
—
|
|
|
1
|
|
|
7,864
|
|
|
1980
|
|
Jan. 2014
|
||||||
Industrial facility in Sankt Ingbert, Germany
|
|
—
|
|
|
2,786
|
|
|
26,902
|
|
|
—
|
|
|
(4,150
|
)
|
|
25,538
|
|
|
1960
|
|
Jan. 2014
|
||||||
Industrial facility in McKees Hill, Australia
|
|
—
|
|
|
283
|
|
|
2,978
|
|
|
—
|
|
|
(367
|
)
|
|
2,894
|
|
|
1980
|
|
Oct. 2014
|
||||||
|
|
$
|
77,943
|
|
|
$
|
92,358
|
|
|
$
|
710,444
|
|
|
$
|
9
|
|
|
$
|
(81,204
|
)
|
|
$
|
721,607
|
|
|
|
|
|
|
|
|
|
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
|
|
|||||||||||||||||||||||||
Land, Buildings and Improvements Attributable to Operating Properties – Hotels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
Bloomington, MN
|
|
$
|
—
|
|
|
$
|
3,810
|
|
|
$
|
29,126
|
|
|
$
|
3,622
|
|
|
$
|
2,903
|
|
|
$
|
—
|
|
|
$
|
3,874
|
|
|
$
|
30,326
|
|
|
$
|
5,261
|
|
|
$
|
39,461
|
|
|
$
|
6,641
|
|
|
2008
|
|
Jan. 2014
|
|
34 yrs.
|
Memphis, TN
|
|
—
|
|
|
2,120
|
|
|
36,594
|
|
|
3,647
|
|
|
1,225
|
|
|
—
|
|
|
2,167
|
|
|
37,379
|
|
|
4,040
|
|
|
43,586
|
|
|
9,778
|
|
|
1985
|
|
Jan. 2014
|
|
22 yrs.
|
|||||||||||
|
|
$
|
—
|
|
|
$
|
5,930
|
|
|
$
|
65,720
|
|
|
$
|
7,269
|
|
|
$
|
4,128
|
|
|
$
|
—
|
|
|
$
|
6,041
|
|
|
$
|
67,705
|
|
|
$
|
9,301
|
|
|
$
|
83,047
|
|
|
$
|
16,419
|
|
|
|
|
|
|
|
(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, and (v) 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
$1.9 billion
and the related accumulated amortization of
$699.7 million
, (ii) gross lease intangible liabilities of
$165.7 million
and the related accumulated amortization of
$51.7 million
, and (iii) real estate under construction of
$39.8 million
.
|
(d)
|
A reconciliation of real estate and accumulated depreciation follows:
|
|
W. P. Carey 2017 10-K
–
155
|
|
Reconciliation of Land, Buildings and Improvements Subject to Operating Leases
|
||||||||||
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Beginning balance
|
$
|
5,182,267
|
|
|
$
|
5,308,211
|
|
|
$
|
4,976,685
|
|
Foreign currency translation adjustment
|
192,580
|
|
|
(94,738
|
)
|
|
(181,064
|
)
|
|||
Dispositions
|
(131,549
|
)
|
|
(446,144
|
)
|
|
(19,597
|
)
|
|||
Reclassification from real estate under construction
|
51,198
|
|
|
28,989
|
|
|
55,362
|
|
|||
Additions
|
23,462
|
|
|
404,161
|
|
|
548,521
|
|
|||
Improvements
|
17,778
|
|
|
16,169
|
|
|
24,014
|
|
|||
Impairment charges
|
(2,901
|
)
|
|
(41,660
|
)
|
|
(25,773
|
)
|
|||
Reclassification from direct financing lease
|
1,611
|
|
|
9,740
|
|
|
—
|
|
|||
Write-off of fully depreciated assets
|
—
|
|
|
(2,461
|
)
|
|
(6,443
|
)
|
|||
Reclassification to assets held for sale
|
—
|
|
|
—
|
|
|
(63,494
|
)
|
|||
Ending balance
|
$
|
5,334,446
|
|
|
$
|
5,182,267
|
|
|
$
|
5,308,211
|
|
|
Reconciliation of Accumulated Depreciation for
Land, Buildings and Improvements Subject to Operating Leases
|
||||||||||
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Beginning balance
|
$
|
472,294
|
|
|
$
|
372,735
|
|
|
$
|
253,627
|
|
Depreciation expense
|
144,183
|
|
|
142,432
|
|
|
137,144
|
|
|||
Dispositions
|
(17,770
|
)
|
|
(35,172
|
)
|
|
(1,566
|
)
|
|||
Foreign currency translation adjustment
|
14,836
|
|
|
(5,240
|
)
|
|
(6,159
|
)
|
|||
Write-off of fully depreciated assets
|
—
|
|
|
(2,461
|
)
|
|
(6,443
|
)
|
|||
Reclassification to assets held for sale
|
—
|
|
|
—
|
|
|
(3,868
|
)
|
|||
Ending balance
|
$
|
613,543
|
|
|
$
|
472,294
|
|
|
$
|
372,735
|
|
|
Reconciliation of Land, Buildings and Improvements Attributable to Operating Properties
|
||||||||||
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Beginning balance
|
$
|
81,711
|
|
|
$
|
82,749
|
|
|
$
|
84,885
|
|
Improvements
|
1,336
|
|
|
1,542
|
|
|
527
|
|
|||
Dispositions
|
—
|
|
|
(3,188
|
)
|
|
(2,663
|
)
|
|||
Reclassification from real estate under construction
|
—
|
|
|
608
|
|
|
—
|
|
|||
Ending balance
|
$
|
83,047
|
|
|
$
|
81,711
|
|
|
$
|
82,749
|
|
|
Reconciliation of Accumulated Depreciation for
Land, Buildings and Improvements
Attributable to Operating Properties
|
||||||||||
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Beginning balance
|
$
|
12,143
|
|
|
$
|
8,794
|
|
|
$
|
4,866
|
|
Depreciation expense
|
4,276
|
|
|
4,235
|
|
|
4,275
|
|
|||
Dispositions
|
—
|
|
|
(886
|
)
|
|
(347
|
)
|
|||
Ending balance
|
$
|
16,419
|
|
|
$
|
12,143
|
|
|
$
|
8,794
|
|
|
W. P. Carey 2017 10-K
–
156
|
|
W. P. Carey 2017 10-K
–
157
|
|
W. P. Carey 2017 10-K
–
158
|
Exhibit
No. |
|
|
Description
|
|
Method of Filing
|
3.1
|
|
|
Articles of Amendment and Restatement
|
|
Incorporated by reference to Exhibit 3.1 to Current Report on Form 8-K, filed on June 16, 2017
|
3.2
|
|
|
Fifth Amended and Restated Bylaws of W. P. Carey Inc.
|
|
Incorporated by reference to Exhibit 3.2 to Current Report on Form 8-K filed June 16, 2017
|
4.1
|
|
|
Form of Common Stock Certificate
|
|
Incorporated by reference to Exhibit 4.1 to Annual Report on Form 10-K for the year ended December 31, 2012 filed February 26, 2013
|
4.2
|
|
|
Indenture, dated as of March 14, 2014, by and between W. P. Carey Inc., as issuer and U.S. Bank National Association, as trustee
|
|
Incorporated by reference to Exhibit 4.1 to Current Report on Form 8-K filed March 14, 2014
|
4.3
|
|
|
First Supplemental Indenture, dated as of March 14, 2014, by and between W. P. Carey Inc., as issuer, and U.S. Bank National Association, as trustee
|
|
Incorporated by reference to Exhibit 4.2 to Current Report on Form 8-K filed March 14, 2014
|
4.4
|
|
|
Form of Global Note Representing $500,000,000 Aggregate Principal Amount of 4.60% Senior Notes due 2024
|
|
Incorporated by reference to Exhibit 4.3 to Current Report on Form 8-K filed March 14, 2014
|
4.5
|
|
|
Second Supplemental Indenture, dated as of January 21, 2015, by and between W. P. Carey Inc., as issuer, and U.S. Bank National Association, as trustee
|
|
Incorporated by reference to Exhibit 4.2 to Current Report on Form 8-K filed January 21, 2015
|
4.6
|
|
|
Form of Note representing €500 Million Aggregate Principal Amount of 2.000% Senior Notes due 2023
|
|
Incorporated by reference to Exhibit 4.3 to Current Report on Form 8-K filed January 21, 2015
|
4.7
|
|
|
Third Supplemental Indenture, dated January 26, 2015, by and between W. P. Carey Inc., as issuer, and U.S. Bank National Association, as trustee
|
|
Incorporated by reference to Exhibit 4.2 to Current Report on Form 8-K filed January 26, 2015
|
4.8
|
|
|
Form of Note representing $450 Million Aggregate Principal Amount of 4.000% Senior Notes due 2025
|
|
Incorporated by reference to Exhibit 4.3 to Current Report on Form 8-K filed January 26, 2015
|
4.9
|
|
|
Fourth Supplemental Indenture, dated as of September 12, 2016, by and between W. P. Carey Inc., as issuer, and U.S. Bank National Association, as trustee
|
|
Incorporated by reference to Exhibit 4.2 to Current Report on Form 8-K filed September 12, 2016
|
4.10
|
|
|
Form of Note representing $350 Million Aggregate Principal Amount of 4.250% Senior Notes due 2026
|
|
Incorporated by reference to Exhibit 4.3 to Current Report on Form 8-K filed September 12, 2016
|
|
W. P. Carey 2017 10-K
–
159
|
Exhibit
No. |
|
|
Description
|
|
Method of Filing
|
4.11
|
|
|
Indenture, dated as of November 8, 2016, by and among WPC Eurobond B.V., as issuer, W. P. Carey Inc., as guarantor, and U.S. Bank National Association, as trustee
|
|
Incorporated by reference to Exhibit 4.3 of Automatic shelf registration statement on Form S-3ASR (File No. 333-214510) filed November 8, 2016
|
4.12
|
|
|
Supplemental Indenture, dated as of January 19, 2017, by and among WPC Eurobond B.V., as issuer, W. P. Carey Inc., as guarantor, and U.S. Bank National Association, as trustee.
|
|
Incorporated by reference to Exhibit 4.3 to Current Report on Form 8-K filed January 19, 2017
|
4.13
|
|
|
Form of Note representing €500 Million Aggregate Principal Amount of 2.250% Senior Notes due 2024
|
|
Incorporated by reference to Exhibit 4.1 to Current Report on Form 8-K filed January 19, 2017
|
10.1
|
|
|
W. P. Carey Inc. 1997 Share Incentive Plan, as amended *
|
|
Incorporated by reference to Exhibit 10.2 to Annual Report on Form 10-K for the year ended December 31, 2014 filed March 2, 2015
|
10.2
|
|
|
W. P. Carey Inc. (formerly W. P. Carey & Co. LLC) Long-Term Incentive Program as amended and restated effective as of September 28, 2012 *
|
|
Incorporated by reference to Exhibit 10.3 to Annual Report on Form 10-K for the year ended December 31, 2012 filed February 26, 2013
|
10.3
|
|
|
W. P. Carey Inc. Amended and Restated Deferred Compensation Plan for Employees *
|
|
Incorporated by reference to Exhibit 10.4 to Annual Report on Form 10-K for the year ended December 31, 2012 filed February 26, 2013
|
10.4
|
|
|
Amended and Restated W. P. Carey Inc. 2009 Share Incentive Plan *
|
|
Incorporated by reference to Appendix A of Schedule 14A filed April 30, 2013
|
10.5
|
|
|
2017 Annual Incentive Compensation Plan
|
|
Incorporated by reference to Exhibit A of Schedule 14A filed April 11, 2017
|
10.6
|
|
|
2017 Share Incentive Plan
|
|
Incorporated by reference to Exhibit B of Schedule 14A filed April 11, 2017
|
10.7
|
|
|
Form of Share Option Agreement under the 2017 Share Incentive Plan
|
|
Incorporated by reference to Exhibit 4.9 to Registration Statement on Form S-8 filed June 27, 2017
|
10.8
|
|
|
Form of Restricted Share Agreement under the 2017 Share Incentive Plan
|
|
Incorporated by reference to Exhibit 4.7 to Registration Statement on Form S-8 filed June 27, 2017
|
10.9
|
|
|
Form of Restricted Share Unit Agreement under the 2017 Share Incentive Plan
|
|
Incorporated by reference to Exhibit 4.8 to Registration Statement on Form S-8 filed June 27, 2017
|
10.10
|
|
|
Form of Long-Term Performance Share Unit Award Agreement pursuant to the W. P. Carey Inc. 2017 Share Incentive Plan
|
|
Incorporated by reference to Exhibit 4.6 to Registration Statement on Form S-8 filed June 27, 2017
|
10.11
|
|
|
Form of Non-Employee Director Restricted Share Agreement under the 2017 Share Incentive Plan
|
|
Incorporated by reference to Exhibit 4.5 to Registration Statement on Form S-8, filed on June 27, 2017
|
|
W. P. Carey 2017 10-K
–
160
|
Exhibit
No. |
|
|
Description
|
|
Method of Filing
|
10.12
|
|
|
W. P. Carey Inc. 2009 Non-Employee Directors’ Incentive Plan (the “2009 Directors Plan”) *
|
|
Incorporated by reference to Exhibit 10.2 to Quarterly Report on Form 10-Q for the quarter ended June 30, 2013 filed August 6, 2013
|
10.13
|
|
|
Separation Agreement, dated February 10, 2016, by and between W. P. Carey Inc. and Trevor P. Bond *
|
|
Incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed February 10, 2016
|
10.14
|
|
|
Separation Agreement, dated February 10, 2016, by and between W. P. Carey Inc. and Catherine Rice *
|
|
Incorporated by reference to Exhibit 10.3 to Quarterly Report on Form 10-Q for the quarter ended March 31, 2016 filed May 5, 2016
|
10.15
|
|
|
Transition Agreement, dated as of December 7, 2016, by and between W. P. Carey Inc. and Thomas E. Zacharias *
|
|
Incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed December 9, 2016
|
10.16
|
|
|
Amendment to Certain Equity Award Agreements between W. P. Carey Inc. and Mark J. DeCesaris
|
|
Filed herewith
|
10.17
|
|
|
Amended and Restated Advisory Agreement dated as of January 1, 2015 among Corporate Property Associates 17 – Global Incorporated, CPA:17 Limited Partnership and Carey Asset Management Corp.
|
|
Incorporated by reference to Exhibit 10.12 to Annual Report on Form 10-K for the year ended December 31, 2014 filed March 2, 2015
|
10.18
|
|
|
First Amendment to Amended and Restated Advisory Agreement, dated as of January 30, 2018, among Corporate Property Associates 17 – Global Incorporated, CPA: 17 Limited Partnership and Carey Asset Management Corp.
|
|
Filed herewith
|
10.19
|
|
|
Amended and Restated Asset Management Agreement dated as of May 13, 2015 between Corporate Property Associates 17 – Global Incorporated, CPA:17 Limited Partnership and W. P. Carey & Co. B. V.
|
|
Incorporated by reference to Exhibit 10.3 to Corporate Property Associates 17 – Global Incorporated’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015 filed May 15, 2015
|
10.20
|
|
|
Amended and Restated Advisory Agreement, dated as of January 1, 2015 by and among Corporate Property Associates 18 – Global Incorporated, CPA:18 Limited Partnership and Carey Asset Management Corp.
|
|
Incorporated by reference to Exhibit 10.15 to Annual Report on Form 10-K for the year ended December 31, 2014 filed March 2, 2015
|
10.21
|
|
|
First Amendment to Amended and Restated Advisory Agreement, dated as of January 30, 2018, among Corporate Property Associates 18 – Global Incorporated, CPA: 18 Limited Partnership and Carey Asset Management Corp.
|
|
Filed herewith
|
10.22
|
|
|
Amended and Restated Asset Management Agreement dated as of May 13, 2015, by and among, Corporate Property Associates 18 – Global Incorporated, CPA:18 Limited Partnership and W. P. Carey & Co. B.V.
|
|
Incorporated by reference to Exhibit 10.3 to Corporate Property Associates 18 – Global Incorporated’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015 filed May 15, 2015
|
10.23
|
|
|
Amended and Restated Advisory Agreement, dated as of January 1, 2016, by and among Carey Watermark Investors Incorporated, CWI OP, LP, and Carey Lodging Advisors, LLC
|
|
Incorporated by reference to Exhibit 10.14 to Annual Report on Form 10-K filed February 26, 2016
|
10.24
|
|
|
First Amendment to Amended and Restated Advisory Agreement, dated as of June 13, 2017, among Carey Watermark Investors Incorporated, CWI OP, LP, and Carey Lodging Advisors, LLC
|
|
Filed herewith
|
|
W. P. Carey 2017 10-K
–
161
|
Exhibit
No. |
|
|
Description
|
|
Method of Filing
|
10.25
|
|
|
Advisory Agreement, dated as of February 9, 2015, by and among Carey Watermark Investors 2 Incorporated, CWI 2 OP, LP and Carey Lodging Advisors, LLC
|
|
Incorporated by reference to Exhibit 10.25 to Annual Report on Form 10-K for the year ended December 31, 2014 filed March 2, 2015
|
10.26
|
|
|
First Amendment to Advisory Agreement, dated as of June 30, 2015, by and among Carey Watermark Investors 2 Incorporated, CWI 2 OP, LP and Carey Lodging Advisors, LLC
|
|
Incorporated by reference to Exhibit 10.2 to Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 filed August 7, 2015
|
10.27
|
|
|
Second Amendment to Advisory Agreement, dated as of June 13, 2017, by and among Carey Watermark Investors 2 Incorporated, CWI 2 OP, LP and Carey Lodging Advisors, LLC
|
|
Filed herewith
|
10.28
|
|
|
Third Amended and Restated Credit Agreement, dated as of February 22, 2017, by and among W. P. Carey, as Borrower, certain Subsidiaries of W. P. Carey identified therein, from time to time as Guarantors, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent, and Bank of America, N.A., JPMorgan Chase Bank, N.A. and Wells Fargo Bank, N.A., as Swing Line Lenders and L/C Issuers.
|
|
Incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed February 23, 2017
|
10.29
|
|
|
Agency Agreement dated as of January 19, 2017, by and among WPC Eurobond B.V., as issuer, W. P. Carey Inc., as guarantor, Elavon Financial Services DAC, UK Branch, as paying agent and U.S. Bank National Association, as transfer agent, registrar and trustee.
|
|
Incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed on January 19, 2017
|
10.30
|
|
|
Equity Sales Agreement, dated March 1, 2017, by and among W. P. Carey Inc. and Wells Fargo Securities, LLC, Barclays Capital Inc., BMO Capital Markets Corp., Capital One Securities, Inc., Jefferies LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, and Stifel, Nicolaus & Company, Incorporated, as sales agent and/or principal
|
|
Incorporated by reference to Exhibit 1.1 to Current Report on Form 8-K filed March 1, 2017
|
12
|
|
|
Computations of Ratios of Earnings to Fixed Charges for the years ended December 31, 2017, 2016, 2015, 2014, and 2013
|
|
Filed herewith
|
18.1
|
|
|
Preferability letter of Independent Registered Public Accounting Firm
|
|
Incorporated by reference to Exhibit 18.1 to Quarterly Report on Form 10-Q for the quarter ended September 30, 2013 filed November 5, 2013
|
21.1
|
|
|
List of Registrant Subsidiaries
|
|
Filed herewith
|
23.1
|
|
|
Consent of PricewaterhouseCoopers LLP
|
|
Filed herewith
|
31.1
|
|
|
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
Filed herewith
|
31.2
|
|
|
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
Filed herewith
|
|
W. P. Carey 2017 10-K
–
162
|
Exhibit
No. |
|
|
Description
|
|
Method of Filing
|
32
|
|
|
Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
Filed herewith
|
99.1
|
|
|
Director and Officer Indemnification Policy
|
|
Incorporated by reference to Exhibit 99.1 to Annual Report on Form 10-K for the year ended December 31, 2012 filed February 26, 2013
|
101
|
|
|
The following materials from W. P. Carey Inc.’s Annual Report on Form 10-K for the year ended December 31, 2017, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets at December 31, 2017 and 2016, (ii) Consolidated Statements of Income for the years ended December 31, 2017, 2016, and 2015, (iii) Consolidated Statements of Comprehensive Income for the years ended December 31, 2017, 2016, and 2015, (iv) Consolidated Statements of Equity for the years ended December 31, 2017, 2016, and 2015, (v) Consolidated Statements of Cash Flows for the years ended December 31, 2017, 2016, and 2015, (vi) Notes to Consolidated Financial Statements, (vii) Schedule II — Valuation and Qualifying Accounts, and (viii) Schedule III — Real Estate and Accumulated Depreciation.
|
|
Filed herewith
|
|
W. P. Carey 2017 10-K
–
163
|
|
W. P. Carey 2017 10-K
–
164
|
|
|
|
W. P. Carey Inc.
|
|
|
|
|
Date:
|
February 23, 2018
|
By:
|
/s/ ToniAnn Sanzone
|
|
|
|
ToniAnn Sanzone
|
|
|
|
Chief Financial Officer
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/ Jason E. Fox
|
|
Director and Chief Executive Officer
|
|
February 23, 2018
|
Jason E. Fox
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
|
/s/ ToniAnn Sanzone
|
|
Chief Financial Officer
|
|
February 23, 2018
|
ToniAnn Sanzone
|
|
(Principal Financial Officer)
|
|
|
|
|
|
|
|
/s/ Arjun Mahalingam
|
|
Chief Accounting Officer
|
|
February 23, 2018
|
Arjun Mahalingam
|
|
(Principal Accounting Officer)
|
|
|
|
|
|
|
|
/s/ Benjamin H. Griswold, IV
|
|
Chairman of the Board and Director
|
|
February 23, 2018
|
Benjamin H. Griswold, IV
|
|
|
|
|
|
|
|
|
|
/s/ Mark A. Alexander
|
|
Director
|
|
February 23, 2018
|
Mark A. Alexander
|
|
|
|
|
|
|
|
|
|
/s/ Peter J. Farrell
|
|
Director
|
|
February 23, 2018
|
Peter J. Farrell
|
|
|
|
|
|
|
|
|
|
/s/ Axel K. A. Hansing
|
|
Director
|
|
February 23, 2018
|
Axel K. A. Hansing
|
|
|
|
|
|
|
|
|
|
/s/ Jean Hoysradt
|
|
Director
|
|
February 23, 2018
|
Jean Hoysradt
|
|
|
|
|
|
|
|
|
|
/s/ Margaret G. Lewis
|
|
Director
|
|
February 23, 2018
|
Margaret G. Lewis
|
|
|
|
|
|
|
|
|
|
/s/ Richard C. Marston
|
|
Director
|
|
February 23, 2018
|
Richard C. Marston
|
|
|
|
|
|
|
|
|
|
/s/ Christopher J. Niehaus
|
|
Director
|
|
February 23, 2018
|
Christopher J. Niehaus
|
|
|
|
|
|
|
|
|
|
/s/ Nicolaas J. M. van Ommen
|
|
Director
|
|
February 23, 2018
|
Nicolaas J. M. van Ommen
|
|
|
|
|
|
W. P. Carey 2017 10-K
–
165
|
Exhibit
No. |
|
|
Description
|
|
Method of Filing
|
3.1
|
|
|
Articles of Amendment and Restatement
|
|
|
3.2
|
|
|
Fifth Amended and Restated Bylaws of W. P. Carey Inc.
|
|
|
4.1
|
|
|
Form of Common Stock Certificate
|
|
|
4.2
|
|
|
Indenture, dated as of March 14, 2014, by and between W. P. Carey Inc., as issuer and U.S. Bank National Association, as trustee
|
|
|
4.3
|
|
|
First Supplemental Indenture, dated as of March 14, 2014, by and between W. P. Carey Inc., as issuer, and U.S. Bank National Association, as trustee
|
|
|
4.4
|
|
|
Form of Global Note Representing $500,000,000 Aggregate Principal Amount of 4.60% Senior Notes due 2024
|
|
|
4.5
|
|
|
Second Supplemental Indenture, dated as of January 21, 2015, by and between W. P. Carey Inc., as issuer, and U.S. Bank National Association, as trustee
|
|
|
4.6
|
|
|
Form of Note representing €500 Million Aggregate Principal Amount of 2.000% Senior Notes due 2023
|
|
|
4.7
|
|
|
Third Supplemental Indenture, dated January 26, 2015, by and between W. P. Carey Inc., as issuer, and U.S. Bank National Association, as trustee
|
|
|
4.8
|
|
|
Form of Note representing $450 Million Aggregate Principal Amount of 4.000% Senior Notes due 2025
|
|
|
4.9
|
|
|
Fourth Supplemental Indenture, dated as of September 12, 2016, by and between W. P. Carey Inc., as issuer, and U.S. Bank National Association, as trustee
|
|
|
4.10
|
|
|
Form of Note representing $350 Million Aggregate Principal Amount of 4.250% Senior Notes due 2026
|
|
Exhibit
No. |
|
|
Description
|
|
Method of Filing
|
4.11
|
|
|
Indenture, dated as of November 8, 2016, by and among WPC Eurobond B.V., as issuer, W. P. Carey Inc., as guarantor, and U.S. Bank National Association, as trustee
|
|
|
4.12
|
|
|
Supplemental Indenture, dated as of January 19, 2017, by and among WPC Eurobond B.V., as issuer, W. P. Carey Inc., as guarantor, and U.S. Bank National Association, as trustee.
|
|
|
4.13
|
|
|
Form of Note representing €500 Million Aggregate Principal Amount of 2.250% Senior Notes due 2024
|
|
|
10.1
|
|
|
W. P. Carey Inc. 1997 Share Incentive Plan, as amended *
|
|
|
10.2
|
|
|
W. P. Carey Inc. (formerly W. P. Carey & Co. LLC) Long-Term Incentive Program as amended and restated effective as of September 28, 2012 *
|
|
|
10.3
|
|
|
W. P. Carey Inc. Amended and Restated Deferred Compensation Plan for Employees *
|
|
|
10.4
|
|
|
Amended and Restated W. P. Carey Inc. 2009 Share Incentive Plan *
|
|
|
10.5
|
|
|
2017 Annual Incentive Compensation Plan
|
|
|
10.6
|
|
|
2017 Share Incentive Plan
|
|
|
10.7
|
|
|
Form of Share Option Agreement under the 2017 Share Incentive Plan
|
|
|
10.8
|
|
|
Form of Restricted Share Agreement under the 2017 Share Incentive Plan
|
|
|
10.9
|
|
|
Form of Restricted Share Unit Agreement under the 2017 Share Incentive Plan
|
|
|
10.10
|
|
|
Form of Long-Term Performance Share Unit Award Agreement pursuant to the W. P. Carey Inc. 2017 Share Incentive Plan
|
|
|
10.11
|
|
|
Form of Non-Employee Director Restricted Share Agreement under the 2017 Share Incentive Plan
|
|
Exhibit
No. |
|
|
Description
|
|
Method of Filing
|
10.12
|
|
|
W. P. Carey Inc. 2009 Non-Employee Directors’ Incentive Plan (the “2009 Directors Plan”) *
|
|
|
10.13
|
|
|
Separation Agreement, dated February 10, 2016, by and between W. P. Carey Inc. and Trevor P. Bond *
|
|
|
10.14
|
|
|
Separation Agreement, dated February 10, 2016, by and between W. P. Carey Inc. and Catherine Rice *
|
|
|
10.15
|
|
|
Transition Agreement, dated as of December 7, 2016, by and between W. P. Carey Inc. and Thomas E. Zacharias *
|
|
|
10.16
|
|
|
Amendment to Certain Equity Award Agreements between W. P. Carey Inc. and Mark J. DeCesaris
|
|
|
10.17
|
|
|
Amended and Restated Advisory Agreement dated as of January 1, 2015 among Corporate Property Associates 17 – Global Incorporated, CPA:17 Limited Partnership and Carey Asset Management Corp.
|
|
|
10.18
|
|
|
First Amendment to Amended and Restated Advisory Agreement, dated as of January 30, 2018, among Corporate Property Associates 17 – Global Incorporated, CPA: 17 Limited Partnership and Carey Asset Management Corp.
|
|
|
10.19
|
|
|
Amended and Restated Asset Management Agreement dated as of May 13, 2015 between Corporate Property Associates 17 – Global Incorporated, CPA:17 Limited Partnership and W. P. Carey & Co. B. V.
|
|
|
10.20
|
|
|
Amended and Restated Advisory Agreement, dated as of January 1, 2015 by and among Corporate Property Associates 18 – Global Incorporated, CPA:18 Limited Partnership and Carey Asset Management Corp.
|
|
|
10.21
|
|
|
First Amendment to Amended and Restated Advisory Agreement, dated as of January 30, 2018, among Corporate Property Associates 18 – Global Incorporated, CPA: 18 Limited Partnership and Carey Asset Management Corp.
|
|
|
10.22
|
|
|
Amended and Restated Asset Management Agreement dated as of May 13, 2015, by and among, Corporate Property Associates 18 – Global Incorporated, CPA:18 Limited Partnership and W. P. Carey & Co. B.V.
|
|
|
10.23
|
|
|
Amended and Restated Advisory Agreement, dated as of January 1, 2016, by and among Carey Watermark Investors Incorporated, CWI OP, LP, and Carey Lodging Advisors, LLC
|
|
|
10.24
|
|
|
First Amendment to Amended and Restated Advisory Agreement, dated as of June 13, 2017, among Carey Watermark Investors Incorporated, CWI OP, LP, and Carey Lodging Advisors, LLC
|
|
Exhibit
No. |
|
|
Description
|
|
Method of Filing
|
10.25
|
|
|
Advisory Agreement, dated as of February 9, 2015, by and among Carey Watermark Investors 2 Incorporated, CWI 2 OP, LP and Carey Lodging Advisors, LLC
|
|
|
10.26
|
|
|
First Amendment to Advisory Agreement, dated as of June 30, 2015, by and among Carey Watermark Investors 2 Incorporated, CWI 2 OP, LP and Carey Lodging Advisors, LLC
|
|
|
10.27
|
|
|
Second Amendment to Advisory Agreement, dated as of June 13, 2017, by and among Carey Watermark Investors 2 Incorporated, CWI 2 OP, LP and Carey Lodging Advisors, LLC
|
|
|
10.28
|
|
|
Third Amended and Restated Credit Agreement, dated as of February 22, 2017, by and among W. P. Carey, as Borrower, certain Subsidiaries of W. P. Carey identified therein, from time to time as Guarantors, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent, and Bank of America, N.A., JPMorgan Chase Bank, N.A. and Wells Fargo Bank, N.A., as Swing Line Lenders and L/C Issuers.
|
|
|
10.29
|
|
|
Agency Agreement dated as of January 19, 2017, by and among WPC Eurobond B.V., as issuer, W. P. Carey Inc., as guarantor, Elavon Financial Services DAC, UK Branch, as paying agent and U.S. Bank National Association, as transfer agent, registrar and trustee.
|
|
|
10.30
|
|
|
Equity Sales Agreement, dated March 1, 2017, by and among W. P. Carey Inc. and Wells Fargo Securities, LLC, Barclays Capital Inc., BMO Capital Markets Corp., Capital One Securities, Inc., Jefferies LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, and Stifel, Nicolaus & Company, Incorporated, as sales agent and/or principal
|
|
|
12
|
|
|
Computations of Ratios of Earnings to Fixed Charges for the years ended December 31, 2017, 2016, 2015, 2014, and 2013
|
|
|
18.1
|
|
|
Preferability letter of Independent Registered Public Accounting Firm
|
|
|
21.1
|
|
|
List of Registrant Subsidiaries
|
|
|
23.1
|
|
|
Consent of PricewaterhouseCoopers LLP
|
|
|
31.1
|
|
|
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
31.2
|
|
|
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
Exhibit
No. |
|
|
Description
|
|
Method of Filing
|
32
|
|
|
Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
99.1
|
|
|
Director and Officer Indemnification Policy
|
|
|
101
|
|
|
The following materials from W. P. Carey Inc.’s Annual Report on Form 10-K for the year ended December 31, 2017, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets at December 31, 2017 and 2016, (ii) Consolidated Statements of Income for the years ended December 31, 2017, 2016, and 2015, (iii) Consolidated Statements of Comprehensive Income for the years ended December 31, 2017, 2016, and 2015, (iv) Consolidated Statements of Equity for the years ended December 31, 2017, 2016, and 2015, (v) Consolidated Statements of Cash Flows for the years ended December 31, 2017, 2016, and 2015, (vi) Notes to Consolidated Financial Statements, (vii) Schedule II — Valuation and Qualifying Accounts, and (viii) Schedule III — Real Estate and Accumulated Depreciation.
|
|
Filed herewith
|
|
W. P. CAREY INC.
|
|
MARK J. DECESARIS
|
|
|
|
|
|
|
|
|
By:
|
/s/ Susan C. Hyde
|
|
/s/ Mark J. DeCesaris
|
Name:
|
Susan C. Hyde
|
|
|
Title:
|
Managing Director and
|
|
|
|
Chief Administrative Officer
|
|
|
|
|
|
|
|
|
|
|
|
January 30, 2018
|
|
January 29, 2018
|
|
Date
|
|
Date
|
|
|
|
|
CORPORATE PROPERTY ASSOCIATES 17 – GLOBAL INCORPORATED
|
||
|
|
|
|
|
|
By:
|
/s/ Mallika Sinha
|
|
|
Name:
|
Mallika Sinha
|
|
Title:
|
Chief Financial Officer
|
|
|
|
|
|
|
|
|
|
CPA: 17 LIMITED PARTNERSHIP
|
||
|
|
|
By:
|
CORPORATE PROPERTY ASSOCIATES
|
|
17 – GLOBAL INCORPORATED, its general partner
|
||
|
|
|
|
|
|
By:
|
/s/ Mallika Sinha
|
|
|
Name:
|
Mallika Sinha
|
|
Title:
|
Chief Financial Officer
|
|
|
|
|
|
|
|
|
|
CAREY ASSET MANAGEMENT CORP.
|
||
|
|
|
|
|
|
By:
|
/s/ ToniAnn Sanzone
|
|
|
Name:
|
ToniAnn Sanzone
|
|
Title:
|
Managing Director and Chief Financial Officer
|
CORPORATE PROPERTY ASSOCIATES 18 – GLOBAL INCORPORATED
|
||
|
|
|
|
|
|
By:
|
/s/ Mallika Sinha
|
|
|
Name:
|
Mallika Sinha
|
|
Title:
|
Chief Financial Officer
|
|
|
|
|
|
|
|
|
|
CPA: 18 LIMITED PARTNERSHIP
|
||
|
|
|
By:
|
CORPORATE PROPERTY ASSOCIATES
|
|
18 – GLOBAL INCORPORATED, its general partner
|
||
|
|
|
|
|
|
By:
|
/s/ Mallika Sinha
|
|
|
Name:
|
Mallika Sinha
|
|
Title:
|
Chief Financial Officer
|
|
|
|
|
|
|
|
|
|
CAREY ASSET MANAGEMENT CORP.
|
||
|
|
|
|
|
|
By:
|
/s/ ToniAnn Sanzone
|
|
|
Name:
|
ToniAnn Sanzone
|
|
Title:
|
Managing Director and Chief Financial Officer
|
CAREY WATERMARK INVESTORS INCORPORATED
|
||
|
|
|
|
|
|
By:
|
/s/ Mallika Sinha
|
|
|
Name:
|
Mallika Sinha
|
|
Title:
|
Chief Financial Officer
|
|
|
|
|
|
|
|
|
|
CWI OP, LP
|
||
|
|
|
By:
|
CAREY WATERMARK INVESTORS
|
|
INCORPORATED, its general partner
|
||
|
|
|
|
|
|
By:
|
/s/ Mallika Sinha
|
|
|
Name:
|
Mallika Sinha
|
|
Title:
|
Chief Financial Officer
|
|
|
|
|
|
|
|
|
|
CAREY LODGING ADVISORS, LLC
|
||
|
|
|
By:
|
CAREY ASSET MANAGEMENT CORP.,
|
|
its sole member
|
||
|
|
|
By:
|
/s/ Susan C. Hyde
|
|
|
Name:
|
Susan C. Hyde
|
|
Title:
|
Managing Director and Corporate Secretary
|
CAREY WATERMARK INVESTORS 2 INCORPORATED
|
||
|
|
|
|
|
|
By:
|
/s/ Mallika Sinha
|
|
|
Name:
|
Mallika Sinha
|
|
Title:
|
Chief Financial Officer
|
|
|
|
|
|
|
|
|
|
CWI 2 OP, LP
|
||
|
|
|
By:
|
CAREY WATERMARK INVESTORS 2
|
|
INCORPORATED, its general partner
|
||
|
|
|
|
|
|
By:
|
/s/ Mallika Sinha
|
|
|
Name:
|
Mallika Sinha
|
|
Title:
|
Chief Financial Officer
|
|
|
|
|
|
|
|
|
|
CAREY LODGING ADVISORS, LLC
|
||
|
|
|
By:
|
CAREY ASSET MANAGEMENT CORP.,
|
|
its sole member
|
||
|
|
|
By:
|
/s/ Susan C. Hyde
|
|
|
Name:
|
Susan C. Hyde
|
|
Title:
|
Managing Director and Corporate Secretary
|
|
Years Ended December 31,
|
||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Income from continuing operations before income taxes
|
$
|
287,794
|
|
|
$
|
278,095
|
|
|
$
|
222,848
|
|
|
$
|
230,360
|
|
|
$
|
95,237
|
|
Fixed charges
|
168,241
|
|
|
186,231
|
|
|
196,991
|
|
|
180,689
|
|
|
110,179
|
|
|||||
Less: Equity in earnings of equity method investments
|
(64,750
|
)
|
|
(64,719
|
)
|
|
(51,020
|
)
|
|
(44,116
|
)
|
|
(52,731
|
)
|
|||||
Distributed income of equity investments
|
66,259
|
|
|
64,650
|
|
|
51,435
|
|
|
42,809
|
|
|
42,554
|
|
|||||
Amortization of capitalized interest
|
(21
|
)
|
|
37
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Net income attributable to noncontrolling interests that have not incurred fixed charges
|
(6,317
|
)
|
|
(6,521
|
)
|
|
(6,235
|
)
|
|
(4,619
|
)
|
|
(3,847
|
)
|
|||||
Earnings
|
$
|
451,206
|
|
|
$
|
457,773
|
|
|
$
|
414,019
|
|
|
$
|
405,123
|
|
|
$
|
191,392
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense
|
$
|
165,775
|
|
|
$
|
183,409
|
|
|
$
|
194,326
|
|
|
$
|
178,462
|
|
|
$
|
108,193
|
|
Capitalized interest
|
489
|
|
|
503
|
|
|
329
|
|
|
163
|
|
|
—
|
|
|||||
1/3 of rental expense - interest factor
|
1,977
|
|
|
2,319
|
|
|
2,336
|
|
|
2,064
|
|
|
1,986
|
|
|||||
Fixed Charges
|
$
|
168,241
|
|
|
$
|
186,231
|
|
|
$
|
196,991
|
|
|
$
|
180,689
|
|
|
$
|
110,179
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of Earnings to Fixed Charges
|
2.68
|
|
|
2.46
|
|
|
2.10
|
|
|
2.24
|
|
|
1.74
|
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
(CA) Ads, LLC
|
|
100
|
%
|
|
Delaware
|
(CA) CHC LP
|
|
100
|
%
|
|
Delaware
|
24 HR TX (TX) Limited Partnership
|
|
100
|
%
|
|
Delaware
|
24 HR-TX (MD) Business Trust
|
|
100
|
%
|
|
Maryland
|
24 HR-TX GP (TX) QRS 12-66, Inc.
|
|
100
|
%
|
|
Delaware
|
308 Route 38 LLC
|
|
100
|
%
|
|
Delaware
|
620 Eighth Investor NYT (NY) QRS 16-150, Inc.
|
|
100
|
%
|
|
Delaware
|
620 Eighth Lender NYT (NY) Limited Partnership
|
|
45
|
%
|
|
Delaware
|
620 Eighth NYT (NY) Limited Partnership
|
|
45
|
%
|
|
Delaware
|
ACT (GER) QRS 15-58, Inc.
|
|
100
|
%
|
|
Delaware
|
ACT Grundstücksverwaltungs Management GmbH & Co. KG
|
|
100
|
%
|
|
Germany
|
ADCIR (CO) QRS 16-60, Inc.
|
|
100
|
%
|
|
Delaware
|
ADCIR EXP (CO) LLC
|
|
100
|
%
|
|
Delaware
|
ADS2 (CA) QRS 11-41, Inc.
|
|
100
|
%
|
|
California
|
ADVA 15 (GA) LLC
|
|
100
|
%
|
|
Delaware
|
ADV-QRS 15 (GA) QRS 15-4, Inc.
|
|
100
|
%
|
|
Delaware
|
Aerobic (MO) LLC
|
|
100
|
%
|
|
Delaware
|
AFD (MN) LLC
|
|
100
|
%
|
|
Delaware
|
AIR (IL) QRS 14-48, Inc.
|
|
100
|
%
|
|
Delaware
|
Alphabet Multi Holding (CAN) ULC
|
|
100
|
%
|
|
Canada
|
ALUSA (TX) DE Limited Partnership
|
|
100
|
%
|
|
Delaware
|
ALUSA-GP (TX) QRS 16-72, Inc.
|
|
100
|
%
|
|
Delaware
|
ALUSA-LP (TX) QRS 16-73, Inc.
|
|
100
|
%
|
|
Delaware
|
Amtoll (NM) QRS 14-39, Inc.
|
|
100
|
%
|
|
Delaware
|
ANTH Campus (CA) LLC
|
|
100
|
%
|
|
Delaware
|
ANT-LM LLC
|
|
100
|
%
|
|
Delaware
|
Applied Utah (UT) QRS 14-76, Inc.
|
|
100
|
%
|
|
Delaware
|
Asiainvest LLC
|
|
92
|
%
|
|
Delaware
|
Assembly (MD)
|
|
100
|
%
|
|
Maryland
|
Auto (FL) QRS 11-39, Inc.
|
|
100
|
%
|
|
Florida
|
Autopress (GER) LLC
|
|
100
|
%
|
|
Delaware
|
Autosafe Airbag 14 (CA) LP
|
|
100
|
%
|
|
Delaware
|
AW WPC (KY) LLC
|
|
100
|
%
|
|
Delaware
|
AZO Driver (DE) LLC
|
|
100
|
%
|
|
Delaware
|
AZO Mechanic (DE) LLC
|
|
100
|
%
|
|
Delaware
|
AZO Navigator (DE) LLC
|
|
100
|
%
|
|
Delaware
|
AZO Valet (DE) LLC
|
|
100
|
%
|
|
Delaware
|
AZO-A L.P.
|
|
100
|
%
|
|
Delaware
|
AZO-B L.P.
|
|
100
|
%
|
|
Delaware
|
AZO-C L.P.
|
|
100
|
%
|
|
Delaware
|
AZO-D L.P.
|
|
100
|
%
|
|
Delaware
|
Bbrands (Multi) QRS 16-137, Inc.
|
|
100
|
%
|
|
Delaware
|
BDF (CT) QRS 16-82, Inc.
|
|
100
|
%
|
|
Delaware
|
Beaver MM (POL) QRS 15-86, INC.
|
|
100
|
%
|
|
Delaware
|
Belgov (DE) QRS 15-66, Inc.
|
|
100
|
%
|
|
Delaware
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
Beverage (GER) QRS 16-141 LLC
|
|
100
|
%
|
|
Delaware
|
BFS (DE) LP
|
|
100
|
%
|
|
Delaware
|
BFS (DE) QRS 14-74, Inc.
|
|
100
|
%
|
|
Delaware
|
Bill-GP (TX) QRS 14-56, Inc.
|
|
100
|
%
|
|
Delaware
|
Bill-MC 14 LP
|
|
90
|
%
|
|
Delaware
|
BM-LP (TX) QRS 14-57, Inc.
|
|
100
|
%
|
|
Delaware
|
BMOC-HOU (TX) LP
|
|
100
|
%
|
|
Delaware
|
BMOC-HOU GP Holder (TX) LLC
|
|
100
|
%
|
|
Delaware
|
BMOC-MIA (FL) LLC
|
|
100
|
%
|
|
Delaware
|
BMOC-ORL (FL) LLC
|
|
100
|
%
|
|
Delaware
|
BN (MA) QRS 11-58, Inc.
|
|
100
|
%
|
|
Delaware
|
BOBS (CT) QRS 16-25, Inc.
|
|
100
|
%
|
|
Delaware
|
Bolder (CO) QRS 11-44, Inc.
|
|
100
|
%
|
|
Delaware
|
Bolt (DE) Limited Partnership
|
|
100
|
%
|
|
Delaware
|
Bolt (DE) QRS 15-26, Inc.
|
|
100
|
%
|
|
Delaware
|
Bolt (DE) Trust
|
|
100
|
%
|
|
Maryland
|
Bone (DE) LLC
|
|
100
|
%
|
|
Delaware
|
Bone (DE) QRS 15-12, Inc.
|
|
100
|
%
|
|
Delaware
|
Bone Manager, Inc.
|
|
100
|
%
|
|
Delaware
|
Borneo Agencies Ltd.
|
|
100
|
%
|
|
Thailand
|
BOS West (MA) LLC
|
|
100
|
%
|
|
Delaware
|
Bplast 16 Manager (DE) QRS 16-129, Inc.
|
|
100
|
%
|
|
Delaware
|
Bplast 16 Member (DE) QRS 16-128, Inc.
|
|
100
|
%
|
|
Delaware
|
Bplast Landlord (DE) LLC
|
|
50
|
%
|
|
Delaware
|
Bplast Two Landlord (IN) LLC
|
|
50
|
%
|
|
Delaware
|
Bplast Two Manager (IN) QRS 16-152, Inc.
|
|
100
|
%
|
|
Delaware
|
Bplast Two Member (IN) QRS 16-151, Inc.
|
|
100
|
%
|
|
Delaware
|
Brassington Limited
|
|
100
|
%
|
|
Hong Kong
|
Brelade Holdings Ltd.
|
|
100
|
%
|
|
Cyprus
|
BRY-PL (DE) Limited Partnership
|
|
100
|
%
|
|
Delaware
|
BRY-PL (MD) Trust
|
|
100
|
%
|
|
Maryland
|
BRY-PL GP (DE) QRS 15-57, Inc.
|
|
100
|
%
|
|
Delaware
|
BSL Caldwell (NC) LLC
|
|
100
|
%
|
|
Delaware
|
BST Torrance Landlord (CA) QRS 14-109, Inc.
|
|
100
|
%
|
|
Delaware
|
BT (PA) QRS 12-25, INC.
|
|
100
|
%
|
|
Pennsylvania
|
BT-YORK (PA)
|
|
100
|
%
|
|
Pennsylvania
|
Build (CA) QRS 12-24, Inc.
|
|
100
|
%
|
|
California
|
Call LLC
|
|
100
|
%
|
|
Delaware
|
Can (WI) QRS 12-34, Inc.
|
|
100
|
%
|
|
Wisconsin
|
Can-Two (DE) QRS 12-67, Inc.
|
|
100
|
%
|
|
Delaware
|
Cards (CA) QRS 11-37, Inc.
|
|
100
|
%
|
|
Delaware
|
Cards (CA) QRS 12-12, Inc.
|
|
100
|
%
|
|
Delaware
|
Cards Limited Liability Company
|
|
100
|
%
|
|
Delaware
|
Carey Alfabeto Holding Mx, S. de R.L. de C.V.
|
|
100
|
%
|
|
Mexico
|
Carey Alfabeto Landlord Mx, S. de R.L. de C.V.
|
|
100
|
%
|
|
Mexico
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
Carey Alphabet (DE) Inc.
|
|
100
|
%
|
|
Delaware
|
Carey Alphabet (DE) LP
|
|
100
|
%
|
|
Delaware
|
Carey Alphabet B.V.
|
|
100
|
%
|
|
Netherlands
|
Carey Alphabet GP LLC
|
|
100
|
%
|
|
Delaware
|
Carey Asset Management Corp.
|
|
100
|
%
|
|
Delaware
|
Carey Asset Management Dallas LLC
|
|
100
|
%
|
|
Delaware
|
Carey Credit Advisors, LLC
|
|
100
|
%
|
|
Delaware
|
Carey Credit Income Fund
|
|
13
|
%
|
|
Delaware
|
Carey European Management LLC
|
|
100
|
%
|
|
Delaware
|
Carey European SH, LLC
|
|
100
|
%
|
|
Delaware
|
Carey Financial, LLC
|
|
100
|
%
|
|
Delaware
|
Carey Lodging Advisors, LLC
|
|
100
|
%
|
|
Delaware
|
Carey Management LLC
|
|
100
|
%
|
|
Delaware
|
Carey REIT II, Inc.
|
|
100
|
%
|
|
Maryland
|
Carey Watermark 1 LLC
|
|
100
|
%
|
|
Delaware
|
Carey Watermark Holdings 2, LLC
|
|
100
|
%
|
|
Delaware
|
Carey Watermark Holdings, LLC
|
|
80
|
%
|
|
Delaware
|
Casting Landlord (GER) QRS 16-109 LLC
|
|
100
|
%
|
|
Delaware
|
Casting Member (GER) QRS 16-108 LLC
|
|
100
|
%
|
|
Delaware
|
CBS (PA) QRS 14-12, Inc.
|
|
100
|
%
|
|
Delaware
|
Chassis (DE) Limited Partnership
|
|
100
|
%
|
|
Delaware
|
Chassis (GER) QRS 16-118, Inc.
|
|
100
|
%
|
|
Delaware
|
CIP Acquisition Incorporated
|
|
100
|
%
|
|
Maryland
|
Citrus Heights (CA) GP, LLC
|
|
100
|
%
|
|
Delaware
|
CLA Holdings, LLC
|
|
100
|
%
|
|
Delaware
|
Clean (KY) LLC
|
|
100
|
%
|
|
Delaware
|
Clean (KY) QRS 16-22, Inc.
|
|
100
|
%
|
|
Delaware
|
CM6-Hotel (Multi) LLC
|
|
100
|
%
|
|
Delaware
|
Coco (WY) QRS 16-51, Inc.
|
|
100
|
%
|
|
Delaware
|
Coco-Dorm (PA) QRS 16-52, Inc.
|
|
100
|
%
|
|
Delaware
|
Coco-Dorm (PA) Trust
|
|
100
|
%
|
|
Maryland
|
Coco-Dorm (PA), LP
|
|
100
|
%
|
|
Delaware
|
Comquest West (AZ) 11-68, Inc.
|
|
100
|
%
|
|
Delaware
|
Consys (SC) QRS 16-66, Inc.
|
|
100
|
%
|
|
Delaware
|
Consys-9 (SC) LLC
|
|
100
|
%
|
|
Delaware
|
Container Finance (Finland) QRS 16-62, Inc.
|
|
100
|
%
|
|
Delaware
|
Containers (DE) Limited Partnership
|
|
100
|
%
|
|
Delaware
|
Containers (DE) QRS 15-36, Inc.
|
|
100
|
%
|
|
Delaware
|
Corporate Property Associates
|
|
100
|
%
|
|
California
|
Corporate Property Associates 15 Incorporated
|
|
100
|
%
|
|
Maryland
|
Corporate Property Associates 4-A California Limited Partnership
|
|
100
|
%
|
|
California
|
Corporate Property Associates 6-A California Limited Partnership
|
|
100
|
%
|
|
California
|
Corporate Property Associates 9-A Delaware Limited Partnership
|
|
100
|
%
|
|
Delaware
|
CP GAL (IN) QRS 16-61, Inc.
|
|
100
|
%
|
|
Delaware
|
CP GAL Fairfax, LLC
|
|
100
|
%
|
|
Delaware
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
CP GAL Kennesaw, LLC
|
|
100
|
%
|
|
Delaware
|
CP GAL Leawood, LLC
|
|
100
|
%
|
|
Delaware
|
CP GAL Lombard, LLC
|
|
100
|
%
|
|
Delaware
|
CP GAL Plainfield, LLC
|
|
55
|
%
|
|
Delaware
|
CPA 14 (UK) Finance Company
|
|
100
|
%
|
|
Delaware
|
CPA 15 Merger Sub Inc.
|
|
100
|
%
|
|
Maryland
|
CPA 16 LLC
|
|
100
|
%
|
|
Delaware
|
CPA 16 Merger Sub Inc.
|
|
100
|
%
|
|
Maryland
|
CPA Paper, Inc.
|
|
100
|
%
|
|
Delaware
|
CPA16 German (DE) Limited Partnership
|
|
100
|
%
|
|
Delaware
|
CPA16 German GP (DE) QRS-155, Inc.
|
|
100
|
%
|
|
Delaware
|
Crate (GER) QRS 16-142 LLC
|
|
100
|
%
|
|
Delaware
|
CRI (AZ-CO) QRS 16-4, Inc.
|
|
100
|
%
|
|
Delaware
|
Cups (DE) LP
|
|
100
|
%
|
|
Delaware
|
Dan (FL) QRS 15-7, Inc.
|
|
100
|
%
|
|
Delaware
|
DCNETH Landlord (NL) LLC
|
|
100
|
%
|
|
Delaware
|
DCNETH Member (NL) QRS 15-102, Inc.
|
|
100
|
%
|
|
Delaware
|
Delaware Frame (TX), LP
|
|
100
|
%
|
|
Delaware
|
Deliver (TN) QRS 14-49, Inc.
|
|
100
|
%
|
|
Delaware
|
Delmo (DE) QRS 11/12-1, Inc.
|
|
100
|
%
|
|
Delaware
|
Delmo (PA) QRS 11-36
|
|
100
|
%
|
|
Pennsylvania
|
Delmo (PA) QRS 12-10
|
|
100
|
%
|
|
Pennsylvania
|
Delmo 11/12 (DE) LLC
|
|
100
|
%
|
|
Delaware
|
DES-Tech (TN) Limited Partnership
|
|
100
|
%
|
|
Delaware
|
DES-Tech GP (TN) QRS 16-49, Inc.
|
|
100
|
%
|
|
Delaware
|
DES-Tech LP (TN) QRS 16-50, Inc.
|
|
100
|
%
|
|
Delaware
|
Develop (TX) LP
|
|
100
|
%
|
|
Delaware
|
Dfence (Belgium) 15 Sprl
|
|
100
|
%
|
|
Belgium
|
Dfence (Belgium) 15-16 Sprl
|
|
100
|
%
|
|
Belgium
|
Dfence (Belgium) 16 Sprl
|
|
100
|
%
|
|
Belgium
|
Dfend 15 LLC
|
|
100
|
%
|
|
Delaware
|
Dfend 16 LLC
|
|
100
|
%
|
|
Delaware
|
DIY (Poland) Sp. Zoo
|
|
100
|
%
|
|
Poland
|
Dough (DE) QRS 14-77, Inc.
|
|
100
|
%
|
|
Delaware
|
Dough (MD)
|
|
100
|
%
|
|
Maryland
|
Dough Lot (DE) QRS 14-110, Inc.
|
|
100
|
%
|
|
Delaware
|
Dough Lot (MD)
|
|
100
|
%
|
|
Maryland
|
DP WPC (TX) LLC
|
|
100
|
%
|
|
Delaware
|
Drayton Plains (MI), LLC
|
|
100
|
%
|
|
Delaware
|
Drill (DE) Trust
|
|
100
|
%
|
|
Maryland
|
Drill GmbH & Co. KG
|
|
95
|
%
|
|
Germany
|
Drug (AZ) QRS 14-42, Inc.
|
|
100
|
%
|
|
Delaware
|
DSG (IN) QRS 15-44, Inc.
|
|
100
|
%
|
|
Delaware
|
DSG GP (PA) QRS 14-103, Inc.
|
|
100
|
%
|
|
Delaware
|
DSG Landlord (PA) L.P.
|
|
100
|
%
|
|
Delaware
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
DSG LP (PA) Trust
|
|
100
|
%
|
|
Maryland
|
Dyne (DE) LP
|
|
100
|
%
|
|
Delaware
|
ELL (GER) QRS 16-37, Inc.
|
|
100
|
%
|
|
Delaware
|
Energy (NJ) QRS 15-10, Inc.
|
|
100
|
%
|
|
Delaware
|
Eros (ESP) CR QRS Inc.
|
|
100
|
%
|
|
Delaware
|
Eros II Spain 17-16 B.V.
|
|
70
|
%
|
|
The Netherlands
|
Fabric (DE) GP
|
|
100
|
%
|
|
Delaware
|
Fair-QB (DE) LLC
|
|
100
|
%
|
|
Delaware
|
Fast (DE) QRS 14-22, Inc.
|
|
100
|
%
|
|
Delaware
|
Faur WPC (OH) LLC
|
|
100
|
%
|
|
Delaware
|
Film (FL) QRS 14-44, Inc.
|
|
100
|
%
|
|
Delaware
|
Finistar (CA-TX) Limited Partnership
|
|
100
|
%
|
|
Delaware
|
Finistar GP (CA-TX) QRS 16-21, Inc.
|
|
100
|
%
|
|
Delaware
|
Finistar LP (DE) QRS 16-29, Inc.
|
|
100
|
%
|
|
Delaware
|
Finnestadveien 44 II AS
|
|
100
|
%
|
|
Norway
|
Fit (CO) QRS 15-59, Inc.
|
|
100
|
%
|
|
Delaware
|
Fit (TX) GP QRS 12-60, Inc.
|
|
100
|
%
|
|
Delaware
|
Fit (TX) LP
|
|
100
|
%
|
|
Delaware
|
Fit (TX) Trust
|
|
100
|
%
|
|
Maryland
|
Fit (UT) QRS 14-92, Inc.
|
|
100
|
%
|
|
Delaware
|
Flavortown (IL) LLC
|
|
100
|
%
|
|
Delaware
|
Food (DE) QRS 12-49, Inc.
|
|
100
|
%
|
|
Delaware
|
FORT-BEN HOLDINGS (ONQC) LTD.
|
|
100
|
%
|
|
BC Canada
|
Forterra Canada GP LLC
|
|
100
|
%
|
|
Delaware
|
Forterra Canada Holdings LP
|
|
100
|
%
|
|
Delaware
|
FORT-NOM HOLDINGS (ONQC) INC.
|
|
100
|
%
|
|
BC Canada
|
Foss (NH) QRS 16-3, Inc.
|
|
100
|
%
|
|
Delaware
|
Four World Landlord (GA) LLC
|
|
100
|
%
|
|
Delaware
|
Four World Manager (GA) LLC
|
|
100
|
%
|
|
Delaware
|
Frame (TX) QRS 14-25, Inc.
|
|
100
|
%
|
|
Delaware
|
Freight (IL) LLC
|
|
100
|
%
|
|
Delaware
|
FRO 16 (NC) LLC
|
|
100
|
%
|
|
Delaware
|
FRO Spin (NC) LLC
|
|
40
|
%
|
|
Delaware
|
GAL III (IN) QRS 15-49, Inc.
|
|
100
|
%
|
|
Delaware
|
GAL III (NJ) QRS 15-45, Inc.
|
|
100
|
%
|
|
Delaware
|
GAL III (NY) QRS 15-48, Inc.
|
|
100
|
%
|
|
Delaware
|
GB-ACT (GER) Limited Partnership
|
|
100
|
%
|
|
Delaware
|
Gearbox (GER) QRS 15-95, Inc.
|
|
100
|
%
|
|
Delaware
|
GERB TOLLAND QRS (CT) 16 Inc.
|
|
100
|
%
|
|
Delaware
|
Gibson Mass Member Two LLC
|
|
100
|
%
|
|
Delaware
|
Gibson Plus Member Two LLC
|
|
100
|
%
|
|
Delaware
|
Goldyard S.L.
|
|
70
|
%
|
|
Spain
|
GRC (TX) Limited Partnership
|
|
100
|
%
|
|
Delaware
|
GRC (TX) QRS 15-47, Inc.
|
|
100
|
%
|
|
Delaware
|
GRC (TX) Trust
|
|
100
|
%
|
|
Maryland
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
GRC-II (TX) Limited Partnership
|
|
100
|
%
|
|
Delaware
|
GRC-II (TX) QRS 15-80, Inc.
|
|
100
|
%
|
|
Delaware
|
GRC-II (TX) Trust
|
|
100
|
%
|
|
Maryland
|
Greens (Finland) QRS 16-14, Inc.
|
|
100
|
%
|
|
Delaware
|
Greens Shareholder (Finland) QRS 16-16, Inc.
|
|
100
|
%
|
|
Delaware
|
Guitar Mass (TN) QRS 14-36, Inc.
|
|
100
|
%
|
|
Delaware
|
Guitar Plus (TN) QRS 14-37, Inc.
|
|
100
|
%
|
|
Delaware
|
H2 Investor (GER) QRS 15-91, Inc.
|
|
100
|
%
|
|
Delaware
|
H2 Investor (GER) QRS 16-100, Inc.
|
|
100
|
%
|
|
Delaware
|
Hammer (DE) Limited Partnership
|
|
100
|
%
|
|
Delaware
|
Hammer (DE) LP QRS 12-65, Inc.
|
|
100
|
%
|
|
Delaware
|
Hammer (DE) LP QRS 14-100, Inc.
|
|
100
|
%
|
|
Delaware
|
Hammer (DE) LP QRS 15-33, Inc.
|
|
100
|
%
|
|
Delaware
|
Hammer (DE) QRS 15-32, Inc.
|
|
100
|
%
|
|
Delaware
|
Hammer (DE) Trust
|
|
100
|
%
|
|
Maryland
|
HCF GP (CA) LLC
|
|
100
|
%
|
|
Delaware
|
HCF Landlord (CA) LP
|
|
100
|
%
|
|
Delaware
|
HEF (NC-SC) QRS 14-86, Inc.
|
|
100
|
%
|
|
Delaware
|
Hellweg GmbH & Co. Vermögensverwaltungs KG
|
|
64
|
%
|
|
Germany
|
HLWG B Note Purchaser (DE) LLC
|
|
67
|
%
|
|
Delaware
|
HLWG Two (GER) LLC
|
|
67
|
%
|
|
Delaware
|
HM Benefits (MI) QRS 16-18, Inc.
|
|
100
|
%
|
|
Delaware
|
Hoe Management GmbH
|
|
64
|
%
|
|
Germany
|
Hotel (MN) QRS 16-84, Inc.
|
|
100
|
%
|
|
Delaware
|
Hotel Operator (MN) TRS 16-87, Inc.
|
|
100
|
%
|
|
Delaware
|
Hum (DE) QRS 11-45, Inc.
|
|
100
|
%
|
|
Delaware
|
Huntwood (TX) Limited Partnership
|
|
100
|
%
|
|
Delaware
|
Huntwood (TX) QRS 16-8, Inc.
|
|
100
|
%
|
|
Delaware
|
Ice (TX) QRS 12-29, Inc.
|
|
100
|
%
|
|
Texas
|
ICG (TX) Limited Partnership
|
|
100
|
%
|
|
Delaware
|
ICG-GP (TX) QRS 15-3, Inc.
|
|
100
|
%
|
|
Delaware
|
ICG-LP (TX) Trust
|
|
100
|
%
|
|
Maryland
|
Ijobbers (DE) QRS 14-41, Inc.
|
|
100
|
%
|
|
Delaware
|
Ijobbers LLC
|
|
100
|
%
|
|
Delaware
|
Image (NY) QRS 16-67, Inc.
|
|
100
|
%
|
|
Delaware
|
Initiator (CA) QRS 14-62, Inc.
|
|
100
|
%
|
|
Delaware
|
Inversiones Holmes, S.L.
|
|
100
|
%
|
|
Spain
|
Jamesinvest Sprl
|
|
100
|
%
|
|
Belgium
|
Jen (MA) QRS 12-54, Inc.
|
|
100
|
%
|
|
Delaware
|
JPCentre (TX) LLC
|
|
100
|
%
|
|
Delaware
|
Kabushiki Kaisha Mure Property
|
|
100
|
%
|
|
Japan
|
Kiinteistöosakeyhtiö Ruskontie 55
|
|
100
|
%
|
|
Finland
|
King Arthur Properties S.a.r.l.
|
|
100
|
%
|
|
Luxembourg
|
KSM Cresskill (NJ) QRS 16-80, Inc.
|
|
100
|
%
|
|
Delaware
|
KSM Livingston (NJ) QRS 16-76, INC.
|
|
100
|
%
|
|
Delaware
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
KSM Maplewood (NJ) QRS 16-77, INC.
|
|
100
|
%
|
|
Delaware
|
KSM Montclair (NJ) QRS 16-78, INC.
|
|
100
|
%
|
|
Delaware
|
KSM Morristown (NJ) QRS 16-79, INC.
|
|
100
|
%
|
|
Delaware
|
KSM Summit (NJ) QRS 16-75, Inc.
|
|
100
|
%
|
|
Delaware
|
Labels-Ben (DE) QRS 16-28, Inc.
|
|
100
|
%
|
|
Delaware
|
Labrador (AZ) LP
|
|
100
|
%
|
|
Delaware
|
Leather (DE) QRS 14-72, Inc.
|
|
100
|
%
|
|
Delaware
|
Lei (GER) QRS 16-134 LLC
|
|
100
|
%
|
|
Delaware
|
Lincoln (DE) LP
|
|
100
|
%
|
|
Delaware
|
Linden (GER) LLC
|
|
100
|
%
|
|
Delaware
|
Longboom (Finland) QRS 16-131, Inc.
|
|
100
|
%
|
|
Delaware
|
Longboom Finance (Finland) QRS 16-130, Inc.
|
|
100
|
%
|
|
Delaware
|
Longboom Landlord (Finland) LLC
|
|
100
|
%
|
|
Delaware
|
LPD (CT) QRS 16-132, Inc.
|
|
100
|
%
|
|
Delaware
|
LPORT (WA-TX) QRS 16-92, Inc.
|
|
100
|
%
|
|
Delaware
|
LPORT 2 (WA) QRS 16-147, Inc.
|
|
100
|
%
|
|
Delaware
|
LTI (DE) QRS 14-81, Inc.
|
|
100
|
%
|
|
Delaware
|
LTI Trust (MD)
|
|
100
|
%
|
|
Maryland
|
Mag-Info (SC) QRS 16-74, Inc.
|
|
100
|
%
|
|
Delaware
|
Mallika PBJ LLC
|
|
100
|
%
|
|
Delaware
|
Mapi Invest SPRL
|
|
100
|
%
|
|
Belgium
|
Mapinvest Delaware LLC
|
|
100
|
%
|
|
Delaware
|
Marcourt Investments Incorporated
|
|
100
|
%
|
|
Maryland
|
Master (DE) QRS 15-71, Inc.
|
|
100
|
%
|
|
Delaware
|
Mauritius International I LLC
|
|
100
|
%
|
|
Delaware
|
MBM-Beef (DE) QRS 15-18, Inc.
|
|
100
|
%
|
|
Delaware
|
MCM (TN) LLC
|
|
100
|
%
|
|
Delaware
|
MCM Manager (TN) QRS 16-115, Inc.
|
|
100
|
%
|
|
Delaware
|
MCM Member (TN) QRS 16-116, Inc.
|
|
100
|
%
|
|
Delaware
|
MCPA Mass (TN) Associates
|
|
100
|
%
|
|
Tennessee
|
MCPA Plus (TN) Associates
|
|
100
|
%
|
|
Tennessee
|
Mechanic (AZ) QRS 15-41, Inc.
|
|
100
|
%
|
|
Delaware
|
Medi (PA) Limited Partnership
|
|
100
|
%
|
|
Delaware
|
Medi (PA) QRS 15-21, Inc.
|
|
100
|
%
|
|
Delaware
|
Medi (PA) Trust
|
|
100
|
%
|
|
Maryland
|
Memphis Hotel Operator (TN) TRS 16-121, Inc.
|
|
100
|
%
|
|
Delaware
|
Memphis Hotel Owner (TN) QRS 16-122, Inc.
|
|
100
|
%
|
|
Delaware
|
Meri (NC) LLC
|
|
100
|
%
|
|
Delaware
|
Meri (NC) MM QRS 14-98, Inc.
|
|
100
|
%
|
|
Delaware
|
MET WST (UT) QRS 16-97, Inc.
|
|
100
|
%
|
|
Delaware
|
Metal (DE) QRS 14-67, Inc.
|
|
100
|
%
|
|
Delaware
|
Metal (GER) QRS 15-94, Inc.
|
|
100
|
%
|
|
Delaware
|
Metaply (MI) LLC
|
|
100
|
%
|
|
Delaware
|
MK (Mexico) QRS 16-48, Inc.
|
|
100
|
%
|
|
Delaware
|
MK GP BEN (DE) QRS 16-45, Inc.
|
|
100
|
%
|
|
Delaware
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
MK Landlord (DE) Limited Partnership
|
|
100
|
%
|
|
Delaware
|
MK LP Ben (DE) QRS 16-46, Inc.
|
|
100
|
%
|
|
Delaware
|
MK-Ben (DE) Limited Partnership
|
|
100
|
%
|
|
Delaware
|
MK-GP (DE) QRS 16-43, Inc.
|
|
100
|
%
|
|
Delaware
|
MK-LP (DE) QRS 16-44, Inc.
|
|
100
|
%
|
|
Delaware
|
MK-Nom (ONT) Inc.
|
|
100
|
%
|
|
Canada
|
MM (UT) QRS 11-59, Inc.
|
|
100
|
%
|
|
Delaware
|
Module (DE) Limited Partnership
|
|
100
|
%
|
|
Delaware
|
Mons (DE) QRS 15-68, Inc.
|
|
100
|
%
|
|
Delaware
|
More Applied Utah (UT) LLC
|
|
100
|
%
|
|
Delaware
|
Movie (VA) QRS 14-24, Inc.
|
|
100
|
%
|
|
Delaware
|
Nail (DE) Trust
|
|
100
|
%
|
|
Maryland
|
Neonatal Finland, Inc.
|
|
100
|
%
|
|
Delaware
|
New Option-QB (DE) LLC
|
|
100
|
%
|
|
Delaware
|
Nord (GA) QRS 16-98, Inc.
|
|
100
|
%
|
|
Delaware
|
NR(LA) QRS 14-95, LLC
|
|
100
|
%
|
|
Delaware
|
Olimpia Investments Sp. z o.o.
|
|
100
|
%
|
|
Poland
|
Optical (CA) QRS 15-8, Inc.
|
|
100
|
%
|
|
Delaware
|
Orb (MO) QRS 12-56, Inc.
|
|
100
|
%
|
|
Delaware
|
Overtape (CA) QRS 15-14, Inc.
|
|
100
|
%
|
|
Delaware
|
OX (AL) LLC
|
|
100
|
%
|
|
Delaware
|
OX-GP (AL) QRS 15-15, Inc.
|
|
100
|
%
|
|
Delaware
|
Pacpress (IL-MI) QRS 16-114, Inc.
|
|
100
|
%
|
|
Delaware
|
Pallet (FRA) SARL
|
|
100
|
%
|
|
France
|
Panel (UK) QRS 14-54, Inc.
|
|
100
|
%
|
|
Delaware
|
Paper Limited Liability Company
|
|
100
|
%
|
|
Delaware
|
Parts (DE) QRS 14-90, Inc.
|
|
100
|
%
|
|
Delaware
|
PDC Industrial Center 83 Sp. z o.o.
|
|
100
|
%
|
|
Poland
|
Pem (MN) QRS 15-39, Inc.
|
|
100
|
%
|
|
Delaware
|
Pet (TX) GP QRS 11-62, INC.
|
|
100
|
%
|
|
Delaware
|
Pet (TX) LP
|
|
100
|
%
|
|
Delaware
|
Pet (TX) Trust
|
|
100
|
%
|
|
Maryland
|
PG (Multi-16) L.P.
|
|
100
|
%
|
|
Delaware
|
PG (Multi-16) QRS 16-7, Inc.
|
|
100
|
%
|
|
Delaware
|
PG (Multi-16) Trust
|
|
100
|
%
|
|
Maryland
|
PG-Ben (CAN) QRS 16-9, Inc.
|
|
100
|
%
|
|
Delaware
|
PG-Nom Alberta, Inc.
|
|
100
|
%
|
|
Canada
|
Pilbara Investments Limited
|
|
100
|
%
|
|
Cyprus
|
Pipe Portfolio GP LLC
|
|
100
|
%
|
|
Delaware
|
Pipe Portfolio Owner (Multi) LP
|
|
100
|
%
|
|
Delaware
|
Pipes (UK) QRS 16-59, Inc.
|
|
100
|
%
|
|
Delaware
|
Plants (Sweden) QRS 16-13, Inc.
|
|
100
|
%
|
|
Delaware
|
Plants Shareholder (Sweden) QRS 16-15, Inc.
|
|
100
|
%
|
|
Delaware
|
Plastic (DE) Limited Partnership
|
|
100
|
%
|
|
Delaware
|
Plastic (DE) QRS 15-56, Inc.
|
|
100
|
%
|
|
Delaware
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
Plastic (DE) Trust
|
|
100
|
%
|
|
Maryland
|
Plastic II (IL) LLC
|
|
100
|
%
|
|
Delaware
|
Plastic II (IL) QRS 16-27, Inc.
|
|
100
|
%
|
|
Delaware
|
Plates (DE) QRS 14-63, Inc.
|
|
100
|
%
|
|
Delaware
|
Pliers (DE) Trust
|
|
100
|
%
|
|
Maryland
|
Plum (DE) QRS 15-67, Inc.
|
|
100
|
%
|
|
Delaware
|
Pol (NC) QRS 15-25, Inc.
|
|
100
|
%
|
|
Delaware
|
Pol-Beaver LLC
|
|
100
|
%
|
|
Delaware
|
Pold (GER) QRS 16-133 LLC
|
|
100
|
%
|
|
Delaware
|
Polkinvest Sprl
|
|
100
|
%
|
|
Belgium
|
Poly (Multi) Limited Partnership
|
|
100
|
%
|
|
Delaware
|
Poly GP (Multi) QRS 16-35, Inc.
|
|
100
|
%
|
|
Delaware
|
Poly LP (MD) Trust
|
|
100
|
%
|
|
Maryland
|
Popcorn (TX) QRS 14-43, Inc.
|
|
100
|
%
|
|
Delaware
|
Ports (Finland) LLC
|
|
100
|
%
|
|
Delaware
|
Ports (Finland) QRS 16-63, Inc.
|
|
100
|
%
|
|
Delaware
|
PRA (OH) LLC
|
|
100
|
%
|
|
Delaware
|
Primo (MS) QRS 16-94, Inc.
|
|
100
|
%
|
|
Delaware
|
Print (WI) QRS 12-40, Inc.
|
|
100
|
%
|
|
Wisconsin
|
Projector (FL) QRS 14-45, Inc.
|
|
100
|
%
|
|
Delaware
|
Provo (UT) QRS 16-85, Inc.
|
|
100
|
%
|
|
Delaware
|
Pump (MO) QRS 14-52, Inc.
|
|
100
|
%
|
|
Delaware
|
PWE (Multi) QRS 14-85, Inc.
|
|
100
|
%
|
|
Delaware
|
QRS 10-1 (ILL) Inc.
|
|
100
|
%
|
|
Illinois
|
QRS 10-18 (FL), LLC
|
|
100
|
%
|
|
Delaware
|
QRS 11-2 (AR), LLC
|
|
100
|
%
|
|
Delaware
|
QS ARK (DE) QRS 15-38, Inc.
|
|
100
|
%
|
|
Delaware
|
Quest-US West (AZ) QRS 11-68, LLC
|
|
100
|
%
|
|
Delaware
|
Rails (UK) QRS 15-54, Inc.
|
|
100
|
%
|
|
Delaware
|
Randolph/Clinton Limited Partnership
|
|
100
|
%
|
|
Delaware
|
REIT Brickan AB
|
|
100
|
%
|
|
Sweden
|
RI(CA) QRS 12-59, Inc.
|
|
100
|
%
|
|
Delaware
|
RII (CA) QRS 15-2, Inc.
|
|
100
|
%
|
|
Delaware
|
RRC (TX) GP QRS 12-61, Inc.
|
|
100
|
%
|
|
Delaware
|
RRC (TX) LP
|
|
100
|
%
|
|
Delaware
|
RRC (TX) Trust
|
|
100
|
%
|
|
Maryland
|
Rubbertex (TX) QRS 16-68, Inc.
|
|
100
|
%
|
|
Delaware
|
Rush It LLC
|
|
100
|
%
|
|
Delaware
|
Salted Peanuts (LA) QRS 15-13, LLC
|
|
100
|
%
|
|
Delaware
|
Scan (OR) QRS 11-47, Inc.
|
|
100
|
%
|
|
Delaware
|
SCHNEI-ELEC (MA) LLC
|
|
100
|
%
|
|
Delaware
|
Schobi (Ger-Pol) LLC
|
|
100
|
%
|
|
Delaware
|
Sealtex (DE) QRS 16-69, Inc.
|
|
100
|
%
|
|
Delaware
|
SF (TX) GP QRS 11-61, INC.
|
|
100
|
%
|
|
Delaware
|
SF (TX) LP
|
|
100
|
%
|
|
Delaware
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
SF (TX) Trust
|
|
100
|
%
|
|
Maryland
|
SFC (TN) QRS 11-21, Inc.
|
|
100
|
%
|
|
Tennessee
|
SFCO (GA) QRS 16-127, Inc.
|
|
100
|
%
|
|
Delaware
|
Shaq (DE) QRS 15-75, Inc.
|
|
100
|
%
|
|
Delaware
|
Shep (KS-OK) QRS 16-113, Inc.
|
|
100
|
%
|
|
Delaware
|
SHO Member (FL) LLC
|
|
100
|
%
|
|
Delaware
|
Shovel Management GmbH
|
|
67
|
%
|
|
Germany
|
SM (NY) QRS 14-93, Inc.
|
|
100
|
%
|
|
Delaware
|
Speed (NC) QRS 14-70, Inc.
|
|
100
|
%
|
|
Delaware
|
ST (TX) GP QRS 11-63, INC.
|
|
100
|
%
|
|
Delaware
|
ST (TX) LP
|
|
100
|
%
|
|
Delaware
|
ST (TX) Trust
|
|
100
|
%
|
|
Maryland
|
Steels (UK) QRS 16-58, Inc.
|
|
100
|
%
|
|
Delaware
|
Stor-Move UH 15 Business Trust
|
|
100
|
%
|
|
Massachusetts
|
Stor-Move UH 16 Business Trust
|
|
100
|
%
|
|
Massachusetts
|
Sun (SC) QRS 12-68, Inc.
|
|
100
|
%
|
|
Delaware
|
Sun Two (SC) QRS 12-69, Inc.
|
|
100
|
%
|
|
Delaware
|
Suspension (DE) QRS 15-1, Inc.
|
|
100
|
%
|
|
Delaware
|
Tech (GER) QRS 16-144, Inc.
|
|
100
|
%
|
|
Delaware
|
Tech Landlord (GER) LLC
|
|
30
|
%
|
|
Delaware
|
Teeth Finance (Finland) QRS 16-106, Inc.
|
|
100
|
%
|
|
Delaware
|
Teeth Landlord (Finland) LLC
|
|
100
|
%
|
|
Delaware
|
Teeth Member (Finland) QRS 16-107, Inc.
|
|
100
|
%
|
|
Delaware
|
Telegraph (MO) LLC
|
|
100
|
%
|
|
Delaware
|
Telegraph Manager (MO) WPC, Inc.
|
|
100
|
%
|
|
Delaware
|
Terrier (AZ) QRS 14-78, Inc.
|
|
100
|
%
|
|
Delaware
|
Tfarma (CO) QRS 16-93, Inc.
|
|
100
|
%
|
|
Delaware
|
Theatre (DE) QRS 14-14, Inc.
|
|
100
|
%
|
|
Delaware
|
Thids (DE) QRS 16-17, Inc.
|
|
100
|
%
|
|
Delaware
|
Thids 16 Company Limited
|
|
49
|
%
|
|
Thailand
|
Three Aircraft Seats (DE) Limited Partnership
|
|
100
|
%
|
|
Delaware
|
Three Cabin Seats (DE) LLC
|
|
100
|
%
|
|
Delaware
|
Tissue SARL
|
|
100
|
%
|
|
France
|
Toner (DE) QRS 14-96, Inc.
|
|
100
|
%
|
|
Delaware
|
Tower (DE) QRS 14-89, Inc.
|
|
100
|
%
|
|
Delaware
|
Tower 14 (MD)
|
|
100
|
%
|
|
Maryland
|
Toys (NE) QRS 15-74, Inc.
|
|
100
|
%
|
|
Delaware
|
Trinity WPC (Manchester) Limited
|
|
100
|
%
|
|
United Kingdom
|
Trinity WPC (UK) Limited
|
|
100
|
%
|
|
United Kingdom
|
Trinity WPC (UK) LLC
|
|
100
|
%
|
|
Delaware
|
Trucks (France) SARL
|
|
100
|
%
|
|
France
|
Truth (MN) LLC
|
|
100
|
%
|
|
Delaware
|
TR-VSS (MI) QRS 16-90. Inc.
|
|
100
|
%
|
|
Delaware
|
TSO-Hungary KFT
|
|
51
|
%
|
|
Hungary
|
UH Storage (DE) Limited Partnership
|
|
88
|
%
|
|
Delaware
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
UH Storage GP (DE) QRS 15-50, Inc.
|
|
100
|
%
|
|
Delaware
|
UK Panel LLC
|
|
100
|
%
|
|
Delaware
|
Uni-Tech (CA) QRS 15-64, Inc.
|
|
100
|
%
|
|
Delaware
|
Uni-Tech (PA) QRS 15-51, Inc.
|
|
100
|
%
|
|
Delaware
|
Uni-Tech (PA) QRS 15-63, Inc.
|
|
100
|
%
|
|
Delaware
|
Uni-Tech (PA) Trust
|
|
100
|
%
|
|
Maryland
|
Uni-Tech (PA), L.P.
|
|
100
|
%
|
|
Delaware
|
URubber (TX) Limited Partnership
|
|
100
|
%
|
|
Delaware
|
UTI-SAC (CA) QRS 16-34, Inc.
|
|
100
|
%
|
|
Delaware
|
Valves Germany (DE) QRS 16-64 LLC
|
|
100
|
%
|
|
Delaware
|
Valves Member Germany (DE) QRS 16-65 LLC
|
|
100
|
%
|
|
Delaware
|
Venice (CA) LP
|
|
100
|
%
|
|
Delaware
|
Vinyl (DE) QRS 14-71, Inc.
|
|
100
|
%
|
|
Delaware
|
W. P. Carey & Co. B.V.
|
|
100
|
%
|
|
Netherlands
|
W. P. Carey & Co. Limited
|
|
100
|
%
|
|
United Kingdom
|
W. P. Carey Holdings, LLC
|
|
100
|
%
|
|
Delaware
|
W. P. Carey International LLC
|
|
100
|
%
|
|
Delaware
|
W. P. Carey Property Investor LLC
|
|
100
|
%
|
|
Delaware
|
W.P.C.I. Holdings I LLC
|
|
92
|
%
|
|
Delaware
|
W.P.C.I. Holdings II LLC
|
|
92
|
%
|
|
Delaware
|
Wadd-II (TN) LP
|
|
100
|
%
|
|
Delaware
|
Wadd-II General Partner (TN) QRS 15-19, INC.
|
|
100
|
%
|
|
Delaware
|
Wals (IN) LLC
|
|
100
|
%
|
|
Delaware
|
Weg (GER) QRS 15-83, Inc.
|
|
100
|
%
|
|
Delaware
|
Wegell GmbH & Co. KG
|
|
100
|
%
|
|
Germany
|
Wegell Verwaltungs GmbH
|
|
100
|
%
|
|
Germany
|
WGN (GER) LLC
|
|
33
|
%
|
|
Delaware
|
WGN 15 Holdco (GER) QRS 15-98, Inc.
|
|
100
|
%
|
|
Delaware
|
WGN 15 Member (GER) QRS 15-99, Inc.
|
|
100
|
%
|
|
Delaware
|
WGS (Multi) LLC
|
|
100
|
%
|
|
Delaware
|
Windough (DE) LP
|
|
100
|
%
|
|
Delaware
|
Windough Lot (DE) LP
|
|
100
|
%
|
|
Delaware
|
Wolv (DE) Limited Partnership
|
|
100
|
%
|
|
Delaware
|
Wolv Trust, a Maryland Business Trust
|
|
100
|
%
|
|
Maryland
|
Work (GER) QRS 16-117, Inc.
|
|
100
|
%
|
|
Delaware
|
WPC Australia 1 Trust
|
|
100
|
%
|
|
Australia
|
WPC CM6-Hotel Manager, LLC
|
|
100
|
%
|
|
Delaware
|
WPC Crown Colony (MA) LLC
|
|
100
|
%
|
|
Delaware
|
WPC Eurobond B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC Holdco LLC
|
|
100
|
%
|
|
Maryland
|
WPC Hornbachplatz 1 GmbH
|
|
100
|
%
|
|
Austria
|
WPC International Holding and Financing LLC
|
|
100
|
%
|
|
Delaware
|
WPC MAN-Strasse 1 GmbH
|
|
100
|
%
|
|
Austria
|
WPC Pan-European Holding Cooperatief U.A.
|
|
100
|
%
|
|
Netherlands
|
WPC Pola Sp. z o.o.
|
|
100
|
%
|
|
Poland
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
WPC PR6 (CO) LLC
|
|
100
|
%
|
|
Delaware
|
WPC PR6 OPT (CO) LLC
|
|
100
|
%
|
|
Delaware
|
WPC QBE Manager, LLC
|
|
100
|
%
|
|
Delaware
|
WPC REIT ADMIR 8 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC REIT Cargo 4 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC REIT Horn 11 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC REIT MAN 16 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC REIT Merger Sub Inc.
|
|
100
|
%
|
|
Maryland
|
WPC REIT MX-AB 19 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC REIT Nipp 13 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC REIT Npow 17 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC REIT PD 12 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC REIT Pend 14 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC REIT Sant 5 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC REIT STER B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC REIT TomHil 1 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC REIT Tot 7 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC Smucker Manager, LLC
|
|
100
|
%
|
|
Delaware
|
WPC Sub Trust No. 1
|
|
100
|
%
|
|
Australia
|
WPC TOT 1 AS
|
|
100
|
%
|
|
Norway
|
WPC TOT 2 AS
|
|
100
|
%
|
|
Norway
|
WPC TOT 3 AS
|
|
100
|
%
|
|
Norway
|
WPC-CPA:18 Holdings, LLC
|
|
100
|
%
|
|
Delaware
|
Wrench (DE) Limited Partnership
|
|
100
|
%
|
|
Delaware
|
Wrench (DE) QRS 15-31, Inc.
|
|
100
|
%
|
|
Delaware
|
Wrench (DE) Trust
|
|
100
|
%
|
|
Maryland
|
XPD (NJ) LLC
|
|
100
|
%
|
|
Delaware
|
XPD Member (NJ) QRS 16-12, Inc.
|
|
100
|
%
|
|
Delaware
|
1.
|
I have reviewed this Annual Report on Form 10-K of W. P. Carey Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
1.
|
I have reviewed this Annual Report on Form 10-K of W. P. Carey Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
1.
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of W. P. Carey Inc.
|