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þ
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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, 2018
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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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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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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Large accelerated filer
þ
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Accelerated filer
o
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Non-accelerated filer
o
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Smaller reporting company
o
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Emerging growth company
o
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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 2018 10-K
–
1
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W. P. Carey 2018 10-K
–
2
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|
W. P. Carey 2018 10-K
–
3
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|
W. P. Carey 2018 10-K
–
4
|
•
|
Number of properties — full or partial ownership interests in
1,163
net-leased properties,
46
self-storage properties, and
two
hotels;
|
•
|
Total net-leased square footage —
131.0 million
; and
|
•
|
Occupancy rate — approximately
98.3%
.
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|
W. P. Carey 2018 10-K
–
5
|
•
|
Number of tenants —
304
;
|
•
|
Investment grade tenants as a percentage of total ABR —
20%
;
|
•
|
Implied investment grade tenants as a percentage of total ABR —
9%
;
|
•
|
Weighted-average lease term —
10.2
years;
|
•
|
99%
of our leases provide rent adjustments as follows:
|
◦
|
CPI and similar —
64%
|
◦
|
Fixed —
32%
|
◦
|
Other —
3%
|
|
W. P. Carey 2018 10-K
–
6
|
•
|
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;
|
•
|
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), including with regard to Brexit (discussed below).
|
|
W. P. Carey 2018 10-K
–
7
|
|
W. P. Carey 2018 10-K
–
8
|
•
|
it may increase our vulnerability to changes in economic conditions (including increases in interest rates) and limit our flexibility in planning for, or reacting to, changes in our business and/or industry;
|
•
|
we may be at a disadvantage compared to our competitors with comparatively less indebtedness;
|
•
|
we may be unable to hedge our debt, or such hedges may fail or expire, leaving us exposed to potentially volatile interest or currency exchange rates;
|
•
|
any default on our secured indebtedness may lead to foreclosures, creating taxable income that could hinder our ability to meet the REIT distribution requirements imposed by the Internal Revenue Code; and
|
•
|
we may be unable to refinance our indebtedness or obtain additional financing as needed or on favorable terms.
|
|
W. P. Carey 2018 10-K
–
9
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W. P. Carey 2018 10-K
–
10
|
•
|
adverse changes in general or local economic conditions, including changes in interest rates or foreign exchange rates;
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•
|
changes in the supply of, or demand for, similar or competing properties;
|
•
|
competition for tenants and changes in market rental rates;
|
•
|
inability to lease or sell properties upon termination of existing leases, or 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;
|
•
|
changes in operating expenses or unexpected expenditures for capital improvements;
|
•
|
exposure to environmental losses; and
|
•
|
force majeure and other factors beyond the control of our management.
|
|
W. P. Carey 2018 10-K
–
11
|
•
|
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;
|
•
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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; and
|
•
|
responsibility for managing asbestos-containing building materials and third-party claims for exposure to those materials.
|
|
W. P. Carey 2018 10-K
–
12
|
|
W. P. Carey 2018 10-K
–
13
|
•
|
“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
|
|
W. P. Carey 2018 10-K
–
14
|
•
|
“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.
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W. P. Carey 2018 10-K
–
15
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•
|
actual or anticipated variations in our operating results, earnings, or liquidity, or those of our competitors;
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•
|
our failure to meet, or the lowering of, our earnings estimates, or those of any securities analysts;
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•
|
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;
|
•
|
changes in our dividend policy;
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•
|
publication of research reports about us, our competitors, our tenants, or the REIT industry;
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•
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changes in market valuations of similar companies;
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•
|
speculation in the press or investment community;
|
•
|
our use of taxable REIT subsidiaries (“TRSs”) may cause the market to value our common stock differently than the shares of REITs that do not use TRSs as extensively;
|
•
|
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, including recent accounting pronouncements;
|
•
|
our compliance with the listing requirements of the NYSE;
|
•
|
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;
|
•
|
litigation, regulatory enforcement actions, or disruptive actions by activist 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.
|
|
W. P. Carey 2018 10-K
–
16
|
•
|
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 the amount and timing of any future dividend payments to our stockholders based on a number of factors, therefore our dividend levels are not guaranteed and may fluctuate; and
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•
|
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 2018 10-K
–
17
|
•
|
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 2018 10-K
–
18
|
|
W. P. Carey 2018 10-K
–
19
|
|
W. P. Carey 2018 10-K
–
20
|
•
|
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., 30 years (previously 40 years) for residential real property);
|
•
|
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;
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|
W. P. Carey 2018 10-K
–
21
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•
|
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), although regulations may restrict the ability to claim this deduction for non-corporate shareholders depending upon their holding period in our stock; 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).
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|
W. P. Carey 2018 10-K
–
22
|
|
W. P. Carey 2018 10-K
–
23
|
|
At December 31,
|
||||||||||||||||||||||
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
||||||||||||
W. P. Carey Inc.
|
$
|
100.00
|
|
|
$
|
120.90
|
|
|
$
|
108.33
|
|
|
$
|
115.41
|
|
|
$
|
142.91
|
|
|
$
|
144.33
|
|
S&P 500 Index
|
100.00
|
|
|
113.69
|
|
|
115.26
|
|
|
129.05
|
|
|
157.22
|
|
|
150.33
|
|
||||||
FTSE NAREIT Equity REITs Index
|
100.00
|
|
|
130.14
|
|
|
134.30
|
|
|
145.74
|
|
|
153.36
|
|
|
146.27
|
|
|
W. P. Carey 2018 10-K
–
24
|
|
Years Ended December 31,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
Operating Data
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues
(a)
|
$
|
885,732
|
|
|
$
|
848,302
|
|
|
$
|
941,533
|
|
|
$
|
938,383
|
|
|
$
|
908,446
|
|
Net income
(a) (b) (c) (d)
|
424,341
|
|
|
285,083
|
|
|
274,807
|
|
|
185,227
|
|
|
246,069
|
|
|||||
Net income attributable to noncontrolling interests
(a)
|
(12,775
|
)
|
|
(7,794
|
)
|
|
(7,060
|
)
|
|
(12,969
|
)
|
|
(6,385
|
)
|
|||||
Net loss attributable to redeemable noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
142
|
|
|||||
Net income attributable to W. P. Carey
(a) (b) (c) (d)
|
411,566
|
|
|
277,289
|
|
|
267,747
|
|
|
172,258
|
|
|
239,826
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic earnings per share
(e)
|
3.50
|
|
|
2.56
|
|
|
2.50
|
|
|
1.62
|
|
|
2.42
|
|
|||||
Diluted earnings per share
(e)
|
3.49
|
|
|
2.56
|
|
|
2.49
|
|
|
1.61
|
|
|
2.39
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash dividends declared per share
|
4.0900
|
|
|
4.0100
|
|
|
3.9292
|
|
|
3.8261
|
|
|
3.6850
|
|
|||||
Balance Sheet Data
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
14,183,039
|
|
|
$
|
8,231,402
|
|
|
$
|
8,453,954
|
|
|
$
|
8,742,089
|
|
|
$
|
8,641,029
|
|
Net investments in real estate
|
11,928,854
|
|
|
6,703,715
|
|
|
6,781,900
|
|
|
7,229,873
|
|
|
7,190,507
|
|
|||||
Senior Unsecured Notes, net
|
3,554,470
|
|
|
2,474,661
|
|
|
1,807,200
|
|
|
1,476,084
|
|
|
494,231
|
|
|||||
Senior credit facilities
|
91,563
|
|
|
605,129
|
|
|
926,693
|
|
|
734,704
|
|
|
1,056,648
|
|
|||||
Non-recourse mortgages, net
|
2,732,658
|
|
|
1,185,477
|
|
|
1,706,921
|
|
|
2,269,421
|
|
|
2,530,217
|
|
(a)
|
The year ended December 31, 2018, reflects the impact of the CPA:17 Merger, which was completed on October 31, 2018 (
Note 3
).
|
(b)
|
The year ended December 31, 2014 includes income from discontinued operations totaling $33.3 million and $33.5 million within Net income and Net income attributable to W. P. Carey, respectively.
|
(c)
|
Amount for the year ended December 31, 2018 includes a Gain on change in control of interests of
$47.8 million
recognized in connection with the CPA:17 Merger (
Note 3
). 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 our merger with a former affiliate, Corporate Property Associates 16 – Global Incorporated, on January 31, 2014.
|
(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, 2014 includes income from discontinued operations attributable to W. P. Carey of $0.34 and $0.33 within basic earnings per share and diluted earnings per share, respectively.
|
|
W. P. Carey 2018 10-K
–
25
|
•
|
We acquired full or partial ownership interests in
410
properties in the CPA:17 Merger (including
137
properties in which we already owned a partial ownership interest), substantially all of which were triple-net leased with a weighted-average lease term of
11.0 years
, an occupancy rate of
97.4%
, and an estimated ABR totaling
$364.4 million
. We also acquired
44
self-storage operating properties (including
seven
self-storage properties accounted for under the equity method) and
one
hotel operating property totaling
3.1 million
square feet.
|
•
|
We issued
53,849,087
shares of our common stock to CPA:17 – Global stockholders as part of the merger consideration of approximately
$3.6 billion
.
|
•
|
Lease revenues and operating property revenues from properties acquired in the CPA:17 Merger were
$52.8 million
and
$8.0 million
, respectively, for the year ended December 31, 2018.
|
•
|
We recognized a Gain on change in control of interests of
$47.8 million
in connection with the CPA:17 Merger during the year ended December 31, 2018, of which
$18.8 million
was attributable to our Real Estate segment and
$29.0 million
was attributable to our Investment Management segment.
|
|
W. P. Carey 2018 10-K
–
26
|
•
|
We acquired 15 investments totaling
$806.9 million
, including a property valued at
$85.5 million
that was swapped in exchange for
23
properties leased to the same tenant in a nonmonetary transaction (
Note 5
)
|
•
|
We completed
nine
construction projects at a cost totaling
$102.5 million
. Construction projects include build-to-suit, expansion, and renovation projects (
Note 5
).
|
•
|
We committed to fund an aggregate of
$19.6 million
(based on the exchange rate of the euro at
December 31, 2018
) for an expansion project at a warehouse facility in Rotterdam, the Netherlands. We currently expect to complete the project in the third quarter of 2019 (
Note 5
).
|
•
|
We committed to fund an aggregate of
$75.0 million
for a build-to-suit project in San Antonio, Texas. Commencement of the project is contingent upon securing certain building plans and permits. We currently expect to complete the project in the second quarter of 2020 (
Note 5
).
|
•
|
We entered into a joint venture investment to acquire a
90%
interest in
two
self-storage properties for an aggregate amount of
$19.9 million
, with our portion of the investment totaling
$17.9 million
. This transaction was accounted for as an equity method investment (
Note 8
). This acquisition was initiated by CPA:17 – Global prior to, and completed by us subsequent to, the CPA:17 Merger, in which we acquired seven other self-storage properties related to this investment.
|
•
|
As part of our active capital recycling program, we sold
49
properties for total proceeds of
$431.6 million
, net of selling costs, including the sale of one of our hotel operating properties in April 2018 (
Note 17
).
|
•
|
We completed a nonmonetary transaction, in which we disposed of
23
properties in exchange for the acquisition of
one
property leased to the same tenant (described above). This swap was recorded based on the fair value of the property acquired of
$85.5 million
(
Note 17
).
|
•
|
On
March 6, 2018
, we completed a public offering of
€500.0 million
of
2.125%
Senior Notes due 2027, at a price of
99.324%
of par value, issued by our wholly owned finance subsidiary, WPC Eurobond B.V., and fully and unconditionally guaranteed by us. These
2.125%
Senior Notes due 2027 have a
nine
-year term and are scheduled to mature on
April 15, 2027
(
Note 11
).
|
•
|
On
October 9, 2018
, we completed a public offering of
€500.0 million
of
2.250%
Senior Notes due 2026, at a price of
99.252%
of par value, issued by our wholly owned finance subsidiary, WPC Eurobond B.V., and fully and unconditionally guaranteed by us. These
2.250%
Senior Notes due 2026 have a
7.5
-year term and are scheduled to mature on
April 9, 2026
(
Note 11
).
|
•
|
On March 7, 2018, we repaid and terminated our Unsecured Term Loans in full for €325.0 million (equivalent to $403.6 million), using a portion of the proceeds from the issuance of the 2.125% Senior Notes due 2027. The aggregate principal amount (of revolving and term loans) available under the Credit Agreement may be increased up to an amount not to exceed the U.S. dollar equivalent of $2.35 billion (
Note 11
).
|
•
|
We repaid at maturity or prepaid
$251.5 million
of non-recourse mortgage loans with a weighted-average interest rate of
3.9%
(
Note 11
). As a result of paying off certain non-recourse mortgage loans since January 1, 2017, our weighted-average interest rate decreased from
3.6%
during the year ended December 31, 2017 to
3.4%
during the year ended December 31, 2018.
|
•
|
|
W. P. Carey 2018 10-K
–
27
|
•
|
CPA:18 – Global: we structured
ten
new investments and
one
increase in a funding commitment related to student housing development projects for
$369.9 million
. Approximately
$299.7 million
was invested internationally and
$70.2 million
was invested in the United States.
|
•
|
CPA:17 – Global: we structured one investment in a portfolio of domestic self-storage properties for
$57.4 million
.
|
|
W. P. Carey 2018 10-K
–
28
|
|
Years Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Revenues from Real Estate
|
$
|
779,125
|
|
|
$
|
687,208
|
|
|
$
|
755,364
|
|
Reimbursable tenant costs
|
28,076
|
|
|
21,524
|
|
|
25,438
|
|
|||
Revenues from Real Estate (excluding reimbursable tenant costs)
|
751,049
|
|
|
665,684
|
|
|
729,926
|
|
|||
|
|
|
|
|
|
||||||
Revenues from Investment Management
|
106,607
|
|
|
161,094
|
|
|
186,169
|
|
|||
Reimbursable costs from affiliates
|
21,925
|
|
|
51,445
|
|
|
66,433
|
|
|||
Revenues from Investment Management (excluding reimbursable costs from affiliates)
|
84,682
|
|
|
109,649
|
|
|
119,736
|
|
|||
|
|
|
|
|
|
||||||
Total revenues
|
885,732
|
|
|
848,302
|
|
|
941,533
|
|
|||
Total reimbursable costs
|
50,001
|
|
|
72,969
|
|
|
91,871
|
|
|||
Total revenues (excluding reimbursable costs)
|
835,731
|
|
|
775,333
|
|
|
849,662
|
|
|||
|
|
|
|
|
|
||||||
Net income from Real Estate attributable to W. P. Carey
|
307,236
|
|
|
192,139
|
|
|
202,557
|
|
|||
Net income from Investment Management attributable to W. P. Carey
|
104,330
|
|
|
85,150
|
|
|
65,190
|
|
|||
Net income attributable to W. P. Carey
|
411,566
|
|
|
277,289
|
|
|
267,747
|
|
|||
|
|
|
|
|
|
||||||
Dividends declared
|
502,819
|
|
|
433,834
|
|
|
420,998
|
|
|||
|
|
|
|
|
|
||||||
Net cash provided by operating activities
(a)
|
509,166
|
|
|
520,659
|
|
|
546,797
|
|
|||
Net cash (used in) provided by investing activities
(a)
|
(266,132
|
)
|
|
214,238
|
|
|
(284,741
|
)
|
|||
Net cash used in financing activities
(a)
|
(24,292
|
)
|
|
(745,466
|
)
|
|
(282,023
|
)
|
|||
|
|
|
|
|
|
||||||
Supplemental financial measures
(b)
:
|
|
|
|
|
|
|
|
||||
Adjusted funds from operations attributable to W. P. Carey (AFFO) — Real Estate
|
516,502
|
|
|
456,865
|
|
|
463,411
|
|
|||
Adjusted funds from operations attributable to W. P. Carey (AFFO) — Investment Management
|
118,084
|
|
|
116,114
|
|
|
84,286
|
|
|||
Adjusted funds from operations attributable to W. P. Carey (AFFO)
|
634,586
|
|
|
572,979
|
|
|
547,697
|
|
|||
|
|
|
|
|
|
||||||
Diluted weighted-average shares outstanding
(c)
|
117,706,445
|
|
|
108,035,971
|
|
|
107,073,203
|
|
(a)
|
On January 1, 2018, we adopted Accounting Standards Update (“ASU”) 2016-15 and ASU 2016-18, which revised how certain items are presented in the consolidated statements of cash flows. As a result of adopting this guidance, we retrospectively revised Net cash provided by operating activities, Net cash (used in) provided by investing activities, and Net cash provided by (used in) financing activities within our consolidated statements of cash flows for the years ended December 31, 2017 and 2016, as described in
Note 2
.
|
(b)
|
We consider Adjusted funds from operations (“AFFO”), a supplemental measure that is not defined by GAAP (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.
|
(c)
|
Amount for the year ended
December 31, 2018
includes the dilutive impact of the 53,849,087 shares of our common stock issued to stockholders of CPA:17 – Global in connection with the CPA:17 Merger on October 31, 2018 (
Note 3
).
|
|
W. P. Carey 2018 10-K
–
29
|
|
W. P. Carey 2018 10-K
–
30
|
|
As of December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Number of net-leased properties
(a)
|
1,163
|
|
|
887
|
|
|
903
|
|
|||
Number of operating properties
(b)
|
48
|
|
|
2
|
|
|
2
|
|
|||
Number of tenants (net-leased properties)
|
304
|
|
|
210
|
|
|
217
|
|
|||
Total square footage (net-leased properties, in thousands)
(c)
|
130,956
|
|
|
84,899
|
|
|
87,866
|
|
|||
Occupancy (net-leased properties)
|
98.3
|
%
|
|
99.8
|
%
|
|
99.1
|
%
|
|||
Weighted-average lease term (net-leased properties, in years)
|
10.2
|
|
|
9.6
|
|
|
9.7
|
|
|||
Number of countries
(d)
|
25
|
|
|
17
|
|
|
19
|
|
|||
Total assets (in thousands)
|
$
|
14,183,039
|
|
|
$
|
8,231,402
|
|
|
$
|
8,453,954
|
|
Net investments in real estate (in thousands)
|
11,928,854
|
|
|
6,703,715
|
|
|
6,781,900
|
|
|
Years Ended December 31,
|
|||||||
|
2018
|
|
2017
|
|
2016
|
|||
Acquisition volume (in millions)
(e)
|
824.8
|
|
|
31.8
|
|
|
530.3
|
|
Construction projects completed (in millions)
(f)
|
102.5
|
|
|
65.4
|
|
|
13.8
|
|
Net proceeds from dispositions (in millions)
(g)
|
517.2
|
|
|
188.0
|
|
|
632.1
|
|
Average U.S. dollar/euro exchange rate
|
1.1813
|
|
|
1.1292
|
|
|
1.1067
|
|
Average U.S. dollar/British pound sterling exchange rate
|
1.3356
|
|
|
1.2882
|
|
|
1.3558
|
|
Change in the U.S. CPI
(h)
|
1.9
|
%
|
|
2.1
|
%
|
|
2.0
|
%
|
Change in the Germany CPI
(h)
|
1.7
|
%
|
|
1.7
|
%
|
|
1.7
|
%
|
Change in the Poland CPI
(h)
|
1.2
|
%
|
|
2.2
|
%
|
|
0.9
|
%
|
Change in the Spain CPI
(h)
|
1.2
|
%
|
|
1.1
|
%
|
|
1.6
|
%
|
Change in the Netherlands CPI
(h)
|
1.9
|
%
|
|
1.3
|
%
|
|
0.7
|
%
|
(a)
|
We acquired
273
net-leased properties (in which we did not already have an ownership interest) in the CPA:17 Merger in October 2018 (
Note 3
).
|
(b)
|
At
December 31, 2018
, operating properties consisted of
46
self-storage properties, with an average occupancy of
85.2%
at that date, and
two
hotel properties, with an average occupancy of
74.6%
for the year ended
December 31, 2018
. We acquired
44
self-storage properties and
one
hotel in the CPA:17 Merger in October 2018 (
Note 3
), and we acquired two self-storage properties in November 2018 (
Note 8
). We also sold a hotel in April 2018 (
Note 17
). At both
December 31, 2017
and
2016
, operating properties consisted of two hotel properties.
|
(c)
|
Excludes total square footage of
3.4 million
for our operating properties at
December 31, 2018
.
|
|
W. P. Carey 2018 10-K
–
31
|
(d)
|
We acquired investments in Croatia, the Czech Republic, Estonia, Italy, Latvia, Lithuania, and Slovakia in connection with the CPA:17 Merger in October 2018 (
Note 3
). We also acquired investments in Denmark and Portugal during 2018 (
Note 5
). We sold all of our investments in Australia during 2018 (
Note 17
). We sold all of our investments in Malaysia and Thailand during 2017 (
Note 17
).
|
(e)
|
Amount for 2018 excludes properties acquired in the CPA:17 Merger (
Note 3
). Amount for 2018 includes a property valued at
$85.5 million
that was acquired in exchange for
23
properties leased to the same tenant in a nonmonetary transaction (
Note 5
). Amount for 2018 includes the acquisition of an equity interest in two self-storage properties for
$17.9 million
(
Note 8
). Amount for 2018 excludes
$3.2 million
of funding for improvements at a portfolio of properties acquired during that year (
Note 5
).
|
(f)
|
Amount for 2017 includes projects that were partially completed in 2016.
|
(g)
|
Amount for 2018 includes
23
properties valued at
$85.5 million
that were disposed of in exchange for a property leased to the same tenant, as referenced in footnote (e) above (
Note 5
). Amount for 2017 includes
two
properties, with an outstanding balance of
$28.1 million
on the related non-recourse mortgage loan, that were transferred to the mortgage lender (
Note 17
). Amount for 2016 includes three properties, with an aggregate outstanding balance of $89.8 million on the related non-recourse mortgage loans, that were transferred to the mortgage lender or foreclosed upon (
Note 17
).
|
(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
|
|
Description
|
|
Number of Properties
|
|
ABR
|
|
ABR Percent
|
|
Weighted-Average Lease Term (Years)
|
|||||
U-Haul Moving Partners Inc. and Mercury Partners, LP
|
|
Net lease self-storage properties in the U.S.
|
|
78
|
|
|
$
|
36,008
|
|
|
3.4
|
%
|
|
5.3
|
|
Hellweg Die Profi-Baumärkte GmbH & Co. KG
(a)
|
|
Do-it-yourself retail properties in Germany
|
|
44
|
|
|
35,028
|
|
|
3.3
|
%
|
|
18.2
|
|
|
State of Andalucia
(a)
|
|
Government office properties in Spain
|
|
70
|
|
|
28,288
|
|
|
2.6
|
%
|
|
16.0
|
|
|
The New York Times Company
(b)
|
|
Media headquarters in New York City
|
|
1
|
|
|
27,656
|
|
|
2.6
|
%
|
|
5.2
|
|
|
Metro Cash & Carry Italia S.p.A.
(a)
|
|
Business-to-business wholesale stores in Italy and Germany
|
|
20
|
|
|
27,506
|
|
|
2.6
|
%
|
|
8.3
|
|
|
Pendragon PLC
(a)
|
|
Automotive dealerships in the United Kingdom
|
|
70
|
|
|
21,640
|
|
|
2.0
|
%
|
|
11.3
|
|
|
Marriott Corporation
|
|
Net lease hotel properties in the U.S.
|
|
18
|
|
|
20,065
|
|
|
1.9
|
%
|
|
4.9
|
|
|
Nord Anglia Education, Inc.
|
|
K-12 private schools in the U.S.
|
|
3
|
|
|
18,419
|
|
|
1.7
|
%
|
|
24.7
|
|
|
Advance Auto Parts, Inc.
|
|
Distribution facilities in the U.S.
|
|
30
|
|
|
18,345
|
|
|
1.7
|
%
|
|
14.1
|
|
|
Forterra, Inc.
(a) (c)
|
|
Industrial properties in the U.S. and Canada
|
|
27
|
|
|
17,990
|
|
|
1.7
|
%
|
|
24.5
|
|
|
Total
|
|
|
|
361
|
|
|
$
|
250,945
|
|
|
23.5
|
%
|
|
12.5
|
|
(a)
|
ABR amounts are subject to fluctuations in foreign currency exchange rates.
|
(b)
|
In January 2018, the tenant exercised its option to repurchase the property that it is leasing in the fourth quarter of 2019. There can be no assurance that such repurchase will be completed (
Note 6
).
|
(c)
|
Of the
27
properties leased to Forterra, Inc.,
25
are located in the United States and
two
are located in Canada.
|
|
W. P. Carey 2018 10-K
–
32
|
Region
|
|
ABR
|
|
ABR Percent
|
|
Square Footage
(a)
|
|
Square Footage Percent
|
|||||
United States
|
|
|
|
|
|
|
|
|
|||||
South
|
|
|
|
|
|
|
|
|
|||||
Texas
|
|
$
|
94,648
|
|
|
8.9
|
%
|
|
10,807
|
|
|
8.2
|
%
|
Florida
|
|
41,135
|
|
|
3.8
|
%
|
|
3,770
|
|
|
2.9
|
%
|
|
Georgia
|
|
28,784
|
|
|
2.7
|
%
|
|
4,024
|
|
|
3.1
|
%
|
|
Tennessee
|
|
16,103
|
|
|
1.5
|
%
|
|
2,445
|
|
|
1.9
|
%
|
|
Alabama
|
|
13,859
|
|
|
1.3
|
%
|
|
2,259
|
|
|
1.7
|
%
|
|
Other
(b)
|
|
12,279
|
|
|
1.2
|
%
|
|
2,258
|
|
|
1.7
|
%
|
|
Total South
|
|
206,808
|
|
|
19.4
|
%
|
|
25,563
|
|
|
19.5
|
%
|
|
East
|
|
|
|
|
|
|
|
|
|||||
New York
|
|
34,583
|
|
|
3.2
|
%
|
|
1,769
|
|
|
1.3
|
%
|
|
North Carolina
|
|
27,543
|
|
|
2.6
|
%
|
|
6,490
|
|
|
5.0
|
%
|
|
Massachusetts
|
|
20,759
|
|
|
2.0
|
%
|
|
1,397
|
|
|
1.1
|
%
|
|
New Jersey
|
|
19,096
|
|
|
1.8
|
%
|
|
1,100
|
|
|
0.8
|
%
|
|
Pennsylvania
|
|
15,673
|
|
|
1.5
|
%
|
|
2,578
|
|
|
2.0
|
%
|
|
Virginia
|
|
13,214
|
|
|
1.2
|
%
|
|
1,430
|
|
|
1.1
|
%
|
|
South Carolina
|
|
11,843
|
|
|
1.1
|
%
|
|
3,158
|
|
|
2.4
|
%
|
|
Kentucky
|
|
10,890
|
|
|
1.0
|
%
|
|
3,063
|
|
|
2.3
|
%
|
|
Other
(b)
|
|
19,903
|
|
|
1.9
|
%
|
|
2,768
|
|
|
2.1
|
%
|
|
Total East
|
|
173,504
|
|
|
16.3
|
%
|
|
23,753
|
|
|
18.1
|
%
|
|
Midwest
|
|
|
|
|
|
|
|
|
|||||
Illinois
|
|
46,324
|
|
|
4.3
|
%
|
|
5,547
|
|
|
4.2
|
%
|
|
Minnesota
|
|
26,749
|
|
|
2.5
|
%
|
|
2,451
|
|
|
1.9
|
%
|
|
Indiana
|
|
17,540
|
|
|
1.6
|
%
|
|
2,827
|
|
|
2.1
|
%
|
|
Michigan
|
|
13,624
|
|
|
1.3
|
%
|
|
2,073
|
|
|
1.6
|
%
|
|
Ohio
|
|
13,460
|
|
|
1.3
|
%
|
|
3,036
|
|
|
2.3
|
%
|
|
Wisconsin
|
|
13,355
|
|
|
1.3
|
%
|
|
3,125
|
|
|
2.4
|
%
|
|
Other
(b)
|
|
26,100
|
|
|
2.4
|
%
|
|
4,703
|
|
|
3.6
|
%
|
|
Total Midwest
|
|
157,152
|
|
|
14.7
|
%
|
|
23,762
|
|
|
18.1
|
%
|
|
West
|
|
|
|
|
|
|
|
|
|||||
California
|
|
56,632
|
|
|
5.3
|
%
|
|
4,679
|
|
|
3.6
|
%
|
|
Arizona
|
|
36,776
|
|
|
3.5
|
%
|
|
3,652
|
|
|
2.8
|
%
|
|
Colorado
|
|
11,145
|
|
|
1.0
|
%
|
|
1,008
|
|
|
0.8
|
%
|
|
Other
(b)
|
|
34,194
|
|
|
3.2
|
%
|
|
3,675
|
|
|
2.8
|
%
|
|
Total West
|
|
138,747
|
|
|
13.0
|
%
|
|
13,014
|
|
|
10.0
|
%
|
|
United States Total
|
|
676,211
|
|
|
63.4
|
%
|
|
86,092
|
|
|
65.7
|
%
|
|
International
|
|
|
|
|
|
|
|
|
|||||
Germany
|
|
64,522
|
|
|
6.1
|
%
|
|
6,922
|
|
|
5.3
|
%
|
|
Poland
|
|
50,302
|
|
|
4.7
|
%
|
|
6,932
|
|
|
5.3
|
%
|
|
Spain
|
|
48,960
|
|
|
4.6
|
%
|
|
4,226
|
|
|
3.2
|
%
|
|
The Netherlands
|
|
47,336
|
|
|
4.4
|
%
|
|
6,306
|
|
|
4.8
|
%
|
|
United Kingdom
|
|
38,389
|
|
|
3.6
|
%
|
|
2,924
|
|
|
2.3
|
%
|
|
Italy
|
|
25,869
|
|
|
2.4
|
%
|
|
2,386
|
|
|
1.8
|
%
|
|
France
|
|
15,926
|
|
|
1.5
|
%
|
|
1,429
|
|
|
1.1
|
%
|
|
Denmark
|
|
12,091
|
|
|
1.1
|
%
|
|
1,987
|
|
|
1.5
|
%
|
|
Croatia
|
|
11,577
|
|
|
1.1
|
%
|
|
1,856
|
|
|
1.4
|
%
|
|
Finland
|
|
11,479
|
|
|
1.1
|
%
|
|
949
|
|
|
0.7
|
%
|
|
Canada
|
|
11,290
|
|
|
1.1
|
%
|
|
1,817
|
|
|
1.4
|
%
|
|
Lithuania
|
|
10,829
|
|
|
1.0
|
%
|
|
1,640
|
|
|
1.3
|
%
|
|
Other
(c)
|
|
41,504
|
|
|
3.9
|
%
|
|
5,490
|
|
|
4.2
|
%
|
|
International Total
|
|
390,074
|
|
|
36.6
|
%
|
|
44,864
|
|
|
34.3
|
%
|
|
Total
|
|
$
|
1,066,285
|
|
|
100.0
|
%
|
|
130,956
|
|
|
100.0
|
%
|
|
W. P. Carey 2018 10-K
–
33
|
Property Type
|
|
ABR
|
|
ABR Percent
|
|
Square Footage
(a)
|
|
Square Footage Percent
|
|||||
Office
|
|
$
|
271,731
|
|
|
25.5
|
%
|
|
17,156
|
|
|
13.1
|
%
|
Industrial
|
|
247,880
|
|
|
23.2
|
%
|
|
44,420
|
|
|
33.9
|
%
|
|
Warehouse
|
|
220,470
|
|
|
20.7
|
%
|
|
41,208
|
|
|
31.5
|
%
|
|
Retail
(d)
|
|
189,878
|
|
|
17.8
|
%
|
|
18,612
|
|
|
14.2
|
%
|
|
Other
(e)
|
|
136,326
|
|
|
12.8
|
%
|
|
9,560
|
|
|
7.3
|
%
|
|
Total
|
|
$
|
1,066,285
|
|
|
100.0
|
%
|
|
130,956
|
|
|
100.0
|
%
|
(a)
|
Includes square footage for any vacant properties.
|
(b)
|
Other properties within South include assets in Louisiana, Arkansas, Oklahoma, and Mississippi. Other properties within East include assets in Maryland, Connecticut, New Hampshire, West Virginia, and Maine. Other properties within Midwest include assets in Missouri, Kansas, Nebraska, Iowa, South Dakota, and North Dakota. Other properties within West include assets in Nevada, Washington, Utah, Oregon, New Mexico, Wyoming, Montana, and Alaska.
|
(c)
|
Includes assets in Norway, Hungary, Mexico, Austria, Portugal, Japan, the Czech Republic, Slovakia, Latvia, Sweden, Belgium, and Estonia.
|
(d)
|
Includes automotive dealerships.
|
(e)
|
Includes ABR from tenants with the following property types: education facility, self storage (net lease), hotel (net lease), fitness facility, laboratory, theater, and student housing (net lease).
|
|
W. P. Carey 2018 10-K
–
34
|
Industry Type
|
|
ABR
|
|
ABR Percent
|
|
Square Footage
|
|
Square Footage Percent
|
|||||
Retail Stores
(a)
|
|
$
|
222,710
|
|
|
20.9
|
%
|
|
28,934
|
|
|
22.1
|
%
|
Consumer Services
|
|
90,340
|
|
|
8.5
|
%
|
|
6,628
|
|
|
5.1
|
%
|
|
Automotive
|
|
68,801
|
|
|
6.5
|
%
|
|
11,733
|
|
|
9.0
|
%
|
|
Cargo Transportation
|
|
57,001
|
|
|
5.3
|
%
|
|
9,239
|
|
|
7.0
|
%
|
|
Business Services
|
|
56,659
|
|
|
5.3
|
%
|
|
5,075
|
|
|
3.9
|
%
|
|
Grocery
|
|
52,422
|
|
|
4.9
|
%
|
|
6,695
|
|
|
5.1
|
%
|
|
Healthcare and Pharmaceuticals
|
|
46,499
|
|
|
4.4
|
%
|
|
3,728
|
|
|
2.8
|
%
|
|
Hotel, Gaming, and Leisure
|
|
44,665
|
|
|
4.2
|
%
|
|
2,550
|
|
|
1.9
|
%
|
|
Media: Advertising, Printing, and Publishing
|
|
42,968
|
|
|
4.0
|
%
|
|
2,292
|
|
|
1.7
|
%
|
|
Sovereign and Public Finance
|
|
41,289
|
|
|
3.9
|
%
|
|
3,364
|
|
|
2.6
|
%
|
|
Construction and Building
|
|
41,109
|
|
|
3.9
|
%
|
|
7,673
|
|
|
5.9
|
%
|
|
Capital Equipment
|
|
35,965
|
|
|
3.4
|
%
|
|
5,882
|
|
|
4.5
|
%
|
|
Containers, Packaging, and Glass
|
|
35,678
|
|
|
3.3
|
%
|
|
6,527
|
|
|
5.0
|
%
|
|
Beverage, Food, and Tobacco
|
|
28,821
|
|
|
2.7
|
%
|
|
4,164
|
|
|
3.2
|
%
|
|
High Tech Industries
|
|
27,141
|
|
|
2.5
|
%
|
|
2,921
|
|
|
2.2
|
%
|
|
Insurance
|
|
24,252
|
|
|
2.3
|
%
|
|
1,759
|
|
|
1.3
|
%
|
|
Banking
|
|
19,088
|
|
|
1.8
|
%
|
|
1,247
|
|
|
1.0
|
%
|
|
Telecommunications
|
|
18,713
|
|
|
1.8
|
%
|
|
1,736
|
|
|
1.3
|
%
|
|
Non-Durable Consumer Goods
|
|
16,912
|
|
|
1.6
|
%
|
|
4,731
|
|
|
3.6
|
%
|
|
Durable Consumer Goods
|
|
16,131
|
|
|
1.4
|
%
|
|
3,502
|
|
|
2.7
|
%
|
|
Aerospace and Defense
|
|
13,313
|
|
|
1.2
|
%
|
|
1,279
|
|
|
1.0
|
%
|
|
Media: Broadcasting and Subscription
|
|
12,648
|
|
|
1.2
|
%
|
|
784
|
|
|
0.6
|
%
|
|
Wholesale
|
|
12,350
|
|
|
1.2
|
%
|
|
1,932
|
|
|
1.5
|
%
|
|
Chemicals, Plastics, and Rubber
|
|
11,846
|
|
|
1.1
|
%
|
|
1,403
|
|
|
1.1
|
%
|
|
Other
(b)
|
|
28,964
|
|
|
2.7
|
%
|
|
5,178
|
|
|
3.9
|
%
|
|
Total
|
|
$
|
1,066,285
|
|
|
100.0
|
%
|
|
130,956
|
|
|
100.0
|
%
|
(a)
|
Includes automotive dealerships.
|
(b)
|
Includes ABR from tenants in the following industries: metals and mining, oil and gas, environmental industries, electricity, consumer transportation, forest products and paper, real estate, and finance. Also includes square footage for vacant properties.
|
|
W. P. Carey 2018 10-K
–
35
|
Year of Lease Expiration
(a)
|
|
Number of Leases Expiring
|
|
Number of Tenants with Leases Expiring
|
|
ABR
|
|
ABR Percent
|
|
Square Footage
|
|
Square Footage Percent
|
|||||||
2019
|
|
19
|
|
|
16
|
|
|
$
|
16,611
|
|
|
1.6
|
%
|
|
1,142
|
|
|
0.9
|
%
|
2020
|
|
28
|
|
|
25
|
|
|
23,787
|
|
|
2.2
|
%
|
|
2,361
|
|
|
1.8
|
%
|
|
2021
|
|
80
|
|
|
23
|
|
|
37,439
|
|
|
3.5
|
%
|
|
4,833
|
|
|
3.7
|
%
|
|
2022
|
|
42
|
|
|
31
|
|
|
74,638
|
|
|
7.0
|
%
|
|
9,591
|
|
|
7.3
|
%
|
|
2023
|
|
29
|
|
|
27
|
|
|
49,561
|
|
|
4.6
|
%
|
|
6,351
|
|
|
4.9
|
%
|
|
2024
(b)
|
|
52
|
|
|
32
|
|
|
134,454
|
|
|
12.6
|
%
|
|
14,535
|
|
|
11.1
|
%
|
|
2025
|
|
57
|
|
|
25
|
|
|
54,770
|
|
|
5.1
|
%
|
|
7,046
|
|
|
5.4
|
%
|
|
2026
|
|
30
|
|
|
18
|
|
|
45,632
|
|
|
4.3
|
%
|
|
7,068
|
|
|
5.4
|
%
|
|
2027
|
|
47
|
|
|
28
|
|
|
73,443
|
|
|
6.9
|
%
|
|
8,582
|
|
|
6.6
|
%
|
|
2028
|
|
43
|
|
|
25
|
|
|
66,861
|
|
|
6.3
|
%
|
|
6,794
|
|
|
5.2
|
%
|
|
2029
|
|
28
|
|
|
16
|
|
|
32,139
|
|
|
3.0
|
%
|
|
4,120
|
|
|
3.1
|
%
|
|
2030
|
|
34
|
|
|
22
|
|
|
77,696
|
|
|
7.3
|
%
|
|
7,900
|
|
|
6.0
|
%
|
|
2031
|
|
62
|
|
|
12
|
|
|
58,203
|
|
|
5.5
|
%
|
|
6,304
|
|
|
4.8
|
%
|
|
2032
|
|
39
|
|
|
17
|
|
|
48,193
|
|
|
4.5
|
%
|
|
7,493
|
|
|
5.7
|
%
|
|
Thereafter (>2032)
|
|
109
|
|
|
62
|
|
|
272,858
|
|
|
25.6
|
%
|
|
34,546
|
|
|
26.4
|
%
|
|
Vacant
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
2,290
|
|
|
1.7
|
%
|
|
Total
|
|
699
|
|
|
|
|
$
|
1,066,285
|
|
|
100.0
|
%
|
|
130,956
|
|
|
100.0
|
%
|
(a)
|
Assumes tenants do not exercise any renewal options or purchase options.
|
(b)
|
Includes ABR of
$27.7 million
from a tenant (The New York Times Company) that in January 2018 exercised its option to repurchase the property it is leasing in the fourth quarter of 2019. There can be no assurance that such repurchase will be completed (
Note 6
).
|
|
W. P. Carey 2018 10-K
–
36
|
|
Years Ended December 31,
|
||||||||||||||||||||||
|
2018
|
|
2017
|
|
Change
|
|
2017
|
|
2016
|
|
Change
|
||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Lease revenues
|
$
|
716,422
|
|
|
$
|
630,373
|
|
|
$
|
86,049
|
|
|
$
|
630,373
|
|
|
$
|
663,463
|
|
|
$
|
(33,090
|
)
|
Reimbursable tenant costs
|
28,076
|
|
|
21,524
|
|
|
6,552
|
|
|
21,524
|
|
|
25,438
|
|
|
(3,914
|
)
|
||||||
Operating property revenues
|
28,072
|
|
|
30,562
|
|
|
(2,490
|
)
|
|
30,562
|
|
|
30,767
|
|
|
(205
|
)
|
||||||
Lease termination income and other
|
6,555
|
|
|
4,749
|
|
|
1,806
|
|
|
4,749
|
|
|
35,696
|
|
|
(30,947
|
)
|
||||||
|
779,125
|
|
|
687,208
|
|
|
91,917
|
|
|
687,208
|
|
|
755,364
|
|
|
(68,156
|
)
|
||||||
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Depreciation and amortization:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net-leased properties
|
277,151
|
|
|
243,867
|
|
|
33,284
|
|
|
243,867
|
|
|
266,637
|
|
|
(22,770
|
)
|
||||||
Operating properties
|
9,021
|
|
|
4,276
|
|
|
4,745
|
|
|
4,276
|
|
|
4,238
|
|
|
38
|
|
||||||
Corporate depreciation and amortization
|
1,289
|
|
|
1,289
|
|
|
—
|
|
|
1,289
|
|
|
1,399
|
|
|
(110
|
)
|
||||||
|
287,461
|
|
|
249,432
|
|
|
38,029
|
|
|
249,432
|
|
|
272,274
|
|
|
(22,842
|
)
|
||||||
Property expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Reimbursable tenant costs
|
28,076
|
|
|
21,524
|
|
|
6,552
|
|
|
21,524
|
|
|
25,438
|
|
|
(3,914
|
)
|
||||||
Net-leased properties
|
22,773
|
|
|
17,330
|
|
|
5,443
|
|
|
17,330
|
|
|
26,804
|
|
|
(9,474
|
)
|
||||||
Operating properties
|
20,150
|
|
|
23,426
|
|
|
(3,276
|
)
|
|
23,426
|
|
|
22,627
|
|
|
799
|
|
||||||
|
70,999
|
|
|
62,280
|
|
|
8,719
|
|
|
62,280
|
|
|
74,869
|
|
|
(12,589
|
)
|
||||||
General and administrative
|
47,210
|
|
|
39,002
|
|
|
8,208
|
|
|
39,002
|
|
|
34,591
|
|
|
4,411
|
|
||||||
Merger and other expenses
|
41,426
|
|
|
605
|
|
|
40,821
|
|
|
605
|
|
|
2,993
|
|
|
(2,388
|
)
|
||||||
Stock-based compensation expense
|
10,450
|
|
|
6,960
|
|
|
3,490
|
|
|
6,960
|
|
|
5,224
|
|
|
1,736
|
|
||||||
Impairment charges
|
4,790
|
|
|
2,769
|
|
|
2,021
|
|
|
2,769
|
|
|
59,303
|
|
|
(56,534
|
)
|
||||||
Restructuring and other compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,413
|
|
|
(4,413
|
)
|
||||||
|
462,336
|
|
|
361,048
|
|
|
101,288
|
|
|
361,048
|
|
|
453,667
|
|
|
(92,619
|
)
|
||||||
Other Income and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest expense
|
(178,375
|
)
|
|
(165,775
|
)
|
|
(12,600
|
)
|
|
(165,775
|
)
|
|
(183,409
|
)
|
|
17,634
|
|
||||||
Gain on sale of real estate, net
|
118,605
|
|
|
33,878
|
|
|
84,727
|
|
|
33,878
|
|
|
71,318
|
|
|
(37,440
|
)
|
||||||
Gain on change in control of interests
|
18,792
|
|
|
—
|
|
|
18,792
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Equity in earnings of equity method investments in real estate
|
13,341
|
|
|
13,068
|
|
|
273
|
|
|
13,068
|
|
|
12,928
|
|
|
140
|
|
||||||
Other gains and (losses)
|
30,015
|
|
|
(5,655
|
)
|
|
35,670
|
|
|
(5,655
|
)
|
|
3,665
|
|
|
(9,320
|
)
|
||||||
|
2,378
|
|
|
(124,484
|
)
|
|
126,862
|
|
|
(124,484
|
)
|
|
(95,498
|
)
|
|
(28,986
|
)
|
||||||
Income before income taxes
|
319,167
|
|
|
201,676
|
|
|
117,491
|
|
|
201,676
|
|
|
206,199
|
|
|
(4,523
|
)
|
||||||
Benefit from (provision for) income taxes
|
844
|
|
|
(1,743
|
)
|
|
2,587
|
|
|
(1,743
|
)
|
|
3,418
|
|
|
(5,161
|
)
|
||||||
Net Income from Real Estate
|
320,011
|
|
|
199,933
|
|
|
120,078
|
|
|
199,933
|
|
|
209,617
|
|
|
(9,684
|
)
|
||||||
Net income attributable to noncontrolling interests
|
(12,775
|
)
|
|
(7,794
|
)
|
|
(4,981
|
)
|
|
(7,794
|
)
|
|
(7,060
|
)
|
|
(734
|
)
|
||||||
Net Income from Real Estate Attributable to W. P. Carey
|
$
|
307,236
|
|
|
$
|
192,139
|
|
|
$
|
115,097
|
|
|
$
|
192,139
|
|
|
$
|
202,557
|
|
|
$
|
(10,418
|
)
|
|
W. P. Carey 2018 10-K
–
37
|
|
Years Ended December 31,
|
||||||||||||||||||||||
|
2018
|
|
2017
|
|
Change
|
|
2017
|
|
2016
|
|
Change
|
||||||||||||
Existing Net-Leased Properties
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Lease revenues
|
$
|
562,786
|
|
|
$
|
547,858
|
|
|
$
|
14,928
|
|
|
$
|
547,858
|
|
|
$
|
545,111
|
|
|
$
|
2,747
|
|
Depreciation and amortization
|
(214,244
|
)
|
|
(208,103
|
)
|
|
(6,141
|
)
|
|
(208,103
|
)
|
|
(207,199
|
)
|
|
(904
|
)
|
||||||
Property expenses
|
(17,326
|
)
|
|
(13,865
|
)
|
|
(3,461
|
)
|
|
(13,865
|
)
|
|
(13,133
|
)
|
|
(732
|
)
|
||||||
Property level contribution
|
331,216
|
|
|
325,890
|
|
|
5,326
|
|
|
325,890
|
|
|
324,779
|
|
|
1,111
|
|
||||||
Net-Leased Properties Acquired in the CPA:17 Merger
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Lease revenues
|
52,779
|
|
|
—
|
|
|
52,779
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Depreciation and amortization
|
(22,469
|
)
|
|
—
|
|
|
(22,469
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Property expenses
|
(2,934
|
)
|
|
—
|
|
|
(2,934
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Property level contribution
|
27,376
|
|
|
—
|
|
|
27,376
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Recently Acquired Net-Leased Properties
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Lease revenues
|
72,979
|
|
|
40,087
|
|
|
32,892
|
|
|
40,087
|
|
|
19,318
|
|
|
20,769
|
|
||||||
Depreciation and amortization
|
(28,805
|
)
|
|
(16,468
|
)
|
|
(12,337
|
)
|
|
(16,468
|
)
|
|
(8,793
|
)
|
|
(7,675
|
)
|
||||||
Property expenses
|
(954
|
)
|
|
(513
|
)
|
|
(441
|
)
|
|
(513
|
)
|
|
(109
|
)
|
|
(404
|
)
|
||||||
Property level contribution
|
43,220
|
|
|
23,106
|
|
|
20,114
|
|
|
23,106
|
|
|
10,416
|
|
|
12,690
|
|
||||||
Existing Operating Property
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating property revenues
|
15,179
|
|
|
14,554
|
|
|
625
|
|
|
14,554
|
|
|
15,225
|
|
|
(671
|
)
|
||||||
Depreciation and amortization
|
(1,947
|
)
|
|
(1,714
|
)
|
|
(233
|
)
|
|
(1,714
|
)
|
|
(1,702
|
)
|
|
(12
|
)
|
||||||
Operating property expenses
|
(11,608
|
)
|
|
(11,358
|
)
|
|
(250
|
)
|
|
(11,358
|
)
|
|
(11,193
|
)
|
|
(165
|
)
|
||||||
Property level contribution
|
1,624
|
|
|
1,482
|
|
|
142
|
|
|
1,482
|
|
|
2,330
|
|
|
(848
|
)
|
||||||
Operating Properties Acquired in the CPA:17 Merger
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating property revenues
|
8,049
|
|
|
—
|
|
|
8,049
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Depreciation and amortization
|
(6,427
|
)
|
|
—
|
|
|
(6,427
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Operating property expenses
|
(4,831
|
)
|
|
—
|
|
|
(4,831
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Property level contribution
|
(3,209
|
)
|
|
—
|
|
|
(3,209
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Properties Sold or Held for Sale
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Lease revenues
|
27,878
|
|
|
42,428
|
|
|
(14,550
|
)
|
|
42,428
|
|
|
99,034
|
|
|
(56,606
|
)
|
||||||
Operating property revenues
|
4,844
|
|
|
16,008
|
|
|
(11,164
|
)
|
|
16,008
|
|
|
15,542
|
|
|
466
|
|
||||||
Depreciation and amortization
|
(12,280
|
)
|
|
(21,858
|
)
|
|
9,578
|
|
|
(21,858
|
)
|
|
(53,181
|
)
|
|
31,323
|
|
||||||
Property expenses
|
(1,559
|
)
|
|
(2,952
|
)
|
|
1,393
|
|
|
(2,952
|
)
|
|
(13,562
|
)
|
|
10,610
|
|
||||||
Operating property expenses
|
(3,711
|
)
|
|
(12,068
|
)
|
|
8,357
|
|
|
(12,068
|
)
|
|
(11,434
|
)
|
|
(634
|
)
|
||||||
Property level contribution
|
15,172
|
|
|
21,558
|
|
|
(6,386
|
)
|
|
21,558
|
|
|
36,399
|
|
|
(14,841
|
)
|
||||||
Property Level Contribution
|
415,399
|
|
|
372,036
|
|
|
43,363
|
|
|
372,036
|
|
|
373,924
|
|
|
(1,888
|
)
|
||||||
Add: Lease termination income and other
|
6,555
|
|
|
4,749
|
|
|
1,806
|
|
|
4,749
|
|
|
35,696
|
|
|
(30,947
|
)
|
||||||
Less other expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
General and administrative
|
(47,210
|
)
|
|
(39,002
|
)
|
|
(8,208
|
)
|
|
(39,002
|
)
|
|
(34,591
|
)
|
|
(4,411
|
)
|
||||||
Merger and other expenses
|
(41,426
|
)
|
|
(605
|
)
|
|
(40,821
|
)
|
|
(605
|
)
|
|
(2,993
|
)
|
|
2,388
|
|
||||||
Stock-based compensation expense
|
(10,450
|
)
|
|
(6,960
|
)
|
|
(3,490
|
)
|
|
(6,960
|
)
|
|
(5,224
|
)
|
|
(1,736
|
)
|
||||||
Impairment charges
|
(4,790
|
)
|
|
(2,769
|
)
|
|
(2,021
|
)
|
|
(2,769
|
)
|
|
(59,303
|
)
|
|
56,534
|
|
||||||
Corporate depreciation and amortization
|
(1,289
|
)
|
|
(1,289
|
)
|
|
—
|
|
|
(1,289
|
)
|
|
(1,399
|
)
|
|
110
|
|
||||||
Restructuring and other compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,413
|
)
|
|
4,413
|
|
||||||
Other Income and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest expense
|
(178,375
|
)
|
|
(165,775
|
)
|
|
(12,600
|
)
|
|
(165,775
|
)
|
|
(183,409
|
)
|
|
17,634
|
|
||||||
Gain on sale of real estate, net
|
118,605
|
|
|
33,878
|
|
|
84,727
|
|
|
33,878
|
|
|
71,318
|
|
|
(37,440
|
)
|
||||||
Gain on change in control of interests
|
18,792
|
|
|
—
|
|
|
18,792
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Equity in earnings of equity method investments in real estate
|
13,341
|
|
|
13,068
|
|
|
273
|
|
|
13,068
|
|
|
12,928
|
|
|
140
|
|
||||||
Other gains and (losses)
|
30,015
|
|
|
(5,655
|
)
|
|
35,670
|
|
|
(5,655
|
)
|
|
3,665
|
|
|
(9,320
|
)
|
||||||
|
2,378
|
|
|
(124,484
|
)
|
|
126,862
|
|
|
(124,484
|
)
|
|
(95,498
|
)
|
|
(28,986
|
)
|
||||||
Income before income taxes
|
319,167
|
|
|
201,676
|
|
|
117,491
|
|
|
201,676
|
|
|
206,199
|
|
|
(4,523
|
)
|
||||||
Benefit from (provision for) income taxes
|
844
|
|
|
(1,743
|
)
|
|
2,587
|
|
|
(1,743
|
)
|
|
3,418
|
|
|
(5,161
|
)
|
||||||
Net Income from Real Estate
|
320,011
|
|
|
199,933
|
|
|
120,078
|
|
|
199,933
|
|
|
209,617
|
|
|
(9,684
|
)
|
||||||
Net income attributable to noncontrolling interests
|
(12,775
|
)
|
|
(7,794
|
)
|
|
(4,981
|
)
|
|
(7,794
|
)
|
|
(7,060
|
)
|
|
(734
|
)
|
||||||
Net Income from Real Estate Attributable to W. P. Carey
|
$
|
307,236
|
|
|
$
|
192,139
|
|
|
$
|
115,097
|
|
|
$
|
192,139
|
|
|
$
|
202,557
|
|
|
$
|
(10,418
|
)
|
|
W. P. Carey 2018 10-K
–
38
|
|
W. P. Carey 2018 10-K
–
39
|
|
W. P. Carey 2018 10-K
–
40
|
|
W. P. Carey 2018 10-K
–
41
|
•
|
$3.8 million
recognized on a property due to a tenant bankruptcy; and
|
•
|
$1.0 million
recognized on a property due to a tenant vacancy.
|
•
|
$2.2 million recognized on a property due to a tenant bankruptcy; and
|
•
|
$0.6 million recognized on a property that was sold in March 2018.
|
•
|
$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.
|
|
W. P. Carey 2018 10-K
–
42
|
|
Years Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Equity in earnings of equity method investments in real estate:
|
|
|
|
|
|
||||||
Equity investments consolidated after the CPA:17 Merger
|
$
|
11,839
|
|
|
$
|
11,793
|
|
|
$
|
11,653
|
|
Existing equity investment
|
1,275
|
|
|
1,275
|
|
|
1,275
|
|
|||
Equity investments acquired in the CPA:17 Merger
|
342
|
|
|
—
|
|
|
—
|
|
|||
Recently acquired equity investment
|
(115
|
)
|
|
—
|
|
|
—
|
|
|||
Equity in earnings of equity method investments in real estate
|
$
|
13,341
|
|
|
$
|
13,068
|
|
|
$
|
12,928
|
|
|
W. P. Carey 2018 10-K
–
43
|
|
W. P. Carey 2018 10-K
–
44
|
|
As of December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Total properties — Managed Programs
|
187
|
|
|
628
|
|
|
606
|
|
|||
Assets under management — Managed Programs
(a)
|
$
|
7,550.4
|
|
|
$
|
13,125.1
|
|
|
$
|
12,874.8
|
|
Cumulative funds raised — CWI 2 offering
(b)
|
851.3
|
|
|
851.3
|
|
|
616.3
|
|
|||
Cumulative funds raised — CCIF offering
(c)
|
195.3
|
|
|
195.3
|
|
|
125.1
|
|
|||
Cumulative funds raised — CESH offering
(d)
|
139.7
|
|
|
139.7
|
|
|
112.8
|
|
|
For the Years Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Financings structured — Managed Programs
|
$
|
353.7
|
|
|
$
|
1,034.5
|
|
|
$
|
1,362.8
|
|
Investments structured — Managed Programs
(e)
|
427.3
|
|
|
1,248.5
|
|
|
1,558.9
|
|
|||
Funds raised — CWI 2 offering
(b)
|
—
|
|
|
235.0
|
|
|
369.3
|
|
|||
Funds raised — CCIF offering
(c)
|
—
|
|
|
70.2
|
|
|
123.1
|
|
|||
Funds raised — CESH offering
(d)
|
—
|
|
|
26.9
|
|
|
112.8
|
|
(a)
|
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 also include the estimated fair value of the real estate assets, plus cash, owned by CESH. Amount as of December 31, 2016 included the fair value of the investment assets, plus cash, owned by CCIF.
|
(b)
|
Reflects funds raised from CWI 2’s initial public offering, which commenced in February 2015 and closed on July 31, 2017, but excludes distributions to CWI 2’s shareholders that were reinvested in CWI 2’s common stock through its distribution reinvestment plan.
|
(c)
|
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.
|
(d)
|
Reflects funds raised from CESH’s private placement, which commenced in July 2016 and closed on July 31, 2017.
|
(e)
|
Includes acquisition-related costs.
|
|
W. P. Carey 2018 10-K
–
45
|
|
Years Ended December 31,
|
||||||||||||||||||||||
|
2018
|
|
2017
|
|
Change
|
|
2017
|
|
2016
|
|
Change
|
||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Asset management revenue
|
$
|
63,556
|
|
|
$
|
70,125
|
|
|
$
|
(6,569
|
)
|
|
$
|
70,125
|
|
|
$
|
61,971
|
|
|
$
|
8,154
|
|
Reimbursable costs from affiliates
|
21,925
|
|
|
51,445
|
|
|
(29,520
|
)
|
|
51,445
|
|
|
66,433
|
|
|
(14,988
|
)
|
||||||
Structuring revenue
|
20,826
|
|
|
34,198
|
|
|
(13,372
|
)
|
|
34,198
|
|
|
47,328
|
|
|
(13,130
|
)
|
||||||
Other advisory revenue
|
300
|
|
|
896
|
|
|
(596
|
)
|
|
896
|
|
|
2,435
|
|
|
(1,539
|
)
|
||||||
Dealer manager fees
|
—
|
|
|
4,430
|
|
|
(4,430
|
)
|
|
4,430
|
|
|
8,002
|
|
|
(3,572
|
)
|
||||||
|
106,607
|
|
|
161,094
|
|
|
(54,487
|
)
|
|
161,094
|
|
|
186,169
|
|
|
(25,075
|
)
|
||||||
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Reimbursable costs from affiliates
|
21,925
|
|
|
51,445
|
|
|
(29,520
|
)
|
|
51,445
|
|
|
66,433
|
|
|
(14,988
|
)
|
||||||
General and administrative
|
21,127
|
|
|
31,889
|
|
|
(10,762
|
)
|
|
31,889
|
|
|
47,761
|
|
|
(15,872
|
)
|
||||||
Subadvisor fees
|
9,240
|
|
|
13,600
|
|
|
(4,360
|
)
|
|
13,600
|
|
|
14,141
|
|
|
(541
|
)
|
||||||
Stock-based compensation expense
|
7,844
|
|
|
11,957
|
|
|
(4,113
|
)
|
|
11,957
|
|
|
12,791
|
|
|
(834
|
)
|
||||||
Depreciation and amortization
|
3,979
|
|
|
3,902
|
|
|
77
|
|
|
3,902
|
|
|
4,236
|
|
|
(334
|
)
|
||||||
Restructuring and other compensation
|
—
|
|
|
9,363
|
|
|
(9,363
|
)
|
|
9,363
|
|
|
7,512
|
|
|
1,851
|
|
||||||
Dealer manager fees and expenses
|
—
|
|
|
6,544
|
|
|
(6,544
|
)
|
|
6,544
|
|
|
12,808
|
|
|
(6,264
|
)
|
||||||
Merger and other expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,384
|
|
|
(2,384
|
)
|
||||||
|
64,115
|
|
|
128,700
|
|
|
(64,585
|
)
|
|
128,700
|
|
|
168,066
|
|
|
(39,366
|
)
|
||||||
Other Income and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Equity in earnings of equity method investments in the Managed Programs
|
48,173
|
|
|
51,682
|
|
|
(3,509
|
)
|
|
51,682
|
|
|
51,791
|
|
|
(109
|
)
|
||||||
Gain on change in control of interests
|
29,022
|
|
|
—
|
|
|
29,022
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Other gains and (losses)
|
(102
|
)
|
|
2,042
|
|
|
(2,144
|
)
|
|
2,042
|
|
|
2,002
|
|
|
40
|
|
||||||
|
77,093
|
|
|
53,724
|
|
|
23,369
|
|
|
53,724
|
|
|
53,793
|
|
|
(69
|
)
|
||||||
Income before income taxes
|
119,585
|
|
|
86,118
|
|
|
33,467
|
|
|
86,118
|
|
|
71,896
|
|
|
14,222
|
|
||||||
Provision for income taxes
|
(15,255
|
)
|
|
(968
|
)
|
|
(14,287
|
)
|
|
(968
|
)
|
|
(6,706
|
)
|
|
5,738
|
|
||||||
Net Income from Investment Management Attributable to W. P. Carey
|
$
|
104,330
|
|
|
$
|
85,150
|
|
|
$
|
19,180
|
|
|
$
|
85,150
|
|
|
$
|
65,190
|
|
|
$
|
19,960
|
|
|
W. P. Carey 2018 10-K
–
46
|
|
W. P. Carey 2018 10-K
–
47
|
|
W. P. Carey 2018 10-K
–
48
|
|
W. P. Carey 2018 10-K
–
49
|
|
Years Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Equity in earnings of equity method investments in the Managed Programs:
|
|
|
|
|
|
||||||
Equity in earnings of equity method investments in the
Managed Programs
(a) (b)
|
$
|
1,564
|
|
|
$
|
3,820
|
|
|
$
|
6,670
|
|
Distributions of Available Cash:
(c)
|
|
|
|
|
|
||||||
CPA:17 – Global
(b)
|
26,308
|
|
|
26,675
|
|
|
24,765
|
|
|||
CPA:18 – Global
|
9,692
|
|
|
8,650
|
|
|
7,586
|
|
|||
CWI 1
|
5,142
|
|
|
7,459
|
|
|
9,445
|
|
|||
CWI 2
|
5,467
|
|
|
5,078
|
|
|
3,325
|
|
|||
Equity in earnings of equity method investments in the Managed Programs
|
$
|
48,173
|
|
|
$
|
51,682
|
|
|
$
|
51,791
|
|
(a)
|
Decrease for 2018 as compared to 2017 was primarily due to a decrease of
$2.8 million
from our investment in shares of common stock of CPA:17 – Global, which recognized significant impairment charges during 2018. 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.
|
(b)
|
As a result of the completion of the CPA:17 Merger on October 31, 2018 (
Note 3
), we no longer recognize equity income from our investment in shares of common stock of CPA:17 – Global or receive distributions of Available Cash from CPA:17 – Global.
|
(c)
|
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 4
). Distributions of Available Cash received and earned from the Managed REITs fluctuate based on the timing of certain events, including acquisitions, dispositions, and weather-related disruptions during 2017 (resulting in property damages and loss of revenue).
|
|
W. P. Carey 2018 10-K
–
50
|
|
W. P. Carey 2018 10-K
–
51
|
|
W. P. Carey 2018 10-K
–
52
|
|
December 31,
|
||||||
|
2018
|
|
2017
|
||||
Carrying Value
|
|
|
|
||||
Fixed rate:
|
|
|
|
||||
Senior Unsecured Notes
(a)
|
$
|
3,554,470
|
|
|
$
|
2,474,661
|
|
Non-recourse mortgages
(a)
|
1,795,460
|
|
|
916,768
|
|
||
|
5,349,930
|
|
|
3,391,429
|
|
||
Variable rate:
|
|
|
|
||||
Unsecured Revolving Credit Facility
|
91,563
|
|
|
216,775
|
|
||
Unsecured Term Loans
(a)
|
—
|
|
|
388,354
|
|
||
Non-recourse mortgages
(a)
:
|
|
|
|
||||
Amount subject to interest rate swaps and cap
|
561,959
|
|
|
149,563
|
|
||
Floating interest rate mortgage loans
|
375,239
|
|
|
119,146
|
|
||
|
1,028,761
|
|
|
873,838
|
|
||
|
$
|
6,378,691
|
|
|
$
|
4,265,267
|
|
|
|
|
|
||||
Percent of Total Debt
|
|
|
|
||||
Fixed rate
|
84
|
%
|
|
80
|
%
|
||
Variable rate
|
16
|
%
|
|
20
|
%
|
||
|
100
|
%
|
|
100
|
%
|
||
Weighted-Average Interest Rate at End of Year
|
|
|
|
||||
Fixed rate
|
3.7
|
%
|
|
3.9
|
%
|
||
Variable rate
(b)
|
3.4
|
%
|
|
1.8
|
%
|
(a)
|
Aggregate debt balance includes unamortized discount, net, totaling
$37.6 million
and
$12.8 million
as of
December 31, 2018
and
2017
, respectively, and unamortized deferred financing costs totaling
$20.5 million
and
$15.9 million
as of
December 31, 2018
and
2017
, respectively.
|
(b)
|
The impact of our derivative instruments is reflected in the weighted-average interest rates.
|
•
|
cash and cash equivalents totaling
$217.6 million
. Of this amount,
$127.6 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 available capacity of
$1.4 billion
; and
|
•
|
unleveraged properties that had an aggregate asset carrying value of
$6.1 billion
at
December 31, 2018
, although there can be no assurance that we would be able to obtain financing for these properties.
|
|
W. P. Carey 2018 10-K
–
53
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||
|
Outstanding Balance
|
|
Maximum Available
|
|
Outstanding Balance
|
|
Maximum Available
|
||||||||
Unsecured Revolving Credit Facility
|
$
|
91,563
|
|
|
$
|
1,500,000
|
|
|
$
|
216,775
|
|
|
$
|
1,500,000
|
|
Unsecured Term Loans, net
(a) (b)
|
—
|
|
|
—
|
|
|
389,773
|
|
|
389,773
|
|
(a)
|
Amounts as of December 31, 2017 were comprised of our Term Loan of €236.3 million and our Delayed Draw Term Loan of €88.7 million and reflected the exchange rate of the euro at that date. On March 7, 2018, we repaid and terminated both of our Unsecured Term Loans in full using proceeds from the 2.125% Senior Notes due 2027 that we issued in March 2018. The aggregate principal amount (of revolving and term loans) available under the Credit Agreement may be increased up to an amount not to exceed the U.S. dollar equivalent of
$2.35 billion
(
Note 11
).
|
(b)
|
Outstanding balance excludes unamortized discount of
$1.2 million
and unamortized deferred financing costs of
$0.2 million
at December 31, 2017.
|
|
W. P. Carey 2018 10-K
–
54
|
|
Total
|
|
Less than
1 year
|
|
1-3 years
|
|
3-5 years
|
|
More than
5 years
|
||||||||||
Senior Unsecured Notes — principal
(a)
(b)
|
$
|
3,590,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
572,500
|
|
|
$
|
3,017,500
|
|
Non-recourse mortgages — principal
(a)
|
2,755,328
|
|
|
157,143
|
|
|
1,316,529
|
|
|
958,959
|
|
|
322,697
|
|
|||||
Senior Unsecured Credit Facility — principal
(c)
|
91,563
|
|
|
—
|
|
|
91,563
|
|
|
—
|
|
|
—
|
|
|||||
Interest on borrowings
(d)
|
1,066,674
|
|
|
232,558
|
|
|
389,627
|
|
|
277,060
|
|
|
167,429
|
|
|||||
Operating and other lease commitments
(e) (f)
|
296,599
|
|
|
14,461
|
|
|
21,391
|
|
|
14,095
|
|
|
246,652
|
|
|||||
Capital commitments and tenant expansion allowances
(g)
|
243,836
|
|
|
148,707
|
|
|
91,616
|
|
|
—
|
|
|
3,513
|
|
|||||
|
$
|
8,044,000
|
|
|
$
|
552,869
|
|
|
$
|
1,910,726
|
|
|
$
|
1,822,614
|
|
|
$
|
3,757,791
|
|
(a)
|
Excludes unamortized deferred financing costs totaling
$20.5 million
, the unamortized discount on the Senior Unsecured Notes of
$15.8 million
in aggregate, and the aggregate unamortized fair market value discount of
$21.8 million
, primarily resulting from the assumption of property-level debt in connection with business combinations, including the CPA:17 Merger (
Note 3
).
|
(b)
|
Our Senior Unsecured Notes are scheduled to mature from 2023 through 2027 (
Note 11
).
|
(c)
|
Our Unsecured Revolving Credit Facility is scheduled to mature on February 22, 2021 unless otherwise extended pursuant to its terms.
|
(d)
|
Interest on unhedged variable-rate debt obligations was calculated using the applicable annual variable interest rates and balances outstanding at
December 31, 2018
.
|
(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. Total amount includes
$131.2 million
of ground lease obligations for which we will be reimbursed by tenants.
|
(f)
|
Includes a total of
$1.4 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)
$204.5 million
related to build-to-suit projects and redevelopments, including
$48.0 million
related to projects for which the tenant has not exercised the associated construction option, and (ii)
$39.3 million
related to unfunded tenant improvements, including certain discretionary commitments.
|
|
W. P. Carey 2018 10-K
–
55
|
|
W. P. Carey 2018 10-K
–
56
|
|
W. P. Carey 2018 10-K
–
57
|
|
Years Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Net income attributable to W. P. Carey
|
$
|
411,566
|
|
|
$
|
277,289
|
|
|
$
|
267,747
|
|
Adjustments:
|
|
|
|
|
|
||||||
Depreciation and amortization of real property
|
286,164
|
|
|
248,042
|
|
|
270,822
|
|
|||
Gain on sale of real estate, net
|
(118,605
|
)
|
|
(33,878
|
)
|
|
(71,318
|
)
|
|||
Gain on change in control of interests
(a) (b)
|
(47,814
|
)
|
|
—
|
|
|
—
|
|
|||
Impairment charges
|
4,790
|
|
|
2,769
|
|
|
59,303
|
|
|||
Proportionate share of adjustments for noncontrolling interests
|
(8,966
|
)
|
|
(10,491
|
)
|
|
(11,725
|
)
|
|||
Proportionate share of adjustments to equity in net income of partially owned entities
|
4,728
|
|
|
5,293
|
|
|
5,053
|
|
|||
Total adjustments
|
120,297
|
|
|
211,735
|
|
|
252,135
|
|
|||
FFO (as defined by NAREIT) attributable to W. P. Carey
|
531,863
|
|
|
489,024
|
|
|
519,882
|
|
|||
Adjustments:
|
|
|
|
|
|
||||||
Above- and below-market rent intangible lease amortization, net
(c)
|
52,314
|
|
|
55,195
|
|
|
36,504
|
|
|||
Merger and other expenses
(d) (e) (f)
|
41,426
|
|
|
605
|
|
|
5,377
|
|
|||
Stock-based compensation
|
18,294
|
|
|
18,917
|
|
|
18,015
|
|
|||
Other amortization and non-cash items
(g) (h)
|
(17,326
|
)
|
|
17,193
|
|
|
(2,111
|
)
|
|||
Straight-line and other rent adjustments
(i)
|
(14,460
|
)
|
|
(11,679
|
)
|
|
(39,215
|
)
|
|||
Amortization of deferred financing costs
|
6,184
|
|
|
8,169
|
|
|
3,197
|
|
|||
Loss (gain) on extinguishment of debt
|
3,310
|
|
|
(46
|
)
|
|
4,109
|
|
|||
Tax expense (benefit) — deferred and other
(j)
|
1,079
|
|
|
(18,664
|
)
|
|
(24,955
|
)
|
|||
Realized (gains) losses on foreign currency
|
(768
|
)
|
|
(896
|
)
|
|
3,671
|
|
|||
Restructuring and other compensation
(k)
|
—
|
|
|
9,363
|
|
|
11,925
|
|
|||
Allowance for credit losses
|
—
|
|
|
—
|
|
|
7,064
|
|
|||
Proportionate share of adjustments to equity in net income of partially owned entities
|
12,439
|
|
|
8,476
|
|
|
3,551
|
|
|||
Proportionate share of adjustments for noncontrolling interests
|
231
|
|
|
(2,678
|
)
|
|
683
|
|
|||
Total adjustments
|
102,723
|
|
|
83,955
|
|
|
27,815
|
|
|||
AFFO attributable to W. P. Carey
|
$
|
634,586
|
|
|
$
|
572,979
|
|
|
$
|
547,697
|
|
|
|
|
|
|
|
||||||
Summary
|
|
|
|
|
|
||||||
FFO (as defined by NAREIT) attributable to W. P. Carey
|
$
|
531,863
|
|
|
$
|
489,024
|
|
|
$
|
519,882
|
|
AFFO attributable to W. P. Carey
|
$
|
634,586
|
|
|
$
|
572,979
|
|
|
$
|
547,697
|
|
|
W. P. Carey 2018 10-K
–
58
|
|
Years Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Net income from Real Estate attributable to W. P. Carey
|
$
|
307,236
|
|
|
$
|
192,139
|
|
|
$
|
202,557
|
|
Adjustments:
|
|
|
|
|
|
||||||
Depreciation and amortization of real property
|
286,164
|
|
|
248,042
|
|
|
270,822
|
|
|||
Gain on sale of real estate, net
|
(118,605
|
)
|
|
(33,878
|
)
|
|
(71,318
|
)
|
|||
Gain on change in control of interests
(a)
|
(18,792
|
)
|
|
—
|
|
|
—
|
|
|||
Impairment charges
|
4,790
|
|
|
2,769
|
|
|
59,303
|
|
|||
Proportionate share of adjustments for noncontrolling interests
|
(8,966
|
)
|
|
(10,491
|
)
|
|
(11,725
|
)
|
|||
Proportionate share of adjustments to equity in net income of partially owned entities
|
4,728
|
|
|
5,293
|
|
|
5,053
|
|
|||
Total adjustments
|
149,319
|
|
|
211,735
|
|
|
252,135
|
|
|||
FFO (as defined by NAREIT) attributable to W. P. Carey — Real Estate
|
456,555
|
|
|
403,874
|
|
|
454,692
|
|
|||
Adjustments:
|
|
|
|
|
|
||||||
Above- and below-market rent intangible lease amortization, net
(c)
|
52,314
|
|
|
55,195
|
|
|
36,504
|
|
|||
Merger and other expenses
(d) (e) (f)
|
41,426
|
|
|
605
|
|
|
2,993
|
|
|||
Other amortization and non-cash items
(g) (h)
|
(20,216
|
)
|
|
18,115
|
|
|
(1,889
|
)
|
|||
Tax benefit — deferred and other
|
(18,790
|
)
|
|
(20,168
|
)
|
|
(17,439
|
)
|
|||
Straight-line and other rent adjustments
(i)
|
(14,460
|
)
|
|
(11,679
|
)
|
|
(39,215
|
)
|
|||
Stock-based compensation
|
10,450
|
|
|
6,960
|
|
|
5,224
|
|
|||
Amortization of deferred financing costs
|
6,184
|
|
|
8,169
|
|
|
3,197
|
|
|||
Loss (gain) on extinguishment of debt
|
3,310
|
|
|
(46
|
)
|
|
4,109
|
|
|||
Realized (gains) losses on foreign currency
|
(789
|
)
|
|
(918
|
)
|
|
3,654
|
|
|||
Allowance for credit losses
|
—
|
|
|
—
|
|
|
7,064
|
|
|||
Restructuring and other compensation
(k)
|
—
|
|
|
—
|
|
|
4,413
|
|
|||
Proportionate share of adjustments to equity in net income of partially owned entities
|
287
|
|
|
(564
|
)
|
|
(579
|
)
|
|||
Proportionate share of adjustments for noncontrolling interests
|
231
|
|
|
(2,678
|
)
|
|
683
|
|
|||
Total adjustments
|
59,947
|
|
|
52,991
|
|
|
8,719
|
|
|||
AFFO attributable to W. P. Carey — Real Estate
|
$
|
516,502
|
|
|
$
|
456,865
|
|
|
$
|
463,411
|
|
|
|
|
|
|
|
||||||
Summary
|
|
|
|
|
|
||||||
FFO (as defined by NAREIT) attributable to W. P. Carey — Real Estate
|
$
|
456,555
|
|
|
$
|
403,874
|
|
|
$
|
454,692
|
|
AFFO attributable to W. P. Carey — Real Estate
|
$
|
516,502
|
|
|
$
|
456,865
|
|
|
$
|
463,411
|
|
|
W. P. Carey 2018 10-K
–
59
|
|
Years Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Net income from Investment Management attributable to W. P. Carey
|
$
|
104,330
|
|
|
$
|
85,150
|
|
|
$
|
65,190
|
|
Adjustments:
|
|
|
|
|
|
||||||
Gain on change in control of interests
(b)
|
(29,022
|
)
|
|
—
|
|
|
—
|
|
|||
Total adjustments
|
(29,022
|
)
|
|
—
|
|
|
—
|
|
|||
FFO (as defined by NAREIT) attributable to W. P. Carey — Investment Management
|
75,308
|
|
|
85,150
|
|
|
65,190
|
|
|||
Adjustments:
|
|
|
|
|
|
||||||
Tax expense (benefit) — deferred and other
(j)
|
19,869
|
|
|
1,504
|
|
|
(7,516
|
)
|
|||
Stock-based compensation
|
7,844
|
|
|
11,957
|
|
|
12,791
|
|
|||
Other amortization and non-cash items
(h)
|
2,890
|
|
|
(922
|
)
|
|
(222
|
)
|
|||
Realized losses on foreign currency
|
21
|
|
|
22
|
|
|
17
|
|
|||
Restructuring and other compensation
(k)
|
—
|
|
|
9,363
|
|
|
7,512
|
|
|||
Merger and other expenses
(f)
|
—
|
|
|
—
|
|
|
2,384
|
|
|||
Proportionate share of adjustments to equity in net income of partially owned entities
|
12,152
|
|
|
9,040
|
|
|
4,130
|
|
|||
Total adjustments
|
42,776
|
|
|
30,964
|
|
|
19,096
|
|
|||
AFFO attributable to W. P. Carey — Investment Management
|
$
|
118,084
|
|
|
$
|
116,114
|
|
|
$
|
84,286
|
|
|
|
|
|
|
|
||||||
Summary
|
|
|
|
|
|
||||||
FFO (as defined by NAREIT) attributable to W. P. Carey — Investment Management
|
$
|
75,308
|
|
|
$
|
85,150
|
|
|
$
|
65,190
|
|
AFFO attributable to W. P. Carey — Investment Management
|
$
|
118,084
|
|
|
$
|
116,114
|
|
|
$
|
84,286
|
|
(a)
|
Amount for the year ended December 31, 2018 represents a gain recognized on the purchase of the remaining interests in six investments from CPA:17 – Global in the CPA:17 Merger, which we had previously accounted for under the equity method (
Note 3
).
|
(b)
|
Amount for the year ended December 31, 2018 represents a gain recognized on our previously held interest in shares of CPA:17 – Global common stock in connection with the CPA:17 Merger (
Note 3
).
|
(c)
|
Amount for the year ended December 31, 2017 includes an adjustment of $5.7 million related to the 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 the accelerated amortization of a below-market rent intangible from a tenant of a domestic property that was sold during 2016.
|
(d)
|
(e)
|
Amount for the year ended December 31, 2017 is primarily comprised of an accrual for estimated one-time legal settlement expenses.
|
(f)
|
Amount for the year ended December 31, 2016 includes expenses related to our formal strategic review, which was completed in May 2016.
|
(g)
|
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 (
Note 2
).
|
(h)
|
Primarily represents unrealized gains and losses from foreign currency exchange movements and derivatives.
|
(i)
|
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 (
Note 17
).
|
(j)
|
Amount for the year ended December 31, 2018 includes one-time taxes incurred upon the recognition of taxable income associated with the accelerated vesting of shares previously issued by CPA:17 – Global to us for asset management services performed, in connection with the CPA:17 Merger (
Note 3
).
|
|
W. P. Carey 2018 10-K
–
60
|
(k)
|
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 13
).
|
|
W. P. Carey 2018 10-K
–
61
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
Thereafter
|
|
Total
|
|
Fair value
|
||||||||||||||||
Fixed-rate debt
(a) (b)
|
$
|
102,120
|
|
|
$
|
358,073
|
|
|
$
|
330,701
|
|
|
$
|
488,062
|
|
|
$
|
831,799
|
|
|
$
|
3,294,978
|
|
|
$
|
5,405,733
|
|
|
$
|
5,367,964
|
|
Variable-rate debt
(a)
|
$
|
55,023
|
|
|
$
|
355,537
|
|
|
$
|
363,782
|
|
|
$
|
99,504
|
|
|
$
|
112,093
|
|
|
$
|
45,219
|
|
|
$
|
1,031,158
|
|
|
$
|
1,029,053
|
|
(a)
|
Amounts are based on the exchange rate at
December 31, 2018
, as applicable.
|
(b)
|
Amounts after 2022 are primarily comprised of principal payments for our Senior Unsecured Notes (
Note 11
).
|
|
W. P. Carey 2018 10-K
–
62
|
Lease Revenues
(a)
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
Thereafter
|
|
Total
|
||||||||||||||
Euro
(b)
|
|
$
|
303,376
|
|
|
$
|
300,910
|
|
|
$
|
297,941
|
|
|
$
|
287,645
|
|
|
$
|
285,986
|
|
|
$
|
1,978,304
|
|
|
$
|
3,454,162
|
|
British pound sterling
(c)
|
|
38,513
|
|
|
38,874
|
|
|
39,101
|
|
|
39,230
|
|
|
39,409
|
|
|
244,084
|
|
|
439,211
|
|
|||||||
Japanese yen
(d)
|
|
2,774
|
|
|
2,781
|
|
|
2,774
|
|
|
668
|
|
|
—
|
|
|
—
|
|
|
8,997
|
|
|||||||
Other foreign currencies
(e)
|
|
23,021
|
|
|
23,501
|
|
|
23,861
|
|
|
23,787
|
|
|
24,216
|
|
|
271,742
|
|
|
390,128
|
|
|||||||
|
|
$
|
367,684
|
|
|
$
|
366,066
|
|
|
$
|
363,677
|
|
|
$
|
351,330
|
|
|
$
|
349,611
|
|
|
$
|
2,494,130
|
|
|
$
|
4,292,498
|
|
Debt Service
(a) (f)
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
Thereafter
|
|
Total
|
||||||||||||||
Euro
(b)
|
|
$
|
95,749
|
|
|
$
|
278,446
|
|
|
$
|
313,261
|
|
|
$
|
146,687
|
|
|
$
|
769,510
|
|
|
$
|
1,839,016
|
|
|
$
|
3,442,669
|
|
British pound sterling
(c)
|
|
12,824
|
|
|
1,239
|
|
|
17,509
|
|
|
803
|
|
|
803
|
|
|
9,478
|
|
|
42,656
|
|
|||||||
Japanese yen
(d)
|
|
223
|
|
|
223
|
|
|
22,323
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,769
|
|
|||||||
|
|
$
|
108,796
|
|
|
$
|
279,908
|
|
|
$
|
353,093
|
|
|
$
|
147,490
|
|
|
$
|
770,313
|
|
|
$
|
1,848,494
|
|
|
$
|
3,508,094
|
|
(a)
|
Amounts are based on the applicable exchange rates at
December 31, 2018
. 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, 2018
of
$0.1 million
, excluding the impact of our derivative instruments. Amounts included the equivalent of
$2.3 billion
of euro-denominated senior notes maturing from 2023 through 2027, and the equivalent of
$69.3 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 11
).
|
(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, 2018
of
$4.0 million
, excluding the impact of our derivative instruments.
|
|
W. P. Carey 2018 10-K
–
63
|
(d)
|
We estimate that, for a 1% increase or decrease in the exchange rate between the Japanese yen and the U.S. dollar, there would be a corresponding change in the projected estimated cash flow at
December 31, 2018
of
$0.1 million
. Amounts included the equivalent of
$22.3 million
borrowed in Japanese yen 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 11
).
|
(e)
|
Other foreign currencies for future minimum rents consist of the Danish krone, the Norwegian krone, the Canadian dollar, and the Swedish krona.
|
(f)
|
Interest on unhedged variable-rate debt obligations was calculated using the applicable annual interest rates and balances outstanding at
December 31, 2018
.
|
•
|
64%
related to domestic operations; and
|
•
|
36%
related to international operations.
|
•
|
63%
related to domestic properties;
|
•
|
37%
related to international properties;
|
•
|
26%
related to office facilities,
23%
related to industrial facilities,
21%
related to warehouse facilities, and
18%
related to retail facilities; and
|
•
|
21%
related to the retail stores industry (including automotive dealerships).
|
|
W. P. Carey 2018 10-K
–
64
|
TABLE OF CONTENTS
|
Page No.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W. P. Carey 2018 10-K
–
65
|
|
W. P. Carey 2018 10-K
–
66
|
|
W. P. Carey 2018 10-K
–
67
|
|
December 31,
|
||||||
|
2018
|
|
2017
|
||||
Assets
|
|
|
|
||||
Investments in real estate:
|
|
|
|
||||
Land, buildings and improvements
|
$
|
9,251,396
|
|
|
$
|
5,457,265
|
|
Net investments in direct financing leases
|
1,306,215
|
|
|
721,607
|
|
||
In-place lease and other intangible assets
|
2,009,628
|
|
|
1,213,976
|
|
||
Above-market rent intangible assets
|
925,797
|
|
|
640,480
|
|
||
Investments in real estate
|
13,493,036
|
|
|
8,033,328
|
|
||
Accumulated depreciation and amortization
|
(1,564,182
|
)
|
|
(1,329,613
|
)
|
||
Net investments in real estate
|
11,928,854
|
|
|
6,703,715
|
|
||
Equity investments in the Managed Programs and real estate
|
329,248
|
|
|
341,457
|
|
||
Cash and cash equivalents
|
217,644
|
|
|
162,312
|
|
||
Due from affiliates
|
74,842
|
|
|
105,308
|
|
||
Other assets, net
|
711,507
|
|
|
274,650
|
|
||
Goodwill
|
920,944
|
|
|
643,960
|
|
||
Total assets
|
$
|
14,183,039
|
|
|
$
|
8,231,402
|
|
Liabilities and Equity
|
|
|
|
||||
Debt:
|
|
|
|
||||
Senior unsecured notes, net
|
$
|
3,554,470
|
|
|
$
|
2,474,661
|
|
Unsecured revolving credit facility
|
91,563
|
|
|
216,775
|
|
||
Unsecured term loans, net
|
—
|
|
|
388,354
|
|
||
Non-recourse mortgages, net
|
2,732,658
|
|
|
1,185,477
|
|
||
Debt, net
|
6,378,691
|
|
|
4,265,267
|
|
||
Accounts payable, accrued expenses and other liabilities
|
403,896
|
|
|
263,053
|
|
||
Below-market rent and other intangible liabilities, net
|
225,128
|
|
|
113,957
|
|
||
Deferred income taxes
|
173,115
|
|
|
67,009
|
|
||
Dividends payable
|
172,154
|
|
|
109,766
|
|
||
Total liabilities
|
7,352,984
|
|
|
4,819,052
|
|
||
Redeemable noncontrolling interest
|
—
|
|
|
965
|
|
||
Commitments and contingencies (
Note 12
)
|
|
|
|
|
|
||
|
|
|
|
||||
Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued
|
—
|
|
|
—
|
|
||
Common stock, $0.001 par value, 450,000,000 shares authorized; 165,279,642 and 106,922,616 shares, respectively, issued and outstanding
|
165
|
|
|
107
|
|
||
Additional paid-in capital
|
8,187,335
|
|
|
4,433,573
|
|
||
Distributions in excess of accumulated earnings
|
(1,143,992
|
)
|
|
(1,052,064
|
)
|
||
Deferred compensation obligation
|
35,766
|
|
|
46,656
|
|
||
Accumulated other comprehensive loss
|
(254,996
|
)
|
|
(236,011
|
)
|
||
Total stockholders’ equity
|
6,824,278
|
|
|
3,192,261
|
|
||
Noncontrolling interests
|
5,777
|
|
|
219,124
|
|
||
Total equity
|
6,830,055
|
|
|
3,411,385
|
|
||
Total liabilities and equity
|
$
|
14,183,039
|
|
|
$
|
8,231,402
|
|
|
W. P. Carey 2018 10-K
–
68
|
|
Years Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Revenues
|
|
|
|
|
|
||||||
Real Estate:
|
|
|
|
|
|
||||||
Lease revenues
|
$
|
716,422
|
|
|
$
|
630,373
|
|
|
$
|
663,463
|
|
Reimbursable tenant costs
|
28,076
|
|
|
21,524
|
|
|
25,438
|
|
|||
Operating property revenues
|
28,072
|
|
|
30,562
|
|
|
30,767
|
|
|||
Lease termination income and other
|
6,555
|
|
|
4,749
|
|
|
35,696
|
|
|||
|
779,125
|
|
|
687,208
|
|
|
755,364
|
|
|||
Investment Management:
|
|
|
|
|
|
||||||
Asset management revenue
|
63,556
|
|
|
70,125
|
|
|
61,971
|
|
|||
Reimbursable costs from affiliates
|
21,925
|
|
|
51,445
|
|
|
66,433
|
|
|||
Structuring revenue
|
20,826
|
|
|
34,198
|
|
|
47,328
|
|
|||
Other advisory revenue
|
300
|
|
|
896
|
|
|
2,435
|
|
|||
Dealer manager fees
|
—
|
|
|
4,430
|
|
|
8,002
|
|
|||
|
106,607
|
|
|
161,094
|
|
|
186,169
|
|
|||
|
885,732
|
|
|
848,302
|
|
|
941,533
|
|
|||
Operating Expenses
|
|
|
|
|
|
||||||
Depreciation and amortization
|
291,440
|
|
|
253,334
|
|
|
276,510
|
|
|||
General and administrative
|
68,337
|
|
|
70,891
|
|
|
82,352
|
|
|||
Reimbursable tenant and affiliate costs
|
50,001
|
|
|
72,969
|
|
|
91,871
|
|
|||
Merger and other expenses
|
41,426
|
|
|
605
|
|
|
5,377
|
|
|||
Property expenses, excluding reimbursable tenant costs
|
22,773
|
|
|
17,330
|
|
|
26,804
|
|
|||
Operating property expenses
|
20,150
|
|
|
23,426
|
|
|
22,627
|
|
|||
Stock-based compensation expense
|
18,294
|
|
|
18,917
|
|
|
18,015
|
|
|||
Subadvisor fees
|
9,240
|
|
|
13,600
|
|
|
14,141
|
|
|||
Impairment charges
|
4,790
|
|
|
2,769
|
|
|
59,303
|
|
|||
Restructuring and other compensation
|
—
|
|
|
9,363
|
|
|
11,925
|
|
|||
Dealer manager fees and expenses
|
—
|
|
|
6,544
|
|
|
12,808
|
|
|||
|
526,451
|
|
|
489,748
|
|
|
621,733
|
|
|||
Other Income and Expenses
|
|
|
|
|
|
||||||
Interest expense
|
(178,375
|
)
|
|
(165,775
|
)
|
|
(183,409
|
)
|
|||
Gain on sale of real estate, net
|
118,605
|
|
|
33,878
|
|
|
71,318
|
|
|||
Equity in earnings of equity method investments in the Managed Programs and real estate
|
61,514
|
|
|
64,750
|
|
|
64,719
|
|
|||
Gain on change in control of interests
|
47,814
|
|
|
—
|
|
|
—
|
|
|||
Other gains and (losses)
|
29,913
|
|
|
(3,613
|
)
|
|
5,667
|
|
|||
|
79,471
|
|
|
(70,760
|
)
|
|
(41,705
|
)
|
|||
Income before income taxes
|
438,752
|
|
|
287,794
|
|
|
278,095
|
|
|||
Provision for income taxes
|
(14,411
|
)
|
|
(2,711
|
)
|
|
(3,288
|
)
|
|||
Net Income
|
424,341
|
|
|
285,083
|
|
|
274,807
|
|
|||
Net income attributable to noncontrolling interests
|
(12,775
|
)
|
|
(7,794
|
)
|
|
(7,060
|
)
|
|||
Net Income Attributable to W. P. Carey
|
$
|
411,566
|
|
|
$
|
277,289
|
|
|
$
|
267,747
|
|
|
|
|
|
|
|
||||||
Basic Earnings Per Share
|
$
|
3.50
|
|
|
$
|
2.56
|
|
|
$
|
2.50
|
|
Diluted Earnings Per Share
|
$
|
3.49
|
|
|
$
|
2.56
|
|
|
$
|
2.49
|
|
Weighted-Average Shares Outstanding
|
|
|
|
|
|
||||||
Basic
|
117,494,969
|
|
|
107,824,738
|
|
|
106,743,012
|
|
|||
Diluted
|
117,706,445
|
|
|
108,035,971
|
|
|
107,073,203
|
|
|
W. P. Carey 2018 10-K
–
69
|
|
Years Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Net Income
|
$
|
424,341
|
|
|
$
|
285,083
|
|
|
$
|
274,807
|
|
Other Comprehensive (Loss) Income
|
|
|
|
|
|
||||||
Foreign currency translation adjustments
|
(31,843
|
)
|
|
72,428
|
|
|
(92,434
|
)
|
|||
Realized and unrealized gain (loss) on derivative instruments
|
4,923
|
|
|
(37,778
|
)
|
|
9,278
|
|
|||
Change in unrealized gain (loss) on investments
|
154
|
|
|
(71
|
)
|
|
(126
|
)
|
|||
|
(26,766
|
)
|
|
34,579
|
|
|
(83,282
|
)
|
|||
Comprehensive Income
|
397,575
|
|
|
319,662
|
|
|
191,525
|
|
|||
|
|
|
|
|
|
||||||
Amounts Attributable to Noncontrolling Interests
|
|
|
|
|
|
||||||
Net income
|
(12,775
|
)
|
|
(7,794
|
)
|
|
(7,060
|
)
|
|||
Foreign currency translation adjustments
|
7,774
|
|
|
(16,120
|
)
|
|
1,081
|
|
|||
Realized and unrealized loss on derivative instruments
|
7
|
|
|
15
|
|
|
7
|
|
|||
Comprehensive income attributable to noncontrolling interests
|
(4,994
|
)
|
|
(23,899
|
)
|
|
(5,972
|
)
|
|||
Comprehensive Income Attributable to W. P. Carey
|
$
|
392,581
|
|
|
$
|
295,763
|
|
|
$
|
185,553
|
|
|
W. P. Carey 2018 10-K
–
70
|
|
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, 2018
|
106,922,616
|
|
|
$
|
107
|
|
|
$
|
4,433,573
|
|
|
$
|
(1,052,064
|
)
|
|
$
|
46,656
|
|
|
$
|
(236,011
|
)
|
|
$
|
3,192,261
|
|
|
$
|
219,124
|
|
|
$
|
3,411,385
|
|
Shares issued to stockholders of CPA:17 – Global in connection with CPA:17 Merger
|
53,849,087
|
|
|
54
|
|
|
3,554,524
|
|
|
|
|
|
|
|
|
3,554,578
|
|
|
|
|
3,554,578
|
|
||||||||||||
Shares issued under “at-the-market” offering, net
|
4,229,285
|
|
|
4
|
|
|
287,433
|
|
|
|
|
|
|
|
|
287,437
|
|
|
|
|
287,437
|
|
||||||||||||
Shares issued upon delivery of vested restricted share awards
|
293,481
|
|
|
—
|
|
|
(13,644
|
)
|
|
|
|
|
|
|
|
(13,644
|
)
|
|
|
|
(13,644
|
)
|
||||||||||||
Shares issued upon purchases under employee share purchase plan
|
2,951
|
|
|
—
|
|
|
178
|
|
|
|
|
|
|
|
|
178
|
|
|
|
|
178
|
|
||||||||||||
Delivery of deferred vested shares, net
|
|
|
|
|
10,890
|
|
|
|
|
(10,890
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|||||||||||||
Amortization of stock-based compensation expense
|
|
|
|
|
18,294
|
|
|
|
|
|
|
|
|
18,294
|
|
|
|
|
18,294
|
|
||||||||||||||
Acquisition of remaining noncontrolling interests in investments that we already consolidate in connection with the CPA:17 Merger
|
|
|
|
|
(103,075
|
)
|
|
|
|
|
|
|
|
(103,075
|
)
|
|
(206,516
|
)
|
|
(309,591
|
)
|
|||||||||||||
Acquisition of noncontrolling interests in connection with the CPA:17 Merger
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
5,039
|
|
|
5,039
|
|
||||||||||||||
Contributions from noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
71
|
|
|
71
|
|
||||||||||||||
Distributions to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
(16,935
|
)
|
|
(16,935
|
)
|
||||||||||||||
Redemption value adjustment
|
|
|
|
|
(335
|
)
|
|
|
|
|
|
|
|
(335
|
)
|
|
|
|
(335
|
)
|
||||||||||||||
Dividends declared ($4.0900 per share)
|
|
|
|
|
675
|
|
|
(503,494
|
)
|
|
—
|
|
|
|
|
(502,819
|
)
|
|
|
|
(502,819
|
)
|
||||||||||||
Repurchase of shares in connection with CPA:17 Merger
|
(17,778
|
)
|
|
—
|
|
|
(1,178
|
)
|
|
|
|
|
|
|
|
(1,178
|
)
|
|
|
|
(1,178
|
)
|
||||||||||||
Net income
|
|
|
|
|
|
|
411,566
|
|
|
|
|
|
|
411,566
|
|
|
12,775
|
|
|
424,341
|
|
|||||||||||||
Other comprehensive loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Foreign currency translation adjustments
|
|
|
|
|
|
|
|
|
|
|
(24,069
|
)
|
|
(24,069
|
)
|
|
(7,774
|
)
|
|
(31,843
|
)
|
|||||||||||||
Realized and unrealized gain on derivative instruments
|
|
|
|
|
|
|
|
|
|
|
4,930
|
|
|
4,930
|
|
|
(7
|
)
|
|
4,923
|
|
|||||||||||||
Change in unrealized gain on investments
|
|
|
|
|
|
|
|
|
|
|
154
|
|
|
154
|
|
|
|
|
154
|
|
||||||||||||||
Balance at December 31, 2018
|
165,279,642
|
|
|
$
|
165
|
|
|
$
|
8,187,335
|
|
|
$
|
(1,143,992
|
)
|
|
$
|
35,766
|
|
|
$
|
(254,996
|
)
|
|
$
|
6,824,278
|
|
|
$
|
5,777
|
|
|
$
|
6,830,055
|
|
|
W. P. Carey 2018 10-K
–
71
|
|
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
|
|
||||||||||||
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
|
|
||||||||||||||
Acquisition of noncontrolling interest
|
|
|
|
|
(1,845
|
)
|
|
|
|
|
|
|
|
(1,845
|
)
|
|
1,845
|
|
|
—
|
|
|||||||||||||
Contributions from noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
90,550
|
|
|
90,550
|
|
||||||||||||||
Distributions to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
(20,643
|
)
|
|
(20,643
|
)
|
||||||||||||||
Dividends 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 2018 10-K
–
72
|
|
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
|
|
||||||||||||
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
|
|
||||||||||||||
Contributions from noncontrolling interests (
Note 2
)
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
14,530
|
|
|
14,530
|
|
||||||||||||||
Distributions to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
(17,030
|
)
|
|
(17,030
|
)
|
||||||||||||||
Dividends 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 2018 10-K
–
73
|
|
Years Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Cash Flows — Operating Activities
|
|
|
|
|
|
||||||
Net income
|
$
|
424,341
|
|
|
$
|
285,083
|
|
|
$
|
274,807
|
|
Adjustments to net income:
|
|
|
|
|
|
||||||
Depreciation and amortization, including intangible assets and deferred financing costs
|
298,166
|
|
|
261,415
|
|
|
279,693
|
|
|||
Gain on sale of real estate
|
(118,605
|
)
|
|
(33,878
|
)
|
|
(71,318
|
)
|
|||
Distributions of earnings from equity method investments
|
62,015
|
|
|
66,259
|
|
|
64,650
|
|
|||
Equity in earnings of equity method investments in the Managed Programs and real estate
|
(61,514
|
)
|
|
(64,750
|
)
|
|
(64,719
|
)
|
|||
Amortization of rent-related intangibles and deferred rental revenue
|
51,132
|
|
|
55,051
|
|
|
3,322
|
|
|||
Investment Management revenue received in shares of Managed REITs and other
|
(49,110
|
)
|
|
(69,658
|
)
|
|
(31,786
|
)
|
|||
Gain on change in control of interests
|
(47,814
|
)
|
|
—
|
|
|
—
|
|
|||
Straight-line rent adjustments
|
(21,994
|
)
|
|
(16,980
|
)
|
|
(17,836
|
)
|
|||
Stock-based compensation expense
|
18,294
|
|
|
18,917
|
|
|
21,222
|
|
|||
Realized and unrealized (gains) losses on foreign currency transactions, derivatives, and other
|
(17,644
|
)
|
|
16,879
|
|
|
4,458
|
|
|||
Deferred income taxes
|
(6,279
|
)
|
|
(20,013
|
)
|
|
(21,444
|
)
|
|||
Impairment charges
|
4,790
|
|
|
2,769
|
|
|
59,303
|
|
|||
Allowance for credit losses
|
—
|
|
|
—
|
|
|
7,064
|
|
|||
Changes in assets and liabilities:
|
|
|
|
|
|
||||||
Net changes in other operating assets and liabilities
|
(28,054
|
)
|
|
9,390
|
|
|
27,637
|
|
|||
Deferred structuring revenue received
|
9,456
|
|
|
16,705
|
|
|
20,695
|
|
|||
Increase in deferred structuring revenue receivable
|
(8,014
|
)
|
|
(6,530
|
)
|
|
(8,951
|
)
|
|||
Net Cash Provided by Operating Activities
|
509,166
|
|
|
520,659
|
|
|
546,797
|
|
|||
Cash Flows — Investing Activities
|
|
|
|
|
|
||||||
Purchases of real estate
|
(719,548
|
)
|
|
(31,842
|
)
|
|
(531,694
|
)
|
|||
Proceeds from sales of real estate
|
431,626
|
|
|
159,933
|
|
|
542,422
|
|
|||
Cash and restricted cash acquired in connection with the CPA:17 Merger
|
113,634
|
|
|
—
|
|
|
—
|
|
|||
Funding for real estate construction, redevelopments, and other capital expenditures on real estate
|
(107,684
|
)
|
|
(78,367
|
)
|
|
(64,441
|
)
|
|||
Proceeds from repayment of short-term loans to affiliates
|
37,000
|
|
|
277,894
|
|
|
37,053
|
|
|||
Capital contributions to equity method investments
|
(18,173
|
)
|
|
(1,291
|
)
|
|
(147
|
)
|
|||
Return of capital from equity method investments
|
16,382
|
|
|
10,085
|
|
|
6,498
|
|
|||
Funding of short-term loans to affiliates
|
(10,000
|
)
|
|
(123,492
|
)
|
|
(257,500
|
)
|
|||
Other investing activities, net
|
(7,681
|
)
|
|
1,318
|
|
|
(847
|
)
|
|||
Cash paid to stockholders of CPA:17 – Global in the CPA:17 Merger
|
(1,688
|
)
|
|
—
|
|
|
—
|
|
|||
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 (Used in) Provided by Investing Activities
|
(266,132
|
)
|
|
214,238
|
|
|
(284,741
|
)
|
|||
Cash Flows — Financing Activities
|
|
|
|
|
|
||||||
Repayments of Senior Unsecured Credit Facility
|
(2,108,629
|
)
|
|
(1,680,198
|
)
|
|
(954,006
|
)
|
|||
Proceeds from Senior Unsecured Credit Facility
|
1,403,254
|
|
|
1,302,463
|
|
|
1,154,157
|
|
|||
Proceeds from issuance of Senior Unsecured Notes
|
1,183,828
|
|
|
530,456
|
|
|
348,887
|
|
|||
Dividends paid
|
(440,431
|
)
|
|
(431,182
|
)
|
|
(416,655
|
)
|
|||
Proceeds from shares issued under “at-the-market” offering, net of selling costs
|
287,544
|
|
|
22,824
|
|
|
84,063
|
|
|||
Prepayments of mortgage principal
|
(207,450
|
)
|
|
(193,434
|
)
|
|
(327,477
|
)
|
|||
Scheduled payments of mortgage principal
|
(100,433
|
)
|
|
(344,440
|
)
|
|
(170,979
|
)
|
|||
Distributions paid to noncontrolling interests
|
(18,216
|
)
|
|
(20,643
|
)
|
|
(17,030
|
)
|
|||
Payments for withholding taxes upon delivery of equity-based awards and exercises of stock options
|
(13,985
|
)
|
|
(11,969
|
)
|
|
(16,291
|
)
|
|||
Payment of financing costs
|
(8,059
|
)
|
|
(12,675
|
)
|
|
(3,619
|
)
|
|||
Other financing activities, net
|
(1,465
|
)
|
|
(1,301
|
)
|
|
2,646
|
|
|||
Repurchase of shares in connection with CPA:17 Merger
|
(1,178
|
)
|
|
—
|
|
|
—
|
|
|||
Proceeds from mortgage financing
|
857
|
|
|
4,083
|
|
|
33,935
|
|
|||
Contributions from noncontrolling interests
|
71
|
|
|
90,550
|
|
|
346
|
|
|||
Net Cash Used in Financing Activities
|
(24,292
|
)
|
|
(745,466
|
)
|
|
(282,023
|
)
|
|||
Change in Cash and Cash Equivalents and Restricted Cash During the Year
|
|
|
|
|
|
||||||
Effect of exchange rate changes on cash and cash equivalents and restricted cash
|
(4,355
|
)
|
|
9,514
|
|
|
(7,336
|
)
|
|||
Net increase (decrease) in cash and cash equivalents and restricted cash
|
214,387
|
|
|
(1,055
|
)
|
|
(27,303
|
)
|
|||
Cash and cash equivalents and restricted cash, beginning of year
|
209,676
|
|
|
210,731
|
|
|
238,034
|
|
|||
Cash and cash equivalents and restricted cash, end of year
|
$
|
424,063
|
|
|
$
|
209,676
|
|
|
$
|
210,731
|
|
|
W. P. Carey 2018 10-K
–
74
|
Total Consideration
|
|
|
|
Fair value of W. P. Carey shares of common stock issued
|
$
|
3,554,578
|
|
Cash paid for fractional shares
|
1,688
|
|
|
Fair value of our equity interest in CPA:17 – Global prior to the CPA:17 Merger
|
157,594
|
|
|
Fair value of our equity interest in jointly owned investments with CPA:17 – Global prior to the CPA:17 Merger
|
141,077
|
|
|
Fair value of noncontrolling interests acquired
|
(308,891
|
)
|
|
|
3,546,046
|
|
|
Assets Acquired at Fair Value
|
|
||
Land, buildings and improvements — operating leases
|
2,954,034
|
|
|
Land, buildings and improvements — operating properties
|
426,758
|
|
|
Net investments in direct financing leases
|
626,038
|
|
|
In-place lease and other intangible assets
|
793,463
|
|
|
Above-market rent intangible assets
|
298,180
|
|
|
Equity investments in real estate
|
189,756
|
|
|
Goodwill
|
280,306
|
|
|
Other assets, net (excluding restricted cash)
|
228,980
|
|
|
Liabilities Assumed at Fair Value
|
|
||
Non-recourse mortgages, net
|
1,849,177
|
|
|
Senior Credit Facility, net
|
180,331
|
|
|
Accounts payable, accrued expenses and other liabilities
|
141,750
|
|
|
Below-market rent and other intangible liabilities
|
112,721
|
|
|
Deferred income taxes
|
76,085
|
|
|
Amounts attributable to noncontrolling interests
|
5,039
|
|
|
Net assets acquired excluding cash and restricted cash
|
3,432,412
|
|
|
Cash and restricted cash acquired
|
$
|
113,634
|
|
|
W. P. Carey 2018 10-K
–
75
|
•
|
Corporate Property Associates 18 – Global Incorporated (“CPA:18 – Global”), a publicly owned, non-traded REIT that primarily invests in commercial real estate properties; we refer to CPA:17 – Global (until the closing of the CPA:17 Merger on October 31, 2018) and CPA:18 – Global together as the “CPA REITs;”
|
•
|
Carey Watermark Investors Incorporated (“CWI 1”) and Carey Watermark Investors 2 Incorporated (“CWI 2”), two publicly owned, non-traded REITs that invest in lodging and lodging-related properties; we refer to CWI 1 and CWI 2 together as the “CWI REITs” and, together with the CPA REITs, as the “Managed REITs” (
Note 4
); and
|
•
|
Carey European Student Housing Fund I, L.P., (“CESH”), a limited partnership formed for the purpose of developing, owning, and operating student housing properties and similar investments in Europe (
Note 4
); we refer to the Managed REITs (including CPA:17 – Global prior to the CPA:17 Merger) and CESH collectively as the “Managed Programs.”
|
|
W. P. Carey 2018 10-K
–
76
|
•
|
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
|
|
W. P. Carey 2018 10-K
–
77
|
•
|
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 2018 10-K
–
78
|
|
W. P. Carey 2018 10-K
–
79
|
|
W. P. Carey 2018 10-K
–
80
|
|
December 31,
|
||||||
|
2018
|
|
2017
|
||||
Land, buildings and improvements
|
$
|
781,347
|
|
|
$
|
916,001
|
|
Net investments in direct financing leases
|
305,493
|
|
|
40,133
|
|
||
In-place lease and other intangible assets
|
84,870
|
|
|
268,863
|
|
||
Above-market rent intangible assets
|
45,754
|
|
|
103,081
|
|
||
Accumulated depreciation and amortization
|
(164,942
|
)
|
|
(251,979
|
)
|
||
Total assets
|
1,112,984
|
|
|
1,118,727
|
|
||
|
|
|
|
||||
Non-recourse mortgages, net
|
$
|
157,955
|
|
|
$
|
128,230
|
|
Total liabilities
|
227,461
|
|
|
201,186
|
|
|
W. P. Carey 2018 10-K
–
81
|
|
December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Cash and cash equivalents
|
$
|
217,644
|
|
|
$
|
162,312
|
|
|
$
|
155,482
|
|
Restricted cash
(a)
|
206,419
|
|
|
47,364
|
|
|
55,249
|
|
|||
Total cash and cash equivalents and restricted cash
|
$
|
424,063
|
|
|
$
|
209,676
|
|
|
$
|
210,731
|
|
(a)
|
Restricted cash is included within Other assets, net on our consolidated balance sheets. The amount as of December 31, 2018 includes
$145.7 million
of proceeds from the sale of a portfolio of Australian properties in December 2018 (
Note 17
). These funds were transferred from a restricted cash account to us in January 2019.
|
|
W. P. Carey 2018 10-K
–
82
|
|
W. P. Carey 2018 10-K
–
83
|
|
W. P. Carey 2018 10-K
–
84
|
|
W. P. Carey 2018 10-K
–
85
|
|
W. P. Carey 2018 10-K
–
86
|
|
W. P. Carey 2018 10-K
–
87
|
|
W. P. Carey 2018 10-K
–
88
|
|
Preliminary Purchase Price Allocation
(in thousands)
|
||
Total Consideration
|
|
|
|
Fair value of W. P. Carey shares of common stock issued
|
$
|
3,554,578
|
|
Cash paid for fractional shares
|
1,688
|
|
|
Merger Consideration
|
3,556,266
|
|
|
Fair value of our equity interest in CPA:17 – Global prior to the CPA:17 Merger
|
157,594
|
|
|
Fair value of our equity interest in jointly owned investments with CPA:17 – Global prior to the
CPA:17 Merger
|
141,077
|
|
|
Fair value of noncontrolling interests acquired
|
(308,891
|
)
|
|
|
$
|
3,546,046
|
|
|
W. P. Carey 2018 10-K
–
89
|
|
Preliminary Purchase Price Allocation
(in thousands)
|
||
Assets
|
|
||
Land, buildings and improvements — operating leases
|
$
|
2,954,034
|
|
Land, buildings and improvements — operating properties
|
426,758
|
|
|
Net investments in direct financing leases
|
626,038
|
|
|
In-place lease and other intangible assets
|
793,463
|
|
|
Above-market rent intangible assets
|
298,180
|
|
|
Equity investments in real estate
|
189,756
|
|
|
Cash and cash equivalents and restricted cash
|
113,634
|
|
|
Other assets, net (excluding restricted cash)
|
228,980
|
|
|
Total assets
|
5,630,843
|
|
|
Liabilities
|
|
||
Non-recourse mortgages, net
|
1,849,177
|
|
|
Senior Credit Facility, net
|
180,331
|
|
|
Accounts payable, accrued expenses and other liabilities
|
141,750
|
|
|
Below-market rent and other intangible liabilities
|
112,721
|
|
|
Deferred income taxes
|
76,085
|
|
|
Total liabilities
|
2,360,064
|
|
|
Total identifiable net assets
|
3,270,779
|
|
|
Noncontrolling interests
|
(5,039
|
)
|
|
Goodwill
|
280,306
|
|
|
|
$
|
3,546,046
|
|
|
W. P. Carey 2018 10-K
–
90
|
•
|
Market rents ranged from
$1.65
per square foot to
$54.00
per square foot;
|
•
|
Discount rates applied to the estimated net operating income of each property ranged from approximately
5.75%
to
10.50%
;
|
•
|
Discount rates applied to the estimated residual value of each property ranged from approximately
3.89%
to
10.25%
;
|
•
|
Residual capitalization rates applied to the properties ranged from approximately
5.75%
to
9.50%
;
|
•
|
The fair market value of the property level debt was determined based upon available market data for comparable liabilities and by applying selected discount rates to the stream of future debt payments; and
|
•
|
Discount rates applied to the property level debt cash flows ranged from approximately
2.40%
to
5.95%
.
|
|
Years Ended December 31,
|
||||||
|
2018
|
|
2017
|
||||
Pro forma total revenues
|
$
|
1,214,899
|
|
|
$
|
1,264,567
|
|
|
|
|
|
||||
Pro forma net income
|
$
|
403,229
|
|
|
$
|
308,542
|
|
Pro forma net loss (income) attributable to noncontrolling interests
|
1,301
|
|
|
(429
|
)
|
||
Pro forma net income attributable to W. P. Carey
(a)
|
$
|
404,530
|
|
|
$
|
308,113
|
|
(a)
|
The pro forma net income attributable to W. P. Carey through the year ended December 31, 2018 reflects the following income and expenses related to the CPA:17 Merger as if the CPA:17 Merger had taken place on January 1, 2017: (i) combined merger expenses of
$58.9 million
through December 31, 2018 and (ii) an aggregate gain on change in control of interests of
$47.8 million
.
|
|
W. P. Carey 2018 10-K
–
91
|
|
Years Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Asset management revenue
(a)
|
$
|
63,556
|
|
|
$
|
70,125
|
|
|
$
|
61,879
|
|
Distributions of Available Cash
|
46,609
|
|
|
47,862
|
|
|
45,121
|
|
|||
Reimbursable costs from affiliates
(a)
|
21,925
|
|
|
51,445
|
|
|
66,433
|
|
|||
Structuring revenue
(a)
|
20,826
|
|
|
34,198
|
|
|
47,328
|
|
|||
Interest income on deferred acquisition fees and loans to affiliates
|
2,055
|
|
|
2,103
|
|
|
740
|
|
|||
Other advisory revenue
(a)
|
300
|
|
|
896
|
|
|
2,435
|
|
|||
Dealer manager fees
(a)
|
—
|
|
|
4,430
|
|
|
8,002
|
|
|||
|
$
|
155,271
|
|
|
$
|
211,059
|
|
|
$
|
231,938
|
|
(a)
|
Amounts represent revenues from contracts under ASC 606.
|
|
December 31,
|
||||||
|
2018
|
|
2017
|
||||
Short-term loans to affiliates, including accrued interest
|
$
|
58,824
|
|
|
$
|
84,031
|
|
Deferred acquisition fees receivable, including accrued interest
|
8,697
|
|
|
12,345
|
|
||
Reimbursable costs
|
3,227
|
|
|
4,315
|
|
||
Current acquisition fees receivable
|
2,106
|
|
|
83
|
|
||
Accounts receivable
|
1,425
|
|
|
4,089
|
|
||
Asset management fees receivable
|
563
|
|
|
356
|
|
||
Organization and offering costs
|
—
|
|
|
89
|
|
||
|
$
|
74,842
|
|
|
$
|
105,308
|
|
|
W. P. Carey 2018 10-K
–
92
|
Managed Program
|
|
Rate
|
|
Payable
|
|
Description
|
CPA:17 – Global
|
|
0.5% – 1.75%
|
|
In shares of its common stock and/or cash, at the option of CPA:17 – Global; payable 50% in cash and 50% in shares of its common stock for 2016; payable in shares of its common stock for 2017 through May 31, 2018; payable in cash from June 1, 2018 to October 31, 2018 (the date of the completion of the CPA:17 Merger)
|
|
Rate depended on the type of investment and was 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 and/or cash, at the option of CPA:18 – Global; payable in shares of its Class A common stock for 2018, 2017, and 2016
|
|
Rate depends on the type of investment and is based on the average market or average equity value, as applicable
|
CWI 1
|
|
0.5%
|
|
In shares of its common stock and/or cash, at our election; payable in shares of its common stock for 2018 and 2017; payable in cash for 2016
|
|
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 and/or cash, at our election; payable in shares of its Class A common stock for 2018, 2017, and 2016
|
|
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
|
|
1.0%
|
|
In cash
|
|
Based on gross assets at fair value
|
|
W. P. Carey 2018 10-K
–
93
|
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; we no longer receive structuring revenue from CPA:17 – Global following the CPA:17 Merger
|
|
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
|
|
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 2018 10-K
–
94
|
Managed Program
|
|
Payable
|
|
Description
|
CPA:17 – Global and CPA:18 – Global
|
|
In cash; reimbursements from CPA:17 – Global ceased following the CPA:17 Merger
|
|
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 1.0%, 2.0%, and 2.2% of each CPA REIT’s pro rata lease revenues for 2018, 2017, and 2016, respectively; 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
|
|
Actual expenses incurred, excluding those related to our investment management team and senior management team, prior to our resignation as the advisor to CCIF, effective September 11, 2017 (
Note 1
)
|
CESH
|
|
In cash
|
|
Actual expenses incurred
|
|
W. P. Carey 2018 10-K
–
95
|
|
|
Interest Rate at
December 31, 2018 |
|
Maturity Date at December 31, 2018
|
|
Maximum Loan Amount Authorized at December 31, 2018
|
|
Principal Outstanding Balance at December 31,
(a)
|
||||||||
Managed Program
|
|
|
|
|
2018
|
|
2017
|
|||||||||
CWI 1
(b) (c)
|
|
LIBOR + 1.00%
|
|
6/30/2019
|
|
$
|
65,802
|
|
|
$
|
41,637
|
|
|
$
|
68,637
|
|
CESH
(b)
|
|
LIBOR + 1.00%
|
|
5/3/2019
|
|
35,000
|
|
|
14,461
|
|
|
14,461
|
|
|||
CWI 2
|
|
N/A
|
|
N/A
|
|
25,000
|
|
|
—
|
|
|
—
|
|
|||
CPA:18 – Global
|
|
N/A
|
|
N/A
|
|
50,000
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
$
|
56,098
|
|
|
$
|
83,098
|
|
(a)
|
Amounts exclude accrued interest of
$2.7 million
and
$0.9 million
at
December 31, 2018
and
2017
, respectively.
|
(b)
|
LIBOR means London Interbank Offered Rate.
|
(c)
|
Maximum loan amount authorized at December 31, 2017 to CWI 1 was
$100.0 million
.
|
|
December 31,
|
||||||
|
2018
|
|
2017
|
||||
Land
|
$
|
1,772,099
|
|
|
$
|
1,125,539
|
|
Buildings and improvements
|
6,945,513
|
|
|
4,208,907
|
|
||
Real estate under construction
|
63,114
|
|
|
39,772
|
|
||
Less: Accumulated depreciation
|
(724,550
|
)
|
|
(613,543
|
)
|
||
|
$
|
8,056,176
|
|
|
$
|
4,760,675
|
|
|
W. P. Carey 2018 10-K
–
96
|
•
|
an investment of
$6.1 million
for a warehouse facility in Sellersburg, Indiana, on February 21, 2018;
|
•
|
an investment of
$79.1 million
for
one
warehouse facility in Waukesha, Wisconsin, and
two
retail facilities in Appleton and Madison, Wisconsin, on March 15, 2018;
|
•
|
an investment of
$85.5 million
for a manufacturing facility in Bessemer, Alabama, on June 5, 2018 (the property was acquired as part of a nonmonetary transaction in exchange for
23
manufacturing facilities in various locations in the United States and Canada leased to the same tenant; this swap was recorded based on the fair value of the property acquired and was a non-cash investing activity) (
Note 17
);
|
•
|
an investment of
$186.6 million
for
14
logistics facilities and
one
office building in various locations in Denmark on June 28, 2018 (we also recorded an estimated deferred tax liability of
$33.2 million
, with a corresponding increase to the asset value, since we assumed the tax basis of the acquired portfolio);
|
•
|
an investment of
$177.8 million
for
36
retail facilities in various locations in the Netherlands on July 13, 2018;
|
•
|
an investment of
$9.1 million
for a manufacturing facility in Oostburg, Wisconsin, on July 17, 2018;
|
•
|
an investment of
$22.9 million
for an office/warehouse facility in Kampen, the Netherlands, on July 19, 2018;
|
•
|
an investment of
$49.9 million
for a logistics facility in Azambuja, Portugal, on September 28, 2018 (we also recorded an estimated deferred tax liability of
$10.5 million
, with a corresponding increase to the asset value, since we assumed the tax basis of the acquired property);
|
•
|
an investment of
$29.8 million
for a portfolio of
four
car dealership properties in the Netherlands on October 30, 2018; (we also funded
$3.2 million
for improvements at the properties);
|
•
|
an investment of
$33.0 million
for a portfolio of
six
industrial facilities in the Chicago, Illinois area on December 14, 2018;
|
•
|
an investment of
$30.6 million
for a warehouse facility in McHenry, Illinois, on December 14, 2018;
|
•
|
an investment of
$41.4 million
for a warehouse in Kilgore, Texas, on December 17, 2018 (we also committed to fund an additional
$14.0 million
for an expansion at the facility, which is expected to be completed in the second quarter of 2019);
|
•
|
an investment of
$17.0 million
for an industrial facility in San Luis Potosi, Mexico, on December 20, 2018;
|
•
|
an investment of
$14.8 million
for an industrial facility in Legnica, Poland, on December 21, 2018; and
|
•
|
an investment of
$23.1 million
for an industrial facility in Meru, France, on December 27, 2018.
|
|
W. P. Carey 2018 10-K
–
97
|
•
|
an investment of
$6.0 million
for an industrial facility in Chicago, Illinois, on June 27, 2017. We also committed to fund approximately
$3.6 million
of building improvements at that facility, which were completed in June 2018, as described below; 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
|
•
|
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 reimbursed the tenant in the property
$0.6 million
for the costs of constructing a parking lot, which was completed during 2017.
|
•
|
an expansion project at an education facility in Houston, Texas, in January 2018 at a cost totaling
$21.1 million
, including capitalized interest;
|
•
|
a build-to-suit project for an industrial facility in Zawiercie, Poland, in April 2018 at a cost totaling
$11.4 million
, including capitalized interest;
|
•
|
a renovation project at
two
industrial facilities in Albemarle and Old Fort, North Carolina, in April 2018 at a cost totaling
$2.2 million
(this investment is included within Net investments in direct financing leases in the consolidated balance sheets);
|
•
|
a renovation project at an industrial facility in Chicago, Illinois, in June 2018 at a cost totaling
$3.5 million
;
|
|
W. P. Carey 2018 10-K
–
98
|
•
|
an expansion project at an education facility in Windermere, Florida, in August 2018 at a cost totaling
$15.1 million
, including capitalized interest;
|
•
|
a renovation project at a retail facility in Kennesaw, Georgia, in August 2018 at a cost totaling
$5.5 million
;
|
•
|
a build-to-suit project for an industrial facility in Radomsko, Poland, in August 2018 at a cost totaling
$16.0 million
, including capitalized interest;
|
•
|
an expansion project at an education facility in Coconut Creek, Florida, in November 2018 at a cost totaling
$24.5 million
, including capitalized interest; and
|
•
|
an expansion project at an industrial facility in Holmesville, Ohio, in December 2018 at a cost totaling
$3.1 million
(this investment is included within Net investments in direct financing leases in the consolidated balance sheets).
|
•
|
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
;
|
•
|
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
.
|
|
W. P. Carey 2018 10-K
–
99
|
Years Ending December 31,
|
|
Total
|
||
2019
|
|
$
|
920,044
|
|
2020
|
|
915,411
|
|
|
2021
|
|
896,083
|
|
|
2022
|
|
861,688
|
|
|
2023
|
|
802,509
|
|
|
Thereafter
|
|
6,151,480
|
|
|
Total
|
|
$
|
10,547,215
|
|
|
December 31,
|
||||||
|
2018
|
|
2017
|
||||
Land
|
$
|
102,478
|
|
|
$
|
6,041
|
|
Buildings and improvements
|
363,572
|
|
|
77,006
|
|
||
Real estate under construction
|
4,620
|
|
|
—
|
|
||
Less: Accumulated depreciation
|
(10,234
|
)
|
|
(16,419
|
)
|
||
|
$
|
460,436
|
|
|
$
|
66,628
|
|
|
December 31,
|
||||||
|
2018
|
|
2017
|
||||
Minimum lease payments receivable
|
$
|
1,160,977
|
|
|
$
|
600,228
|
|
Unguaranteed residual value
|
966,826
|
|
|
676,321
|
|
||
|
2,127,803
|
|
|
1,276,549
|
|
||
Less: unearned income
|
(821,588
|
)
|
|
(554,942
|
)
|
||
|
$
|
1,306,215
|
|
|
$
|
721,607
|
|
|
W. P. Carey 2018 10-K
–
100
|
Years Ending December 31,
|
|
Total
|
||
2019
(a)
|
|
$
|
373,632
|
|
2020
|
|
98,198
|
|
|
2021
|
|
95,181
|
|
|
2022
|
|
85,801
|
|
|
2023
|
|
80,033
|
|
|
Thereafter
|
|
428,132
|
|
|
Total
|
|
$
|
1,160,977
|
|
(a)
|
Includes
$250.0 million
for a bargain purchase option. In January 2018, The New York Times Company, a tenant at one of our properties that was acquired in the CPA:17 Merger, exercised its bargain purchase option to repurchase the property for
$250.0 million
in the fourth quarter of 2019. There can be no assurance that such repurchase will be completed. At
December 31, 2018
, this property had an aggregate asset carrying value of
$264.6 million
.
|
•
|
a loan to the developer of an observation wheel with a fair value of
$24.4 million
;
|
•
|
a mezzanine loan to the developer of an entertainment complex with a fair value of
$23.4 million
; and
|
•
|
two
separate loans to
two
individuals associated with the investment, each with a fair value of
$5.0 million
.
|
|
W. P. Carey 2018 10-K
–
101
|
|
|
Number of Tenants / Obligors at December 31,
|
|
Carrying Value at December 31,
|
||||||||
Internal Credit Quality Indicator
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
1 – 3
|
|
36
|
|
24
|
|
$
|
1,135,321
|
|
|
$
|
608,101
|
|
4
|
|
10
|
|
8
|
|
227,591
|
|
|
123,477
|
|
||
5
|
|
1
|
|
—
|
|
10,580
|
|
|
—
|
|
||
|
|
|
|
|
|
$
|
1,373,492
|
|
|
$
|
731,578
|
|
|
W. P. Carey 2018 10-K
–
102
|
|
Weighted-Average Life
|
|
Amount
|
||
Amortizable Intangible Assets
|
|
|
|
||
In-place lease
|
11.2
|
|
$
|
770,863
|
|
Above-market rent
|
12.2
|
|
298,180
|
|
|
Below-market ground lease
|
57.1
|
|
22,600
|
|
|
|
|
|
$
|
1,091,643
|
|
|
|
|
|
||
Amortizable Intangible Liabilities
|
|
|
|
||
Below-market rent
|
25.1
|
|
$
|
(109,894
|
)
|
Above-market ground lease
|
76.0
|
|
(2,827
|
)
|
|
|
|
|
$
|
(112,721
|
)
|
|
Real Estate
|
|
Investment Management
|
|
Total
|
||||||
Balance at January 1, 2016
|
$
|
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 9
)
|
(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
|
|
|||
Acquisition of CPA:17 – Global (
Note 3
)
|
280,306
|
|
|
—
|
|
|
280,306
|
|
|||
Foreign currency translation adjustments
|
(3,322
|
)
|
|
—
|
|
|
(3,322
|
)
|
|||
Balance at December 31, 2018
|
$
|
857,337
|
|
|
$
|
63,607
|
|
|
$
|
920,944
|
|
(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 2018 10-K
–
103
|
|
December 31,
|
||||||||||||||||||||||
|
2018
|
|
2017
|
||||||||||||||||||||
|
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
|
$
|
18,924
|
|
|
$
|
(10,672
|
)
|
|
$
|
8,252
|
|
|
$
|
18,649
|
|
|
$
|
(7,862
|
)
|
|
$
|
10,787
|
|
Trade name
|
3,975
|
|
|
(1,196
|
)
|
|
2,779
|
|
|
3,975
|
|
|
(401
|
)
|
|
3,574
|
|
||||||
|
22,899
|
|
|
(11,868
|
)
|
|
11,031
|
|
|
22,624
|
|
|
(8,263
|
)
|
|
14,361
|
|
||||||
Lease Intangibles:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
In-place lease
|
1,960,437
|
|
|
(496,096
|
)
|
|
1,464,341
|
|
|
1,194,055
|
|
|
(421,686
|
)
|
|
772,369
|
|
||||||
Above-market rent
|
925,797
|
|
|
(330,935
|
)
|
|
594,862
|
|
|
640,480
|
|
|
(276,110
|
)
|
|
364,370
|
|
||||||
Below-market ground lease
|
42,889
|
|
|
(2,367
|
)
|
|
40,522
|
|
|
18,936
|
|
|
(1,855
|
)
|
|
17,081
|
|
||||||
|
2,929,123
|
|
|
(829,398
|
)
|
|
2,099,725
|
|
|
1,853,471
|
|
|
(699,651
|
)
|
|
1,153,820
|
|
||||||
Indefinite-Lived Goodwill and Intangible Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Goodwill
|
920,944
|
|
|
—
|
|
|
920,944
|
|
|
643,960
|
|
|
—
|
|
|
643,960
|
|
||||||
Below-market ground lease
|
6,302
|
|
|
—
|
|
|
6,302
|
|
|
985
|
|
|
—
|
|
|
985
|
|
||||||
|
927,246
|
|
|
—
|
|
|
927,246
|
|
|
644,945
|
|
|
—
|
|
|
644,945
|
|
||||||
Total intangible assets
|
$
|
3,879,268
|
|
|
$
|
(841,266
|
)
|
|
$
|
3,038,002
|
|
|
$
|
2,521,040
|
|
|
$
|
(707,914
|
)
|
|
$
|
1,813,126
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Finite-Lived Intangible Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Below-market rent
|
$
|
(253,633
|
)
|
|
$
|
57,514
|
|
|
$
|
(196,119
|
)
|
|
$
|
(135,704
|
)
|
|
$
|
48,657
|
|
|
$
|
(87,047
|
)
|
Above-market ground lease
|
(15,961
|
)
|
|
3,663
|
|
|
(12,298
|
)
|
|
(13,245
|
)
|
|
3,046
|
|
|
(10,199
|
)
|
||||||
|
(269,594
|
)
|
|
61,177
|
|
|
(208,417
|
)
|
|
(148,949
|
)
|
|
51,703
|
|
|
(97,246
|
)
|
||||||
Indefinite-Lived Intangible Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Below-market purchase option
|
(16,711
|
)
|
|
—
|
|
|
(16,711
|
)
|
|
(16,711
|
)
|
|
—
|
|
|
(16,711
|
)
|
||||||
Total intangible liabilities
|
$
|
(286,305
|
)
|
|
$
|
61,177
|
|
|
$
|
(225,128
|
)
|
|
$
|
(165,660
|
)
|
|
$
|
51,703
|
|
|
$
|
(113,957
|
)
|
|
W. P. Carey 2018 10-K
–
104
|
Years Ending December 31,
|
|
Net Decrease in
Lease Revenues
|
|
Increase to Amortization/
Property Expenses
|
|
Total
|
||||||
2019
|
|
$
|
63,680
|
|
|
$
|
196,279
|
|
|
$
|
259,959
|
|
2020
|
|
55,994
|
|
|
167,700
|
|
|
223,694
|
|
|||
2021
|
|
52,260
|
|
|
152,891
|
|
|
205,151
|
|
|||
2022
|
|
46,238
|
|
|
139,693
|
|
|
185,931
|
|
|||
2023
|
|
41,531
|
|
|
128,314
|
|
|
169,845
|
|
|||
Thereafter
|
|
139,040
|
|
|
718,719
|
|
|
857,759
|
|
|||
Total
|
|
$
|
398,743
|
|
|
$
|
1,503,596
|
|
|
$
|
1,902,339
|
|
|
Years Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Distributions of Available Cash (
Note 4
)
|
$
|
46,609
|
|
|
$
|
47,862
|
|
|
$
|
45,121
|
|
Proportionate share of equity in earnings of equity method investments in the Managed Programs
|
3,896
|
|
|
5,156
|
|
|
7,698
|
|
|||
Amortization of basis differences on equity method investments in the Managed Programs
|
(2,332
|
)
|
|
(1,336
|
)
|
|
(1,028
|
)
|
|||
Total equity in earnings of equity method investments in the Managed Programs
|
48,173
|
|
|
51,682
|
|
|
51,791
|
|
|||
Equity in earnings of equity method investments in real estate
|
15,585
|
|
|
15,452
|
|
|
16,503
|
|
|||
Amortization of basis differences on equity method investments in real estate
|
(2,244
|
)
|
|
(2,384
|
)
|
|
(3,575
|
)
|
|||
Total equity in earnings of equity method investments in real estate
|
13,341
|
|
|
13,068
|
|
|
12,928
|
|
|||
Equity in earnings of equity method investments in the Managed Programs and real estate
|
$
|
61,514
|
|
|
$
|
64,750
|
|
|
$
|
64,719
|
|
|
W. P. Carey 2018 10-K
–
105
|
|
|
% of Outstanding Shares Owned at
|
|
Carrying Amount of Investment at
|
||||||||||
|
|
December 31,
|
|
December 31,
|
||||||||||
Fund
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||
CPA:17 – Global
(a)
|
|
100.000
|
%
|
|
4.186
|
%
|
|
$
|
—
|
|
|
$
|
125,676
|
|
CPA:17 – Global operating partnership
(a)
|
|
100.000
|
%
|
|
0.009
|
%
|
|
—
|
|
|
—
|
|
||
CPA:18 – Global
(b)
|
|
3.446
|
%
|
|
2.540
|
%
|
|
39,600
|
|
|
28,433
|
|
||
CPA:18 – Global operating partnership
|
|
0.034
|
%
|
|
0.034
|
%
|
|
209
|
|
|
209
|
|
||
CWI 1
(b)
|
|
3.062
|
%
|
|
2.119
|
%
|
|
38,600
|
|
|
26,810
|
|
||
CWI 1 operating partnership
|
|
0.015
|
%
|
|
0.015
|
%
|
|
186
|
|
|
186
|
|
||
CWI 2
(b)
|
|
2.807
|
%
|
|
1.786
|
%
|
|
25,200
|
|
|
16,495
|
|
||
CWI 2 operating partnership
|
|
0.015
|
%
|
|
0.015
|
%
|
|
300
|
|
|
300
|
|
||
CESH
(c)
|
|
2.430
|
%
|
|
2.430
|
%
|
|
3,495
|
|
|
3,299
|
|
||
|
|
|
|
|
|
$
|
107,590
|
|
|
$
|
201,408
|
|
(a)
|
On October 31, 2018, we acquired all of the remaining interests in CPA:17 – Global and the CPA:17 – Global operating partnership in the CPA:17 Merger (
Note 3
).
|
(b)
|
During 2018, 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 4
).
|
(c)
|
Investment is accounted for at fair value.
|
|
W. P. Carey 2018 10-K
–
106
|
|
December 31,
|
||||||
|
2018
|
|
2017
|
||||
Net investments in real estate
|
$
|
5,417,770
|
|
|
$
|
9,378,520
|
|
Other assets
|
1,019,263
|
|
|
1,811,771
|
|
||
Total assets
|
6,437,033
|
|
|
11,190,291
|
|
||
Debt
|
(3,320,428
|
)
|
|
(5,393,811
|
)
|
||
Accounts payable, accrued expenses and other liabilities
|
(418,975
|
)
|
|
(839,847
|
)
|
||
Total liabilities
|
(3,739,403
|
)
|
|
(6,233,658
|
)
|
||
Noncontrolling interests
|
(146,556
|
)
|
|
(257,358
|
)
|
||
Stockholders’ equity
|
$
|
2,551,074
|
|
|
$
|
4,699,275
|
|
|
Years Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Revenues
|
$
|
1,562,185
|
|
|
$
|
1,637,198
|
|
|
$
|
1,465,803
|
|
Expenses
|
(1,370,152
|
)
|
|
(1,456,842
|
)
|
|
(1,263,498
|
)
|
|||
Income from continuing operations
|
$
|
192,033
|
|
|
$
|
180,356
|
|
|
$
|
202,305
|
|
Net income attributable to the Managed Programs
(a) (b)
|
$
|
119,113
|
|
|
$
|
127,130
|
|
|
$
|
149,662
|
|
(a)
|
Includes impairment charges recognized by the Managed Programs totaling
$34.4 million
,
$19.5 million
, and
$35.7 million
during the
years ended December 31,
2018
,
2017
, and
2016
, respectively. These impairment charges reduced our income earned from these investments by
$1.6 million
,
$0.8 million
, and
$1.1 million
during the
years ended December 31,
2018
,
2017
, and
2016
, respectively.
|
(b)
|
Amounts included net gains on sale of real estate recorded by the Managed Programs totaling
$114.5 million
,
$22.3 million
, and
$132.8 million
for the
years ended December 31,
2018
,
2017
, and
2016
, respectively. These net gains on sale of real estate increased our income earned from these investments by
$3.9 million
,
$0.6 million
, and
$4.6 million
during the
years ended December 31,
2018
,
2017
, and
2016
, respectively.
|
|
W. P. Carey 2018 10-K
–
107
|
|
|
|
|
Ownership Interest at
|
|
Carrying Value at December 31,
|
||||||
Lessee
|
|
Co-owner
|
|
December 31, 2018
|
|
2018
|
|
2017
|
||||
Same Store Equity Investment
(a)
|
|
|
|
|
|
|
|
|
||||
Beach House JV, LLC
|
|
Third Party
|
|
N/A
|
|
$
|
15,105
|
|
|
$
|
15,105
|
|
|
|
|
|
|
|
15,105
|
|
|
15,105
|
|
||
|
|
|
|
|
|
|
|
|
||||
Equity Investments Consolidated After the CPA:17 Merger
(b)
|
|
|
|
|
||||||||
The New York Times Company
|
|
CPA:17 – Global
|
|
100%
|
|
$
|
—
|
|
|
$
|
69,401
|
|
Frontier Spinning Mills, Inc.
|
|
CPA:17 – Global
|
|
100%
|
|
—
|
|
|
24,153
|
|
||
ALSO Actebis GmbH
(c)
|
|
CPA:17 – Global
|
|
100%
|
|
—
|
|
|
12,009
|
|
||
Jumbo Logistiek Vastgoed B.V.
(c)
|
|
CPA:17 – Global
|
|
100%
|
|
—
|
|
|
10,661
|
|
||
Wagon Automotive GmbH
(c) (d)
|
|
CPA:17 – Global
|
|
100%
|
|
—
|
|
|
8,386
|
|
||
Wanbishi Archives Co. Ltd.
(e)
|
|
CPA:17 – Global
|
|
100%
|
|
—
|
|
|
334
|
|
||
|
|
|
|
|
|
—
|
|
|
124,944
|
|
||
|
|
|
|
|
|
|
|
|
||||
Equity Investments Acquired in the CPA:17 Merger
|
|
|
|
|
||||||||
Johnson Self Storage
(f)
|
|
Third Party
|
|
90%
|
|
73,475
|
|
|
—
|
|
||
Kesko Senukai
(c)
|
|
Third Party
|
|
70%
|
|
52,432
|
|
|
—
|
|
||
Bank Pekao S.A.
(c)
|
|
CPA:18 – Global
|
|
50%
|
|
29,086
|
|
|
—
|
|
||
BPS Nevada, LLC
(g)
|
|
Third Party
|
|
15%
|
|
22,292
|
|
|
—
|
|
||
State Farm Automobile Co.
|
|
CPA:18 – Global
|
|
50%
|
|
18,927
|
|
|
—
|
|
||
Apply Sørco AS (referred to as Apply)
(h)
|
|
CPA:18 – Global
|
|
49%
|
|
7,483
|
|
|
—
|
|
||
Konzum d.d. (referred to as Agrokor)
(c)
|
|
CPA:18 – Global
|
|
20%
|
|
2,858
|
|
|
—
|
|
||
|
|
|
|
|
|
206,553
|
|
|
—
|
|
||
|
|
|
|
|
|
$
|
221,658
|
|
|
$
|
140,049
|
|
(a)
|
Represents an equity investment we acquired prior to January 1, 2016. This investment is in the form of a preferred equity interest.
|
(b)
|
We acquired the remaining interests in these investments from CPA:17 – Global in the CPA:17 Merger, subsequent to which we now consolidate these wholly-owned investments (
Note 3
).
|
(c)
|
The carrying value of this investment is affected by fluctuations in the exchange rate of the euro.
|
(d)
|
In August 2018, this investment sold
one
of its
two
properties for
$7.7 million
, net of selling costs (our proportionate share was
$2.6 million
), and recognized a net gain on the sale of
$4.6 million
(our proportionate share was
$1.5 million
).
|
(e)
|
The carrying value of this investment was affected by fluctuations in the exchange rate of the Japanese yen. In January 2018, we contributed
$0.7 million
to this jointly owned investment in connection with the repayment of the non-recourse mortgage loan encumbering the investment.
|
|
W. P. Carey 2018 10-K
–
108
|
(f)
|
On November 7, 2018, we entered into a joint venture investment to acquire a
90%
interest in
two
self-storage properties for an aggregate amount of
$19.9 million
, with our portion of the investment totaling
$17.9 million
(one property is located in South Carolina and one property is located in North Carolina). This transaction was accounted for as an equity method investment as the minority shareholders have significant influence over this investment. All major decisions that significantly impact the economic performance of the entity require a unanimous decision vote from all of the shareholders; therefore, we have joint control over this investment. This acquisition was completed subsequent to the CPA:17 Merger, in which we acquired
seven
properties related to this investment.
|
(g)
|
This investment was reported using the hypothetical liquidation at book value model, which may have been different than pro rata ownership percentages, primarily due to the capital structure of the partnership agreement.
|
(h)
|
The carrying value of this investment is affected by fluctuations in the exchange rate of the Norwegian krone.
|
|
December 31,
|
||||||
|
2018
|
|
2017
|
||||
Net investments in real estate
|
$
|
769,643
|
|
|
$
|
516,793
|
|
Other assets
|
31,227
|
|
|
16,465
|
|
||
Total assets
|
800,870
|
|
|
533,258
|
|
||
Debt
|
(469,343
|
)
|
|
(176,660
|
)
|
||
Accounts payable, accrued expenses and other liabilities
|
(28,648
|
)
|
|
(11,950
|
)
|
||
Total liabilities
|
(497,991
|
)
|
|
(188,610
|
)
|
||
Stockholders’ equity
|
$
|
302,879
|
|
|
$
|
344,648
|
|
|
Years Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Revenues
|
$
|
60,742
|
|
|
$
|
57,377
|
|
|
$
|
56,791
|
|
Expenses
|
(28,422
|
)
|
|
(22,231
|
)
|
|
(17,933
|
)
|
|||
Income from continuing operations
|
$
|
32,320
|
|
|
$
|
35,146
|
|
|
$
|
38,858
|
|
Net income attributable to the jointly owned investments
|
$
|
32,320
|
|
|
$
|
35,146
|
|
|
$
|
38,858
|
|
|
W. P. Carey 2018 10-K
–
109
|
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||
|
Level
|
|
Carrying Value
|
|
Fair Value
|
|
Carrying Value
|
|
Fair Value
|
||||||||
Senior Unsecured Notes, net
(a) (b) (c)
|
2
|
|
$
|
3,554,470
|
|
|
$
|
3,567,593
|
|
|
$
|
2,474,661
|
|
|
$
|
2,588,032
|
|
Non-recourse mortgages, net
(a) (b) (d)
|
3
|
|
2,732,658
|
|
|
2,737,861
|
|
|
1,185,477
|
|
|
1,196,399
|
|
||||
Loans receivable
(d)
|
3
|
|
67,277
|
|
|
67,123
|
|
|
9,971
|
|
|
9,639
|
|
||||
Commercial mortgage-backed securities
|
3
|
|
998
|
|
|
998
|
|
|
—
|
|
|
—
|
|
(a)
|
The carrying value of Senior Unsecured Notes, net (
Note 11
) includes unamortized deferred financing costs of
$19.7 million
and
$14.7 million
at
December 31, 2018
and
2017
, respectively. The carrying value of Non-recourse mortgages, net includes unamortized deferred financing costs of
$0.8 million
and
$1.0 million
at
December 31, 2018
and
2017
, respectively.
|
|
W. P. Carey 2018 10-K
–
110
|
(b)
|
The carrying value of Senior Unsecured Notes, net includes unamortized discount of
$15.8 million
and
$9.9 million
at
December 31, 2018
and
2017
, respectively. The carrying value of Non-recourse mortgages, net includes unamortized discount of
$21.8 million
and
$1.7 million
at
December 31, 2018
and
2017
, respectively.
|
(c)
|
We determined the estimated fair value of the Senior Unsecured Notes using observed market prices in an open market with limited trading volume.
|
(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, 2018
|
|
Year Ended December 31, 2017
|
|
Year Ended December 31, 2016
|
||||||||||||||||||
|
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
|
$
|
7,797
|
|
|
$
|
4,790
|
|
|
$
|
2,914
|
|
|
$
|
2,769
|
|
|
$
|
155,839
|
|
|
$
|
52,316
|
|
Net investments in direct financing leases
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23,775
|
|
|
6,987
|
|
||||||
|
|
|
$
|
4,790
|
|
|
|
|
$
|
2,769
|
|
|
|
|
$
|
59,303
|
|
|
W. P. Carey 2018 10-K
–
111
|
|
W. P. Carey 2018 10-K
–
112
|
Derivatives Designated as Hedging Instruments
(a)
|
|
Balance Sheet Location
|
|
Asset Derivatives Fair Value at
|
|
Liability Derivatives Fair Value at
|
||||||||||||
|
|
December 31, 2018
|
|
December 31, 2017
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||
Foreign currency forward contracts
|
|
Other assets, net
|
|
$
|
22,520
|
|
|
$
|
12,737
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Foreign currency collars
|
|
Other assets, net
|
|
8,536
|
|
|
4,931
|
|
|
—
|
|
|
—
|
|
||||
Interest rate swaps
|
|
Other assets, net
|
|
1,435
|
|
|
523
|
|
|
—
|
|
|
—
|
|
||||
Interest rate caps
|
|
Other assets, net
|
|
56
|
|
|
20
|
|
|
—
|
|
|
—
|
|
||||
Interest rate swaps
|
|
Accounts payable, accrued expenses and other liabilities
|
|
—
|
|
|
—
|
|
|
(3,387
|
)
|
|
(1,108
|
)
|
||||
Foreign currency collars
|
|
Accounts payable, accrued expenses and other liabilities
|
|
—
|
|
|
—
|
|
|
(1,679
|
)
|
|
(6,805
|
)
|
||||
Derivatives Not Designated as Hedging Instruments
(a)
|
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency forward contracts
|
|
Other assets, net
|
|
7,144
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Stock warrants
|
|
Other assets, net
|
|
5,500
|
|
|
3,685
|
|
|
—
|
|
|
—
|
|
||||
Interest rate swap
(b)
|
|
Other assets, net
|
|
—
|
|
|
19
|
|
|
—
|
|
|
—
|
|
||||
Interest rate swaps
(b)
|
|
Accounts payable, accrued expenses and other liabilities
|
|
—
|
|
|
—
|
|
|
(343
|
)
|
|
—
|
|
||||
Total derivatives
|
|
|
|
$
|
45,191
|
|
|
$
|
21,915
|
|
|
$
|
(5,409
|
)
|
|
$
|
(7,913
|
)
|
(a)
|
In connection with the CPA:17 Merger on October 31, 2018, we acquired: (i) foreign currency forward contracts, which had an aggregate fair value of
$14.9 million
on the date of acquisition, (ii) interest rate swaps and caps, which had an aggregate fair value of
$(0.3) million
on the date of acquisition, (iii) foreign currency collars, which had an aggregate fair value of
$(0.3) million
on the date of acquisition, and (iv) stock warrants, which had a fair value of
$1.9 million
on the date of acquisition.
|
(b)
|
These interest rate swaps do not qualify for hedge accounting; however, they do protect against fluctuations in interest rates related to the underlying variable-rate debt.
|
|
W. P. Carey 2018 10-K
–
113
|
|
|
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
|
|
2018
|
|
2017
|
|
2016
|
||||||
Foreign currency collars
|
|
$
|
9,029
|
|
|
$
|
(19,220
|
)
|
|
$
|
9,679
|
|
Foreign currency forward contracts
|
|
(1,905
|
)
|
|
(19,120
|
)
|
|
(1,948
|
)
|
|||
Interest rate swaps
|
|
(1,560
|
)
|
|
1,550
|
|
|
1,291
|
|
|||
Interest rate caps
|
|
(68
|
)
|
|
(29
|
)
|
|
21
|
|
|||
Derivatives in Net Investment Hedging Relationships
(b)
|
|
|
|
|
|
|
||||||
Foreign currency forward contracts
|
|
(2,630
|
)
|
|
(5,652
|
)
|
|
(462
|
)
|
|||
Total
|
|
$
|
2,866
|
|
|
$
|
(42,471
|
)
|
|
$
|
8,581
|
|
|
|
|
|
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,
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||||
Foreign currency forward contracts
|
|
Other gains and (losses)
|
|
$
|
6,533
|
|
|
$
|
6,845
|
|
|
$
|
7,442
|
|
Foreign currency collars
|
|
Other gains and (losses)
|
|
2,359
|
|
|
3,650
|
|
|
1,968
|
|
|||
Interest rate swaps and cap
|
|
Interest expense
|
|
(400
|
)
|
|
(1,294
|
)
|
|
(2,106
|
)
|
|||
Derivatives in Net Investment Hedging Relationships
|
|
|
|
|
|
|
|
|
||||||
Foreign currency forward contracts
(c)
|
|
Gain on sale of real estate, net
|
|
7,609
|
|
|
—
|
|
|
—
|
|
|||
Total
|
|
|
|
$
|
16,101
|
|
|
$
|
9,201
|
|
|
$
|
7,304
|
|
(a)
|
Excludes net losses of
$0.6 million
and
$1.0 million
and net gains of
$0.2 million
, recognized on unconsolidated jointly owned investments for the
years ended December 31, 2018
,
2017
, and
2016
, respectively.
|
(b)
|
The effective portion of the changes in fair value of these contracts were reported in the foreign currency translation adjustment section of
Other comprehensive (loss) income
.
|
(c)
|
We reclassified net foreign currency transaction gains from net investment hedge foreign currency forward contracts related to our Australian investments from Accumulated other comprehensive loss to Gain on sale of real estate, net (as an increase to Gain on sale of real estate, net) in connection with the disposal of all of our Australian investments in December 2018 (
Note 14
,
Note 17
).
|
|
W. P. Carey 2018 10-K
–
114
|
|
|
|
|
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,
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||||
Foreign currency collars
|
|
Other gains and (losses)
|
|
$
|
455
|
|
|
$
|
(754
|
)
|
|
$
|
824
|
|
Foreign currency forward contracts
|
|
Other gains and (losses)
|
|
356
|
|
|
(53
|
)
|
|
—
|
|
|||
Stock warrants
|
|
Other gains and (losses)
|
|
(99
|
)
|
|
(67
|
)
|
|
134
|
|
|||
Interest rate swaps
|
|
Other gains and (losses)
|
|
(20
|
)
|
|
18
|
|
|
2,682
|
|
|||
Derivatives in Cash Flow Hedging Relationships
(a)
|
|
|
|
|
|
|
|
|
||||||
Interest rate swaps
|
|
Interest expense
|
|
286
|
|
|
693
|
|
|
657
|
|
|||
Foreign currency forward contracts
|
|
Other gains and (losses)
|
|
132
|
|
|
(75
|
)
|
|
40
|
|
|||
Foreign currency collars
|
|
Other gains and (losses)
|
|
18
|
|
|
(32
|
)
|
|
(7
|
)
|
|||
Total
|
|
|
|
$
|
1,128
|
|
|
$
|
(270
|
)
|
|
$
|
4,330
|
|
(a)
|
Relates to the ineffective portion of the hedging relationship.
|
Interest Rate Derivatives
|
|
Number of Instruments
|
|
Notional
Amount |
|
Fair Value at
December 31, 2018 (a) |
||||
Designated as Cash Flow Hedging Instruments
|
|
|
|
|
|
|
|
|||
Interest rate swaps
|
|
3
|
|
65,132
|
|
EUR
|
|
$
|
(1,034
|
)
|
Interest rate swaps
|
|
21
|
|
207,724
|
|
USD
|
|
(918
|
)
|
|
Interest rate cap
|
|
1
|
|
75,000
|
|
USD
|
|
28
|
|
|
Interest rate caps
|
|
5
|
|
156,036
|
|
EUR
|
|
21
|
|
|
Interest rate cap
|
|
1
|
|
6,394
|
|
GBP
|
|
7
|
|
|
Not Designated as Hedging Instruments
|
|
|
|
|
|
|
|
|||
Interest rate swaps
(b)
|
|
3
|
|
15,672
|
|
EUR
|
|
(343
|
)
|
|
|
|
|
|
|
|
|
$
|
(2,239
|
)
|
(a)
|
Fair value amounts are based on the exchange rate of the euro or British pound sterling at
December 31, 2018
, as applicable.
|
(b)
|
These interest rate swaps do not qualify for hedge accounting; however, they do protect against fluctuations in interest rates related to the underlying variable-rate debt.
|
|
W. P. Carey 2018 10-K
–
115
|
Foreign Currency Derivatives
|
|
Number of Instruments
|
|
Notional
Amount |
|
Fair Value at
December 31, 2018
|
||||
Designated as Cash Flow Hedging Instruments
|
|
|
|
|
|
|
|
|||
Foreign currency forward contracts
|
|
30
|
|
91,789
|
|
EUR
|
|
$
|
22,478
|
|
Foreign currency collars
|
|
41
|
|
43,250
|
|
GBP
|
|
5,434
|
|
|
Foreign currency collars
|
|
47
|
|
157,750
|
|
EUR
|
|
1,426
|
|
|
Foreign currency collars
|
|
3
|
|
2,000
|
|
NOK
|
|
(1
|
)
|
|
Not Designated as Hedging Instruments
|
|
|
|
|
|
|
|
|||
Foreign currency forward contracts
|
|
6
|
|
74,204
|
|
AUD
|
|
6,726
|
|
|
Foreign currency forward contracts
|
|
6
|
|
1,455
|
|
EUR
|
|
332
|
|
|
Foreign currency forward contracts
|
|
5
|
|
3,635
|
|
NOK
|
|
76
|
|
|
Designated as Net Investment Hedging Instruments
|
|
|
|
|
|
|
|
|||
Foreign currency forward contract
|
|
1
|
|
2,468
|
|
NOK
|
|
52
|
|
|
Foreign currency collar
|
|
1
|
|
2,500
|
|
NOK
|
|
(2
|
)
|
|
|
|
|
|
|
|
|
$
|
36,521
|
|
|
W. P. Carey 2018 10-K
–
116
|
|
W. P. Carey 2018 10-K
–
117
|
|
|
Interest Rate at December 31, 2018
(a)
|
|
Maturity Date at December 31, 2018
|
|
Principal Outstanding Balance at
December 31,
|
||||||
Senior Unsecured Credit Facility
|
|
|
|
2018
|
|
2017
|
||||||
Unsecured Revolving Credit Facility:
|
|
|
|
|
|
|
|
|
||||
Unsecured Revolving Credit Facility — borrowing in euros
(b)
|
|
EURIBOR + 1.00%
|
|
2/22/2021
|
|
$
|
69,273
|
|
|
$
|
111,775
|
|
Unsecured Revolving Credit Facility — borrowing in Japanese yen
|
|
JPY LIBOR + 1.00%
|
|
2/22/2021
|
|
22,290
|
|
|
—
|
|
||
Unsecured Revolving Credit Facility — borrowing in U.S. dollars
|
|
LIBOR + 1.00%
|
|
2/22/2021
|
|
—
|
|
|
105,000
|
|
||
|
|
|
|
|
|
91,563
|
|
|
216,775
|
|
||
Unsecured Term Loans
(c)
:
|
|
|
|
|
|
|
|
|
||||
Term Loan — borrowing in euros
(d)
|
|
N/A
|
|
N/A
|
|
—
|
|
|
283,425
|
|
||
Delayed Draw Term Loan — borrowing in euros
|
|
N/A
|
|
N/A
|
|
—
|
|
|
106,348
|
|
||
|
|
|
|
|
|
—
|
|
|
389,773
|
|
||
|
|
|
|
|
|
$
|
91,563
|
|
|
$
|
606,548
|
|
(a)
|
The applicable interest rate at
December 31, 2018
was based on the credit rating for our Senior Unsecured Notes of
BBB/Baa2
.
|
(b)
|
EURIBOR means Euro Interbank Offered Rate.
|
(c)
|
On March 7, 2018, we repaid and terminated our Unsecured Term Loans in full, as described above.
|
(d)
|
Balance excludes unamortized discount of
$1.2 million
and unamortized deferred financing costs of
$0.2 million
at December 31, 2017.
|
|
W. P. Carey 2018 10-K
–
118
|
|
|
|
|
Principal Amount
|
|
Price of Par Value
|
|
Original Issue Discount
|
|
Effective Interest Rate
|
|
Coupon Rate
|
|
Maturity Date
|
|
Principal Outstanding Balance at December 31,
|
|||||||||||||
Senior Unsecured Notes, net
(a)
|
|
Issue Date
|
|
|
|
|
|
|
|
2018
|
|
2017
|
|||||||||||||||||
2.0% Senior Notes due 2023
|
|
1/21/2015
|
|
€
|
500.0
|
|
|
99.220
|
%
|
|
$
|
4.6
|
|
|
2.107
|
%
|
|
2.0
|
%
|
|
1/20/2023
|
|
$
|
572.5
|
|
|
$
|
599.7
|
|
4.6% Senior Notes due 2024
|
|
3/14/2014
|
|
$
|
500.0
|
|
|
99.639
|
%
|
|
$
|
1.8
|
|
|
4.645
|
%
|
|
4.6
|
%
|
|
4/1/2024
|
|
500.0
|
|
|
500.0
|
|
||
2.25% Senior Notes due 2024
|
|
1/19/2017
|
|
€
|
500.0
|
|
|
99.448
|
%
|
|
$
|
2.9
|
|
|
2.332
|
%
|
|
2.25
|
%
|
|
7/19/2024
|
|
572.5
|
|
|
599.7
|
|
||
4.0% Senior Notes due 2025
|
|
1/26/2015
|
|
$
|
450.0
|
|
|
99.372
|
%
|
|
$
|
2.8
|
|
|
4.077
|
%
|
|
4.0
|
%
|
|
2/1/2025
|
|
450.0
|
|
|
450.0
|
|
||
2.250% Senior Notes due 2026
|
|
10/9/2018
|
|
€
|
500.0
|
|
|
99.252
|
%
|
|
$
|
4.3
|
|
|
2.361
|
%
|
|
2.250
|
%
|
|
4/9/2026
|
|
572.5
|
|
|
—
|
|
||
4.25% Senior Notes due 2026
|
|
9/12/2016
|
|
$
|
350.0
|
|
|
99.682
|
%
|
|
$
|
1.1
|
|
|
4.290
|
%
|
|
4.25
|
%
|
|
10/1/2026
|
|
350.0
|
|
|
350.0
|
|
||
2.125% Senior Notes due 2027
|
|
3/6/2018
|
|
€
|
500.0
|
|
|
99.324
|
%
|
|
$
|
4.2
|
|
|
2.208
|
%
|
|
2.125
|
%
|
|
4/15/2027
|
|
572.5
|
|
|
—
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,590.0
|
|
|
$
|
2,499.4
|
|
(a)
|
Aggregate balance excludes unamortized deferred financing costs totaling
$19.7 million
and
$14.7 million
, and unamortized discount totaling
$15.8 million
and
$9.9 million
at
December 31, 2018
and
2017
, respectively.
|
|
W. P. Carey 2018 10-K
–
119
|
Years Ending December 31,
|
|
Total
(a)
|
||
2019
|
|
$
|
157,143
|
|
2020
|
|
713,610
|
|
|
2021
|
|
694,483
|
|
|
2022
|
|
587,566
|
|
|
2023
|
|
943,892
|
|
|
Thereafter through 2031
|
|
3,340,197
|
|
|
Total principal payments
|
|
6,436,891
|
|
|
Unamortized discount, net
(b)
|
|
(37,609
|
)
|
|
Unamortized deferred financing costs
|
|
(20,591
|
)
|
|
Total
|
|
$
|
6,378,691
|
|
(a)
|
Certain amounts are based on the applicable foreign currency exchange rate at
December 31, 2018
.
|
(b)
|
Represents the unamortized discount, net, of
$21.8 million
in aggregate primarily resulting from the assumption of property-level debt in connection with business combinations, including the CPA:17 Merger (
Note 3
), and the unamortized discount on the Senior Unsecured Notes of
$15.8 million
in aggregate.
|
|
W. P. Carey 2018 10-K
–
120
|
|
W. P. Carey 2018 10-K
–
121
|
|
Dividends Paid
|
||||||||||
|
During the Years Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Ordinary income
|
$
|
3.5122
|
|
|
$
|
3.2537
|
|
|
$
|
3.3075
|
|
Capital gains
|
0.5578
|
|
|
0.2181
|
|
|
—
|
|
|||
Return of capital
|
—
|
|
|
0.5182
|
|
|
0.5963
|
|
|||
Total dividends paid
|
$
|
4.0700
|
|
|
$
|
3.9900
|
|
|
$
|
3.9038
|
|
|
Years Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Net income attributable to W. P. Carey
|
$
|
411,566
|
|
|
$
|
277,289
|
|
|
$
|
267,747
|
|
Net income attributable to nonvested participating RSUs and RSAs
|
(340
|
)
|
|
(784
|
)
|
|
(886
|
)
|
|||
Net income – basic and diluted
|
$
|
411,226
|
|
|
$
|
276,505
|
|
|
$
|
266,861
|
|
|
|
|
|
|
|
||||||
Weighted-average shares outstanding – basic
|
117,494,969
|
|
|
107,824,738
|
|
|
106,743,012
|
|
|||
Effect of dilutive securities
|
211,476
|
|
|
211,233
|
|
|
330,191
|
|
|||
Weighted-average shares outstanding – diluted
|
117,706,445
|
|
|
108,035,971
|
|
|
107,073,203
|
|
|
W. P. Carey 2018 10-K
–
122
|
|
W. P. Carey 2018 10-K
–
123
|
|
Gains and (Losses) on Derivative Instruments
|
|
Foreign Currency Translation Adjustments
|
|
Gains and (Losses) on Investments
|
|
Total
|
||||||||
Balance at January 1, 2016
|
$
|
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:
|
|
|
|
|
|
|
|
||||||||
Other gains and (losses)
|
(9,410
|
)
|
|
—
|
|
|
—
|
|
|
(9,410
|
)
|
||||
Interest expense
|
2,106
|
|
|
—
|
|
|
—
|
|
|
2,106
|
|
||||
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 (
Note 17
)
|
—
|
|
|
3,388
|
|
|
—
|
|
|
3,388
|
|
||||
Other gains and (losses)
|
(10,495
|
)
|
|
—
|
|
|
—
|
|
|
(10,495
|
)
|
||||
Interest expense
|
1,294
|
|
|
—
|
|
|
—
|
|
|
1,294
|
|
||||
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
|
)
|
||||
Other comprehensive loss before reclassifications
|
13,415
|
|
|
(52,069
|
)
|
|
154
|
|
|
(38,500
|
)
|
||||
Amounts reclassified from accumulated other comprehensive loss to:
|
|
|
|
|
|
|
|
||||||||
—
|
|
|
20,226
|
|
|
—
|
|
|
20,226
|
|
|||||
Other gains and (losses)
|
(8,892
|
)
|
|
—
|
|
|
—
|
|
|
(8,892
|
)
|
||||
Interest expense
|
400
|
|
|
—
|
|
|
—
|
|
|
400
|
|
||||
Total
|
(8,492
|
)
|
|
20,226
|
|
|
—
|
|
|
11,734
|
|
||||
Net current period other comprehensive loss
|
4,923
|
|
|
(31,843
|
)
|
|
154
|
|
|
(26,766
|
)
|
||||
Net current period other comprehensive loss attributable to noncontrolling interests
|
7
|
|
|
7,774
|
|
|
—
|
|
|
7,781
|
|
||||
Balance at December 31, 2018
|
$
|
14,102
|
|
|
$
|
(269,091
|
)
|
|
$
|
(7
|
)
|
|
$
|
(254,996
|
)
|
|
W. P. Carey 2018 10-K
–
124
|
|
W. P. Carey 2018 10-K
–
125
|
|
RSA and RSU Awards
|
|
PSU Awards
|
||||||||||
|
Shares
|
|
Weighted-Average Grant Date Fair Value
|
|
Shares
|
|
Weighted-Average Grant Date Fair Value
|
||||||
Nonvested at January 1, 2016
|
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
|
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
|
324,339
|
|
|
61.43
|
|
|
281,299
|
|
|
74.57
|
|
||
Granted
(c)
|
137,519
|
|
|
64.50
|
|
|
75,864
|
|
|
75.81
|
|
||
Vested
(a)
|
(181,777
|
)
|
|
62.25
|
|
|
(66,632
|
)
|
|
76.96
|
|
||
Forfeited
|
(3,079
|
)
|
|
61.71
|
|
|
(3,098
|
)
|
|
76.49
|
|
||
Adjustment
(b)
|
—
|
|
|
—
|
|
|
43,783
|
|
|
74.17
|
|
||
Nonvested at December 31, 2018
(d)
|
277,002
|
|
|
$
|
62.41
|
|
|
331,216
|
|
|
$
|
78.82
|
|
(a)
|
The grant date fair value of shares vested during the years ended
December 31, 2018
,
2017
, and
2016
was
$16.4 million
,
$21.4 million
, and
$27.8 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, 2018
and
2017
, we had an obligation to issue
867,871
and
1,140,632
shares, respectively, of our common stock underlying such deferred awards, which is recorded within Total stockholders’ equity as a Deferred compensation obligation of
$35.8 million
and
$46.7 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, 2018
, we used a risk-free interest rate of
2.2%
, an expected volatility rate of
17.2%
, and assumed a dividend yield of
zero
.
|
(d)
|
At
December 31, 2018
, total unrecognized compensation expense related to these awards was approximately
$17.7 million
, with an aggregate weighted-average remaining term of
1.7
years.
|
|
W. P. Carey 2018 10-K
–
126
|
|
Year Ended December 31, 2016
|
|||||||
|
Shares
|
|
Weighted-Average
Exercise Price
|
|
Weighted-Average
Remaining
Contractual
Term (in Years)
|
|||
Outstanding — beginning of year
|
258,787
|
|
|
$
|
31.10
|
|
|
|
Exercised
|
(113,002
|
)
|
|
28.34
|
|
|
|
|
Canceled / Expired
|
(752
|
)
|
|
28.42
|
|
|
|
|
Outstanding — end of year
|
145,033
|
|
|
$
|
33.27
|
|
|
0.30
|
Exercisable — end of year
|
145,033
|
|
|
$
|
33.27
|
|
|
|
|
W. P. Carey 2018 10-K
–
127
|
|
Years Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Federal
|
|
|
|
|
|
|
|
|
|||
Current
|
$
|
(829
|
)
|
|
$
|
(687
|
)
|
|
$
|
6,412
|
|
Deferred
|
3,275
|
|
|
(9,520
|
)
|
|
(1,608
|
)
|
|||
|
2,446
|
|
|
(10,207
|
)
|
|
4,804
|
|
|||
State and Local
|
|
|
|
|
|
|
|
|
|||
Current
|
4,820
|
|
|
1,954
|
|
|
7,014
|
|
|||
Deferred
|
3,042
|
|
|
572
|
|
|
(2,026
|
)
|
|||
|
7,862
|
|
|
2,526
|
|
|
4,988
|
|
|||
Foreign
|
|
|
|
|
|
|
|
|
|||
Current
|
16,791
|
|
|
21,457
|
|
|
10,727
|
|
|||
Deferred
|
(12,688
|
)
|
|
(11,065
|
)
|
|
(17,231
|
)
|
|||
|
4,103
|
|
|
10,392
|
|
|
(6,504
|
)
|
|||
Total Provision
|
$
|
14,411
|
|
|
$
|
2,711
|
|
|
$
|
3,288
|
|
|
Years Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Pre-tax income (loss) attributable to taxable subsidiaries
(a)
|
$
|
98,245
|
|
|
$
|
49,909
|
|
|
$
|
(15,374
|
)
|
|
|
|
|
|
|
||||||
Federal provision (benefit) at statutory tax rate
(b)
|
$
|
20,632
|
|
|
$
|
17,468
|
|
|
$
|
(5,380
|
)
|
Rate differential
|
(14,165
|
)
|
|
(13,134
|
)
|
|
892
|
|
|||
State and local taxes, net of federal benefit
|
7,590
|
|
|
1,115
|
|
|
2,749
|
|
|||
Change in valuation allowance
|
6,735
|
|
|
11,805
|
|
|
6,477
|
|
|||
Revocation of TRS Status
|
(6,285
|
)
|
|
—
|
|
|
—
|
|
|||
Non-deductible expense
|
4,996
|
|
|
3,010
|
|
|
3,111
|
|
|||
Windfall tax benefit
(c)
|
(3,754
|
)
|
|
(4,618
|
)
|
|
—
|
|
|||
Non-taxable income
|
(736
|
)
|
|
(8,073
|
)
|
|
(5,399
|
)
|
|||
Revaluation of deferred taxes due to Tax Cuts and Jobs Act
(d)
|
—
|
|
|
(7,826
|
)
|
|
—
|
|
|||
Other
|
(602
|
)
|
|
2,964
|
|
|
838
|
|
|||
Total provision
|
$
|
14,411
|
|
|
$
|
2,711
|
|
|
$
|
3,288
|
|
(a)
|
Pre-tax income attributable to taxable subsidiaries for 2018 includes taxable income associated with the accelerated vesting of shares previously issued by CPA:17 – Global to us for asset management services performed, in connection with the CPA:17 Merger. Pre-tax income attributable to taxable subsidiaries for 2017 excludes the impact of foreign currency exchange rates on an intercompany transaction related to the euro-denominated
2.25%
Senior Notes due 2024 issued in 2017 (
Note 11
) 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 9
).
|
(b)
|
The applicable statutory tax rate is
21%
,
35%
, and
35%
for the
years ended December 31, 2018
,
2017
, and
2016
, respectively.
|
|
W. P. Carey 2018 10-K
–
128
|
(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
).
|
(d)
|
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.
|
|
At December 31,
|
||||||
|
2018
|
|
2017
|
||||
Deferred Tax Assets
|
|
|
|
|
|
||
Net operating loss and other tax credit carryforwards
|
$
|
44,445
|
|
|
$
|
61,632
|
|
Basis differences — foreign investments
|
—
|
|
|
31,472
|
|
||
Unearned and deferred compensation
|
16,255
|
|
|
21,192
|
|
||
Other
|
640
|
|
|
3,029
|
|
||
Total deferred tax assets
|
61,340
|
|
|
117,325
|
|
||
Valuation allowance
|
(54,499
|
)
|
|
(39,155
|
)
|
||
Net deferred tax assets
|
6,841
|
|
|
78,170
|
|
||
Deferred Tax Liabilities
|
|
|
|
|
|
||
Basis differences — foreign investments
|
(123,426
|
)
|
|
(104,390
|
)
|
||
Basis differences — equity investees
|
(46,899
|
)
|
|
(23,950
|
)
|
||
Deferred revenue
|
(1,778
|
)
|
|
(3,784
|
)
|
||
Total deferred tax liabilities
|
(172,103
|
)
|
|
(132,124
|
)
|
||
Net Deferred Tax Liability
|
$
|
(165,262
|
)
|
|
$
|
(53,954
|
)
|
•
|
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. Certain net operating losses and interest carryforwards were subject to limitations as a result of the CPA:17 Merger, and thus could not be applied to reduce future income tax liabilities.
|
|
W. P. Carey 2018 10-K
–
129
|
|
Years Ended December 31,
|
||||||
|
2018
|
|
2017
|
||||
Beginning balance
|
$
|
5,202
|
|
|
$
|
5,586
|
|
Increase due to CPA:17 Merger
|
2,273
|
|
|
—
|
|
||
Decrease due to lapse in statute of limitations
|
(2,186
|
)
|
|
(1,853
|
)
|
||
Addition based on tax positions related to the current year
|
514
|
|
|
639
|
|
||
Addition based on tax positions related to prior years
|
442
|
|
|
660
|
|
||
Foreign currency translation adjustments
|
(140
|
)
|
|
170
|
|
||
Ending balance
|
$
|
6,105
|
|
|
$
|
5,202
|
|
|
W. P. Carey 2018 10-K
–
130
|
|
W. P. Carey 2018 10-K
–
131
|
|
W. P. Carey 2018 10-K
–
132
|
|
Years Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Revenues
|
|
|
|
|
|
||||||
Lease revenues
|
$
|
716,422
|
|
|
$
|
630,373
|
|
|
$
|
663,463
|
|
Reimbursable tenant costs
|
28,076
|
|
|
21,524
|
|
|
25,438
|
|
|||
Operating property revenues
(a)
|
28,072
|
|
|
30,562
|
|
|
30,767
|
|
|||
Lease termination income and other
|
6,555
|
|
|
4,749
|
|
|
35,696
|
|
|||
|
779,125
|
|
|
687,208
|
|
|
755,364
|
|
|||
Operating Expenses
|
|
|
|
|
|
||||||
Depreciation and amortization
|
287,461
|
|
|
249,432
|
|
|
272,274
|
|
|||
General and administrative
|
47,210
|
|
|
39,002
|
|
|
34,591
|
|
|||
Merger and other expenses
|
41,426
|
|
|
605
|
|
|
2,993
|
|
|||
Reimbursable tenant costs
|
28,076
|
|
|
21,524
|
|
|
25,438
|
|
|||
Property expenses, excluding reimbursable tenant costs
|
22,773
|
|
|
17,330
|
|
|
26,804
|
|
|||
Operating property expenses
|
20,150
|
|
|
23,426
|
|
|
22,627
|
|
|||
Stock-based compensation expense
|
10,450
|
|
|
6,960
|
|
|
5,224
|
|
|||
Impairment charges
|
4,790
|
|
|
2,769
|
|
|
59,303
|
|
|||
Restructuring and other compensation
|
—
|
|
|
—
|
|
|
4,413
|
|
|||
|
462,336
|
|
|
361,048
|
|
|
453,667
|
|
|||
Other Income and Expenses
|
|
|
|
|
|
||||||
Interest expense
|
(178,375
|
)
|
|
(165,775
|
)
|
|
(183,409
|
)
|
|||
Gain on sale of real estate, net
|
118,605
|
|
|
33,878
|
|
|
71,318
|
|
|||
Gain on change in control of interests
|
18,792
|
|
|
—
|
|
|
—
|
|
|||
Equity in earnings of equity method investments in real estate
|
13,341
|
|
|
13,068
|
|
|
12,928
|
|
|||
Other gains and (losses)
|
30,015
|
|
|
(5,655
|
)
|
|
3,665
|
|
|||
|
2,378
|
|
|
(124,484
|
)
|
|
(95,498
|
)
|
|||
Income before income taxes
|
319,167
|
|
|
201,676
|
|
|
206,199
|
|
|||
Benefit from (provision for) income taxes
|
844
|
|
|
(1,743
|
)
|
|
3,418
|
|
|||
Net Income from Real Estate
|
320,011
|
|
|
199,933
|
|
|
209,617
|
|
|||
Net income attributable to noncontrolling interests
|
(12,775
|
)
|
|
(7,794
|
)
|
|
(7,060
|
)
|
|||
Net Income from Real Estate Attributable to W. P. Carey
|
$
|
307,236
|
|
|
$
|
192,139
|
|
|
$
|
202,557
|
|
(a)
|
Operating property revenues from our hotels include (i)
$4.8 million
,
$16.0 million
, and
$15.5 million
for the years ended
December 31, 2018
,
2017
, and
2016
, respectively, generated from a hotel in Memphis, Tennessee, which was sold in April 2018 (
Note 17
), (ii)
$15.2 million
,
$14.6 million
, and
$15.2 million
for the years ended
December 31, 2018
,
2017
, and
2016
, respectively, generated from a hotel in Bloomington, Minnesota, and (iii)
$1.7 million
for the year ended
December 31, 2018
, generated from a hotel in Miami, Florida, which was acquired in the CPA:17 Merger (
Note 3
).
|
|
W. P. Carey 2018 10-K
–
133
|
|
Years Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Revenues
|
|
|
|
|
|
||||||
Asset management revenue
|
$
|
63,556
|
|
|
$
|
70,125
|
|
|
$
|
61,971
|
|
Reimbursable costs from affiliates
|
21,925
|
|
|
51,445
|
|
|
66,433
|
|
|||
Structuring revenue
|
20,826
|
|
|
34,198
|
|
|
47,328
|
|
|||
Other advisory revenue
|
300
|
|
|
896
|
|
|
2,435
|
|
|||
Dealer manager fees
|
—
|
|
|
4,430
|
|
|
8,002
|
|
|||
|
106,607
|
|
|
161,094
|
|
|
186,169
|
|
|||
Operating Expenses
|
|
|
|
|
|
||||||
Reimbursable costs from affiliates
|
21,925
|
|
|
51,445
|
|
|
66,433
|
|
|||
General and administrative
|
21,127
|
|
|
31,889
|
|
|
47,761
|
|
|||
Subadvisor fees
|
9,240
|
|
|
13,600
|
|
|
14,141
|
|
|||
Stock-based compensation expense
|
7,844
|
|
|
11,957
|
|
|
12,791
|
|
|||
Depreciation and amortization
|
3,979
|
|
|
3,902
|
|
|
4,236
|
|
|||
Restructuring and other compensation
|
—
|
|
|
9,363
|
|
|
7,512
|
|
|||
Dealer manager fees and expenses
|
—
|
|
|
6,544
|
|
|
12,808
|
|
|||
Merger and other expenses
|
—
|
|
|
—
|
|
|
2,384
|
|
|||
|
64,115
|
|
|
128,700
|
|
|
168,066
|
|
|||
Other Income and Expenses
|
|
|
|
|
|
||||||
Equity in earnings of equity method investments in the Managed Programs
|
48,173
|
|
|
51,682
|
|
|
51,791
|
|
|||
Gain on change in control of interests
|
29,022
|
|
|
—
|
|
|
—
|
|
|||
Other gains and (losses)
|
(102
|
)
|
|
2,042
|
|
|
2,002
|
|
|||
|
77,093
|
|
|
53,724
|
|
|
53,793
|
|
|||
Income before income taxes
|
119,585
|
|
|
86,118
|
|
|
71,896
|
|
|||
Provision for income taxes
|
(15,255
|
)
|
|
(968
|
)
|
|
(6,706
|
)
|
|||
Net Income from Investment Management Attributable to W. P. Carey
|
$
|
104,330
|
|
|
$
|
85,150
|
|
|
$
|
65,190
|
|
|
Years Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Revenues
|
$
|
885,732
|
|
|
$
|
848,302
|
|
|
$
|
941,533
|
|
Operating expenses
|
526,451
|
|
|
489,748
|
|
|
621,733
|
|
|||
Other income and expenses
|
79,471
|
|
|
(70,760
|
)
|
|
(41,705
|
)
|
|||
Provision for income taxes
|
(14,411
|
)
|
|
(2,711
|
)
|
|
(3,288
|
)
|
|||
Net income attributable to noncontrolling interests
|
(12,775
|
)
|
|
(7,794
|
)
|
|
(7,060
|
)
|
|||
Net income attributable to W. P. Carey
|
$
|
411,566
|
|
|
$
|
277,289
|
|
|
$
|
267,747
|
|
|
Total Assets at December 31,
|
||||||
|
2018
|
|
2017
|
||||
Real Estate
|
$
|
13,941,963
|
|
|
$
|
7,885,751
|
|
Investment Management
|
241,076
|
|
|
345,651
|
|
||
Total Company
|
$
|
14,183,039
|
|
|
$
|
8,231,402
|
|
|
W. P. Carey 2018 10-K
–
134
|
|
Years Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Domestic
|
|
|
|
|
|
||||||
Revenues
|
$
|
499,342
|
|
|
$
|
451,310
|
|
|
$
|
490,134
|
|
Operating expenses
|
(337,262
|
)
|
|
(255,796
|
)
|
|
(274,013
|
)
|
|||
Interest expense
|
(142,006
|
)
|
|
(141,842
|
)
|
|
(149,615
|
)
|
|||
Gain on sale of real estate, net
|
18,907
|
|
|
14,580
|
|
|
56,492
|
|
|||
Other income and (expenses), excluding interest expense and gain on sale of real estate, net
|
95,324
|
|
|
(82,212
|
)
|
|
9,887
|
|
|||
(Provision for) benefit from income taxes
|
(7,517
|
)
|
|
5,526
|
|
|
(4,808
|
)
|
|||
Net income attributable to noncontrolling interests
|
(8,661
|
)
|
|
(8,808
|
)
|
|
(7,591
|
)
|
|||
Net income (loss) attributable to W. P. Carey
|
$
|
118,127
|
|
|
$
|
(17,242
|
)
|
|
$
|
120,486
|
|
Germany
|
|
|
|
|
|
||||||
Revenues
|
$
|
69,341
|
|
|
$
|
60,907
|
|
|
$
|
68,372
|
|
Operating expenses
|
(20,240
|
)
|
|
(20,276
|
)
|
|
(28,473
|
)
|
|||
Interest expense
|
(1,334
|
)
|
|
(1,859
|
)
|
|
(15,681
|
)
|
|||
Gain on sale of real estate, net
|
60,895
|
|
|
5,867
|
|
|
—
|
|
|||
Other income and (expenses), excluding interest expense and gain on sale of real estate, net
|
4,350
|
|
|
112
|
|
|
649
|
|
|||
Provision for income taxes
|
(31
|
)
|
|
(7,213
|
)
|
|
(4,083
|
)
|
|||
Net (income) loss attributable to noncontrolling interests
|
(3,342
|
)
|
|
1,966
|
|
|
252
|
|
|||
Net income attributable to W. P. Carey
|
$
|
109,639
|
|
|
$
|
39,504
|
|
|
$
|
21,036
|
|
Other International
|
|
|
|
|
|
||||||
Revenues
|
$
|
210,442
|
|
|
$
|
174,991
|
|
|
$
|
196,858
|
|
Operating expenses
|
(104,834
|
)
|
|
(84,976
|
)
|
|
(151,181
|
)
|
|||
Interest expense
|
(35,035
|
)
|
|
(22,074
|
)
|
|
(18,113
|
)
|
|||
Gain on sale of real estate, net
|
38,803
|
|
|
13,431
|
|
|
14,826
|
|
|||
Other income and (expenses), excluding interest expense and gain on sale of real estate, net
|
(37,526
|
)
|
|
89,513
|
|
|
6,057
|
|
|||
Benefit from (provision for) income taxes
|
8,392
|
|
|
(56
|
)
|
|
12,309
|
|
|||
Net (income) loss attributable to noncontrolling interests
|
(772
|
)
|
|
(952
|
)
|
|
279
|
|
|||
Net income attributable to W. P. Carey
|
$
|
79,470
|
|
|
$
|
169,877
|
|
|
$
|
61,035
|
|
Total
|
|
|
|
|
|
||||||
Revenues
|
$
|
779,125
|
|
|
$
|
687,208
|
|
|
$
|
755,364
|
|
Operating expenses
|
(462,336
|
)
|
|
(361,048
|
)
|
|
(453,667
|
)
|
|||
Interest expense
|
(178,375
|
)
|
|
(165,775
|
)
|
|
(183,409
|
)
|
|||
Gain on sale of real estate, net
|
118,605
|
|
|
33,878
|
|
|
71,318
|
|
|||
Other income and (expenses), excluding interest expense and gain on sale of real estate, net
|
62,148
|
|
|
7,413
|
|
|
16,593
|
|
|||
Benefit from (provision for) income taxes
|
844
|
|
|
(1,743
|
)
|
|
3,418
|
|
|||
Net income attributable to noncontrolling interests
|
(12,775
|
)
|
|
(7,794
|
)
|
|
(7,060
|
)
|
|||
Net income attributable to W. P. Carey
|
$
|
307,236
|
|
|
$
|
192,139
|
|
|
$
|
202,557
|
|
|
W. P. Carey 2018 10-K
–
135
|
|
December 31,
|
||||||
|
2018
|
|
2017
|
||||
Domestic
|
|
|
|
||||
Long-lived assets
(a)
|
$
|
7,579,018
|
|
|
$
|
4,123,856
|
|
Equity investments in real estate
|
129,799
|
|
|
108,659
|
|
||
Total assets
|
9,014,891
|
|
|
5,040,296
|
|
||
Germany
|
|
|
|
||||
Long-lived assets
(a)
|
$
|
674,642
|
|
|
$
|
708,316
|
|
Equity investments in real estate
|
—
|
|
|
20,395
|
|
||
Total assets
|
705,650
|
|
|
747,877
|
|
||
Other International
|
|
|
|
||||
Long-lived assets
(a)
|
$
|
3,675,194
|
|
|
$
|
1,871,543
|
|
Equity investments in real estate
|
91,859
|
|
|
10,995
|
|
||
Total assets
|
4,221,422
|
|
|
2,097,578
|
|
||
Total
|
|
|
|
||||
Long-lived assets
(a)
|
$
|
11,928,854
|
|
|
$
|
6,703,715
|
|
Equity investments in real estate
|
221,658
|
|
|
140,049
|
|
||
Total assets
|
13,941,963
|
|
|
7,885,751
|
|
(a)
|
Consists of Net investments in real estate.
|
|
W. P. Carey 2018 10-K
–
136
|
|
Three Months Ended
|
||||||||||||||
|
March 31, 2018
|
|
June 30, 2018
|
|
September 30, 2018
|
|
December 31, 2018
|
||||||||
Revenues
(a)
|
$
|
201,810
|
|
|
$
|
201,143
|
|
|
$
|
209,384
|
|
|
$
|
273,395
|
|
Expenses
(a)
|
120,966
|
|
|
109,202
|
|
|
110,937
|
|
|
185,346
|
|
||||
Net income
(a) (b) (c)
|
68,066
|
|
|
79,424
|
|
|
81,573
|
|
|
195,278
|
|
||||
Net income attributable to noncontrolling interests
(a)
|
(2,792
|
)
|
|
(3,743
|
)
|
|
(4,225
|
)
|
|
(2,015
|
)
|
||||
Net income attributable to W. P. Carey
(a) (b) (c)
|
65,274
|
|
|
75,681
|
|
|
77,348
|
|
|
193,263
|
|
||||
Earnings per share attributable to W. P. Carey:
|
|
|
|
|
|
|
|
||||||||
Basic
(d)
|
$
|
0.60
|
|
|
$
|
0.70
|
|
|
$
|
0.71
|
|
|
$
|
1.33
|
|
Diluted
(d)
|
$
|
0.60
|
|
|
$
|
0.70
|
|
|
$
|
0.71
|
|
|
$
|
1.33
|
|
Dividends declared per share
|
$
|
1.015
|
|
|
$
|
1.020
|
|
|
$
|
1.025
|
|
|
$
|
1.030
|
|
|
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
(e)
|
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
(e)
|
57,484
|
|
|
64,318
|
|
|
80,278
|
|
|
75,209
|
|
||||
Earnings per share attributable to W. P. Carey:
|
|
|
|
|
|
|
|
||||||||
Basic
(d)
|
$
|
0.53
|
|
|
$
|
0.60
|
|
|
$
|
0.74
|
|
|
$
|
0.69
|
|
Diluted
(d)
|
$
|
0.53
|
|
|
$
|
0.59
|
|
|
$
|
0.74
|
|
|
$
|
0.69
|
|
Dividends declared per share
|
$
|
0.995
|
|
|
$
|
1.000
|
|
|
$
|
1.005
|
|
|
$
|
1.010
|
|
(a)
|
Amount for the three months ended December 31, 2018 includes the impact of the CPA:17 Merger (
Note 3
).
|
(b)
|
Amount for the three months ended December 31, 2018 includes a gain on change in control of interests of
$47.8 million
recognized in connection with the CPA:17 Merger (
Note 3
).
|
(c)
|
Amount for the three months ended June 30, 2018 includes an aggregate gain on sale of real estate of
$11.9 million
recognized on the disposition of
25
properties. Amount for the three months ended December 31, 2018 includes an aggregate gain on sale of real estate of
$99.6 million
recognized on the disposition of
39
properties.
|
(d)
|
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. For the year ended December 31, 2018, total quarterly basic and diluted earnings per share were
$0.16
and
$0.15
lower, respectively, than the corresponding earnings per share as computed on an annual basis, as a result of the change in the shares outstanding for each of the periods, primarily due to the issuance of shares in the CPA:17 Merger (
Note 3
) and under our ATM program (
Note 14
).
|
(e)
|
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.
|
|
W. P. Carey 2018 10-K
–
137
|
|
W. P. Carey 2018 10-K
–
138
|
Description
|
|
Balance at
Beginning
of Year
|
|
Other Additions
|
|
Deductions
|
|
Balance at
End of Year
|
||||||||
Year Ended December 31, 2018
|
|
|
|
|
|
|
|
|
||||||||
Valuation reserve for deferred tax assets
|
|
$
|
39,155
|
|
|
$
|
30,557
|
|
|
$
|
(15,213
|
)
|
|
$
|
54,499
|
|
|
|
|
|
|
|
|
|
|
||||||||
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
|
|
|
W. P. Carey 2018 10-K
–
139
|
|
|
|
|
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
|
|
|
$
|
13,298
|
|
|
1979; 1987
|
|
Jan. 1998
|
|
40 yrs.
|
Industrial facilities in Thurmont, MD and Farmington, NY
|
|
—
|
|
|
729
|
|
|
5,903
|
|
|
—
|
|
|
—
|
|
|
729
|
|
|
5,903
|
|
|
6,632
|
|
|
1,845
|
|
|
1964; 1983
|
|
Jan. 1998
|
|
15 yrs.
|
|||||||||
Warehouse facilities in Anchorage, AK and Commerce, CA
|
|
—
|
|
|
4,905
|
|
|
11,898
|
|
|
—
|
|
|
12
|
|
|
4,905
|
|
|
11,910
|
|
|
16,815
|
|
|
5,208
|
|
|
1948; 1975
|
|
Jan. 1998
|
|
40 yrs.
|
|||||||||
Industrial facility in Toledo, OH
|
|
—
|
|
|
224
|
|
|
2,408
|
|
|
—
|
|
|
—
|
|
|
224
|
|
|
2,408
|
|
|
2,632
|
|
|
1,605
|
|
|
1966
|
|
Jan. 1998
|
|
40 yrs.
|
|||||||||
Industrial facility in Goshen, IN
|
|
—
|
|
|
239
|
|
|
940
|
|
|
—
|
|
|
—
|
|
|
239
|
|
|
940
|
|
|
1,179
|
|
|
415
|
|
|
1973
|
|
Jan. 1998
|
|
40 yrs.
|
|||||||||
Office facility in Raleigh, NC
|
|
—
|
|
|
1,638
|
|
|
2,844
|
|
|
187
|
|
|
(2,554
|
)
|
|
828
|
|
|
1,287
|
|
|
2,115
|
|
|
853
|
|
|
1983
|
|
Jan. 1998
|
|
20 yrs.
|
|||||||||
Office facility in King of Prussia, PA
|
|
—
|
|
|
1,219
|
|
|
6,283
|
|
|
1,295
|
|
|
—
|
|
|
1,219
|
|
|
7,578
|
|
|
8,797
|
|
|
3,839
|
|
|
1968
|
|
Jan. 1998
|
|
40 yrs.
|
|||||||||
Industrial facility in Pinconning, MI
|
|
—
|
|
|
32
|
|
|
1,692
|
|
|
—
|
|
|
—
|
|
|
32
|
|
|
1,692
|
|
|
1,724
|
|
|
888
|
|
|
1948
|
|
Jan. 1998
|
|
40 yrs.
|
|||||||||
Industrial facilities in San Fernando, CA
|
|
6,231
|
|
|
2,052
|
|
|
5,322
|
|
|
—
|
|
|
(1,889
|
)
|
|
1,494
|
|
|
3,991
|
|
|
5,485
|
|
|
2,110
|
|
|
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
|
|
|
14,447
|
|
|
9,025
|
|
|
15,042
|
|
|
24,067
|
|
|
4,397
|
|
|
Various
|
|
Jan. 1998
|
|
15 yrs.
|
|||||||||
Industrial facility in Glendora, CA
|
|
—
|
|
|
1,135
|
|
|
—
|
|
|
—
|
|
|
1,942
|
|
|
1,152
|
|
|
1,925
|
|
|
3,077
|
|
|
—
|
|
|
1950
|
|
Jan. 1998
|
|
10 yrs.
|
|||||||||
Warehouse facility in Doraville, GA
|
|
—
|
|
|
3,288
|
|
|
9,864
|
|
|
16,708
|
|
|
(11,409
|
)
|
|
3,288
|
|
|
15,163
|
|
|
18,451
|
|
|
780
|
|
|
2016
|
|
Jan. 1998
|
|
40 yrs.
|
|||||||||
Office facility in Collierville, TN and warehouse facility in Corpus Christi, TX
|
|
44,135
|
|
|
3,490
|
|
|
72,497
|
|
|
—
|
|
|
(15,609
|
)
|
|
288
|
|
|
60,090
|
|
|
60,378
|
|
|
15,914
|
|
|
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
|
|
7,136
|
|
|
5,035
|
|
|
18,957
|
|
|
7,460
|
|
|
541
|
|
|
5,035
|
|
|
26,958
|
|
|
31,993
|
|
|
13,674
|
|
|
1989
|
|
Jan. 1998
|
|
40 yrs.
|
|||||||||
Office facility in Bridgeton, MO
|
|
—
|
|
|
842
|
|
|
4,762
|
|
|
2,523
|
|
|
71
|
|
|
842
|
|
|
7,356
|
|
|
8,198
|
|
|
3,500
|
|
|
1972
|
|
Jan. 1998
|
|
40 yrs.
|
|||||||||
Retail facility in Drayton Plains, MI
|
|
—
|
|
|
1,039
|
|
|
4,788
|
|
|
236
|
|
|
(2,297
|
)
|
|
494
|
|
|
3,272
|
|
|
3,766
|
|
|
1,184
|
|
|
1972
|
|
Jan. 1998
|
|
35 yrs.
|
|||||||||
Warehouse facility in Memphis, TN
|
|
—
|
|
|
1,882
|
|
|
3,973
|
|
|
294
|
|
|
(3,892
|
)
|
|
328
|
|
|
1,929
|
|
|
2,257
|
|
|
1,158
|
|
|
1969
|
|
Jan. 1998
|
|
15 yrs.
|
|||||||||
Industrial facility in Romulus, MI
|
|
—
|
|
|
454
|
|
|
6,411
|
|
|
—
|
|
|
—
|
|
|
454
|
|
|
6,411
|
|
|
6,865
|
|
|
—
|
|
|
1970
|
|
Jan. 1998
|
|
10 yrs.
|
|||||||||
Retail facility in Bellevue, WA
|
|
—
|
|
|
4,125
|
|
|
11,812
|
|
|
393
|
|
|
(123
|
)
|
|
4,371
|
|
|
11,836
|
|
|
16,207
|
|
|
6,046
|
|
|
1994
|
|
Apr. 1998
|
|
40 yrs.
|
|||||||||
Office facility in Rio Rancho, NM
|
|
—
|
|
|
1,190
|
|
|
9,353
|
|
|
5,866
|
|
|
—
|
|
|
2,287
|
|
|
14,122
|
|
|
16,409
|
|
|
5,867
|
|
|
1999
|
|
Jul. 1998
|
|
40 yrs.
|
|||||||||
Office facility in Moorestown, NJ
|
|
—
|
|
|
351
|
|
|
5,981
|
|
|
1,619
|
|
|
1
|
|
|
351
|
|
|
7,601
|
|
|
7,952
|
|
|
4,055
|
|
|
1964
|
|
Feb. 1999
|
|
40 yrs.
|
|||||||||
Industrial facilities in Lenexa, KS and Winston-Salem, NC
|
|
—
|
|
|
1,860
|
|
|
12,539
|
|
|
3,075
|
|
|
(1,135
|
)
|
|
1,725
|
|
|
14,614
|
|
|
16,339
|
|
|
5,924
|
|
|
1968; 1980
|
|
Sep. 2002
|
|
40 yrs.
|
|||||||||
Office facilities in Playa Vista and Venice, CA
|
|
21,505
|
|
|
2,032
|
|
|
10,152
|
|
|
52,817
|
|
|
1
|
|
|
5,889
|
|
|
59,113
|
|
|
65,002
|
|
|
13,525
|
|
|
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
|
|
|
1,713
|
|
|
1995
|
|
Sep. 2004
|
|
40 yrs.
|
|||||||||
Industrial facility in Scottsdale, AZ
|
|
—
|
|
|
586
|
|
|
46
|
|
|
—
|
|
|
—
|
|
|
586
|
|
|
46
|
|
|
632
|
|
|
17
|
|
|
1988
|
|
Sep. 2004
|
|
40 yrs.
|
|
W. P. Carey 2018 10-K
–
140
|
|
|
|
|
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
|
|
|
421
|
|
|
1985
|
|
Sep. 2004
|
|
40 yrs.
|
Warehouse facilities in Apopka, FL
|
|
—
|
|
|
362
|
|
|
10,855
|
|
|
1,195
|
|
|
(155
|
)
|
|
337
|
|
|
11,920
|
|
|
12,257
|
|
|
3,836
|
|
|
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
|
|
|
2,191
|
|
|
1995
|
|
Dec. 2006
|
|
29 yrs.
|
Retail facility in Wroclaw, Poland
|
|
—
|
|
|
3,600
|
|
|
10,306
|
|
|
—
|
|
|
(3,551
|
)
|
|
2,863
|
|
|
7,492
|
|
|
10,355
|
|
|
2,054
|
|
|
2007
|
|
Dec. 2007
|
|
40 yrs.
|
Office facility in Fort Worth, TX
|
|
30,023
|
|
|
4,600
|
|
|
37,580
|
|
|
103
|
|
|
—
|
|
|
4,600
|
|
|
37,683
|
|
|
42,283
|
|
|
8,386
|
|
|
2003
|
|
Feb. 2010
|
|
40 yrs.
|
Warehouse facility in Mallorca, Spain
|
|
—
|
|
|
11,109
|
|
|
12,636
|
|
|
—
|
|
|
(984
|
)
|
|
10,629
|
|
|
12,132
|
|
|
22,761
|
|
|
2,600
|
|
|
2008
|
|
Jun. 2010
|
|
40 yrs.
|
Retail facilities in Florence, AL; Snellville, GA; Concord, NC; Rockport, TX; and Virginia Beach, VA
|
|
—
|
|
|
5,646
|
|
|
12,367
|
|
|
—
|
|
|
(71
|
)
|
|
5,575
|
|
|
12,367
|
|
|
17,942
|
|
|
2,062
|
|
|
2005; 2007
|
|
Sep. 2012
|
|
40 yrs.
|
Net-lease 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
|
|
130,957
|
|
|
32,680
|
|
|
198,999
|
|
|
—
|
|
|
—
|
|
|
32,680
|
|
|
198,999
|
|
|
231,679
|
|
|
34,269
|
|
|
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
|
|
|
3,359
|
|
|
1968; 1975; 1995
|
|
Sep. 2012; Jan. 2014
|
|
30 yrs.
|
Land in Irvine, CA
|
|
1,621
|
|
|
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
|
|
|
1,506
|
|
|
1997
|
|
Sep. 2012
|
|
30 yrs.
|
Office facility in Clinton, NJ
|
|
19,838
|
|
|
2,866
|
|
|
34,834
|
|
|
—
|
|
|
—
|
|
|
2,866
|
|
|
34,834
|
|
|
37,700
|
|
|
7,271
|
|
|
1987
|
|
Sep. 2012
|
|
30 yrs.
|
Office facilities in St. Petersburg, FL
|
|
—
|
|
|
3,280
|
|
|
24,627
|
|
|
226
|
|
|
—
|
|
|
3,280
|
|
|
24,853
|
|
|
28,133
|
|
|
5,141
|
|
|
1996; 1999
|
|
Sep. 2012
|
|
30 yrs.
|
Movie theater in Baton Rouge, LA
|
|
—
|
|
|
4,168
|
|
|
5,724
|
|
|
3,200
|
|
|
—
|
|
|
4,168
|
|
|
8,924
|
|
|
13,092
|
|
|
1,485
|
|
|
2003
|
|
Sep. 2012
|
|
30 yrs.
|
Industrial and office facility in San Diego, CA
|
|
—
|
|
|
7,804
|
|
|
16,729
|
|
|
2,623
|
|
|
—
|
|
|
7,804
|
|
|
19,352
|
|
|
27,156
|
|
|
4,402
|
|
|
2002
|
|
Sep. 2012
|
|
30 yrs.
|
Industrial facility in Richmond, CA
|
|
—
|
|
|
895
|
|
|
1,953
|
|
|
—
|
|
|
—
|
|
|
895
|
|
|
1,953
|
|
|
2,848
|
|
|
408
|
|
|
1999
|
|
Sep. 2012
|
|
30 yrs.
|
Warehouse facilities in Kingman, AZ; Woodland, CA; Jonesboro, GA; Kansas City, MO; Springfield, OR; Fogelsville, PA; and Corsicana, TX
|
|
52,950
|
|
|
16,386
|
|
|
84,668
|
|
|
—
|
|
|
—
|
|
|
16,386
|
|
|
84,668
|
|
|
101,054
|
|
|
17,527
|
|
|
Various
|
|
Sep. 2012
|
|
30 yrs.
|
Industrial facilities in Rocky Mount, NC and Lewisville, TX
|
|
—
|
|
|
2,163
|
|
|
17,715
|
|
|
384
|
|
|
(3,429
|
)
|
|
1,296
|
|
|
15,537
|
|
|
16,833
|
|
|
3,355
|
|
|
1948; 1969; 1989
|
|
Sep. 2012
|
|
30 yrs.
|
Industrial facilities in Chattanooga, TN
|
|
—
|
|
|
558
|
|
|
5,923
|
|
|
—
|
|
|
—
|
|
|
558
|
|
|
5,923
|
|
|
6,481
|
|
|
1,223
|
|
|
1974; 1989
|
|
Sep. 2012
|
|
30 yrs.
|
Industrial facility in Mooresville, NC
|
|
3,345
|
|
|
756
|
|
|
9,775
|
|
|
—
|
|
|
—
|
|
|
756
|
|
|
9,775
|
|
|
10,531
|
|
|
2,012
|
|
|
1997
|
|
Sep. 2012
|
|
30 yrs.
|
Industrial facility in McCalla, AL
|
|
—
|
|
|
960
|
|
|
14,472
|
|
|
29,028
|
|
|
—
|
|
|
2,076
|
|
|
42,384
|
|
|
44,460
|
|
|
6,008
|
|
|
2004
|
|
Sep. 2012
|
|
31 yrs.
|
Office facility in Lower Makefield Township, PA
|
|
—
|
|
|
1,726
|
|
|
12,781
|
|
|
4,378
|
|
|
—
|
|
|
1,726
|
|
|
17,159
|
|
|
18,885
|
|
|
2,722
|
|
|
2002
|
|
Sep. 2012
|
|
30 yrs.
|
Industrial facility in Fort Smith, AZ
|
|
—
|
|
|
1,063
|
|
|
6,159
|
|
|
—
|
|
|
—
|
|
|
1,063
|
|
|
6,159
|
|
|
7,222
|
|
|
1,254
|
|
|
1982
|
|
Sep. 2012
|
|
30 yrs.
|
Retail facilities in Greenwood, IN and Buffalo, NY
|
|
7,116
|
|
|
—
|
|
|
19,990
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19,990
|
|
|
19,990
|
|
|
4,027
|
|
|
2000; 2003
|
|
Sep. 2012
|
|
30 - 31 yrs.
|
|
W. P. Carey 2018 10-K
–
141
|
|
|
|
|
|
|
|
|
Cost Capitalized
Subsequent to Acquisition (a) |
|
Increase
(Decrease) in Net Investments (b) |
|
Gross Amount at which
Carried at Close of Period (c) (d) |
|
Accumulated Depreciation
(d)
|
|
Date of Construction
|
|
Date Acquired
|
|
Life on which
Depreciation in Latest Statement of Income is Computed |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
Initial Cost to Company
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Description
|
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
|
Land
|
|
Buildings
|
|
Total
|
|
|
|
|
|||||||||||||||
Industrial facilities in Bowling Green, KY and Jackson, TN
|
|
—
|
|
|
1,492
|
|
|
8,182
|
|
|
—
|
|
|
—
|
|
|
1,492
|
|
|
8,182
|
|
|
9,674
|
|
|
1,662
|
|
|
1989; 1995
|
|
Sep. 2012
|
|
31 yrs.
|
Education facilities in Avondale, AZ; Rancho Cucamonga, CA; and Exton, PA
|
|
26,212
|
|
|
14,006
|
|
|
33,683
|
|
|
—
|
|
|
(3,878
|
)
|
|
11,179
|
|
|
32,632
|
|
|
43,811
|
|
|
6,382
|
|
|
2004
|
|
Sep. 2012
|
|
31 - 32 yrs.
|
Industrial facilities in St. Petersburg, FL; Buffalo Grove, IL; West Lafayette, IN; Excelsior Springs, MO; and North Versailles, PA
|
|
6,909
|
|
|
6,559
|
|
|
19,078
|
|
|
—
|
|
|
—
|
|
|
6,559
|
|
|
19,078
|
|
|
25,637
|
|
|
3,843
|
|
|
Various
|
|
Sep. 2012
|
|
31 yrs.
|
Industrial facilities in Tolleson, AZ; Alsip, IL; and Solvay, NY
|
|
8,985
|
|
|
6,080
|
|
|
23,424
|
|
|
—
|
|
|
—
|
|
|
6,080
|
|
|
23,424
|
|
|
29,504
|
|
|
4,681
|
|
|
1990; 1994; 2000
|
|
Sep. 2012
|
|
31 yrs.
|
Fitness facilities in Englewood, CO; Memphis TN; and Bedford, TX
|
|
4,040
|
|
|
4,877
|
|
|
4,258
|
|
|
5,215
|
|
|
4,756
|
|
|
4,877
|
|
|
14,229
|
|
|
19,106
|
|
|
2,907
|
|
|
1990; 1995; 2001
|
|
Sep. 2012
|
|
31 yrs.
|
Office facility in Mons, Belgium
|
|
6,351
|
|
|
1,505
|
|
|
6,026
|
|
|
653
|
|
|
(929
|
)
|
|
1,339
|
|
|
5,916
|
|
|
7,255
|
|
|
1,129
|
|
|
1982
|
|
Sep. 2012
|
|
32 yrs.
|
Warehouse facilities in Oceanside, CA and Concordville, PA
|
|
2,670
|
|
|
3,333
|
|
|
8,270
|
|
|
—
|
|
|
—
|
|
|
3,333
|
|
|
8,270
|
|
|
11,603
|
|
|
1,657
|
|
|
1989; 1996
|
|
Sep. 2012
|
|
31 yrs.
|
Net-lease self-storage facilities located throughout the United States
|
|
—
|
|
|
74,551
|
|
|
319,186
|
|
|
—
|
|
|
(50
|
)
|
|
74,501
|
|
|
319,186
|
|
|
393,687
|
|
|
63,281
|
|
|
Various
|
|
Sep. 2012
|
|
31 yrs.
|
Warehouse facility in La Vista, NE
|
|
19,645
|
|
|
4,196
|
|
|
23,148
|
|
|
—
|
|
|
—
|
|
|
4,196
|
|
|
23,148
|
|
|
27,344
|
|
|
4,325
|
|
|
2005
|
|
Sep. 2012
|
|
33 yrs.
|
Office facility in Pleasanton, CA
|
|
7,624
|
|
|
3,675
|
|
|
7,468
|
|
|
—
|
|
|
—
|
|
|
3,675
|
|
|
7,468
|
|
|
11,143
|
|
|
1,477
|
|
|
2000
|
|
Sep. 2012
|
|
31 yrs.
|
Office facility in San Marcos, TX
|
|
—
|
|
|
440
|
|
|
688
|
|
|
—
|
|
|
—
|
|
|
440
|
|
|
688
|
|
|
1,128
|
|
|
136
|
|
|
2000
|
|
Sep. 2012
|
|
31 yrs.
|
Office facility in Chicago, IL
|
|
12,756
|
|
|
2,169
|
|
|
19,010
|
|
|
71
|
|
|
—
|
|
|
2,169
|
|
|
19,081
|
|
|
21,250
|
|
|
3,729
|
|
|
1910
|
|
Sep. 2012
|
|
31 yrs.
|
Industrial facilities in Hollywood and Orlando, FL
|
|
—
|
|
|
3,639
|
|
|
1,269
|
|
|
—
|
|
|
—
|
|
|
3,639
|
|
|
1,269
|
|
|
4,908
|
|
|
249
|
|
|
1996
|
|
Sep. 2012
|
|
31 yrs.
|
Warehouse facility in Golden, CO
|
|
—
|
|
|
808
|
|
|
4,304
|
|
|
77
|
|
|
—
|
|
|
808
|
|
|
4,381
|
|
|
5,189
|
|
|
944
|
|
|
1998
|
|
Sep. 2012
|
|
30 yrs.
|
Industrial facility in Texarkana, TX
|
|
—
|
|
|
1,755
|
|
|
4,493
|
|
|
—
|
|
|
(2,783
|
)
|
|
216
|
|
|
3,249
|
|
|
3,465
|
|
|
637
|
|
|
1997
|
|
Sep. 2012
|
|
31 yrs.
|
Industrial facility in Eugene, OR
|
|
4,137
|
|
|
2,286
|
|
|
3,783
|
|
|
—
|
|
|
—
|
|
|
2,286
|
|
|
3,783
|
|
|
6,069
|
|
|
742
|
|
|
1980
|
|
Sep. 2012
|
|
31 yrs.
|
Industrial facility in South Jordan, UT
|
|
11,268
|
|
|
2,183
|
|
|
11,340
|
|
|
1,642
|
|
|
—
|
|
|
2,183
|
|
|
12,982
|
|
|
15,165
|
|
|
2,346
|
|
|
1995
|
|
Sep. 2012
|
|
31 yrs.
|
Warehouse facility in Ennis, TX
|
|
—
|
|
|
478
|
|
|
4,087
|
|
|
145
|
|
|
—
|
|
|
478
|
|
|
4,232
|
|
|
4,710
|
|
|
947
|
|
|
1989
|
|
Sep. 2012
|
|
31 yrs.
|
Retail facility in Braintree, MA
|
|
—
|
|
|
2,409
|
|
|
—
|
|
|
6,184
|
|
|
(1,403
|
)
|
|
1,006
|
|
|
6,184
|
|
|
7,190
|
|
|
1,002
|
|
|
1994
|
|
Sep. 2012
|
|
30 yrs.
|
Office facility in Paris, France
|
|
51,185
|
|
|
23,387
|
|
|
43,450
|
|
|
—
|
|
|
(7,328
|
)
|
|
20,823
|
|
|
38,686
|
|
|
59,509
|
|
|
7,396
|
|
|
1975
|
|
Sep. 2012
|
|
32 yrs.
|
Retail facilities in Bydgoszcz, Czestochowa, Jablonna, Katowice, Kielce, Lodz, Lubin, Olsztyn, Opole, Plock, Rybnik, Walbrzych, and Warsaw, Poland
|
|
—
|
|
|
26,564
|
|
|
72,866
|
|
|
—
|
|
|
(10,902
|
)
|
|
23,651
|
|
|
64,877
|
|
|
88,528
|
|
|
17,040
|
|
|
Various
|
|
Sep. 2012
|
|
23 - 34 yrs.
|
Industrial facility in Laupheim, Germany
|
|
—
|
|
|
2,072
|
|
|
8,339
|
|
|
—
|
|
|
(1,142
|
)
|
|
1,845
|
|
|
7,424
|
|
|
9,269
|
|
|
2,327
|
|
|
1960
|
|
Sep. 2012
|
|
20 yrs.
|
Industrial facilities in Danbury, CT and Bedford, MA
|
|
6,732
|
|
|
3,519
|
|
|
16,329
|
|
|
—
|
|
|
—
|
|
|
3,519
|
|
|
16,329
|
|
|
19,848
|
|
|
3,418
|
|
|
1965; 1980
|
|
Sep. 2012
|
|
29 yrs.
|
Industrial facility in Brownwood, TX
|
|
—
|
|
|
722
|
|
|
6,268
|
|
|
—
|
|
|
—
|
|
|
722
|
|
|
6,268
|
|
|
6,990
|
|
|
1
|
|
|
1964
|
|
Sep. 2012
|
|
15 yrs.
|
|
W. P. Carey 2018 10-K
–
142
|
|
|
|
|
|
|
|
|
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
|
|
|
—
|
|
|
(3,433
|
)
|
|
8,941
|
|
|
16,370
|
|
|
25,311
|
|
|
2,738
|
|
|
1998; 1999
|
|
Apr. 2013
|
|
35 yrs.
|
Industrial and office facility in Tampere, Finland
|
|
—
|
|
|
2,309
|
|
|
37,153
|
|
|
—
|
|
|
(4,802
|
)
|
|
2,003
|
|
|
32,657
|
|
|
34,660
|
|
|
5,824
|
|
|
2012
|
|
Jun. 2013
|
|
40 yrs.
|
Office facility in Quincy, MA
|
|
—
|
|
|
2,316
|
|
|
21,537
|
|
|
127
|
|
|
—
|
|
|
2,316
|
|
|
21,664
|
|
|
23,980
|
|
|
3,248
|
|
|
1989
|
|
Jun. 2013
|
|
40 yrs.
|
Office facility in Salford, United Kingdom
|
|
—
|
|
|
—
|
|
|
30,012
|
|
|
—
|
|
|
(5,455
|
)
|
|
—
|
|
|
24,557
|
|
|
24,557
|
|
|
3,363
|
|
|
1997
|
|
Sep. 2013
|
|
40 yrs.
|
Office facility in Lone Tree, CO
|
|
—
|
|
|
4,761
|
|
|
28,864
|
|
|
2,853
|
|
|
—
|
|
|
4,761
|
|
|
31,717
|
|
|
36,478
|
|
|
4,720
|
|
|
2001
|
|
Nov. 2013
|
|
40 yrs.
|
Office facility in Mönchengladbach, Germany
|
|
33,737
|
|
|
2,154
|
|
|
6,917
|
|
|
50,626
|
|
|
(614
|
)
|
|
2,199
|
|
|
56,884
|
|
|
59,083
|
|
|
4,454
|
|
|
2015
|
|
Dec. 2013
|
|
40 yrs.
|
Fitness facility in Houston, TX
|
|
—
|
|
|
2,430
|
|
|
2,270
|
|
|
—
|
|
|
—
|
|
|
2,430
|
|
|
2,270
|
|
|
4,700
|
|
|
498
|
|
|
1995
|
|
Jan. 2014
|
|
23 yrs.
|
Fitness facility in St. Charles, MO
|
|
—
|
|
|
1,966
|
|
|
1,368
|
|
|
1,352
|
|
|
—
|
|
|
1,966
|
|
|
2,720
|
|
|
4,686
|
|
|
455
|
|
|
1987
|
|
Jan. 2014
|
|
27 yrs.
|
Fitness facility in Salt Lake City, UT
|
|
2,584
|
|
|
856
|
|
|
2,804
|
|
|
—
|
|
|
—
|
|
|
856
|
|
|
2,804
|
|
|
3,660
|
|
|
533
|
|
|
1999
|
|
Jan. 2014
|
|
26 yrs.
|
Land in Scottsdale, AZ
|
|
9,696
|
|
|
22,300
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,300
|
|
|
—
|
|
|
22,300
|
|
|
—
|
|
|
N/A
|
|
Jan. 2014
|
|
N/A
|
Industrial facility in Aurora, CO
|
|
2,730
|
|
|
737
|
|
|
2,609
|
|
|
—
|
|
|
—
|
|
|
737
|
|
|
2,609
|
|
|
3,346
|
|
|
406
|
|
|
1985
|
|
Jan. 2014
|
|
32 yrs.
|
Warehouse facility in Burlington, NJ
|
|
—
|
|
|
3,989
|
|
|
6,213
|
|
|
377
|
|
|
—
|
|
|
3,989
|
|
|
6,590
|
|
|
10,579
|
|
|
1,263
|
|
|
1999
|
|
Jan. 2014
|
|
26 yrs.
|
Industrial facility in Albuquerque, NM
|
|
—
|
|
|
2,467
|
|
|
3,476
|
|
|
606
|
|
|
—
|
|
|
2,467
|
|
|
4,082
|
|
|
6,549
|
|
|
746
|
|
|
1993
|
|
Jan. 2014
|
|
27 yrs.
|
Industrial facility in North Salt Lake, UT
|
|
—
|
|
|
10,601
|
|
|
17,626
|
|
|
—
|
|
|
(16,936
|
)
|
|
4,388
|
|
|
6,903
|
|
|
11,291
|
|
|
1,297
|
|
|
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
|
|
|
2,718
|
|
|
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
|
|
22,800
|
|
|
4,005
|
|
|
44,192
|
|
|
—
|
|
|
—
|
|
|
4,005
|
|
|
44,192
|
|
|
48,197
|
|
|
9,112
|
|
|
1911; 1967; 1982
|
|
Jan. 2014
|
|
24 yrs.
|
Industrial facilities in Colton, CA; Bonner Springs, KS; and Dallas, TX and land in Eagan, MN
|
|
—
|
|
|
8,451
|
|
|
25,457
|
|
|
—
|
|
|
298
|
|
|
8,451
|
|
|
25,755
|
|
|
34,206
|
|
|
4,408
|
|
|
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
|
|
|
2,752
|
|
|
1973
|
|
Jan. 2014
|
|
25 yrs.
|
Office facility in Houston, TX
|
|
3,146
|
|
|
6,578
|
|
|
424
|
|
|
560
|
|
|
—
|
|
|
6,578
|
|
|
984
|
|
|
7,562
|
|
|
267
|
|
|
1978
|
|
Jan. 2014
|
|
27 yrs.
|
Land in Doncaster, United Kingdom
|
|
—
|
|
|
4,257
|
|
|
4,248
|
|
|
—
|
|
|
(8,123
|
)
|
|
382
|
|
|
—
|
|
|
382
|
|
|
—
|
|
|
N/A
|
|
Jan. 2014
|
|
N/A
|
Warehouse facility in Norwich, CT
|
|
9,028
|
|
|
3,885
|
|
|
21,342
|
|
|
—
|
|
|
2
|
|
|
3,885
|
|
|
21,344
|
|
|
25,229
|
|
|
3,713
|
|
|
1960
|
|
Jan. 2014
|
|
28 yrs.
|
Warehouse facility in Norwich, CT
|
|
—
|
|
|
1,437
|
|
|
9,669
|
|
|
—
|
|
|
—
|
|
|
1,437
|
|
|
9,669
|
|
|
11,106
|
|
|
1,682
|
|
|
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
|
|
|
1,835
|
|
|
1986; 1992
|
|
Jan. 2014
|
|
23 yrs.
|
Retail facilities in York, PA
|
|
3,052
|
|
|
3,776
|
|
|
10,092
|
|
|
—
|
|
|
(2,016
|
)
|
|
2,668
|
|
|
9,184
|
|
|
11,852
|
|
|
1,569
|
|
|
1992; 2005
|
|
Jan. 2014
|
|
26 - 34 yrs.
|
Industrial facility in Pittsburgh, PA
|
|
—
|
|
|
1,151
|
|
|
10,938
|
|
|
—
|
|
|
—
|
|
|
1,151
|
|
|
10,938
|
|
|
12,089
|
|
|
2,172
|
|
|
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
|
|
|
545
|
|
|
1975
|
|
Jan. 2014
|
|
28 yrs.
|
Warehouse facility in Harrisburg, NC
|
|
—
|
|
|
1,753
|
|
|
5,840
|
|
|
—
|
|
|
(111
|
)
|
|
1,642
|
|
|
5,840
|
|
|
7,482
|
|
|
1,100
|
|
|
2000
|
|
Jan. 2014
|
|
26 yrs.
|
|
W. P. Carey 2018 10-K
–
143
|
|
|
|
|
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 Chandler, AZ; industrial, office, and warehouse facility in Englewood, CO; and land in Englewood, CO
|
|
3,970
|
|
|
4,306
|
|
|
7,235
|
|
|
—
|
|
|
3
|
|
|
4,306
|
|
|
7,238
|
|
|
11,544
|
|
|
1,176
|
|
|
1978; 1987
|
|
Jan. 2014
|
|
30 yrs.
|
Industrial facility in Cynthiana, KY
|
|
1,917
|
|
|
1,274
|
|
|
3,505
|
|
|
525
|
|
|
(107
|
)
|
|
1,274
|
|
|
3,923
|
|
|
5,197
|
|
|
658
|
|
|
1967
|
|
Jan. 2014
|
|
31 yrs.
|
Industrial facility in Columbia, SC
|
|
—
|
|
|
2,843
|
|
|
11,886
|
|
|
—
|
|
|
—
|
|
|
2,843
|
|
|
11,886
|
|
|
14,729
|
|
|
2,586
|
|
|
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
|
|
|
3,771
|
|
|
2007
|
|
Jan. 2014
|
|
33 yrs.
|
Office facility in Greenville, SC
|
|
7,715
|
|
|
562
|
|
|
7,916
|
|
|
—
|
|
|
43
|
|
|
562
|
|
|
7,959
|
|
|
8,521
|
|
|
1,560
|
|
|
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
|
|
|
4,526
|
|
|
1996
|
|
Jan. 2014
|
|
23 yrs.
|
Industrial facility in Allen, TX and office facility in Sunnyvale, CA
|
|
8,047
|
|
|
9,297
|
|
|
24,086
|
|
|
—
|
|
|
(42
|
)
|
|
9,255
|
|
|
24,086
|
|
|
33,341
|
|
|
3,829
|
|
|
1981; 1997
|
|
Jan. 2014
|
|
31 yrs.
|
Industrial facilities in Hampton, NH
|
|
7,060
|
|
|
8,990
|
|
|
7,362
|
|
|
—
|
|
|
—
|
|
|
8,990
|
|
|
7,362
|
|
|
16,352
|
|
|
1,193
|
|
|
1976
|
|
Jan. 2014
|
|
30 yrs.
|
Industrial facilities located throughout France
|
|
—
|
|
|
36,306
|
|
|
5,212
|
|
|
—
|
|
|
(6,595
|
)
|
|
30,540
|
|
|
4,383
|
|
|
34,923
|
|
|
941
|
|
|
Various
|
|
Jan. 2014
|
|
23 yrs.
|
Retail facility in Fairfax, VA
|
|
—
|
|
|
3,402
|
|
|
16,353
|
|
|
—
|
|
|
—
|
|
|
3,402
|
|
|
16,353
|
|
|
19,755
|
|
|
3,052
|
|
|
1998
|
|
Jan. 2014
|
|
26 yrs.
|
Retail facility in Lombard, IL
|
|
—
|
|
|
5,087
|
|
|
8,578
|
|
|
—
|
|
|
—
|
|
|
5,087
|
|
|
8,578
|
|
|
13,665
|
|
|
1,601
|
|
|
1999
|
|
Jan. 2014
|
|
26 yrs.
|
Warehouse facility in Plainfield, IN
|
|
18,722
|
|
|
1,578
|
|
|
29,415
|
|
|
—
|
|
|
—
|
|
|
1,578
|
|
|
29,415
|
|
|
30,993
|
|
|
4,766
|
|
|
1997
|
|
Jan. 2014
|
|
30 yrs.
|
Retail facility in Kennesaw, GA
|
|
2,863
|
|
|
2,849
|
|
|
6,180
|
|
|
5,530
|
|
|
—
|
|
|
2,849
|
|
|
11,710
|
|
|
14,559
|
|
|
1,577
|
|
|
1999
|
|
Jan. 2014
|
|
26 yrs.
|
Retail facility in Leawood, KS
|
|
8,110
|
|
|
1,487
|
|
|
13,417
|
|
|
—
|
|
|
—
|
|
|
1,487
|
|
|
13,417
|
|
|
14,904
|
|
|
2,504
|
|
|
1997
|
|
Jan. 2014
|
|
26 yrs.
|
Office facility in Tolland, CT
|
|
7,547
|
|
|
1,817
|
|
|
5,709
|
|
|
—
|
|
|
11
|
|
|
1,817
|
|
|
5,720
|
|
|
7,537
|
|
|
1,025
|
|
|
1968
|
|
Jan. 2014
|
|
28 yrs.
|
Warehouse facilities in Lincolnton, NC and Mauldin, SC
|
|
9,241
|
|
|
1,962
|
|
|
9,247
|
|
|
—
|
|
|
—
|
|
|
1,962
|
|
|
9,247
|
|
|
11,209
|
|
|
1,618
|
|
|
1988; 1996
|
|
Jan. 2014
|
|
28 yrs.
|
Retail facilities located throughout Germany
|
|
—
|
|
|
81,109
|
|
|
153,927
|
|
|
7,393
|
|
|
(111,080
|
)
|
|
40,044
|
|
|
91,305
|
|
|
131,349
|
|
|
14,612
|
|
|
Various
|
|
Jan. 2014
|
|
Various
|
Office facility in Southfield, MI
|
|
—
|
|
|
1,726
|
|
|
4,856
|
|
|
89
|
|
|
—
|
|
|
1,726
|
|
|
4,945
|
|
|
6,671
|
|
|
783
|
|
|
1985
|
|
Jan. 2014
|
|
31 yrs.
|
Office facility in The Woodlands, TX
|
|
18,068
|
|
|
3,204
|
|
|
24,997
|
|
|
—
|
|
|
—
|
|
|
3,204
|
|
|
24,997
|
|
|
28,201
|
|
|
3,900
|
|
|
1997
|
|
Jan. 2014
|
|
32 yrs.
|
Warehouse facilities in Valdosta, GA and Johnson City, TN
|
|
7,076
|
|
|
1,080
|
|
|
14,998
|
|
|
—
|
|
|
—
|
|
|
1,080
|
|
|
14,998
|
|
|
16,078
|
|
|
2,773
|
|
|
1978; 1998
|
|
Jan. 2014
|
|
27 yrs.
|
Industrial facility in Amherst, NY
|
|
7,357
|
|
|
674
|
|
|
7,971
|
|
|
—
|
|
|
—
|
|
|
674
|
|
|
7,971
|
|
|
8,645
|
|
|
1,748
|
|
|
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
|
|
|
2,651
|
|
|
1954; 1997
|
|
Jan. 2014
|
|
28 yrs.
|
Warehouse facilities in Kottka, Finland
|
|
—
|
|
|
—
|
|
|
8,546
|
|
|
—
|
|
|
(1,357
|
)
|
|
—
|
|
|
7,189
|
|
|
7,189
|
|
|
1,618
|
|
|
1999; 2001
|
|
Jan. 2014
|
|
21 - 23 yrs.
|
Office facility in Bloomington, MN
|
|
—
|
|
|
2,942
|
|
|
7,155
|
|
|
—
|
|
|
—
|
|
|
2,942
|
|
|
7,155
|
|
|
10,097
|
|
|
1,241
|
|
|
1988
|
|
Jan. 2014
|
|
28 yrs.
|
Warehouse facility in Gorinchem, Netherlands
|
|
3,397
|
|
|
1,143
|
|
|
5,648
|
|
|
—
|
|
|
(1,079
|
)
|
|
962
|
|
|
4,750
|
|
|
5,712
|
|
|
824
|
|
|
1995
|
|
Jan. 2014
|
|
28 yrs.
|
Retail facility in Cresskill, NJ
|
|
—
|
|
|
2,366
|
|
|
5,482
|
|
|
—
|
|
|
19
|
|
|
2,366
|
|
|
5,501
|
|
|
7,867
|
|
|
868
|
|
|
1975
|
|
Jan. 2014
|
|
31 yrs.
|
|
W. P. Carey 2018 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
|
|
|
|
|
|||||||||||||||
Retail facility in Livingston, NJ
|
|
4,915
|
|
|
2,932
|
|
|
2,001
|
|
|
—
|
|
|
14
|
|
|
2,932
|
|
|
2,015
|
|
|
4,947
|
|
|
365
|
|
|
1966
|
|
Jan. 2014
|
|
27 yrs.
|
Retail facility in Maplewood, NJ
|
|
—
|
|
|
845
|
|
|
647
|
|
|
—
|
|
|
4
|
|
|
845
|
|
|
651
|
|
|
1,496
|
|
|
118
|
|
|
1954
|
|
Jan. 2014
|
|
27 yrs.
|
Retail facility in Montclair, NJ
|
|
—
|
|
|
1,905
|
|
|
1,403
|
|
|
—
|
|
|
6
|
|
|
1,905
|
|
|
1,409
|
|
|
3,314
|
|
|
255
|
|
|
1950
|
|
Jan. 2014
|
|
27 yrs.
|
Retail facility in Morristown, NJ
|
|
—
|
|
|
3,258
|
|
|
8,352
|
|
|
—
|
|
|
26
|
|
|
3,258
|
|
|
8,378
|
|
|
11,636
|
|
|
1,516
|
|
|
1973
|
|
Jan. 2014
|
|
27 yrs.
|
Retail facility in Summit, NJ
|
|
—
|
|
|
1,228
|
|
|
1,465
|
|
|
—
|
|
|
8
|
|
|
1,228
|
|
|
1,473
|
|
|
2,701
|
|
|
266
|
|
|
1950
|
|
Jan. 2014
|
|
27 yrs.
|
Industrial and office facilities in Dransfeld and Wolfach, Germany
|
|
—
|
|
|
2,789
|
|
|
8,750
|
|
|
—
|
|
|
(3,188
|
)
|
|
2,210
|
|
|
6,141
|
|
|
8,351
|
|
|
1,240
|
|
|
1898; 1978
|
|
Jan. 2014
|
|
24 yrs.
|
Industrial facilities in Georgetown, TX and Woodland, WA
|
|
—
|
|
|
965
|
|
|
4,113
|
|
|
—
|
|
|
—
|
|
|
965
|
|
|
4,113
|
|
|
5,078
|
|
|
599
|
|
|
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
|
|
|
1,386
|
|
|
Various
|
|
Jan. 2014
|
|
28 yrs.
|
Industrial facility in Salisbury, NC
|
|
5,556
|
|
|
1,499
|
|
|
8,185
|
|
|
—
|
|
|
—
|
|
|
1,499
|
|
|
8,185
|
|
|
9,684
|
|
|
1,449
|
|
|
2000
|
|
Jan. 2014
|
|
28 yrs.
|
Industrial facilities in Solon and Twinsburg, OH and office facility in Plymouth, MI
|
|
3,473
|
|
|
2,831
|
|
|
10,565
|
|
|
—
|
|
|
—
|
|
|
2,831
|
|
|
10,565
|
|
|
13,396
|
|
|
1,910
|
|
|
1970; 1991; 1995
|
|
Jan. 2014
|
|
26 - 27 yrs.
|
Industrial facility in Cambridge, Canada
|
|
—
|
|
|
1,849
|
|
|
7,371
|
|
|
—
|
|
|
(1,657
|
)
|
|
1,517
|
|
|
6,046
|
|
|
7,563
|
|
|
951
|
|
|
2001
|
|
Jan. 2014
|
|
31 yrs.
|
Industrial facilities in Peru, IL; Huber Heights, Lima, and Sheffield, OH; and Lebanon, TN
|
|
9,216
|
|
|
2,962
|
|
|
17,832
|
|
|
—
|
|
|
—
|
|
|
2,962
|
|
|
17,832
|
|
|
20,794
|
|
|
2,805
|
|
|
Various
|
|
Jan. 2014
|
|
31 yrs.
|
Industrial facility in Ramos Arizpe, Mexico
|
|
—
|
|
|
1,059
|
|
|
2,886
|
|
|
—
|
|
|
—
|
|
|
1,059
|
|
|
2,886
|
|
|
3,945
|
|
|
453
|
|
|
2000
|
|
Jan. 2014
|
|
31 yrs.
|
Industrial facilities in Salt Lake City, UT
|
|
—
|
|
|
2,783
|
|
|
3,773
|
|
|
—
|
|
|
—
|
|
|
2,783
|
|
|
3,773
|
|
|
6,556
|
|
|
593
|
|
|
1983; 2002
|
|
Jan. 2014
|
|
31 - 33 yrs.
|
Net-lease student housing facility in Blairsville, PA
|
|
9,728
|
|
|
1,631
|
|
|
23,163
|
|
|
—
|
|
|
—
|
|
|
1,631
|
|
|
23,163
|
|
|
24,794
|
|
|
4,385
|
|
|
2005
|
|
Jan. 2014
|
|
33 yrs.
|
Industrial facility in Nashville, TN
|
|
—
|
|
|
1,078
|
|
|
5,619
|
|
|
302
|
|
|
—
|
|
|
1,078
|
|
|
5,921
|
|
|
6,999
|
|
|
1,315
|
|
|
1962
|
|
Jan. 2014
|
|
21 yrs.
|
Warehouse facilities in Atlanta, Doraville, and Rockmart, GA
|
|
—
|
|
|
6,488
|
|
|
77,192
|
|
|
—
|
|
|
—
|
|
|
6,488
|
|
|
77,192
|
|
|
83,680
|
|
|
13,298
|
|
|
1959; 1962; 1991
|
|
Jan. 2014
|
|
23 - 33 yrs.
|
Warehouse facilities in Flora, MS and Muskogee, OK
|
|
3,190
|
|
|
554
|
|
|
4,353
|
|
|
—
|
|
|
—
|
|
|
554
|
|
|
4,353
|
|
|
4,907
|
|
|
653
|
|
|
1992; 2002
|
|
Jan. 2014
|
|
33 yrs.
|
Industrial facility in Richmond, MO
|
|
3,792
|
|
|
2,211
|
|
|
8,505
|
|
|
331
|
|
|
—
|
|
|
2,211
|
|
|
8,836
|
|
|
11,047
|
|
|
1,515
|
|
|
1996
|
|
Jan. 2014
|
|
28 yrs.
|
Industrial facility in Tuusula, Finland
|
|
—
|
|
|
6,173
|
|
|
10,321
|
|
|
—
|
|
|
(2,620
|
)
|
|
5,193
|
|
|
8,681
|
|
|
13,874
|
|
|
1,673
|
|
|
1975
|
|
Jan. 2014
|
|
26 yrs.
|
Office facility in Turku, Finland
|
|
—
|
|
|
5,343
|
|
|
34,106
|
|
|
—
|
|
|
(6,266
|
)
|
|
4,494
|
|
|
28,689
|
|
|
33,183
|
|
|
5,065
|
|
|
1981
|
|
Jan. 2014
|
|
28 yrs.
|
Industrial facility in Turku, Finland
|
|
—
|
|
|
1,105
|
|
|
10,243
|
|
|
—
|
|
|
(1,787
|
)
|
|
930
|
|
|
8,631
|
|
|
9,561
|
|
|
1,530
|
|
|
1981
|
|
Jan. 2014
|
|
28 yrs.
|
Industrial facility in Baraboo, WI
|
|
—
|
|
|
917
|
|
|
10,663
|
|
|
—
|
|
|
—
|
|
|
917
|
|
|
10,663
|
|
|
11,580
|
|
|
4,005
|
|
|
1988
|
|
Jan. 2014
|
|
13 yrs.
|
Warehouse facility in Phoenix, AZ
|
|
17,417
|
|
|
6,747
|
|
|
21,352
|
|
|
—
|
|
|
—
|
|
|
6,747
|
|
|
21,352
|
|
|
28,099
|
|
|
3,781
|
|
|
1996
|
|
Jan. 2014
|
|
28 yrs.
|
Land in Calgary, Canada
|
|
—
|
|
|
3,721
|
|
|
—
|
|
|
—
|
|
|
(669
|
)
|
|
3,052
|
|
|
—
|
|
|
3,052
|
|
|
—
|
|
|
N/A
|
|
Jan. 2014
|
|
N/A
|
Industrial facilities in Sandersville, GA; Erwin, TN; and Gainesville, TX
|
|
1,776
|
|
|
955
|
|
|
4,779
|
|
|
—
|
|
|
—
|
|
|
955
|
|
|
4,779
|
|
|
5,734
|
|
|
757
|
|
|
1950; 1986; 1996
|
|
Jan. 2014
|
|
31 yrs.
|
|
W. P. Carey 2018 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
|
|
|
|
|
|||||||||||||||
Industrial facility in Buffalo Grove, IL
|
|
5,574
|
|
|
1,492
|
|
|
12,233
|
|
|
—
|
|
|
—
|
|
|
1,492
|
|
|
12,233
|
|
|
13,725
|
|
|
1,944
|
|
|
1996
|
|
Jan. 2014
|
|
31 yrs.
|
Warehouse facility in Spanish Fork, UT
|
|
6,362
|
|
|
991
|
|
|
7,901
|
|
|
—
|
|
|
—
|
|
|
991
|
|
|
7,901
|
|
|
8,892
|
|
|
1,189
|
|
|
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
|
|
|
953
|
|
|
Various
|
|
Jan. 2014
|
|
28 yrs.
|
Office facility in Carlsbad, CA
|
|
—
|
|
|
3,230
|
|
|
5,492
|
|
|
—
|
|
|
—
|
|
|
3,230
|
|
|
5,492
|
|
|
8,722
|
|
|
1,144
|
|
|
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
|
|
|
463
|
|
|
2000
|
|
Jan. 2014
|
|
27 yrs.
|
Movie theater in Hickory Creek, TX
|
|
—
|
|
|
1,693
|
|
|
3,342
|
|
|
—
|
|
|
—
|
|
|
1,693
|
|
|
3,342
|
|
|
5,035
|
|
|
614
|
|
|
2000
|
|
Jan. 2014
|
|
27 yrs.
|
Industrial facility in Nurieux-Volognat, France
|
|
—
|
|
|
121
|
|
|
5,328
|
|
|
—
|
|
|
(764
|
)
|
|
101
|
|
|
4,584
|
|
|
4,685
|
|
|
697
|
|
|
2000
|
|
Jan. 2014
|
|
32 yrs.
|
Warehouse facility in Suwanee, GA
|
|
—
|
|
|
2,330
|
|
|
8,406
|
|
|
—
|
|
|
—
|
|
|
2,330
|
|
|
8,406
|
|
|
10,736
|
|
|
1,221
|
|
|
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
|
|
|
1,800
|
|
|
1954; 1975; 1984
|
|
Jan. 2014
|
|
24 yrs.
|
Industrial facilities in Fort Dodge, IA and Menomonie and Oconomowoc, WI
|
|
7,695
|
|
|
1,403
|
|
|
11,098
|
|
|
—
|
|
|
—
|
|
|
1,403
|
|
|
11,098
|
|
|
12,501
|
|
|
3,356
|
|
|
1996
|
|
Jan. 2014
|
|
16 yrs.
|
Industrial facility in Mesa, AZ
|
|
4,085
|
|
|
2,888
|
|
|
4,282
|
|
|
—
|
|
|
—
|
|
|
2,888
|
|
|
4,282
|
|
|
7,170
|
|
|
772
|
|
|
1991
|
|
Jan. 2014
|
|
27 yrs.
|
Industrial facility in North Amityville, NY
|
|
6,867
|
|
|
3,486
|
|
|
11,413
|
|
|
—
|
|
|
—
|
|
|
3,486
|
|
|
11,413
|
|
|
14,899
|
|
|
2,157
|
|
|
1981
|
|
Jan. 2014
|
|
26 yrs.
|
Warehouse facilities in Greenville, SC
|
|
—
|
|
|
567
|
|
|
10,217
|
|
|
—
|
|
|
15
|
|
|
567
|
|
|
10,232
|
|
|
10,799
|
|
|
2,442
|
|
|
1960
|
|
Jan. 2014
|
|
21 yrs.
|
Industrial facility in Fort Collins, CO
|
|
—
|
|
|
821
|
|
|
7,236
|
|
|
—
|
|
|
—
|
|
|
821
|
|
|
7,236
|
|
|
8,057
|
|
|
1,083
|
|
|
1993
|
|
Jan. 2014
|
|
33 yrs.
|
Land in Elk Grove Village, IL
|
|
1,515
|
|
|
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
|
|
|
1,125
|
|
|
1990
|
|
Jan. 2014
|
|
33 yrs.
|
Office facility in Houston, TX
|
|
—
|
|
|
522
|
|
|
7,448
|
|
|
227
|
|
|
—
|
|
|
522
|
|
|
7,675
|
|
|
8,197
|
|
|
1,429
|
|
|
1999
|
|
Jan. 2014
|
|
27 yrs.
|
Industrial facilities in Conroe, Odessa, and Weimar, TX and industrial and office facility in Houston, TX
|
|
5,161
|
|
|
4,049
|
|
|
13,021
|
|
|
—
|
|
|
133
|
|
|
4,049
|
|
|
13,154
|
|
|
17,203
|
|
|
3,463
|
|
|
Various
|
|
Jan. 2014
|
|
12 - 22 yrs.
|
Education facility in Sacramento, CA
|
|
26,029
|
|
|
—
|
|
|
13,715
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,715
|
|
|
13,715
|
|
|
2,017
|
|
|
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
|
|
|
1,495
|
|
|
1969; 1974; 1984
|
|
Jan. 2014
|
|
27 yrs.
|
Office facility in Tinton Falls, NJ
|
|
—
|
|
|
1,958
|
|
|
7,993
|
|
|
13
|
|
|
—
|
|
|
1,958
|
|
|
8,006
|
|
|
9,964
|
|
|
1,287
|
|
|
2001
|
|
Jan. 2014
|
|
31 yrs.
|
Industrial facility in Woodland, WA
|
|
—
|
|
|
707
|
|
|
1,562
|
|
|
—
|
|
|
—
|
|
|
707
|
|
|
1,562
|
|
|
2,269
|
|
|
218
|
|
|
2009
|
|
Jan. 2014
|
|
35 yrs.
|
Warehouse facilities in Gyál and Herceghalom, Hungary
|
|
34,075
|
|
|
14,601
|
|
|
21,915
|
|
|
—
|
|
|
(5,801
|
)
|
|
12,281
|
|
|
18,434
|
|
|
30,715
|
|
|
4,437
|
|
|
2002; 2004
|
|
Jan. 2014
|
|
21 yrs.
|
Industrial facility in Windsor, CT
|
|
—
|
|
|
453
|
|
|
637
|
|
|
3,422
|
|
|
(83
|
)
|
|
453
|
|
|
3,976
|
|
|
4,429
|
|
|
261
|
|
|
1999
|
|
Jan. 2014
|
|
33 yrs.
|
Industrial facility in Aurora, CO
|
|
2,573
|
|
|
574
|
|
|
3,999
|
|
|
—
|
|
|
—
|
|
|
574
|
|
|
3,999
|
|
|
4,573
|
|
|
501
|
|
|
2012
|
|
Jan. 2014
|
|
40 yrs.
|
|
W. P. Carey 2018 10-K
–
146
|
|
|
|
|
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
|
|
|
|
|
|||||||||||||||
Office facility in Chandler, AZ
|
|
—
|
|
|
5,318
|
|
|
27,551
|
|
|
19
|
|
|
—
|
|
|
5,318
|
|
|
27,570
|
|
|
32,888
|
|
|
3,805
|
|
|
2000
|
|
Mar. 2014
|
|
40 yrs.
|
Warehouse facility in University Park, IL
|
|
—
|
|
|
7,962
|
|
|
32,756
|
|
|
221
|
|
|
—
|
|
|
7,962
|
|
|
32,977
|
|
|
40,939
|
|
|
4,366
|
|
|
2008
|
|
May 2014
|
|
40 yrs.
|
Office facility in Stavanger, Norway
|
|
—
|
|
|
10,296
|
|
|
91,744
|
|
|
—
|
|
|
(29,093
|
)
|
|
7,431
|
|
|
65,516
|
|
|
72,947
|
|
|
7,315
|
|
|
1975
|
|
Aug. 2014
|
|
40 yrs.
|
Office facility in Westborough, MA
|
|
—
|
|
|
3,409
|
|
|
37,914
|
|
|
—
|
|
|
—
|
|
|
3,409
|
|
|
37,914
|
|
|
41,323
|
|
|
4,634
|
|
|
1992
|
|
Aug. 2014
|
|
40 yrs.
|
Office facility in Andover, MA
|
|
—
|
|
|
3,980
|
|
|
45,120
|
|
|
—
|
|
|
—
|
|
|
3,980
|
|
|
45,120
|
|
|
49,100
|
|
|
5,084
|
|
|
2013
|
|
Oct. 2014
|
|
40 yrs.
|
Office facility in Newport, United Kingdom
|
|
—
|
|
|
—
|
|
|
22,587
|
|
|
—
|
|
|
(4,607
|
)
|
|
—
|
|
|
17,980
|
|
|
17,980
|
|
|
1,926
|
|
|
2014
|
|
Oct. 2014
|
|
40 yrs.
|
Industrial facility in Lewisburg, OH
|
|
—
|
|
|
1,627
|
|
|
13,721
|
|
|
—
|
|
|
—
|
|
|
1,627
|
|
|
13,721
|
|
|
15,348
|
|
|
1,603
|
|
|
2014
|
|
Nov. 2014
|
|
40 yrs.
|
Industrial facility in Opole, Poland
|
|
—
|
|
|
2,151
|
|
|
21,438
|
|
|
—
|
|
|
(1,867
|
)
|
|
1,981
|
|
|
19,741
|
|
|
21,722
|
|
|
2,344
|
|
|
2014
|
|
Dec. 2014
|
|
38 yrs.
|
Office facilities located throughout Spain
|
|
—
|
|
|
51,778
|
|
|
257,624
|
|
|
10
|
|
|
(19,375
|
)
|
|
51,468
|
|
|
238,569
|
|
|
290,037
|
|
|
25,004
|
|
|
Various
|
|
Dec. 2014
|
|
Various
|
Retail facilities located throughout the United Kingdom
|
|
—
|
|
|
66,319
|
|
|
230,113
|
|
|
277
|
|
|
(56,537
|
)
|
|
53,533
|
|
|
186,639
|
|
|
240,172
|
|
|
24,373
|
|
|
Various
|
|
Jan. 2015
|
|
20 - 40 yrs.
|
Warehouse facility in Rotterdam, Netherlands
|
|
—
|
|
|
—
|
|
|
33,935
|
|
|
—
|
|
|
301
|
|
|
—
|
|
|
34,236
|
|
|
34,236
|
|
|
3,567
|
|
|
2014
|
|
Feb. 2015
|
|
40 yrs.
|
Retail facility in Bad Fischau, Austria
|
|
—
|
|
|
2,855
|
|
|
18,829
|
|
|
—
|
|
|
1,357
|
|
|
3,034
|
|
|
20,007
|
|
|
23,041
|
|
|
2,435
|
|
|
1998
|
|
Apr. 2015
|
|
40 yrs.
|
Industrial facility in Oskarshamn, Sweden
|
|
—
|
|
|
3,090
|
|
|
18,262
|
|
|
—
|
|
|
(1,655
|
)
|
|
2,850
|
|
|
16,847
|
|
|
19,697
|
|
|
1,640
|
|
|
2015
|
|
Jun. 2015
|
|
40 yrs.
|
Office facility in Sunderland, United Kingdom
|
|
—
|
|
|
2,912
|
|
|
30,140
|
|
|
—
|
|
|
(5,903
|
)
|
|
2,392
|
|
|
24,757
|
|
|
27,149
|
|
|
2,445
|
|
|
2007
|
|
Aug. 2015
|
|
40 yrs.
|
Industrial facilities in Gersthofen and Senden, Germany and Leopoldsdorf, Austria
|
|
—
|
|
|
9,449
|
|
|
15,838
|
|
|
—
|
|
|
721
|
|
|
9,718
|
|
|
16,290
|
|
|
26,008
|
|
|
1,931
|
|
|
2008; 2010
|
|
Aug. 2015
|
|
40 yrs.
|
Net-lease 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
|
|
|
4,661
|
|
|
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
|
|
|
2,899
|
|
|
6,074
|
|
|
40,732
|
|
|
46,806
|
|
|
3,964
|
|
|
Various
|
|
Nov. 2015
|
|
30 - 40 yrs.
|
Office facility in Irvine, CA
|
|
—
|
|
|
7,626
|
|
|
16,137
|
|
|
—
|
|
|
—
|
|
|
7,626
|
|
|
16,137
|
|
|
23,763
|
|
|
1,282
|
|
|
1977
|
|
Dec. 2015
|
|
40 yrs.
|
Education facility in Windermere, FL
|
|
—
|
|
|
5,090
|
|
|
34,721
|
|
|
15,333
|
|
|
—
|
|
|
5,090
|
|
|
50,054
|
|
|
55,144
|
|
|
4,670
|
|
|
1998
|
|
Apr. 2016
|
|
38 yrs.
|
Industrial facilities located throughout the United States
|
|
—
|
|
|
66,845
|
|
|
87,575
|
|
|
65,400
|
|
|
(56,517
|
)
|
|
49,680
|
|
|
113,623
|
|
|
163,303
|
|
|
11,512
|
|
|
Various
|
|
Apr. 2016
|
|
Various
|
Industrial facilities in North Dumfries and Ottawa, Canada
|
|
—
|
|
|
17,155
|
|
|
10,665
|
|
|
—
|
|
|
(18,654
|
)
|
|
5,685
|
|
|
3,481
|
|
|
9,166
|
|
|
866
|
|
|
1967; 1974
|
|
Apr. 2016
|
|
28 yrs.
|
Education facilities in Coconut Creek, FL and Houston, TX
|
|
—
|
|
|
15,550
|
|
|
83,862
|
|
|
63,830
|
|
|
—
|
|
|
15,550
|
|
|
147,692
|
|
|
163,242
|
|
|
8,765
|
|
|
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
|
|
|
1,050
|
|
|
1969; 1987; 2000
|
|
Nov. 2016
|
|
35 - 36 yrs.
|
|
W. P. Carey 2018 10-K
–
147
|
|
|
|
|
Initial Cost to Company
|
|
Cost Capitalized
Subsequent to
Acquisition
(a)
|
|
Increase
(Decrease)
in Net
Investments
(b)
|
|
Gross Amount at which
Carried at Close of Period
(c) (d)
|
|
Accumulated Depreciation
(d)
|
|
Date of Construction
|
|
Date Acquired
|
|
Life on which
Depreciation in Latest
Statement of
Income
is Computed
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Description
|
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
|
Land
|
|
Buildings
|
|
Total
|
|
|
|
|
|||||||||||||||
Industrial facilities in Brampton, Toronto, and Vaughan, Canada
|
|
—
|
|
|
28,759
|
|
|
13,998
|
|
|
—
|
|
|
—
|
|
|
28,759
|
|
|
13,998
|
|
|
42,757
|
|
|
1,015
|
|
|
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
|
|
|
732
|
|
|
Various
|
|
Dec. 2016
|
|
28 - 40 yrs.
|
Industrial facility in Chicago, IL
|
|
—
|
|
|
2,222
|
|
|
2,655
|
|
|
3,511
|
|
|
—
|
|
|
2,222
|
|
|
6,166
|
|
|
8,388
|
|
|
313
|
|
|
1985
|
|
Jun. 2017
|
|
30 yrs.
|
Industrial facility in Zawiercie, Poland
|
|
—
|
|
|
395
|
|
|
102
|
|
|
10,378
|
|
|
(200
|
)
|
|
523
|
|
|
10,152
|
|
|
10,675
|
|
|
181
|
|
|
2018
|
|
Aug. 2017
|
|
40 yrs.
|
Office facility in Roseville, MN
|
|
—
|
|
|
2,560
|
|
|
16,025
|
|
|
—
|
|
|
—
|
|
|
2,560
|
|
|
16,025
|
|
|
18,585
|
|
|
497
|
|
|
2001
|
|
Nov. 2017
|
|
40 yrs.
|
Industrial facility in Radomsko, Poland
|
|
—
|
|
|
1,718
|
|
|
59
|
|
|
14,453
|
|
|
(329
|
)
|
|
1,689
|
|
|
14,212
|
|
|
15,901
|
|
|
117
|
|
|
2018
|
|
Nov. 2017
|
|
40 yrs.
|
Warehouse facility in Sellersburg, IN
|
|
—
|
|
|
1,016
|
|
|
3,838
|
|
|
—
|
|
|
—
|
|
|
1,016
|
|
|
3,838
|
|
|
4,854
|
|
|
112
|
|
|
2000
|
|
Feb. 2018
|
|
36 yrs.
|
Retail and warehouse facilities in Appleton, Madison, and Waukesha, WI
|
|
—
|
|
|
5,512
|
|
|
61,230
|
|
|
—
|
|
|
—
|
|
|
5,465
|
|
|
61,277
|
|
|
66,742
|
|
|
1,508
|
|
|
1995; 2004
|
|
Mar. 2018
|
|
36 - 40 yrs.
|
Office and warehouse facilities located through Denmark
|
|
—
|
|
|
20,304
|
|
|
185,481
|
|
|
—
|
|
|
(2,813
|
)
|
|
20,027
|
|
|
182,945
|
|
|
202,972
|
|
|
2,952
|
|
|
Various
|
|
Jun. 2018
|
|
25 - 41 yrs.
|
Retail facilities located through the Netherlands
|
|
—
|
|
|
38,475
|
|
|
117,127
|
|
|
—
|
|
|
(2,579
|
)
|
|
37,837
|
|
|
115,186
|
|
|
153,023
|
|
|
1,923
|
|
|
Various
|
|
Jul. 2018
|
|
26 - 30 yrs.
|
Industrial facility in Oostburg, WI
|
|
—
|
|
|
786
|
|
|
6,589
|
|
|
—
|
|
|
—
|
|
|
786
|
|
|
6,589
|
|
|
7,375
|
|
|
136
|
|
|
2002
|
|
Jul. 2018
|
|
35 yrs.
|
Warehouse facility in Kampen, Netherlands
|
|
—
|
|
|
3,251
|
|
|
12,858
|
|
|
—
|
|
|
(192
|
)
|
|
3,212
|
|
|
12,705
|
|
|
15,917
|
|
|
230
|
|
|
1976
|
|
Jul. 2018
|
|
26 yrs.
|
Warehouse facility in Azambuja, Portugal
|
|
—
|
|
|
13,527
|
|
|
35,631
|
|
|
—
|
|
|
(536
|
)
|
|
13,379
|
|
|
35,243
|
|
|
48,622
|
|
|
347
|
|
|
1994
|
|
Sep. 2018
|
|
28 yrs.
|
Retail facilities in Amsterdam, Moordrecht, and Rotterdam, Netherlands
|
|
—
|
|
|
2,582
|
|
|
18,731
|
|
|
3,219
|
|
|
149
|
|
|
2,598
|
|
|
22,083
|
|
|
24,681
|
|
|
139
|
|
|
Various
|
|
Oct. 2018
|
|
27 - 37 yrs.
|
Office and warehouse facilities in Bad Wünnenberg and Soest, Germany
|
|
—
|
|
|
2,916
|
|
|
39,687
|
|
|
—
|
|
|
213
|
|
|
2,930
|
|
|
39,886
|
|
|
42,816
|
|
|
179
|
|
|
1982; 1986
|
|
Oct. 2018
|
|
40 yrs.
|
Industrial facility in Norfolk, NE
|
|
1,274
|
|
|
802
|
|
|
3,686
|
|
|
—
|
|
|
—
|
|
|
802
|
|
|
3,686
|
|
|
4,488
|
|
|
21
|
|
|
1975
|
|
Oct. 2018
|
|
40 yrs.
|
Education facility in Chicago, IL
|
|
12,123
|
|
|
7,720
|
|
|
17,266
|
|
|
—
|
|
|
—
|
|
|
7,720
|
|
|
17,266
|
|
|
24,986
|
|
|
77
|
|
|
1912
|
|
Oct. 2018
|
|
40 yrs.
|
Fitness facilities in Phoenix, AZ and Columbia, MD
|
|
—
|
|
|
18,286
|
|
|
33,030
|
|
|
—
|
|
|
—
|
|
|
18,286
|
|
|
33,030
|
|
|
51,316
|
|
|
147
|
|
|
2006
|
|
Oct. 2018
|
|
40 yrs.
|
Retail facility in Gorzow, Poland
|
|
—
|
|
|
1,736
|
|
|
8,298
|
|
|
—
|
|
|
50
|
|
|
1,745
|
|
|
8,339
|
|
|
10,084
|
|
|
40
|
|
|
2008
|
|
Oct. 2018
|
|
40 yrs.
|
Industrial facilities in Sergeant Bluff, IA; Bossier City, LA; and Alvarado, TX
|
|
27,194
|
|
|
6,460
|
|
|
49,462
|
|
|
—
|
|
|
—
|
|
|
6,460
|
|
|
49,462
|
|
|
55,922
|
|
|
238
|
|
|
Various
|
|
Oct. 2018
|
|
40 yrs.
|
Warehouse facility in Dillon, SC
|
|
16,524
|
|
|
3,424
|
|
|
43,114
|
|
|
—
|
|
|
—
|
|
|
3,424
|
|
|
43,114
|
|
|
46,538
|
|
|
207
|
|
|
2001
|
|
Oct. 2018
|
|
40 yrs.
|
Office facility in Birmingham, United Kingdom
|
|
16,417
|
|
|
7,383
|
|
|
7,687
|
|
|
—
|
|
|
(141
|
)
|
|
7,314
|
|
|
7,615
|
|
|
14,929
|
|
|
29
|
|
|
2009
|
|
Oct. 2018
|
|
40 yrs.
|
Retail facilities located throughout Spain
|
|
—
|
|
|
17,626
|
|
|
44,501
|
|
|
—
|
|
|
311
|
|
|
17,714
|
|
|
44,724
|
|
|
62,438
|
|
|
202
|
|
|
Various
|
|
Oct. 2018
|
|
40 yrs.
|
Warehouse facility in Gadki, Poland
|
|
—
|
|
|
1,376
|
|
|
6,137
|
|
|
—
|
|
|
38
|
|
|
1,383
|
|
|
6,168
|
|
|
7,551
|
|
|
28
|
|
|
2011
|
|
Oct. 2018
|
|
40 yrs.
|
Office facility in The Woodlands, TX
|
|
33,566
|
|
|
1,697
|
|
|
52,289
|
|
|
—
|
|
|
—
|
|
|
1,697
|
|
|
52,289
|
|
|
53,986
|
|
|
224
|
|
|
2009
|
|
Oct. 2018
|
|
40 yrs.
|
|
W. P. Carey 2018 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
|
|
|
|
|
|||||||||||||||
Office facility in Hoffman Estates, IL
|
|
25,859
|
|
|
5,550
|
|
|
14,214
|
|
|
—
|
|
|
—
|
|
|
5,550
|
|
|
14,214
|
|
|
19,764
|
|
|
63
|
|
|
2009
|
|
Oct. 2018
|
|
40 yrs.
|
Warehouse facility in Zagreb, Croatia
|
|
—
|
|
|
15,789
|
|
|
33,287
|
|
|
—
|
|
|
246
|
|
|
15,868
|
|
|
33,454
|
|
|
49,322
|
|
|
222
|
|
|
2001
|
|
Oct. 2018
|
|
26 yrs.
|
Industrial facilities in Middleburg Heights and Union Township, OH
|
|
5,489
|
|
|
1,295
|
|
|
13,384
|
|
|
—
|
|
|
—
|
|
|
1,295
|
|
|
13,384
|
|
|
14,679
|
|
|
59
|
|
|
1990; 1997
|
|
Oct. 2018
|
|
40 yrs.
|
Retail facility in Las Vegas, NV
|
|
39,343
|
|
|
—
|
|
|
79,720
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
79,720
|
|
|
79,720
|
|
|
334
|
|
|
2012
|
|
Oct. 2018
|
|
40 yrs.
|
Industrial facilities located in Phoenix, AZ; Colton, Fresno, Los Angeles, Orange, Pomona, and San Diego, CA; Safety Harbor, FL; Durham, NC; and Columbia, SC
|
|
10,687
|
|
|
20,517
|
|
|
14,135
|
|
|
—
|
|
|
—
|
|
|
20,517
|
|
|
14,135
|
|
|
34,652
|
|
|
66
|
|
|
Various
|
|
Oct. 2018
|
|
40 yrs.
|
Warehouse facility in Bowling Green, KY
|
|
24,081
|
|
|
2,652
|
|
|
51,915
|
|
|
—
|
|
|
—
|
|
|
2,652
|
|
|
51,915
|
|
|
54,567
|
|
|
256
|
|
|
2011
|
|
Oct. 2018
|
|
40 yrs.
|
Warehouse facilities in Cannock, Liverpool, Luton, Plymouth, Southampton, and Taunton United Kingdom
|
|
3,130
|
|
|
6,791
|
|
|
2,315
|
|
|
—
|
|
|
(85
|
)
|
|
6,728
|
|
|
2,293
|
|
|
9,021
|
|
|
6
|
|
|
Various
|
|
Oct. 2018
|
|
40 yrs.
|
Industrial facility in Evansville, IN
|
|
14,733
|
|
|
180
|
|
|
22,095
|
|
|
—
|
|
|
—
|
|
|
180
|
|
|
22,095
|
|
|
22,275
|
|
|
95
|
|
|
2009
|
|
Oct. 2018
|
|
40 yrs.
|
Office facilities in Tampa, FL
|
|
31,940
|
|
|
3,889
|
|
|
49,843
|
|
|
—
|
|
|
—
|
|
|
3,889
|
|
|
49,843
|
|
|
53,732
|
|
|
218
|
|
|
1985; 2000
|
|
Oct. 2018
|
|
40 yrs.
|
Warehouse facility in Elorrio, Spain
|
|
—
|
|
|
7,858
|
|
|
12,728
|
|
|
—
|
|
|
103
|
|
|
7,897
|
|
|
12,792
|
|
|
20,689
|
|
|
65
|
|
|
1996
|
|
Oct. 2018
|
|
40 yrs.
|
Industrial and office facilities in Elberton, GA
|
|
—
|
|
|
879
|
|
|
2,014
|
|
|
—
|
|
|
—
|
|
|
879
|
|
|
2,014
|
|
|
2,893
|
|
|
12
|
|
|
1997; 2002
|
|
Oct. 2018
|
|
40 yrs.
|
Office facility in Tres Cantos, Spain
|
|
55,872
|
|
|
24,344
|
|
|
39,646
|
|
|
—
|
|
|
320
|
|
|
24,465
|
|
|
39,845
|
|
|
64,310
|
|
|
181
|
|
|
2002
|
|
Oct. 2018
|
|
40 yrs.
|
Office facility in Hartland, WI
|
|
3,038
|
|
|
1,454
|
|
|
6,406
|
|
|
—
|
|
|
—
|
|
|
1,454
|
|
|
6,406
|
|
|
7,860
|
|
|
30
|
|
|
2001
|
|
Oct. 2018
|
|
40 yrs.
|
Retail facilities in Kutina, Slavonski Brod, Spansko, and Zagreb, Croatia
|
|
—
|
|
|
5,549
|
|
|
12,408
|
|
|
—
|
|
|
90
|
|
|
5,577
|
|
|
12,470
|
|
|
18,047
|
|
|
87
|
|
|
2000; 2002; 2003
|
|
Oct. 2018
|
|
26 yrs.
|
Office and warehouse facilities located through the United States
|
|
102,539
|
|
|
42,793
|
|
|
193,666
|
|
|
—
|
|
|
—
|
|
|
42,793
|
|
|
193,666
|
|
|
236,459
|
|
|
899
|
|
|
Various
|
|
Oct. 2018
|
|
40 yrs.
|
Warehouse facilities in Rincon and Unadilla, GA
|
|
23,977
|
|
|
1,954
|
|
|
48,421
|
|
|
—
|
|
|
—
|
|
|
1,954
|
|
|
48,421
|
|
|
50,375
|
|
|
220
|
|
|
2000; 2006
|
|
Oct. 2018
|
|
40 yrs.
|
Warehouse facilities in Breda, Elst, Gieten, Raalte, and Woerden, Netherlands
|
|
65,075
|
|
|
37,755
|
|
|
91,666
|
|
|
—
|
|
|
647
|
|
|
37,944
|
|
|
92,124
|
|
|
130,068
|
|
|
406
|
|
|
Various
|
|
Oct. 2018
|
|
40 yrs.
|
Warehouse facilities in Oxnard and Watsonville, CA
|
|
41,041
|
|
|
22,453
|
|
|
78,814
|
|
|
—
|
|
|
—
|
|
|
22,453
|
|
|
78,814
|
|
|
101,267
|
|
|
349
|
|
|
1975; 1994; 2002
|
|
Oct. 2018
|
|
40 yrs.
|
Retail facilities located throughout Italy
|
|
163,684
|
|
|
75,492
|
|
|
138,280
|
|
|
—
|
|
|
1,070
|
|
|
75,870
|
|
|
138,972
|
|
|
214,842
|
|
|
662
|
|
|
Various
|
|
Oct. 2018
|
|
40 yrs.
|
Land in Hudson, NY
|
|
537
|
|
|
2,405
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,405
|
|
|
—
|
|
|
2,405
|
|
|
—
|
|
|
N/A
|
|
Oct. 2018
|
|
N/A
|
Office facility in Houston, TX
|
|
3,328
|
|
|
2,136
|
|
|
2,344
|
|
|
—
|
|
|
—
|
|
|
2,136
|
|
|
2,344
|
|
|
4,480
|
|
|
12
|
|
|
1982
|
|
Oct. 2018
|
|
40 yrs.
|
Office facility in Martinsville, VA
|
|
7,708
|
|
|
1,082
|
|
|
8,108
|
|
|
—
|
|
|
—
|
|
|
1,082
|
|
|
8,108
|
|
|
9,190
|
|
|
38
|
|
|
2011
|
|
Oct. 2018
|
|
40 yrs.
|
Land in Chicago, IL
|
|
4,674
|
|
|
9,887
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,887
|
|
|
—
|
|
|
9,887
|
|
|
—
|
|
|
N/A
|
|
Oct. 2018
|
|
N/A
|
Industrial facility in Fraser, MI
|
|
3,727
|
|
|
1,346
|
|
|
9,551
|
|
|
—
|
|
|
—
|
|
|
1,346
|
|
|
9,551
|
|
|
10,897
|
|
|
43
|
|
|
2012
|
|
Oct. 2018
|
|
40 yrs.
|
|
W. P. Carey 2018 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
|
|
|
|
|
|||||||||||||||
Warehouse facility in Middleburg Heights, OH
|
|
—
|
|
|
542
|
|
|
2,507
|
|
|
—
|
|
|
—
|
|
|
542
|
|
|
2,507
|
|
|
3,049
|
|
|
11
|
|
|
2002
|
|
Oct. 2018
|
|
40 yrs.
|
Retail facilities in Delnice, Pozega, and Sesvete, Croatia
|
|
—
|
|
|
5,519
|
|
|
9,930
|
|
|
—
|
|
|
76
|
|
|
5,546
|
|
|
9,979
|
|
|
15,525
|
|
|
69
|
|
|
2011
|
|
Oct. 2018
|
|
27 yrs.
|
Office facilities in Aurora, Eagan, and Virginia, MN
|
|
105,000
|
|
|
16,302
|
|
|
91,239
|
|
|
—
|
|
|
—
|
|
|
16,302
|
|
|
91,239
|
|
|
107,541
|
|
|
424
|
|
|
Various
|
|
Oct. 2018
|
|
40 yrs.
|
Retail facility in Orlando, FL
|
|
—
|
|
|
6,262
|
|
|
25,134
|
|
|
—
|
|
|
—
|
|
|
6,262
|
|
|
25,134
|
|
|
31,396
|
|
|
106
|
|
|
2011
|
|
Oct. 2018
|
|
40 yrs.
|
Industrial facility in Avon, OH
|
|
3,130
|
|
|
1,447
|
|
|
5,564
|
|
|
—
|
|
|
—
|
|
|
1,447
|
|
|
5,564
|
|
|
7,011
|
|
|
27
|
|
|
2001
|
|
Oct. 2018
|
|
40 yrs.
|
Industrial facility in Chimelow, Poland
|
|
16,392
|
|
|
6,158
|
|
|
28,032
|
|
|
—
|
|
|
171
|
|
|
6,189
|
|
|
28,172
|
|
|
34,361
|
|
|
129
|
|
|
2012
|
|
Oct. 2018
|
|
40 yrs.
|
Retail facilities in Huntsville, AL; Bentonville, AR; Bossier City, LA; Lee's Summit, MO; Fayetteville, TN, and Fort Worth, TX
|
|
—
|
|
|
19,529
|
|
|
42,318
|
|
|
—
|
|
|
—
|
|
|
19,529
|
|
|
42,318
|
|
|
61,847
|
|
|
196
|
|
|
Various
|
|
Oct. 2018
|
|
40 yrs.
|
Education facilities in Montgomery, AL and Savannah, GA
|
|
13,710
|
|
|
5,508
|
|
|
12,032
|
|
|
—
|
|
|
—
|
|
|
5,508
|
|
|
12,032
|
|
|
17,540
|
|
|
55
|
|
|
1969; 2002
|
|
Oct. 2018
|
|
40 yrs.
|
Office facilities in St. Louis, MO
|
|
5,246
|
|
|
1,297
|
|
|
5,362
|
|
|
—
|
|
|
—
|
|
|
1,297
|
|
|
5,362
|
|
|
6,659
|
|
|
25
|
|
|
1995
|
|
Oct. 2018
|
|
40 yrs.
|
Office and warehouse facility in Zary, PL
|
|
—
|
|
|
2,062
|
|
|
10,034
|
|
|
—
|
|
|
61
|
|
|
2,073
|
|
|
10,084
|
|
|
12,157
|
|
|
47
|
|
|
2013
|
|
Oct. 2018
|
|
40 yrs.
|
Industrial facility in Sterling, VA
|
|
—
|
|
|
3,198
|
|
|
23,981
|
|
|
—
|
|
|
—
|
|
|
3,198
|
|
|
23,981
|
|
|
27,179
|
|
|
81
|
|
|
1980
|
|
Oct. 2018
|
|
40 yrs.
|
Industrial facility in Elk Grove Village, IL
|
|
8,386
|
|
|
5,511
|
|
|
10,766
|
|
|
2
|
|
|
—
|
|
|
5,511
|
|
|
10,768
|
|
|
16,279
|
|
|
48
|
|
|
1961
|
|
Oct. 2018
|
|
40 yrs.
|
Industrial facility in Portage, WI
|
|
4,573
|
|
|
3,450
|
|
|
7,797
|
|
|
—
|
|
|
—
|
|
|
3,450
|
|
|
7,797
|
|
|
11,247
|
|
|
39
|
|
|
1970
|
|
Oct. 2018
|
|
40 yrs.
|
Office facility in Warrenville, IL
|
|
17,518
|
|
|
3,662
|
|
|
23,711
|
|
|
—
|
|
|
—
|
|
|
3,662
|
|
|
23,711
|
|
|
27,373
|
|
|
105
|
|
|
2002
|
|
Oct. 2018
|
|
40 yrs.
|
Warehouse facility in Saitama Prefecture, Japan
|
|
—
|
|
|
13,507
|
|
|
25,301
|
|
|
—
|
|
|
1,021
|
|
|
13,862
|
|
|
25,967
|
|
|
39,829
|
|
|
123
|
|
|
2007
|
|
Oct. 2018
|
|
40 yrs.
|
Retail facility in Dallas, TX
|
|
9,412
|
|
|
2,977
|
|
|
16,168
|
|
|
—
|
|
|
—
|
|
|
2,977
|
|
|
16,168
|
|
|
19,145
|
|
|
69
|
|
|
1913
|
|
Oct. 2018
|
|
40 yrs.
|
Office facility in Houston, TX
|
|
123,353
|
|
|
23,161
|
|
|
104,266
|
|
|
171
|
|
|
—
|
|
|
23,161
|
|
|
104,437
|
|
|
127,598
|
|
|
440
|
|
|
1973
|
|
Oct. 2018
|
|
40 yrs.
|
Retail facilities located throughout Croatia
|
|
19,440
|
|
|
9,000
|
|
|
13,002
|
|
|
—
|
|
|
110
|
|
|
9,045
|
|
|
13,067
|
|
|
22,112
|
|
|
75
|
|
|
Various
|
|
Oct. 2018
|
|
29 - 38 yrs.
|
Education facility in Eagan, MN
|
|
8,164
|
|
|
2,338
|
|
|
8,336
|
|
|
—
|
|
|
—
|
|
|
2,338
|
|
|
8,336
|
|
|
10,674
|
|
|
38
|
|
|
2003
|
|
Oct. 2018
|
|
40 yrs.
|
Office facility in Northbrook, IL
|
|
5,348
|
|
|
—
|
|
|
493
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
493
|
|
|
493
|
|
|
8
|
|
|
2007
|
|
Oct. 2018
|
|
40 yrs.
|
Education facilities in Chicago, IL
|
|
—
|
|
|
18,510
|
|
|
163
|
|
|
—
|
|
|
—
|
|
|
18,510
|
|
|
163
|
|
|
18,673
|
|
|
3
|
|
|
2014; 2015
|
|
Oct. 2018
|
|
40 yrs.
|
Warehouse facility in Dillon, SC
|
|
25,653
|
|
|
3,516
|
|
|
44,933
|
|
|
—
|
|
|
—
|
|
|
3,516
|
|
|
44,933
|
|
|
48,449
|
|
|
214
|
|
|
2013
|
|
Oct. 2018
|
|
40 yrs.
|
Warehouse facilities in Gadki, Poland
|
|
32,048
|
|
|
10,422
|
|
|
47,727
|
|
|
—
|
|
|
291
|
|
|
10,474
|
|
|
47,966
|
|
|
58,440
|
|
|
223
|
|
|
2007; 2010
|
|
Oct. 2018
|
|
40 yrs.
|
Retail facility in Lewisville, TX
|
|
8,932
|
|
|
3,485
|
|
|
11,263
|
|
|
—
|
|
|
—
|
|
|
3,485
|
|
|
11,263
|
|
|
14,748
|
|
|
50
|
|
|
2004
|
|
Oct. 2018
|
|
40 yrs.
|
Industrial facility in Wageningen, Netherlands
|
|
18,182
|
|
|
5,227
|
|
|
18,793
|
|
|
—
|
|
|
120
|
|
|
5,253
|
|
|
18,887
|
|
|
24,140
|
|
|
85
|
|
|
2013
|
|
Oct. 2018
|
|
40 yrs.
|
Office facility in Haibach, Germany
|
|
9,283
|
|
|
1,767
|
|
|
12,229
|
|
|
—
|
|
|
70
|
|
|
1,776
|
|
|
12,290
|
|
|
14,066
|
|
|
57
|
|
|
1993
|
|
Oct. 2018
|
|
40 yrs.
|
Office facility in Auburn Hills, MI
|
|
5,551
|
|
|
1,910
|
|
|
6,773
|
|
|
—
|
|
|
—
|
|
|
1,910
|
|
|
6,773
|
|
|
8,683
|
|
|
31
|
|
|
2012
|
|
Oct. 2018
|
|
40 yrs.
|
|
W. P. Carey 2018 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
|
|
|
|
|
|||||||||||||||
Office facility in Tempe, AZ
|
|
14,314
|
|
|
—
|
|
|
19,533
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19,533
|
|
|
19,533
|
|
|
86
|
|
|
2000
|
|
Oct. 2018
|
|
40 yrs.
|
Office facility in Tucson, AZ
|
|
—
|
|
|
2,448
|
|
|
17,353
|
|
|
—
|
|
|
—
|
|
|
2,448
|
|
|
17,353
|
|
|
19,801
|
|
|
78
|
|
|
2002
|
|
Oct. 2018
|
|
40 yrs.
|
Industrial facility in Drunen, Netherlands
|
|
9,481
|
|
|
2,316
|
|
|
9,370
|
|
|
—
|
|
|
58
|
|
|
2,328
|
|
|
9,416
|
|
|
11,744
|
|
|
42
|
|
|
2014
|
|
Oct. 2018
|
|
40 yrs.
|
Industrial facility New Concord, OH
|
|
1,469
|
|
|
958
|
|
|
2,309
|
|
|
—
|
|
|
—
|
|
|
958
|
|
|
2,309
|
|
|
3,267
|
|
|
13
|
|
|
1999
|
|
Oct. 2018
|
|
40 yrs.
|
Office facility in Krakow, Poland
|
|
5,436
|
|
|
2,381
|
|
|
6,212
|
|
|
—
|
|
|
43
|
|
|
2,393
|
|
|
6,243
|
|
|
8,636
|
|
|
28
|
|
|
2003
|
|
Oct. 2018
|
|
40 yrs.
|
Retail facility in Gelsenkirchen, Germany
|
|
13,558
|
|
|
2,178
|
|
|
17,097
|
|
|
—
|
|
|
96
|
|
|
2,188
|
|
|
17,183
|
|
|
19,371
|
|
|
76
|
|
|
2000
|
|
Oct. 2018
|
|
40 yrs.
|
Warehouse facilities in Mszczonow and Tomaszow Mazowiecki, Poland
|
|
31,742
|
|
|
8,782
|
|
|
53,575
|
|
|
—
|
|
|
312
|
|
|
8,826
|
|
|
53,843
|
|
|
62,669
|
|
|
259
|
|
|
1995; 2000
|
|
Oct. 2018
|
|
40 yrs.
|
Office facility in Plymouth, MN
|
|
21,134
|
|
|
2,871
|
|
|
26,353
|
|
|
—
|
|
|
—
|
|
|
2,871
|
|
|
26,353
|
|
|
29,224
|
|
|
117
|
|
|
1999
|
|
Oct. 2018
|
|
40 yrs.
|
Office facility in San Antonio, TX
|
|
12,454
|
|
|
3,094
|
|
|
16,624
|
|
|
—
|
|
|
—
|
|
|
3,094
|
|
|
16,624
|
|
|
19,718
|
|
|
75
|
|
|
2002
|
|
Oct. 2018
|
|
40 yrs.
|
Warehouse facility in Sered, Slovakia
|
|
16,979
|
|
|
3,428
|
|
|
28,005
|
|
|
—
|
|
|
157
|
|
|
3,445
|
|
|
28,145
|
|
|
31,590
|
|
|
126
|
|
|
2004
|
|
Oct. 2018
|
|
40 yrs.
|
Industrial facility in Tuchomerice, Czech Republic
|
|
17,324
|
|
|
7,864
|
|
|
27,006
|
|
|
—
|
|
|
174
|
|
|
7,903
|
|
|
27,141
|
|
|
35,044
|
|
|
120
|
|
|
1998
|
|
Oct. 2018
|
|
40 yrs.
|
Retail facilities in Joliet, IL; Fargo, ND; and Ashwaubenon, Brookfield, Greendale, and Wauwatosa, WI
|
|
41,336
|
|
|
21,387
|
|
|
21,943
|
|
|
—
|
|
|
—
|
|
|
21,387
|
|
|
21,943
|
|
|
43,330
|
|
|
174
|
|
|
Various
|
|
Oct. 2018
|
|
20 - 27 yrs.
|
Office facility in Warsaw, Poland
|
|
37,713
|
|
|
—
|
|
|
44,990
|
|
|
—
|
|
|
225
|
|
|
—
|
|
|
45,215
|
|
|
45,215
|
|
|
195
|
|
|
2015
|
|
Oct. 2018
|
|
40 yrs.
|
Warehouse facility in Kaunas, Lithuania
|
|
40,432
|
|
|
10,199
|
|
|
47,391
|
|
|
—
|
|
|
288
|
|
|
10,250
|
|
|
47,628
|
|
|
57,878
|
|
|
216
|
|
|
2008
|
|
Oct. 2018
|
|
40 yrs.
|
Net-lease student housing facility in Jacksonville, FL
|
|
11,658
|
|
|
906
|
|
|
17,020
|
|
|
—
|
|
|
—
|
|
|
906
|
|
|
17,020
|
|
|
17,926
|
|
|
74
|
|
|
2015
|
|
Oct. 2018
|
|
40 yrs.
|
Warehouse facilities in Houston, TX
|
|
—
|
|
|
791
|
|
|
1,990
|
|
|
—
|
|
|
—
|
|
|
791
|
|
|
1,990
|
|
|
2,781
|
|
|
9
|
|
|
1972
|
|
Oct. 2018
|
|
40 yrs.
|
Office facility in Oak Creek, WI
|
|
—
|
|
|
2,858
|
|
|
11,055
|
|
|
—
|
|
|
—
|
|
|
2,858
|
|
|
11,055
|
|
|
13,913
|
|
|
53
|
|
|
2000
|
|
Oct. 2018
|
|
40 yrs.
|
Warehouse facilities in Shelbyville, IN; Kalamazoo, MI; Tiffin, OH; Andersonville, TN; and Millwood, WV
|
|
—
|
|
|
2,868
|
|
|
37,571
|
|
|
—
|
|
|
—
|
|
|
2,868
|
|
|
37,571
|
|
|
40,439
|
|
|
182
|
|
|
Various
|
|
Oct. 2018
|
|
40 yrs.
|
Warehouse facility in Perrysburg, OH
|
|
—
|
|
|
806
|
|
|
11,922
|
|
|
—
|
|
|
—
|
|
|
806
|
|
|
11,922
|
|
|
12,728
|
|
|
59
|
|
|
1974
|
|
Oct. 2018
|
|
40 yrs.
|
Warehouse facility in Zabia Wola, Poland
|
|
17,871
|
|
|
4,742
|
|
|
23,270
|
|
|
—
|
|
|
139
|
|
|
4,765
|
|
|
23,386
|
|
|
28,151
|
|
|
106
|
|
|
1999
|
|
Oct. 2018
|
|
40 yrs.
|
Office facility in Buffalo Grove, IL
|
|
—
|
|
|
2,224
|
|
|
6,583
|
|
|
—
|
|
|
—
|
|
|
2,224
|
|
|
6,583
|
|
|
8,807
|
|
|
30
|
|
|
1992
|
|
Oct. 2018
|
|
40 yrs.
|
Warehouse facilities in McHenry, IL
|
|
—
|
|
|
5,794
|
|
|
21,141
|
|
|
—
|
|
|
—
|
|
|
5,794
|
|
|
21,141
|
|
|
26,935
|
|
|
43
|
|
|
1990; 1999
|
|
Dec. 2018
|
|
27 - 28 yrs.
|
Industrial facilities in Chicago, Forest View, Morton Grove, and Northbrook, IL
|
|
—
|
|
|
22,619
|
|
|
7,983
|
|
|
—
|
|
|
—
|
|
|
22,619
|
|
|
7,983
|
|
|
30,602
|
|
|
16
|
|
|
Various
|
|
Dec. 2018
|
|
35 yrs.
|
Warehouse facility in Kilgore, TX
|
|
—
|
|
|
3,002
|
|
|
36,334
|
|
|
6
|
|
|
—
|
|
|
3,002
|
|
|
36,340
|
|
|
39,342
|
|
|
43
|
|
|
2007
|
|
Dec. 2018
|
|
37 yrs.
|
Industrial facility in San Luis Potosi, Mexico
|
|
—
|
|
|
2,787
|
|
|
12,945
|
|
|
—
|
|
|
—
|
|
|
2,787
|
|
|
12,945
|
|
|
15,732
|
|
|
12
|
|
|
2009
|
|
Dec. 2018
|
|
39 yrs.
|
|
W. P. Carey 2018 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 Legnica, Poland
|
|
—
|
|
|
995
|
|
|
9,787
|
|
|
—
|
|
|
34
|
|
|
998
|
|
|
9,818
|
|
|
10,816
|
|
|
11
|
|
|
2002
|
|
Dec. 2018
|
|
29 yrs.
|
|||||||||
Industrial facility in Meru, France
|
|
—
|
|
|
4,231
|
|
|
14,731
|
|
|
—
|
|
|
121
|
|
|
4,258
|
|
|
14,825
|
|
|
19,083
|
|
|
8
|
|
|
1997
|
|
Dec. 2018
|
|
29 yrs.
|
|||||||||
|
|
$
|
2,320,015
|
|
|
$
|
1,903,758
|
|
|
$
|
6,857,210
|
|
|
$
|
412,163
|
|
|
$
|
(455,519
|
)
|
|
$
|
1,772,099
|
|
|
$
|
6,945,513
|
|
|
$
|
8,717,612
|
|
|
$
|
724,550
|
|
|
|
|
|
|
|
|
W. P. Carey 2018 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
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
|
|
|
$
|
—
|
|
|
$
|
(15,732
|
)
|
|
$
|
684
|
|
|
1984; 1985; 1986
|
|
Jan. 1998
|
Industrial facilities in Irving and Houston, TX
|
|
—
|
|
|
—
|
|
|
27,599
|
|
|
—
|
|
|
(4,036
|
)
|
|
23,563
|
|
|
1978
|
|
Jan. 1998
|
||||||
Retail facility in Freehold, NJ
|
|
7,737
|
|
|
—
|
|
|
17,067
|
|
|
—
|
|
|
(229
|
)
|
|
16,838
|
|
|
2004
|
|
Sep. 2012
|
||||||
Office facilities in Corpus Christi, Odessa, San Marcos, and Waco, TX
|
|
2,934
|
|
|
2,089
|
|
|
14,211
|
|
|
—
|
|
|
(751
|
)
|
|
15,549
|
|
|
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
|
|
|
1,964
|
|
|
(19,844
|
)
|
|
156,708
|
|
|
Various
|
|
Sep. 2012
|
||||||
Warehouse facility in Brierley Hill, United Kingdom
|
|
—
|
|
|
2,147
|
|
|
12,357
|
|
|
—
|
|
|
(1,993
|
)
|
|
12,511
|
|
|
1996
|
|
Sep. 2012
|
||||||
Industrial and warehouse facility in Mesquite, TX
|
|
5,769
|
|
|
2,851
|
|
|
15,899
|
|
|
—
|
|
|
(2,048
|
)
|
|
16,702
|
|
|
1972
|
|
Sep. 2012
|
||||||
Industrial facility in Rochester, MN
|
|
2,702
|
|
|
881
|
|
|
17,039
|
|
|
—
|
|
|
(2,054
|
)
|
|
15,866
|
|
|
1997
|
|
Sep. 2012
|
||||||
Office facility in Irvine, CA
|
|
5,966
|
|
|
—
|
|
|
17,027
|
|
|
—
|
|
|
(1,669
|
)
|
|
15,358
|
|
|
1981
|
|
Sep. 2012
|
||||||
Office facility in Scottsdale, AZ
|
|
18,556
|
|
|
—
|
|
|
43,570
|
|
|
—
|
|
|
(890
|
)
|
|
42,680
|
|
|
1977
|
|
Jan. 2014
|
||||||
Retail facilities in El Paso and Fabens, TX
|
|
—
|
|
|
4,777
|
|
|
17,823
|
|
|
—
|
|
|
(41
|
)
|
|
22,559
|
|
|
Various
|
|
Jan. 2014
|
||||||
Industrial facility in Dallas, TX
|
|
—
|
|
|
3,190
|
|
|
10,010
|
|
|
—
|
|
|
212
|
|
|
13,412
|
|
|
1968
|
|
Jan. 2014
|
||||||
Industrial facility in Eagan, MN
|
|
—
|
|
|
—
|
|
|
11,548
|
|
|
—
|
|
|
(281
|
)
|
|
11,267
|
|
|
1975
|
|
Jan. 2014
|
||||||
Industrial facilities in Albemarle and Old Fort, NC and Holmesville, OH
|
|
—
|
|
|
6,542
|
|
|
20,668
|
|
|
5,317
|
|
|
(6,870
|
)
|
|
25,657
|
|
|
1955; 1966; 1970
|
|
Jan. 2014
|
||||||
Movie theater in Midlothian, VA
|
|
—
|
|
|
—
|
|
|
16,546
|
|
|
—
|
|
|
80
|
|
|
16,626
|
|
|
2000
|
|
Jan. 2014
|
||||||
Industrial facilities located throughout France
|
|
—
|
|
|
—
|
|
|
27,270
|
|
|
—
|
|
|
(3,977
|
)
|
|
23,293
|
|
|
Various
|
|
Jan. 2014
|
||||||
Retail facility in Gronau, Germany
|
|
—
|
|
|
281
|
|
|
4,401
|
|
|
—
|
|
|
(743
|
)
|
|
3,939
|
|
|
1989
|
|
Jan. 2014
|
||||||
Industrial and office facility in Marktheidenfeld, Germany
|
|
—
|
|
|
1,629
|
|
|
22,396
|
|
|
—
|
|
|
(5,392
|
)
|
|
18,633
|
|
|
2002
|
|
Jan. 2014
|
||||||
Industrial and warehouse facility in Newbridge, United Kingdom
|
|
9,739
|
|
|
6,851
|
|
|
22,868
|
|
|
—
|
|
|
(7,772
|
)
|
|
21,947
|
|
|
1998
|
|
Jan. 2014
|
||||||
Education facility in Mooresville, NC
|
|
2,485
|
|
|
1,795
|
|
|
15,955
|
|
|
—
|
|
|
1
|
|
|
17,751
|
|
|
2002
|
|
Jan. 2014
|
||||||
Industrial facility in Mount Carmel, IL
|
|
—
|
|
|
135
|
|
|
3,265
|
|
|
—
|
|
|
(108
|
)
|
|
3,292
|
|
|
1896
|
|
Jan. 2014
|
||||||
Retail facility in Vantaa, Finland
|
|
—
|
|
|
5,291
|
|
|
15,522
|
|
|
—
|
|
|
(3,306
|
)
|
|
17,507
|
|
|
2004
|
|
Jan. 2014
|
||||||
Retail facility in Linköping, Sweden
|
|
—
|
|
|
1,484
|
|
|
9,402
|
|
|
—
|
|
|
(2,991
|
)
|
|
7,895
|
|
|
2004
|
|
Jan. 2014
|
||||||
Industrial facility in Calgary, Canada
|
|
—
|
|
|
—
|
|
|
7,076
|
|
|
—
|
|
|
(1,268
|
)
|
|
5,808
|
|
|
1965
|
|
Jan. 2014
|
||||||
Industrial facilities in Kearney, MO; Fair Bluff, NC; York, NE; Walbridge, OH; Middlesex Township, PA; Rocky Mount, VA; and Martinsburg, WV
|
|
7,879
|
|
|
5,780
|
|
|
40,860
|
|
|
—
|
|
|
(299
|
)
|
|
46,341
|
|
|
Various
|
|
Jan. 2014
|
||||||
Movie theater in Pensacola, FL
|
|
—
|
|
|
—
|
|
|
13,034
|
|
|
—
|
|
|
(605
|
)
|
|
12,429
|
|
|
2001
|
|
Jan. 2014
|
||||||
Industrial facility in Monheim, Germany
|
|
—
|
|
|
2,939
|
|
|
7,379
|
|
|
—
|
|
|
(1,920
|
)
|
|
8,398
|
|
|
1992
|
|
Jan. 2014
|
||||||
Industrial facility in Göppingen, Germany
|
|
—
|
|
|
10,717
|
|
|
60,120
|
|
|
—
|
|
|
(13,369
|
)
|
|
57,468
|
|
|
1930
|
|
Jan. 2014
|
||||||
Warehouse facility in Elk Grove Village, IL
|
|
2,953
|
|
|
—
|
|
|
7,863
|
|
|
—
|
|
|
2
|
|
|
7,865
|
|
|
1980
|
|
Jan. 2014
|
||||||
Industrial facility in Sankt Ingbert, Germany
|
|
—
|
|
|
2,786
|
|
|
26,902
|
|
|
—
|
|
|
(5,499
|
)
|
|
24,189
|
|
|
1960
|
|
Jan. 2014
|
||||||
Industrial and office facility in Nagold, Germany
|
|
—
|
|
|
4,553
|
|
|
17,675
|
|
|
—
|
|
|
111
|
|
|
22,339
|
|
|
1994
|
|
Oct. 2018
|
||||||
Industrial facility in Glendale Heights, IL
|
|
16,362
|
|
|
4,237
|
|
|
45,173
|
|
|
—
|
|
|
52
|
|
|
49,462
|
|
|
1991
|
|
Oct. 2018
|
|
W. P. Carey 2018 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
|
|
|
|
|
|
|||||||||||||||||
Industrial facilities in Mayodan, Sanford, and Stoneville, NC
|
|
—
|
|
|
3,349
|
|
|
67,901
|
|
|
—
|
|
|
—
|
|
|
71,250
|
|
|
1992; 1997; 1998
|
|
Oct. 2018
|
||||||
Office facility in New York City, NY
|
|
98,689
|
|
|
—
|
|
|
267,280
|
|
|
—
|
|
|
(2,698
|
)
|
|
264,582
|
|
|
2007
|
|
Oct. 2018
|
||||||
Industrial facilities in Colton, Fresno, Orange, Pomona, and San Diego, CA; Holly Hill, FL; Rockmart, GA; Ooltewah, TN; and Dallas, TX
|
|
10,286
|
|
|
2,068
|
|
|
31,256
|
|
|
—
|
|
|
(35
|
)
|
|
33,289
|
|
|
Various
|
|
Oct. 2018
|
||||||
Warehouse facilities in Bristol, Leeds, Liverpool, Luton, Newport, Plymouth, and Southampton, United Kingdom
|
|
8,306
|
|
|
1,062
|
|
|
23,087
|
|
|
—
|
|
|
(231
|
)
|
|
23,918
|
|
|
Various
|
|
Oct. 2018
|
||||||
Retail facilities in Dugo Selo and Samobor, Croatia
|
|
—
|
|
|
2,718
|
|
|
7,809
|
|
|
—
|
|
|
53
|
|
|
10,580
|
|
|
2002; 2003
|
|
Oct. 2018
|
||||||
Warehouse facility in Gieten, Netherlands
|
|
7,681
|
|
|
—
|
|
|
15,258
|
|
|
—
|
|
|
46
|
|
|
15,304
|
|
|
1985
|
|
Oct. 2018
|
||||||
Warehouse facility in Oxnard, CA
|
|
4,442
|
|
|
—
|
|
|
10,960
|
|
|
—
|
|
|
(38
|
)
|
|
10,922
|
|
|
1975
|
|
Oct. 2018
|
||||||
Industrial facilities in Bartow, FL; Momence, IL; Smithfield, NC; Hudson, NY; and Ardmore, OK
|
|
20,458
|
|
|
4,454
|
|
|
87,030
|
|
|
—
|
|
|
173
|
|
|
91,657
|
|
|
Various
|
|
Oct. 2018
|
||||||
Industrial facility in Countryside, IL
|
|
1,507
|
|
|
563
|
|
|
1,457
|
|
|
—
|
|
|
3
|
|
|
2,023
|
|
|
1981
|
|
Oct. 2018
|
||||||
Industrial facility in Clarksville, TN
|
|
3,900
|
|
|
1,680
|
|
|
10,180
|
|
|
—
|
|
|
—
|
|
|
11,860
|
|
|
1998
|
|
Oct. 2018
|
||||||
Industrial facility in Bluffton, IN
|
|
1,764
|
|
|
503
|
|
|
3,407
|
|
|
—
|
|
|
(1
|
)
|
|
3,909
|
|
|
1975
|
|
Oct. 2018
|
||||||
Industrial facilities in Sedalia, MO; Lumberton and Mount Airy, NC; and Wilkes-Barre, PA
|
|
—
|
|
|
782
|
|
|
5,618
|
|
|
—
|
|
|
12
|
|
|
6,412
|
|
|
Various
|
|
Oct. 2018
|
||||||
Warehouse facility in Houston, TX
|
|
—
|
|
|
—
|
|
|
5,977
|
|
|
—
|
|
|
(4
|
)
|
|
5,973
|
|
|
1972
|
|
Oct. 2018
|
||||||
|
|
$
|
240,115
|
|
|
$
|
116,868
|
|
|
$
|
1,288,015
|
|
|
$
|
7,281
|
|
|
$
|
(105,949
|
)
|
|
$
|
1,306,215
|
|
|
|
|
|
|
|
|
|
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
|
|
|
$
|
5,875
|
|
|
$
|
—
|
|
|
$
|
3,874
|
|
|
$
|
31,166
|
|
|
$
|
7,393
|
|
|
$
|
42,433
|
|
|
$
|
8,588
|
|
|
2008
|
|
Jan. 2014
|
|
34 yrs.
|
Miami, FL
|
|
—
|
|
|
33,880
|
|
|
54,713
|
|
|
3,130
|
|
|
—
|
|
|
—
|
|
|
33,880
|
|
|
54,713
|
|
|
3,130
|
|
|
91,723
|
|
|
383
|
|
|
1940
|
|
Oct. 2018
|
|
40 yrs.
|
|||||||||||
Land, Buildings and Improvements Attributable to Operating Properties – Self-Storage Facilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Holiday, FL
|
|
2,305
|
|
|
1,730
|
|
|
4,195
|
|
|
—
|
|
|
18
|
|
|
—
|
|
|
1,730
|
|
|
4,213
|
|
|
—
|
|
|
5,943
|
|
|
23
|
|
|
1975
|
|
Oct. 2018
|
|
40 yrs.
|
|||||||||||
Beaumont, CA
|
|
2,674
|
|
|
1,296
|
|
|
7,927
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
1,296
|
|
|
7,927
|
|
|
2
|
|
|
9,225
|
|
|
40
|
|
|
1992
|
|
Oct. 2018
|
|
40 yrs.
|
|||||||||||
Cathedral City, CA
|
|
1,318
|
|
|
—
|
|
|
6,630
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,630
|
|
|
—
|
|
|
6,630
|
|
|
32
|
|
|
1990
|
|
Oct. 2018
|
|
40 yrs.
|
|||||||||||
Hesperia, CA
|
|
847
|
|
|
908
|
|
|
3,748
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
908
|
|
|
3,748
|
|
|
—
|
|
|
4,656
|
|
|
19
|
|
|
1989
|
|
Oct. 2018
|
|
40 yrs.
|
|||||||||||
Loves Park, IL
|
|
1,134
|
|
|
1,412
|
|
|
4,853
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,412
|
|
|
4,853
|
|
|
—
|
|
|
6,265
|
|
|
31
|
|
|
1997
|
|
Oct. 2018
|
|
40 yrs.
|
|||||||||||
Cherry Valley, IL
|
|
1,657
|
|
|
1,339
|
|
|
4,160
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,339
|
|
|
4,160
|
|
|
—
|
|
|
5,499
|
|
|
26
|
|
|
1988
|
|
Oct. 2018
|
|
40 yrs.
|
|||||||||||
National City, CA
|
|
2,399
|
|
|
1,740
|
|
|
7,878
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,740
|
|
|
7,878
|
|
|
—
|
|
|
9,618
|
|
|
34
|
|
|
1987
|
|
Oct. 2018
|
|
40 yrs.
|
|||||||||||
San Bernardino, CA
|
|
1,025
|
|
|
340
|
|
|
3,135
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
340
|
|
|
3,135
|
|
|
—
|
|
|
3,475
|
|
|
15
|
|
|
1989
|
|
Oct. 2018
|
|
40 yrs.
|
|||||||||||
Chicago, IL
|
|
3,011
|
|
|
1,518
|
|
|
9,194
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,518
|
|
|
9,194
|
|
|
—
|
|
|
10,712
|
|
|
39
|
|
|
1988
|
|
Oct. 2018
|
|
40 yrs.
|
|
W. P. Carey 2018 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
(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
|
|
|||||||||||||||||||||||||
Palm Springs, CA
|
|
2,004
|
|
|
1,410
|
|
|
6,079
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,410
|
|
|
6,079
|
|
|
—
|
|
|
7,489
|
|
|
30
|
|
|
1987
|
|
Oct. 2018
|
|
40 yrs.
|
|||||||||||
Mundelein, IL
|
|
3,387
|
|
|
2,270
|
|
|
8,505
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|
2,270
|
|
|
8,514
|
|
|
—
|
|
|
10,784
|
|
|
44
|
|
|
1991
|
|
Oct. 2018
|
|
40 yrs.
|
|||||||||||
Mundelein, IL
|
|
698
|
|
|
1,116
|
|
|
2,609
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
1,116
|
|
|
2,609
|
|
|
7
|
|
|
3,732
|
|
|
15
|
|
|
1989
|
|
Oct. 2018
|
|
40 yrs.
|
|||||||||||
Palm Springs, CA
|
|
5,944
|
|
|
1,698
|
|
|
7,473
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
1,698
|
|
|
7,481
|
|
|
—
|
|
|
9,179
|
|
|
37
|
|
|
1989
|
|
Oct. 2018
|
|
40 yrs.
|
|||||||||||
Kailua-Kona, HI
|
|
3,815
|
|
|
1,700
|
|
|
4,655
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
1,700
|
|
|
4,654
|
|
|
11
|
|
|
6,365
|
|
|
22
|
|
|
1987
|
|
Oct. 2018
|
|
40 yrs.
|
|||||||||||
Pearl City, HI
|
|
5,932
|
|
|
—
|
|
|
8,954
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,954
|
|
|
—
|
|
|
8,954
|
|
|
40
|
|
|
1977
|
|
Oct. 2018
|
|
40 yrs.
|
|||||||||||
Chicago, IL
|
|
3,490
|
|
|
651
|
|
|
5,750
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
651
|
|
|
5,750
|
|
|
—
|
|
|
6,401
|
|
|
24
|
|
|
1916
|
|
Oct. 2018
|
|
40 yrs.
|
|||||||||||
Chicago, IL
|
|
2,496
|
|
|
588
|
|
|
4,282
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
588
|
|
|
4,282
|
|
|
2
|
|
|
4,872
|
|
|
19
|
|
|
1968
|
|
Oct. 2018
|
|
40 yrs.
|
|||||||||||
Rockford, IL
|
|
1,812
|
|
|
695
|
|
|
3,873
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
695
|
|
|
3,873
|
|
|
4
|
|
|
4,572
|
|
|
21
|
|
|
1979
|
|
Oct. 2018
|
|
40 yrs.
|
|||||||||||
Rockford, IL
|
|
588
|
|
|
87
|
|
|
785
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
87
|
|
|
785
|
|
|
—
|
|
|
872
|
|
|
4
|
|
|
1979
|
|
Oct. 2018
|
|
40 yrs.
|
|||||||||||
Rockford, IL
|
|
2,304
|
|
|
454
|
|
|
4,724
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
454
|
|
|
4,724
|
|
|
—
|
|
|
5,178
|
|
|
22
|
|
|
1957
|
|
Oct. 2018
|
|
40 yrs.
|
|||||||||||
Kihei, HI
|
|
5,015
|
|
|
4,347
|
|
|
21,763
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
4,347
|
|
|
21,763
|
|
|
2
|
|
|
26,112
|
|
|
100
|
|
|
1991
|
|
Oct. 2018
|
|
40 yrs.
|
|||||||||||
Fort Worth, TX
|
|
3,546
|
|
|
691
|
|
|
6,295
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
691
|
|
|
6,295
|
|
|
—
|
|
|
6,986
|
|
|
31
|
|
|
2004
|
|
Oct. 2018
|
|
40 yrs.
|
|||||||||||
New York City, NY
|
|
12,796
|
|
|
5,975
|
|
|
9,330
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,975
|
|
|
9,330
|
|
|
—
|
|
|
15,305
|
|
|
39
|
|
|
1963
|
|
Oct. 2018
|
|
40 yrs.
|
|||||||||||
New York City, NY
|
|
22,067
|
|
|
5,856
|
|
|
22,955
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,856
|
|
|
22,955
|
|
|
—
|
|
|
28,811
|
|
|
96
|
|
|
2005
|
|
Oct. 2018
|
|
40 yrs.
|
|||||||||||
New York City, NY
|
|
23,546
|
|
|
7,946
|
|
|
25,271
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,946
|
|
|
25,271
|
|
|
—
|
|
|
33,217
|
|
|
106
|
|
|
2007
|
|
Oct. 2018
|
|
40 yrs.
|
|||||||||||
New York City, NY
|
|
16,024
|
|
|
8,219
|
|
|
11,895
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
8,219
|
|
|
11,900
|
|
|
3
|
|
|
20,122
|
|
|
50
|
|
|
1948
|
|
Oct. 2018
|
|
40 yrs.
|
|||||||||||
New York City, NY
|
|
5,549
|
|
|
1,227
|
|
|
7,565
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,227
|
|
|
7,565
|
|
|
—
|
|
|
8,792
|
|
|
32
|
|
|
1928
|
|
Oct. 2018
|
|
40 yrs.
|
|||||||||||
Fayetteville, NC
|
|
3,197
|
|
|
1,839
|
|
|
4,653
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
1,839
|
|
|
4,653
|
|
|
2
|
|
|
6,494
|
|
|
29
|
|
|
2001
|
|
Oct. 2018
|
|
40 yrs.
|
|||||||||||
Peoria, IL
|
|
3,019
|
|
|
444
|
|
|
4,944
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
444
|
|
|
4,944
|
|
|
—
|
|
|
5,388
|
|
|
30
|
|
|
1990
|
|
Oct. 2018
|
|
40 yrs.
|
|||||||||||
East Peoria, IL
|
|
2,289
|
|
|
268
|
|
|
3,290
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
268
|
|
|
3,297
|
|
|
—
|
|
|
3,565
|
|
|
19
|
|
|
1986
|
|
Oct. 2018
|
|
40 yrs.
|
|||||||||||
Loves Park, IL
|
|
1,717
|
|
|
721
|
|
|
2,973
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
721
|
|
|
2,973
|
|
|
—
|
|
|
3,694
|
|
|
17
|
|
|
1978
|
|
Oct. 2018
|
|
40 yrs.
|
|||||||||||
Winder, GA
|
|
959
|
|
|
338
|
|
|
1,310
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
338
|
|
|
1,310
|
|
|
—
|
|
|
1,648
|
|
|
8
|
|
|
2006
|
|
Oct. 2018
|
|
40 yrs.
|
|||||||||||
Winder, GA
|
|
3,301
|
|
|
821
|
|
|
3,180
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
821
|
|
|
3,180
|
|
|
—
|
|
|
4,001
|
|
|
19
|
|
|
2001
|
|
Oct. 2018
|
|
40 yrs.
|
|||||||||||
Clearwater, FL
|
|
3,717
|
|
|
1,247
|
|
|
5,731
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
1,247
|
|
|
5,731
|
|
|
2
|
|
|
6,980
|
|
|
28
|
|
|
2001
|
|
Oct. 2018
|
|
40 yrs.
|
|||||||||||
Orlando, FL
|
|
5,661
|
|
|
1,070
|
|
|
8,684
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
1,070
|
|
|
8,686
|
|
|
—
|
|
|
9,756
|
|
|
39
|
|
|
2000
|
|
Oct. 2018
|
|
40 yrs.
|
|||||||||||
Hilo, HI
|
|
7,781
|
|
|
769
|
|
|
12,865
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
769
|
|
|
12,865
|
|
|
4
|
|
|
13,638
|
|
|
55
|
|
|
2007
|
|
Oct. 2018
|
|
40 yrs.
|
|||||||||||
Palm Coast, FL
|
|
3,504
|
|
|
1,994
|
|
|
4,970
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,994
|
|
|
4,970
|
|
|
—
|
|
|
6,964
|
|
|
28
|
|
|
2001
|
|
Oct. 2018
|
|
40 yrs.
|
|||||||||||
|
|
$
|
172,528
|
|
|
$
|
102,414
|
|
|
$
|
350,922
|
|
|
$
|
6,752
|
|
|
$
|
5,962
|
|
|
$
|
—
|
|
|
$
|
102,478
|
|
|
$
|
353,010
|
|
|
$
|
10,562
|
|
|
$
|
466,050
|
|
|
$
|
10,234
|
|
|
|
|
|
|
|
|
W. P. Carey 2018 10-K
–
155
|
(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
$2.9 billion
and the related accumulated amortization of
$829.4 million
, (ii) gross lease intangible liabilities of
$286.3 million
and the related accumulated amortization of
$61.2 million
, and (iii) real estate under construction of
$67.7 million
.
|
(d)
|
A reconciliation of real estate and accumulated depreciation follows:
|
|
W. P. Carey 2018 10-K
–
156
|
|
Reconciliation of Land, Buildings and Improvements Subject to Operating Leases
|
||||||||||
|
Years Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Beginning balance
|
$
|
5,334,446
|
|
|
$
|
5,182,267
|
|
|
$
|
5,308,211
|
|
Acquisitions through CPA:17 Merger
|
2,907,982
|
|
|
—
|
|
|
—
|
|
|||
Acquisitions
|
734,963
|
|
|
23,462
|
|
|
404,161
|
|
|||
Dispositions
|
(296,543
|
)
|
|
(131,549
|
)
|
|
(446,144
|
)
|
|||
Foreign currency translation adjustment
|
(88,715
|
)
|
|
192,580
|
|
|
(94,738
|
)
|
|||
Reclassification from real estate under construction
|
86,784
|
|
|
51,198
|
|
|
28,989
|
|
|||
Improvements
|
25,727
|
|
|
17,778
|
|
|
16,169
|
|
|||
Reclassification from direct financing lease
|
15,998
|
|
|
1,611
|
|
|
9,740
|
|
|||
Impairment charges
|
(3,030
|
)
|
|
(2,901
|
)
|
|
(41,660
|
)
|
|||
Write-off of fully depreciated assets
|
—
|
|
|
—
|
|
|
(2,461
|
)
|
|||
Ending balance
|
$
|
8,717,612
|
|
|
$
|
5,334,446
|
|
|
$
|
5,182,267
|
|
|
Reconciliation of Accumulated Depreciation for
Land, Buildings and Improvements Subject to Operating Leases
|
||||||||||
|
Years Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Beginning balance
|
$
|
613,543
|
|
|
$
|
472,294
|
|
|
$
|
372,735
|
|
Depreciation expense
|
162,119
|
|
|
144,183
|
|
|
142,432
|
|
|||
Dispositions
|
(41,338
|
)
|
|
(17,770
|
)
|
|
(35,172
|
)
|
|||
Foreign currency translation adjustment
|
(9,774
|
)
|
|
14,836
|
|
|
(5,240
|
)
|
|||
Write-off of fully depreciated assets
|
—
|
|
|
—
|
|
|
(2,461
|
)
|
|||
Ending balance
|
$
|
724,550
|
|
|
$
|
613,543
|
|
|
$
|
472,294
|
|
|
Reconciliation of Land, Buildings and Improvements Attributable to Operating Properties
|
||||||||||
|
Years Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Beginning balance
|
$
|
83,047
|
|
|
$
|
81,711
|
|
|
$
|
82,749
|
|
Acquisitions through CPA:17 Merger
|
423,530
|
|
|
—
|
|
|
—
|
|
|||
Dispositions
|
(43,607
|
)
|
|
—
|
|
|
(3,188
|
)
|
|||
Improvements
|
3,080
|
|
|
1,336
|
|
|
1,542
|
|
|||
Reclassification from real estate under construction
|
—
|
|
|
—
|
|
|
608
|
|
|||
Ending balance
|
$
|
466,050
|
|
|
$
|
83,047
|
|
|
$
|
81,711
|
|
|
Reconciliation of Accumulated Depreciation for
Land, Buildings and Improvements
Attributable to Operating Properties
|
||||||||||
|
Years Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Beginning balance
|
$
|
16,419
|
|
|
$
|
12,143
|
|
|
$
|
8,794
|
|
Dispositions
|
(10,425
|
)
|
|
—
|
|
|
(886
|
)
|
|||
Depreciation expense
|
4,240
|
|
|
4,276
|
|
|
4,235
|
|
|||
Ending balance
|
$
|
10,234
|
|
|
$
|
16,419
|
|
|
$
|
12,143
|
|
|
W. P. Carey 2018 10-K
–
157
|
|
|
Interest Rate
|
|
Final Maturity Date
|
|
Fair Value
|
|
Carrying Amount
|
|||||
Description
|
|
|
|
|
|||||||||
Financing agreement — observation wheel
|
|
6.5
|
%
|
|
Mar. 2019
|
|
$
|
24,350
|
|
|
$
|
24,350
|
|
Financing agreement — project developer
|
|
6.5
|
%
|
|
Mar. 2019
|
|
5,000
|
|
|
5,000
|
|
||
Financing agreement — project developer
|
|
6.5
|
%
|
|
Mar. 2019
|
|
5,000
|
|
|
5,000
|
|
||
Financing agreement — mezzanine loan
|
|
9.0
|
%
|
|
Apr. 2019
|
|
23,387
|
|
|
23,387
|
|
||
|
|
|
|
|
|
$
|
57,737
|
|
|
$
|
57,737
|
|
|
Reconciliation of Mortgage Loans on Real Estate
|
||||||||||
|
Years Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Beginning balance
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Acquisitions through CPA:17 Merger
|
57,737
|
|
|
—
|
|
|
—
|
|
|||
Ending balance
|
$
|
57,737
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
W. P. Carey 2018 10-K
–
158
|
|
W. P. Carey 2018 10-K
–
159
|
|
W. P. Carey 2018 10-K
–
160
|
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 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 2018 10-K
–
161
|
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
|
|
|
First 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
|
4.14
|
|
|
Second Supplemental Indenture dated as of March 6, 2018, 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 March 6, 2018
|
4.15
|
|
|
Form of Note representing €500 Million Aggregate Principal Amount of 2.125% Senior Notes due 2027
|
|
Incorporated by reference to Exhibit 4.1 to Current Report on Form 8-K filed March 6, 2018
|
4.16
|
|
|
Third Supplemental Indenture dated as of October 9, 2018, 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 October 9, 2018
|
4.17
|
|
|
Form of Note representing €500 Million Aggregate Principal Amount of 2.250% Senior Notes due 2026
|
|
Incorporated by reference to Exhibit 4.1 to Current Report on Form 8-K filed October 9, 2018
|
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
|
|
W. P. Carey 2018 10-K
–
162
|
Exhibit
No. |
|
|
Description
|
|
Method of Filing
|
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 June 27, 2017
|
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
|
|
Incorporated by reference to Exhibit 10.16 to Annual Report on Form 10-K for the year ended December 31, 2017 filed February 23, 2018
|
10.17
|
|
|
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
|
10.18
|
|
|
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.
|
|
Incorporated by reference to Exhibit 10.21 to Annual Report on Form 10-K for the year ended December 31, 2017 filed February 23, 2018
|
10.19
|
|
|
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
|
10.20
|
|
|
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
|
10.21
|
|
|
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
|
|
Incorporated by reference to Exhibit 10.24 to Annual Report on Form 10-K for the year ended December 31, 2017 filed February 23, 2018
|
10.22
|
|
|
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
|
|
W. P. Carey 2018 10-K
–
163
|
Exhibit
No. |
|
|
Description
|
|
Method of Filing
|
10.23
|
|
|
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
|
10.24
|
|
|
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
|
|
Incorporated by reference to Exhibit 10.27 to Annual Report on Form 10-K for the year ended December 31, 2017 filed February 23, 2018
|
10.25
|
|
|
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
|
10.26
|
|
|
First Amendment to Third Amended and Restated Credit Agreement, dated as of September 30, 2018, by and among W. P. Carey Inc., each Designated Borrower, certain Subsidiaries of W. P. Carey Inc. identified therein, from time to time as Guarantors, the Lenders, Swing Line Lenders and L/C Issuers and Bank of America, N.A., as Administrative Agent
|
|
Incorporated by reference to Exhibit 10.2 to Quarterly Report on Form 10-Q for the quarter ended September 30, 2018 filed November 2, 2018
|
10.27
|
|
|
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 January 19, 2017
|
10.28
|
|
|
Agency Agreement dated as of March 6, 2018, 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 March 6, 2018
|
10.29
|
|
|
Agency Agreement dated as of October 9, 2018, 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 October 9, 2018
|
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
|
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
|
|
W. P. Carey 2018 10-K
–
164
|
Exhibit
No. |
|
|
Description
|
|
Method of Filing
|
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
|
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.INS
|
|
|
XBRL Instance Document
|
|
Filed herewith
|
101.SCH
|
|
|
XBRL Taxonomy Extension Schema Document
|
|
Filed herewith
|
101.CAL
|
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
Filed herewith
|
101.DEF
|
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
Filed herewith
|
101.LAB
|
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
Filed herewith
|
101.PRE
|
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
Filed herewith
|
|
W. P. Carey 2018 10-K
–
165
|
|
W. P. Carey 2018 10-K
–
166
|
|
|
|
W. P. Carey Inc.
|
|
|
|
|
Date:
|
February 22, 2019
|
By:
|
/s/ ToniAnn Sanzone
|
|
|
|
ToniAnn Sanzone
|
|
|
|
Chief Financial Officer
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/ Jason E. Fox
|
|
Director and Chief Executive Officer
|
|
February 22, 2019
|
Jason E. Fox
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
|
/s/ ToniAnn Sanzone
|
|
Chief Financial Officer
|
|
February 22, 2019
|
ToniAnn Sanzone
|
|
(Principal Financial Officer)
|
|
|
|
|
|
|
|
/s/ Arjun Mahalingam
|
|
Chief Accounting Officer
|
|
February 22, 2019
|
Arjun Mahalingam
|
|
(Principal Accounting Officer)
|
|
|
|
|
|
|
|
/s/ Benjamin H. Griswold, IV
|
|
Chairman of the Board and Director
|
|
February 22, 2019
|
Benjamin H. Griswold, IV
|
|
|
|
|
|
|
|
|
|
/s/ Mark A. Alexander
|
|
Director
|
|
February 22, 2019
|
Mark A. Alexander
|
|
|
|
|
|
|
|
|
|
/s/ Peter J. Farrell
|
|
Director
|
|
February 22, 2019
|
Peter J. Farrell
|
|
|
|
|
|
|
|
|
|
/s/ Robert J. Flanagan
|
|
Director
|
|
February 22, 2019
|
Robert J. Flanagan
|
|
|
|
|
|
|
|
|
|
/s/ Axel K. A. Hansing
|
|
Director
|
|
February 22, 2019
|
Axel K. A. Hansing
|
|
|
|
|
|
|
|
|
|
/s/ Jean Hoysradt
|
|
Director
|
|
February 22, 2019
|
Jean Hoysradt
|
|
|
|
|
|
|
|
|
|
/s/ Margaret G. Lewis
|
|
Director
|
|
February 22, 2019
|
Margaret G. Lewis
|
|
|
|
|
|
|
|
|
|
/s/ Christopher J. Niehaus
|
|
Director
|
|
February 22, 2019
|
Christopher J. Niehaus
|
|
|
|
|
|
|
|
|
|
/s/ Nicolaas J. M. van Ommen
|
|
Director
|
|
February 22, 2019
|
Nicolaas J. M. van Ommen
|
|
|
|
|
|
W. P. Carey 2018 10-K
–
167
|
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
|
|
|
First 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
|
|
|
4.14
|
|
|
Second Supplemental Indenture dated as of March 6, 2018, by and among WPC Eurobond B.V., as issuer, W. P. Carey Inc., as guarantor, and U.S. Bank National Association, as trustee
|
|
|
4.15
|
|
|
Form of Note representing €500 Million Aggregate Principal Amount of 2.125% Senior Notes due 2027
|
|
|
4.16
|
|
|
Third Supplemental Indenture dated as of October 9, 2018, by and among WPC Eurobond B.V., as issuer, W. P. Carey Inc., as guarantor, and U.S. Bank National Association, as trustee
|
|
|
4.17
|
|
|
Form of Note representing €500 Million Aggregate Principal Amount of 2.250% Senior Notes due 2026
|
|
|
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
|
|
Exhibit
No. |
|
|
Description
|
|
Method of Filing
|
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
|
|
|
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 by and among Corporate Property Associates 18 – Global Incorporated, CPA:18 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 18 – Global Incorporated, CPA: 18 Limited Partnership and Carey Asset Management Corp.
|
|
|
10.19
|
|
|
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.
|
|
|
10.20
|
|
|
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
|
|
|
10.21
|
|
|
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
|
|
|
10.22
|
|
|
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
|
|
|
10.23
|
|
|
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
|
|
Exhibit
No. |
|
|
Description
|
|
Method of Filing
|
10.24
|
|
|
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
|
|
|
10.25
|
|
|
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
|
|
|
10.26
|
|
|
First Amendment to Third Amended and Restated Credit Agreement, dated as of September 30, 2018, by and among W. P. Carey Inc., each Designated Borrower, certain Subsidiaries of W. P. Carey Inc. identified therein, from time to time as Guarantors, the Lenders, Swing Line Lenders and L/C Issuers and Bank of America, N.A., as Administrative Agent
|
|
|
10.27
|
|
|
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
|
|
|
10.28
|
|
|
Agency Agreement dated as of March 6, 2018, 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
|
|
|
10.29
|
|
|
Agency Agreement dated as of October 9, 2018, 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
|
|
|
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
|
|
Exhibit
No. |
|
|
Description
|
|
Method of Filing
|
31.2
|
|
|
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
32
|
|
|
Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
99.1
|
|
|
Director and Officer Indemnification Policy
|
|
|
101.INS
|
|
|
XBRL Instance Document
|
|
Filed herewith
|
101.SCH
|
|
|
XBRL Taxonomy Extension Schema Document
|
|
Filed herewith
|
101.CAL
|
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
Filed herewith
|
101.DEF
|
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
Filed herewith
|
101.LAB
|
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
Filed herewith
|
101.PRE
|
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
Filed herewith
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
(CA) Ads, LLC
|
|
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
|
500 Jefferson Tower (TX) LLC
|
|
100
|
%
|
|
Delaware
|
601 Jefferson Manager (DE) LLC
|
|
100
|
%
|
|
Delaware
|
601 Jefferson Tower (TX) LLC
|
|
100
|
%
|
|
Delaware
|
620 Eighth GP NYT (NY) LLC
|
|
100
|
%
|
|
Delaware
|
620 Eighth Investor NYT (NY) QRS 16-150, Inc.
|
|
100
|
%
|
|
Delaware
|
620 Eighth Lender NYT (NY) Limited Partnership
|
|
100
|
%
|
|
Delaware
|
620 Eighth NYT (NY) Limited Partnership
|
|
100
|
%
|
|
Delaware
|
6000 Nathan (MN) LLC
|
|
100
|
%
|
|
Delaware
|
ACT (GER) QRS 15-58, Inc.
|
|
100
|
%
|
|
Delaware
|
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
|
AIRLIQ (TX) LLC
|
|
100
|
%
|
|
Delaware
|
Airliq II (IL) LLC
|
|
100
|
%
|
|
Delaware
|
Alamo WPC Storage (TX) LLC
|
|
100
|
%
|
|
Delaware
|
ALAN JATHOO JV (MULTI) LLC
|
|
90
|
%
|
|
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
|
American GL Cathedral Storage 17 (CA) LLC
|
|
100
|
%
|
|
Delaware
|
American GL Pearl Storage 17 (HI) LLC
|
|
100
|
%
|
|
Delaware
|
American JH Storage 17 (Multi) LLC
|
|
100
|
%
|
|
Delaware
|
American Subsequent Storage 17 (Multi) LLC
|
|
100
|
%
|
|
Delaware
|
American WPC Storage (Multi) LLC
|
|
100
|
%
|
|
Delaware
|
American WPC Storage TRS 17-1 (DE) Inc.
|
|
100
|
%
|
|
Delaware
|
Amtoll (NM) QRS 14-39, Inc.
|
|
100
|
%
|
|
Delaware
|
Ang (Multi) LLC
|
|
100
|
%
|
|
Delaware
|
Ang II (Multi) LLC
|
|
100
|
%
|
|
Delaware
|
Ang III (Multi) LLC
|
|
100
|
%
|
|
Delaware
|
ANTH Campus (CA) LLC
|
|
100
|
%
|
|
Delaware
|
ANT-LM LLC
|
|
100
|
%
|
|
Delaware
|
Appleton Store, LLC
|
|
100
|
%
|
|
Wisconsin
|
Applied Utah (UT) QRS 14-76, Inc.
|
|
100
|
%
|
|
Delaware
|
Araxos Sp. z o.o.
|
|
100
|
%
|
|
Poland
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
Arboretum Group, L.L.C.
|
|
100
|
%
|
|
Wisconsin
|
Asiainvest LLC
|
|
100
|
%
|
|
Delaware
|
Assembly (MD)
|
|
100
|
%
|
|
Maryland
|
Auto (FL) QRS 11-39, Inc.
|
|
100
|
%
|
|
Florida
|
Auto Investor 17 (DE) LLC
|
|
100
|
%
|
|
Delaware
|
Autopress (GER) LLC
|
|
100
|
%
|
|
Delaware
|
Autosafe Airbag 14 (CA) LP
|
|
100
|
%
|
|
Delaware
|
Avasu (AZ) LLC
|
|
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
|
BBQ Storage 17 (NY) LLC
|
|
100
|
%
|
|
Delaware
|
Bbrands (Multi) QRS 16-137, Inc.
|
|
100
|
%
|
|
Delaware
|
BDF (CT) QRS 16-82, Inc.
|
|
100
|
%
|
|
Delaware
|
Bear T (OH) LLC
|
|
100
|
%
|
|
Delaware
|
Beaumont Storage 17 (CA) LLC
|
|
100
|
%
|
|
Delaware
|
Beaver MM (POL) QRS 15-86, INC.
|
|
100
|
%
|
|
Delaware
|
Belgov (DE) QRS 15-66, Inc.
|
|
100
|
%
|
|
Delaware
|
Berrocal, Sp. zo.o.
|
|
100
|
%
|
|
Poland
|
Beverage (GER) QRS 16-141 LLC
|
|
100
|
%
|
|
Delaware
|
BFS (DE) LP
|
|
100
|
%
|
|
Delaware
|
BFS (DE) QRS 14-74, Inc.
|
|
100
|
%
|
|
Delaware
|
BG Cold (GA) LLC
|
|
100
|
%
|
|
Delaware
|
BG Ground Terminal (CA) LLC
|
|
100
|
%
|
|
Delaware
|
BG Terminal (CA) LLC
|
|
100
|
%
|
|
Delaware
|
BG Terminal Investor (CA) LLC
|
|
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 GP Holder (TX) LLC
|
|
100
|
%
|
|
Delaware
|
BMOC-HOU (TX) LP
|
|
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
|
Bohr Bolt (OH) LLC
|
|
100
|
%
|
|
Delaware
|
Bohr Bolt II (OH) LLC
|
|
100
|
%
|
|
Delaware
|
Bolder (CO) QRS 11-44, Inc.
|
|
100
|
%
|
|
Delaware
|
Bolt (DE) Limited Partnership
|
|
100
|
%
|
|
Delaware
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
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 17 Member (DE) LLC
|
|
100
|
%
|
|
Delaware
|
Bplast Expansion Landlord (IN) LLC
|
|
100
|
%
|
|
Delaware
|
Bplast Expansion Member (IN) 17 LLC
|
|
100
|
%
|
|
Delaware
|
Bplast Landlord (DE) LLC
|
|
100
|
%
|
|
Delaware
|
Bplast Two Landlord (IN) LLC
|
|
100
|
%
|
|
Delaware
|
Bplast Two Manager (IN) QRS 16-152, Inc.
|
|
100
|
%
|
|
Delaware
|
Bplast Two Member (IN) 17 LLC
|
|
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 (Multi) LLC
|
|
100
|
%
|
|
Delaware
|
BT (PA) QRS 12-25, INC.
|
|
100
|
%
|
|
Pennsylvania
|
BT-YORK (PA)
|
|
100
|
%
|
|
Pennsylvania
|
BUCKLE UP (MX) LLC
|
|
100
|
%
|
|
Delaware
|
Build (CA) QRS 12-24, Inc.
|
|
100
|
%
|
|
California
|
Buyesburg (IN) LLC
|
|
100
|
%
|
|
Delaware
|
C5 Eiendom AS
|
|
49
|
%
|
|
Norway
|
C5 Eiendom IS
|
|
50
|
%
|
|
Norway
|
Call LLC
|
|
100
|
%
|
|
Delaware
|
Camborne Sp. z o.o.
|
|
100
|
%
|
|
Poland
|
Can (WI) QRS 12-34, Inc.
|
|
100
|
%
|
|
Wisconsin
|
Cantina 17 Landlord (IL) LLC
|
|
100
|
%
|
|
Delaware
|
Cantina 17 Manager (IL) LLC
|
|
100
|
%
|
|
Delaware
|
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 17 Broadway Holdings (NY) LLC
|
|
100
|
%
|
|
Delaware
|
Carey 17 Bway (NY) LLC
|
|
100
|
%
|
|
Delaware
|
Carey 17 Harmon LLC
|
|
100
|
%
|
|
Delaware
|
Carey 17 ORL (LLC)
|
|
100
|
%
|
|
Delaware
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
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
|
Carey Alphabet (DE) Inc.
|
|
100
|
%
|
|
Delaware
|
Carey Alphabet B.V.
|
|
100
|
%
|
|
Netherlands
|
Carey Alphabet (DE) LP
|
|
100
|
%
|
|
Delaware
|
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
|
|
10
|
%
|
|
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, LLC
|
|
80
|
%
|
|
Delaware
|
Carey Watermark Holdings 2, LLC
|
|
100
|
%
|
|
Delaware
|
Casting Landlord (GER) QRS 16-109 LLC
|
|
100
|
%
|
|
Delaware
|
Casting Member (GER) QRS 16-108 LLC
|
|
100
|
%
|
|
Delaware
|
Cathedral City Storage 17 (CA) LLC
|
|
100
|
%
|
|
Delaware
|
CBS (PA) QRS 14-12, Inc.
|
|
100
|
%
|
|
Delaware
|
Chassis (GER) QRS 16-118, Inc.
|
|
100
|
%
|
|
Delaware
|
Cherry Valley Storage 17 (IL) LLC
|
|
100
|
%
|
|
Delaware
|
CIP Acquisition Incorporated
|
|
100
|
%
|
|
Maryland
|
Citrus Heights (CA) GP, LLC
|
|
100
|
%
|
|
Delaware
|
CIV-News GP (DE) LLC
|
|
100
|
%
|
|
Delaware
|
CIV-News (Multi) LP
|
|
100
|
%
|
|
Delaware
|
CLA (MO) 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
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
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
|
CP GAL Kennesaw, LLC
|
|
100
|
%
|
|
Delaware
|
CP GAL Leawood, LLC
|
|
100
|
%
|
|
Delaware
|
CP GAL Lombard, LLC
|
|
100
|
%
|
|
Delaware
|
CP GAL Plainfield, LLC
|
|
100
|
%
|
|
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 17 Asia Holdings LLC
|
|
100
|
%
|
|
Delaware
|
CPA 17 Financiering B.V.
|
|
100
|
%
|
|
Netherlands
|
CPA 17 International Holding and Financing LLC
|
|
100
|
%
|
|
Delaware
|
CPA 17 Merger Sub LLC
|
|
100
|
%
|
|
Maryland
|
CPA 17 Pan-European Holding Cooperatif UA
|
|
100
|
%
|
|
Netherlands
|
CPA 17 SB1 Lender LLC
|
|
100
|
%
|
|
Delaware
|
CPA 17 SB2 Lender LLC
|
|
100
|
%
|
|
Delaware
|
CPA 17 SBOP JV Member LLC
|
|
100
|
%
|
|
Delaware
|
CPA 17 SBPROP JV Member LLC
|
|
100
|
%
|
|
Delaware
|
CPA17 SBOP MANAGER LLC
|
|
100
|
%
|
|
Delaware
|
CPA17 SBPROP MANAGER LLC
|
|
100
|
%
|
|
Delaware
|
CPA Paper, Inc.
|
|
100
|
%
|
|
Delaware
|
CPA:17 Limited Partnership
|
|
100
|
%
|
|
Delaware
|
CPA16 German (DE) Limited Partnership
|
|
100
|
%
|
|
Delaware
|
CPA16 German GP (DE) QRS-155, Inc.
|
|
100
|
%
|
|
Delaware
|
CQ Landlord (MI) LLC
|
|
100
|
%
|
|
Delaware
|
CQ Landlord (Multi) LLC
|
|
100
|
%
|
|
Delaware
|
CQ Mezz Manager (Multi) LLC
|
|
100
|
%
|
|
Delaware
|
Crate (GER) QRS 16-142 LLC
|
|
100
|
%
|
|
Delaware
|
CRI (AZ-CO) QRS 16-4, Inc.
|
|
100
|
%
|
|
Delaware
|
CSH 8 Norwich Student Housing B.V.
|
|
100
|
%
|
|
Netherlands
|
Cups (DE) LP
|
|
100
|
%
|
|
Delaware
|
CU-SOL (VA) LLC
|
|
100
|
%
|
|
Delaware
|
Dan (FL) QRS 15-7, Inc.
|
|
100
|
%
|
|
Delaware
|
Danske Trklvr LP
|
|
100
|
%
|
|
Delaware
|
Danske Trklvr TRS GP LLC
|
|
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
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
Delmo (PA) QRS 11-36
|
|
100
|
%
|
|
Pennsylvania
|
Delmo (PA) QRS 12-10
|
|
100
|
%
|
|
Pennsylvania
|
Delmo 11/12 (DE) LLC
|
|
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
|
DIFUSÃO – SOCIEDADE IMOBILIÁRIA S.A.
|
|
100
|
%
|
|
Portugal
|
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
|
|
100
|
%
|
|
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
|
DSG LP (PA) Trust
|
|
100
|
%
|
|
Maryland
|
DT Memphis New TRS (DE) LLC
|
|
100
|
%
|
|
Delaware
|
Dyne (DE) LP
|
|
100
|
%
|
|
Delaware
|
ED Landlord (GA) LLC
|
|
100
|
%
|
|
Delaware
|
Ed Landlord Four (DE) LLC
|
|
100
|
%
|
|
Delaware
|
Ed Landlord Two (DE) LLC
|
|
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 17-10 B.V.
|
|
100
|
%
|
|
Netherlands
|
Eros II Basque 17-15 B.V.
|
|
100
|
%
|
|
Netherlands
|
Eros II Spain 17-16 B.V.
|
|
100
|
%
|
|
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
|
Fayetteville Storage 17 (NC) 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
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
Finistar LP (DE) QRS 16-29, Inc.
|
|
100
|
%
|
|
Delaware
|
Finnestadveien 44 II AS
|
|
100
|
%
|
|
Norway
|
FIS (MI) LLC
|
|
100
|
%
|
|
Delaware
|
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
|
Flagland Spain, S.L.
|
|
100
|
%
|
|
Spain
|
Flan 1 (IL) LLC
|
|
100
|
%
|
|
Delaware
|
Flan 4 (Multi) LLC
|
|
100
|
%
|
|
Delaware
|
Flan Hud (NY) LLC
|
|
100
|
%
|
|
Delaware
|
Flatlands Self Storage NYC Mezz, LLC
|
|
100
|
%
|
|
Delaware
|
Flatlands Self Storage NYC, LLC
|
|
100
|
%
|
|
Delaware
|
Flavortown (IL) LLC
|
|
100
|
%
|
|
Delaware
|
Flex (NE) LLC
|
|
100
|
%
|
|
Delaware
|
Flex Member (NE) LLC
|
|
100
|
%
|
|
Delaware
|
Flipper (FL) LLC
|
|
100
|
%
|
|
Delaware
|
Food (DE) QRS 12-49, Inc.
|
|
100
|
%
|
|
Delaware
|
FORT-BEN HOLDINGS (ONQC) LTD.
|
|
100
|
%
|
|
BC Canada
|
FORT-NOM HOLDINGS (ONQC) INC.
|
|
100
|
%
|
|
BC Canada
|
Forterra Canada GP LLC
|
|
100
|
%
|
|
Delaware
|
Forterra Canada Holdings LP
|
|
100
|
%
|
|
Delaware
|
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 Man Member 17 (NC) LLC
|
|
100
|
%
|
|
Delaware
|
FRO Spin (NC) LLC
|
|
100
|
%
|
|
Delaware
|
Furniture Exch Manager (WI) LLC
|
|
100
|
%
|
|
Delaware
|
Furniture Exch Manager Too (WI) LLC
|
|
100
|
%
|
|
Delaware
|
Furniture Owner (WI) LLC
|
|
100
|
%
|
|
Delaware
|
Furniture Owner Too (WI) LLC
|
|
100
|
%
|
|
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
|
Galadean Sp. z o.o.
|
|
100
|
%
|
|
Poland
|
GB-ACT (GER) Limited Partnership
|
|
100
|
%
|
|
Delaware
|
Gearbox (GER) QRS 15-95, Inc.
|
|
100
|
%
|
|
Delaware
|
GEMCHI (IL) LLC
|
|
100
|
%
|
|
Delaware
|
GERB TOLLAND QRS (CT) 16 Inc.
|
|
100
|
%
|
|
Delaware
|
Gibson Mass Member Two LLC
|
|
100
|
%
|
|
Delaware
|
Gibson Plus Member Two LLC
|
|
100
|
%
|
|
Delaware
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
Go Green (OH) LLC
|
|
100
|
%
|
|
Delaware
|
Goldyard S.L.
|
|
100
|
%
|
|
Spain
|
Granite Landlord (GA) LLC
|
|
100
|
%
|
|
Delaware
|
GRC (TX) Limited Partnership
|
|
100
|
%
|
|
Delaware
|
GRC (TX) QRS 15-47, Inc.
|
|
100
|
%
|
|
Delaware
|
GRC (TX) Trust
|
|
100
|
%
|
|
Maryland
|
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 17 Investor (GER) LLC
|
|
100
|
%
|
|
Delaware
|
H2 Investor (GER) QRS 14-104 LLC
|
|
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
|
Hammer Time (TX) LLX
|
|
100
|
%
|
|
Delaware
|
Hammer Time Owner (TX) LP
|
|
100
|
%
|
|
Delaware
|
Hans Gruber Godo Kaisha
|
|
100
|
%
|
|
Japan
|
HCF GP (CA) LLC
|
|
100
|
%
|
|
Delaware
|
HCF Landlord (CA) LP
|
|
100
|
%
|
|
Delaware
|
Health Landlord (MN) LLC
|
|
100
|
%
|
|
Delaware
|
HEF (NC-SC) QRS 14-86, Inc.
|
|
100
|
%
|
|
Delaware
|
Hellweg GmbH & Co. Vermögensverwaltungs KG
|
|
100
|
%
|
|
Germany
|
Hesperia Storage 17 (CA) LLC
|
|
100
|
%
|
|
Delaware
|
HF Landlord (SC) LLC
|
|
100
|
%
|
|
Delaware
|
HF Member (SC) LLC
|
|
100
|
%
|
|
Delaware
|
HF Three Landlord (SC) LLC
|
|
100
|
%
|
|
Delaware
|
HF Two Landlord (SC) LLC
|
|
100
|
%
|
|
Delaware
|
HLWG B Note Purchaser (DE) LLC
|
|
100
|
%
|
|
Delaware
|
HLWG Two (GER) LLC
|
|
100
|
%
|
|
Delaware
|
HM Benefits (MI) QRS 16-18, Inc.
|
|
100
|
%
|
|
Delaware
|
HNGS AUTO (MI) LLC
|
|
100
|
%
|
|
Delaware
|
HOB (TX) LLC
|
|
100
|
%
|
|
Delaware
|
Hoe Management GmbH
|
|
100
|
%
|
|
Germany
|
Holiday Storage 17 (FL) LLC
|
|
100
|
%
|
|
Delaware
|
Hotel (MN) QRS 16-84, Inc.
|
|
100
|
%
|
|
Delaware
|
Hotel Operator (MN) TRS 16-87, Inc.
|
|
100
|
%
|
|
Delaware
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
Hum (DE) QRS 11-45, Inc.
|
|
100
|
%
|
|
Delaware
|
Huntwood (TX) Limited Partnership
|
|
100
|
%
|
|
Delaware
|
Huntwood (TX) QRS 16-8, Inc.
|
|
100
|
%
|
|
Delaware
|
ICALL BTS (VA) LLC
|
|
100
|
%
|
|
Delaware
|
ICG (TX) Limited Partnership
|
|
100
|
%
|
|
Delaware
|
ICG-GP (TX) QRS 15-3, Inc.
|
|
100
|
%
|
|
Delaware
|
ICG-LP (TX) Trust
|
|
100
|
%
|
|
Maryland
|
ID Wheel (FL) LLC
|
|
100
|
%
|
|
Delaware
|
IDrive Mezz Lender (FL) LLC
|
|
100
|
%
|
|
Delaware
|
Ijobbers (DE) QRS 14-41, Inc.
|
|
100
|
%
|
|
Delaware
|
Ijobbers LLC
|
|
100
|
%
|
|
Delaware
|
Image (NY) QRS 16-67, Inc.
|
|
100
|
%
|
|
Delaware
|
Industrial Center 7 Sp. z o.o
|
|
100
|
%
|
|
Poland
|
INGESCORP 2008, Sociedad Limitada
|
|
100
|
%
|
|
Spain
|
Initiator (CA) QRS 14-62, Inc.
|
|
100
|
%
|
|
Delaware
|
Inversiones Holmes, S.L.
|
|
100
|
%
|
|
Spain
|
IShop Individual Lender (FL) LLC
|
|
100
|
%
|
|
Delaware
|
Jamaica (IL) LLC
|
|
100
|
%
|
|
Delaware
|
Jamesinvest Sprl
|
|
100
|
%
|
|
Belgium
|
Jen (MA) QRS 12-54, Inc.
|
|
100
|
%
|
|
Delaware
|
John McCLane (NY) LLC
|
|
100
|
%
|
|
New York
|
JPCentre (TX) LLC
|
|
100
|
%
|
|
Delaware
|
JPTampa Management (FL) LLC
|
|
100
|
%
|
|
Delaware
|
JX STORAGE (MULTI) 1 LLC
|
|
100
|
%
|
|
Delaware
|
JX STORAGE (MULTI) 2 LLC
|
|
100
|
%
|
|
Delaware
|
Kabushiki Kaisha Mure Property
|
|
100
|
%
|
|
Japan
|
Kiinteistöosakeyhtiö Ruskontie 55
|
|
100
|
%
|
|
Finland
|
KITKAT (IL) LLC
|
|
100
|
%
|
|
Delaware
|
KRO (IL) LLC
|
|
100
|
%
|
|
Delaware
|
KSM Cresskill (NJ) QRS 16-80, Inc.
|
|
100
|
%
|
|
Delaware
|
KSM Livingston (NJ) QRS 16-76, INC.
|
|
100
|
%
|
|
Delaware
|
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
|
Lake Street Storage 17 (HI) LLC
|
|
100
|
%
|
|
Delaware
|
Laurken (IL) LLC
|
|
100
|
%
|
|
Delaware
|
Leather (DE) QRS 14-72, Inc.
|
|
100
|
%
|
|
Delaware
|
Lei (GER) QRS 16-134 LLC
|
|
100
|
%
|
|
Delaware
|
Lewisville Dealer 17 (TX) LLC
|
|
100
|
%
|
|
Delaware
|
Lincoln (DE) LP
|
|
100
|
%
|
|
Delaware
|
Linden (GER) LLC
|
|
100
|
%
|
|
Delaware
|
Longboom (Finland) QRS 16-131, Inc.
|
|
100
|
%
|
|
Delaware
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
Longboom Finance (Finland) QRS 16-130, Inc.
|
|
100
|
%
|
|
Delaware
|
Longboom Landlord (Finland) LLC
|
|
100
|
%
|
|
Delaware
|
Loznica d.o.o
|
|
100
|
%
|
|
Croatia
|
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
|
LT Fit (AZ-MD) LLC
|
|
100
|
%
|
|
Delaware
|
LTI (DE) QRS 14-81, Inc.
|
|
100
|
%
|
|
Delaware
|
LTI Trust (MD)
|
|
100
|
%
|
|
Maryland
|
Madde Investment Sp. z o.o.
|
|
100
|
%
|
|
Poland
|
Madison Storage NYC, LLC
|
|
100
|
%
|
|
Delaware
|
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
|
Medical (Multi) LLC
|
|
100
|
%
|
|
Delaware
|
Memphis Hotel Owner (TN) QRS 16-122, Inc.
|
|
100
|
%
|
|
Delaware
|
Merge (WI) LLC
|
|
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
|
Mill Storage 17 (CA) LLC
|
|
100
|
%
|
|
Delaware
|
MK (Mexico) QRS 16-48, Inc.
|
|
100
|
%
|
|
Delaware
|
MK GP BEN (DE) QRS 16-45, Inc.
|
|
100
|
%
|
|
Delaware
|
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
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
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
|
Morisek Hoffman (IL) LLC
|
|
100
|
%
|
|
Delaware
|
Movie (VA) QRS 14-24, Inc.
|
|
100
|
%
|
|
Delaware
|
MSTEEL (IL) LLC
|
|
100
|
%
|
|
Delaware
|
MWI Investor 17 (TX) LP
|
|
100
|
%
|
|
Delaware
|
MWI Investor GP 17 (TX) LLC
|
|
100
|
%
|
|
Delaware
|
Nail (DE) Trust
|
|
100
|
%
|
|
Maryland
|
National Storage 17 (Multi) LLC
|
|
100
|
%
|
|
Delaware
|
Neonatal Finland, Inc.
|
|
100
|
%
|
|
Delaware
|
New Option-QB (DE) LLC
|
|
100
|
%
|
|
Delaware
|
Nord (GA) QRS 16-98, Inc.
|
|
100
|
%
|
|
Delaware
|
Northwest Storage 17 (IL) LLC
|
|
100
|
%
|
|
Delaware
|
NR(LA) QRS 14-95, LLC
|
|
100
|
%
|
|
Delaware
|
Oak Creek 17 Investor (WI) LLC
|
|
100
|
%
|
|
Delaware
|
Olimpia Investments Sp. z o.o.
|
|
100
|
%
|
|
Poland
|
OPH Storage 17 (FL) LLC
|
|
100
|
%
|
|
Delaware
|
Optical (CA) QRS 15-8, Inc.
|
|
100
|
%
|
|
Delaware
|
Orb (MO) QRS 12-56, Inc.
|
|
100
|
%
|
|
Delaware
|
ORL 17-LB (FL) LLC
|
|
100
|
%
|
|
Delaware
|
OSCAR (IL) LLC
|
|
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
|
Pend (WI) LLC
|
|
100
|
%
|
|
Delaware
|
Pend II (OH-IN) LLC
|
|
100
|
%
|
|
Delaware
|
Pet (TX) GP QRS 11-62, INC.
|
|
100
|
%
|
|
Delaware
|
Pet (TX) LP
|
|
100
|
%
|
|
Delaware
|
Pet (TX) Trust
|
|
100
|
%
|
|
Maryland
|
Pewaukee Development, LLC
|
|
100
|
%
|
|
Wisconsin
|
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
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
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
|
Plastic (DE) Trust
|
|
100
|
%
|
|
Maryland
|
Plastic II (IL) LLC
|
|
100
|
%
|
|
Delaware
|
Plastic II (IL) QRS 16-27, Inc.
|
|
100
|
%
|
|
Delaware
|
Plastix (WI) LLC
|
|
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
|
Pole Landlord (LA-TX) 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
|
RACO (AZ) LLC
|
|
100
|
%
|
|
Delaware
|
RACO TWO (AZ) 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
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
RRC (TX) GP QRS 12-61, Inc.
|
|
100
|
%
|
|
Delaware
|
RRC (TX) LP
|
|
100
|
%
|
|
Delaware
|
RRC (TX) Trust
|
|
100
|
%
|
|
Maryland
|
RRD (IL) LLC
|
|
100
|
%
|
|
Delaware
|
Rubbertex (TX) QRS 16-68, Inc.
|
|
100
|
%
|
|
Delaware
|
Rush It LLC
|
|
100
|
%
|
|
Delaware
|
SAB (IA) LLC
|
|
100
|
%
|
|
Delaware
|
Salted Peanuts (LA) QRS 15-13, LLC
|
|
100
|
%
|
|
Delaware
|
SBOP INVESTOR LLC
|
|
100
|
%
|
|
Delaware
|
SBPROP INVESTOR 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
|
Sekeslog 17 UAB
|
|
100
|
%
|
|
Lithuania
|
SF (TX) GP QRS 11-61, INC.
|
|
100
|
%
|
|
Delaware
|
SF (TX) LP
|
|
100
|
%
|
|
Delaware
|
SF (TX) Trust
|
|
100
|
%
|
|
Maryland
|
SFC (TN) QRS 11-21, Inc.
|
|
100
|
%
|
|
Tennessee
|
SFCO (GA) QRS 16-127, Inc.
|
|
100
|
%
|
|
Delaware
|
SFT INS (TX) LLC
|
|
50
|
%
|
|
Delaware
|
Shaq (DE) QRS 15-75, Inc.
|
|
100
|
%
|
|
Delaware
|
Shelborne Operating Associates, LLC
|
|
95
|
%
|
|
Delaware
|
Shelborne Property Associates LLC
|
|
95
|
%
|
|
Delaware
|
Shep (KS-OK) QRS 16-113, Inc.
|
|
100
|
%
|
|
Delaware
|
SHO Member (FL) LLC
|
|
100
|
%
|
|
Delaware
|
Shovel Management GmbH
|
|
100
|
%
|
|
Germany
|
SM (NY) QRS 14-93, Inc.
|
|
100
|
%
|
|
Delaware
|
SP Label (TN) LLC
|
|
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
|
Stocksanden S.L.
|
|
100
|
%
|
|
Spain
|
Stone Oak 17 (TX) LLC
|
|
100
|
%
|
|
Delaware
|
Stor-Move UH 14 Business Trust
|
|
100
|
%
|
|
Massachusetts
|
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
|
Sunpro (KY) LLC
|
|
100
|
%
|
|
Delaware
|
Suspension (DE) QRS 15-1, Inc.
|
|
100
|
%
|
|
Delaware
|
TDG Cold 17-14 B.V.
|
|
100
|
%
|
|
Netherlands
|
Tech (GER) 17-1 BV
|
|
100
|
%
|
|
Netherlands
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
Tech (GER) QRS 16-144, Inc.
|
|
100
|
%
|
|
Delaware
|
Tech Landlord (GER) LLC
|
|
100
|
%
|
|
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
|
Third Avenue Self Storage NYC, LLC
|
|
100
|
%
|
|
Delaware
|
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
|
Townline Storage 17 (IL) LLC
|
|
100
|
%
|
|
Delaware
|
Toys (NE) QRS 15-74, Inc.
|
|
100
|
%
|
|
Delaware
|
Trinity UK Holding II Limited
|
|
100
|
%
|
|
United Kingdom
|
Trinity WPC (Manchester) Limited
|
|
100
|
%
|
|
United Kingdom
|
Trinity WPC (UK) Limited
|
|
100
|
%
|
|
United Kingdom
|
Trinity WPC (UK) LLC
|
|
100
|
%
|
|
Delaware
|
Truth (MN) LLC
|
|
100
|
%
|
|
Delaware
|
Trucks (France) SARL
|
|
100
|
%
|
|
France
|
TR-VSS (MI) QRS 16-90. Inc.
|
|
100
|
%
|
|
Delaware
|
TSO-Hungary KFT
|
|
100
|
%
|
|
Hungary
|
UH Storage (DE) Limited Partnership
|
|
100
|
%
|
|
Delaware
|
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
|
USO Landlord (TX) LLC
|
|
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
|
Vellam Investments sp z.o.o.
|
|
100
|
%
|
|
Poland
|
Venice (CA) LP
|
|
100
|
%
|
|
Delaware
|
Veritas Group IX-NYC, LLC
|
|
100
|
%
|
|
Delaware
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
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
|
|
100
|
%
|
|
Delaware
|
W.P.C.I. Holdings II LLC
|
|
100
|
%
|
|
Delaware
|
Wadd-II (TN) LP
|
|
100
|
%
|
|
Delaware
|
Wadd-II General Partner (TN) QRS 15-19, INC.
|
|
100
|
%
|
|
Delaware
|
Wals (IN) LLC
|
|
100
|
%
|
|
Delaware
|
Wanbi Investor LLC
|
|
100
|
%
|
|
Delaware
|
Weg (GER) QRS 15-83, Inc.
|
|
100
|
%
|
|
Delaware
|
Wegell GmbH & Co. KG
|
|
100
|
%
|
|
Germany
|
Wegell Verwaltungs GmbH
|
|
100
|
%
|
|
Germany
|
West Farms Self Storage NYC Mezz, LLC
|
|
100
|
%
|
|
Delaware
|
West Farms Self Storage NYC, LLC
|
|
100
|
%
|
|
Delaware
|
WGN (GER) LLC
|
|
100
|
%
|
|
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
|
Wheeler Dealer 17 Multi, LLC
|
|
100
|
%
|
|
Delaware
|
Wheeler Mezzanine JV (DE) LLC
|
|
100
|
%
|
|
Delaware
|
WILLFA (IL) LLC
|
|
100
|
%
|
|
Delaware
|
Willow Festival Annex Property Owners Association
|
|
100
|
%
|
|
Illinois
|
Windough (DE) LP
|
|
100
|
%
|
|
Delaware
|
Windough Lot (DE) LP
|
|
100
|
%
|
|
Delaware
|
Wlgrn (NV) LLC
|
|
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 17 Adler GmbH & Co. KG
|
|
100
|
%
|
|
Germany
|
WPC 17 Adler Verwlatungs GmbH
|
|
100
|
%
|
|
Germany
|
WPC 17 Green Sp. z o.o.
|
|
100
|
%
|
|
Poland
|
WPC 17 Polk Sp. z o.o.
|
|
100
|
%
|
|
Poland
|
WPC Adler 17-31 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC Agro I 17-13 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC Agro II 17-17 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC Agro III 17-20 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC Agro IV 17-22 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC Agro V 17-32 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC Agro 5 d.o.o.
|
|
20
|
%
|
|
Croatia
|
WPC App 1 AS
|
|
100
|
%
|
|
Norway
|
WPC APP 17-34 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC AX Sp. z o.o.
|
|
100
|
%
|
|
Poland
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
WPC CM6-Hotel Manager, LLC
|
|
100
|
%
|
|
Delaware
|
WPC Crown Colony (MA) LLC
|
|
100
|
%
|
|
Delaware
|
WPC DF Denmark ApS
|
|
100
|
%
|
|
Denmark
|
WPC Drunen 17-27 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC Eurobond B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC EXCH BUYERSBURG (IN) LLC
|
|
100
|
%
|
|
Delaware
|
WPC Exch Sublandlord (DE) LLC
|
|
100
|
%
|
|
Delaware
|
WPC Flagland 17-18 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC FM 17-35 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC FM Czech s.r.o.
|
|
100
|
%
|
|
Czech Republic
|
WPC FM Slovakia s.r.o.
|
|
100
|
%
|
|
Slovakia
|
WPC FriesCamp 17-30 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC Gam Holding B.V
|
|
100
|
%
|
|
Netherlands
|
WPC GELSENKIRCHEN 17-33 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC GP LLC
|
|
100
|
%
|
|
Maryland
|
WPC Holdco LLC
|
|
100
|
%
|
|
Maryland
|
WPC Hornbachplatz 1 GmbH
|
|
100
|
%
|
|
Austria
|
WPC International Holding and Financing LLC
|
|
100
|
%
|
|
Delaware
|
WPC Jumb 17-19 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC Lipowy Sp. z o.o.
|
|
50
|
%
|
|
Poland
|
WPC Madde 17-11 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC MAN-Strasse 1 GmbH
|
|
100
|
%
|
|
Austria
|
WPC Meru SCI
|
|
100
|
%
|
|
France
|
WPC NatExp 17-9 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC Noki Sp. z o.o.
|
|
100
|
%
|
|
Poland
|
WPC Pan-European Holding Cooperatief U.A.
|
|
100
|
%
|
|
Netherlands
|
WPC Pola Sp. z o.o.
|
|
100
|
%
|
|
Poland
|
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 DF 27 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC REIT Gam 21 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC REIT Gam 22 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC REIT Gam 23 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC REIT Gam 24 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC REIT Gam 25 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC REIT Horn 11 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC REIT Kampen 29 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC REIT Kar 26 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 MX-AB TRS 37 B.V.
|
|
100
|
%
|
|
Netherlands
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
WPC REIT NEWCO B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC REIT Nipp 13 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC REIT Npow 17 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC REIT OBI 1-35 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC REIT OBI 2-36 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 Son 30 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC REIT Son 31 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC REIT Son 32 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC REIT Son 33 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC REIT Son 34 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 REIT VM 28 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC Smucker Manager, LLC
|
|
100
|
%
|
|
Delaware
|
WPC Tesc 17-3 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC TOT 1 AS
|
|
100
|
%
|
|
Norway
|
WPC TOT 2 AS
|
|
100
|
%
|
|
Norway
|
WPC TOT 3 AS
|
|
100
|
%
|
|
Norway
|
WPC WGN 17-2 B.V.
|
|
100
|
%
|
|
Netherlands
|
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
|
Wyckoff Self Storage NYC Mezz, LLC
|
|
100
|
%
|
|
Delaware
|
Wyckoff Self Storage NYC, LLC
|
|
100
|
%
|
|
Delaware
|
XPD (NJ) LLC
|
|
100
|
%
|
|
Delaware
|
XPD Member (NJ) QRS 16-12, Inc.
|
|
100
|
%
|
|
Delaware
|
Zakup Agro 4 d.o.o.
|
|
100
|
%
|
|
Croatia
|
Zerega Self Storage NYC Mezz, LLC
|
|
100
|
%
|
|
Delaware
|
Zerega Self Storage NYC, LLC
|
|
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.
|