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☑
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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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,
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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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Trading Symbol(s)
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Name of exchange on which registered
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Common Stock, $0.001 Par Value
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WPC
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New York Stock Exchange
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Large accelerated filer
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☑
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Accelerated filer
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☐
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Non-accelerated filer
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☐
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Smaller reporting company
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☐
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Emerging growth company
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☐
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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 2019 10-K – 1
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W. P. Carey 2019 10-K – 2
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W. P. Carey 2019 10-K – 3
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W. P. Carey 2019 10-K – 4
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W. P. Carey 2019 10-K – 5
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•
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Number of properties — full or partial ownership interests in 1,214 net-leased properties, 19 self-storage properties, and two hotels;
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•
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Total net-leased square footage — 140.0 million; and
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•
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Occupancy rate — approximately 98.8%.
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•
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Number of tenants — 345;
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•
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Investment grade tenants as a percentage of total ABR — 22%;
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•
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Implied investment grade tenants as a percentage of total ABR — 8%;
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•
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Weighted-average lease term — 10.7 years;
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•
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99% of our leases provide rent adjustments as follows:
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◦
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CPI and similar — 63%
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◦
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Fixed — 32%
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◦
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Other — 4%
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W. P. Carey 2019 10-K – 6
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•
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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;
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•
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legal systems where the ability to enforce contractual rights and remedies may be more limited than under U.S. law;
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•
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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, such as the European Union’s General Data Protection Regulation);
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•
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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 Directives), which may result in additional taxes on our international investments;
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•
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changes in operating expenses in particular countries or regions; and
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•
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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 terms or availability of mortgage funds), including with regard to Brexit (discussed below).
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W. P. Carey 2019 10-K – 7
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W. P. Carey 2019 10-K – 8
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•
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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;
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•
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we may be at a disadvantage compared to our competitors with comparatively less indebtedness;
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•
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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;
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•
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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
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•
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we may be unable to refinance our indebtedness or obtain additional financing as needed or on favorable terms.
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W. P. Carey 2019 10-K – 9
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W. P. Carey 2019 10-K – 10
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•
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adverse changes in general or local economic conditions, including changes in interest rates or foreign exchange rates;
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•
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changes in the supply of, or demand for, similar or competing properties;
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•
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competition for tenants and changes in market rental rates;
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•
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inability to lease or sell properties upon termination of existing leases, or renewal of leases at lower rental rates;
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•
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inability to collect rents from tenants due to financial hardship, including bankruptcy;
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•
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changes in tax, real estate, zoning, or environmental laws that adversely impact the value of real estate;
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•
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failure to comply with federal, state, and local legal and regulatory requirements, including the Americans with Disabilities Act and fire or life-safety requirements;
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•
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uninsured property liability, property damage, or casualty losses;
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•
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changes in operating expenses or unexpected expenditures for capital improvements;
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•
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exposure to environmental losses; and
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•
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force majeure and other factors beyond the control of our management.
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W. P. Carey 2019 10-K – 11
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•
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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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•
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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
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•
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responsibility for managing asbestos-containing building materials and third-party claims for exposure to those materials.
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•
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the Managed Programs have fully invested the funds raised in their offerings, and as a result, we expect the structuring revenue that we earn for structuring and negotiating investments on their behalf to continue to decline;
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W. P. Carey 2019 10-K – 12
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•
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our asset management revenue may be affected by changes in the valuation of the Managed Programs’ portfolios (CPA:18 – Global has significant investments in triple-net leased properties substantially similar to those we hold and may be affected by the same market conditions and risks as the properties we own);
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•
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each of the Managed Programs has incurred, and may continue to incur, significant debt that, either due to liquidity problems or covenants contained in their borrowing agreements, could restrict their ability to pay revenue owed to us;
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•
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the revenue payable to us under each of our advisory agreements with the Managed REITs is subject to a variable annual cap based on a formula tied to its assets and income;
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•
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our ability to earn revenue related to the disposition of properties is primarily tied to providing liquidity events for the Managed Programs and our ability to do so under circumstances that will satisfy the applicable subordination requirements will depend on market conditions at the relevant time;
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W. P. Carey 2019 10-K – 13
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•
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“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
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•
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“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 2019 10-K – 14
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•
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actual or anticipated variations in our operating results, earnings, or liquidity, or those of our competitors;
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•
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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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•
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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;
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•
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changes in our dividend policy;
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•
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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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•
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speculation in the press or investment community;
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W. P. Carey 2019 10-K – 15
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•
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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;
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•
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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;
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•
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adverse market reaction to any additional indebtedness we incur or equity or equity-related securities we issue in the future;
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•
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changes in our credit ratings;
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•
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actual or perceived conflicts of interest;
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•
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changes in key management personnel;
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•
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our compliance with GAAP and its policies, including recent accounting pronouncements;
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•
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our compliance with the listing requirements of the NYSE;
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•
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our compliance with applicable laws and regulations or the impact of new laws and regulations;
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•
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the financial condition, liquidity, results of operations, and prospects of our tenants;
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•
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failure to maintain our REIT qualification;
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•
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litigation, regulatory enforcement actions, or disruptive actions by activist stockholders;
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•
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general market and economic conditions, including the current state of the credit and capital markets; and
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•
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the realization of any of the other risk factors presented in this Report or in subsequent reports that we file with the SEC.
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•
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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;
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•
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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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•
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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.
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W. P. Carey 2019 10-K – 16
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•
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not be allowed a deduction for distributions to stockholders in computing our taxable income;
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•
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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
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•
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be barred from qualifying as a REIT for the four taxable years following the year when we were disqualified.
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W. P. Carey 2019 10-K – 17
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W. P. Carey 2019 10-K – 18
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W. P. Carey 2019 10-K – 19
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W. P. Carey 2019 10-K – 20
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•
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reduces the corporate income tax rate from 35% to 21% (including with respect to our TRSs);
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•
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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%;
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•
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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;
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•
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changes the recovery periods for certain real property and building improvements (e.g., 30 years (previously 40 years) for residential real property);
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•
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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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•
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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;
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•
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restricts the benefits of like-kind exchanges that defer capital gains for tax purposes to exchanges of real property;
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•
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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;
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•
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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;
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•
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eliminates the federal corporate alternative minimum tax;
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•
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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;
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•
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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);
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•
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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
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•
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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 2019 10-K – 21
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W. P. Carey 2019 10-K – 22
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W. P. Carey 2019 10-K – 23
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At December 31,
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||||||||||||||||||||||
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2014
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2015
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2016
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2017
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2018
|
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2019
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||||||||||||
W. P. Carey Inc.
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$
|
100.00
|
|
|
$
|
89.60
|
|
|
$
|
95.46
|
|
|
$
|
118.20
|
|
|
$
|
119.38
|
|
|
$
|
153.77
|
|
S&P 500 Index
|
100.00
|
|
|
101.38
|
|
|
113.51
|
|
|
138.29
|
|
|
132.23
|
|
|
173.86
|
|
||||||
FTSE NAREIT Equity REITs Index
|
100.00
|
|
|
103.20
|
|
|
111.99
|
|
|
117.84
|
|
|
112.39
|
|
|
141.61
|
|
|
W. P. Carey 2019 10-K – 24
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Years Ended December 31,
|
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2019
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2018
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2017
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2016
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2015
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||||||||||
Operating Data
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Revenues (a)
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$
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1,232,766
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|
|
$
|
885,732
|
|
|
$
|
848,302
|
|
|
$
|
941,533
|
|
|
$
|
938,383
|
|
Net income (a) (b) (c) (d)
|
306,544
|
|
|
424,341
|
|
|
285,083
|
|
|
274,807
|
|
|
185,227
|
|
|||||
Net income attributable to noncontrolling interests (a)
|
(1,301
|
)
|
|
(12,775
|
)
|
|
(7,794
|
)
|
|
(7,060
|
)
|
|
(12,969
|
)
|
|||||
Net income attributable to W. P. Carey (a) (b) (c) (d)
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305,243
|
|
|
411,566
|
|
|
277,289
|
|
|
267,747
|
|
|
172,258
|
|
|||||
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|
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|
|
|
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|
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||||||||||
Basic earnings per share
|
1.78
|
|
|
3.50
|
|
|
2.56
|
|
|
2.50
|
|
|
1.62
|
|
|||||
Diluted earnings per share
|
1.78
|
|
|
3.49
|
|
|
2.56
|
|
|
2.49
|
|
|
1.61
|
|
|||||
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|
||||||||||
Cash dividends declared per share
|
4.1400
|
|
|
4.0900
|
|
|
4.0100
|
|
|
3.9292
|
|
|
3.8261
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|
|||||
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||||||||||
Balance Sheet Data
|
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|
||||||||||
Total assets
|
$
|
14,060,918
|
|
|
$
|
14,183,039
|
|
|
$
|
8,231,402
|
|
|
$
|
8,453,954
|
|
|
$
|
8,742,089
|
|
Net investments in real estate
|
11,916,745
|
|
|
11,928,854
|
|
|
6,703,715
|
|
|
6,781,900
|
|
|
7,229,873
|
|
|||||
Senior Unsecured Notes, net
|
4,390,189
|
|
|
3,554,470
|
|
|
2,474,661
|
|
|
1,807,200
|
|
|
1,476,084
|
|
|||||
Senior credit facilities
|
201,267
|
|
|
91,563
|
|
|
605,129
|
|
|
926,693
|
|
|
734,704
|
|
|||||
Non-recourse mortgages, net
|
1,462,487
|
|
|
2,732,658
|
|
|
1,185,477
|
|
|
1,706,921
|
|
|
2,269,421
|
|
(a)
|
The years ended December 31, 2019 and 2018 reflect the impact of the CPA:17 Merger, which was completed on October 31, 2018 (Note 3).
|
(b)
|
Amount for the year ended December 31, 2019 includes a loss on change in control of interests of $8.4 million recognized in connection with the CPA:17 Merger. 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).
|
(c)
|
Amount for the year ended December 31, 2019 includes unrealized gains recognized on our investment in shares of a cold storage operator totaling $32.9 million (Note 9).
|
(d)
|
Amounts from year to year will not be comparable primarily due to fluctuations in gains/losses recognized on the sale of real estate, lease termination and other income, foreign currency exchange rates, and impairment charges.
|
|
W. P. Carey 2019 10-K – 25
|
(i)
|
the advisory agreements with each of CWI 1 and CWI 2 will terminate;
|
(ii)
|
the operating partnerships of each of CWI 1 and CWI 2 will redeem the special general partnership interests that we currently hold, for which we will receive approximately $97 million in consideration, comprised of $65 million in shares of CWI 2 preferred stock and 2,840,549 shares in CWI 2 common stock valued at approximately $32 million;
|
(iii)
|
CWI 2 will internalize the management services currently provided by us; and
|
(iv)
|
we will provide certain transition services at cost to CWI 2 for periods generally up to 12 months from closing of the proposed merger.
|
|
W. P. Carey 2019 10-K – 26
|
•
|
•
|
We completed seven construction projects at a cost totaling $122.5 million. Construction projects include build-to-suit and expansion projects (Note 5).
|
•
|
We committed to purchase a warehouse and distribution facility in Knoxville, Tennessee, for approximately $68.0 million upon completion of construction of the property, which is expected to take place during the second quarter of 2020 (Note 5).
|
•
|
We committed to purchase two warehouse facilities in Hillerød and Hammelev, Denmark, for approximately $19.9 million (based on the exchange rate of the Danish krone at December 31, 2019) upon completion of construction of the properties. One property was completed in January 2020 (Note 20) and the second property is expected to be completed during the first quarter of 2020 (Note 5).
|
•
|
We committed to fund an aggregate of $8.3 million (based on the exchange rate of the euro at December 31, 2019) for a warehouse expansion project for an existing tenant at an industrial and office facility in Marktheidenfeld, Germany. We currently expect to complete the project in the second quarter of 2020 (Note 5).
|
•
|
We committed to fund an aggregate of $3.0 million for an expansion project for an existing tenant at a warehouse facility in Wichita, Kansas. We currently expect to complete in the third quarter of 2020 (Note 5).
|
•
|
We committed to fund an aggregate of $56.2 million (based on the exchange rate of the euro at December 31, 2019) for a build-to-suit project for a headquarters and industrial facility in Langen, Germany, which we currently expect to be completed in the first quarter of 2021 (Note 5).
|
•
|
We committed to fund an aggregate of $70.0 million for a renovation project at a warehouse facility in Bowling Green, Kentucky, which we currently expect to be completed in the fourth quarter of 2021 (Note 5).
|
•
|
As part of our active capital recycling program, we disposed of 22 properties for total proceeds of $382.4 million, net of selling costs (Note 17). In January 2020, we sold one of our two hotel operating properties for gross proceeds of $120.0 million (inclusive of $5.5 million attributable to a noncontrolling interest) (Note 20).
|
•
|
We entered into net lease agreements for certain self-storage properties previously classified as operating properties. As a result, in June 2019 and August 2019, we reclassified 22 and five consolidated self-storage properties, respectively, with an aggregate carrying value of $287.7 million from Land, buildings and improvements attributable to operating properties to Land, buildings and improvements subject to operating leases. Effective as of those times, we began recognizing lease revenues from these properties, whereas previously we recognized operating property revenues and expenses from these properties (Note 5).
|
•
|
We restructured the leases with a tenant on a portfolio of grocery store and warehouse properties in Croatia. For 19 properties, we reached agreements on new rents, reducing contractual rents, but increasing total contractual minimum annualized base rent (“ABR”) from $10.2 million to $15.4 million. We extended the lease terms on these properties by a weighted average of three years. We also agreed to a payment plan to collect approximately 50% of unpaid back rents plus value-added tax, which is being paid in ten monthly installments of €1.0 million each (equivalent to approximately $1.1 million) and started in July 2019. During the third and fourth quarters of 2019, such payments totaled approximately $6.6 million, which was included within Lease termination income and other on our consolidated statements of income.
|
•
|
We received proceeds totaling $9.1 million from a bankruptcy claim on a prior tenant, which was included within Lease termination income and other on our consolidated statements of income.
|
|
W. P. Carey 2019 10-K – 27
|
•
|
On June 14, 2019, we completed an underwritten public offering of $325.0 million of 3.850% Senior Notes due 2029, at a price of 98.876% of par value. These 3.850% Senior Notes due 2029 have a 10.1-year term and are scheduled to mature on July 15, 2029 (Note 11).
|
•
|
On September 19, 2019, we completed a public offering of €500.0 million of 1.350% Senior Notes due 2028, at a price of 99.266% of par value, issued by our wholly owned finance subsidiary, WPC Eurobond B.V., and fully and unconditionally guaranteed by us. These 1.350% Senior Notes due 2028 have an 8.6-year term and are scheduled to mature on April 15, 2028 (Note 11).
|
•
|
During the year ended December 31, 2019, we issued 6,672,412 shares of our common stock under our ATM Programs at a weighted-average price of $79.70 per share for net proceeds of $523.3 million (Note 14). Proceeds from issuances of common stock under our ATM Programs were used primarily to prepay certain non-recourse mortgage loans (as described below and in Note 11) and to fund acquisitions.
|
•
|
We reduced our mortgage debt outstanding by prepaying or repaying at maturity a total of $1.2 billion of non-recourse mortgage loans with a weighted-average interest rate of 4.4% (Note 11).
|
|
W. P. Carey 2019 10-K – 28
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Revenues from Real Estate
|
$
|
1,172,863
|
|
|
$
|
779,125
|
|
|
$
|
687,208
|
|
Revenues from Investment Management
|
59,903
|
|
|
106,607
|
|
|
161,094
|
|
|||
Total revenues
|
1,232,766
|
|
|
885,732
|
|
|
848,302
|
|
|||
|
|
|
|
|
|
||||||
Net income from Real Estate attributable to W. P. Carey
|
272,065
|
|
|
307,236
|
|
|
192,139
|
|
|||
Net income from Investment Management attributable to W. P. Carey
|
33,178
|
|
|
104,330
|
|
|
85,150
|
|
|||
Net income attributable to W. P. Carey
|
305,243
|
|
|
411,566
|
|
|
277,289
|
|
|||
|
|
|
|
|
|
||||||
Dividends declared
|
713,588
|
|
|
502,819
|
|
|
433,834
|
|
|||
|
|
|
|
|
|
||||||
Net cash provided by operating activities
|
812,077
|
|
|
509,166
|
|
|
520,659
|
|
|||
Net cash (used in) provided by investing activities
|
(522,773
|
)
|
|
(266,132
|
)
|
|
214,238
|
|
|||
Net cash used in financing activities
|
(457,778
|
)
|
|
(24,292
|
)
|
|
(745,466
|
)
|
|||
|
|
|
|
|
|
||||||
Supplemental financial measures (a):
|
|
|
|
|
|
|
|
||||
Adjusted funds from operations attributable to W. P. Carey (AFFO) — Real Estate
|
811,193
|
|
|
516,502
|
|
|
456,865
|
|
|||
Adjusted funds from operations attributable to W. P. Carey (AFFO) — Investment Management
|
45,277
|
|
|
118,084
|
|
|
116,114
|
|
|||
Adjusted funds from operations attributable to W. P. Carey (AFFO)
|
856,470
|
|
|
634,586
|
|
|
572,979
|
|
|||
|
|
|
|
|
|
||||||
Diluted weighted-average shares outstanding (b)
|
171,299,414
|
|
|
117,706,445
|
|
|
108,035,971
|
|
(a)
|
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.
|
(b)
|
Amounts for the years ended December 31, 2019 and 2018 reflect 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), as well as the dilutive impact of the 10,901,697 shares of our common stock issued under our ATM Programs since January 1, 2018 (Note 14).
|
|
W. P. Carey 2019 10-K – 29
|
|
As of December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Number of net-leased properties (a)
|
1,214
|
|
|
1,163
|
|
|
887
|
|
|||
Number of operating properties (b)
|
21
|
|
|
48
|
|
|
2
|
|
|||
Number of tenants (net-leased properties)
|
345
|
|
|
304
|
|
|
210
|
|
|||
Total square footage (net-leased properties, in thousands) (c)
|
139,982
|
|
|
130,956
|
|
|
84,899
|
|
|||
Occupancy (net-leased properties)
|
98.8
|
%
|
|
98.3
|
%
|
|
99.8
|
%
|
|||
Weighted-average lease term (net-leased properties, in years)
|
10.7
|
|
|
10.2
|
|
|
9.6
|
|
|||
Number of countries (d)
|
25
|
|
|
25
|
|
|
17
|
|
|||
Total assets (in thousands)
|
$
|
14,060,918
|
|
|
$
|
14,183,039
|
|
|
$
|
8,231,402
|
|
Net investments in real estate (in thousands)
|
11,916,745
|
|
|
11,928,854
|
|
|
6,703,715
|
|
|
W. P. Carey 2019 10-K – 30
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Acquisition volume (in millions) (e)
|
$
|
737.5
|
|
|
$
|
824.8
|
|
|
$
|
31.8
|
|
Construction projects completed (in millions) (f)
|
122.5
|
|
|
102.5
|
|
|
65.4
|
|
|||
Average U.S. dollar/euro exchange rate
|
1.1196
|
|
|
1.1813
|
|
|
1.1292
|
|
|||
Average U.S. dollar/British pound sterling exchange rate
|
1.2767
|
|
|
1.3356
|
|
|
1.2882
|
|
|||
Change in the U.S. CPI (g)
|
2.3
|
%
|
|
1.9
|
%
|
|
2.1
|
%
|
|||
Change in the Germany CPI (g)
|
1.5
|
%
|
|
1.7
|
%
|
|
1.7
|
%
|
|||
Change in the Poland CPI (g)
|
3.2
|
%
|
|
1.2
|
%
|
|
2.2
|
%
|
|||
Change in the Netherlands CPI (g)
|
2.7
|
%
|
|
2.0
|
%
|
|
1.3
|
%
|
|||
Change in the Spain CPI (g)
|
0.8
|
%
|
|
1.2
|
%
|
|
1.1
|
%
|
(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, 2019, operating properties consisted of 19 self-storage properties (of which we consolidated ten, with an average occupancy of 91.3% at that date), and two hotel properties, with an average occupancy of 85.4% for the year ended December 31, 2019, one of which was sold in January 2020 (Note 20). During the second quarter of 2019, we entered into net lease agreements for certain self-storage properties previously classified as operating properties. As a result, during the year ended December 31, 2019, we reclassified 27 consolidated self-storage properties from operating properties to net leases (Note 5). 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 December 31, 2018, operating properties also included two hotel properties. At December 31, 2017, operating properties consisted of two hotel properties.
|
(c)
|
Excludes total square footage of 1.6 million for our operating properties at December 31, 2019.
|
(d)
|
(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).
|
(f)
|
Amount for 2017 includes projects that were partially completed in 2016.
|
(g)
|
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.
|
|
W. P. Carey 2019 10-K – 31
|
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
|
|
|
$
|
38,751
|
|
|
3.5
|
%
|
|
4.3
|
|
Hellweg Die Profi-Baumärkte GmbH & Co. KG (a)
|
|
Do-it-yourself retail properties in Germany
|
|
42
|
|
|
33,338
|
|
|
3.0
|
%
|
|
17.2
|
|
|
State of Andalucía (a)
|
|
Government office properties in Spain
|
|
70
|
|
|
28,393
|
|
|
2.5
|
%
|
|
15.0
|
|
|
Metro Cash & Carry Italia S.p.A. (a)
|
|
Business-to-business wholesale stores in Italy and Germany
|
|
20
|
|
|
27,119
|
|
|
2.4
|
%
|
|
7.3
|
|
|
Pendragon PLC (a)
|
|
Automotive dealerships in the United Kingdom
|
|
69
|
|
|
22,449
|
|
|
2.0
|
%
|
|
10.4
|
|
|
Marriott Corporation
|
|
Net lease hotel properties in the U.S.
|
|
18
|
|
|
20,065
|
|
|
1.8
|
%
|
|
3.9
|
|
|
Extra Space Storage, Inc.
|
|
Net lease self-storage properties in the U.S.
|
|
27
|
|
|
19,519
|
|
|
1.7
|
%
|
|
24.3
|
|
|
Nord Anglia Education, Inc.
|
|
K-12 private schools in the U.S.
|
|
3
|
|
|
18,734
|
|
|
1.7
|
%
|
|
23.7
|
|
|
Forterra, Inc. (a) (b)
|
|
Industrial properties in the U.S. and Canada
|
|
27
|
|
|
18,394
|
|
|
1.7
|
%
|
|
23.5
|
|
|
Advance Auto Parts, Inc.
|
|
Distribution facilities in the U.S.
|
|
30
|
|
|
18,345
|
|
|
1.6
|
%
|
|
13.1
|
|
|
Total
|
|
|
|
384
|
|
|
$
|
245,107
|
|
|
21.9
|
%
|
|
13.3
|
|
(a)
|
ABR amounts are subject to fluctuations in foreign currency exchange rates.
|
(b)
|
Of the 27 properties leased to Forterra, Inc., 25 are located in the United States and two are located in Canada.
|
|
W. P. Carey 2019 10-K – 32
|
Region
|
|
ABR
|
|
ABR Percent
|
|
Square Footage (a)
|
|
Square Footage Percent
|
|||||
United States
|
|
|
|
|
|
|
|
|
|||||
South
|
|
|
|
|
|
|
|
|
|||||
Texas
|
|
$
|
99,611
|
|
|
8.9
|
%
|
|
11,411
|
|
|
8.2
|
%
|
Florida
|
|
47,079
|
|
|
4.2
|
%
|
|
4,060
|
|
|
2.9
|
%
|
|
Georgia
|
|
28,197
|
|
|
2.5
|
%
|
|
4,024
|
|
|
2.9
|
%
|
|
Tennessee
|
|
15,721
|
|
|
1.4
|
%
|
|
2,260
|
|
|
1.6
|
%
|
|
Alabama
|
|
15,273
|
|
|
1.4
|
%
|
|
2,397
|
|
|
1.7
|
%
|
|
Other (b)
|
|
12,622
|
|
|
1.1
|
%
|
|
2,263
|
|
|
1.6
|
%
|
|
Total South
|
|
218,503
|
|
|
19.5
|
%
|
|
26,415
|
|
|
18.9
|
%
|
|
East
|
|
|
|
|
|
|
|
|
|||||
North Carolina
|
|
32,648
|
|
|
2.9
|
%
|
|
8,052
|
|
|
5.7
|
%
|
|
Pennsylvania
|
|
25,079
|
|
|
2.3
|
%
|
|
3,609
|
|
|
2.6
|
%
|
|
Massachusetts
|
|
21,395
|
|
|
1.9
|
%
|
|
1,397
|
|
|
1.0
|
%
|
|
New Jersey
|
|
19,330
|
|
|
1.7
|
%
|
|
1,100
|
|
|
0.8
|
%
|
|
South Carolina
|
|
15,570
|
|
|
1.4
|
%
|
|
4,437
|
|
|
3.2
|
%
|
|
Virginia
|
|
13,449
|
|
|
1.2
|
%
|
|
1,430
|
|
|
1.0
|
%
|
|
New York
|
|
12,919
|
|
|
1.2
|
%
|
|
1,392
|
|
|
1.0
|
%
|
|
Kentucky
|
|
11,220
|
|
|
1.0
|
%
|
|
3,063
|
|
|
2.2
|
%
|
|
Other (b)
|
|
22,818
|
|
|
2.0
|
%
|
|
3,531
|
|
|
2.5
|
%
|
|
Total East
|
|
174,428
|
|
|
15.6
|
%
|
|
28,011
|
|
|
20.0
|
%
|
|
Midwest
|
|
|
|
|
|
|
|
|
|||||
Illinois
|
|
51,385
|
|
|
4.6
|
%
|
|
5,974
|
|
|
4.3
|
%
|
|
Minnesota
|
|
25,652
|
|
|
2.3
|
%
|
|
2,362
|
|
|
1.7
|
%
|
|
Indiana
|
|
18,002
|
|
|
1.6
|
%
|
|
2,827
|
|
|
2.0
|
%
|
|
Wisconsin
|
|
15,874
|
|
|
1.4
|
%
|
|
2,984
|
|
|
2.1
|
%
|
|
Ohio
|
|
15,125
|
|
|
1.4
|
%
|
|
3,153
|
|
|
2.2
|
%
|
|
Michigan
|
|
13,898
|
|
|
1.2
|
%
|
|
2,132
|
|
|
1.5
|
%
|
|
Other (b)
|
|
27,471
|
|
|
2.5
|
%
|
|
4,697
|
|
|
3.4
|
%
|
|
Total Midwest
|
|
167,407
|
|
|
15.0
|
%
|
|
24,129
|
|
|
17.2
|
%
|
|
West
|
|
|
|
|
|
|
|
|
|||||
California
|
|
60,393
|
|
|
5.4
|
%
|
|
5,162
|
|
|
3.7
|
%
|
|
Arizona
|
|
33,826
|
|
|
3.0
|
%
|
|
3,648
|
|
|
2.6
|
%
|
|
Colorado
|
|
11,413
|
|
|
1.0
|
%
|
|
1,008
|
|
|
0.7
|
%
|
|
Other (b)
|
|
44,575
|
|
|
4.0
|
%
|
|
4,210
|
|
|
3.0
|
%
|
|
Total West
|
|
150,207
|
|
|
13.4
|
%
|
|
14,028
|
|
|
10.0
|
%
|
|
United States Total
|
|
710,545
|
|
|
63.5
|
%
|
|
92,583
|
|
|
66.1
|
%
|
|
International
|
|
|
|
|
|
|
|
|
|||||
Germany
|
|
62,653
|
|
|
5.6
|
%
|
|
6,769
|
|
|
4.8
|
%
|
|
Poland
|
|
52,066
|
|
|
4.6
|
%
|
|
7,215
|
|
|
5.1
|
%
|
|
The Netherlands
|
|
50,698
|
|
|
4.5
|
%
|
|
6,862
|
|
|
4.9
|
%
|
|
Spain
|
|
49,089
|
|
|
4.4
|
%
|
|
4,226
|
|
|
3.0
|
%
|
|
United Kingdom
|
|
42,592
|
|
|
3.8
|
%
|
|
3,309
|
|
|
2.4
|
%
|
|
Italy
|
|
25,513
|
|
|
2.3
|
%
|
|
2,386
|
|
|
1.7
|
%
|
|
Croatia
|
|
16,513
|
|
|
1.5
|
%
|
|
1,794
|
|
|
1.3
|
%
|
|
Denmark
|
|
13,991
|
|
|
1.3
|
%
|
|
2,320
|
|
|
1.7
|
%
|
|
France
|
|
13,336
|
|
|
1.2
|
%
|
|
1,359
|
|
|
1.0
|
%
|
|
Canada
|
|
12,867
|
|
|
1.2
|
%
|
|
2,103
|
|
|
1.5
|
%
|
|
Finland
|
|
11,376
|
|
|
1.0
|
%
|
|
949
|
|
|
0.7
|
%
|
|
Other (c)
|
|
57,280
|
|
|
5.1
|
%
|
|
8,107
|
|
|
5.8
|
%
|
|
International Total
|
|
407,974
|
|
|
36.5
|
%
|
|
47,399
|
|
|
33.9
|
%
|
|
Total
|
|
$
|
1,118,519
|
|
|
100.0
|
%
|
|
139,982
|
|
|
100.0
|
%
|
|
W. P. Carey 2019 10-K – 33
|
Property Type
|
|
ABR
|
|
ABR Percent
|
|
Square Footage (a)
|
|
Square Footage Percent
|
|||||
Industrial
|
|
$
|
268,434
|
|
|
24.0
|
%
|
|
47,996
|
|
|
34.3
|
%
|
Office
|
|
251,519
|
|
|
22.5
|
%
|
|
16,894
|
|
|
12.1
|
%
|
|
Warehouse
|
|
240,200
|
|
|
21.5
|
%
|
|
46,169
|
|
|
33.0
|
%
|
|
Retail (d)
|
|
198,686
|
|
|
17.7
|
%
|
|
17,556
|
|
|
12.5
|
%
|
|
Self Storage (net lease)
|
|
58,270
|
|
|
5.2
|
%
|
|
5,810
|
|
|
4.1
|
%
|
|
Other (e)
|
|
101,410
|
|
|
9.1
|
%
|
|
5,557
|
|
|
4.0
|
%
|
|
Total
|
|
$
|
1,118,519
|
|
|
100.0
|
%
|
|
139,982
|
|
|
100.0
|
%
|
(a)
|
Includes square footage for any vacant properties.
|
(b)
|
Other properties within South include assets in Louisiana, Oklahoma, Arkansas, and Mississippi. Other properties within East include assets in Maryland, Connecticut, West Virginia, New Hampshire, and Maine. Other properties within Midwest include assets in Missouri, Kansas, Nebraska, Iowa, North Dakota, and South Dakota. Other properties within West include assets in Utah, Nevada, Oregon, Washington, Hawaii, New Mexico, Wyoming, Montana, and Alaska.
|
(c)
|
Includes assets in Lithuania, Norway, Mexico, Hungary, the Czech Republic, Austria, Portugal, Sweden, Japan, Slovakia, Latvia, Belgium, and Estonia.
|
(d)
|
Includes automotive dealerships.
|
(e)
|
Includes ABR from tenants with the following property types: education facility, hotel (net lease), fitness facility, laboratory, theater, and student housing (net lease).
|
|
W. P. Carey 2019 10-K – 34
|
Industry Type
|
|
ABR
|
|
ABR Percent
|
|
Square Footage
|
|
Square Footage Percent
|
|||||
Retail Stores (a)
|
|
$
|
233,346
|
|
|
20.9
|
%
|
|
30,993
|
|
|
22.1
|
%
|
Consumer Services
|
|
113,588
|
|
|
10.1
|
%
|
|
8,429
|
|
|
6.0
|
%
|
|
Automotive
|
|
72,679
|
|
|
6.5
|
%
|
|
12,166
|
|
|
8.7
|
%
|
|
Cargo Transportation
|
|
60,211
|
|
|
5.4
|
%
|
|
9,345
|
|
|
6.7
|
%
|
|
Business Services
|
|
60,073
|
|
|
5.4
|
%
|
|
5,272
|
|
|
3.8
|
%
|
|
Grocery
|
|
56,574
|
|
|
5.1
|
%
|
|
6,549
|
|
|
4.7
|
%
|
|
Healthcare and Pharmaceuticals
|
|
51,010
|
|
|
4.6
|
%
|
|
4,281
|
|
|
3.1
|
%
|
|
Hotel, Gaming, and Leisure
|
|
43,663
|
|
|
3.9
|
%
|
|
2,423
|
|
|
1.7
|
%
|
|
Construction and Building
|
|
42,290
|
|
|
3.8
|
%
|
|
7,673
|
|
|
5.5
|
%
|
|
Capital Equipment
|
|
39,686
|
|
|
3.5
|
%
|
|
6,550
|
|
|
4.7
|
%
|
|
Sovereign and Public Finance
|
|
39,259
|
|
|
3.5
|
%
|
|
3,364
|
|
|
2.4
|
%
|
|
Beverage, Food, and Tobacco
|
|
37,825
|
|
|
3.4
|
%
|
|
4,862
|
|
|
3.5
|
%
|
|
Containers, Packaging, and Glass
|
|
35,718
|
|
|
3.2
|
%
|
|
6,186
|
|
|
4.4
|
%
|
|
High Tech Industries
|
|
30,444
|
|
|
2.7
|
%
|
|
3,384
|
|
|
2.4
|
%
|
|
Durable Consumer Goods
|
|
30,214
|
|
|
2.7
|
%
|
|
6,870
|
|
|
4.9
|
%
|
|
Insurance
|
|
24,875
|
|
|
2.2
|
%
|
|
1,759
|
|
|
1.3
|
%
|
|
Banking
|
|
19,239
|
|
|
1.7
|
%
|
|
1,247
|
|
|
0.9
|
%
|
|
Telecommunications
|
|
18,803
|
|
|
1.7
|
%
|
|
1,732
|
|
|
1.2
|
%
|
|
Non-Durable Consumer Goods
|
|
15,088
|
|
|
1.3
|
%
|
|
5,194
|
|
|
3.7
|
%
|
|
Media: Advertising, Printing, and Publishing
|
|
14,785
|
|
|
1.3
|
%
|
|
1,435
|
|
|
1.0
|
%
|
|
Aerospace and Defense
|
|
13,539
|
|
|
1.2
|
%
|
|
1,279
|
|
|
0.9
|
%
|
|
Media: Broadcasting and Subscription
|
|
12,787
|
|
|
1.1
|
%
|
|
784
|
|
|
0.6
|
%
|
|
Wholesale
|
|
12,206
|
|
|
1.1
|
%
|
|
2,005
|
|
|
1.4
|
%
|
|
Chemicals, Plastics, and Rubber
|
|
12,037
|
|
|
1.1
|
%
|
|
1,403
|
|
|
1.0
|
%
|
|
Other (b)
|
|
28,580
|
|
|
2.6
|
%
|
|
4,797
|
|
|
3.4
|
%
|
|
Total
|
|
$
|
1,118,519
|
|
|
100.0
|
%
|
|
139,982
|
|
|
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 2019 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
|
|||||||
2020
|
|
25
|
|
|
22
|
|
|
$
|
19,294
|
|
|
1.7
|
%
|
|
2,050
|
|
|
1.5
|
%
|
2021
|
|
77
|
|
|
23
|
|
|
33,967
|
|
|
3.0
|
%
|
|
3,899
|
|
|
2.8
|
%
|
|
2022
|
|
41
|
|
|
32
|
|
|
58,261
|
|
|
5.2
|
%
|
|
5,377
|
|
|
3.8
|
%
|
|
2023
|
|
31
|
|
|
28
|
|
|
46,954
|
|
|
4.2
|
%
|
|
5,919
|
|
|
4.2
|
%
|
|
2024
|
|
76
|
|
|
49
|
|
|
111,646
|
|
|
10.0
|
%
|
|
13,961
|
|
|
10.0
|
%
|
|
2025
|
|
61
|
|
|
30
|
|
|
58,023
|
|
|
5.2
|
%
|
|
7,194
|
|
|
5.1
|
%
|
|
2026
|
|
32
|
|
|
20
|
|
|
49,824
|
|
|
4.5
|
%
|
|
7,354
|
|
|
5.2
|
%
|
|
2027
|
|
45
|
|
|
27
|
|
|
71,604
|
|
|
6.4
|
%
|
|
8,237
|
|
|
5.9
|
%
|
|
2028
|
|
43
|
|
|
25
|
|
|
61,774
|
|
|
5.5
|
%
|
|
4,867
|
|
|
3.5
|
%
|
|
2029
|
|
31
|
|
|
18
|
|
|
36,289
|
|
|
3.2
|
%
|
|
4,561
|
|
|
3.3
|
%
|
|
2030
|
|
28
|
|
|
22
|
|
|
73,580
|
|
|
6.6
|
%
|
|
6,638
|
|
|
4.7
|
%
|
|
2031
|
|
66
|
|
|
16
|
|
|
68,973
|
|
|
6.2
|
%
|
|
8,155
|
|
|
5.8
|
%
|
|
2032
|
|
35
|
|
|
14
|
|
|
43,105
|
|
|
3.9
|
%
|
|
5,914
|
|
|
4.2
|
%
|
|
2033
|
|
19
|
|
|
13
|
|
|
48,275
|
|
|
4.3
|
%
|
|
6,672
|
|
|
4.8
|
%
|
|
Thereafter (>2033)
|
|
172
|
|
|
84
|
|
|
336,950
|
|
|
30.1
|
%
|
|
47,554
|
|
|
34.0
|
%
|
|
Vacant
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
1,630
|
|
|
1.2
|
%
|
|
Total
|
|
782
|
|
|
|
|
$
|
1,118,519
|
|
|
100.0
|
%
|
|
139,982
|
|
|
100.0
|
%
|
(a)
|
Assumes tenants do not exercise any renewal options or purchase options.
|
|
W. P. Carey 2019 10-K – 36
|
|
Years Ended December 31,
|
||||||||||||||||||||||
|
2019
|
|
2018
|
|
Change
|
|
2018
|
|
2017
|
|
Change
|
||||||||||||
Existing Net-Leased Properties
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Lease revenues
|
$
|
634,557
|
|
|
$
|
624,698
|
|
|
$
|
9,859
|
|
|
$
|
624,698
|
|
|
$
|
603,889
|
|
|
$
|
20,809
|
|
Depreciation and amortization
|
(221,176
|
)
|
|
(228,060
|
)
|
|
6,884
|
|
|
(228,060
|
)
|
|
(222,308
|
)
|
|
(5,752
|
)
|
||||||
Reimbursable tenant costs
|
(25,800
|
)
|
|
(21,445
|
)
|
|
(4,355
|
)
|
|
(21,445
|
)
|
|
(19,590
|
)
|
|
(1,855
|
)
|
||||||
Property expenses
|
(19,373
|
)
|
|
(17,201
|
)
|
|
(2,172
|
)
|
|
(17,201
|
)
|
|
(14,223
|
)
|
|
(2,978
|
)
|
||||||
Property level contribution
|
368,208
|
|
|
357,992
|
|
|
10,216
|
|
|
357,992
|
|
|
347,768
|
|
|
10,224
|
|
||||||
Net-Leased Properties Acquired in the CPA:17 Merger
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Lease revenues
|
349,518
|
|
|
55,403
|
|
|
294,115
|
|
|
55,403
|
|
|
—
|
|
|
55,403
|
|
||||||
Depreciation and amortization
|
(152,757
|
)
|
|
(22,136
|
)
|
|
(130,621
|
)
|
|
(22,136
|
)
|
|
—
|
|
|
(22,136
|
)
|
||||||
Reimbursable tenant costs
|
(27,618
|
)
|
|
(5,062
|
)
|
|
(22,556
|
)
|
|
(5,062
|
)
|
|
—
|
|
|
(5,062
|
)
|
||||||
Property expenses
|
(15,454
|
)
|
|
(2,685
|
)
|
|
(12,769
|
)
|
|
(2,685
|
)
|
|
—
|
|
|
(2,685
|
)
|
||||||
Property level contribution
|
153,689
|
|
|
25,520
|
|
|
128,169
|
|
|
25,520
|
|
|
—
|
|
|
25,520
|
|
||||||
Recently Acquired Net-Leased Properties
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Lease revenues
|
90,382
|
|
|
29,198
|
|
|
61,184
|
|
|
29,198
|
|
|
495
|
|
|
28,703
|
|
||||||
Depreciation and amortization
|
(37,438
|
)
|
|
(12,730
|
)
|
|
(24,708
|
)
|
|
(12,730
|
)
|
|
(174
|
)
|
|
(12,556
|
)
|
||||||
Reimbursable tenant costs
|
(1,928
|
)
|
|
(406
|
)
|
|
(1,522
|
)
|
|
(406
|
)
|
|
(3
|
)
|
|
(403
|
)
|
||||||
Property expenses
|
(1,367
|
)
|
|
(400
|
)
|
|
(967
|
)
|
|
(400
|
)
|
|
(78
|
)
|
|
(322
|
)
|
||||||
Property level contribution
|
49,649
|
|
|
15,662
|
|
|
33,987
|
|
|
15,662
|
|
|
240
|
|
|
15,422
|
|
||||||
Existing Operating Property
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating property revenues
|
15,001
|
|
|
15,179
|
|
|
(178
|
)
|
|
15,179
|
|
|
14,554
|
|
|
625
|
|
||||||
Depreciation and amortization
|
(1,515
|
)
|
|
(1,947
|
)
|
|
432
|
|
|
(1,947
|
)
|
|
(1,714
|
)
|
|
(233
|
)
|
||||||
Operating property expenses
|
(11,742
|
)
|
|
(11,607
|
)
|
|
(135
|
)
|
|
(11,607
|
)
|
|
(11,358
|
)
|
|
(249
|
)
|
||||||
Property level contribution
|
1,744
|
|
|
1,625
|
|
|
119
|
|
|
1,625
|
|
|
1,482
|
|
|
143
|
|
||||||
Operating Properties Acquired in the CPA:17 Merger
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating property revenues
|
20,787
|
|
|
6,391
|
|
|
14,396
|
|
|
6,391
|
|
|
—
|
|
|
6,391
|
|
||||||
Depreciation and amortization
|
(19,502
|
)
|
|
(6,040
|
)
|
|
(13,462
|
)
|
|
(6,040
|
)
|
|
—
|
|
|
(6,040
|
)
|
||||||
Operating property expenses
|
(8,205
|
)
|
|
(2,258
|
)
|
|
(5,947
|
)
|
|
(2,258
|
)
|
|
—
|
|
|
(2,258
|
)
|
||||||
Property level contribution
|
(6,920
|
)
|
|
(1,907
|
)
|
|
(5,013
|
)
|
|
(1,907
|
)
|
|
—
|
|
|
(1,907
|
)
|
||||||
Properties Sold or Held for Sale
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Lease revenues
|
11,918
|
|
|
35,199
|
|
|
(23,281
|
)
|
|
35,199
|
|
|
47,513
|
|
|
(12,314
|
)
|
||||||
Operating property revenues
|
14,432
|
|
|
6,502
|
|
|
7,930
|
|
|
6,502
|
|
|
16,008
|
|
|
(9,506
|
)
|
||||||
Depreciation and amortization
|
(9,681
|
)
|
|
(15,259
|
)
|
|
5,578
|
|
|
(15,259
|
)
|
|
(23,947
|
)
|
|
8,688
|
|
||||||
Reimbursable tenant costs
|
(230
|
)
|
|
(1,163
|
)
|
|
933
|
|
|
(1,163
|
)
|
|
(1,931
|
)
|
|
768
|
|
||||||
Property expenses
|
(3,351
|
)
|
|
(2,487
|
)
|
|
(864
|
)
|
|
(2,487
|
)
|
|
(3,029
|
)
|
|
542
|
|
||||||
Operating property expenses
|
(18,068
|
)
|
|
(6,285
|
)
|
|
(11,783
|
)
|
|
(6,285
|
)
|
|
(12,068
|
)
|
|
5,783
|
|
||||||
Property level contribution
|
(4,980
|
)
|
|
16,507
|
|
|
(21,487
|
)
|
|
16,507
|
|
|
22,546
|
|
|
(6,039
|
)
|
||||||
Property Level Contribution
|
561,390
|
|
|
415,399
|
|
|
145,991
|
|
|
415,399
|
|
|
372,036
|
|
|
43,363
|
|
||||||
Add: Lease termination income and other
|
36,268
|
|
|
6,555
|
|
|
29,713
|
|
|
6,555
|
|
|
4,749
|
|
|
1,806
|
|
||||||
Less other expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
General and administrative
|
(56,796
|
)
|
|
(47,210
|
)
|
|
(9,586
|
)
|
|
(47,210
|
)
|
|
(39,002
|
)
|
|
(8,208
|
)
|
||||||
Impairment charges
|
(32,539
|
)
|
|
(4,790
|
)
|
|
(27,749
|
)
|
|
(4,790
|
)
|
|
(2,769
|
)
|
|
(2,021
|
)
|
||||||
Stock-based compensation expense
|
(13,248
|
)
|
|
(10,450
|
)
|
|
(2,798
|
)
|
|
(10,450
|
)
|
|
(6,960
|
)
|
|
(3,490
|
)
|
||||||
Corporate depreciation and amortization
|
(1,231
|
)
|
|
(1,289
|
)
|
|
58
|
|
|
(1,289
|
)
|
|
(1,289
|
)
|
|
—
|
|
||||||
Merger and other expenses
|
(101
|
)
|
|
(41,426
|
)
|
|
41,325
|
|
|
(41,426
|
)
|
|
(605
|
)
|
|
(40,821
|
)
|
||||||
Other Income and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest expense
|
(233,325
|
)
|
|
(178,375
|
)
|
|
(54,950
|
)
|
|
(178,375
|
)
|
|
(165,775
|
)
|
|
(12,600
|
)
|
||||||
Other gains and (losses)
|
30,251
|
|
|
30,015
|
|
|
236
|
|
|
30,015
|
|
|
(5,655
|
)
|
|
35,670
|
|
||||||
Gain on sale of real estate, net
|
18,143
|
|
|
118,605
|
|
|
(100,462
|
)
|
|
118,605
|
|
|
33,878
|
|
|
84,727
|
|
||||||
(Loss) gain on change in control of interests
|
(8,416
|
)
|
|
18,792
|
|
|
(27,208
|
)
|
|
18,792
|
|
|
—
|
|
|
18,792
|
|
||||||
Equity in earnings of equity method investments in real estate
|
2,361
|
|
|
13,341
|
|
|
(10,980
|
)
|
|
13,341
|
|
|
13,068
|
|
|
273
|
|
||||||
|
(190,986
|
)
|
|
2,378
|
|
|
(193,364
|
)
|
|
2,378
|
|
|
(124,484
|
)
|
|
126,862
|
|
||||||
Income before income taxes
|
302,757
|
|
|
319,167
|
|
|
(16,410
|
)
|
|
319,167
|
|
|
201,676
|
|
|
117,491
|
|
||||||
(Provision for) benefit from income taxes
|
(30,802
|
)
|
|
844
|
|
|
(31,646
|
)
|
|
844
|
|
|
(1,743
|
)
|
|
2,587
|
|
||||||
Net Income from Real Estate
|
271,955
|
|
|
320,011
|
|
|
(48,056
|
)
|
|
320,011
|
|
|
199,933
|
|
|
120,078
|
|
||||||
Net loss (income) attributable to noncontrolling interests
|
110
|
|
|
(12,775
|
)
|
|
12,885
|
|
|
(12,775
|
)
|
|
(7,794
|
)
|
|
(4,981
|
)
|
||||||
Net Income from Real Estate Attributable to W. P. Carey
|
$
|
272,065
|
|
|
$
|
307,236
|
|
|
$
|
(35,171
|
)
|
|
$
|
307,236
|
|
|
$
|
192,139
|
|
|
$
|
115,097
|
|
|
W. P. Carey 2019 10-K – 37
|
|
W. P. Carey 2019 10-K – 38
|
|
W. P. Carey 2019 10-K – 39
|
•
|
$31.2 million recognized on five properties accounted for as Net investments in direct financing leases, primarily due to a lease restructuring, based on the cash flows expected to be derived from the underlying assets (discounted at the rate implicit in the lease), in accordance with Accounting Standards Codification (“ASC”) 310, Receivables; and
|
•
|
•
|
$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; this property was sold in July 2019.
|
|
W. P. Carey 2019 10-K – 40
|
|
W. P. Carey 2019 10-K – 41
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Equity in earnings of equity method investments in real estate:
|
|
|
|
|
|
||||||
Equity investments acquired in the CPA:17 Merger
|
$
|
2,510
|
|
|
$
|
342
|
|
|
$
|
—
|
|
Recently acquired equity investment
|
(409
|
)
|
|
(115
|
)
|
|
—
|
|
|||
Retired equity investment
|
260
|
|
|
1,275
|
|
|
1,275
|
|
|||
Equity investments consolidated after the CPA:17 Merger
|
—
|
|
|
11,839
|
|
|
11,793
|
|
|||
Equity in earnings of equity method investments in real estate
|
$
|
2,361
|
|
|
$
|
13,341
|
|
|
$
|
13,068
|
|
|
W. P. Carey 2019 10-K – 42
|
|
W. P. Carey 2019 10-K – 43
|
|
Years Ended December 31,
|
||||||||||||||||||||||
|
2019
|
|
2018
|
|
Change
|
|
2018
|
|
2017
|
|
Change
|
||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Asset management revenue
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
CPA:17 – Global
|
$
|
—
|
|
|
$
|
24,884
|
|
|
$
|
(24,884
|
)
|
|
$
|
24,884
|
|
|
$
|
29,363
|
|
|
$
|
(4,479
|
)
|
CPA:18 – Global
|
11,539
|
|
|
12,087
|
|
|
(548
|
)
|
|
12,087
|
|
|
11,293
|
|
|
794
|
|
||||||
CWI 1
|
14,052
|
|
|
14,136
|
|
|
(84
|
)
|
|
14,136
|
|
|
14,499
|
|
|
(363
|
)
|
||||||
CWI 2
|
10,734
|
|
|
10,400
|
|
|
334
|
|
|
10,400
|
|
|
8,669
|
|
|
1,731
|
|
||||||
CCIF
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,229
|
|
|
(5,229
|
)
|
||||||
CESH
|
2,807
|
|
|
2,049
|
|
|
758
|
|
|
2,049
|
|
|
1,072
|
|
|
977
|
|
||||||
|
39,132
|
|
|
63,556
|
|
|
(24,424
|
)
|
|
63,556
|
|
|
70,125
|
|
|
(6,569
|
)
|
||||||
Reimbursable costs from affiliates
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
CPA:17 – Global
|
—
|
|
|
6,233
|
|
|
(6,233
|
)
|
|
6,233
|
|
|
9,775
|
|
|
(3,542
|
)
|
||||||
CPA:18 – Global
|
3,934
|
|
|
4,207
|
|
|
(273
|
)
|
|
4,207
|
|
|
4,055
|
|
|
152
|
|
||||||
CWI 1
|
6,936
|
|
|
6,653
|
|
|
283
|
|
|
6,653
|
|
|
6,039
|
|
|
614
|
|
||||||
CWI 2
|
4,364
|
|
|
4,171
|
|
|
193
|
|
|
4,171
|
|
|
22,331
|
|
|
(18,160
|
)
|
||||||
CCIF
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,591
|
|
|
(6,591
|
)
|
||||||
CESH
|
1,313
|
|
|
661
|
|
|
652
|
|
|
661
|
|
|
2,654
|
|
|
(1,993
|
)
|
||||||
|
16,547
|
|
|
21,925
|
|
|
(5,378
|
)
|
|
21,925
|
|
|
51,445
|
|
|
(29,520
|
)
|
||||||
Structuring and other advisory revenue
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
CPA:17 – Global
|
—
|
|
|
1,184
|
|
|
(1,184
|
)
|
|
1,184
|
|
|
9,103
|
|
|
(7,919
|
)
|
||||||
CPA:18 – Global
|
2,322
|
|
|
18,900
|
|
|
(16,578
|
)
|
|
18,900
|
|
|
3,999
|
|
|
14,901
|
|
||||||
CWI 1
|
1,365
|
|
|
953
|
|
|
412
|
|
|
953
|
|
|
4,976
|
|
|
(4,023
|
)
|
||||||
CWI 2
|
225
|
|
|
245
|
|
|
(20
|
)
|
|
245
|
|
|
10,889
|
|
|
(10,644
|
)
|
||||||
CESH
|
312
|
|
|
(156
|
)
|
|
468
|
|
|
(156
|
)
|
|
6,127
|
|
|
(6,283
|
)
|
||||||
|
4,224
|
|
|
21,126
|
|
|
(16,902
|
)
|
|
21,126
|
|
|
35,094
|
|
|
(13,968
|
)
|
||||||
Dealer manager fees
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,430
|
|
|
(4,430
|
)
|
||||||
|
59,903
|
|
|
106,607
|
|
|
(46,704
|
)
|
|
106,607
|
|
|
161,094
|
|
|
(54,487
|
)
|
||||||
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
General and administrative
|
18,497
|
|
|
21,127
|
|
|
(2,630
|
)
|
|
21,127
|
|
|
31,889
|
|
|
(10,762
|
)
|
||||||
Reimbursable costs from affiliates
|
16,547
|
|
|
21,925
|
|
|
(5,378
|
)
|
|
21,925
|
|
|
51,445
|
|
|
(29,520
|
)
|
||||||
Subadvisor fees
|
7,579
|
|
|
9,240
|
|
|
(1,661
|
)
|
|
9,240
|
|
|
13,600
|
|
|
(4,360
|
)
|
||||||
Stock-based compensation expense
|
5,539
|
|
|
7,844
|
|
|
(2,305
|
)
|
|
7,844
|
|
|
11,957
|
|
|
(4,113
|
)
|
||||||
Depreciation and amortization
|
3,835
|
|
|
3,979
|
|
|
(144
|
)
|
|
3,979
|
|
|
3,902
|
|
|
77
|
|
||||||
Restructuring and other compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,363
|
|
|
(9,363
|
)
|
||||||
Dealer manager fees and expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,544
|
|
|
(6,544
|
)
|
||||||
|
51,997
|
|
|
64,115
|
|
|
(12,118
|
)
|
|
64,115
|
|
|
128,700
|
|
|
(64,585
|
)
|
||||||
Other Income and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Equity in earnings of equity method investments in the Managed Programs
|
20,868
|
|
|
48,173
|
|
|
(27,305
|
)
|
|
48,173
|
|
|
51,682
|
|
|
(3,509
|
)
|
||||||
Other gains and (losses)
|
1,224
|
|
|
(102
|
)
|
|
1,326
|
|
|
(102
|
)
|
|
2,042
|
|
|
(2,144
|
)
|
||||||
Gain on change in control of interests
|
—
|
|
|
29,022
|
|
|
(29,022
|
)
|
|
29,022
|
|
|
—
|
|
|
29,022
|
|
||||||
|
22,092
|
|
|
77,093
|
|
|
(55,001
|
)
|
|
77,093
|
|
|
53,724
|
|
|
23,369
|
|
||||||
Income before income taxes
|
29,998
|
|
|
119,585
|
|
|
(89,587
|
)
|
|
119,585
|
|
|
86,118
|
|
|
33,467
|
|
||||||
Benefit from (provision for) income taxes
|
4,591
|
|
|
(15,255
|
)
|
|
19,846
|
|
|
(15,255
|
)
|
|
(968
|
)
|
|
(14,287
|
)
|
||||||
Net Income from Investment Management
|
34,589
|
|
|
104,330
|
|
|
(69,741
|
)
|
|
104,330
|
|
|
85,150
|
|
|
19,180
|
|
||||||
Net income attributable to noncontrolling interests
|
(1,411
|
)
|
|
—
|
|
|
(1,411
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net Income from Investment Management Attributable to W. P. Carey
|
$
|
33,178
|
|
|
$
|
104,330
|
|
|
$
|
(71,152
|
)
|
|
$
|
104,330
|
|
|
$
|
85,150
|
|
|
$
|
19,180
|
|
|
W. P. Carey 2019 10-K – 44
|
|
W. P. Carey 2019 10-K – 45
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Equity in earnings of equity method investments in the Managed Programs:
|
|
|
|
|
|
||||||
Equity in (losses) earnings of equity method investments in the
Managed Programs (a)
|
$
|
(621
|
)
|
|
$
|
1,564
|
|
|
$
|
3,820
|
|
Distributions of Available Cash: (b)
|
|
|
|
|
|
||||||
CPA:17 – Global (a)
|
—
|
|
|
26,308
|
|
|
26,675
|
|
|||
CPA:18 – Global
|
8,132
|
|
|
9,692
|
|
|
8,650
|
|
|||
CWI 1
|
7,095
|
|
|
5,142
|
|
|
7,459
|
|
|||
CWI 2
|
6,262
|
|
|
5,467
|
|
|
5,078
|
|
|||
Equity in earnings of equity method investments in the Managed Programs
|
$
|
20,868
|
|
|
$
|
48,173
|
|
|
$
|
51,682
|
|
(a)
|
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.
|
(b)
|
We are entitled to receive distributions of up to 10% of the Available Cash from the operating partnerships of each of the Managed REITs, as defined in their respective operating partnership agreements (Note 4). We are required to pay 20% and 25% of such distributions to the subadvisors of CWI 1 and CWI 2, respectively. 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.
|
|
W. P. Carey 2019 10-K – 46
|
|
W. P. Carey 2019 10-K – 47
|
|
W. P. Carey 2019 10-K – 48
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Carrying Value
|
|
|
|
||||
Fixed rate:
|
|
|
|
||||
Senior Unsecured Notes (a)
|
$
|
4,390,189
|
|
|
$
|
3,554,470
|
|
Non-recourse mortgages (a)
|
1,232,898
|
|
|
1,795,460
|
|
||
|
5,623,087
|
|
|
5,349,930
|
|
||
Variable rate:
|
|
|
|
||||
Unsecured Revolving Credit Facility
|
201,267
|
|
|
91,563
|
|
||
Non-recourse mortgages (a):
|
|
|
|
||||
Amount subject to interest rate swaps and caps
|
157,518
|
|
|
561,959
|
|
||
Floating interest rate mortgage loans
|
72,071
|
|
|
375,239
|
|
||
|
430,856
|
|
|
1,028,761
|
|
||
|
$
|
6,053,943
|
|
|
$
|
6,378,691
|
|
|
|
|
|
||||
Percent of Total Debt
|
|
|
|
||||
Fixed rate
|
93
|
%
|
|
84
|
%
|
||
Variable rate
|
7
|
%
|
|
16
|
%
|
||
|
100
|
%
|
|
100
|
%
|
||
Weighted-Average Interest Rate at End of Year
|
|
|
|
||||
Fixed rate
|
3.3
|
%
|
|
3.7
|
%
|
||
Variable rate (b)
|
2.1
|
%
|
|
3.4
|
%
|
||
Total debt
|
3.2
|
%
|
|
3.6
|
%
|
(a)
|
Aggregate debt balance includes unamortized discount, net, totaling $26.7 million and $37.6 million as of December 31, 2019 and 2018, respectively, and unamortized deferred financing costs totaling $23.4 million and $20.5 million as of December 31, 2019 and 2018, respectively.
|
(b)
|
The impact of our derivative instruments is reflected in the weighted-average interest rates.
|
•
|
cash and cash equivalents totaling $196.0 million. Of this amount, $94.9 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 $1.3 billion; and
|
•
|
unleveraged properties that had an aggregate asset carrying value of $8.8 billion at December 31, 2019, although there can be no assurance that we would be able to obtain financing for these properties.
|
|
W. P. Carey 2019 10-K – 49
|
|
Total
|
|
Less than
1 year
|
|
1-3 years
|
|
3-5 years
|
|
More than
5 years
|
||||||||||
Senior Unsecured Notes — principal (a) (b)
|
$
|
4,433,500
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,623,400
|
|
|
$
|
2,810,100
|
|
Non-recourse mortgages — principal (a)
|
1,469,250
|
|
|
164,682
|
|
|
704,587
|
|
|
460,895
|
|
|
139,086
|
|
|||||
Senior Unsecured Credit Facility — principal (c)
|
201,267
|
|
|
—
|
|
|
201,267
|
|
|
—
|
|
|
—
|
|
|||||
Interest on borrowings (d)
|
935,444
|
|
|
193,812
|
|
|
343,555
|
|
|
233,263
|
|
|
164,814
|
|
|||||
Capital commitments and tenant expansion allowances (e)
|
367,001
|
|
|
271,876
|
|
|
85,607
|
|
|
3,000
|
|
|
6,518
|
|
|||||
Lease commitments (f)
|
96,147
|
|
|
—
|
|
|
10,469
|
|
|
11,965
|
|
|
73,713
|
|
|||||
|
$
|
7,502,609
|
|
|
$
|
630,370
|
|
|
$
|
1,345,485
|
|
|
$
|
2,332,523
|
|
|
$
|
3,194,231
|
|
(a)
|
Excludes unamortized deferred financing costs totaling $23.4 million, the unamortized discount on the Senior Unsecured Notes of $20.5 million in aggregate, and the aggregate unamortized fair market value discount of $6.2 million, primarily resulting from the assumption of property-level debt in connection with business combinations, including the CPA:17 Merger (Note 3).
|
(b)
|
(c)
|
Our Unsecured Revolving Credit Facility was scheduled to mature on February 22, 2021. However, on February 20, 2020, we entered into our Amended Credit Facility and increased the capacity of our unsecured line of credit to $2.1 billion, which is comprised of a $1.8 billion revolving line of credit, a £150.0 million term loan, and a $105.0 million delayed draw term loan, all of which will mature in five years (Note 20).
|
(d)
|
Interest on unhedged variable-rate debt obligations was calculated using the applicable annual variable interest rates and balances outstanding at December 31, 2019.
|
(e)
|
Capital commitments include (i) $227.8 million related to build-to-suit projects, including $48.0 million related to projects for which the tenant has not exercised the associated construction option, (ii) $87.9 million related to purchase commitments, and (iii) $51.3 million related to unfunded tenant improvements, including certain discretionary commitments.
|
(f)
|
Represents a contractual rent commitment to lease office space. The lease was executed during 2019 but does not commence until the second quarter of 2020; therefore, it is not reflected as an office lease right-of-use asset (Note 2) on our consolidated balance sheets as of December 31, 2019.
|
|
W. P. Carey 2019 10-K – 50
|
|
W. P. Carey 2019 10-K – 51
|
|
W. P. Carey 2019 10-K – 52
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Net income attributable to W. P. Carey
|
$
|
305,243
|
|
|
$
|
411,566
|
|
|
$
|
277,289
|
|
Adjustments:
|
|
|
|
|
|
||||||
Depreciation and amortization of real property
|
442,096
|
|
|
286,164
|
|
|
248,042
|
|
|||
Impairment charges
|
32,539
|
|
|
4,790
|
|
|
2,769
|
|
|||
Gain on sale of real estate, net
|
(18,143
|
)
|
|
(118,605
|
)
|
|
(33,878
|
)
|
|||
Loss (gain) on change in control of interests (a) (b)
|
8,416
|
|
|
(47,814
|
)
|
|
—
|
|
|||
Proportionate share of adjustments to equity in net income of partially owned entities (c)
|
15,826
|
|
|
4,728
|
|
|
5,293
|
|
|||
Proportionate share of adjustments for noncontrolling interests (d)
|
(69
|
)
|
|
(8,966
|
)
|
|
(10,491
|
)
|
|||
Total adjustments
|
480,665
|
|
|
120,297
|
|
|
211,735
|
|
|||
FFO (as defined by NAREIT) attributable to W. P. Carey
|
785,908
|
|
|
531,863
|
|
|
489,024
|
|
|||
Adjustments:
|
|
|
|
|
|
||||||
Above- and below-market rent intangible lease amortization, net
|
64,383
|
|
|
52,314
|
|
|
55,195
|
|
|||
Straight-line and other rent adjustments (e)
|
(31,787
|
)
|
|
(14,460
|
)
|
|
(11,679
|
)
|
|||
Stock-based compensation
|
18,787
|
|
|
18,294
|
|
|
18,917
|
|
|||
Amortization of deferred financing costs
|
11,714
|
|
|
6,184
|
|
|
8,169
|
|
|||
Other (gains) and losses (f)
|
(8,924
|
)
|
|
(15,704
|
)
|
|
17,163
|
|
|||
Tax expense (benefit) — deferred and other (g) (h)
|
5,974
|
|
|
1,079
|
|
|
(18,664
|
)
|
|||
Other amortization and non-cash items
|
3,198
|
|
|
920
|
|
|
(912
|
)
|
|||
Merger and other expenses (i)
|
101
|
|
|
41,426
|
|
|
605
|
|
|||
Restructuring and other compensation
|
—
|
|
|
—
|
|
|
9,363
|
|
|||
Proportionate share of adjustments to equity in net income of partially owned entities (c)
|
7,165
|
|
|
12,439
|
|
|
8,476
|
|
|||
Proportionate share of adjustments for noncontrolling interests (d)
|
(49
|
)
|
|
231
|
|
|
(2,678
|
)
|
|||
Total adjustments
|
70,562
|
|
|
102,723
|
|
|
83,955
|
|
|||
AFFO attributable to W. P. Carey
|
$
|
856,470
|
|
|
$
|
634,586
|
|
|
$
|
572,979
|
|
|
|
|
|
|
|
||||||
Summary
|
|
|
|
|
|
||||||
FFO (as defined by NAREIT) attributable to W. P. Carey
|
$
|
785,908
|
|
|
$
|
531,863
|
|
|
$
|
489,024
|
|
AFFO attributable to W. P. Carey
|
$
|
856,470
|
|
|
$
|
634,586
|
|
|
$
|
572,979
|
|
|
W. P. Carey 2019 10-K – 53
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Net income from Real Estate attributable to W. P. Carey
|
$
|
272,065
|
|
|
$
|
307,236
|
|
|
$
|
192,139
|
|
Adjustments:
|
|
|
|
|
|
||||||
Depreciation and amortization of real property
|
442,096
|
|
|
286,164
|
|
|
248,042
|
|
|||
Impairment charges
|
32,539
|
|
|
4,790
|
|
|
2,769
|
|
|||
Gain on sale of real estate, net
|
(18,143
|
)
|
|
(118,605
|
)
|
|
(33,878
|
)
|
|||
Loss (gain) on change in control of interests (a)
|
8,416
|
|
|
(18,792
|
)
|
|
—
|
|
|||
Proportionate share of adjustments to equity in net income of partially owned entities (c)
|
15,826
|
|
|
4,728
|
|
|
5,293
|
|
|||
Proportionate share of adjustments for noncontrolling interests (d)
|
(69
|
)
|
|
(8,966
|
)
|
|
(10,491
|
)
|
|||
Total adjustments
|
480,665
|
|
|
149,319
|
|
|
211,735
|
|
|||
FFO (as defined by NAREIT) attributable to W. P. Carey — Real Estate
|
752,730
|
|
|
456,555
|
|
|
403,874
|
|
|||
Adjustments:
|
|
|
|
|
|
||||||
Above- and below-market rent intangible lease amortization, net
|
64,383
|
|
|
52,314
|
|
|
55,195
|
|
|||
Straight-line and other rent adjustments (e)
|
(31,787
|
)
|
|
(14,460
|
)
|
|
(11,679
|
)
|
|||
Stock-based compensation
|
13,248
|
|
|
10,450
|
|
|
6,960
|
|
|||
Amortization of deferred financing costs
|
11,714
|
|
|
6,184
|
|
|
8,169
|
|
|||
Other (gains) and losses (f)
|
(9,773
|
)
|
|
(18,025
|
)
|
|
18,063
|
|
|||
Tax expense (benefit) — deferred and other
|
7,971
|
|
|
(18,790
|
)
|
|
(20,168
|
)
|
|||
Other amortization and non-cash items
|
2,540
|
|
|
330
|
|
|
(912
|
)
|
|||
Merger and other expenses (i)
|
101
|
|
|
41,426
|
|
|
605
|
|
|||
Proportionate share of adjustments to equity in net income of partially owned entities (c)
|
115
|
|
|
287
|
|
|
(564
|
)
|
|||
Proportionate share of adjustments for noncontrolling interests (d)
|
(49
|
)
|
|
231
|
|
|
(2,678
|
)
|
|||
Total adjustments
|
58,463
|
|
|
59,947
|
|
|
52,991
|
|
|||
AFFO attributable to W. P. Carey — Real Estate
|
$
|
811,193
|
|
|
$
|
516,502
|
|
|
$
|
456,865
|
|
|
|
|
|
|
|
||||||
Summary
|
|
|
|
|
|
||||||
FFO (as defined by NAREIT) attributable to W. P. Carey — Real Estate
|
$
|
752,730
|
|
|
$
|
456,555
|
|
|
$
|
403,874
|
|
AFFO attributable to W. P. Carey — Real Estate
|
$
|
811,193
|
|
|
$
|
516,502
|
|
|
$
|
456,865
|
|
|
W. P. Carey 2019 10-K – 54
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Net income from Investment Management attributable to W. P. Carey
|
$
|
33,178
|
|
|
$
|
104,330
|
|
|
$
|
85,150
|
|
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
|
33,178
|
|
|
75,308
|
|
|
85,150
|
|
|||
Adjustments:
|
|
|
|
|
|
||||||
Stock-based compensation
|
5,539
|
|
|
7,844
|
|
|
11,957
|
|
|||
Tax (benefit) expense — deferred and other (g) (h)
|
(1,997
|
)
|
|
19,869
|
|
|
1,504
|
|
|||
Other (gains) and losses (f)
|
849
|
|
|
2,321
|
|
|
(900
|
)
|
|||
Other amortization and non-cash items
|
658
|
|
|
590
|
|
|
—
|
|
|||
Restructuring and other compensation
|
—
|
|
|
—
|
|
|
9,363
|
|
|||
Proportionate share of adjustments to equity in net income of partially owned entities (c)
|
7,050
|
|
|
12,152
|
|
|
9,040
|
|
|||
Total adjustments
|
12,099
|
|
|
42,776
|
|
|
30,964
|
|
|||
AFFO attributable to W. P. Carey — Investment Management
|
$
|
45,277
|
|
|
$
|
118,084
|
|
|
$
|
116,114
|
|
|
|
|
|
|
|
||||||
Summary
|
|
|
|
|
|
||||||
FFO (as defined by NAREIT) attributable to W. P. Carey — Investment Management
|
$
|
33,178
|
|
|
$
|
75,308
|
|
|
$
|
85,150
|
|
AFFO attributable to W. P. Carey — Investment Management
|
$
|
45,277
|
|
|
$
|
118,084
|
|
|
$
|
116,114
|
|
(a)
|
Amount for the year ended December 31, 2019 represents a loss recognized on the purchase of the remaining interest in a real estate investment from CPA:17 – Global in the CPA:17 Merger, which we had previously accounted for under the equity method. We recognized this loss because we identified certain measurement period adjustments during the third quarter of 2019 that impacted the provisional accounting for this investment (Note 3, Note 6). 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)
|
Equity income, including amounts that are not typically recognized for FFO and AFFO, is recognized within Equity in earnings of equity method investments in the Managed Programs and real estate on the consolidated statements of income. This represents adjustments to equity income to reflect FFO and AFFO on a pro rata basis.
|
(d)
|
Adjustments disclosed elsewhere in this reconciliation are on a consolidated basis. This adjustment reflects our FFO or AFFO on a pro rata basis.
|
(e)
|
Amount for the year ended December 31, 2019 includes an adjustment to exclude $6.2 million of non-cash lease termination revenue, which will be collected and reflected within AFFO over the remaining master lease term.
|
(f)
|
Primarily comprised of unrealized gains and losses on derivatives, and gains and losses from foreign currency movements, extinguishment of debt, and marketable securities. Beginning in the second quarter of 2019, we aggregated (gain) loss on extinguishment of debt and realized (gains) losses on foreign currency (both of which were previously disclosed as separate AFFO adjustment line items), as well as certain other adjustments, within this line item, which is comprised of adjustments related to Other gains and (losses) on our consolidated statements of income. Prior period amounts have been reclassified to conform to the current period presentation.
|
(g)
|
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.
|
(h)
|
Amount for the year ended December 31, 2019 includes a current tax benefit, which is excluded from AFFO as it was incurred as a result of the CPA:17 Merger.
|
(i)
|
|
W. P. Carey 2019 10-K – 55
|
|
W. P. Carey 2019 10-K – 56
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
|
Total
|
|
Fair value
|
||||||||||||||||
Fixed-rate debt (a) (b)
|
$
|
152,812
|
|
|
$
|
213,087
|
|
|
$
|
406,785
|
|
|
$
|
801,170
|
|
|
$
|
1,148,989
|
|
|
$
|
2,949,186
|
|
|
$
|
5,672,029
|
|
|
$
|
5,941,459
|
|
Variable-rate debt (a)
|
$
|
11,870
|
|
|
$
|
232,382
|
|
|
$
|
53,600
|
|
|
$
|
99,118
|
|
|
$
|
35,018
|
|
|
$
|
—
|
|
|
$
|
431,988
|
|
|
$
|
430,132
|
|
(a)
|
Amounts are based on the exchange rate at December 31, 2019, as applicable.
|
(b)
|
Amounts after 2022 are primarily comprised of principal payments for our Senior Unsecured Notes (Note 11).
|
|
W. P. Carey 2019 10-K – 57
|
Lease Revenues (a)
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
|
Total
|
||||||||||||||
Euro (b)
|
|
$
|
302,124
|
|
|
$
|
299,176
|
|
|
$
|
289,400
|
|
|
$
|
287,769
|
|
|
$
|
268,269
|
|
|
$
|
1,757,899
|
|
|
$
|
3,204,637
|
|
British pound sterling (c)
|
|
42,332
|
|
|
43,057
|
|
|
43,194
|
|
|
43,612
|
|
|
44,011
|
|
|
268,970
|
|
|
485,176
|
|
|||||||
Japanese yen (d)
|
|
2,816
|
|
|
2,809
|
|
|
677
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,302
|
|
|||||||
Other foreign currencies (e)
|
|
25,583
|
|
|
25,933
|
|
|
25,860
|
|
|
26,286
|
|
|
26,569
|
|
|
278,207
|
|
|
408,438
|
|
|||||||
|
|
$
|
372,855
|
|
|
$
|
370,975
|
|
|
$
|
359,131
|
|
|
$
|
357,667
|
|
|
$
|
338,849
|
|
|
$
|
2,305,076
|
|
|
$
|
4,104,553
|
|
Debt Service (a) (f)
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
|
Total
|
||||||||||||||
Euro (b)
|
|
$
|
132,907
|
|
|
$
|
204,384
|
|
|
$
|
73,801
|
|
|
$
|
754,706
|
|
|
$
|
618,274
|
|
|
$
|
1,780,284
|
|
|
$
|
3,564,356
|
|
British pound sterling (c)
|
|
2,098
|
|
|
65,717
|
|
|
829
|
|
|
829
|
|
|
829
|
|
|
8,949
|
|
|
79,251
|
|
|||||||
Japanese yen (d)
|
|
224
|
|
|
22,327
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,551
|
|
|||||||
|
|
$
|
135,229
|
|
|
$
|
292,428
|
|
|
$
|
74,630
|
|
|
$
|
755,535
|
|
|
$
|
619,103
|
|
|
$
|
1,789,233
|
|
|
$
|
3,666,158
|
|
(a)
|
Amounts are based on the applicable exchange rates at December 31, 2019. 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, 2019 of $3.6 million, excluding the impact of our derivative instruments. Debt service amounts included the equivalent of $2.8 billion of euro-denominated senior notes maturing from 2023 through 2028, and the equivalent of $131.4 million borrowed in euro under our Unsecured Revolving Credit Facility, which was scheduled to mature on February 22, 2021 (Note 11). However, in February 2020, we entered into our Amended Credit Facility and, as amended, the revolving line of credit will mature in five years (Note 20).
|
(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, 2019 of $4.1 million, excluding the impact of our derivative instruments. Debt service amounts included the equivalent of $47.5 million borrowed in British pound sterling under our Unsecured Revolving Credit Facility, which was scheduled to mature on February 22, 2021 (Note 11). However, in February 2020, we entered into our Amended Credit Facility and, as amended, the revolving line of credit will mature in five years (Note 20).
|
(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, 2019 of $0.2 million. Debt service amounts included the equivalent of $22.3 million borrowed in Japanese yen under our Unsecured Revolving Credit Facility, which was scheduled to mature on February 22, 2021 (Note 11). However, in February 2020, we entered into our Amended Credit Facility and, as amended, the revolving line of credit will mature in five years (Note 20).
|
(e)
|
Other foreign currencies for future lease payments consist of the Danish krone, the Norwegian krone, the Swedish krona, and the Canadian dollar.
|
(f)
|
Interest on unhedged variable-rate debt obligations was calculated using the applicable annual interest rates and balances outstanding at December 31, 2019.
|
|
W. P. Carey 2019 10-K – 58
|
•
|
68% related to domestic operations; and
|
•
|
32% related to international operations.
|
•
|
64% related to domestic properties;
|
•
|
36% related to international properties;
|
•
|
24% related to industrial facilities, 23% related to office facilities, 22% related to warehouse facilities, and 18% related to retail facilities; and
|
•
|
21% related to the retail stores industry (including automotive dealerships) and 10% related to the consumer services industry.
|
|
W. P. Carey 2019 10-K – 59
|
TABLE OF CONTENTS
|
Page No.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W. P. Carey 2019 10-K – 60
|
|
W. P. Carey 2019 10-K – 61
|
|
W. P. Carey 2019 10-K – 62
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Assets
|
|
|
|
||||
Investments in real estate:
|
|
|
|
||||
Land, buildings and improvements
|
$
|
9,856,191
|
|
|
$
|
9,251,396
|
|
Net investments in direct financing leases
|
896,549
|
|
|
1,306,215
|
|
||
In-place lease intangible assets and other
|
2,186,851
|
|
|
2,009,628
|
|
||
Above-market rent intangible assets
|
909,139
|
|
|
925,797
|
|
||
Investments in real estate
|
13,848,730
|
|
|
13,493,036
|
|
||
Accumulated depreciation and amortization
|
(2,035,995
|
)
|
|
(1,564,182
|
)
|
||
Assets held for sale, net
|
104,010
|
|
|
—
|
|
||
Net investments in real estate
|
11,916,745
|
|
|
11,928,854
|
|
||
Equity investments in the Managed Programs and real estate
|
324,004
|
|
|
329,248
|
|
||
Cash and cash equivalents
|
196,028
|
|
|
217,644
|
|
||
Due from affiliates
|
57,816
|
|
|
74,842
|
|
||
Other assets, net
|
631,637
|
|
|
711,507
|
|
||
Goodwill
|
934,688
|
|
|
920,944
|
|
||
Total assets (a)
|
$
|
14,060,918
|
|
|
$
|
14,183,039
|
|
Liabilities and Equity
|
|
|
|
||||
Debt:
|
|
|
|
||||
Senior unsecured notes, net
|
$
|
4,390,189
|
|
|
$
|
3,554,470
|
|
Unsecured revolving credit facility
|
201,267
|
|
|
91,563
|
|
||
Non-recourse mortgages, net
|
1,462,487
|
|
|
2,732,658
|
|
||
Debt, net
|
6,053,943
|
|
|
6,378,691
|
|
||
Accounts payable, accrued expenses and other liabilities
|
487,405
|
|
|
403,896
|
|
||
Below-market rent and other intangible liabilities, net
|
210,742
|
|
|
225,128
|
|
||
Deferred income taxes
|
179,309
|
|
|
173,115
|
|
||
Dividends payable
|
181,346
|
|
|
172,154
|
|
||
Total liabilities (a)
|
7,112,745
|
|
|
7,352,984
|
|
||
|
|
|
|
|
|||
|
|
|
|
||||
Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued
|
—
|
|
|
—
|
|
||
Common stock, $0.001 par value, 450,000,000 shares authorized; 172,278,242 and 165,279,642 shares, respectively, issued and outstanding
|
172
|
|
|
165
|
|
||
Additional paid-in capital
|
8,717,535
|
|
|
8,187,335
|
|
||
Distributions in excess of accumulated earnings
|
(1,557,374
|
)
|
|
(1,143,992
|
)
|
||
Deferred compensation obligation
|
37,263
|
|
|
35,766
|
|
||
Accumulated other comprehensive loss
|
(255,667
|
)
|
|
(254,996
|
)
|
||
Total stockholders’ equity
|
6,941,929
|
|
|
6,824,278
|
|
||
Noncontrolling interests
|
6,244
|
|
|
5,777
|
|
||
Total equity
|
6,948,173
|
|
|
6,830,055
|
|
||
Total liabilities and equity
|
$
|
14,060,918
|
|
|
$
|
14,183,039
|
|
(a)
|
|
W. P. Carey 2019 10-K – 63
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Revenues
|
|
|
|
|
|
||||||
Real Estate:
|
|
|
|
|
|
||||||
Lease revenues
|
$
|
1,086,375
|
|
|
$
|
744,498
|
|
|
$
|
651,897
|
|
Operating property revenues
|
50,220
|
|
|
28,072
|
|
|
30,562
|
|
|||
Lease termination income and other
|
36,268
|
|
|
6,555
|
|
|
4,749
|
|
|||
|
1,172,863
|
|
|
779,125
|
|
|
687,208
|
|
|||
Investment Management:
|
|
|
|
|
|
||||||
Asset management revenue
|
39,132
|
|
|
63,556
|
|
|
70,125
|
|
|||
Reimbursable costs from affiliates
|
16,547
|
|
|
21,925
|
|
|
51,445
|
|
|||
Structuring and other advisory revenue
|
4,224
|
|
|
21,126
|
|
|
35,094
|
|
|||
Dealer manager fees
|
—
|
|
|
—
|
|
|
4,430
|
|
|||
|
59,903
|
|
|
106,607
|
|
|
161,094
|
|
|||
|
1,232,766
|
|
|
885,732
|
|
|
848,302
|
|
|||
Operating Expenses
|
|
|
|
|
|
||||||
Depreciation and amortization
|
447,135
|
|
|
291,440
|
|
|
253,334
|
|
|||
General and administrative
|
75,293
|
|
|
68,337
|
|
|
70,891
|
|
|||
Reimbursable tenant costs
|
55,576
|
|
|
28,076
|
|
|
21,524
|
|
|||
Property expenses, excluding reimbursable tenant costs
|
39,545
|
|
|
22,773
|
|
|
17,330
|
|
|||
Operating property expenses
|
38,015
|
|
|
20,150
|
|
|
23,426
|
|
|||
Impairment charges
|
32,539
|
|
|
4,790
|
|
|
2,769
|
|
|||
Stock-based compensation expense
|
18,787
|
|
|
18,294
|
|
|
18,917
|
|
|||
Reimbursable costs from affiliates
|
16,547
|
|
|
21,925
|
|
|
51,445
|
|
|||
Subadvisor fees
|
7,579
|
|
|
9,240
|
|
|
13,600
|
|
|||
Merger and other expenses
|
101
|
|
|
41,426
|
|
|
605
|
|
|||
Restructuring and other compensation
|
—
|
|
|
—
|
|
|
9,363
|
|
|||
Dealer manager fees and expenses
|
—
|
|
|
—
|
|
|
6,544
|
|
|||
|
731,117
|
|
|
526,451
|
|
|
489,748
|
|
|||
Other Income and Expenses
|
|
|
|
|
|
||||||
Interest expense
|
(233,325
|
)
|
|
(178,375
|
)
|
|
(165,775
|
)
|
|||
Other gains and (losses)
|
31,475
|
|
|
29,913
|
|
|
(3,613
|
)
|
|||
Equity in earnings of equity method investments in the Managed Programs and real estate
|
23,229
|
|
|
61,514
|
|
|
64,750
|
|
|||
Gain on sale of real estate, net
|
18,143
|
|
|
118,605
|
|
|
33,878
|
|
|||
(Loss) gain on change in control of interests
|
(8,416
|
)
|
|
47,814
|
|
|
—
|
|
|||
|
(168,894
|
)
|
|
79,471
|
|
|
(70,760
|
)
|
|||
Income before income taxes
|
332,755
|
|
|
438,752
|
|
|
287,794
|
|
|||
Provision for income taxes
|
(26,211
|
)
|
|
(14,411
|
)
|
|
(2,711
|
)
|
|||
Net Income
|
306,544
|
|
|
424,341
|
|
|
285,083
|
|
|||
Net income attributable to noncontrolling interests
|
(1,301
|
)
|
|
(12,775
|
)
|
|
(7,794
|
)
|
|||
Net Income Attributable to W. P. Carey
|
$
|
305,243
|
|
|
$
|
411,566
|
|
|
$
|
277,289
|
|
|
|
|
|
|
|
||||||
Basic Earnings Per Share
|
$
|
1.78
|
|
|
$
|
3.50
|
|
|
$
|
2.56
|
|
Diluted Earnings Per Share
|
$
|
1.78
|
|
|
$
|
3.49
|
|
|
$
|
2.56
|
|
Weighted-Average Shares Outstanding
|
|
|
|
|
|
||||||
Basic
|
171,001,430
|
|
|
117,494,969
|
|
|
107,824,738
|
|
|||
Diluted
|
171,299,414
|
|
|
117,706,445
|
|
|
108,035,971
|
|
|
W. P. Carey 2019 10-K – 64
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Net Income
|
$
|
306,544
|
|
|
$
|
424,341
|
|
|
$
|
285,083
|
|
Other Comprehensive (Loss) Income
|
|
|
|
|
|
||||||
Unrealized (loss) gain on derivative instruments
|
(1,054
|
)
|
|
4,923
|
|
|
(37,778
|
)
|
|||
Foreign currency translation adjustments
|
376
|
|
|
(31,843
|
)
|
|
72,428
|
|
|||
Unrealized gain (loss) on investments
|
7
|
|
|
154
|
|
|
(71
|
)
|
|||
|
(671
|
)
|
|
(26,766
|
)
|
|
34,579
|
|
|||
Comprehensive Income
|
305,873
|
|
|
397,575
|
|
|
319,662
|
|
|||
|
|
|
|
|
|
||||||
Amounts Attributable to Noncontrolling Interests
|
|
|
|
|
|
||||||
Net income
|
(1,301
|
)
|
|
(12,775
|
)
|
|
(7,794
|
)
|
|||
Foreign currency translation adjustments
|
—
|
|
|
7,774
|
|
|
(16,120
|
)
|
|||
Unrealized loss on derivative instruments
|
—
|
|
|
7
|
|
|
15
|
|
|||
Comprehensive income attributable to noncontrolling interests
|
(1,301
|
)
|
|
(4,994
|
)
|
|
(23,899
|
)
|
|||
Comprehensive Income Attributable to W. P. Carey
|
$
|
304,572
|
|
|
$
|
392,581
|
|
|
$
|
295,763
|
|
|
W. P. Carey 2019 10-K – 65
|
|
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, 2019
|
165,279,642
|
|
|
$
|
165
|
|
|
$
|
8,187,335
|
|
|
$
|
(1,143,992
|
)
|
|
$
|
35,766
|
|
|
$
|
(254,996
|
)
|
|
$
|
6,824,278
|
|
|
$
|
5,777
|
|
|
$
|
6,830,055
|
|
Shares issued under “at-the-market” offering, net
|
6,672,412
|
|
|
6
|
|
|
523,387
|
|
|
|
|
|
|
|
|
523,393
|
|
|
|
|
523,393
|
|
||||||||||||
Shares issued upon delivery of vested restricted share awards
|
322,831
|
|
|
1
|
|
|
(15,766
|
)
|
|
|
|
|
|
|
|
(15,765
|
)
|
|
|
|
(15,765
|
)
|
||||||||||||
Shares issued upon purchases under employee share purchase plan
|
3,357
|
|
|
—
|
|
|
252
|
|
|
|
|
|
|
|
|
252
|
|
|
|
|
252
|
|
||||||||||||
Deferral of vested shares, net
|
|
|
|
|
(1,445
|
)
|
|
|
|
1,445
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|||||||||||||
Amortization of stock-based compensation expense
|
|
|
|
|
18,787
|
|
|
|
|
|
|
|
|
18,787
|
|
|
|
|
18,787
|
|
||||||||||||||
Contributions from noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
849
|
|
|
849
|
|
||||||||||||||
Distributions to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
(1,683
|
)
|
|
(1,683
|
)
|
||||||||||||||
Dividends declared ($4.14 per share)
|
|
|
|
|
4,985
|
|
|
(718,625
|
)
|
|
52
|
|
|
|
|
(713,588
|
)
|
|
|
|
(713,588
|
)
|
||||||||||||
Net income
|
|
|
|
|
|
|
305,243
|
|
|
|
|
|
|
305,243
|
|
|
1,301
|
|
|
306,544
|
|
|||||||||||||
Other comprehensive loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Unrealized loss on derivative instruments
|
|
|
|
|
|
|
|
|
|
|
(1,054
|
)
|
|
(1,054
|
)
|
|
|
|
(1,054
|
)
|
||||||||||||||
Foreign currency translation adjustments
|
|
|
|
|
|
|
|
|
|
|
376
|
|
|
376
|
|
|
|
|
376
|
|
||||||||||||||
Unrealized gain on investments
|
|
|
|
|
|
|
|
|
|
|
7
|
|
|
7
|
|
|
|
|
7
|
|
||||||||||||||
Balance at December 31, 2019
|
172,278,242
|
|
|
$
|
172
|
|
|
$
|
8,717,535
|
|
|
$
|
(1,557,374
|
)
|
|
$
|
37,263
|
|
|
$
|
(255,667
|
)
|
|
$
|
6,941,929
|
|
|
$
|
6,244
|
|
|
$
|
6,948,173
|
|
|
W. P. Carey 2019 10-K – 66
|
|
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 ($4.09 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
|
)
|
|||||||||||||
Unrealized gain on derivative instruments
|
|
|
|
|
|
|
|
|
|
|
4,930
|
|
|
4,930
|
|
|
(7
|
)
|
|
4,923
|
|
|||||||||||||
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 2019 10-K – 67
|
|
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 ($4.01 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
|
|
|||||||||||||
Unrealized loss on derivative instruments
|
|
|
|
|
|
|
|
|
|
|
(37,763
|
)
|
|
(37,763
|
)
|
|
(15
|
)
|
|
(37,778
|
)
|
|||||||||||||
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 2019 10-K – 68
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Cash Flows — Operating Activities
|
|
|
|
|
|
||||||
Net income
|
$
|
306,544
|
|
|
$
|
424,341
|
|
|
$
|
285,083
|
|
Adjustments to net income:
|
|
|
|
|
|
||||||
Depreciation and amortization, including intangible assets and deferred financing costs
|
460,030
|
|
|
298,166
|
|
|
261,415
|
|
|||
Amortization of rent-related intangibles and deferred rental revenue
|
84,878
|
|
|
51,132
|
|
|
55,051
|
|
|||
Straight-line rent adjustments
|
(46,260
|
)
|
|
(21,994
|
)
|
|
(16,980
|
)
|
|||
Impairment charges
|
32,539
|
|
|
4,790
|
|
|
2,769
|
|
|||
Investment Management revenue received in shares of Managed REITs and other
|
(30,555
|
)
|
|
(49,110
|
)
|
|
(69,658
|
)
|
|||
Distributions of earnings from equity method investments
|
26,772
|
|
|
62,015
|
|
|
66,259
|
|
|||
Equity in earnings of equity method investments in the Managed Programs and real estate
|
(23,229
|
)
|
|
(61,514
|
)
|
|
(64,750
|
)
|
|||
Stock-based compensation expense
|
18,787
|
|
|
18,294
|
|
|
18,917
|
|
|||
Gain on sale of real estate, net
|
(18,143
|
)
|
|
(118,605
|
)
|
|
(33,878
|
)
|
|||
Loss (gain) on change in control of interests
|
8,416
|
|
|
(47,814
|
)
|
|
—
|
|
|||
Deferred income tax expense (benefit)
|
9,255
|
|
|
(6,279
|
)
|
|
(20,013
|
)
|
|||
Realized and unrealized (gains) losses on foreign currency transactions, derivatives, and other
|
(466
|
)
|
|
(17,644
|
)
|
|
16,879
|
|
|||
Changes in assets and liabilities:
|
|
|
|
|
|
||||||
Net changes in other operating assets and liabilities
|
(20,783
|
)
|
|
(28,054
|
)
|
|
9,390
|
|
|||
Deferred structuring revenue received
|
4,913
|
|
|
9,456
|
|
|
16,705
|
|
|||
Increase in deferred structuring revenue receivable
|
(621
|
)
|
|
(8,014
|
)
|
|
(6,530
|
)
|
|||
Net Cash Provided by Operating Activities
|
812,077
|
|
|
509,166
|
|
|
520,659
|
|
|||
Cash Flows — Investing Activities
|
|
|
|
|
|
||||||
Purchases of real estate
|
(717,666
|
)
|
|
(719,548
|
)
|
|
(31,842
|
)
|
|||
Proceeds from sales of real estate
|
307,959
|
|
|
431,626
|
|
|
159,933
|
|
|||
Funding for real estate construction, redevelopments, and other capital expenditures on real estate
|
(165,490
|
)
|
|
(107,684
|
)
|
|
(78,367
|
)
|
|||
Proceeds from repayment of short-term loans to affiliates
|
46,637
|
|
|
37,000
|
|
|
277,894
|
|
|||
Funding of short-term loans to affiliates
|
(36,808
|
)
|
|
(10,000
|
)
|
|
(123,492
|
)
|
|||
Return of capital from equity method investments
|
34,365
|
|
|
16,382
|
|
|
10,085
|
|
|||
Proceeds from repayment of loans receivable
|
19,707
|
|
|
488
|
|
|
436
|
|
|||
Other investing activities, net
|
(8,882
|
)
|
|
(8,169
|
)
|
|
882
|
|
|||
Capital contributions to equity method investments
|
(2,595
|
)
|
|
(18,173
|
)
|
|
(1,291
|
)
|
|||
Cash and restricted cash acquired in connection with the CPA:17 Merger
|
—
|
|
|
113,634
|
|
|
—
|
|
|||
Cash paid to stockholders of CPA:17 – Global in the CPA:17 Merger
|
—
|
|
|
(1,688
|
)
|
|
—
|
|
|||
Net Cash (Used in) Provided by Investing Activities
|
(522,773
|
)
|
|
(266,132
|
)
|
|
214,238
|
|
|||
Cash Flows — Financing Activities
|
|
|
|
|
|
||||||
Proceeds from Senior Unsecured Credit Facility
|
1,336,824
|
|
|
1,403,254
|
|
|
1,302,463
|
|
|||
Repayments of Senior Unsecured Credit Facility
|
(1,227,153
|
)
|
|
(2,108,629
|
)
|
|
(1,680,198
|
)
|
|||
Prepayments of mortgage principal
|
(1,028,795
|
)
|
|
(207,450
|
)
|
|
(193,434
|
)
|
|||
Proceeds from issuance of Senior Unsecured Notes
|
870,635
|
|
|
1,183,828
|
|
|
530,456
|
|
|||
Dividends paid
|
(704,396
|
)
|
|
(440,431
|
)
|
|
(431,182
|
)
|
|||
Proceeds from shares issued under “at-the-market” offering, net of selling costs
|
523,287
|
|
|
287,544
|
|
|
22,824
|
|
|||
Scheduled payments of mortgage principal
|
(210,414
|
)
|
|
(100,433
|
)
|
|
(344,440
|
)
|
|||
Payments for withholding taxes upon delivery of equity-based awards and exercises of stock options
|
(15,766
|
)
|
|
(13,985
|
)
|
|
(11,969
|
)
|
|||
Payment of financing costs
|
(6,716
|
)
|
|
(8,059
|
)
|
|
(12,675
|
)
|
|||
Other financing activities, net
|
5,550
|
|
|
(1,465
|
)
|
|
(1,301
|
)
|
|||
Distributions paid to noncontrolling interests
|
(1,683
|
)
|
|
(18,216
|
)
|
|
(20,643
|
)
|
|||
Contributions from noncontrolling interests
|
849
|
|
|
71
|
|
|
90,550
|
|
|||
Repurchase of shares in connection with CPA:17 Merger
|
—
|
|
|
(1,178
|
)
|
|
—
|
|
|||
Proceeds from mortgage financing
|
—
|
|
|
857
|
|
|
4,083
|
|
|||
Net Cash Used in Financing Activities
|
(457,778
|
)
|
|
(24,292
|
)
|
|
(745,466
|
)
|
|||
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
|
(4,071
|
)
|
|
(4,355
|
)
|
|
9,514
|
|
|||
Net (decrease) increase in cash and cash equivalents and restricted cash
|
(172,545
|
)
|
|
214,387
|
|
|
(1,055
|
)
|
|||
Cash and cash equivalents and restricted cash, beginning of year
|
424,063
|
|
|
209,676
|
|
|
210,731
|
|
|||
Cash and cash equivalents and restricted cash, end of year
|
$
|
251,518
|
|
|
$
|
424,063
|
|
|
$
|
209,676
|
|
|
W. P. Carey 2019 10-K – 69
|
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
|
132,661
|
|
|
Fair value of noncontrolling interests acquired
|
(308,891
|
)
|
|
|
3,537,630
|
|
|
Assets Acquired at Fair Value
|
|
||
Land, buildings and improvements — operating leases
|
2,948,347
|
|
|
Land, buildings and improvements — operating properties
|
426,758
|
|
|
Net investments in direct financing leases
|
604,998
|
|
|
In-place lease and other intangible assets
|
793,463
|
|
|
Above-market rent intangible assets
|
298,180
|
|
|
Equity investments in real estate
|
192,322
|
|
|
Goodwill
|
296,108
|
|
|
Other assets, net (excluding restricted cash)
|
228,194
|
|
|
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
|
75,356
|
|
|
Amounts attributable to noncontrolling interests
|
5,039
|
|
|
Net assets acquired excluding cash and restricted cash
|
3,423,996
|
|
|
Cash and restricted cash acquired
|
$
|
113,634
|
|
|
W. P. Carey 2019 10-K – 70
|
•
|
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 2019 10-K – 71
|
|
W. P. Carey 2019 10-K – 72
|
•
|
a discount rate or internal rate of return;
|
•
|
the marketing period necessary to put a lease in place;
|
•
|
carrying costs during the marketing period;
|
•
|
leasing commissions and tenant improvement allowances;
|
•
|
market rents and growth factors of these rents; and
|
•
|
a market lease term and a capitalization rate to be applied to an estimate of market rent at the end of the market lease term.
|
•
|
the creditworthiness of the lessees;
|
•
|
industry surveys;
|
•
|
property type;
|
•
|
property location and age;
|
•
|
current lease rates relative to market lease rates; and
|
•
|
anticipated lease duration.
|
|
W. P. Carey 2019 10-K – 73
|
|
W. P. Carey 2019 10-K – 74
|
|
W. P. Carey 2019 10-K – 75
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Land, buildings and improvements
|
$
|
493,714
|
|
|
$
|
781,347
|
|
Net investments in direct financing leases
|
15,584
|
|
|
305,493
|
|
||
In-place lease intangible assets and other
|
56,915
|
|
|
84,870
|
|
||
Above-market rent intangible assets
|
34,576
|
|
|
45,754
|
|
||
Accumulated depreciation and amortization
|
(151,017
|
)
|
|
(164,942
|
)
|
||
Assets held for sale, net
|
104,010
|
|
|
—
|
|
||
Total assets
|
596,168
|
|
|
1,112,984
|
|
||
|
|
|
|
||||
Non-recourse mortgages, net
|
$
|
32,622
|
|
|
$
|
157,955
|
|
Total liabilities
|
98,671
|
|
|
227,461
|
|
|
December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Cash and cash equivalents
|
$
|
196,028
|
|
|
$
|
217,644
|
|
|
$
|
162,312
|
|
Restricted cash (a)
|
55,490
|
|
|
206,419
|
|
|
47,364
|
|
|||
Total cash and cash equivalents and restricted cash
|
$
|
251,518
|
|
|
$
|
424,063
|
|
|
$
|
209,676
|
|
(a)
|
Restricted cash is included within Other assets, net in 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. These funds were transferred from a restricted cash account to us in January 2019.
|
|
W. P. Carey 2019 10-K – 76
|
|
W. P. Carey 2019 10-K – 77
|
|
W. P. Carey 2019 10-K – 78
|
|
W. P. Carey 2019 10-K – 79
|
•
|
As a Lessee: we recognized $115.6 million of land lease right-of-use (“ROU”) assets, $12.7 million of office lease ROU assets, and $95.3 million of corresponding lease liabilities for certain operating office and land lease arrangements for which we were the lessee on January 1, 2019, which included reclassifying below-market ground lease intangible assets, above-market ground lease intangible liabilities, prepaid rent, and deferred rent as a component of the ROU asset (a net reclassification of $33.0 million). See Note 5 for additional disclosures on the presentation of these amounts in our consolidated balance sheets.
|
|
W. P. Carey 2019 10-K – 80
|
•
|
As a Lessor: a practical expedient allows lessors to combine non-lease components (lease arrangements that include common area maintenance services) with related lease components (lease revenues), if both the timing and pattern of transfer are the same for the non-lease component and related lease component, the lease component is the predominant component, and the lease component would otherwise be classified as an operating lease. We elected the practical expedient. For (i) operating lease arrangements involving real estate that include common area maintenance services and (ii) all real estate arrangements that include real estate taxes and insurance costs, we present these amounts within lease revenues in our consolidated statements of income. We record amounts reimbursed by the lessee in the period in which the applicable expenses are incurred.
|
|
W. P. Carey 2019 10-K – 81
|
|
W. P. Carey 2019 10-K – 82
|
|
Initially Reported at December 31, 2018
|
|
Measurement Period Adjustments
|
|
As Revised at December 31, 2019
|
||||||
Total Consideration
|
|
|
|
|
|
|
|||||
Fair value of W. P. Carey shares of common stock issued
|
$
|
3,554,578
|
|
|
$
|
—
|
|
|
$
|
3,554,578
|
|
Cash paid for fractional shares
|
1,688
|
|
|
—
|
|
|
1,688
|
|
|||
Merger Consideration
|
3,556,266
|
|
|
—
|
|
|
3,556,266
|
|
|||
Fair value of our equity interest in CPA:17 – Global prior to the CPA:17 Merger
|
157,594
|
|
|
—
|
|
|
157,594
|
|
|||
Fair value of our equity interest in jointly owned investments with CPA:17 – Global prior to the CPA:17 Merger
|
141,077
|
|
|
(8,416
|
)
|
|
132,661
|
|
|||
Fair value of noncontrolling interests acquired
|
(308,891
|
)
|
|
—
|
|
|
(308,891
|
)
|
|||
|
$
|
3,546,046
|
|
|
$
|
(8,416
|
)
|
|
$
|
3,537,630
|
|
|
Initially Reported at December 31, 2018
|
|
Measurement Period Adjustments
|
|
As Revised at December 31, 2019
|
||||||
Assets
|
|
|
|
|
|
||||||
Land, buildings and improvements — operating leases
|
$
|
2,954,034
|
|
|
$
|
(5,687
|
)
|
|
$
|
2,948,347
|
|
Land, buildings and improvements — operating properties
|
426,758
|
|
|
—
|
|
|
426,758
|
|
|||
Net investments in direct financing leases
|
626,038
|
|
|
(21,040
|
)
|
|
604,998
|
|
|||
In-place lease and other intangible assets
|
793,463
|
|
|
—
|
|
|
793,463
|
|
|||
Above-market rent intangible assets
|
298,180
|
|
|
—
|
|
|
298,180
|
|
|||
Equity investments in real estate
|
189,756
|
|
|
2,566
|
|
|
192,322
|
|
|||
Cash and cash equivalents and restricted cash
|
113,634
|
|
|
—
|
|
|
113,634
|
|
|||
Other assets, net (excluding restricted cash)
|
228,980
|
|
|
(786
|
)
|
|
228,194
|
|
|||
Total assets
|
5,630,843
|
|
|
(24,947
|
)
|
|
5,605,896
|
|
|||
Liabilities
|
|
|
|
|
|
||||||
Non-recourse mortgages, net
|
1,849,177
|
|
|
—
|
|
|
1,849,177
|
|
|||
Senior Credit Facility, net
|
180,331
|
|
|
—
|
|
|
180,331
|
|
|||
Accounts payable, accrued expenses and other liabilities
|
141,750
|
|
|
—
|
|
|
141,750
|
|
|||
Below-market rent and other intangible liabilities
|
112,721
|
|
|
—
|
|
|
112,721
|
|
|||
Deferred income taxes
|
76,085
|
|
|
(729
|
)
|
|
75,356
|
|
|||
Total liabilities
|
2,360,064
|
|
|
(729
|
)
|
|
2,359,335
|
|
|||
Total identifiable net assets
|
3,270,779
|
|
|
(24,218
|
)
|
|
3,246,561
|
|
|||
Noncontrolling interests
|
(5,039
|
)
|
|
—
|
|
|
(5,039
|
)
|
|||
Goodwill
|
280,306
|
|
|
15,802
|
|
|
296,108
|
|
|||
|
$
|
3,546,046
|
|
|
$
|
(8,416
|
)
|
|
$
|
3,537,630
|
|
|
W. P. Carey 2019 10-K – 83
|
•
|
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%.
|
|
W. P. Carey 2019 10-K – 84
|
|
Years Ended December 31,
|
||||||
|
2018
|
|
2017
|
||||
Pro forma total revenues
|
$
|
1,207,820
|
|
|
$
|
1,228,909
|
|
|
|
|
|
||||
Pro forma net income
|
$
|
405,659
|
|
|
$
|
275,634
|
|
Pro forma net loss (income) attributable to noncontrolling interests
|
1,301
|
|
|
(429
|
)
|
||
Pro forma net income attributable to W. P. Carey (a)
|
$
|
406,960
|
|
|
$
|
275,205
|
|
(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.
|
(i)
|
the advisory agreements with each of CWI 1 and CWI 2 will terminate;
|
(ii)
|
the operating partnerships of each of CWI 1 and CWI 2 will redeem the special general partnership interests that we currently hold, for which we will receive approximately $97 million in consideration, comprised of $65 million in shares of CWI 2 preferred stock and 2,840,549 shares in CWI 2 common stock valued at approximately $32 million;
|
(iii)
|
CWI 2 will internalize the management services currently provided by us; and
|
(iv)
|
we will provide certain transition services at cost to CWI 2 for periods generally up to 12 months from closing of the proposed merger.
|
|
W. P. Carey 2019 10-K – 85
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Asset management revenue (a)
|
$
|
39,132
|
|
|
$
|
63,556
|
|
|
$
|
70,125
|
|
Distributions of Available Cash (b)
|
21,489
|
|
|
46,609
|
|
|
47,862
|
|
|||
Reimbursable costs from affiliates (a)
|
16,547
|
|
|
21,925
|
|
|
51,445
|
|
|||
Structuring and other advisory revenue (a)
|
4,224
|
|
|
21,126
|
|
|
35,094
|
|
|||
Interest income on deferred acquisition fees and loans to affiliates (c)
|
2,237
|
|
|
2,055
|
|
|
2,103
|
|
|||
Dealer manager fees (a)
|
—
|
|
|
—
|
|
|
4,430
|
|
|||
|
$
|
83,629
|
|
|
$
|
155,271
|
|
|
$
|
211,059
|
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
CPA:17 – Global (d)
|
$
|
—
|
|
|
$
|
58,788
|
|
|
$
|
75,188
|
|
CPA:18 – Global
|
26,039
|
|
|
44,969
|
|
|
28,683
|
|
|||
CWI 1
|
30,770
|
|
|
28,243
|
|
|
33,691
|
|
|||
CWI 2
|
21,584
|
|
|
20,283
|
|
|
50,189
|
|
|||
CCIF
|
—
|
|
|
—
|
|
|
12,787
|
|
|||
CESH
|
5,236
|
|
|
2,988
|
|
|
10,521
|
|
|||
|
$
|
83,629
|
|
|
$
|
155,271
|
|
|
$
|
211,059
|
|
(a)
|
Amounts represent revenues from contracts under ASC 606.
|
(b)
|
Included within Equity in earnings of equity method investments in the Managed Programs and real estate in the consolidated statements of income.
|
(c)
|
Included within Other gains and (losses) in the consolidated statements of income.
|
(d)
|
We no longer earn revenue from CPA:17 – Global following the completion of the CPA:17 Merger on October 31, 2018 (Note 3).
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Short-term loans to affiliates, including accrued interest
|
$
|
47,721
|
|
|
$
|
58,824
|
|
Deferred acquisition fees receivable, including accrued interest
|
4,450
|
|
|
8,697
|
|
||
Reimbursable costs
|
3,129
|
|
|
3,227
|
|
||
Asset management fees receivable
|
1,267
|
|
|
563
|
|
||
Accounts receivable
|
1,118
|
|
|
1,425
|
|
||
Current acquisition fees receivable
|
131
|
|
|
2,106
|
|
||
|
$
|
57,816
|
|
|
$
|
74,842
|
|
|
W. P. Carey 2019 10-K – 86
|
Managed Program
|
|
Rate
|
|
Payable
|
|
Description
|
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 50% in cash and 50% in shares of its Class A common stock for 2019; payable in shares of its Class A common stock for 2018 and 2017
|
|
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 2019, 2018, and 2017
|
|
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 2019, 2018, and 2017
|
|
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
|
CESH
|
|
1.0%
|
|
In cash
|
|
Based on gross assets at fair value
|
|
W. P. Carey 2019 10-K – 87
|
Managed Program
|
|
Rate
|
|
Payable
|
|
Description
|
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
|
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
|
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
|
Managed Program
|
|
Payable
|
|
Description
|
CPA:18 – Global
|
|
In cash
|
|
Personnel and overhead costs, excluding those related to our legal transactions group, our senior management, and our investments team, are charged to CPA:18 – Global based on the average of the trailing 12-month aggregate reported revenues of the Managed Programs and us, and personnel costs are capped at 1.0%, 1.0%, and 2.0% of CPA:18 – Global’s pro rata lease revenues for 2019, 2018, and 2017, respectively; for the legal transactions group, costs are charged according to a fee schedule
|
CWI REITs
|
|
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
|
CESH
|
|
In cash
|
|
Actual expenses incurred
|
|
W. P. Carey 2019 10-K – 88
|
|
|
Interest Rate at
December 31, 2019 |
|
Maturity Date at December 31, 2019
|
|
Maximum Loan Amount Authorized at December 31, 2019
|
|
Principal Outstanding Balance at December 31, (a)
|
||||||||
Managed Program
|
|
|
|
|
2019
|
|
2018
|
|||||||||
CESH (b) (c)
|
|
LIBOR + 1.00%
|
|
10/1/2020
|
|
$
|
65,000
|
|
|
$
|
46,269
|
|
|
$
|
14,461
|
|
CWI 1 (d)
|
|
N/A
|
|
N/A
|
|
25,000
|
|
|
—
|
|
|
41,637
|
|
|||
CPA:18 – Global
|
|
N/A
|
|
N/A
|
|
50,000
|
|
|
—
|
|
|
—
|
|
|||
CWI 2 (d)
|
|
N/A
|
|
N/A
|
|
25,000
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
$
|
46,269
|
|
|
$
|
56,098
|
|
(a)
|
Amounts exclude accrued interest of $1.5 million and $2.7 million at December 31, 2019 and 2018, respectively.
|
(b)
|
LIBOR means London Interbank Offered Rate.
|
(c)
|
In February 2020, we loaned an additional $5.5 million to CESH.
|
(d)
|
During the first quarter of 2020, loan authorization expiration dates for CWI 1 and CWI 2 were extended to the earlier of March 31, 2020 or the completion date of the CWI 1 and CWI 2 Proposed Merger.
|
|
W. P. Carey 2019 10-K – 89
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Land
|
$
|
1,875,065
|
|
|
$
|
1,772,099
|
|
Buildings and improvements
|
7,828,439
|
|
|
6,945,513
|
|
||
Real estate under construction
|
69,604
|
|
|
63,114
|
|
||
Less: Accumulated depreciation
|
(950,452
|
)
|
|
(724,550
|
)
|
||
|
$
|
8,822,656
|
|
|
$
|
8,056,176
|
|
•
|
an investment of $32.7 million for an educational facility in Portland, Oregon, on February 20, 2019;
|
•
|
an investment of $48.3 million for an office building in Morrisville, North Carolina, on March 7, 2019;
|
•
|
an investment of $37.6 million for a distribution center in Inwood, West Virginia, on March 27, 2019, which is encumbered by a non-recourse mortgage loan that we assumed on the date of acquisition with an outstanding principal balance of $20.2 million (Note 11);
|
•
|
an investment of $49.3 million for an industrial facility in Hurricane, Utah, on March 28, 2019;
|
•
|
an investment of $16.6 million for an industrial facility in Bensenville, Illinois, on March 29, 2019;
|
•
|
an investment of $10.2 million for two manufacturing and distribution centers in Westerville, Ohio, and North Wales, Pennsylvania, on May 21, 2019;
|
|
W. P. Carey 2019 10-K – 90
|
•
|
an investment of $24.5 million for eight manufacturing facilities in various locations in the United States and Mexico on May 31, 2019;
|
•
|
an investment of $18.8 million for a headquarters and warehouse facility in Statesville, North Carolina, on June 7, 2019;
|
•
|
an investment of $70.1 million for a headquarters and industrial facility in Conestoga, Pennsylvania, on June 27, 2019;
|
•
|
an investment of $30.1 million for three manufacturing and warehouse facilities in Hartford and Milwaukee, Wisconsin, on July 19, 2019;
|
•
|
an investment of $15.1 million for two manufacturing facilities in Brockville and Prescott, Canada, on July 24, 2019;
|
•
|
an investment of $16.4 million for an industrial facility in Dordrecht, the Netherlands, on September 26, 2019;
|
•
|
an investment of $53.2 million for three manufacturing facilities in York, Pennsylvania; Lexington, South Carolina; and Queretaro, Mexico, on October 3, 2019;
|
•
|
an investment of $9.9 million for a headquarters facility in Dearborn, Michigan, on October 3, 2019;
|
•
|
an investment of $39.1 million for six industrial and office facilities in Houston, Texas; Mason, Ohio; and Metairie, Louisiana, on November 5, 2019 (we also committed to fund an additional $2.5 million for an expansion at the facility in Mason, Ohio, which is expected to be completed in the second quarter of 2021);
|
•
|
an investment of $12.2 million for an industrial facility in Pardubice, Czech Republic, on November 26, 2019;
|
•
|
an investment of $38.0 million for two warehouse facilities in Brabrand, Denmark, and Arlandastad, Sweden, on November 29, 2019 and December 2, 2019 (we also recorded an estimated deferred tax liability of $1.2 million, with a corresponding increase to the asset value, since we assumed the tax basis of one of the acquired properties);
|
•
|
an investment of $1.8 million for three industrial facilities in Cortland, Illinois, and Madison and Monona, Wisconsin, on December 3, 2019;
|
•
|
an investment of $55.9 million for a retail facility in Hamburg, Pennsylvania, on December 12, 2019;
|
•
|
an investment of $94.1 million for a warehouse facility in Charlotte, North Carolina (located on the border with Fort Mill, South Carolina), on December 18, 2019;
|
•
|
an investment of $16.8 million for a headquarters and logistics facility in Buffalo Grove, Illinois, on December 20, 2019
|
•
|
an investment of $7.8 million for an industrial facility in Hvidovre, Denmark, on December 20, 2019 (we also recorded an estimated deferred tax liability of $0.5 million, with a corresponding increase to the asset value, since we assumed the tax basis of the acquired property); and
|
•
|
an investment of $38.9 million for a distribution center in Huddersfield, United Kingdom, on December 31, 2019.
|
|
W. P. Carey 2019 10-K – 91
|
•
|
an expansion project at a warehouse facility in Zabia Wola, Poland, in March 2019 at a cost totaling $5.6 million, including capitalized interest;
|
•
|
a built-to-suit project for a warehouse facility in Dillon, South Carolina, in March 2019 at a cost totaling $47.4 million, including capitalized interest;
|
•
|
an expansion project at a warehouse facility in Rotterdam, the Netherlands, in May 2019 at a cost totaling $20.4 million, including capitalized interest;
|
•
|
an expansion project at an industrial facility in Legnica, Poland, in June 2019 at a cost totaling $6.0 million
|
•
|
an expansion project at a warehouse facility in Kilgore, Texas, in October 2019 at a cost totaling $14.1 million;
|
•
|
a built-to-suit project for an industrial facility in Katowice, Poland, in November 2019 at a cost totaling $15.4 million; and
|
•
|
an expansion project at an industrial facility in McCalla, Alabama, in December 2019 at a cost totaling $13.6 million.
|
•
|
a warehouse expansion project for an existing tenant at an industrial and office facility in Marktheidenfeld, Germany, for an aggregate of $8.3 million, which we currently expect to complete in the second quarter of 2020;
|
•
|
an expansion project for an existing tenant at a warehouse facility in Wichita, Kansas, for an aggregate of $3.0 million, which we currently expect to complete in the third quarter of 2020;
|
•
|
a build-to-suit project for a headquarters and industrial facility in Langen, Germany, for an aggregate of $56.2 million, which we currently expect to be completed in the first quarter of 2021; and
|
•
|
a renovation project at a warehouse facility in Bowling Green, Kentucky, for an aggregate of $70.0 million, which we currently expect to be completed in the fourth quarter of 2021.
|
|
W. P. Carey 2019 10-K – 92
|
|
Year Ended December 31, 2019
|
||
Lease income — fixed
|
$
|
898,111
|
|
Lease income — variable (a)
|
89,873
|
|
|
Total operating lease income (b)
|
$
|
987,984
|
|
(a)
|
Includes (i) rent increases based on changes in the CPI and other comparable indices and (ii) reimbursements for property taxes, insurance, and common area maintenance services.
|
(b)
|
Excludes $98.4 million of interest income from direct financing leases that is included in Lease revenues in the consolidated statement of income for the year ended December 31, 2019.
|
Years Ending December 31,
|
|
Total
|
||
2020
|
|
$
|
1,007,041
|
|
2021
|
|
992,378
|
|
|
2022
|
|
962,801
|
|
|
2023
|
|
924,275
|
|
|
2024
|
|
854,652
|
|
|
Thereafter
|
|
7,071,917
|
|
|
Total
|
|
$
|
11,813,064
|
|
|
W. P. Carey 2019 10-K – 93
|
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
|
|
|
Year Ended December 31, 2019
|
||
Fixed lease cost
|
$
|
14,503
|
|
Variable lease cost
|
1,186
|
|
|
Total lease cost
|
$
|
15,689
|
|
|
Location on Consolidated Balance Sheets
|
|
December 31, 2019
|
||
Operating ROU assets — land leases
|
In-place lease intangible assets and other
|
|
$
|
114,209
|
|
Operating ROU assets — office leases
|
Other assets, net
|
|
7,519
|
|
|
Total operating ROU assets
|
|
|
$
|
121,728
|
|
|
|
|
|
||
Operating lease liabilities
|
Accounts payable, accrued expenses and other liabilities
|
|
$
|
87,658
|
|
|
|
|
|
||
Weighted-average remaining lease term — operating leases
|
|
|
38.2 years
|
|
|
Weighted-average discount rate — operating leases
|
|
|
7.8
|
%
|
|
Number of land lease arrangements
|
|
|
64
|
|
|
Number of office space arrangements
|
|
|
6
|
|
|
Lease term range (excluding extension options not reasonably certain of being exercised)
|
|
1 – 100 years
|
|
|
W. P. Carey 2019 10-K – 94
|
Years Ending December 31,
|
|
Total
|
||
2020
|
|
$
|
14,197
|
|
2021
|
|
8,769
|
|
|
2022
|
|
8,006
|
|
|
2023
|
|
7,866
|
|
|
2024
|
|
6,728
|
|
|
Thereafter
|
|
251,844
|
|
|
Total lease payments
|
|
297,410
|
|
|
Less: amount of lease payments representing interest
|
|
(209,752
|
)
|
|
Present value of future lease payments/lease obligations
|
|
$
|
87,658
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Land
|
$
|
10,452
|
|
|
$
|
102,478
|
|
Buildings and improvements
|
72,631
|
|
|
363,572
|
|
||
Real estate under construction
|
—
|
|
|
4,620
|
|
||
Less: Accumulated depreciation
|
(11,241
|
)
|
|
(10,234
|
)
|
||
|
$
|
71,842
|
|
|
$
|
460,436
|
|
|
W. P. Carey 2019 10-K – 95
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Land, buildings and improvements
|
$
|
105,573
|
|
|
$
|
—
|
|
Accumulated depreciation and amortization
|
(1,563
|
)
|
|
—
|
|
||
Assets held for sale, net
|
$
|
104,010
|
|
|
$
|
—
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Lease payments receivable
|
$
|
686,149
|
|
|
$
|
1,160,977
|
|
Unguaranteed residual value
|
828,206
|
|
|
966,826
|
|
||
|
1,514,355
|
|
|
2,127,803
|
|
||
Less: unearned income
|
(617,806
|
)
|
|
(821,588
|
)
|
||
|
$
|
896,549
|
|
|
$
|
1,306,215
|
|
|
W. P. Carey 2019 10-K – 96
|
Years Ending December 31,
|
|
Total
|
||
2020
|
|
$
|
86,334
|
|
2021
|
|
85,061
|
|
|
2022
|
|
75,865
|
|
|
2023
|
|
69,406
|
|
|
2024
|
|
64,636
|
|
|
Thereafter
|
|
304,847
|
|
|
Total
|
|
$
|
686,149
|
|
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 total rents owed and a bargain purchase option amount (for an aggregate of $275.4 million as of December 31, 2018) from The New York Times Company, a tenant at one of our properties, which exercised its bargain purchase option and repurchased the property in December 2019.
|
|
W. P. Carey 2019 10-K – 97
|
|
|
Number of Tenants / Obligors at December 31,
|
|
Carrying Value at December 31,
|
||||||||
Internal Credit Quality Indicator
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
1 – 3
|
|
28
|
|
36
|
|
$
|
798,108
|
|
|
$
|
1,135,321
|
|
4
|
|
8
|
|
10
|
|
146,178
|
|
|
227,591
|
|
||
5
|
|
—
|
|
1
|
|
—
|
|
|
10,580
|
|
||
|
|
|
|
|
|
$
|
944,286
|
|
|
$
|
1,373,492
|
|
|
Real Estate
|
|
Investment Management
|
|
Total
|
||||||
Balance at January 1, 2017
|
$
|
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
|
|
|||
280,306
|
|
|
—
|
|
|
280,306
|
|
||||
Foreign currency translation adjustments
|
(3,322
|
)
|
|
—
|
|
|
(3,322
|
)
|
|||
Balance at December 31, 2018
|
857,337
|
|
|
63,607
|
|
|
920,944
|
|
|||
15,802
|
|
|
—
|
|
|
15,802
|
|
||||
Foreign currency translation adjustments
|
(2,058
|
)
|
|
—
|
|
|
(2,058
|
)
|
|||
Balance at December 31, 2019
|
$
|
871,081
|
|
|
$
|
63,607
|
|
|
$
|
934,688
|
|
|
W. P. Carey 2019 10-K – 98
|
|
December 31,
|
||||||||||||||||||||||
|
2019
|
|
2018
|
||||||||||||||||||||
|
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
|
$
|
19,582
|
|
|
$
|
(13,491
|
)
|
|
$
|
6,091
|
|
|
$
|
18,924
|
|
|
$
|
(10,672
|
)
|
|
$
|
8,252
|
|
Trade name
|
3,975
|
|
|
(1,991
|
)
|
|
1,984
|
|
|
3,975
|
|
|
(1,196
|
)
|
|
2,779
|
|
||||||
|
23,557
|
|
|
(15,482
|
)
|
|
8,075
|
|
|
22,899
|
|
|
(11,868
|
)
|
|
11,031
|
|
||||||
Lease Intangibles:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
In-place lease
|
2,072,642
|
|
|
(676,008
|
)
|
|
1,396,634
|
|
|
1,960,437
|
|
|
(496,096
|
)
|
|
1,464,341
|
|
||||||
Above-market rent
|
909,139
|
|
|
(398,294
|
)
|
|
510,845
|
|
|
925,797
|
|
|
(330,935
|
)
|
|
594,862
|
|
||||||
Below-market ground lease (a)
|
—
|
|
|
—
|
|
|
—
|
|
|
42,889
|
|
|
(2,367
|
)
|
|
40,522
|
|
||||||
|
2,981,781
|
|
|
(1,074,302
|
)
|
|
1,907,479
|
|
|
2,929,123
|
|
|
(829,398
|
)
|
|
2,099,725
|
|
||||||
Indefinite-Lived Goodwill and Intangible Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Goodwill
|
934,688
|
|
|
—
|
|
|
934,688
|
|
|
920,944
|
|
|
—
|
|
|
920,944
|
|
||||||
Below-market ground lease (a)
|
—
|
|
|
—
|
|
|
—
|
|
|
6,302
|
|
|
—
|
|
|
6,302
|
|
||||||
|
934,688
|
|
|
—
|
|
|
934,688
|
|
|
927,246
|
|
|
—
|
|
|
927,246
|
|
||||||
Total intangible assets
|
$
|
3,940,026
|
|
|
$
|
(1,089,784
|
)
|
|
$
|
2,850,242
|
|
|
$
|
3,879,268
|
|
|
$
|
(841,266
|
)
|
|
$
|
3,038,002
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Finite-Lived Intangible Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Below-market rent
|
$
|
(268,515
|
)
|
|
$
|
74,484
|
|
|
$
|
(194,031
|
)
|
|
$
|
(253,633
|
)
|
|
$
|
57,514
|
|
|
$
|
(196,119
|
)
|
Above-market ground lease (a)
|
—
|
|
|
—
|
|
|
—
|
|
|
(15,961
|
)
|
|
3,663
|
|
|
(12,298
|
)
|
||||||
|
(268,515
|
)
|
|
74,484
|
|
|
(194,031
|
)
|
|
(269,594
|
)
|
|
61,177
|
|
|
(208,417
|
)
|
||||||
Indefinite-Lived Intangible Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Below-market purchase option
|
(16,711
|
)
|
|
—
|
|
|
(16,711
|
)
|
|
(16,711
|
)
|
|
—
|
|
|
(16,711
|
)
|
||||||
Total intangible liabilities
|
$
|
(285,226
|
)
|
|
$
|
74,484
|
|
|
$
|
(210,742
|
)
|
|
$
|
(286,305
|
)
|
|
$
|
61,177
|
|
|
$
|
(225,128
|
)
|
(a)
|
In connection with our adoption of ASU 2016-02 (Note 2), in the first quarter of 2019, we prospectively reclassified below-market ground lease intangible assets and above-market ground lease intangible liabilities to be a component of ROU assets within In-place lease intangible assets and other in our consolidated balance sheets. As of December 31, 2018, below-market ground lease intangible assets were included in In-place lease intangible assets and other in the consolidated balance sheets, and above-market ground lease intangible liabilities were included in Below-market rent and other intangible liabilities, net in the consolidated balance sheets.
|
|
W. P. Carey 2019 10-K – 99
|
Years Ending December 31,
|
|
Net Decrease in
Lease Revenues
|
|
Increase to Amortization
|
|
Total
|
||||||
2020
|
|
$
|
55,165
|
|
|
$
|
189,081
|
|
|
$
|
244,246
|
|
2021
|
|
50,656
|
|
|
173,294
|
|
|
223,950
|
|
|||
2022
|
|
43,208
|
|
|
160,116
|
|
|
203,324
|
|
|||
2023
|
|
39,144
|
|
|
148,999
|
|
|
188,143
|
|
|||
2024
|
|
34,192
|
|
|
134,364
|
|
|
168,556
|
|
|||
Thereafter
|
|
94,449
|
|
|
598,855
|
|
|
693,304
|
|
|||
Total
|
|
$
|
316,814
|
|
|
$
|
1,404,709
|
|
|
$
|
1,721,523
|
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
$
|
21,489
|
|
|
$
|
46,609
|
|
|
$
|
47,862
|
|
|
Proportionate share of equity in earnings of equity method investments in the Managed Programs
|
862
|
|
|
3,896
|
|
|
5,156
|
|
|||
Amortization of basis differences on equity method investments in the Managed Programs
|
(1,483
|
)
|
|
(2,332
|
)
|
|
(1,336
|
)
|
|||
Total equity in earnings of equity method investments in the Managed Programs
|
20,868
|
|
|
48,173
|
|
|
51,682
|
|
|||
Equity in earnings of equity method investments in real estate
|
3,408
|
|
|
15,585
|
|
|
15,452
|
|
|||
Amortization of basis differences on equity method investments in real estate
|
(1,047
|
)
|
|
(2,244
|
)
|
|
(2,384
|
)
|
|||
Total equity in earnings of equity method investments in real estate
|
2,361
|
|
|
13,341
|
|
|
13,068
|
|
|||
Equity in earnings of equity method investments in the Managed Programs and real estate
|
$
|
23,229
|
|
|
$
|
61,514
|
|
|
$
|
64,750
|
|
|
W. P. Carey 2019 10-K – 100
|
|
|
% of Outstanding Shares Owned at
|
|
Carrying Amount of Investment at
|
||||||||||
|
|
December 31,
|
|
December 31,
|
||||||||||
Fund
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||
CPA:18 – Global (a)
|
|
3.851
|
%
|
|
3.446
|
%
|
|
$
|
42,644
|
|
|
$
|
39,600
|
|
CPA:18 – Global operating partnership
|
|
0.034
|
%
|
|
0.034
|
%
|
|
209
|
|
|
209
|
|
||
CWI 1 (a)
|
|
3.943
|
%
|
|
3.062
|
%
|
|
49,032
|
|
|
38,600
|
|
||
CWI 1 operating partnership
|
|
0.015
|
%
|
|
0.015
|
%
|
|
186
|
|
|
186
|
|
||
CWI 2 (a)
|
|
3.755
|
%
|
|
2.807
|
%
|
|
33,669
|
|
|
25,200
|
|
||
CWI 2 operating partnership
|
|
0.015
|
%
|
|
0.015
|
%
|
|
300
|
|
|
300
|
|
||
CESH (b)
|
|
2.430
|
%
|
|
2.430
|
%
|
|
3,527
|
|
|
3,495
|
|
||
|
|
|
|
|
|
$
|
129,567
|
|
|
$
|
107,590
|
|
(a)
|
During 2019, 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).
|
(b)
|
Investment is accounted for at fair value.
|
|
W. P. Carey 2019 10-K – 101
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Net investments in real estate
|
$
|
5,291,051
|
|
|
$
|
5,417,770
|
|
Other assets
|
959,358
|
|
|
1,019,783
|
|
||
Total assets
|
6,250,409
|
|
|
6,437,553
|
|
||
Debt
|
(3,366,138
|
)
|
|
(3,474,126
|
)
|
||
Accounts payable, accrued expenses and other liabilities
|
(517,803
|
)
|
|
(467,758
|
)
|
||
Total liabilities
|
(3,883,941
|
)
|
|
(3,941,884
|
)
|
||
Noncontrolling interests
|
(130,656
|
)
|
|
(146,799
|
)
|
||
Stockholders’ equity
|
$
|
2,235,812
|
|
|
$
|
2,348,870
|
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Revenues
|
$
|
1,184,585
|
|
|
$
|
1,562,688
|
|
|
$
|
1,637,198
|
|
Expenses
|
(1,142,286
|
)
|
|
(1,368,051
|
)
|
|
(1,456,842
|
)
|
|||
Income from continuing operations
|
$
|
42,299
|
|
|
$
|
194,637
|
|
|
$
|
180,356
|
|
Net income attributable to the Managed Programs (a) (b)
|
$
|
8,505
|
|
|
$
|
121,503
|
|
|
$
|
127,130
|
|
(a)
|
Includes impairment charges recognized by the Managed Programs totaling $34.4 million and $19.5 million during the years ended December 31, 2018 and 2017, respectively. These impairment charges reduced our income earned from these investments by $1.6 million and $0.8 million during the years ended December 31, 2018 and 2017, respectively. The Managed Programs did not recognize impairment charges during the year ended December 31, 2019.
|
(b)
|
Amounts included net gains on sale of real estate recorded by the Managed Programs totaling $55.7 million, $114.3 million, and $22.3 million for the years ended December 31, 2019, 2018, and 2017, respectively. These net gains on sale of real estate increased our income earned from these investments by $2.2 million, $3.9 million, and $0.6 million during the years ended December 31, 2019, 2018, and 2017, respectively.
|
|
W. P. Carey 2019 10-K – 102
|
|
|
|
|
Ownership Interest at
|
|
Carrying Value at December 31,
|
||||||
Lessee
|
|
Co-owner
|
|
December 31, 2019
|
|
2019
|
|
2018
|
||||
Johnson Self Storage (a)
|
|
Third Party
|
|
90%
|
|
$
|
70,690
|
|
|
$
|
73,475
|
|
Kesko Senukai (b)
|
|
Third Party
|
|
70%
|
|
46,475
|
|
|
52,432
|
|
||
Bank Pekao (b)
|
|
CPA:18 – Global
|
|
50%
|
|
26,388
|
|
|
29,086
|
|
||
BPS Nevada, LLC (c)
|
|
Third Party
|
|
15%
|
|
22,900
|
|
|
22,292
|
|
||
State Farm Mutual Automobile Insurance Co.
|
|
CPA:18 – Global
|
|
50%
|
|
17,232
|
|
|
18,927
|
|
||
Apply Sørco AS (d) (e)
|
|
CPA:18 – Global
|
|
49%
|
|
8,040
|
|
|
7,483
|
|
||
Fortenova Grupa d.d. (formerly Konzum d.d.) (b)
|
|
CPA:18 – Global
|
|
20%
|
|
2,712
|
|
|
2,858
|
|
||
Beach House JV, LLC (f)
|
|
Third Party
|
|
N/A
|
|
—
|
|
|
15,105
|
|
||
|
|
|
|
|
|
$
|
194,437
|
|
|
$
|
221,658
|
|
(a)
|
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.
|
(b)
|
The carrying value of this investment is affected by fluctuations in the exchange rate of the euro.
|
(c)
|
This investment is reported using the hypothetical liquidation at book value model, which may be different than pro rata ownership percentages, primarily due to the capital structure of the partnership agreement.
|
(d)
|
The carrying value of this investment is affected by fluctuations in the exchange rate of the Norwegian krone.
|
(e)
|
During the first quarter of 2019, we identified measurement period adjustments that impacted the provisional accounting for this investment, which was acquired in the CPA:17 Merger on October 31, 2018 (Note 3). As such, the CPA:17 Merger purchase price allocated to this jointly owned investment increased by approximately $5.2 million, of which our proportionate share was $2.6 million.
|
(f)
|
On February 27, 2019, we received a full repayment of our preferred equity interest in this investment totaling $15.0 million. As a result, this preferred equity interest is now retired.
|
|
W. P. Carey 2019 10-K – 103
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Net investments in real estate
|
$
|
729,442
|
|
|
$
|
769,643
|
|
Other assets
|
32,983
|
|
|
31,227
|
|
||
Total assets
|
762,425
|
|
|
800,870
|
|
||
Debt
|
(455,876
|
)
|
|
(469,343
|
)
|
||
Accounts payable, accrued expenses and other liabilities
|
(32,049
|
)
|
|
(28,648
|
)
|
||
Total liabilities
|
(487,925
|
)
|
|
(497,991
|
)
|
||
Stockholders’ equity
|
$
|
274,500
|
|
|
$
|
302,879
|
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Revenues
|
$
|
66,608
|
|
|
$
|
60,742
|
|
|
$
|
57,377
|
|
Expenses
|
(71,977
|
)
|
|
(28,422
|
)
|
|
(22,231
|
)
|
|||
(Loss) income from continuing operations
|
$
|
(5,369
|
)
|
|
$
|
32,320
|
|
|
$
|
35,146
|
|
Net (loss) income attributable to the jointly owned investments
|
$
|
(5,369
|
)
|
|
$
|
32,320
|
|
|
$
|
35,146
|
|
|
W. P. Carey 2019 10-K – 104
|
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||
|
Level
|
|
Carrying Value
|
|
Fair Value
|
|
Carrying Value
|
|
Fair Value
|
||||||||
Senior Unsecured Notes, net (a) (b) (c)
|
2
|
|
$
|
4,390,189
|
|
|
$
|
4,682,432
|
|
|
$
|
3,554,470
|
|
|
$
|
3,567,593
|
|
Non-recourse mortgages, net (a) (b) (d)
|
3
|
|
1,462,487
|
|
|
1,487,892
|
|
|
2,732,658
|
|
|
2,737,861
|
|
|
W. P. Carey 2019 10-K – 105
|
(a)
|
The carrying value of Senior Unsecured Notes, net (Note 11) includes unamortized deferred financing costs of $22.8 million and $19.7 million at December 31, 2019 and 2018, respectively. The carrying value of Non-recourse mortgages, net includes unamortized deferred financing costs of $0.6 million and $0.8 million at December 31, 2019 and 2018, respectively.
|
(b)
|
The carrying value of Senior Unsecured Notes, net includes unamortized discount of $20.5 million and $15.8 million at December 31, 2019 and 2018, respectively. The carrying value of Non-recourse mortgages, net includes unamortized discount of $6.2 million and $21.8 million at December 31, 2019 and 2018, 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 our non-recourse mortgage loans using a discounted cash flow model that estimates the present value of the future loan payments by discounting such payments at current estimated market interest rates. The estimated market interest rates consider interest rate risk and the value of the underlying collateral, which includes quality of the collateral, the credit quality of the tenant/obligor, and the time until maturity.
|
|
Year Ended December 31, 2019
|
|
Year Ended December 31, 2018
|
|
Year Ended December 31, 2017
|
||||||||||||||||||
|
Fair Value
Measurements
|
|
Total Impairment
Charges
|
|
Fair Value
Measurements |
|
Total Impairment
Charges |
|
Fair Value
Measurements |
|
Total Impairment
Charges |
||||||||||||
Impairment Charges
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net investments in direct financing leases
|
$
|
33,115
|
|
|
$
|
31,194
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Land, buildings and improvements and intangibles
|
1,012
|
|
|
1,345
|
|
|
7,797
|
|
|
4,790
|
|
|
2,914
|
|
|
2,769
|
|
||||||
|
|
|
$
|
32,539
|
|
|
|
|
$
|
4,790
|
|
|
|
|
$
|
2,769
|
|
|
W. P. Carey 2019 10-K – 106
|
|
W. P. Carey 2019 10-K – 107
|
Derivatives Designated as Hedging Instruments
|
|
Balance Sheet Location
|
|
Asset Derivatives Fair Value at
|
|
Liability Derivatives Fair Value at
|
||||||||||||
|
|
December 31, 2019
|
|
December 31, 2018
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||
Foreign currency collars
|
|
Other assets, net
|
|
$
|
14,460
|
|
|
$
|
8,536
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Foreign currency forward contracts
|
|
Other assets, net
|
|
9,689
|
|
|
22,520
|
|
|
—
|
|
|
—
|
|
||||
Interest rate caps
|
|
Other assets, net
|
|
1
|
|
|
56
|
|
|
—
|
|
|
—
|
|
||||
Interest rate swaps
|
|
Other assets, net
|
|
—
|
|
|
1,435
|
|
|
—
|
|
|
—
|
|
||||
Interest rate swaps
|
|
Accounts payable, accrued expenses and other liabilities
|
|
—
|
|
|
—
|
|
|
(4,494
|
)
|
|
(3,387
|
)
|
||||
Foreign currency collars
|
|
Accounts payable, accrued expenses and other liabilities
|
|
—
|
|
|
—
|
|
|
(1,587
|
)
|
|
(1,679
|
)
|
||||
|
|
|
|
24,150
|
|
|
32,547
|
|
|
(6,081
|
)
|
|
(5,066
|
)
|
||||
Derivatives Not Designated as Hedging Instruments
|
|
|
|
|
|
|
|
|
|
|
||||||||
Stock warrants
|
|
Other assets, net
|
|
5,000
|
|
|
5,500
|
|
|
—
|
|
|
—
|
|
||||
Interest rate swap (a)
|
|
Other assets, net
|
|
8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Foreign currency forward contracts
|
|
Other assets, net
|
|
—
|
|
|
7,144
|
|
|
—
|
|
|
—
|
|
||||
Interest rate swaps (a)
|
|
Accounts payable, accrued expenses and other liabilities
|
|
—
|
|
|
—
|
|
|
(93
|
)
|
|
(343
|
)
|
||||
|
|
|
|
5,008
|
|
|
12,644
|
|
|
(93
|
)
|
|
(343
|
)
|
||||
Total derivatives
|
|
|
|
$
|
29,158
|
|
|
$
|
45,191
|
|
|
$
|
(6,174
|
)
|
|
$
|
(5,409
|
)
|
(a)
|
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.
|
|
|
Amount of Gain (Loss) Recognized on Derivatives in
Other Comprehensive (Loss) Income (a)
|
||||||||||
|
|
Years Ended December 31,
|
||||||||||
Derivatives in Cash Flow Hedging Relationships
|
|
2019
|
|
2018
|
|
2017
|
||||||
Foreign currency collars
|
|
$
|
5,997
|
|
|
$
|
9,029
|
|
|
$
|
(19,220
|
)
|
Foreign currency forward contracts
|
|
(4,253
|
)
|
|
(1,905
|
)
|
|
(19,120
|
)
|
|||
Interest rate swaps
|
|
(1,666
|
)
|
|
(1,560
|
)
|
|
1,550
|
|
|||
Interest rate caps
|
|
219
|
|
|
(68
|
)
|
|
(29
|
)
|
|||
Derivatives in Net Investment Hedging Relationships (b)
|
|
|
|
|
|
|
||||||
Foreign currency collars
|
|
10
|
|
|
—
|
|
|
—
|
|
|||
Foreign currency forward contracts
|
|
7
|
|
|
(2,630
|
)
|
|
(5,652
|
)
|
|||
Total
|
|
$
|
314
|
|
|
$
|
2,866
|
|
|
$
|
(42,471
|
)
|
|
W. P. Carey 2019 10-K – 108
|
|
|
|
|
Amount of Gain (Loss) on Derivatives Reclassified from
Other Comprehensive (Loss) Income
|
||||||||||
Derivatives in Cash Flow Hedging Relationships
|
|
Location of Gain (Loss) Recognized in Income
|
|
Years Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||||
Foreign currency forward contracts
|
|
Other gains and (losses)
|
|
$
|
9,582
|
|
|
$
|
6,533
|
|
|
$
|
6,845
|
|
Foreign currency collars
|
|
Other gains and (losses)
|
|
5,759
|
|
|
2,359
|
|
|
3,650
|
|
|||
Interest rate swaps and caps
|
|
Interest expense
|
|
(2,256
|
)
|
|
(400
|
)
|
|
(1,294
|
)
|
|||
Derivatives in Net Investment Hedging Relationships
|
|
|
|
|
|
|
|
|
||||||
Foreign currency forward contracts (c)
|
|
Gain on sale of real estate, net
|
|
—
|
|
|
7,609
|
|
|
—
|
|
|||
Total
|
|
|
|
$
|
13,085
|
|
|
$
|
16,101
|
|
|
$
|
9,201
|
|
(a)
|
Excludes net losses of $1.4 million, $0.6 million and $1.0 million, recognized on unconsolidated jointly owned investments for the years ended December 31, 2019, 2018, and 2017, respectively.
|
(b)
|
The changes in fair value of these contracts are 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).
|
|
|
|
|
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,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||||
Foreign currency forward contracts
|
|
Other gains and (losses)
|
|
$
|
575
|
|
|
$
|
356
|
|
|
$
|
(53
|
)
|
Stock warrants
|
|
Other gains and (losses)
|
|
(500
|
)
|
|
(99
|
)
|
|
(67
|
)
|
|||
Interest rate swaps
|
|
Interest expense
|
|
265
|
|
|
—
|
|
|
—
|
|
|||
Foreign currency collars
|
|
Other gains and (losses)
|
|
184
|
|
|
455
|
|
|
(754
|
)
|
|||
Interest rate swaps
|
|
Other gains and (losses)
|
|
(118
|
)
|
|
(20
|
)
|
|
18
|
|
|||
Derivatives in Cash Flow Hedging Relationships
|
|
|
|
|
|
|
|
|
||||||
Interest rate swaps
|
|
Interest expense
|
|
(941
|
)
|
|
286
|
|
|
693
|
|
|||
Interest rate caps
|
|
Interest expense
|
|
(220
|
)
|
|
—
|
|
|
—
|
|
|||
Foreign currency forward contracts
|
|
Other gains and (losses)
|
|
(132
|
)
|
|
132
|
|
|
(75
|
)
|
|||
Foreign currency collars
|
|
Other gains and (losses)
|
|
7
|
|
|
18
|
|
|
(32
|
)
|
|||
Total
|
|
|
|
$
|
(880
|
)
|
|
$
|
1,128
|
|
|
$
|
(270
|
)
|
|
W. P. Carey 2019 10-K – 109
|
Interest Rate Derivatives
|
|
Number of Instruments
|
|
Notional
Amount |
|
Fair Value at
December 31, 2019 (a) |
||||
Designated as Cash Flow Hedging Instruments
|
|
|
|
|
|
|
|
|||
Interest rate swaps
|
|
5
|
|
76,028
|
|
USD
|
|
$
|
(3,122
|
)
|
Interest rate swaps
|
|
2
|
|
49,655
|
|
EUR
|
|
(1,372
|
)
|
|
Interest rate cap
|
|
1
|
|
11,388
|
|
EUR
|
|
1
|
|
|
Interest rate cap
|
|
1
|
|
6,394
|
|
GBP
|
|
—
|
|
|
Not Designated as Hedging Instruments
|
|
|
|
|
|
|
|
|||
Interest rate swap (b)
|
|
1
|
|
4,608
|
|
EUR
|
|
(93
|
)
|
|
Interest rate swap (b)
|
|
1
|
|
7,750
|
|
USD
|
|
8
|
|
|
|
|
|
|
|
|
|
$
|
(4,578
|
)
|
(a)
|
Fair value amounts are based on the exchange rate of the euro or British pound sterling at December 31, 2019, 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 2019 10-K – 110
|
Foreign Currency Derivatives
|
|
Number of Instruments
|
|
Notional
Amount |
|
Fair Value at
December 31, 2019
|
||||
Designated as Cash Flow Hedging Instruments
|
|
|
|
|
|
|
|
|||
Foreign currency collars
|
|
86
|
|
277,624
|
|
EUR
|
|
$
|
11,696
|
|
Foreign currency forward contracts
|
|
10
|
|
30,376
|
|
EUR
|
|
9,671
|
|
|
Foreign currency collars
|
|
61
|
|
44,000
|
|
GBP
|
|
1,162
|
|
|
Foreign currency forward contract
|
|
1
|
|
729
|
|
NOK
|
|
18
|
|
|
Foreign currency collars
|
|
3
|
|
2,000
|
|
NOK
|
|
7
|
|
|
Designated as Net Investment Hedging Instruments
|
|
|
|
|
|
|
|
|||
Foreign currency collar
|
|
1
|
|
2,500
|
|
NOK
|
|
8
|
|
|
|
|
|
|
|
|
|
$
|
22,562
|
|
|
W. P. Carey 2019 10-K – 111
|
|
|
Interest Rate at December 31, 2019 (a)
|
|
Maturity Date at December 31, 2019
|
|
Principal Outstanding Balance at
December 31,
|
||||||
Senior Unsecured Credit Facility
|
|
|
|
2019
|
|
2018
|
||||||
Unsecured Revolving Credit Facility: (b)
|
|
|
|
|
|
|
|
|
||||
Unsecured Revolving Credit Facility — borrowing in euros (c)
|
|
EURIBOR + 1.00%
|
|
2/22/2021
|
|
$
|
131,438
|
|
|
$
|
69,273
|
|
Unsecured revolving credit facility — borrowing in British pounds sterling
|
|
GBP LIBOR + 1.00%
|
|
2/22/2021
|
|
47,534
|
|
|
—
|
|
||
Unsecured Revolving Credit Facility — borrowing in Japanese yen
|
|
JPY LIBOR + 1.00%
|
|
2/22/2021
|
|
22,295
|
|
|
22,290
|
|
||
|
|
|
|
|
|
$
|
201,267
|
|
|
$
|
91,563
|
|
(a)
|
The applicable interest rate at December 31, 2019 was based on the credit rating for our Senior Unsecured Notes of BBB/Baa2.
|
(b)
|
On February 20, 2020, we entered into our Amended Credit Facility, extending the maturity date of our revolving line of credit to five years (Note 20).
|
(c)
|
EURIBOR means Euro Interbank Offered Rate.
|
|
W. P. Carey 2019 10-K – 112
|
|
|
|
|
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
|
|
|
|
|
|
|
|
2019
|
|
2018
|
|||||||||||||||||
2.0% Senior Notes due 2023
|
|
1/21/2015
|
|
€
|
500.0
|
|
|
99.220
|
%
|
|
$
|
4.6
|
|
|
2.107
|
%
|
|
2.0
|
%
|
|
1/20/2023
|
|
$
|
561.7
|
|
|
$
|
572.5
|
|
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
|
|
561.7
|
|
|
572.5
|
|
||
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
|
|
561.7
|
|
|
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
|
|
561.7
|
|
|
572.5
|
|
||
1.350% Senior Notes due 2028
|
|
9/19/2019
|
|
€
|
500.0
|
|
|
99.266
|
%
|
|
$
|
4.1
|
|
|
1.442
|
%
|
|
1.350
|
%
|
|
4/15/2028
|
|
561.7
|
|
|
—
|
|
||
3.850% Senior Notes due 2029
|
|
6/14/2019
|
|
$
|
325.0
|
|
|
98.876
|
%
|
|
$
|
3.7
|
|
|
3.986
|
%
|
|
3.850
|
%
|
|
7/15/2029
|
|
325.0
|
|
|
—
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,433.5
|
|
|
$
|
3,590.0
|
|
(a)
|
Aggregate balance excludes unamortized deferred financing costs totaling $22.8 million and $19.7 million, and unamortized discount totaling $20.5 million and $15.8 million at December 31, 2019 and 2018, respectively.
|
|
W. P. Carey 2019 10-K – 113
|
Years Ending December 31,
|
|
Total (a)
|
||
2020
|
|
$
|
164,682
|
|
2021
|
|
445,469
|
|
|
2022
|
|
460,385
|
|
|
2023
|
|
900,288
|
|
|
2024
|
|
1,184,007
|
|
|
Thereafter through 2031
|
|
2,949,186
|
|
|
Total principal payments
|
|
6,104,017
|
|
|
Unamortized discount, net (b)
|
|
(26,679
|
)
|
|
Unamortized deferred financing costs
|
|
(23,395
|
)
|
|
Total
|
|
$
|
6,053,943
|
|
|
W. P. Carey 2019 10-K – 114
|
(a)
|
Certain amounts are based on the applicable foreign currency exchange rate at December 31, 2019.
|
(b)
|
Represents the unamortized discount, net, of $6.2 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 $20.5 million in aggregate.
|
|
Dividends Paid
|
||||||||||
|
During the Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Ordinary income
|
$
|
3.1939
|
|
|
$
|
3.5122
|
|
|
$
|
3.2537
|
|
Return of capital
|
0.9194
|
|
|
—
|
|
|
0.5182
|
|
|||
Capital gains
|
0.0187
|
|
|
0.5578
|
|
|
0.2181
|
|
|||
Total dividends paid (a)
|
$
|
4.1320
|
|
|
$
|
4.0700
|
|
|
$
|
3.9900
|
|
(a)
|
A portion of dividends paid during 2019 has been applied to 2018 for income tax purposes.
|
|
W. P. Carey 2019 10-K – 115
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Net income attributable to W. P. Carey
|
$
|
305,243
|
|
|
$
|
411,566
|
|
|
$
|
277,289
|
|
Net income attributable to nonvested participating RSUs
|
(77
|
)
|
|
(340
|
)
|
|
(784
|
)
|
|||
Net income – basic and diluted
|
$
|
305,166
|
|
|
$
|
411,226
|
|
|
$
|
276,505
|
|
|
|
|
|
|
|
||||||
Weighted-average shares outstanding – basic
|
171,001,430
|
|
|
117,494,969
|
|
|
107,824,738
|
|
|||
Effect of dilutive securities
|
297,984
|
|
|
211,476
|
|
|
211,233
|
|
|||
Weighted-average shares outstanding – diluted
|
171,299,414
|
|
|
117,706,445
|
|
|
108,035,971
|
|
|
W. P. Carey 2019 10-K – 116
|
|
W. P. Carey 2019 10-K – 117
|
|
Gains and (Losses) on Derivative Instruments
|
|
Foreign Currency Translation Adjustments
|
|
Gains and (Losses) on Investments
|
|
Total
|
||||||||
Balance at January 1, 2017
|
$
|
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:
|
|
|
|
|
|
|
|
||||||||
—
|
|
|
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 income 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
|
)
|
||||
Other comprehensive income before reclassifications
|
12,031
|
|
|
376
|
|
|
7
|
|
|
12,414
|
|
||||
Amounts reclassified from accumulated other comprehensive loss to:
|
|
|
|
|
|
|
|
||||||||
Other gains and (losses)
|
(15,341
|
)
|
|
—
|
|
|
—
|
|
|
(15,341
|
)
|
||||
Interest expense
|
2,256
|
|
|
—
|
|
|
—
|
|
|
2,256
|
|
||||
Total
|
(13,085
|
)
|
|
—
|
|
|
—
|
|
|
(13,085
|
)
|
||||
Net current period other comprehensive loss
|
(1,054
|
)
|
|
376
|
|
|
7
|
|
|
(671
|
)
|
||||
Balance at December 31, 2019
|
$
|
13,048
|
|
|
$
|
(268,715
|
)
|
|
$
|
—
|
|
|
$
|
(255,667
|
)
|
|
W. P. Carey 2019 10-K – 118
|
|
W. P. Carey 2019 10-K – 119
|
|
RSA and RSU Awards
|
|
PSU Awards
|
||||||||||
|
Shares
|
|
Weighted-Average Grant Date Fair Value
|
|
Shares
|
|
Weighted-Average Grant Date Fair Value
|
||||||
Nonvested at January 1, 2017
|
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
|
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
|
277,002
|
|
|
62.41
|
|
|
331,216
|
|
|
78.82
|
|
||
Granted (c)
|
163,447
|
|
|
72.86
|
|
|
84,006
|
|
|
92.16
|
|
||
Vested (a)
|
(152,364
|
)
|
|
62.11
|
|
|
(403,701
|
)
|
|
74.04
|
|
||
Forfeited
|
(4,108
|
)
|
|
68.10
|
|
|
(2,829
|
)
|
|
75.81
|
|
||
Adjustment (b)
|
—
|
|
|
—
|
|
|
322,550
|
|
|
77.69
|
|
||
Nonvested at December 31, 2019 (d)
|
283,977
|
|
|
$
|
68.51
|
|
|
331,242
|
|
|
$
|
80.90
|
|
(a)
|
The grant date fair value of shares vested during the years ended December 31, 2019, 2018, and 2017 was $39.4 million, $16.4 million, and $21.4 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, 2019 and 2018, we had an obligation to issue 893,713 and 867,871 shares, respectively, of our common stock underlying such deferred awards, which is recorded within Total stockholders’ equity as a Deferred compensation obligation of $37.3 million and $35.8 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, 2019, we used a risk-free interest rate of 2.5%, an expected volatility rate of 15.8%, and assumed a dividend yield of zero.
|
(d)
|
At December 31, 2019, total unrecognized compensation expense related to these awards was approximately $22.5 million, with an aggregate weighted-average remaining term of 1.6 years.
|
|
W. P. Carey 2019 10-K – 120
|
|
W. P. Carey 2019 10-K – 121
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Federal
|
|
|
|
|
|
|
|
|
|||
Current
|
$
|
407
|
|
|
$
|
(829
|
)
|
|
$
|
(687
|
)
|
Deferred
|
9,579
|
|
|
3,275
|
|
|
(9,520
|
)
|
|||
|
9,986
|
|
|
2,446
|
|
|
(10,207
|
)
|
|||
State and Local
|
|
|
|
|
|
|
|
|
|||
Current
|
(3,814
|
)
|
|
4,820
|
|
|
1,954
|
|
|||
Deferred
|
(376
|
)
|
|
3,042
|
|
|
572
|
|
|||
|
(4,190
|
)
|
|
7,862
|
|
|
2,526
|
|
|||
Foreign
|
|
|
|
|
|
|
|
|
|||
Current
|
20,363
|
|
|
16,791
|
|
|
21,457
|
|
|||
Deferred
|
52
|
|
|
(12,688
|
)
|
|
(11,065
|
)
|
|||
|
20,415
|
|
|
4,103
|
|
|
10,392
|
|
|||
Total Provision
|
$
|
26,211
|
|
|
$
|
14,411
|
|
|
$
|
2,711
|
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Pre-tax income attributable to taxable subsidiaries (a)
|
$
|
74,754
|
|
|
$
|
98,245
|
|
|
$
|
49,909
|
|
|
|
|
|
|
|
||||||
Federal provision at statutory tax rate (b)
|
$
|
15,698
|
|
|
$
|
20,632
|
|
|
$
|
17,468
|
|
Change in valuation allowance
|
11,041
|
|
|
6,735
|
|
|
11,805
|
|
|||
Rate differential (c)
|
(6,820
|
)
|
|
(14,165
|
)
|
|
(13,134
|
)
|
|||
Non-deductible expense
|
5,313
|
|
|
4,996
|
|
|
3,010
|
|
|||
Windfall tax benefit
|
(5,183
|
)
|
|
(3,754
|
)
|
|
(4,618
|
)
|
|||
State and local taxes, net of federal benefit
|
4,062
|
|
|
7,590
|
|
|
1,115
|
|
|||
Non-taxable income
|
103
|
|
|
(736
|
)
|
|
(8,073
|
)
|
|||
Revocation of TRS Status
|
—
|
|
|
(6,285
|
)
|
|
—
|
|
|||
Revaluation of deferred taxes due to Tax Cuts and Jobs Act (d)
|
—
|
|
|
—
|
|
|
(7,826
|
)
|
|||
Other
|
1,997
|
|
|
(602
|
)
|
|
2,964
|
|
|||
Total provision
|
$
|
26,211
|
|
|
$
|
14,411
|
|
|
$
|
2,711
|
|
(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.
|
(b)
|
The applicable statutory tax rate is 21%, 21%, and 35% for the years ended December 31, 2019, 2018, and 2017, respectively.
|
(c)
|
Amount for the year ended December 31, 2019 includes a current tax benefit of approximately $6.3 million due to a change in tax position for state and local taxes.
|
|
W. P. Carey 2019 10-K – 122
|
(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.
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Deferred Tax Assets
|
|
|
|
|
|
||
Net operating loss and other tax credit carryforwards
|
$
|
51,265
|
|
|
$
|
44,445
|
|
Basis differences — foreign investments
|
31,704
|
|
|
15,286
|
|
||
Unearned and deferred compensation
|
10,345
|
|
|
16,255
|
|
||
Other
|
555
|
|
|
640
|
|
||
Total deferred tax assets
|
93,869
|
|
|
76,626
|
|
||
Valuation allowance
|
(73,643
|
)
|
|
(54,499
|
)
|
||
Net deferred tax assets
|
20,226
|
|
|
22,127
|
|
||
Deferred Tax Liabilities
|
|
|
|
|
|
||
Basis differences — foreign investments
|
(137,074
|
)
|
|
(138,712
|
)
|
||
Basis differences — equity investees
|
(53,460
|
)
|
|
(46,899
|
)
|
||
Deferred revenue
|
(100
|
)
|
|
(1,778
|
)
|
||
Total deferred tax liabilities
|
(190,634
|
)
|
|
(187,389
|
)
|
||
Net Deferred Tax Liability
|
$
|
(170,408
|
)
|
|
$
|
(165,262
|
)
|
•
|
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 2019 10-K – 123
|
|
Years Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
Beginning balance
|
$
|
6,105
|
|
|
$
|
5,202
|
|
Addition based on tax positions related to the current year
|
543
|
|
|
514
|
|
||
Decrease due to lapse in statute of limitations
|
(497
|
)
|
|
(2,186
|
)
|
||
(Decrease) addition based on tax positions related to prior years
|
(287
|
)
|
|
442
|
|
||
Foreign currency translation adjustments
|
(108
|
)
|
|
(140
|
)
|
||
Increase due to CPA:17 Merger
|
—
|
|
|
2,273
|
|
||
Ending balance
|
$
|
5,756
|
|
|
$
|
6,105
|
|
|
W. P. Carey 2019 10-K – 124
|
|
W. P. Carey 2019 10-K – 125
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Revenues
|
|
|
|
|
|
||||||
Lease revenues
|
$
|
1,086,375
|
|
|
$
|
744,498
|
|
|
$
|
651,897
|
|
Operating property revenues (a)
|
50,220
|
|
|
28,072
|
|
|
30,562
|
|
|||
Lease termination income and other
|
36,268
|
|
|
6,555
|
|
|
4,749
|
|
|||
|
1,172,863
|
|
|
779,125
|
|
|
687,208
|
|
|||
Operating Expenses
|
|
|
|
|
|
||||||
Depreciation and amortization
|
443,300
|
|
|
287,461
|
|
|
249,432
|
|
|||
General and administrative
|
56,796
|
|
|
47,210
|
|
|
39,002
|
|
|||
Reimbursable tenant costs
|
55,576
|
|
|
28,076
|
|
|
21,524
|
|
|||
Property expenses, excluding reimbursable tenant costs
|
39,545
|
|
|
22,773
|
|
|
17,330
|
|
|||
Operating property expenses
|
38,015
|
|
|
20,150
|
|
|
23,426
|
|
|||
Impairment charges
|
32,539
|
|
|
4,790
|
|
|
2,769
|
|
|||
Stock-based compensation expense
|
13,248
|
|
|
10,450
|
|
|
6,960
|
|
|||
Merger and other expenses
|
101
|
|
|
41,426
|
|
|
605
|
|
|||
|
679,120
|
|
|
462,336
|
|
|
361,048
|
|
|||
Other Income and Expenses
|
|
|
|
|
|
||||||
Interest expense
|
(233,325
|
)
|
|
(178,375
|
)
|
|
(165,775
|
)
|
|||
Other gains and (losses)
|
30,251
|
|
|
30,015
|
|
|
(5,655
|
)
|
|||
Gain on sale of real estate, net
|
18,143
|
|
|
118,605
|
|
|
33,878
|
|
|||
(Loss) gain on change in control of interests
|
(8,416
|
)
|
|
18,792
|
|
|
—
|
|
|||
Equity in earnings of equity method investments in real estate
|
2,361
|
|
|
13,341
|
|
|
13,068
|
|
|||
|
(190,986
|
)
|
|
2,378
|
|
|
(124,484
|
)
|
|||
Income before income taxes
|
302,757
|
|
|
319,167
|
|
|
201,676
|
|
|||
(Provision for) benefit from income taxes
|
(30,802
|
)
|
|
844
|
|
|
(1,743
|
)
|
|||
Net Income from Real Estate
|
271,955
|
|
|
320,011
|
|
|
199,933
|
|
|||
Net loss (income) attributable to noncontrolling interests
|
110
|
|
|
(12,775
|
)
|
|
(7,794
|
)
|
|||
Net Income from Real Estate Attributable to W. P. Carey
|
$
|
272,065
|
|
|
$
|
307,236
|
|
|
$
|
192,139
|
|
(a)
|
Operating property revenues from our hotels include (i) $15.0 million, $15.2 million, and $14.6 million for the years ended December 31, 2019, 2018, and 2017, respectively, generated from a hotel in Bloomington, Minnesota, (ii) $14.4 million and $1.7 million for the years ended December 31, 2019 and 2018, respectively, generated from a hotel in Miami, Florida, which was acquired in the CPA:17 Merger (Note 3), classified as held for sale as of December 31, 2019 (Note 5), and sold in January 2020 (Note 20), and (iii) $4.8 million and $16.0 million for the years ended December 31, 2018 and 2017, respectively, generated from a hotel in Memphis, Tennessee, which was sold in April 2018 (Note 17).
|
|
W. P. Carey 2019 10-K – 126
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Revenues
|
|
|
|
|
|
||||||
Asset management revenue
|
$
|
39,132
|
|
|
$
|
63,556
|
|
|
$
|
70,125
|
|
Reimbursable costs from affiliates
|
16,547
|
|
|
21,925
|
|
|
51,445
|
|
|||
Structuring and other advisory revenue
|
4,224
|
|
|
21,126
|
|
|
35,094
|
|
|||
Dealer manager fees
|
—
|
|
|
—
|
|
|
4,430
|
|
|||
|
59,903
|
|
|
106,607
|
|
|
161,094
|
|
|||
Operating Expenses
|
|
|
|
|
|
||||||
General and administrative
|
18,497
|
|
|
21,127
|
|
|
31,889
|
|
|||
Reimbursable costs from affiliates
|
16,547
|
|
|
21,925
|
|
|
51,445
|
|
|||
Subadvisor fees
|
7,579
|
|
|
9,240
|
|
|
13,600
|
|
|||
Stock-based compensation expense
|
5,539
|
|
|
7,844
|
|
|
11,957
|
|
|||
Depreciation and amortization
|
3,835
|
|
|
3,979
|
|
|
3,902
|
|
|||
Restructuring and other compensation
|
—
|
|
|
—
|
|
|
9,363
|
|
|||
Dealer manager fees and expenses
|
—
|
|
|
—
|
|
|
6,544
|
|
|||
|
51,997
|
|
|
64,115
|
|
|
128,700
|
|
|||
Other Income and Expenses
|
|
|
|
|
|
||||||
Equity in earnings of equity method investments in the Managed Programs
|
20,868
|
|
|
48,173
|
|
|
51,682
|
|
|||
Other gains and (losses)
|
1,224
|
|
|
(102
|
)
|
|
2,042
|
|
|||
Gain on change in control of interests
|
—
|
|
|
29,022
|
|
|
—
|
|
|||
|
22,092
|
|
|
77,093
|
|
|
53,724
|
|
|||
Income before income taxes
|
29,998
|
|
|
119,585
|
|
|
86,118
|
|
|||
Benefit from (provision for) income taxes
|
4,591
|
|
|
(15,255
|
)
|
|
(968
|
)
|
|||
Net Income from Investment Management
|
34,589
|
|
|
104,330
|
|
|
85,150
|
|
|||
Net income attributable to noncontrolling interests
|
(1,411
|
)
|
|
—
|
|
|
—
|
|
|||
Net Income from Investment Management Attributable to W. P. Carey
|
$
|
33,178
|
|
|
$
|
104,330
|
|
|
$
|
85,150
|
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Revenues
|
$
|
1,232,766
|
|
|
$
|
885,732
|
|
|
$
|
848,302
|
|
Operating expenses
|
731,117
|
|
|
526,451
|
|
|
489,748
|
|
|||
Other income and expenses
|
(168,894
|
)
|
|
79,471
|
|
|
(70,760
|
)
|
|||
Provision for income taxes
|
(26,211
|
)
|
|
(14,411
|
)
|
|
(2,711
|
)
|
|||
Net income attributable to noncontrolling interests
|
(1,301
|
)
|
|
(12,775
|
)
|
|
(7,794
|
)
|
|||
Net income attributable to W. P. Carey
|
$
|
305,243
|
|
|
$
|
411,566
|
|
|
$
|
277,289
|
|
|
Total Assets at December 31,
|
||||||
|
2019
|
|
2018
|
||||
Real Estate
|
$
|
13,811,403
|
|
|
$
|
13,941,963
|
|
Investment Management
|
249,515
|
|
|
241,076
|
|
||
Total Company
|
$
|
14,060,918
|
|
|
$
|
14,183,039
|
|
|
W. P. Carey 2019 10-K – 127
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Revenues
|
|
|
|
|
|
||||||
Domestic
|
$
|
783,828
|
|
|
$
|
499,342
|
|
|
$
|
451,310
|
|
International
|
389,035
|
|
|
279,783
|
|
|
235,898
|
|
|||
Total
|
$
|
1,172,863
|
|
|
$
|
779,125
|
|
|
$
|
687,208
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Long-lived Assets (a)
|
|
|
|
||||
Domestic
|
$
|
7,574,110
|
|
|
$
|
7,579,018
|
|
International
|
4,342,635
|
|
|
4,349,836
|
|
||
Total
|
$
|
11,916,745
|
|
|
$
|
11,928,854
|
|
|
|
|
|
||||
Equity Investments in Real Estate
|
|
|
|
||||
Domestic
|
$
|
110,822
|
|
|
$
|
129,799
|
|
International
|
83,615
|
|
|
91,859
|
|
||
Total
|
$
|
194,437
|
|
|
$
|
221,658
|
|
(a)
|
Consists of Net investments in real estate.
|
|
W. P. Carey 2019 10-K – 128
|
|
Three Months Ended
|
||||||||||||||
|
March 31, 2019
|
|
June 30, 2019
|
|
September 30, 2019
|
|
December 31, 2019
|
||||||||
Revenues (a)
|
$
|
298,323
|
|
|
$
|
305,211
|
|
|
$
|
318,005
|
|
|
$
|
311,227
|
|
Expenses (a) (b)
|
177,722
|
|
|
179,170
|
|
|
198,409
|
|
|
175,816
|
|
||||
Net income (a) (b) (c) (d)
|
68,796
|
|
|
66,121
|
|
|
41,835
|
|
|
129,792
|
|
||||
Net income attributable to noncontrolling interests (a)
|
(302
|
)
|
|
(83
|
)
|
|
(496
|
)
|
|
(420
|
)
|
||||
Net income attributable to W. P. Carey (a) (b) (c) (d)
|
68,494
|
|
|
66,038
|
|
|
41,339
|
|
|
129,372
|
|
||||
Earnings per share attributable to W. P. Carey:
|
|
|
|
|
|
|
|
||||||||
Basic (e)
|
$
|
0.41
|
|
|
$
|
0.39
|
|
|
$
|
0.24
|
|
|
$
|
0.75
|
|
Diluted (e)
|
$
|
0.41
|
|
|
$
|
0.38
|
|
|
$
|
0.24
|
|
|
$
|
0.75
|
|
|
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) (f) (g)
|
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) (f) (g)
|
65,274
|
|
|
75,681
|
|
|
77,348
|
|
|
193,263
|
|
||||
Earnings per share attributable to W. P. Carey:
|
|
|
|
|
|
|
|
||||||||
Basic (e)
|
$
|
0.60
|
|
|
$
|
0.70
|
|
|
$
|
0.71
|
|
|
$
|
1.33
|
|
Diluted (e)
|
$
|
0.60
|
|
|
$
|
0.70
|
|
|
$
|
0.71
|
|
|
$
|
1.33
|
|
(a)
|
Amounts for 2019 and the three months ended December 31, 2018 include the impact of the CPA:17 Merger (Note 3).
|
(b)
|
Amount for the three months ended September 30, 2019 includes impairment charges totaling $25.8 million recognized on a portfolio of four properties accounted for as Net investments in direct financing leases (Note 9).
|
(c)
|
Amount for the three months ended September 30, 2019 includes a loss on change in control of interests of $8.4 million recognized in connection with the CPA:17 Merger (Note 3).
|
(d)
|
Amount for the three months ended December 31, 2019 includes: (i) unrealized gains recognized on our investment in shares of a cold storage operator totaling $36.1 million (Note 9) and (ii) an aggregate gain on sale of real estate of $17.5 million recognized on the disposition of 12 properties.
|
(e)
|
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 Programs (Note 14).
|
(f)
|
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).
|
(g)
|
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.
|
|
W. P. Carey 2019 10-K – 129
|
|
W. P. Carey 2019 10-K – 130
|
Description
|
|
Balance at
Beginning
of Year
|
|
Other Additions
|
|
Deductions
|
|
Balance at
End of Year
|
||||||||
Year Ended December 31, 2019
|
|
|
|
|
|
|
|
|
||||||||
Valuation reserve for deferred tax assets
|
|
$
|
54,499
|
|
|
$
|
22,384
|
|
|
$
|
(3,240
|
)
|
|
$
|
73,643
|
|
|
|
|
|
|
|
|
|
|
||||||||
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
|
|
|
W. P. Carey 2019 10-K – 131
|
|
|
|
|
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
|
|
|
$
|
13,881
|
|
|
1979; 1987
|
|
Jan. 1998
|
|
40 yrs.
|
Industrial facilities in Thurmont, MD and Farmington, NY
|
|
—
|
|
|
729
|
|
|
5,903
|
|
|
—
|
|
|
—
|
|
|
729
|
|
|
5,903
|
|
|
6,632
|
|
|
2,238
|
|
|
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
|
|
|
5,803
|
|
|
1948; 1975
|
|
Jan. 1998
|
|
40 yrs.
|
|||||||||
Industrial facility in Toledo, OH
|
|
—
|
|
|
224
|
|
|
2,408
|
|
|
—
|
|
|
—
|
|
|
224
|
|
|
2,408
|
|
|
2,632
|
|
|
1,705
|
|
|
1966
|
|
Jan. 1998
|
|
40 yrs.
|
|||||||||
Industrial facility in Goshen, IN
|
|
—
|
|
|
239
|
|
|
940
|
|
|
—
|
|
|
—
|
|
|
239
|
|
|
940
|
|
|
1,179
|
|
|
462
|
|
|
1973
|
|
Jan. 1998
|
|
40 yrs.
|
|||||||||
Office facility in Raleigh, NC
|
|
—
|
|
|
1,638
|
|
|
2,844
|
|
|
187
|
|
|
(2,554
|
)
|
|
828
|
|
|
1,287
|
|
|
2,115
|
|
|
911
|
|
|
1983
|
|
Jan. 1998
|
|
20 yrs.
|
|||||||||
Office facility in King of Prussia, PA
|
|
—
|
|
|
1,219
|
|
|
6,283
|
|
|
1,295
|
|
|
—
|
|
|
1,219
|
|
|
7,578
|
|
|
8,797
|
|
|
4,036
|
|
|
1968
|
|
Jan. 1998
|
|
40 yrs.
|
|||||||||
Industrial facility in Pinconning, MI
|
|
—
|
|
|
32
|
|
|
1,692
|
|
|
—
|
|
|
—
|
|
|
32
|
|
|
1,692
|
|
|
1,724
|
|
|
930
|
|
|
1948
|
|
Jan. 1998
|
|
40 yrs.
|
|||||||||
Industrial facilities in San Fernando, CA
|
|
6,103
|
|
|
2,052
|
|
|
5,322
|
|
|
—
|
|
|
(1,889
|
)
|
|
1,494
|
|
|
3,991
|
|
|
5,485
|
|
|
2,208
|
|
|
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
|
|
|
14,696
|
|
|
9,025
|
|
|
15,291
|
|
|
24,316
|
|
|
5,790
|
|
|
Various
|
|
Jan. 1998
|
|
15 yrs.
|
|||||||||
Industrial facility in Glendora, CA
|
|
—
|
|
|
1,135
|
|
|
—
|
|
|
—
|
|
|
1,942
|
|
|
1,152
|
|
|
1,925
|
|
|
3,077
|
|
|
192
|
|
|
1950
|
|
Jan. 1998
|
|
10 yrs.
|
|||||||||
Warehouse facility in Doraville, GA
|
|
—
|
|
|
3,288
|
|
|
9,864
|
|
|
16,729
|
|
|
(11,410
|
)
|
|
3,288
|
|
|
15,183
|
|
|
18,471
|
|
|
1,268
|
|
|
2016
|
|
Jan. 1998
|
|
40 yrs.
|
|||||||||
Office facility in Collierville, TN and warehouse facility in Corpus Christi, TX
|
|
42,576
|
|
|
3,490
|
|
|
72,497
|
|
|
—
|
|
|
(15,609
|
)
|
|
288
|
|
|
60,090
|
|
|
60,378
|
|
|
17,933
|
|
|
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
|
|
—
|
|
|
5,035
|
|
|
18,957
|
|
|
7,460
|
|
|
516
|
|
|
5,035
|
|
|
26,933
|
|
|
31,968
|
|
|
14,406
|
|
|
1989
|
|
Jan. 1998
|
|
40 yrs.
|
|||||||||
Office facility in Bridgeton, MO
|
|
—
|
|
|
842
|
|
|
4,762
|
|
|
2,523
|
|
|
71
|
|
|
842
|
|
|
7,356
|
|
|
8,198
|
|
|
3,768
|
|
|
1972
|
|
Jan. 1998
|
|
40 yrs.
|
|||||||||
Retail facility in Drayton Plains, MI
|
|
—
|
|
|
1,039
|
|
|
4,788
|
|
|
236
|
|
|
(2,297
|
)
|
|
494
|
|
|
3,272
|
|
|
3,766
|
|
|
1,266
|
|
|
1972
|
|
Jan. 1998
|
|
35 yrs.
|
|||||||||
Warehouse facility in Memphis, TN
|
|
—
|
|
|
1,882
|
|
|
3,973
|
|
|
294
|
|
|
(3,892
|
)
|
|
328
|
|
|
1,929
|
|
|
2,257
|
|
|
1,266
|
|
|
1969
|
|
Jan. 1998
|
|
15 yrs.
|
|||||||||
Industrial facility in Romulus, MI
|
|
—
|
|
|
454
|
|
|
6,411
|
|
|
525
|
|
|
—
|
|
|
454
|
|
|
6,936
|
|
|
7,390
|
|
|
682
|
|
|
1970
|
|
Jan. 1998
|
|
10 yrs.
|
|||||||||
Retail facility in Bellevue, WA
|
|
—
|
|
|
4,125
|
|
|
11,812
|
|
|
393
|
|
|
(123
|
)
|
|
4,371
|
|
|
11,836
|
|
|
16,207
|
|
|
6,322
|
|
|
1994
|
|
Apr. 1998
|
|
40 yrs.
|
|||||||||
Office facility in Rio Rancho, NM
|
|
—
|
|
|
1,190
|
|
|
9,353
|
|
|
5,866
|
|
|
—
|
|
|
2,287
|
|
|
14,122
|
|
|
16,409
|
|
|
6,369
|
|
|
1999
|
|
Jul. 1998
|
|
40 yrs.
|
|||||||||
Office facility in Moorestown, NJ
|
|
—
|
|
|
351
|
|
|
5,981
|
|
|
1,652
|
|
|
1
|
|
|
351
|
|
|
7,634
|
|
|
7,985
|
|
|
4,265
|
|
|
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
|
|
|
6,531
|
|
|
1968; 1980
|
|
Sep. 2002
|
|
40 yrs.
|
|||||||||
Office facilities in Playa Vista and Venice, CA
|
|
21,048
|
|
|
2,032
|
|
|
10,152
|
|
|
52,817
|
|
|
1
|
|
|
5,889
|
|
|
59,113
|
|
|
65,002
|
|
|
15,303
|
|
|
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
|
|
|
1,857
|
|
|
1995
|
|
Sep. 2004
|
|
40 yrs.
|
|||||||||
Retail facility in Hot Springs, AR
|
|
—
|
|
|
850
|
|
|
2,939
|
|
|
2
|
|
|
(2,614
|
)
|
|
—
|
|
|
1,177
|
|
|
1,177
|
|
|
451
|
|
|
1985
|
|
Sep. 2004
|
|
40 yrs.
|
|
W. P. Carey 2019 10-K – 132
|
|
|
|
|
Initial Cost to Company
|
|
Cost Capitalized
Subsequent to Acquisition (a) |
|
Increase
(Decrease) in Net Investments (b) |
|
Gross Amount at which
Carried at Close of Period (c) (d) |
|
Accumulated Depreciation (d)
|
|
Date of Construction
|
|
Date Acquired
|
|
Life on which
Depreciation in Latest Statement of Income is Computed |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Description
|
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
|
Land
|
|
Buildings
|
|
Total
|
|
|
|
|
|||||||||||||||
Warehouse facilities in Apopka, FL
|
|
—
|
|
|
362
|
|
|
10,855
|
|
|
1,195
|
|
|
(155
|
)
|
|
337
|
|
|
11,920
|
|
|
12,257
|
|
|
4,100
|
|
|
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
|
|
|
2,372
|
|
|
1995
|
|
Dec. 2006
|
|
29 yrs.
|
Retail facility in Wroclaw, Poland
|
|
—
|
|
|
3,600
|
|
|
10,306
|
|
|
—
|
|
|
(3,747
|
)
|
|
2,809
|
|
|
7,350
|
|
|
10,159
|
|
|
2,195
|
|
|
2007
|
|
Dec. 2007
|
|
40 yrs.
|
Office facility in Fort Worth, TX
|
|
—
|
|
|
4,600
|
|
|
37,580
|
|
|
186
|
|
|
—
|
|
|
4,600
|
|
|
37,766
|
|
|
42,366
|
|
|
9,335
|
|
|
2003
|
|
Feb. 2010
|
|
40 yrs.
|
Warehouse facility in Mallorca, Spain
|
|
—
|
|
|
11,109
|
|
|
12,636
|
|
|
—
|
|
|
(1,414
|
)
|
|
10,428
|
|
|
11,903
|
|
|
22,331
|
|
|
2,848
|
|
|
2008
|
|
Jun. 2010
|
|
40 yrs.
|
Retail facilities in Florence, AL; Snellville, GA; Rockport, TX; and Virginia Beach, VA
|
|
—
|
|
|
5,646
|
|
|
12,367
|
|
|
—
|
|
|
(3,786
|
)
|
|
4,323
|
|
|
9,904
|
|
|
14,227
|
|
|
1,900
|
|
|
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
|
|
128,609
|
|
|
32,680
|
|
|
198,999
|
|
|
—
|
|
|
—
|
|
|
32,680
|
|
|
198,999
|
|
|
231,679
|
|
|
39,753
|
|
|
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
|
|
|
3,998
|
|
|
1968; 1975; 1995
|
|
Sep. 2012; Jan. 2014
|
|
30 yrs.
|
Land in Irvine, CA
|
|
1,631
|
|
|
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
|
|
|
1,798
|
|
|
1997
|
|
Sep. 2012
|
|
30 yrs.
|
Office facility in Clinton, NJ
|
|
18,718
|
|
|
2,866
|
|
|
34,834
|
|
|
—
|
|
|
—
|
|
|
2,866
|
|
|
34,834
|
|
|
37,700
|
|
|
8,435
|
|
|
1987
|
|
Sep. 2012
|
|
30 yrs.
|
Office facilities in St. Petersburg, FL
|
|
—
|
|
|
3,280
|
|
|
24,627
|
|
|
2,078
|
|
|
—
|
|
|
3,280
|
|
|
26,705
|
|
|
29,985
|
|
|
6,001
|
|
|
1996; 1999
|
|
Sep. 2012
|
|
30 yrs.
|
Movie theater in Baton Rouge, LA
|
|
—
|
|
|
4,168
|
|
|
5,724
|
|
|
3,200
|
|
|
—
|
|
|
4,168
|
|
|
8,924
|
|
|
13,092
|
|
|
1,890
|
|
|
2003
|
|
Sep. 2012
|
|
30 yrs.
|
Industrial and office facility in San Diego, CA
|
|
—
|
|
|
7,804
|
|
|
16,729
|
|
|
4,654
|
|
|
(705
|
)
|
|
7,804
|
|
|
20,678
|
|
|
28,482
|
|
|
5,228
|
|
|
2002
|
|
Sep. 2012
|
|
30 yrs.
|
Industrial facility in Richmond, CA
|
|
—
|
|
|
895
|
|
|
1,953
|
|
|
—
|
|
|
—
|
|
|
895
|
|
|
1,953
|
|
|
2,848
|
|
|
473
|
|
|
1999
|
|
Sep. 2012
|
|
30 yrs.
|
Warehouse facilities in Kingman, AZ; Woodland, CA; Jonesboro, GA; Kansas City, MO; Springfield, OR; Fogelsville, PA; and Corsicana, TX
|
|
51,263
|
|
|
16,386
|
|
|
84,668
|
|
|
—
|
|
|
—
|
|
|
16,386
|
|
|
84,668
|
|
|
101,054
|
|
|
20,333
|
|
|
Various
|
|
Sep. 2012
|
|
30 yrs.
|
Industrial facilities in Rocky Mount, NC and Lewisville, TX
|
|
—
|
|
|
2,163
|
|
|
17,715
|
|
|
609
|
|
|
(8,389
|
)
|
|
1,132
|
|
|
10,966
|
|
|
12,098
|
|
|
2,573
|
|
|
1948; 1989
|
|
Sep. 2012
|
|
30 yrs.
|
Industrial facilities in Chattanooga, TN
|
|
—
|
|
|
558
|
|
|
5,923
|
|
|
—
|
|
|
—
|
|
|
558
|
|
|
5,923
|
|
|
6,481
|
|
|
1,418
|
|
|
1974; 1989
|
|
Sep. 2012
|
|
30 yrs.
|
Industrial facility in Mooresville, NC
|
|
2,690
|
|
|
756
|
|
|
9,775
|
|
|
—
|
|
|
—
|
|
|
756
|
|
|
9,775
|
|
|
10,531
|
|
|
2,334
|
|
|
1997
|
|
Sep. 2012
|
|
30 yrs.
|
Industrial facility in McCalla, AL
|
|
—
|
|
|
960
|
|
|
14,472
|
|
|
42,662
|
|
|
—
|
|
|
2,076
|
|
|
56,018
|
|
|
58,094
|
|
|
7,431
|
|
|
2004
|
|
Sep. 2012
|
|
31 yrs.
|
Office facility in Lower Makefield Township, PA
|
|
—
|
|
|
1,726
|
|
|
12,781
|
|
|
4,378
|
|
|
—
|
|
|
1,726
|
|
|
17,159
|
|
|
18,885
|
|
|
3,430
|
|
|
2002
|
|
Sep. 2012
|
|
30 yrs.
|
Industrial facility in Fort Smith, AZ
|
|
—
|
|
|
1,063
|
|
|
6,159
|
|
|
—
|
|
|
—
|
|
|
1,063
|
|
|
6,159
|
|
|
7,222
|
|
|
1,455
|
|
|
1982
|
|
Sep. 2012
|
|
30 yrs.
|
Retail facilities in Greenwood, IN and Buffalo, NY
|
|
6,547
|
|
|
—
|
|
|
19,990
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19,990
|
|
|
19,990
|
|
|
4,672
|
|
|
2000; 2003
|
|
Sep. 2012
|
|
30 - 31 yrs.
|
Industrial facilities in Bowling Green, KY and Jackson, TN
|
|
—
|
|
|
1,492
|
|
|
8,182
|
|
|
—
|
|
|
—
|
|
|
1,492
|
|
|
8,182
|
|
|
9,674
|
|
|
1,928
|
|
|
1989; 1995
|
|
Sep. 2012
|
|
31 yrs.
|
|
W. P. Carey 2019 10-K – 133
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|||||||||||||||
Education facilities in Avondale, AZ; Rancho Cucamonga, CA; and Exton, PA
|
|
6,947
|
|
|
14,006
|
|
|
33,683
|
|
|
157
|
|
|
(3,878
|
)
|
|
11,179
|
|
|
32,789
|
|
|
43,968
|
|
|
7,404
|
|
|
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
|
|
5,695
|
|
|
6,559
|
|
|
19,078
|
|
|
—
|
|
|
—
|
|
|
6,559
|
|
|
19,078
|
|
|
25,637
|
|
|
4,459
|
|
|
Various
|
|
Sep. 2012
|
|
31 yrs.
|
Industrial facilities in Tolleson, AZ; Alsip, IL; and Solvay, NY
|
|
7,732
|
|
|
6,080
|
|
|
23,424
|
|
|
—
|
|
|
—
|
|
|
6,080
|
|
|
23,424
|
|
|
29,504
|
|
|
5,430
|
|
|
1990; 1994; 2000
|
|
Sep. 2012
|
|
31 yrs.
|
Fitness facilities in Englewood, CO; Memphis TN; and Bedford, TX
|
|
1,371
|
|
|
4,877
|
|
|
4,258
|
|
|
5,215
|
|
|
4,756
|
|
|
4,877
|
|
|
14,229
|
|
|
19,106
|
|
|
3,629
|
|
|
1990; 1995; 2001
|
|
Sep. 2012
|
|
31 yrs.
|
Office facility in Mons, Belgium
|
|
5,501
|
|
|
1,505
|
|
|
6,026
|
|
|
653
|
|
|
(1,065
|
)
|
|
1,315
|
|
|
5,804
|
|
|
7,119
|
|
|
1,289
|
|
|
1982
|
|
Sep. 2012
|
|
32 yrs.
|
Warehouse facilities in Oceanside, CA and Concordville, PA
|
|
2,298
|
|
|
3,333
|
|
|
8,270
|
|
|
—
|
|
|
—
|
|
|
3,333
|
|
|
8,270
|
|
|
11,603
|
|
|
1,922
|
|
|
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
|
|
|
73,409
|
|
|
Various
|
|
Sep. 2012
|
|
31 yrs.
|
Warehouse facility in La Vista, NE
|
|
19,073
|
|
|
4,196
|
|
|
23,148
|
|
|
—
|
|
|
—
|
|
|
4,196
|
|
|
23,148
|
|
|
27,344
|
|
|
5,017
|
|
|
2005
|
|
Sep. 2012
|
|
33 yrs.
|
Office facility in Pleasanton, CA
|
|
—
|
|
|
3,675
|
|
|
7,468
|
|
|
—
|
|
|
—
|
|
|
3,675
|
|
|
7,468
|
|
|
11,143
|
|
|
1,713
|
|
|
2000
|
|
Sep. 2012
|
|
31 yrs.
|
Office facility in San Marcos, TX
|
|
—
|
|
|
440
|
|
|
688
|
|
|
—
|
|
|
—
|
|
|
440
|
|
|
688
|
|
|
1,128
|
|
|
157
|
|
|
2000
|
|
Sep. 2012
|
|
31 yrs.
|
Office facility in Chicago, IL
|
|
—
|
|
|
2,169
|
|
|
19,010
|
|
|
72
|
|
|
(72
|
)
|
|
2,169
|
|
|
19,010
|
|
|
21,179
|
|
|
4,326
|
|
|
1910
|
|
Sep. 2012
|
|
31 yrs.
|
Industrial facilities in Hollywood and Orlando, FL
|
|
—
|
|
|
3,639
|
|
|
1,269
|
|
|
—
|
|
|
—
|
|
|
3,639
|
|
|
1,269
|
|
|
4,908
|
|
|
289
|
|
|
1996
|
|
Sep. 2012
|
|
31 yrs.
|
Warehouse facility in Golden, CO
|
|
—
|
|
|
808
|
|
|
4,304
|
|
|
77
|
|
|
—
|
|
|
808
|
|
|
4,381
|
|
|
5,189
|
|
|
1,096
|
|
|
1998
|
|
Sep. 2012
|
|
30 yrs.
|
Industrial facility in Texarkana, TX
|
|
—
|
|
|
1,755
|
|
|
4,493
|
|
|
—
|
|
|
(2,783
|
)
|
|
216
|
|
|
3,249
|
|
|
3,465
|
|
|
739
|
|
|
1997
|
|
Sep. 2012
|
|
31 yrs.
|
Industrial facility in Eugene, OR
|
|
4,014
|
|
|
2,286
|
|
|
3,783
|
|
|
—
|
|
|
—
|
|
|
2,286
|
|
|
3,783
|
|
|
6,069
|
|
|
861
|
|
|
1980
|
|
Sep. 2012
|
|
31 yrs.
|
Industrial facility in South Jordan, UT
|
|
—
|
|
|
2,183
|
|
|
11,340
|
|
|
1,642
|
|
|
—
|
|
|
2,183
|
|
|
12,982
|
|
|
15,165
|
|
|
2,782
|
|
|
1995
|
|
Sep. 2012
|
|
31 yrs.
|
Warehouse facility in Ennis, TX
|
|
—
|
|
|
478
|
|
|
4,087
|
|
|
145
|
|
|
—
|
|
|
478
|
|
|
4,232
|
|
|
4,710
|
|
|
1,075
|
|
|
1989
|
|
Sep. 2012
|
|
31 yrs.
|
Retail facility in Braintree, MA
|
|
—
|
|
|
2,409
|
|
|
—
|
|
|
6,184
|
|
|
(1,403
|
)
|
|
1,006
|
|
|
6,184
|
|
|
7,190
|
|
|
1,209
|
|
|
1994
|
|
Sep. 2012
|
|
30 yrs.
|
Office facility in Paris, France
|
|
46,269
|
|
|
23,387
|
|
|
43,450
|
|
|
—
|
|
|
(8,451
|
)
|
|
20,430
|
|
|
37,956
|
|
|
58,386
|
|
|
8,418
|
|
|
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
|
|
|
—
|
|
|
(12,613
|
)
|
|
23,164
|
|
|
63,653
|
|
|
86,817
|
|
|
19,395
|
|
|
Various
|
|
Sep. 2012
|
|
23 - 34 yrs.
|
Industrial facility in Laupheim, Germany
|
|
—
|
|
|
2,072
|
|
|
8,339
|
|
|
—
|
|
|
(1,317
|
)
|
|
1,810
|
|
|
7,284
|
|
|
9,094
|
|
|
2,649
|
|
|
1960
|
|
Sep. 2012
|
|
20 yrs.
|
Industrial facilities in Danbury, CT and Bedford, MA
|
|
5,443
|
|
|
3,519
|
|
|
16,329
|
|
|
—
|
|
|
—
|
|
|
3,519
|
|
|
16,329
|
|
|
19,848
|
|
|
3,965
|
|
|
1965; 1980
|
|
Sep. 2012
|
|
29 yrs.
|
Industrial facility in Brownwood, TX
|
|
—
|
|
|
722
|
|
|
6,268
|
|
|
—
|
|
|
—
|
|
|
722
|
|
|
6,268
|
|
|
6,990
|
|
|
418
|
|
|
1964
|
|
Sep. 2012
|
|
15 yrs.
|
Warehouse facilities in Venlo, Netherlands
|
|
—
|
|
|
10,154
|
|
|
18,590
|
|
|
—
|
|
|
(3,911
|
)
|
|
8,772
|
|
|
16,061
|
|
|
24,833
|
|
|
3,160
|
|
|
1998; 1999
|
|
Apr. 2013
|
|
35 yrs.
|
|
W. P. Carey 2019 10-K – 134
|
|
|
|
|
|
|
|
|
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 and office facility in Tampere, Finland
|
|
—
|
|
|
2,309
|
|
|
37,153
|
|
|
—
|
|
|
(5,456
|
)
|
|
1,965
|
|
|
32,041
|
|
|
34,006
|
|
|
6,736
|
|
|
2012
|
|
Jun. 2013
|
|
40 yrs.
|
Office facility in Quincy, MA
|
|
—
|
|
|
2,316
|
|
|
21,537
|
|
|
127
|
|
|
—
|
|
|
2,316
|
|
|
21,664
|
|
|
23,980
|
|
|
3,842
|
|
|
1989
|
|
Jun. 2013
|
|
40 yrs.
|
Office facility in Salford, United Kingdom
|
|
—
|
|
|
—
|
|
|
30,012
|
|
|
—
|
|
|
(4,679
|
)
|
|
—
|
|
|
25,333
|
|
|
25,333
|
|
|
4,119
|
|
|
1997
|
|
Sep. 2013
|
|
40 yrs.
|
Office facility in Lone Tree, CO
|
|
—
|
|
|
4,761
|
|
|
28,864
|
|
|
2,927
|
|
|
—
|
|
|
4,761
|
|
|
31,791
|
|
|
36,552
|
|
|
5,725
|
|
|
2001
|
|
Nov. 2013
|
|
40 yrs.
|
Office facility in Mönchengladbach, Germany
|
|
32,182
|
|
|
2,154
|
|
|
6,917
|
|
|
50,626
|
|
|
(1,728
|
)
|
|
2,158
|
|
|
55,811
|
|
|
57,969
|
|
|
5,766
|
|
|
2015
|
|
Dec. 2013
|
|
40 yrs.
|
Fitness facility in Houston, TX
|
|
—
|
|
|
2,430
|
|
|
2,270
|
|
|
—
|
|
|
—
|
|
|
2,430
|
|
|
2,270
|
|
|
4,700
|
|
|
599
|
|
|
1995
|
|
Jan. 2014
|
|
23 yrs.
|
Fitness facility in St. Charles, MO
|
|
—
|
|
|
1,966
|
|
|
1,368
|
|
|
1,352
|
|
|
—
|
|
|
1,966
|
|
|
2,720
|
|
|
4,686
|
|
|
624
|
|
|
1987
|
|
Jan. 2014
|
|
27 yrs.
|
Fitness facility in Salt Lake City, UT
|
|
—
|
|
|
856
|
|
|
2,804
|
|
|
—
|
|
|
—
|
|
|
856
|
|
|
2,804
|
|
|
3,660
|
|
|
642
|
|
|
1999
|
|
Jan. 2014
|
|
26 yrs.
|
Land in Scottsdale, AZ
|
|
9,358
|
|
|
22,300
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,300
|
|
|
—
|
|
|
22,300
|
|
|
—
|
|
|
N/A
|
|
Jan. 2014
|
|
N/A
|
Industrial facility in Aurora, CO
|
|
2,611
|
|
|
737
|
|
|
2,609
|
|
|
—
|
|
|
—
|
|
|
737
|
|
|
2,609
|
|
|
3,346
|
|
|
488
|
|
|
1985
|
|
Jan. 2014
|
|
32 yrs.
|
Warehouse facility in Burlington, NJ
|
|
—
|
|
|
3,989
|
|
|
6,213
|
|
|
377
|
|
|
—
|
|
|
3,989
|
|
|
6,590
|
|
|
10,579
|
|
|
1,527
|
|
|
1999
|
|
Jan. 2014
|
|
26 yrs.
|
Industrial facility in Albuquerque, NM
|
|
—
|
|
|
2,467
|
|
|
3,476
|
|
|
606
|
|
|
—
|
|
|
2,467
|
|
|
4,082
|
|
|
6,549
|
|
|
905
|
|
|
1993
|
|
Jan. 2014
|
|
27 yrs.
|
Industrial facility in North Salt Lake, UT
|
|
—
|
|
|
10,601
|
|
|
17,626
|
|
|
—
|
|
|
(16,936
|
)
|
|
4,388
|
|
|
6,903
|
|
|
11,291
|
|
|
1,560
|
|
|
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
|
|
|
3,271
|
|
|
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
|
|
—
|
|
|
4,005
|
|
|
44,192
|
|
|
—
|
|
|
—
|
|
|
4,005
|
|
|
44,192
|
|
|
48,197
|
|
|
10,965
|
|
|
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
|
|
|
5,304
|
|
|
1978; 1979; 1986
|
|
Jan. 2014
|
|
17 - 34 yrs.
|
Retail facility in Torrance, CA
|
|
—
|
|
|
8,412
|
|
|
12,241
|
|
|
1,377
|
|
|
(76
|
)
|
|
8,335
|
|
|
13,619
|
|
|
21,954
|
|
|
3,345
|
|
|
1973
|
|
Jan. 2014
|
|
25 yrs.
|
Office facility in Houston, TX
|
|
—
|
|
|
6,578
|
|
|
424
|
|
|
560
|
|
|
—
|
|
|
6,578
|
|
|
984
|
|
|
7,562
|
|
|
360
|
|
|
1978
|
|
Jan. 2014
|
|
27 yrs.
|
Land in Doncaster, United Kingdom
|
|
—
|
|
|
4,257
|
|
|
4,248
|
|
|
—
|
|
|
(8,111
|
)
|
|
394
|
|
|
—
|
|
|
394
|
|
|
—
|
|
|
N/A
|
|
Jan. 2014
|
|
N/A
|
Warehouse facility in Norwich, CT
|
|
8,111
|
|
|
3,885
|
|
|
21,342
|
|
|
—
|
|
|
2
|
|
|
3,885
|
|
|
21,344
|
|
|
25,229
|
|
|
4,469
|
|
|
1960
|
|
Jan. 2014
|
|
28 yrs.
|
Warehouse facility in Norwich, CT
|
|
—
|
|
|
1,437
|
|
|
9,669
|
|
|
—
|
|
|
—
|
|
|
1,437
|
|
|
9,669
|
|
|
11,106
|
|
|
2,024
|
|
|
2005
|
|
Jan. 2014
|
|
28 yrs.
|
Warehouse facility in Whitehall, PA
|
|
—
|
|
|
7,435
|
|
|
9,093
|
|
|
—
|
|
|
(4,164
|
)
|
|
6,983
|
|
|
5,381
|
|
|
12,364
|
|
|
1,379
|
|
|
1986
|
|
Jan. 2014
|
|
23 yrs.
|
Retail facilities in York, PA
|
|
2,972
|
|
|
3,776
|
|
|
10,092
|
|
|
—
|
|
|
(2,016
|
)
|
|
2,668
|
|
|
9,184
|
|
|
11,852
|
|
|
1,853
|
|
|
1992; 2005
|
|
Jan. 2014
|
|
26 - 34 yrs.
|
Industrial facility in Pittsburgh, PA
|
|
—
|
|
|
1,151
|
|
|
10,938
|
|
|
—
|
|
|
—
|
|
|
1,151
|
|
|
10,938
|
|
|
12,089
|
|
|
2,613
|
|
|
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
|
|
|
656
|
|
|
1975
|
|
Jan. 2014
|
|
28 yrs.
|
Warehouse facility in Harrisburg, NC
|
|
—
|
|
|
1,753
|
|
|
5,840
|
|
|
—
|
|
|
(111
|
)
|
|
1,642
|
|
|
5,840
|
|
|
7,482
|
|
|
1,324
|
|
|
2000
|
|
Jan. 2014
|
|
26 yrs.
|
Industrial facility in Chandler, AZ; industrial, office, and warehouse facility in Englewood, CO; and land in Englewood, CO
|
|
3,416
|
|
|
4,306
|
|
|
7,235
|
|
|
—
|
|
|
3
|
|
|
4,306
|
|
|
7,238
|
|
|
11,544
|
|
|
1,415
|
|
|
1978; 1987
|
|
Jan. 2014
|
|
30 yrs.
|
|
W. P. Carey 2019 10-K – 135
|
|
|
|
|
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 Cynthiana, KY
|
|
1,672
|
|
|
1,274
|
|
|
3,505
|
|
|
525
|
|
|
(107
|
)
|
|
1,274
|
|
|
3,923
|
|
|
5,197
|
|
|
807
|
|
|
1967
|
|
Jan. 2014
|
|
31 yrs.
|
Industrial facility in Columbia, SC
|
|
—
|
|
|
2,843
|
|
|
11,886
|
|
|
—
|
|
|
—
|
|
|
2,843
|
|
|
11,886
|
|
|
14,729
|
|
|
3,112
|
|
|
1962
|
|
Jan. 2014
|
|
23 yrs.
|
Movie theater in Midlothian, VA
|
|
—
|
|
|
2,824
|
|
|
16,618
|
|
|
—
|
|
|
—
|
|
|
2,824
|
|
|
16,618
|
|
|
19,442
|
|
|
514
|
|
|
2000
|
|
Jan. 2014
|
|
40 yrs.
|
Net-lease student housing facility in Laramie, WY
|
|
—
|
|
|
1,966
|
|
|
18,896
|
|
|
—
|
|
|
—
|
|
|
1,966
|
|
|
18,896
|
|
|
20,862
|
|
|
4,308
|
|
|
2007
|
|
Jan. 2014
|
|
33 yrs.
|
Office facility in Greenville, SC
|
|
7,311
|
|
|
562
|
|
|
7,916
|
|
|
—
|
|
|
43
|
|
|
562
|
|
|
7,959
|
|
|
8,521
|
|
|
1,877
|
|
|
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
|
|
|
5,447
|
|
|
1996
|
|
Jan. 2014
|
|
23 yrs.
|
Industrial facility in Allen, TX and office facility in Sunnyvale, CA
|
|
—
|
|
|
9,297
|
|
|
24,086
|
|
|
—
|
|
|
(42
|
)
|
|
9,255
|
|
|
24,086
|
|
|
33,341
|
|
|
4,607
|
|
|
1981; 1997
|
|
Jan. 2014
|
|
31 yrs.
|
Industrial facilities in Hampton, NH
|
|
6,067
|
|
|
8,990
|
|
|
7,362
|
|
|
—
|
|
|
—
|
|
|
8,990
|
|
|
7,362
|
|
|
16,352
|
|
|
1,435
|
|
|
1976
|
|
Jan. 2014
|
|
30 yrs.
|
Industrial facilities located throughout France
|
|
—
|
|
|
36,306
|
|
|
5,212
|
|
|
—
|
|
|
(8,126
|
)
|
|
29,091
|
|
|
4,301
|
|
|
33,392
|
|
|
1,111
|
|
|
Various
|
|
Jan. 2014
|
|
23 yrs.
|
Retail facility in Fairfax, VA
|
|
—
|
|
|
3,402
|
|
|
16,353
|
|
|
—
|
|
|
—
|
|
|
3,402
|
|
|
16,353
|
|
|
19,755
|
|
|
3,672
|
|
|
1998
|
|
Jan. 2014
|
|
26 yrs.
|
Retail facility in Lombard, IL
|
|
—
|
|
|
5,087
|
|
|
8,578
|
|
|
—
|
|
|
—
|
|
|
5,087
|
|
|
8,578
|
|
|
13,665
|
|
|
1,926
|
|
|
1999
|
|
Jan. 2014
|
|
26 yrs.
|
Warehouse facility in Plainfield, IN
|
|
18,054
|
|
|
1,578
|
|
|
29,415
|
|
|
—
|
|
|
—
|
|
|
1,578
|
|
|
29,415
|
|
|
30,993
|
|
|
5,735
|
|
|
1997
|
|
Jan. 2014
|
|
30 yrs.
|
Retail facility in Kennesaw, GA
|
|
2,395
|
|
|
2,849
|
|
|
6,180
|
|
|
5,530
|
|
|
(76
|
)
|
|
2,773
|
|
|
11,710
|
|
|
14,483
|
|
|
2,174
|
|
|
1999
|
|
Jan. 2014
|
|
26 yrs.
|
Retail facility in Leawood, KS
|
|
7,750
|
|
|
1,487
|
|
|
13,417
|
|
|
—
|
|
|
—
|
|
|
1,487
|
|
|
13,417
|
|
|
14,904
|
|
|
3,013
|
|
|
1997
|
|
Jan. 2014
|
|
26 yrs.
|
Office facility in Tolland, CT
|
|
7,328
|
|
|
1,817
|
|
|
5,709
|
|
|
—
|
|
|
11
|
|
|
1,817
|
|
|
5,720
|
|
|
7,537
|
|
|
1,234
|
|
|
1968
|
|
Jan. 2014
|
|
28 yrs.
|
Warehouse facilities in Lincolnton, NC and Mauldin, SC
|
|
9,006
|
|
|
1,962
|
|
|
9,247
|
|
|
—
|
|
|
—
|
|
|
1,962
|
|
|
9,247
|
|
|
11,209
|
|
|
1,948
|
|
|
1988; 1996
|
|
Jan. 2014
|
|
28 yrs.
|
Retail facilities located throughout Germany
|
|
—
|
|
|
81,109
|
|
|
153,927
|
|
|
10,510
|
|
|
(127,152
|
)
|
|
29,403
|
|
|
88,991
|
|
|
118,394
|
|
|
16,834
|
|
|
Various
|
|
Jan. 2014
|
|
Various
|
Industrial and office facility in Marktheidenfeld, Germany
|
|
—
|
|
|
1,303
|
|
|
16,116
|
|
|
—
|
|
|
551
|
|
|
1,344
|
|
|
16,626
|
|
|
17,970
|
|
|
105
|
|
|
2002
|
|
Jan. 2014
|
|
40 yrs.
|
Office facility in Southfield, MI
|
|
—
|
|
|
1,726
|
|
|
4,856
|
|
|
89
|
|
|
—
|
|
|
1,726
|
|
|
4,945
|
|
|
6,671
|
|
|
943
|
|
|
1985
|
|
Jan. 2014
|
|
31 yrs.
|
Office facility in The Woodlands, TX
|
|
17,072
|
|
|
3,204
|
|
|
24,997
|
|
|
—
|
|
|
—
|
|
|
3,204
|
|
|
24,997
|
|
|
28,201
|
|
|
4,693
|
|
|
1997
|
|
Jan. 2014
|
|
32 yrs.
|
Warehouse facilities in Valdosta, GA and Johnson City, TN
|
|
—
|
|
|
1,080
|
|
|
14,998
|
|
|
1,688
|
|
|
—
|
|
|
1,080
|
|
|
16,686
|
|
|
17,766
|
|
|
3,392
|
|
|
1978; 1998
|
|
Jan. 2014
|
|
27 yrs.
|
Industrial facility in Amherst, NY
|
|
7,021
|
|
|
674
|
|
|
7,971
|
|
|
—
|
|
|
—
|
|
|
674
|
|
|
7,971
|
|
|
8,645
|
|
|
2,103
|
|
|
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
|
|
|
3,451
|
|
|
1954; 1997
|
|
Jan. 2014
|
|
28 yrs.
|
Warehouse facilities in Kottka, Finland
|
|
—
|
|
|
—
|
|
|
8,546
|
|
|
—
|
|
|
(1,493
|
)
|
|
—
|
|
|
7,053
|
|
|
7,053
|
|
|
1,910
|
|
|
1999; 2001
|
|
Jan. 2014
|
|
21 - 23 yrs.
|
Office facility in Bloomington, MN
|
|
—
|
|
|
2,942
|
|
|
7,155
|
|
|
—
|
|
|
—
|
|
|
2,942
|
|
|
7,155
|
|
|
10,097
|
|
|
1,494
|
|
|
1988
|
|
Jan. 2014
|
|
28 yrs.
|
Warehouse facility in Gorinchem, Netherlands
|
|
3,131
|
|
|
1,143
|
|
|
5,648
|
|
|
—
|
|
|
(1,186
|
)
|
|
944
|
|
|
4,661
|
|
|
5,605
|
|
|
973
|
|
|
1995
|
|
Jan. 2014
|
|
28 yrs.
|
Retail facility in Cresskill, NJ
|
|
—
|
|
|
2,366
|
|
|
5,482
|
|
|
—
|
|
|
19
|
|
|
2,366
|
|
|
5,501
|
|
|
7,867
|
|
|
1,044
|
|
|
1975
|
|
Jan. 2014
|
|
31 yrs.
|
Retail facility in Livingston, NJ
|
|
—
|
|
|
2,932
|
|
|
2,001
|
|
|
—
|
|
|
14
|
|
|
2,932
|
|
|
2,015
|
|
|
4,947
|
|
|
439
|
|
|
1966
|
|
Jan. 2014
|
|
27 yrs.
|
Retail facility in Maplewood, NJ
|
|
—
|
|
|
845
|
|
|
647
|
|
|
—
|
|
|
4
|
|
|
845
|
|
|
651
|
|
|
1,496
|
|
|
142
|
|
|
1954
|
|
Jan. 2014
|
|
27 yrs.
|
|
W. P. Carey 2019 10-K – 136
|
|
|
|
|
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 Montclair, NJ
|
|
—
|
|
|
1,905
|
|
|
1,403
|
|
|
—
|
|
|
6
|
|
|
1,905
|
|
|
1,409
|
|
|
3,314
|
|
|
307
|
|
|
1950
|
|
Jan. 2014
|
|
27 yrs.
|
Retail facility in Morristown, NJ
|
|
—
|
|
|
3,258
|
|
|
8,352
|
|
|
—
|
|
|
26
|
|
|
3,258
|
|
|
8,378
|
|
|
11,636
|
|
|
1,824
|
|
|
1973
|
|
Jan. 2014
|
|
27 yrs.
|
Retail facility in Summit, NJ
|
|
—
|
|
|
1,228
|
|
|
1,465
|
|
|
—
|
|
|
8
|
|
|
1,228
|
|
|
1,473
|
|
|
2,701
|
|
|
321
|
|
|
1950
|
|
Jan. 2014
|
|
27 yrs.
|
Industrial and office facilities in Dransfeld and Wolfach, Germany
|
|
—
|
|
|
2,789
|
|
|
8,750
|
|
|
—
|
|
|
(3,345
|
)
|
|
2,168
|
|
|
6,026
|
|
|
8,194
|
|
|
1,465
|
|
|
1898; 1978
|
|
Jan. 2014
|
|
24 yrs.
|
Industrial facilities in Georgetown, TX and Woodland, WA
|
|
—
|
|
|
965
|
|
|
4,113
|
|
|
—
|
|
|
—
|
|
|
965
|
|
|
4,113
|
|
|
5,078
|
|
|
721
|
|
|
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
|
|
|
1,668
|
|
|
Various
|
|
Jan. 2014
|
|
28 yrs.
|
Industrial facility in Salisbury, NC
|
|
—
|
|
|
1,499
|
|
|
8,185
|
|
|
—
|
|
|
—
|
|
|
1,499
|
|
|
8,185
|
|
|
9,684
|
|
|
1,744
|
|
|
2000
|
|
Jan. 2014
|
|
28 yrs.
|
Industrial facilities in Solon and Twinsburg, OH and office facility in Plymouth, MI
|
|
—
|
|
|
2,831
|
|
|
10,565
|
|
|
—
|
|
|
—
|
|
|
2,831
|
|
|
10,565
|
|
|
13,396
|
|
|
2,298
|
|
|
1970; 1991; 1995
|
|
Jan. 2014
|
|
26 - 27 yrs.
|
Industrial facility in Cambridge, Canada
|
|
—
|
|
|
1,849
|
|
|
7,371
|
|
|
—
|
|
|
(1,288
|
)
|
|
1,591
|
|
|
6,341
|
|
|
7,932
|
|
|
1,200
|
|
|
2001
|
|
Jan. 2014
|
|
31 yrs.
|
Industrial facilities in Peru, IL; Huber Heights, Lima, and Sheffield, OH; and Lebanon, TN
|
|
8,073
|
|
|
2,962
|
|
|
17,832
|
|
|
—
|
|
|
—
|
|
|
2,962
|
|
|
17,832
|
|
|
20,794
|
|
|
3,375
|
|
|
Various
|
|
Jan. 2014
|
|
31 yrs.
|
Industrial facility in Ramos Arizpe, Mexico
|
|
—
|
|
|
1,059
|
|
|
2,886
|
|
|
—
|
|
|
—
|
|
|
1,059
|
|
|
2,886
|
|
|
3,945
|
|
|
545
|
|
|
2000
|
|
Jan. 2014
|
|
31 yrs.
|
Industrial facilities in Salt Lake City, UT
|
|
—
|
|
|
2,783
|
|
|
3,773
|
|
|
—
|
|
|
—
|
|
|
2,783
|
|
|
3,773
|
|
|
6,556
|
|
|
714
|
|
|
1983; 2002
|
|
Jan. 2014
|
|
31 - 33 yrs.
|
Net-lease student housing facility in Blairsville, PA
|
|
8,821
|
|
|
1,631
|
|
|
23,163
|
|
|
—
|
|
|
—
|
|
|
1,631
|
|
|
23,163
|
|
|
24,794
|
|
|
5,051
|
|
|
2005
|
|
Jan. 2014
|
|
33 yrs.
|
Warehouse facilities in Atlanta, Doraville, and Rockmart, GA
|
|
—
|
|
|
6,488
|
|
|
77,192
|
|
|
—
|
|
|
—
|
|
|
6,488
|
|
|
77,192
|
|
|
83,680
|
|
|
16,002
|
|
|
1959; 1962; 1991
|
|
Jan. 2014
|
|
23 - 33 yrs.
|
Warehouse facilities in Flora, MS and Muskogee, OK
|
|
3,106
|
|
|
554
|
|
|
4,353
|
|
|
—
|
|
|
—
|
|
|
554
|
|
|
4,353
|
|
|
4,907
|
|
|
786
|
|
|
1992; 2002
|
|
Jan. 2014
|
|
33 yrs.
|
Industrial facility in Richmond, MO
|
|
—
|
|
|
2,211
|
|
|
8,505
|
|
|
747
|
|
|
—
|
|
|
2,211
|
|
|
9,252
|
|
|
11,463
|
|
|
1,874
|
|
|
1996
|
|
Jan. 2014
|
|
28 yrs.
|
Industrial facility in Tuusula, Finland
|
|
—
|
|
|
6,173
|
|
|
10,321
|
|
|
—
|
|
|
(2,881
|
)
|
|
5,095
|
|
|
8,518
|
|
|
13,613
|
|
|
1,975
|
|
|
1975
|
|
Jan. 2014
|
|
26 yrs.
|
Office facility in Turku, Finland
|
|
—
|
|
|
5,343
|
|
|
34,106
|
|
|
—
|
|
|
(6,893
|
)
|
|
4,409
|
|
|
28,147
|
|
|
32,556
|
|
|
5,981
|
|
|
1981
|
|
Jan. 2014
|
|
28 yrs.
|
Industrial facility in Turku, Finland
|
|
—
|
|
|
1,105
|
|
|
10,243
|
|
|
—
|
|
|
(1,967
|
)
|
|
912
|
|
|
8,469
|
|
|
9,381
|
|
|
1,806
|
|
|
1981
|
|
Jan. 2014
|
|
28 yrs.
|
Industrial facility in Baraboo, WI
|
|
—
|
|
|
917
|
|
|
10,663
|
|
|
—
|
|
|
—
|
|
|
917
|
|
|
10,663
|
|
|
11,580
|
|
|
4,821
|
|
|
1988
|
|
Jan. 2014
|
|
13 yrs.
|
Warehouse facility in Phoenix, AZ
|
|
16,836
|
|
|
6,747
|
|
|
21,352
|
|
|
—
|
|
|
—
|
|
|
6,747
|
|
|
21,352
|
|
|
28,099
|
|
|
4,550
|
|
|
1996
|
|
Jan. 2014
|
|
28 yrs.
|
Land in Calgary, Canada
|
|
—
|
|
|
3,721
|
|
|
—
|
|
|
—
|
|
|
(520
|
)
|
|
3,201
|
|
|
—
|
|
|
3,201
|
|
|
—
|
|
|
N/A
|
|
Jan. 2014
|
|
N/A
|
Industrial facilities in Sandersville, GA; Erwin, TN; and Gainesville, TX
|
|
1,541
|
|
|
955
|
|
|
4,779
|
|
|
—
|
|
|
—
|
|
|
955
|
|
|
4,779
|
|
|
5,734
|
|
|
912
|
|
|
1950; 1986; 1996
|
|
Jan. 2014
|
|
31 yrs.
|
Industrial facility in Buffalo Grove, IL
|
|
4,926
|
|
|
1,492
|
|
|
12,233
|
|
|
—
|
|
|
—
|
|
|
1,492
|
|
|
12,233
|
|
|
13,725
|
|
|
2,340
|
|
|
1996
|
|
Jan. 2014
|
|
31 yrs.
|
Warehouse facility in Spanish Fork, UT
|
|
—
|
|
|
991
|
|
|
7,901
|
|
|
—
|
|
|
—
|
|
|
991
|
|
|
7,901
|
|
|
8,892
|
|
|
1,430
|
|
|
2001
|
|
Jan. 2014
|
|
33 yrs.
|
|
W. P. Carey 2019 10-K – 137
|
|
|
|
|
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 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
|
|
|
1,146
|
|
|
Various
|
|
Jan. 2014
|
|
28 yrs.
|
Office facility in Carlsbad, CA
|
|
—
|
|
|
3,230
|
|
|
5,492
|
|
|
—
|
|
|
—
|
|
|
3,230
|
|
|
5,492
|
|
|
8,722
|
|
|
1,377
|
|
|
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
|
|
|
557
|
|
|
2000
|
|
Jan. 2014
|
|
27 yrs.
|
Movie theater in Hickory Creek, TX
|
|
—
|
|
|
1,693
|
|
|
3,342
|
|
|
—
|
|
|
—
|
|
|
1,693
|
|
|
3,342
|
|
|
5,035
|
|
|
739
|
|
|
2000
|
|
Jan. 2014
|
|
27 yrs.
|
Industrial facility in Nurieux-Volognat, France
|
|
—
|
|
|
121
|
|
|
5,328
|
|
|
—
|
|
|
(852
|
)
|
|
99
|
|
|
4,498
|
|
|
4,597
|
|
|
823
|
|
|
2000
|
|
Jan. 2014
|
|
32 yrs.
|
Warehouse facility in Suwanee, GA
|
|
—
|
|
|
2,330
|
|
|
8,406
|
|
|
—
|
|
|
—
|
|
|
2,330
|
|
|
8,406
|
|
|
10,736
|
|
|
1,470
|
|
|
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
|
|
|
2,167
|
|
|
1954; 1975; 1984
|
|
Jan. 2014
|
|
24 yrs.
|
Industrial facilities in Fort Dodge, IA and Menomonie and Oconomowoc, WI
|
|
7,337
|
|
|
1,403
|
|
|
11,098
|
|
|
—
|
|
|
—
|
|
|
1,403
|
|
|
11,098
|
|
|
12,501
|
|
|
4,039
|
|
|
1996
|
|
Jan. 2014
|
|
16 yrs.
|
Industrial facility in Mesa, AZ
|
|
3,864
|
|
|
2,888
|
|
|
4,282
|
|
|
—
|
|
|
—
|
|
|
2,888
|
|
|
4,282
|
|
|
7,170
|
|
|
929
|
|
|
1991
|
|
Jan. 2014
|
|
27 yrs.
|
Industrial facility in North Amityville, NY
|
|
—
|
|
|
3,486
|
|
|
11,413
|
|
|
—
|
|
|
—
|
|
|
3,486
|
|
|
11,413
|
|
|
14,899
|
|
|
2,596
|
|
|
1981
|
|
Jan. 2014
|
|
26 yrs.
|
Warehouse facilities in Greenville, SC
|
|
—
|
|
|
567
|
|
|
10,217
|
|
|
—
|
|
|
(1,330
|
)
|
|
454
|
|
|
9,000
|
|
|
9,454
|
|
|
2,938
|
|
|
1960
|
|
Jan. 2014
|
|
21 yrs.
|
Industrial facility in Fort Collins, CO
|
|
—
|
|
|
821
|
|
|
7,236
|
|
|
—
|
|
|
—
|
|
|
821
|
|
|
7,236
|
|
|
8,057
|
|
|
1,303
|
|
|
1993
|
|
Jan. 2014
|
|
33 yrs.
|
Warehouse facility in Elk Grove Village, IL
|
|
—
|
|
|
4,037
|
|
|
7,865
|
|
|
—
|
|
|
—
|
|
|
4,037
|
|
|
7,865
|
|
|
11,902
|
|
|
32
|
|
|
1980
|
|
Jan. 2014
|
|
22 yrs.
|
Office facility in Washington, MI
|
|
—
|
|
|
4,085
|
|
|
7,496
|
|
|
—
|
|
|
—
|
|
|
4,085
|
|
|
7,496
|
|
|
11,581
|
|
|
1,354
|
|
|
1990
|
|
Jan. 2014
|
|
33 yrs.
|
Office facility in Houston, TX
|
|
—
|
|
|
522
|
|
|
7,448
|
|
|
227
|
|
|
—
|
|
|
522
|
|
|
7,675
|
|
|
8,197
|
|
|
1,724
|
|
|
1999
|
|
Jan. 2014
|
|
27 yrs.
|
Industrial facilities in Conroe, Odessa, and Weimar, TX and industrial and office facility in Houston, TX
|
|
4,613
|
|
|
4,049
|
|
|
13,021
|
|
|
—
|
|
|
133
|
|
|
4,049
|
|
|
13,154
|
|
|
17,203
|
|
|
4,167
|
|
|
Various
|
|
Jan. 2014
|
|
12 - 22 yrs.
|
Education facility in Sacramento, CA
|
|
25,542
|
|
|
—
|
|
|
13,715
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,715
|
|
|
13,715
|
|
|
2,428
|
|
|
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
|
|
|
1,799
|
|
|
1969; 1974; 1984
|
|
Jan. 2014
|
|
27 yrs.
|
Office facility in Tinton Falls, NJ
|
|
—
|
|
|
1,958
|
|
|
7,993
|
|
|
725
|
|
|
—
|
|
|
1,958
|
|
|
8,718
|
|
|
10,676
|
|
|
1,562
|
|
|
2001
|
|
Jan. 2014
|
|
31 yrs.
|
Industrial facility in Woodland, WA
|
|
—
|
|
|
707
|
|
|
1,562
|
|
|
—
|
|
|
—
|
|
|
707
|
|
|
1,562
|
|
|
2,269
|
|
|
262
|
|
|
2009
|
|
Jan. 2014
|
|
35 yrs.
|
Warehouse facilities in Gyál and Herceghalom, Hungary
|
|
—
|
|
|
14,601
|
|
|
21,915
|
|
|
—
|
|
|
(6,379
|
)
|
|
12,050
|
|
|
18,087
|
|
|
30,137
|
|
|
5,239
|
|
|
2002; 2004
|
|
Jan. 2014
|
|
21 yrs.
|
Industrial facility in Windsor, CT
|
|
—
|
|
|
453
|
|
|
637
|
|
|
3,422
|
|
|
(83
|
)
|
|
453
|
|
|
3,976
|
|
|
4,429
|
|
|
363
|
|
|
1999
|
|
Jan. 2014
|
|
33 yrs.
|
Industrial facility in Aurora, CO
|
|
2,482
|
|
|
574
|
|
|
3,999
|
|
|
—
|
|
|
—
|
|
|
574
|
|
|
3,999
|
|
|
4,573
|
|
|
603
|
|
|
2012
|
|
Jan. 2014
|
|
40 yrs.
|
Office facility in Chandler, AZ
|
|
—
|
|
|
5,318
|
|
|
27,551
|
|
|
19
|
|
|
—
|
|
|
5,318
|
|
|
27,570
|
|
|
32,888
|
|
|
4,608
|
|
|
2000
|
|
Mar. 2014
|
|
40 yrs.
|
Warehouse facility in University Park, IL
|
|
—
|
|
|
7,962
|
|
|
32,756
|
|
|
221
|
|
|
—
|
|
|
7,962
|
|
|
32,977
|
|
|
40,939
|
|
|
5,305
|
|
|
2008
|
|
May 2014
|
|
40 yrs.
|
|
W. P. Carey 2019 10-K – 138
|
|
|
|
|
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 Stavanger, Norway
|
|
—
|
|
|
10,296
|
|
|
91,744
|
|
|
—
|
|
|
(29,855
|
)
|
|
7,354
|
|
|
64,831
|
|
|
72,185
|
|
|
8,876
|
|
|
1975
|
|
Aug. 2014
|
|
40 yrs.
|
Office facility in Westborough, MA
|
|
—
|
|
|
3,409
|
|
|
37,914
|
|
|
—
|
|
|
—
|
|
|
3,409
|
|
|
37,914
|
|
|
41,323
|
|
|
5,706
|
|
|
1992
|
|
Aug. 2014
|
|
40 yrs.
|
Office facility in Andover, MA
|
|
—
|
|
|
3,980
|
|
|
45,120
|
|
|
289
|
|
|
—
|
|
|
3,980
|
|
|
45,409
|
|
|
49,389
|
|
|
6,289
|
|
|
2013
|
|
Oct. 2014
|
|
40 yrs.
|
Office facility in Newport, United Kingdom
|
|
—
|
|
|
—
|
|
|
22,587
|
|
|
—
|
|
|
(4,040
|
)
|
|
—
|
|
|
18,547
|
|
|
18,547
|
|
|
2,454
|
|
|
2014
|
|
Oct. 2014
|
|
40 yrs.
|
Industrial facility in Lewisburg, OH
|
|
—
|
|
|
1,627
|
|
|
13,721
|
|
|
—
|
|
|
—
|
|
|
1,627
|
|
|
13,721
|
|
|
15,348
|
|
|
1,987
|
|
|
2014
|
|
Nov. 2014
|
|
40 yrs.
|
Industrial facility in Opole, Poland
|
|
—
|
|
|
2,151
|
|
|
21,438
|
|
|
—
|
|
|
(2,276
|
)
|
|
1,944
|
|
|
19,369
|
|
|
21,313
|
|
|
2,866
|
|
|
2014
|
|
Dec. 2014
|
|
38 yrs.
|
Office facilities located throughout Spain
|
|
—
|
|
|
51,778
|
|
|
257,624
|
|
|
10
|
|
|
(24,847
|
)
|
|
50,497
|
|
|
234,068
|
|
|
284,565
|
|
|
30,609
|
|
|
Various
|
|
Dec. 2014
|
|
Various
|
Retail facilities located throughout the United Kingdom
|
|
—
|
|
|
66,319
|
|
|
230,113
|
|
|
277
|
|
|
(48,957
|
)
|
|
55,222
|
|
|
192,530
|
|
|
247,752
|
|
|
31,546
|
|
|
Various
|
|
Jan. 2015
|
|
20 - 40 yrs.
|
Warehouse facility in Rotterdam, Netherlands
|
|
—
|
|
|
—
|
|
|
33,935
|
|
|
20,442
|
|
|
(211
|
)
|
|
—
|
|
|
54,166
|
|
|
54,166
|
|
|
4,717
|
|
|
2014
|
|
Feb. 2015
|
|
40 yrs.
|
Retail facility in Bad Fischau, Austria
|
|
—
|
|
|
2,855
|
|
|
18,829
|
|
|
—
|
|
|
923
|
|
|
2,977
|
|
|
19,630
|
|
|
22,607
|
|
|
2,908
|
|
|
1998
|
|
Apr. 2015
|
|
40 yrs.
|
Industrial facility in Oskarshamn, Sweden
|
|
—
|
|
|
3,090
|
|
|
18,262
|
|
|
—
|
|
|
(2,382
|
)
|
|
2,745
|
|
|
16,225
|
|
|
18,970
|
|
|
2,025
|
|
|
2015
|
|
Jun. 2015
|
|
40 yrs.
|
Office facility in Sunderland, United Kingdom
|
|
—
|
|
|
2,912
|
|
|
30,140
|
|
|
—
|
|
|
(5,047
|
)
|
|
2,467
|
|
|
25,538
|
|
|
28,005
|
|
|
3,263
|
|
|
2007
|
|
Aug. 2015
|
|
40 yrs.
|
Industrial facilities in Gersthofen and Senden, Germany and Leopoldsdorf, Austria
|
|
—
|
|
|
9,449
|
|
|
15,838
|
|
|
—
|
|
|
231
|
|
|
9,535
|
|
|
15,983
|
|
|
25,518
|
|
|
2,387
|
|
|
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
|
|
|
6,111
|
|
|
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
|
|
|
2,015
|
|
|
5,959
|
|
|
39,963
|
|
|
45,922
|
|
|
5,128
|
|
|
Various
|
|
Nov. 2015
|
|
30 - 40 yrs.
|
Office facility in Irvine, CA
|
|
—
|
|
|
7,626
|
|
|
16,137
|
|
|
—
|
|
|
—
|
|
|
7,626
|
|
|
16,137
|
|
|
23,763
|
|
|
1,705
|
|
|
1977
|
|
Dec. 2015
|
|
40 yrs.
|
Education facility in Windermere, FL
|
|
—
|
|
|
5,090
|
|
|
34,721
|
|
|
15,333
|
|
|
—
|
|
|
5,090
|
|
|
50,054
|
|
|
55,144
|
|
|
6,695
|
|
|
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
|
|
|
16,284
|
|
|
Various
|
|
Apr. 2016
|
|
Various
|
Industrial facilities in North Dumfries and Ottawa, Canada
|
|
—
|
|
|
17,155
|
|
|
10,665
|
|
|
—
|
|
|
(18,207
|
)
|
|
5,963
|
|
|
3,650
|
|
|
9,613
|
|
|
1,240
|
|
|
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
|
|
|
13,234
|
|
|
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
|
|
|
1,539
|
|
|
1969; 1987; 2000
|
|
Nov. 2016
|
|
35 - 36 yrs.
|
Industrial facilities in Brampton, Toronto, and Vaughan, Canada
|
|
—
|
|
|
28,759
|
|
|
13,998
|
|
|
—
|
|
|
—
|
|
|
28,759
|
|
|
13,998
|
|
|
42,757
|
|
|
1,488
|
|
|
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
|
|
|
1,083
|
|
|
Various
|
|
Dec. 2016
|
|
28 - 40 yrs.
|
|
W. P. Carey 2019 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
|
|
|
|
|
|||||||||||||||
Industrial facility in Chicago, IL
|
|
—
|
|
|
2,222
|
|
|
2,655
|
|
|
3,511
|
|
|
—
|
|
|
2,222
|
|
|
6,166
|
|
|
8,388
|
|
|
680
|
|
|
1985
|
|
Jun. 2017
|
|
30 yrs.
|
Industrial facility in Zawiercie, Poland
|
|
—
|
|
|
395
|
|
|
102
|
|
|
10,378
|
|
|
(401
|
)
|
|
380
|
|
|
10,094
|
|
|
10,474
|
|
|
427
|
|
|
2018
|
|
Aug. 2017
|
|
40 yrs.
|
Office facility in Roseville, MN
|
|
—
|
|
|
2,560
|
|
|
16,025
|
|
|
—
|
|
|
—
|
|
|
2,560
|
|
|
16,025
|
|
|
18,585
|
|
|
955
|
|
|
2001
|
|
Nov. 2017
|
|
40 yrs.
|
Industrial facility in Radomsko, Poland
|
|
—
|
|
|
1,718
|
|
|
59
|
|
|
14,453
|
|
|
(629
|
)
|
|
1,657
|
|
|
13,944
|
|
|
15,601
|
|
|
465
|
|
|
2018
|
|
Nov. 2017
|
|
40 yrs.
|
Warehouse facility in Sellersburg, IN
|
|
—
|
|
|
1,016
|
|
|
3,838
|
|
|
—
|
|
|
—
|
|
|
1,016
|
|
|
3,838
|
|
|
4,854
|
|
|
246
|
|
|
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
|
|
|
3,392
|
|
|
1995; 2004
|
|
Mar. 2018
|
|
36 - 40 yrs.
|
Office and warehouse facilities located throughout Denmark
|
|
—
|
|
|
20,304
|
|
|
185,481
|
|
|
—
|
|
|
(6,754
|
)
|
|
19,638
|
|
|
179,393
|
|
|
199,031
|
|
|
8,534
|
|
|
Various
|
|
Jun. 2018
|
|
25 - 41 yrs.
|
Retail facilities located throughout the Netherlands
|
|
—
|
|
|
38,475
|
|
|
117,127
|
|
|
—
|
|
|
(5,465
|
)
|
|
37,124
|
|
|
113,013
|
|
|
150,137
|
|
|
5,890
|
|
|
Various
|
|
Jul. 2018
|
|
26 - 30 yrs.
|
Industrial facility in Oostburg, WI
|
|
—
|
|
|
786
|
|
|
6,589
|
|
|
—
|
|
|
—
|
|
|
786
|
|
|
6,589
|
|
|
7,375
|
|
|
432
|
|
|
2002
|
|
Jul. 2018
|
|
35 yrs.
|
Warehouse facility in Kampen, Netherlands
|
|
—
|
|
|
3,251
|
|
|
12,858
|
|
|
126
|
|
|
(492
|
)
|
|
3,152
|
|
|
12,591
|
|
|
15,743
|
|
|
734
|
|
|
1976
|
|
Jul. 2018
|
|
26 yrs.
|
Warehouse facility in Azambuja, Portugal
|
|
—
|
|
|
13,527
|
|
|
35,631
|
|
|
—
|
|
|
(1,452
|
)
|
|
13,127
|
|
|
34,579
|
|
|
47,706
|
|
|
1,688
|
|
|
1994
|
|
Sep. 2018
|
|
28 yrs.
|
Retail facilities in Amsterdam, Moordrecht, and Rotterdam, Netherlands
|
|
—
|
|
|
2,582
|
|
|
18,731
|
|
|
3,219
|
|
|
(317
|
)
|
|
2,549
|
|
|
21,666
|
|
|
24,215
|
|
|
912
|
|
|
Various
|
|
Oct. 2018
|
|
27 - 37 yrs.
|
Office and warehouse facilities in Bad Wünnenberg and Soest, Germany
|
|
—
|
|
|
2,916
|
|
|
39,687
|
|
|
—
|
|
|
(595
|
)
|
|
2,875
|
|
|
39,133
|
|
|
42,008
|
|
|
1,225
|
|
|
1982; 1986
|
|
Oct. 2018
|
|
40 yrs.
|
Industrial facility in Norfolk, NE
|
|
1,172
|
|
|
802
|
|
|
3,686
|
|
|
—
|
|
|
—
|
|
|
802
|
|
|
3,686
|
|
|
4,488
|
|
|
146
|
|
|
1975
|
|
Oct. 2018
|
|
40 yrs.
|
Education facility in Chicago, IL
|
|
11,180
|
|
|
7,720
|
|
|
17,266
|
|
|
—
|
|
|
—
|
|
|
7,720
|
|
|
17,266
|
|
|
24,986
|
|
|
538
|
|
|
1912
|
|
Oct. 2018
|
|
40 yrs.
|
Fitness facilities in Phoenix, AZ and Columbia, MD
|
|
—
|
|
|
18,286
|
|
|
33,030
|
|
|
—
|
|
|
—
|
|
|
18,286
|
|
|
33,030
|
|
|
51,316
|
|
|
1,024
|
|
|
2006
|
|
Oct. 2018
|
|
40 yrs.
|
Retail facility in Gorzow, Poland
|
|
—
|
|
|
1,736
|
|
|
8,298
|
|
|
—
|
|
|
(140
|
)
|
|
1,712
|
|
|
8,182
|
|
|
9,894
|
|
|
275
|
|
|
2008
|
|
Oct. 2018
|
|
40 yrs.
|
Industrial facilities in Sergeant Bluff, IA; Bossier City, LA; and Alvarado, TX
|
|
9,996
|
|
|
6,460
|
|
|
49,462
|
|
|
—
|
|
|
—
|
|
|
6,460
|
|
|
49,462
|
|
|
55,922
|
|
|
1,660
|
|
|
Various
|
|
Oct. 2018
|
|
40 yrs.
|
Industrial facilities in Mayodan, Sanford, and Stoneville, NC
|
|
—
|
|
|
3,505
|
|
|
20,913
|
|
|
—
|
|
|
—
|
|
|
3,505
|
|
|
20,913
|
|
|
24,418
|
|
|
—
|
|
|
1992; 1997; 1998
|
|
Oct. 2018
|
|
29 yrs.
|
Warehouse facility in Dillon, SC
|
|
15,522
|
|
|
3,424
|
|
|
43,114
|
|
|
—
|
|
|
—
|
|
|
3,424
|
|
|
43,114
|
|
|
46,538
|
|
|
1,447
|
|
|
2001
|
|
Oct. 2018
|
|
40 yrs.
|
Office facility in Birmingham, United Kingdom
|
|
16,915
|
|
|
7,383
|
|
|
7,687
|
|
|
—
|
|
|
330
|
|
|
7,545
|
|
|
7,855
|
|
|
15,400
|
|
|
241
|
|
|
2009
|
|
Oct. 2018
|
|
40 yrs.
|
Retail facilities located throughout Spain
|
|
—
|
|
|
17,626
|
|
|
44,501
|
|
|
—
|
|
|
(867
|
)
|
|
17,380
|
|
|
43,880
|
|
|
61,260
|
|
|
1,387
|
|
|
Various
|
|
Oct. 2018
|
|
40 yrs.
|
Warehouse facility in Gadki, Poland
|
|
—
|
|
|
1,376
|
|
|
6,137
|
|
|
—
|
|
|
(105
|
)
|
|
1,357
|
|
|
6,051
|
|
|
7,408
|
|
|
193
|
|
|
2011
|
|
Oct. 2018
|
|
40 yrs.
|
Office facility in The Woodlands, TX
|
|
22,895
|
|
|
1,697
|
|
|
52,289
|
|
|
—
|
|
|
—
|
|
|
1,697
|
|
|
52,289
|
|
|
53,986
|
|
|
1,564
|
|
|
2009
|
|
Oct. 2018
|
|
40 yrs.
|
Office facility in Hoffman Estates, IL
|
|
—
|
|
|
5,550
|
|
|
14,214
|
|
|
—
|
|
|
—
|
|
|
5,550
|
|
|
14,214
|
|
|
19,764
|
|
|
441
|
|
|
2009
|
|
Oct. 2018
|
|
40 yrs.
|
Warehouse facility in Zagreb, Croatia
|
|
—
|
|
|
15,789
|
|
|
33,287
|
|
|
—
|
|
|
(685
|
)
|
|
15,568
|
|
|
32,823
|
|
|
48,391
|
|
|
1,523
|
|
|
2001
|
|
Oct. 2018
|
|
26 yrs.
|
|
W. P. Carey 2019 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
|
|
|
|
|
|||||||||||||||
Industrial facilities in Middleburg Heights and Union Township, OH
|
|
5,126
|
|
|
1,295
|
|
|
13,384
|
|
|
—
|
|
|
—
|
|
|
1,295
|
|
|
13,384
|
|
|
14,679
|
|
|
411
|
|
|
1990; 1997
|
|
Oct. 2018
|
|
40 yrs.
|
Retail facility in Las Vegas, NV
|
|
39,504
|
|
|
—
|
|
|
79,720
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
79,720
|
|
|
79,720
|
|
|
2,331
|
|
|
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
|
|
10,306
|
|
|
20,517
|
|
|
14,135
|
|
|
—
|
|
|
—
|
|
|
20,517
|
|
|
14,135
|
|
|
34,652
|
|
|
458
|
|
|
Various
|
|
Oct. 2018
|
|
40 yrs.
|
Warehouse facility in Bowling Green, KY
|
|
—
|
|
|
2,652
|
|
|
51,915
|
|
|
—
|
|
|
—
|
|
|
2,652
|
|
|
51,915
|
|
|
54,567
|
|
|
1,787
|
|
|
2011
|
|
Oct. 2018
|
|
40 yrs.
|
Warehouse facilities in Cannock, Liverpool, Luton, Plymouth, Southampton, and Taunton United Kingdom
|
|
—
|
|
|
6,791
|
|
|
2,315
|
|
|
—
|
|
|
199
|
|
|
6,940
|
|
|
2,365
|
|
|
9,305
|
|
|
81
|
|
|
Various
|
|
Oct. 2018
|
|
40 yrs.
|
Industrial facility in Evansville, IN
|
|
14,085
|
|
|
180
|
|
|
22,095
|
|
|
—
|
|
|
—
|
|
|
180
|
|
|
22,095
|
|
|
22,275
|
|
|
662
|
|
|
2009
|
|
Oct. 2018
|
|
40 yrs.
|
Office facilities in Tampa, FL
|
|
31,792
|
|
|
3,889
|
|
|
49,843
|
|
|
257
|
|
|
—
|
|
|
3,889
|
|
|
50,100
|
|
|
53,989
|
|
|
1,525
|
|
|
1985; 2000
|
|
Oct. 2018
|
|
40 yrs.
|
Warehouse facility in Elorrio, Spain
|
|
—
|
|
|
7,858
|
|
|
12,728
|
|
|
—
|
|
|
(286
|
)
|
|
7,749
|
|
|
12,551
|
|
|
20,300
|
|
|
443
|
|
|
1996
|
|
Oct. 2018
|
|
40 yrs.
|
Industrial and office facilities in Elberton, GA
|
|
—
|
|
|
879
|
|
|
2,014
|
|
|
—
|
|
|
—
|
|
|
879
|
|
|
2,014
|
|
|
2,893
|
|
|
85
|
|
|
1997; 2002
|
|
Oct. 2018
|
|
40 yrs.
|
Office facility in Tres Cantos, Spain
|
|
55,156
|
|
|
24,344
|
|
|
39,646
|
|
|
—
|
|
|
(893
|
)
|
|
24,004
|
|
|
39,093
|
|
|
63,097
|
|
|
1,242
|
|
|
2002
|
|
Oct. 2018
|
|
40 yrs.
|
Office facility in Hartland, WI
|
|
2,850
|
|
|
1,454
|
|
|
6,406
|
|
|
—
|
|
|
—
|
|
|
1,454
|
|
|
6,406
|
|
|
7,860
|
|
|
211
|
|
|
2001
|
|
Oct. 2018
|
|
40 yrs.
|
Retail facilities in Dugo Selo, Kutina, Samobor, Spansko, and Zagreb, Croatia
|
|
—
|
|
|
5,549
|
|
|
12,408
|
|
|
1,308
|
|
|
6,367
|
|
|
6,712
|
|
|
18,920
|
|
|
25,632
|
|
|
683
|
|
|
2000; 2002; 2003
|
|
Oct. 2018
|
|
26 yrs.
|
Office and warehouse facilities located throughout the United States
|
|
99,793
|
|
|
42,793
|
|
|
193,666
|
|
|
—
|
|
|
—
|
|
|
42,793
|
|
|
193,666
|
|
|
236,459
|
|
|
6,278
|
|
|
Various
|
|
Oct. 2018
|
|
40 yrs.
|
Warehouse facilities in Rincon and Unadilla, GA
|
|
—
|
|
|
1,954
|
|
|
48,421
|
|
|
—
|
|
|
—
|
|
|
1,954
|
|
|
48,421
|
|
|
50,375
|
|
|
1,536
|
|
|
2000; 2006
|
|
Oct. 2018
|
|
40 yrs.
|
Warehouse facilities in Breda, Elst, Gieten, Raalte, and Woerden, Netherlands
|
|
—
|
|
|
37,755
|
|
|
91,666
|
|
|
—
|
|
|
(1,807
|
)
|
|
37,228
|
|
|
90,386
|
|
|
127,614
|
|
|
2,780
|
|
|
Various
|
|
Oct. 2018
|
|
40 yrs.
|
Warehouse facilities in Oxnard and Watsonville, CA
|
|
—
|
|
|
22,453
|
|
|
78,814
|
|
|
—
|
|
|
—
|
|
|
22,453
|
|
|
78,814
|
|
|
101,267
|
|
|
2,435
|
|
|
1975; 1994; 2002
|
|
Oct. 2018
|
|
40 yrs.
|
Retail facilities located throughout Italy
|
|
—
|
|
|
75,492
|
|
|
138,280
|
|
|
—
|
|
|
(2,984
|
)
|
|
74,438
|
|
|
136,350
|
|
|
210,788
|
|
|
4,536
|
|
|
Various
|
|
Oct. 2018
|
|
40 yrs.
|
Land in Hudson, NY
|
|
—
|
|
|
2,405
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,405
|
|
|
—
|
|
|
2,405
|
|
|
—
|
|
|
N/A
|
|
Oct. 2018
|
|
N/A
|
Office facility in Houston, TX
|
|
—
|
|
|
2,136
|
|
|
2,344
|
|
|
—
|
|
|
—
|
|
|
2,136
|
|
|
2,344
|
|
|
4,480
|
|
|
84
|
|
|
1982
|
|
Oct. 2018
|
|
40 yrs.
|
Office facility in Martinsville, VA
|
|
—
|
|
|
1,082
|
|
|
8,108
|
|
|
—
|
|
|
—
|
|
|
1,082
|
|
|
8,108
|
|
|
9,190
|
|
|
266
|
|
|
2011
|
|
Oct. 2018
|
|
40 yrs.
|
Land in Chicago, IL
|
|
—
|
|
|
9,887
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,887
|
|
|
—
|
|
|
9,887
|
|
|
—
|
|
|
N/A
|
|
Oct. 2018
|
|
N/A
|
Industrial facility in Fraser, MI
|
|
—
|
|
|
1,346
|
|
|
9,551
|
|
|
—
|
|
|
—
|
|
|
1,346
|
|
|
9,551
|
|
|
10,897
|
|
|
304
|
|
|
2012
|
|
Oct. 2018
|
|
40 yrs.
|
Net-lease self-storage facilities located throughout the United States
|
|
—
|
|
|
19,583
|
|
|
108,971
|
|
|
—
|
|
|
—
|
|
|
19,583
|
|
|
108,971
|
|
|
128,554
|
|
|
3,597
|
|
|
Various
|
|
Oct. 2018
|
|
40 yrs.
|
|
W. P. Carey 2019 10-K – 141
|
|
|
|
|
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
|
|
|
77
|
|
|
2002
|
|
Oct. 2018
|
|
40 yrs.
|
Net-lease self-storage facility in Fort Worth, TX
|
|
—
|
|
|
691
|
|
|
6,295
|
|
|
—
|
|
|
—
|
|
|
691
|
|
|
6,295
|
|
|
6,986
|
|
|
213
|
|
|
2004
|
|
Oct. 2018
|
|
40 yrs.
|
Retail facilities in Delnice, Pozega, and Sesvete, Croatia
|
|
—
|
|
|
5,519
|
|
|
9,930
|
|
|
1,068
|
|
|
(200
|
)
|
|
5,442
|
|
|
10,875
|
|
|
16,317
|
|
|
472
|
|
|
2011
|
|
Oct. 2018
|
|
27 yrs.
|
Office facilities in Aurora, Eagan, and Virginia, MN
|
|
—
|
|
|
16,302
|
|
|
91,239
|
|
|
—
|
|
|
—
|
|
|
16,302
|
|
|
91,239
|
|
|
107,541
|
|
|
2,964
|
|
|
Various
|
|
Oct. 2018
|
|
40 yrs.
|
Retail facility in Orlando, FL
|
|
—
|
|
|
6,262
|
|
|
25,134
|
|
|
430
|
|
|
—
|
|
|
6,371
|
|
|
25,455
|
|
|
31,826
|
|
|
754
|
|
|
2011
|
|
Oct. 2018
|
|
40 yrs.
|
Industrial facility in Avon, OH
|
|
3,057
|
|
|
1,447
|
|
|
5,564
|
|
|
—
|
|
|
—
|
|
|
1,447
|
|
|
5,564
|
|
|
7,011
|
|
|
185
|
|
|
2001
|
|
Oct. 2018
|
|
40 yrs.
|
Industrial facility in Chimelow, Poland
|
|
—
|
|
|
6,158
|
|
|
28,032
|
|
|
—
|
|
|
(477
|
)
|
|
6,072
|
|
|
27,641
|
|
|
33,713
|
|
|
885
|
|
|
2012
|
|
Oct. 2018
|
|
40 yrs.
|
Net-lease self-storage facility in Fayetteville, NC
|
|
—
|
|
|
1,839
|
|
|
4,654
|
|
|
—
|
|
|
—
|
|
|
1,839
|
|
|
4,654
|
|
|
6,493
|
|
|
201
|
|
|
2001
|
|
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
|
|
|
1,370
|
|
|
Various
|
|
Oct. 2018
|
|
40 yrs.
|
Education facilities in Montgomery, AL and Savannah, GA
|
|
13,520
|
|
|
5,508
|
|
|
12,032
|
|
|
—
|
|
|
—
|
|
|
5,508
|
|
|
12,032
|
|
|
17,540
|
|
|
385
|
|
|
1969; 2002
|
|
Oct. 2018
|
|
40 yrs.
|
Office facilities in St. Louis, MO
|
|
—
|
|
|
1,297
|
|
|
5,362
|
|
|
3,316
|
|
|
—
|
|
|
1,297
|
|
|
8,678
|
|
|
9,975
|
|
|
178
|
|
|
1995
|
|
Oct. 2018
|
|
40 yrs.
|
Office and warehouse facility in Zary, PL
|
|
—
|
|
|
2,062
|
|
|
10,034
|
|
|
—
|
|
|
(169
|
)
|
|
2,034
|
|
|
9,893
|
|
|
11,927
|
|
|
325
|
|
|
2013
|
|
Oct. 2018
|
|
40 yrs.
|
Industrial facility in Sterling, VA
|
|
—
|
|
|
3,198
|
|
|
23,981
|
|
|
—
|
|
|
—
|
|
|
3,198
|
|
|
23,981
|
|
|
27,179
|
|
|
720
|
|
|
1980
|
|
Oct. 2018
|
|
40 yrs.
|
Industrial facility in Elk Grove Village, IL
|
|
8,230
|
|
|
5,511
|
|
|
10,766
|
|
|
2
|
|
|
—
|
|
|
5,511
|
|
|
10,768
|
|
|
16,279
|
|
|
337
|
|
|
1961
|
|
Oct. 2018
|
|
40 yrs.
|
Industrial facility in Portage, WI
|
|
4,408
|
|
|
3,450
|
|
|
7,797
|
|
|
—
|
|
|
—
|
|
|
3,450
|
|
|
7,797
|
|
|
11,247
|
|
|
275
|
|
|
1970
|
|
Oct. 2018
|
|
40 yrs.
|
Office facility in Warrenville, IL
|
|
17,155
|
|
|
3,662
|
|
|
23,711
|
|
|
—
|
|
|
—
|
|
|
3,662
|
|
|
23,711
|
|
|
27,373
|
|
|
732
|
|
|
2002
|
|
Oct. 2018
|
|
40 yrs.
|
Warehouse facility in Saitama Prefecture, Japan
|
|
—
|
|
|
13,507
|
|
|
25,301
|
|
|
15
|
|
|
(4,141
|
)
|
|
12,005
|
|
|
22,677
|
|
|
34,682
|
|
|
767
|
|
|
2007
|
|
Oct. 2018
|
|
40 yrs.
|
Retail facility in Dallas, TX
|
|
—
|
|
|
2,977
|
|
|
16,168
|
|
|
—
|
|
|
—
|
|
|
2,977
|
|
|
16,168
|
|
|
19,145
|
|
|
485
|
|
|
1913
|
|
Oct. 2018
|
|
40 yrs.
|
Office facility in Houston, TX
|
|
124,592
|
|
|
23,161
|
|
|
104,266
|
|
|
256
|
|
|
—
|
|
|
23,161
|
|
|
104,522
|
|
|
127,683
|
|
|
3,091
|
|
|
1973
|
|
Oct. 2018
|
|
40 yrs.
|
Retail facilities located throughout Croatia
|
|
—
|
|
|
9,000
|
|
|
13,002
|
|
|
1,202
|
|
|
(286
|
)
|
|
8,874
|
|
|
14,044
|
|
|
22,918
|
|
|
515
|
|
|
Various
|
|
Oct. 2018
|
|
29 - 38 yrs.
|
Office facility in Northbrook, IL
|
|
5,226
|
|
|
—
|
|
|
493
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
493
|
|
|
493
|
|
|
58
|
|
|
2007
|
|
Oct. 2018
|
|
40 yrs.
|
Education facilities in Chicago, IL
|
|
—
|
|
|
18,510
|
|
|
163
|
|
|
—
|
|
|
—
|
|
|
18,510
|
|
|
163
|
|
|
18,673
|
|
|
19
|
|
|
2014; 2015
|
|
Oct. 2018
|
|
40 yrs.
|
Warehouse facility in Dillon, SC
|
|
25,745
|
|
|
3,516
|
|
|
44,933
|
|
|
—
|
|
|
—
|
|
|
3,516
|
|
|
44,933
|
|
|
48,449
|
|
|
1,496
|
|
|
2013
|
|
Oct. 2018
|
|
40 yrs.
|
Net-lease self-storage facilities in New York City, NY
|
|
—
|
|
|
29,223
|
|
|
77,202
|
|
|
114
|
|
|
—
|
|
|
29,223
|
|
|
77,316
|
|
|
106,539
|
|
|
2,274
|
|
|
Various
|
|
Oct. 2018
|
|
40 yrs.
|
Net-lease self-storage facility in Hilo, HI
|
|
—
|
|
|
769
|
|
|
12,869
|
|
|
—
|
|
|
—
|
|
|
769
|
|
|
12,869
|
|
|
13,638
|
|
|
381
|
|
|
2007
|
|
Oct. 2018
|
|
40 yrs.
|
Net-lease self-storage facility in Clearwater, FL
|
|
—
|
|
|
1,247
|
|
|
5,733
|
|
|
—
|
|
|
—
|
|
|
1,247
|
|
|
5,733
|
|
|
6,980
|
|
|
193
|
|
|
2001
|
|
Oct. 2018
|
|
40 yrs.
|
|
W. P. Carey 2019 10-K – 142
|
|
|
|
|
Initial Cost to Company
|
|
Cost Capitalized
Subsequent to
Acquisition (a)
|
|
Increase
(Decrease)
in Net
Investments (b)
|
|
Gross Amount at which
Carried at Close of Period (c) (d)
|
|
Accumulated Depreciation (d)
|
|
Date of Construction
|
|
Date Acquired
|
|
Life on which
Depreciation in Latest
Statement of
Income
is Computed
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Description
|
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
|
Land
|
|
Buildings
|
|
Total
|
|
|
|
|
|||||||||||||||
Warehouse facilities in Gadki, Poland
|
|
—
|
|
|
10,422
|
|
|
47,727
|
|
|
57
|
|
|
(812
|
)
|
|
10,276
|
|
|
47,118
|
|
|
57,394
|
|
|
1,527
|
|
|
2007; 2010
|
|
Oct. 2018
|
|
40 yrs.
|
Net-lease self-storage facility in Orlando, FL
|
|
—
|
|
|
1,070
|
|
|
8,686
|
|
|
—
|
|
|
—
|
|
|
1,070
|
|
|
8,686
|
|
|
9,756
|
|
|
276
|
|
|
2000
|
|
Oct. 2018
|
|
40 yrs.
|
Retail facility in Lewisville, TX
|
|
8,711
|
|
|
3,485
|
|
|
11,263
|
|
|
—
|
|
|
—
|
|
|
3,485
|
|
|
11,263
|
|
|
14,748
|
|
|
352
|
|
|
2004
|
|
Oct. 2018
|
|
40 yrs.
|
Industrial facility in Wageningen, Netherlands
|
|
17,293
|
|
|
5,227
|
|
|
18,793
|
|
|
—
|
|
|
(55
|
)
|
|
5,154
|
|
|
18,811
|
|
|
23,965
|
|
|
599
|
|
|
2013
|
|
Oct. 2018
|
|
40 yrs.
|
Office facility in Haibach, Germany
|
|
8,690
|
|
|
1,767
|
|
|
12,229
|
|
|
—
|
|
|
(195
|
)
|
|
1,743
|
|
|
12,058
|
|
|
13,801
|
|
|
390
|
|
|
1993
|
|
Oct. 2018
|
|
40 yrs.
|
Net-lease self-storage facility in Palm Coast, FL
|
|
—
|
|
|
1,994
|
|
|
4,982
|
|
|
—
|
|
|
—
|
|
|
1,994
|
|
|
4,982
|
|
|
6,976
|
|
|
197
|
|
|
2001
|
|
Oct. 2018
|
|
40 yrs.
|
Office facility in Auburn Hills, MI
|
|
5,473
|
|
|
1,910
|
|
|
6,773
|
|
|
—
|
|
|
—
|
|
|
1,910
|
|
|
6,773
|
|
|
8,683
|
|
|
216
|
|
|
2012
|
|
Oct. 2018
|
|
40 yrs.
|
Net-lease self-storage facility in Holiday, FL
|
|
—
|
|
|
1,730
|
|
|
4,213
|
|
|
—
|
|
|
—
|
|
|
1,730
|
|
|
4,213
|
|
|
5,943
|
|
|
162
|
|
|
1975
|
|
Oct. 2018
|
|
40 yrs.
|
Office facility in Tempe, AZ
|
|
14,108
|
|
|
—
|
|
|
19,533
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19,533
|
|
|
19,533
|
|
|
603
|
|
|
2000
|
|
Oct. 2018
|
|
40 yrs.
|
Office facility in Tucson, AZ
|
|
—
|
|
|
2,448
|
|
|
17,353
|
|
|
—
|
|
|
—
|
|
|
2,448
|
|
|
17,353
|
|
|
19,801
|
|
|
543
|
|
|
2002
|
|
Oct. 2018
|
|
40 yrs.
|
Industrial facility in Drunen, Netherlands
|
|
—
|
|
|
2,316
|
|
|
9,370
|
|
|
—
|
|
|
(163
|
)
|
|
2,284
|
|
|
9,239
|
|
|
11,523
|
|
|
288
|
|
|
2014
|
|
Oct. 2018
|
|
40 yrs.
|
Industrial facility New Concord, OH
|
|
1,416
|
|
|
958
|
|
|
2,309
|
|
|
—
|
|
|
—
|
|
|
958
|
|
|
2,309
|
|
|
3,267
|
|
|
88
|
|
|
1999
|
|
Oct. 2018
|
|
40 yrs.
|
Office facility in Krakow, Poland
|
|
5,192
|
|
|
2,381
|
|
|
6,212
|
|
|
—
|
|
|
(120
|
)
|
|
2,348
|
|
|
6,125
|
|
|
8,473
|
|
|
192
|
|
|
2003
|
|
Oct. 2018
|
|
40 yrs.
|
Retail facility in Gelsenkirchen, Germany
|
|
12,848
|
|
|
2,178
|
|
|
17,097
|
|
|
—
|
|
|
(269
|
)
|
|
2,147
|
|
|
16,859
|
|
|
19,006
|
|
|
523
|
|
|
2000
|
|
Oct. 2018
|
|
40 yrs.
|
Warehouse facilities in Mszczonow and Tomaszow Mazowiecki, Poland
|
|
—
|
|
|
8,782
|
|
|
53,575
|
|
|
—
|
|
|
(870
|
)
|
|
8,660
|
|
|
52,827
|
|
|
61,487
|
|
|
1,777
|
|
|
1995; 2000
|
|
Oct. 2018
|
|
40 yrs.
|
Office facility in Plymouth, MN
|
|
21,310
|
|
|
2,871
|
|
|
26,353
|
|
|
—
|
|
|
—
|
|
|
2,871
|
|
|
26,353
|
|
|
29,224
|
|
|
815
|
|
|
1999
|
|
Oct. 2018
|
|
40 yrs.
|
Office facility in San Antonio, TX
|
|
12,390
|
|
|
3,094
|
|
|
16,624
|
|
|
—
|
|
|
—
|
|
|
3,094
|
|
|
16,624
|
|
|
19,718
|
|
|
523
|
|
|
2002
|
|
Oct. 2018
|
|
40 yrs.
|
Warehouse facility in Sered, Slovakia
|
|
—
|
|
|
3,428
|
|
|
28,005
|
|
|
—
|
|
|
(439
|
)
|
|
3,380
|
|
|
27,614
|
|
|
30,994
|
|
|
866
|
|
|
2004
|
|
Oct. 2018
|
|
40 yrs.
|
Industrial facility in Tuchomerice, Czech Republic
|
|
—
|
|
|
7,864
|
|
|
27,006
|
|
|
—
|
|
|
(487
|
)
|
|
7,754
|
|
|
26,629
|
|
|
34,383
|
|
|
824
|
|
|
1998
|
|
Oct. 2018
|
|
40 yrs.
|
Office facility in Warsaw, Poland
|
|
37,151
|
|
|
—
|
|
|
44,990
|
|
|
—
|
|
|
(628
|
)
|
|
—
|
|
|
44,362
|
|
|
44,362
|
|
|
1,339
|
|
|
2015
|
|
Oct. 2018
|
|
40 yrs.
|
Warehouse facility in Kaunas, Lithuania
|
|
38,847
|
|
|
10,199
|
|
|
47,391
|
|
|
—
|
|
|
(804
|
)
|
|
10,057
|
|
|
46,729
|
|
|
56,786
|
|
|
1,481
|
|
|
2008
|
|
Oct. 2018
|
|
40 yrs.
|
Net-lease student housing facility in Jacksonville, FL
|
|
11,717
|
|
|
906
|
|
|
17,020
|
|
|
—
|
|
|
—
|
|
|
906
|
|
|
17,020
|
|
|
17,926
|
|
|
514
|
|
|
2015
|
|
Oct. 2018
|
|
40 yrs.
|
Warehouse facilities in Houston, TX
|
|
—
|
|
|
791
|
|
|
1,990
|
|
|
—
|
|
|
—
|
|
|
791
|
|
|
1,990
|
|
|
2,781
|
|
|
66
|
|
|
1972
|
|
Oct. 2018
|
|
40 yrs.
|
Office facility in Oak Creek, WI
|
|
—
|
|
|
2,858
|
|
|
11,055
|
|
|
—
|
|
|
—
|
|
|
2,858
|
|
|
11,055
|
|
|
13,913
|
|
|
367
|
|
|
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
|
|
|
1,268
|
|
|
Various
|
|
Oct. 2018
|
|
40 yrs.
|
Warehouse facility in Perrysburg, OH
|
|
—
|
|
|
806
|
|
|
11,922
|
|
|
—
|
|
|
—
|
|
|
806
|
|
|
11,922
|
|
|
12,728
|
|
|
415
|
|
|
1974
|
|
Oct. 2018
|
|
40 yrs.
|
Warehouse facility in Dillon, SC
|
|
—
|
|
|
620
|
|
|
46,319
|
|
|
434
|
|
|
—
|
|
|
620
|
|
|
46,753
|
|
|
47,373
|
|
|
916
|
|
|
2019
|
|
Oct. 2018
|
|
40 yrs.
|
|
W. P. Carey 2019 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
|
|
|
|
|
|||||||||||||||
Warehouse facility in Zabia Wola, Poland
|
|
16,970
|
|
|
4,742
|
|
|
23,270
|
|
|
5,636
|
|
|
(438
|
)
|
|
4,676
|
|
|
28,534
|
|
|
33,210
|
|
|
843
|
|
|
1999
|
|
Oct. 2018
|
|
40 yrs.
|
Office facility in Buffalo Grove, IL
|
|
—
|
|
|
2,224
|
|
|
6,583
|
|
|
—
|
|
|
—
|
|
|
2,224
|
|
|
6,583
|
|
|
8,807
|
|
|
210
|
|
|
1992
|
|
Oct. 2018
|
|
40 yrs.
|
Warehouse facilities in McHenry, IL
|
|
—
|
|
|
5,794
|
|
|
21,141
|
|
|
—
|
|
|
—
|
|
|
5,794
|
|
|
21,141
|
|
|
26,935
|
|
|
917
|
|
|
1990; 1999
|
|
Dec. 2018
|
|
27 - 28 yrs.
|
Industrial facilities in Chicago, Cortland, Forest View, Morton Grove, and Northbrook, IL and Madison and Monona, WI
|
|
—
|
|
|
23,267
|
|
|
9,166
|
|
|
—
|
|
|
—
|
|
|
23,267
|
|
|
9,166
|
|
|
32,433
|
|
|
354
|
|
|
Various
|
|
Dec. 2018; Dec. 2019
|
|
35 - 40 yrs.
|
Warehouse facility in Kilgore, TX
|
|
—
|
|
|
3,002
|
|
|
36,334
|
|
|
14,096
|
|
|
(6
|
)
|
|
3,002
|
|
|
50,424
|
|
|
53,426
|
|
|
1,161
|
|
|
2007
|
|
Dec. 2018
|
|
37 yrs.
|
Industrial facility in San Luis Potosi, Mexico
|
|
—
|
|
|
2,787
|
|
|
12,945
|
|
|
—
|
|
|
—
|
|
|
2,787
|
|
|
12,945
|
|
|
15,732
|
|
|
391
|
|
|
2009
|
|
Dec. 2018
|
|
39 yrs.
|
Industrial facility in Legnica, Poland
|
|
—
|
|
|
995
|
|
|
9,787
|
|
|
6,007
|
|
|
(252
|
)
|
|
979
|
|
|
15,558
|
|
|
16,537
|
|
|
459
|
|
|
2002
|
|
Dec. 2018
|
|
29 yrs.
|
Industrial facility in Meru, France
|
|
—
|
|
|
4,231
|
|
|
14,731
|
|
|
8
|
|
|
(238
|
)
|
|
4,178
|
|
|
14,554
|
|
|
18,732
|
|
|
557
|
|
|
1997
|
|
Dec. 2018
|
|
29 yrs.
|
Education facility in Portland, OR
|
|
—
|
|
|
2,396
|
|
|
23,258
|
|
|
10
|
|
|
—
|
|
|
2,396
|
|
|
23,268
|
|
|
25,664
|
|
|
513
|
|
|
2006
|
|
Feb. 2019
|
|
40 yrs.
|
Office facility in Morrisville, NC
|
|
—
|
|
|
2,374
|
|
|
30,140
|
|
|
—
|
|
|
—
|
|
|
2,374
|
|
|
30,140
|
|
|
32,514
|
|
|
693
|
|
|
1998
|
|
Mar. 2019
|
|
40 yrs.
|
Warehouse facility in Inwood, WV
|
|
20,579
|
|
|
3,265
|
|
|
36,692
|
|
|
—
|
|
|
—
|
|
|
3,265
|
|
|
36,692
|
|
|
39,957
|
|
|
777
|
|
|
2000
|
|
Mar. 2019
|
|
40 yrs.
|
Industrial facility in Hurricane, UT
|
|
—
|
|
|
1,914
|
|
|
37,279
|
|
|
—
|
|
|
—
|
|
|
1,914
|
|
|
37,279
|
|
|
39,193
|
|
|
745
|
|
|
2011
|
|
Mar. 2019
|
|
40 yrs.
|
Industrial facility in Bensenville, IL
|
|
—
|
|
|
8,640
|
|
|
4,948
|
|
|
—
|
|
|
300
|
|
|
8,940
|
|
|
4,948
|
|
|
13,888
|
|
|
158
|
|
|
1981
|
|
Mar. 2019
|
|
40 yrs.
|
Industrial facility in Katowice, Poland
|
|
—
|
|
|
—
|
|
|
764
|
|
|
14,586
|
|
|
313
|
|
|
—
|
|
|
15,663
|
|
|
15,663
|
|
|
38
|
|
|
2019
|
|
Apr. 2019
|
|
40 yrs.
|
Industrial facilities in Westerville, OH and North Wales, PA
|
|
—
|
|
|
1,545
|
|
|
6,508
|
|
|
—
|
|
|
—
|
|
|
1,545
|
|
|
6,508
|
|
|
8,053
|
|
|
128
|
|
|
1960; 1997
|
|
May 2019
|
|
40 yrs.
|
Industrial facilities in Fargo, ND; Norristown, PA; and Atlanta, TX
|
|
—
|
|
|
1,616
|
|
|
5,589
|
|
|
—
|
|
|
—
|
|
|
1,616
|
|
|
5,589
|
|
|
7,205
|
|
|
134
|
|
|
Various
|
|
May 2019
|
|
40 yrs.
|
Industrial facilities in Chihuahua and Juarez, Mexico
|
|
—
|
|
|
3,426
|
|
|
7,286
|
|
|
—
|
|
|
—
|
|
|
3,426
|
|
|
7,286
|
|
|
10,712
|
|
|
158
|
|
|
1983; 1986; 1991
|
|
May 2019
|
|
40 yrs.
|
Warehouse facility in Statesville, NC
|
|
—
|
|
|
1,683
|
|
|
13,827
|
|
|
—
|
|
|
—
|
|
|
1,683
|
|
|
13,827
|
|
|
15,510
|
|
|
238
|
|
|
1979
|
|
Jun. 2019
|
|
40 yrs.
|
Industrial facility in Conestoga, PA
|
|
—
|
|
|
4,290
|
|
|
51,410
|
|
|
—
|
|
|
—
|
|
|
4,290
|
|
|
51,410
|
|
|
55,700
|
|
|
822
|
|
|
1950
|
|
Jun. 2019
|
|
40 yrs.
|
Industrial facilities in Hartford and Milwaukee, WI
|
|
—
|
|
|
1,471
|
|
|
21,293
|
|
|
—
|
|
|
—
|
|
|
1,471
|
|
|
21,293
|
|
|
22,764
|
|
|
290
|
|
|
1964; 1992; 1993
|
|
Jul. 2019
|
|
40 yrs.
|
Industrial facilities in Brockville and Prescott, Canada
|
|
—
|
|
|
2,025
|
|
|
9,519
|
|
|
—
|
|
|
—
|
|
|
2,025
|
|
|
9,519
|
|
|
11,544
|
|
|
127
|
|
|
1955; 1995
|
|
Jul. 2019
|
|
40 yrs.
|
Industrial facility in Dordrecht, Netherlands
|
|
—
|
|
|
3,233
|
|
|
10,954
|
|
|
—
|
|
|
328
|
|
|
3,307
|
|
|
11,208
|
|
|
14,515
|
|
|
76
|
|
|
1986
|
|
Sep. 2019
|
|
40 yrs.
|
Industrial facilities in York, PA and Lexington, SC
|
|
—
|
|
|
4,155
|
|
|
22,930
|
|
|
—
|
|
|
—
|
|
|
4,155
|
|
|
22,930
|
|
|
27,085
|
|
|
197
|
|
|
1968; 1971
|
|
Oct. 2019
|
|
40 yrs.
|
Industrial facility in Queretaro, Mexico
|
|
—
|
|
|
2,851
|
|
|
12,748
|
|
|
—
|
|
|
—
|
|
|
2,851
|
|
|
12,748
|
|
|
15,599
|
|
|
99
|
|
|
1999
|
|
Oct. 2019
|
|
40 yrs.
|
Office facility in Dearborn, MI
|
|
—
|
|
|
1,431
|
|
|
5,402
|
|
|
—
|
|
|
—
|
|
|
1,431
|
|
|
5,402
|
|
|
6,833
|
|
|
43
|
|
|
2002
|
|
Oct. 2019
|
|
40 yrs.
|
|
W. P. Carey 2019 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
|
|
|
|
|
||||||||||||||||||||||||
Industrial facilities in Houston, TX and Metairie, LA and office facilities in Houston, TX and Mason, OH
|
|
—
|
|
|
6,130
|
|
|
24,981
|
|
|
—
|
|
|
—
|
|
|
6,130
|
|
|
24,981
|
|
|
31,111
|
|
|
116
|
|
|
Various
|
|
Nov. 2019
|
|
40 yrs.
|
|||||||||
Industrial facility in Pardubice, Czech Republic
|
|
—
|
|
|
1,694
|
|
|
8,793
|
|
|
—
|
|
|
203
|
|
|
1,727
|
|
|
8,963
|
|
|
10,690
|
|
|
—
|
|
|
1970
|
|
Nov. 2019
|
|
40 yrs.
|
|||||||||
Warehouse facilities in Brabrand, Denmark and Arlandastad, Sweden
|
|
—
|
|
|
6,499
|
|
|
27,899
|
|
|
—
|
|
|
858
|
|
|
6,665
|
|
|
28,591
|
|
|
35,256
|
|
|
70
|
|
|
2012; 2017
|
|
Nov. 2019
|
|
40 yrs.
|
|||||||||
Retail facility in Hamburg, PA
|
|
—
|
|
|
4,520
|
|
|
34,167
|
|
|
—
|
|
|
—
|
|
|
4,520
|
|
|
34,167
|
|
|
38,687
|
|
|
—
|
|
|
2003
|
|
Dec. 2019
|
|
40 yrs.
|
|||||||||
Warehouse facility in Charlotte, NC
|
|
—
|
|
|
6,481
|
|
|
82,936
|
|
|
—
|
|
|
—
|
|
|
6,481
|
|
|
82,936
|
|
|
89,417
|
|
|
—
|
|
|
1995
|
|
Dec. 2019
|
|
40 yrs.
|
|||||||||
Warehouse facility in Buffalo Grove, IL
|
|
—
|
|
|
3,287
|
|
|
10,167
|
|
|
—
|
|
|
—
|
|
|
3,287
|
|
|
10,167
|
|
|
13,454
|
|
|
17
|
|
|
1987
|
|
Dec. 2019
|
|
40 yrs.
|
|||||||||
Industrial facility in Hvidovre, Denmark
|
|
—
|
|
|
1,931
|
|
|
4,243
|
|
|
—
|
|
|
77
|
|
|
1,955
|
|
|
4,296
|
|
|
6,251
|
|
|
—
|
|
|
2007
|
|
Dec. 2019
|
|
40 yrs.
|
|||||||||
Warehouse facility in Huddersfield, United Kingdom
|
|
—
|
|
|
8,659
|
|
|
29,752
|
|
|
—
|
|
|
—
|
|
|
8,659
|
|
|
29,752
|
|
|
38,411
|
|
|
—
|
|
|
2005
|
|
Dec. 2019
|
|
40 yrs.
|
|||||||||
|
|
$
|
1,387,046
|
|
|
$
|
2,028,107
|
|
|
$
|
7,687,370
|
|
|
$
|
506,074
|
|
|
$
|
(518,047
|
)
|
|
$
|
1,875,065
|
|
|
$
|
7,828,439
|
|
|
$
|
9,703,504
|
|
|
$
|
950,452
|
|
|
|
|
|
|
|
|
W. P. Carey 2019 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
Total
|
|
Date of Construction
|
|
Date Acquired
|
||||||||||||||
Description
|
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
|
|
|
|||||||||||||||||
Direct Financing Method
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Industrial facilities in Irving and Houston, TX
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
27,599
|
|
|
$
|
—
|
|
|
$
|
(4,074
|
)
|
|
$
|
23,525
|
|
|
1978
|
|
Jan. 1998
|
Retail facility in Freehold, NJ
|
|
7,637
|
|
|
—
|
|
|
17,067
|
|
|
—
|
|
|
(278
|
)
|
|
16,789
|
|
|
2004
|
|
Sep. 2012
|
||||||
Office facilities in Corpus Christi, Odessa, San Marcos, and Waco, TX
|
|
2,434
|
|
|
2,089
|
|
|
14,211
|
|
|
—
|
|
|
(937
|
)
|
|
15,363
|
|
|
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
|
|
|
5,582
|
|
|
(23,090
|
)
|
|
157,080
|
|
|
Various
|
|
Sep. 2012
|
||||||
Warehouse facility in Brierley Hill, United Kingdom
|
|
—
|
|
|
2,147
|
|
|
12,357
|
|
|
—
|
|
|
(1,553
|
)
|
|
12,951
|
|
|
1996
|
|
Sep. 2012
|
||||||
Industrial and warehouse facility in Mesquite, TX
|
|
5,580
|
|
|
2,851
|
|
|
15,899
|
|
|
—
|
|
|
(2,377
|
)
|
|
16,373
|
|
|
1972
|
|
Sep. 2012
|
||||||
Industrial facility in Rochester, MN
|
|
2,184
|
|
|
881
|
|
|
17,039
|
|
|
—
|
|
|
(2,336
|
)
|
|
15,584
|
|
|
1997
|
|
Sep. 2012
|
||||||
Office facility in Irvine, CA
|
|
5,785
|
|
|
—
|
|
|
17,027
|
|
|
—
|
|
|
(2,230
|
)
|
|
14,797
|
|
|
1981
|
|
Sep. 2012
|
||||||
Office facility in Scottsdale, AZ
|
|
17,819
|
|
|
—
|
|
|
43,570
|
|
|
—
|
|
|
(1,108
|
)
|
|
42,462
|
|
|
1977
|
|
Jan. 2014
|
||||||
Retail facilities in El Paso and Fabens, TX
|
|
—
|
|
|
4,777
|
|
|
17,823
|
|
|
—
|
|
|
(54
|
)
|
|
22,546
|
|
|
Various
|
|
Jan. 2014
|
||||||
Industrial facility in Dallas, TX
|
|
—
|
|
|
3,190
|
|
|
10,010
|
|
|
—
|
|
|
161
|
|
|
13,361
|
|
|
1968
|
|
Jan. 2014
|
||||||
Industrial facility in Eagan, MN
|
|
—
|
|
|
—
|
|
|
11,548
|
|
|
—
|
|
|
(359
|
)
|
|
11,189
|
|
|
1975
|
|
Jan. 2014
|
||||||
Industrial facilities in Albemarle and Old Fort, NC and Holmesville, OH
|
|
—
|
|
|
6,542
|
|
|
20,668
|
|
|
5,317
|
|
|
(7,297
|
)
|
|
25,230
|
|
|
1955; 1966; 1970
|
|
Jan. 2014
|
||||||
Industrial facilities located throughout France
|
|
—
|
|
|
—
|
|
|
27,270
|
|
|
—
|
|
|
(7,877
|
)
|
|
19,393
|
|
|
Various
|
|
Jan. 2014
|
||||||
Retail facility in Gronau, Germany
|
|
—
|
|
|
281
|
|
|
4,401
|
|
|
—
|
|
|
(818
|
)
|
|
3,864
|
|
|
1989
|
|
Jan. 2014
|
||||||
Industrial and warehouse facility in Newbridge, United Kingdom
|
|
9,818
|
|
|
6,851
|
|
|
22,868
|
|
|
—
|
|
|
(7,378
|
)
|
|
22,341
|
|
|
1998
|
|
Jan. 2014
|
||||||
Education facility in Mooresville, NC
|
|
2,009
|
|
|
1,795
|
|
|
15,955
|
|
|
—
|
|
|
—
|
|
|
17,750
|
|
|
2002
|
|
Jan. 2014
|
||||||
Industrial facility in Mount Carmel, IL
|
|
—
|
|
|
135
|
|
|
3,265
|
|
|
—
|
|
|
(150
|
)
|
|
3,250
|
|
|
1896
|
|
Jan. 2014
|
||||||
Retail facility in Vantaa, Finland
|
|
—
|
|
|
5,291
|
|
|
15,522
|
|
|
—
|
|
|
(3,636
|
)
|
|
17,177
|
|
|
2004
|
|
Jan. 2014
|
||||||
Retail facility in Linköping, Sweden
|
|
—
|
|
|
1,484
|
|
|
9,402
|
|
|
—
|
|
|
(3,282
|
)
|
|
7,604
|
|
|
2004
|
|
Jan. 2014
|
||||||
Industrial facility in Calgary, Canada
|
|
—
|
|
|
—
|
|
|
7,076
|
|
|
—
|
|
|
(985
|
)
|
|
6,091
|
|
|
1965
|
|
Jan. 2014
|
||||||
Industrial facilities in Kearney, MO; Fair Bluff, NC; York, NE; Walbridge, OH; Middlesex Township, PA; Rocky Mount, VA; and Martinsburg, WV
|
|
6,783
|
|
|
5,780
|
|
|
40,860
|
|
|
—
|
|
|
(380
|
)
|
|
46,260
|
|
|
Various
|
|
Jan. 2014
|
||||||
Movie theater in Pensacola, FL
|
|
—
|
|
|
—
|
|
|
13,034
|
|
|
—
|
|
|
(6,083
|
)
|
|
6,951
|
|
|
2001
|
|
Jan. 2014
|
||||||
Industrial facility in Monheim, Germany
|
|
—
|
|
|
2,939
|
|
|
7,379
|
|
|
—
|
|
|
(2,174
|
)
|
|
8,144
|
|
|
1992
|
|
Jan. 2014
|
||||||
Industrial facility in Göppingen, Germany
|
|
—
|
|
|
10,717
|
|
|
60,120
|
|
|
—
|
|
|
(15,177
|
)
|
|
55,660
|
|
|
1930
|
|
Jan. 2014
|
||||||
Industrial facility in Sankt Ingbert, Germany
|
|
—
|
|
|
2,786
|
|
|
26,902
|
|
|
—
|
|
|
(6,168
|
)
|
|
23,520
|
|
|
1960
|
|
Jan. 2014
|
||||||
Industrial and office facility in Nagold, Germany
|
|
—
|
|
|
4,553
|
|
|
17,675
|
|
|
—
|
|
|
(310
|
)
|
|
21,918
|
|
|
1994
|
|
Oct. 2018
|
||||||
Industrial facility in Glendale Heights, IL
|
|
—
|
|
|
4,237
|
|
|
45,173
|
|
|
—
|
|
|
269
|
|
|
49,679
|
|
|
1991
|
|
Oct. 2018
|
||||||
Industrial facilities in Colton, Fresno, Orange, Pomona, and San Diego, CA; Holly Hill, FL; Rockmart, GA; Ooltewah, TN; and Dallas, TX
|
|
9,967
|
|
|
2,068
|
|
|
31,256
|
|
|
—
|
|
|
(254
|
)
|
|
33,070
|
|
|
Various
|
|
Oct. 2018
|
||||||
Warehouse facilities in Bristol, Leeds, Liverpool, Luton, Newport, Plymouth, and Southampton, United Kingdom
|
|
—
|
|
|
1,062
|
|
|
23,087
|
|
|
—
|
|
|
497
|
|
|
24,646
|
|
|
Various
|
|
Oct. 2018
|
||||||
Warehouse facility in Gieten, Netherlands
|
|
—
|
|
|
—
|
|
|
15,258
|
|
|
—
|
|
|
(248
|
)
|
|
15,010
|
|
|
1985
|
|
Oct. 2018
|
||||||
Warehouse facility in Oxnard, CA
|
|
—
|
|
|
—
|
|
|
10,960
|
|
|
—
|
|
|
(305
|
)
|
|
10,655
|
|
|
1975
|
|
Oct. 2018
|
|
W. P. Carey 2019 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
Total
|
|
Date of Construction
|
|
Date Acquired
|
||||||||||||||
Description
|
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
|
|
|
|||||||||||||||||
Industrial facilities in Bartow, FL; Momence, IL; Smithfield, NC; Hudson, NY; and Ardmore, OK
|
|
—
|
|
|
4,454
|
|
|
87,030
|
|
|
—
|
|
|
1,099
|
|
|
92,583
|
|
|
Various
|
|
Oct. 2018
|
||||||
Industrial facility in Countryside, IL
|
|
—
|
|
|
563
|
|
|
1,457
|
|
|
—
|
|
|
16
|
|
|
2,036
|
|
|
1981
|
|
Oct. 2018
|
||||||
Industrial facility in Clarksville, TN
|
|
3,688
|
|
|
1,680
|
|
|
10,180
|
|
|
—
|
|
|
(7
|
)
|
|
11,853
|
|
|
1998
|
|
Oct. 2018
|
||||||
Industrial facility in Bluffton, IN
|
|
1,737
|
|
|
503
|
|
|
3,407
|
|
|
—
|
|
|
(11
|
)
|
|
3,899
|
|
|
1975
|
|
Oct. 2018
|
||||||
Warehouse facility in Houston, TX
|
|
—
|
|
|
—
|
|
|
5,977
|
|
|
—
|
|
|
(32
|
)
|
|
5,945
|
|
|
1972
|
|
Oct. 2018
|
||||||
|
|
$
|
75,441
|
|
|
$
|
108,390
|
|
|
$
|
876,186
|
|
|
$
|
10,899
|
|
|
$
|
(98,926
|
)
|
|
$
|
896,549
|
|
|
|
|
|
(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 $3.0 billion and the related accumulated amortization of $1.1 billion, (ii) gross lease intangible liabilities of $285.2 million and the related accumulated amortization of $74.5 million, (iii) assets held for sale, net of $104.0 million, and (iv) real estate under construction of $69.6 million.
|
(d)
|
A reconciliation of real estate and accumulated depreciation follows:
|
|
W. P. Carey 2019 10-K – 147
|
|
Reconciliation of Land, Buildings and Improvements Subject to Operating Leases
|
||||||||||
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Beginning balance
|
$
|
8,717,612
|
|
|
$
|
5,334,446
|
|
|
$
|
5,182,267
|
|
Acquisitions
|
610,381
|
|
|
734,963
|
|
|
23,462
|
|
|||
Reclassification from operating properties
|
291,750
|
|
|
—
|
|
|
—
|
|
|||
Reclassification from real estate under construction
|
122,519
|
|
|
86,784
|
|
|
51,198
|
|
|||
Dispositions
|
(90,488
|
)
|
|
(296,543
|
)
|
|
(131,549
|
)
|
|||
Reclassification from direct financing lease
|
76,934
|
|
|
15,998
|
|
|
1,611
|
|
|||
Foreign currency translation adjustment
|
(37,032
|
)
|
|
(88,715
|
)
|
|
192,580
|
|
|||
Capital improvements
|
18,860
|
|
|
25,727
|
|
|
17,778
|
|
|||
CPA:17 Merger measurement period adjustments
|
(5,687
|
)
|
|
—
|
|
|
—
|
|
|||
Impairment charges
|
(1,345
|
)
|
|
(3,030
|
)
|
|
(2,901
|
)
|
|||
Acquisitions through CPA:17 Merger
|
—
|
|
|
2,907,982
|
|
|
—
|
|
|||
Ending balance
|
$
|
9,703,504
|
|
|
$
|
8,717,612
|
|
|
$
|
5,334,446
|
|
|
Reconciliation of Accumulated Depreciation for
Land, Buildings and Improvements Subject to Operating Leases
|
||||||||||
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Beginning balance
|
$
|
724,550
|
|
|
$
|
613,543
|
|
|
$
|
472,294
|
|
Depreciation expense
|
232,927
|
|
|
162,119
|
|
|
144,183
|
|
|||
Dispositions
|
(6,109
|
)
|
|
(41,338
|
)
|
|
(17,770
|
)
|
|||
Foreign currency translation adjustment
|
(916
|
)
|
|
(9,774
|
)
|
|
14,836
|
|
|||
Ending balance
|
$
|
950,452
|
|
|
$
|
724,550
|
|
|
$
|
613,543
|
|
|
Reconciliation of Land, Buildings and Improvements Attributable to Operating Properties
|
||||||||||
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Beginning balance
|
$
|
466,050
|
|
|
$
|
83,047
|
|
|
$
|
81,711
|
|
Reclassification to operating leases
|
(291,750
|
)
|
|
—
|
|
|
—
|
|
|||
Reclassification to assets held for sale
|
(94,078
|
)
|
|
—
|
|
|
—
|
|
|||
Capital improvements
|
1,853
|
|
|
3,080
|
|
|
1,336
|
|
|||
Reclassification from real estate under construction
|
1,008
|
|
|
—
|
|
|
—
|
|
|||
Acquisitions through CPA:17 Merger
|
—
|
|
|
423,530
|
|
|
—
|
|
|||
Dispositions
|
—
|
|
|
(43,607
|
)
|
|
—
|
|
|||
Ending balance
|
$
|
83,083
|
|
|
$
|
466,050
|
|
|
$
|
83,047
|
|
|
Reconciliation of Accumulated Depreciation for
Land, Buildings and Improvements
Attributable to Operating Properties
|
||||||||||
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Beginning balance
|
$
|
10,234
|
|
|
$
|
16,419
|
|
|
$
|
12,143
|
|
Depreciation expense
|
2,553
|
|
|
4,240
|
|
|
4,276
|
|
|||
Reclassification to assets held for sale
|
(1,546
|
)
|
|
—
|
|
|
—
|
|
|||
Dispositions
|
—
|
|
|
(10,425
|
)
|
|
—
|
|
|||
Ending balance
|
$
|
11,241
|
|
|
$
|
10,234
|
|
|
$
|
16,419
|
|
|
W. P. Carey 2019 10-K – 148
|
|
|
Interest Rate
|
|
Final Maturity Date
|
|
Fair Value
|
|
Carrying Amount
|
|||||
Description
|
|
|
|
|
|||||||||
Financing agreement — observation wheel
|
|
6.5
|
%
|
|
Mar. 2020
|
|
$
|
24,350
|
|
|
$
|
24,350
|
|
Financing agreement — mezzanine loan
|
|
9.0
|
%
|
|
Apr. 2020
|
|
23,387
|
|
|
23,387
|
|
||
|
|
|
|
|
|
$
|
47,737
|
|
|
$
|
47,737
|
|
|
Reconciliation of Mortgage Loans on Real Estate
|
||||||||||
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Beginning balance
|
$
|
57,737
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Repayments
|
(10,000
|
)
|
|
—
|
|
|
—
|
|
|||
Acquisitions through CPA:17 Merger
|
—
|
|
|
57,737
|
|
|
—
|
|
|||
Ending balance
|
$
|
47,737
|
|
|
$
|
57,737
|
|
|
$
|
—
|
|
|
W. P. Carey 2019 10-K – 149
|
|
W. P. Carey 2019 10-K – 150
|
|
W. P. Carey 2019 10-K – 151
|
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
|
|
W. P. Carey 2019 10-K – 152
|
Exhibit
No. |
|
|
Description
|
|
Method of Filing
|
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
|
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 to Automatic shelf registration statement on Form S-3 (File No. 333-233159) filed August 9, 2019
|
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
|
4.18
|
|
|
Fifth Supplemental Indenture, dated June 14, 2019, 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 10-Q filed August 2, 2019
|
4.19
|
|
|
Form of Note representing $325 Million Aggregate Principal Amount of 3.850% Senior Notes due 2029
|
|
Incorporated by reference to Exhibit 4.2 to Current Report on Form 10-Q filed August 2, 2019
|
4.20
|
|
|
Fourth Supplemental Indenture, dated as of September 19, 2019, 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 September 19, 2019
|
4.21
|
|
|
Form of Note representing €500 Million Aggregate Principal Amount of 1.350% Senior Notes due 2028
|
|
Incorporated by reference to Exhibit 4.1 to Current Report on Form 8-K filed September 19, 2019
|
4.22
|
|
|
Description of Securities Registered under Section 12 of the Exchange Act
|
|
Filed herewith
|
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
|
|
W. P. Carey 2019 10-K – 153
|
Exhibit
No. |
|
|
Description
|
|
Method of Filing
|
10.3
|
|
|
W. P. Carey Inc. Amended and Restated Deferred Compensation Plan for Employees *
|
|
Incorporated by reference to Exhibit 10.4 to Annual Report on Form 10-K for the year ended December 31, 2012 filed February 26, 2013
|
10.4
|
|
|
Amended and Restated W. P. Carey Inc. 2009 Share Incentive Plan *
|
|
Incorporated by reference to Appendix A of Schedule 14A filed April 30, 2013
|
10.5
|
|
|
2017 Annual Incentive Compensation Plan
|
|
Incorporated by reference to Exhibit A of Schedule 14A filed April 11, 2017
|
10.6
|
|
|
2017 Share Incentive Plan
|
|
Incorporated by reference to Exhibit B of Schedule 14A filed April 11, 2017
|
10.7
|
|
|
Form of Share Option Agreement under the 2017 Share Incentive Plan
|
|
Incorporated by reference to Exhibit 4.9 to Registration Statement on Form S-8 filed June 27, 2017
|
10.8
|
|
|
Form of Restricted Share Agreement under the 2017 Share Incentive Plan
|
|
Incorporated by reference to Exhibit 4.7 to Registration Statement on Form S-8 filed June 27, 2017
|
10.9
|
|
|
Form of Restricted Share Unit Agreement under the 2017 Share Incentive Plan
|
|
Incorporated by reference to Exhibit 4.8 to Registration Statement on Form S-8 filed June 27, 2017
|
10.10
|
|
|
Form of Long-Term Performance Share Unit Award Agreement pursuant to the W. P. Carey Inc. 2017 Share Incentive Plan
|
|
Incorporated by reference to Exhibit 4.6 to Registration Statement on Form S-8 filed June 27, 2017
|
10.11
|
|
|
Form of Non-Employee Director Restricted Share Agreement under the 2017 Share Incentive Plan
|
|
Incorporated by reference to Exhibit 4.5 to Registration Statement on Form S-8, filed June 27, 2017
|
10.12
|
|
|
W. P. Carey Inc. 2009 Non-Employee Directors’ Incentive 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
|
|
|
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
|
10.14
|
|
|
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
|
10.15
|
|
|
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
|
10.16
|
|
|
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
|
10.17
|
|
|
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
|
|
W. P. Carey 2019 10-K – 154
|
Exhibit
No. |
|
|
Description
|
|
Method of Filing
|
10.18
|
|
|
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
|
10.19
|
|
|
Advisory Agreement, dated as of February 9, 2015, by and among Carey Watermark Investors 2 Incorporated, CWI 2 OP, LP and Carey Lodging Advisors, LLC
|
|
Incorporated by reference to Exhibit 10.25 to Annual Report on Form 10-K for the year ended December 31, 2014 filed March 2, 2015
|
10.20
|
|
|
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
|
10.21
|
|
|
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
|
10.22
|
|
|
Fourth Amended and Restated Credit Agreement, dated as of February 20, 2020, among W. P. Carey Inc. and Certain of its Subsidiaries identified therein as Guarantors, Bank of America, N.A., as Administrative Agent, Bank of America, N.A., JPMorgan Chase Bank, N.A. and Wells Fargo Bank, N.A., as L/C Issuers, Bank of America, N.A., as Swing Line Lender, and the Lenders party thereto
|
|
Incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed February 20, 2020
|
10.23
|
|
|
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
|
10.24
|
|
|
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
|
10.25
|
|
|
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
|
10.26
|
|
|
Equity Sales Agreement, dated August 9, 2019, by and among W. P. Carey Inc. and each of Barclays Capital Inc., BMO Capital Markets Corp., BNY Mellon Capital Markets, LLC, BofA Securities, Inc., BTIG, LLC, Capital One Securities, Inc., Fifth Third Securities, Inc., Jefferies LLC, J.P. Morgan Securities LLC, Regions Securities LLC, Scotia Capital (USA) Inc., Stifel, Nicolaus & Company, Incorporated and Wells Fargo Securities, LLC, as agents, and each of Barclays Bank PLC, Bank of Montreal, The Bank of New York Mellon, Bank of America, N.A., Jefferies LLC, JPMorgan Chase Bank, National Association, The Bank of Nova Scotia and Wells Fargo Bank, National Association, as forward purchasers
|
|
Incorporated by reference to Exhibit 1.1 to Current Report on Form 8-K filed August 12, 2019
|
|
W. P. Carey 2019 10-K – 155
|
Exhibit
No. |
|
|
Description
|
|
Method of Filing
|
10.27
|
|
|
Agency Agreement dated as of September 19, 2019, by and among WPC Eurobond B.V., as issuer, W.P. Carey Inc., as guarantor, Elavon Financial Services DAC, 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 September 19, 2019
|
10.28
|
|
|
Internalization Agreement dated as of October 22, 2019, by and among Carey Watermark Investors Incorporated, CWI OP, LP, Carey Watermark Investors 2 Incorporated, CWI 2 OP, LP, W. P. Carey Inc., Carey Watermark Holdings, LLC, Carey Watermark Holdings 2, LLC, Carey Lodging Advisors, LLC, Watermark Capital Partners, LLC, CWA, LLC, and CWA 2, LLC
|
|
Incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed October 22, 2019
|
10.29
|
|
|
Transition Services Agreement dated as of October 22, 2019, by and between W. P. Carey Inc. and Carey Watermark Investors 2 Incorporated
|
|
Incorporated by reference to Exhibit 10.2 to Current Report on Form 8-K filed October 22, 2019
|
18.1
|
|
|
Preferability letter of Independent Registered Public Accounting Firm
|
|
Incorporated by reference to Exhibit 18.1 to Quarterly Report on Form 10-Q for the quarter ended September 30, 2013 filed November 5, 2013
|
21.1
|
|
|
List of Registrant Subsidiaries
|
|
Filed herewith
|
23.1
|
|
|
Consent of PricewaterhouseCoopers LLP
|
|
Filed herewith
|
31.1
|
|
|
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
Filed herewith
|
31.2
|
|
|
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
Filed herewith
|
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 – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL 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
|
|
W. P. Carey 2019 10-K – 156
|
Exhibit
No. |
|
|
Description
|
|
Method of Filing
|
101.LAB
|
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
Filed herewith
|
101.PRE
|
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
Filed herewith
|
|
W. P. Carey 2019 10-K – 157
|
|
W. P. Carey 2019 10-K – 158
|
|
|
|
W. P. Carey Inc.
|
|
|
|
|
Date:
|
February 21, 2020
|
By:
|
/s/ ToniAnn Sanzone
|
|
|
|
ToniAnn Sanzone
|
|
|
|
Chief Financial Officer
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/ Jason E. Fox
|
|
Director and Chief Executive Officer
|
|
February 21, 2020
|
Jason E. Fox
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
|
/s/ ToniAnn Sanzone
|
|
Chief Financial Officer
|
|
February 21, 2020
|
ToniAnn Sanzone
|
|
(Principal Financial Officer)
|
|
|
|
|
|
|
|
/s/ Arjun Mahalingam
|
|
Chief Accounting Officer
|
|
February 21, 2020
|
Arjun Mahalingam
|
|
(Principal Accounting Officer)
|
|
|
|
|
|
|
|
/s/ Christopher J. Niehaus
|
|
Chairman of the Board and Director
|
|
February 21, 2020
|
Christopher J. Niehaus
|
|
|
|
|
|
|
|
|
|
/s/ Mark A. Alexander
|
|
Director
|
|
February 21, 2020
|
Mark A. Alexander
|
|
|
|
|
|
|
|
|
|
/s/ Peter J. Farrell
|
|
Director
|
|
February 21, 2020
|
Peter J. Farrell
|
|
|
|
|
|
|
|
|
|
/s/ Robert J. Flanagan
|
|
Director
|
|
February 21, 2020
|
Robert J. Flanagan
|
|
|
|
|
|
|
|
|
|
/s/ Benjamin H. Griswold, IV
|
|
Director
|
|
February 21, 2020
|
Benjamin H. Griswold, IV
|
|
|
|
|
|
|
|
|
|
/s/ Axel K. A. Hansing
|
|
Director
|
|
February 21, 2020
|
Axel K. A. Hansing
|
|
|
|
|
|
|
|
|
|
/s/ Jean Hoysradt
|
|
Director
|
|
February 21, 2020
|
Jean Hoysradt
|
|
|
|
|
|
|
|
|
|
/s/ Margaret G. Lewis
|
|
Director
|
|
February 21, 2020
|
Margaret G. Lewis
|
|
|
|
|
|
|
|
|
|
/s/ Nicolaas J. M. van Ommen
|
|
Director
|
|
February 21, 2020
|
Nicolaas J. M. van Ommen
|
|
|
|
|
|
W. P. Carey 2019 10-K – 159
|
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
|
|
|
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
|
|
Exhibit
No. |
|
|
Description
|
|
Method of Filing
|
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
|
|
|
4.18
|
|
|
Fifth Supplemental Indenture, dated June 14, 2019, by and between W. P. Carey Inc., as issuer, and U.S. Bank National Association, as trustee
|
|
|
4.19
|
|
|
Form of Note representing $325 Million Aggregate Principal Amount of 3.850% Senior Notes due 2029
|
|
|
4.20
|
|
|
Fourth Supplemental Indenture, dated as of September 19, 2019, by and among WPC Eurobond B.V., as issuer, W. P. Carey Inc., as guarantor, and U.S. Bank National Association, as trustee
|
|
|
4.21
|
|
|
Form of Note representing €500 Million Aggregate Principal Amount of 1.350% Senior Notes due 2028
|
|
|
4.22
|
|
|
Description of Securities Registered under Section 12 of the Exchange Act
|
|
|
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 *
|
|
Exhibit
No. |
|
|
Description
|
|
Method of Filing
|
10.5
|
|
|
2017 Annual Incentive Compensation Plan
|
|
|
10.6
|
|
|
2017 Share Incentive Plan
|
|
|
10.7
|
|
|
Form of Share Option Agreement under the 2017 Share Incentive Plan
|
|
|
10.8
|
|
|
Form of Restricted Share Agreement under the 2017 Share Incentive Plan
|
|
|
10.9
|
|
|
Form of Restricted Share Unit Agreement under the 2017 Share Incentive Plan
|
|
|
10.10
|
|
|
Form of Long-Term Performance Share Unit Award Agreement pursuant to the W. P. Carey Inc. 2017 Share Incentive Plan
|
|
|
10.11
|
|
|
Form of Non-Employee Director Restricted Share Agreement under the 2017 Share Incentive Plan
|
|
|
10.12
|
|
|
W. P. Carey Inc. 2009 Non-Employee Directors’ Incentive Plan *
|
|
|
10.13
|
|
|
Amendment to Certain Equity Award Agreements between W. P. Carey Inc. and Mark J. DeCesaris
|
|
|
10.14
|
|
|
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.
|
|
|
10.15
|
|
|
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.
|
|
|
10.16
|
|
|
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.
|
|
|
10.17
|
|
|
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
|
|
|
10.18
|
|
|
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
|
|
|
10.19
|
|
|
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
|
|
Exhibit
No. |
|
|
Description
|
|
Method of Filing
|
10.20
|
|
|
First Amendment to Advisory Agreement, dated as of June 30, 2015, by and among Carey Watermark Investors 2 Incorporated, CWI 2 OP, LP and Carey Lodging Advisors, LLC
|
|
|
10.21
|
|
|
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
|
|
|
10.22
|
|
|
Fourth Amended and Restated Credit Agreement, dated as of February 20, 2020, among W. P. Carey Inc. and Certain of its Subsidiaries identified therein as Guarantors, Bank of America, N.A., as Administrative Agent, Bank of America, N.A., JPMorgan Chase Bank, N.A. and Wells Fargo Bank, N.A., as L/C Issuers, Bank of America, N.A., as Swing Line Lender, and the Lenders party thereto
|
|
|
10.23
|
|
|
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
|
|
|
10.24
|
|
|
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
|
|
|
10.25
|
|
|
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
|
|
|
10.26
|
|
|
Equity Sales Agreement, dated August 9, 2019, by and among W. P. Carey Inc. and each of Barclays Capital Inc., BMO Capital Markets Corp., BNY Mellon Capital Markets, LLC, BofA Securities, Inc., BTIG, LLC, Capital One Securities, Inc., Fifth Third Securities, Inc., Jefferies LLC, J.P. Morgan Securities LLC, Regions Securities LLC, Scotia Capital (USA) Inc., Stifel, Nicolaus & Company, Incorporated and Wells Fargo Securities, LLC, as agents, and each of Barclays Bank PLC, Bank of Montreal, The Bank of New York Mellon, Bank of America, N.A., Jefferies LLC, JPMorgan Chase Bank, National Association, The Bank of Nova Scotia and Wells Fargo Bank, National Association, as forward purchasers
|
|
|
10.27
|
|
|
Agency Agreement dated as of September 19, 2019, by and among WPC Eurobond B.V., as issuer, W.P. Carey Inc., as guarantor, Elavon Financial Services DAC, as paying agent and U.S. Bank National Association, as transfer agent, registrar and trustee
|
|
|
10.28
|
|
|
Internalization Agreement dated as of October 22, 2019, by and among Carey Watermark Investors Incorporated, CWI OP, LP, Carey Watermark Investors 2 Incorporated, CWI 2 OP, LP, W. P. Carey Inc., Carey Watermark Holdings, LLC, Carey Watermark Holdings 2, LLC, Carey Lodging Advisors, LLC, Watermark Capital Partners, LLC, CWA, LLC, and CWA 2, LLC
|
|
Exhibit
No. |
|
|
Description
|
|
Method of Filing
|
10.29
|
|
|
Transition Services Agreement dated as of October 22, 2019, by and between W. P. Carey Inc. and Carey Watermark Investors 2 Incorporated
|
|
|
18.1
|
|
|
Preferability letter of Independent Registered Public Accounting Firm
|
|
|
21.1
|
|
|
List of Registrant Subsidiaries
|
|
|
23.1
|
|
|
Consent of PricewaterhouseCoopers LLP
|
|
|
31.1
|
|
|
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
31.2
|
|
|
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
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 – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL 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
|
•
|
rescind as void any vote cast by a Prohibited Owner prior to our discovery that such shares have been transferred to U. S. Bank; and
|
•
|
recast such vote in accordance with the desires of U. S. Bank acting for the benefit of the trust's beneficiary.
|
•
|
the price paid by the Prohibited Owner for the shares or, if the Prohibited Owner did not give value for the shares in connection with the event causing the shares to be held in the charitable trust (for example, in the case of a gift or devise), the market price of the shares on the day of the event causing the shares to be held in the charitable trust; and
|
•
|
the price per share received by U. S. Bank from the sale or other disposition of the shares held in the charitable trust (less any commission and other expenses of a sale).
|
•
|
such shares will be deemed to have been sold on behalf of the charitable trust; and
|
•
|
to the extent that the Prohibited Owner received an amount for such shares that exceeds the amount that the Prohibited Owner was entitled to receive as described above, the excess must be paid to U. S. Bank upon demand.
|
•
|
the price per share in the transaction that resulted in such transfer to the charitable trust (or, in the case of a gift or devise, the market price at the time of the gift or devise); and
|
•
|
the market price on the date we, or our designee, accept such offer.
|
•
|
any person or entity who beneficially owns, directly or indirectly, 10% or more of the voting power of our outstanding voting stock; or
|
•
|
an affiliate or associate of ours who, at any time within the two-year period immediately prior to the date in question, was the beneficial owner, directly or indirectly, of 10% or more of the voting power of our then-outstanding stock.
|
•
|
80% of the votes entitled to be cast by holders of our then-outstanding shares of voting stock; and
|
•
|
two-thirds of the votes entitled to be cast by holders of our voting stock, other than stock held by the interested stockholder with whom or with whose affiliate the business combination is to be effected or stock held by an affiliate or associate of the interested stockholder.
|
•
|
one-tenth or more but less than one-third;
|
•
|
one-third or more but less than a majority; or
|
•
|
a majority or more of all voting power.
|
•
|
a classified board;
|
•
|
a two-thirds vote requirement for removing a director;
|
•
|
a requirement that the number of directors be fixed only by vote of directors;
|
•
|
a requirement that a vacancy on the board of directors be filled only by the remaining directors and for the remainder of the full term of the directorship in which the vacancy occurred; and
|
•
|
a majority requirement for the calling of a stockholder-requested special meeting of stockholders.
|
•
|
actual receipt of an improper benefit or profit in money, property or services; or
|
•
|
active and deliberate dishonesty established by a final judgment and which is material to the cause of action.
|
•
|
the act or omission of the director or officer was material to the matter giving rise to the proceeding and (i) was committed in bad faith or (ii) was the result of active and deliberate dishonesty;
|
•
|
the director or officer actually received an improper personal benefit in money, property or services; or
|
•
|
in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful.
|
•
|
a written affirmation by the director or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification by the corporation; and
|
•
|
a written undertaking by him or her or on his or her behalf to repay the amount paid or reimbursed by the corporation if it is ultimately determined that the standard of conduct was not met.
|
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
|
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
|
ALL-IN (PA-OH) LLC
|
|
100
|
%
|
|
Delaware
|
Alphabet Multi Holding (CAN) ULC
|
|
100
|
%
|
|
Canada
|
ALUSA (TX) DE Limited Partnership
|
|
100
|
%
|
|
Delaware
|
ALUSA-GP (TX) QRS 16-72, Inc.
|
|
100
|
%
|
|
Delaware
|
ALUSA-LP (TX) QRS 16-73, Inc.
|
|
100
|
%
|
|
Delaware
|
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
|
Arboretum Group, L.L.C.
|
|
100
|
%
|
|
Wisconsin
|
Asiainvest LLC
|
|
100
|
%
|
|
Delaware
|
Assembly (MD)
|
|
100
|
%
|
|
Maryland
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
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
|
Baltic Retail Properties IISUTI UAB
|
|
70
|
%
|
|
Lithuania
|
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
|
Bolt (DE) QRS 15-26, Inc.
|
|
100
|
%
|
|
Delaware
|
Bolt (DE) Trust
|
|
100
|
%
|
|
Maryland
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
Bone (DE) LLC
|
|
100
|
%
|
|
Delaware
|
Bone (DE) QRS 15-12, Inc.
|
|
100
|
%
|
|
Delaware
|
Bone Manager, Inc.
|
|
100
|
%
|
|
Delaware
|
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
|
BPS Nevada, LLC
|
|
15
|
%
|
|
Delaware
|
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 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 Asset Management Corp.
|
|
100
|
%
|
|
Delaware
|
Carey Asset Management Dallas LLC
|
|
100
|
%
|
|
Delaware
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
Carey Credit Advisors, LLC
|
|
100
|
%
|
|
Delaware
|
Carey European Management LLC
|
|
100
|
%
|
|
Delaware
|
Carey European SH, 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
|
CHIRO MANAGER (DE) 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
|
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
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
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 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
|
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
|
Daugavkrasts M
|
|
70
|
%
|
|
Latvia
|
DCNETH Landlord (NL) LLC
|
|
100
|
%
|
|
Delaware
|
DCNETH Member (NL) QRS 15-102, Inc.
|
|
100
|
%
|
|
Delaware
|
Delaware Frame (TX), LP
|
|
100
|
%
|
|
Delaware
|
Deliver (TN) QRS 14-49, Inc.
|
|
100
|
%
|
|
Delaware
|
Delmo (DE) QRS 11/12-1, Inc.
|
|
100
|
%
|
|
Delaware
|
Delmo (PA) QRS 11-36
|
|
100
|
%
|
|
Pennsylvania
|
Delmo (PA) QRS 12-10
|
|
100
|
%
|
|
Pennsylvania
|
Delmo 11/12 (DE) LLC
|
|
100
|
%
|
|
Delaware
|
DES-Tech 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) 16 Sprl
|
|
100
|
%
|
|
Belgium
|
Dfend 15 LLC
|
|
100
|
%
|
|
Delaware
|
Dfend 16 LLC
|
|
100
|
%
|
|
Delaware
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
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 Two (DE) LLC
|
|
100
|
%
|
|
Delaware
|
ELECTRICT TRUSTOR (MX) 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
|
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
|
Flagland Spain, S.L.
|
|
100
|
%
|
|
Spain
|
Flan 1 (IL) LLC
|
|
100
|
%
|
|
Delaware
|
Flan 4 (Multi) LLC
|
|
100
|
%
|
|
Delaware
|
Flan Hud (NY) LLC
|
|
100
|
%
|
|
Delaware
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
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
|
FLUX CAPACITOR 121 GW LLC
|
|
100
|
%
|
|
Delaware
|
Food (DE) QRS 12-49, Inc.
|
|
100
|
%
|
|
Delaware
|
FORT-BEN HOLDINGS (ONQC) LTD.
|
|
100
|
%
|
|
Canada
|
FORT-NOM HOLDINGS (ONQC) INC.
|
|
100
|
%
|
|
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
|
Go Green (OH) LLC
|
|
100
|
%
|
|
Delaware
|
Goldyard S.L.
|
|
100
|
%
|
|
Spain
|
GONE FISHING (PA) LLC
|
|
100
|
%
|
|
Delaware
|
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
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
Greens Shareholder (Finland) QRS 16-16, Inc.
|
|
100
|
%
|
|
Delaware
|
Guggenheim Credit Income Fund (fka Carey Credit Income Fund)
|
|
10
|
%
|
|
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
|
HOAGIES (FL) LLC
|
|
100
|
%
|
|
Delaware
|
HOB (TX) LLC
|
|
100
|
%
|
|
Delaware
|
Hoe Management GmbH
|
|
100
|
%
|
|
Germany
|
Holiday Storage 17 (FL) LLC
|
|
100
|
%
|
|
Delaware
|
Honey Badger GP LLC
|
|
100
|
%
|
|
Delaware
|
Honey Badger (NC) LP
|
|
100
|
%
|
|
Delaware
|
Hotel (MN) QRS 16-84, Inc.
|
|
100
|
%
|
|
Delaware
|
Hotel Operator (MN) TRS 16-87, Inc.
|
|
100
|
%
|
|
Delaware
|
Hum (DE) QRS 11-45, Inc.
|
|
100
|
%
|
|
Delaware
|
Huntwood (TX) Limited Partnership
|
|
100
|
%
|
|
Delaware
|
Huntwood (TX) QRS 16-8, Inc.
|
|
100
|
%
|
|
Delaware
|
ICALL BTS (VA) LLC
|
|
100
|
%
|
|
Delaware
|
ICG (TX) Limited Partnership
|
|
100
|
%
|
|
Delaware
|
ICG-GP (TX) QRS 15-3, Inc.
|
|
100
|
%
|
|
Delaware
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
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
|
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
|
KIDNEY BEANS (TN) LLC
|
|
100
|
%
|
|
Delaware
|
Kiinteistöosakeyhtiö Ruskontie 55
|
|
100
|
%
|
|
Finland
|
KITKAT (IL) LLC
|
|
100
|
%
|
|
Delaware
|
K Prof
|
|
70
|
%
|
|
Latvia
|
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
|
Longboom Finance (Finland) QRS 16-130, Inc.
|
|
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
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
LT Fit (AZ-MD) LLC
|
|
100
|
%
|
|
Delaware
|
LTI (DE) QRS 14-81, Inc.
|
|
100
|
%
|
|
Delaware
|
LTI Trust (MD)
|
|
100
|
%
|
|
Maryland
|
M DUE
|
|
100
|
%
|
|
Italy
|
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 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
|
MERCURY (MI) LLC (fka WORKWEAR (MI) LLC)
|
|
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
|
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
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
Morisek Hoffman (IL) LLC
|
|
100
|
%
|
|
Delaware
|
Morrisville Landlord GP (NC) LLC (fka PPD Morrisville GP (NC) LLC)
|
|
100
|
%
|
|
Delaware
|
Morrisville Landlord (NC) LP (fka PPD Morrisville (NC) LP)
|
|
100
|
%
|
|
Delaware
|
Movie (VA) QRS 14-24, Inc.
|
|
100
|
%
|
|
Delaware
|
MR Lender (TX) LLC
|
|
100
|
%
|
|
Delaware
|
MSTEEL (IL) LLC
|
|
100
|
%
|
|
Delaware
|
Mercury (MI) LLC (fka WORKWEAR (MI) LLC)
|
|
100
|
%
|
|
Delaware
|
MWI Investor 17 (TX) LP
|
|
100
|
%
|
|
Delaware
|
MWI Investor GP 17 (TX) LLC
|
|
100
|
%
|
|
Delaware
|
Nail (DE) Trust
|
|
100
|
%
|
|
Maryland
|
NAILED IT GP LLC
|
|
100
|
%
|
|
Delaware
|
NAILED IT (MULTI) LP
|
|
100
|
%
|
|
Delaware
|
NAKATOMI PLAZA (DE) LLC
|
|
100
|
%
|
|
Delaware
|
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
|
OSCAR (IL) LLC
|
|
100
|
%
|
|
Delaware
|
OTC RX Holdings ULC
|
|
100
|
%
|
|
Canada
|
OTC RX Nominee Corp.
|
|
100
|
%
|
|
Canada
|
OTC RX (ONTARIO) LLC
|
|
100
|
%
|
|
Delaware
|
OU Baltic Retail Properties Estonia
|
|
70
|
%
|
|
Estonia
|
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
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
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
|
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
|
Polo LS
|
|
70
|
%
|
|
Latvia
|
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
|
RACO (AZ) LLC
|
|
100
|
%
|
|
Delaware
|
RACO TWO (AZ) LLC
|
|
100
|
%
|
|
Delaware
|
Rails (UK) QRS 15-54, Inc.
|
|
100
|
%
|
|
Delaware
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
Randolph/Clinton Limited Partnership
|
|
100
|
%
|
|
Delaware
|
REIT Brickan AB
|
|
100
|
%
|
|
Sweden
|
RI(CA) QRS 12-59, Inc.
|
|
100
|
%
|
|
Delaware
|
RII (CA) QRS 15-2, Inc.
|
|
100
|
%
|
|
Delaware
|
RRC (TX) GP QRS 12-61, Inc.
|
|
100
|
%
|
|
Delaware
|
RRC (TX) LP
|
|
100
|
%
|
|
Delaware
|
RRC (TX) Trust
|
|
100
|
%
|
|
Maryland
|
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
|
SHOTS-ORL (FL) LLC
|
|
100
|
%
|
|
Delaware
|
Shovel Management GmbH
|
|
100
|
%
|
|
Germany
|
SIA Baltic Retail Properties Latvia
|
|
70
|
%
|
|
Latvia
|
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
|
Steely Dan (WI) LLC
|
|
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
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
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
|
TASTY KALE (UT) LLC
|
|
100
|
%
|
|
Delaware
|
TDG Cold 17-14 B.V.
|
|
100
|
%
|
|
Netherlands
|
Tech (GER) 17-1 BV
|
|
100
|
%
|
|
Netherlands
|
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
|
Thids (DE) QRS 16-17, Inc.
|
|
100
|
%
|
|
Delaware
|
Third Avenue Self Storage NYC, LLC
|
|
100
|
%
|
|
Delaware
|
Three Aircraft Seats (DE) Limited Partnership
|
|
100
|
%
|
|
Delaware
|
THREE AMIGOS (US MULTI) LLC
|
|
100
|
%
|
|
Delaware
|
Three Cabin Seats (DE) LLC
|
|
100
|
%
|
|
Delaware
|
Tissue SARL
|
|
100
|
%
|
|
France
|
Toner (DE) QRS 14-96, Inc.
|
|
100
|
%
|
|
Delaware
|
Toolbelt (PA-SC) LLC
|
|
100
|
%
|
|
Delaware
|
Toolbox (MX) LLC
|
|
100
|
%
|
|
Delaware
|
TOOL TIME (WV) LLC
|
|
100
|
%
|
|
Delaware
|
TOOTH FAIRY (IL) LLC
|
|
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
|
TRUCKIN' (IL) 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
|
Under Pressure (Multi) LLC
|
|
100
|
%
|
|
Delaware
|
Uni-Tech (CA) QRS 15-64, Inc.
|
|
100
|
%
|
|
Delaware
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
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
|
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 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
|
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
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
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 (f/k/a Inceptum 804 AS)
|
|
100
|
%
|
|
Norway
|
WPC APP 17-34 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC AX Sp. z o.o.
|
|
100
|
%
|
|
Poland
|
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 Morrisville Landlord (NC) LLC (fkaWPC EXCH PPD (NC) LLC)
|
|
100
|
%
|
|
Delaware
|
WPC Exch Sublandlord (DE) LLC
|
|
100
|
%
|
|
Delaware
|
WPC Fau Czech sro
|
|
100
|
%
|
|
Czech Republic
|
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 International Holding LP
|
|
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 Denmark ApS (fka Opus Greve Invest ApS)
|
|
100
|
%
|
|
Denmark
|
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
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
WPC REIT AXL 39 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC REIT Cargo 4 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
|
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 PeRo 40 B.V
|
|
100
|
%
|
|
Netherlands
|
WPC REIT Pend 14 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC REIT Rock Sp. z .o. o
|
|
100
|
%
|
|
Poland
|
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 Stretch 41 B.V
|
|
100
|
%
|
|
Netherlands
|
WPC REIT TomHil 1 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC REIT Tot 7 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC REIT TRS 27 B.V. (fka WPC REIT DF 27 B.V.)
|
|
100
|
%
|
|
Netherlands
|
WPC REIT VM 28 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC Smucker Manager, LLC
|
|
100
|
%
|
|
Delaware
|
WPC Star Denmark ApS
|
|
100
|
%
|
|
Denmark
|
WPC Star Sweden AB
|
|
100
|
%
|
|
Sweden
|
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
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
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
|
You Scream (PA) LLC
|
|
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.
|