Maryland | 45-4549771 | |||||||
(State of incorporation) | (I.R.S. Employer Identification No.) | |||||||
One Manhattan West, 395 9th Avenue, 58th Floor | ||||||||
New York, | New York | 10001 | ||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of exchange on which registered | ||||||||||||
Common Stock, $0.001 Par Value | WPC | New York Stock Exchange |
Large accelerated filer |
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Accelerated filer
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Non-accelerated filer
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Smaller reporting company
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Emerging growth company
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Page No. | ||||||||
PART I | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 1B. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
Item 7. | ||||||||
Item 7A. | ||||||||
Item 8. | ||||||||
Item 9. | ||||||||
Item 9A. | ||||||||
Item 9B. | ||||||||
PART III | ||||||||
Item 10. | ||||||||
Item 11. | ||||||||
Item 12. | ||||||||
Item 13. | ||||||||
Item 14. | ||||||||
PART IV | ||||||||
Item 15. | ||||||||
Item 16. | ||||||||
W. P. Carey 2020 10-K – 1
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W. P. Carey 2020 10-K – 2
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W. P. Carey 2020 10-K – 3
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W. P. Carey 2020 10-K – 4
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W. P. Carey 2020 10-K – 5
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W. P. Carey 2020 10-K – 6
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W. P. Carey 2020 10-K – 7
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W. P. Carey 2020 10-K – 8
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W. P. Carey 2020 10-K – 9
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W. P. Carey 2020 10-K – 10
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W. P. Carey 2020 10-K – 11
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W. P. Carey 2020 10-K – 12
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W. P. Carey 2020 10-K – 13
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W. P. Carey 2020 10-K – 14
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W. P. Carey 2020 10-K – 15
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W. P. Carey 2020 10-K – 16
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W. P. Carey 2020 10-K – 17
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W. P. Carey 2020 10-K – 18
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W. P. Carey 2020 10-K – 19
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W. P. Carey 2020 10-K – 20
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At December 31, | |||||||||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | 2020 | ||||||||||||||||||||||||||||||
W. P. Carey Inc. | $ | 100.00 | $ | 106.54 | $ | 131.92 | $ | 133.24 | $ | 171.62 | $ | 161.28 | |||||||||||||||||||||||
S&P 500 Index | 100.00 | 111.96 | 136.40 | 130.42 | 171.49 | 203.04 | |||||||||||||||||||||||||||||
FTSE NAREIT Equity REITs Index | 100.00 | 108.52 | 114.19 | 108.91 | 137.23 | 126.25 |
W. P. Carey 2020 10-K – 21
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Years Ended December 31, | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Operating Data | |||||||||||||||||||||||||||||
Revenues (a) (b)
|
$ | 1,209,319 | $ | 1,232,766 | $ | 885,732 | $ | 848,302 | $ | 941,533 | |||||||||||||||||||
Net income (a) (b) (c) (d)
|
465,955 | 306,544 | 424,341 | 285,083 | 274,807 | ||||||||||||||||||||||||
Net income attributable to noncontrolling interests (b)
|
(10,596) | (1,301) | (12,775) | (7,794) | (7,060) | ||||||||||||||||||||||||
Net income attributable to W. P. Carey (a) (b) (c) (d)
|
455,359 | 305,243 | 411,566 | 277,289 | 267,747 | ||||||||||||||||||||||||
Basic earnings per share | 2.61 | 1.78 | 3.50 | 2.56 | 2.50 | ||||||||||||||||||||||||
Diluted earnings per share | 2.60 | 1.78 | 3.49 | 2.56 | 2.49 | ||||||||||||||||||||||||
Cash dividends declared per share | 4.1720 | 4.1400 | 4.0900 | 4.0100 | 3.9292 | ||||||||||||||||||||||||
Balance Sheet Data | |||||||||||||||||||||||||||||
Total assets | $ | 14,707,636 | $ | 14,060,918 | $ | 14,183,039 | $ | 8,231,402 | $ | 8,453,954 | |||||||||||||||||||
Net investments in real estate | 12,362,429 | 11,916,745 | 11,928,854 | 6,703,715 | 6,781,900 | ||||||||||||||||||||||||
Senior Unsecured Notes, net | 5,146,192 | 4,390,189 | 3,554,470 | 2,474,661 | 1,807,200 | ||||||||||||||||||||||||
Senior credit facilities
|
404,252 | 201,267 | 91,563 | 605,129 | 926,693 | ||||||||||||||||||||||||
Non-recourse mortgages, net | 1,145,554 | 1,462,487 | 2,732,658 | 1,185,477 | 1,706,921 |
W. P. Carey 2020 10-K – 22
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W. P. Carey 2020 10-K – 23
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W. P. Carey 2020 10-K – 24
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Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Revenues from Real Estate | $ | 1,177,997 | $ | 1,172,863 | $ | 779,125 | |||||||||||
Revenues from Investment Management
|
31,322 | 59,903 | 106,607 | ||||||||||||||
Total revenues | 1,209,319 | 1,232,766 | 885,732 | ||||||||||||||
Net income from Real Estate attributable to W. P. Carey | 459,512 | 272,065 | 307,236 | ||||||||||||||
Net (loss) income from Investment Management attributable to W. P. Carey | (4,153) | 33,178 | 104,330 | ||||||||||||||
Net income attributable to W. P. Carey | 455,359 | 305,243 | 411,566 | ||||||||||||||
Dividends declared | 732,020 | 713,588 | 502,819 | ||||||||||||||
Net cash provided by operating activities | 801,538 | 812,077 | 509,166 | ||||||||||||||
Net cash used in investing activities | (539,932) | (522,773) | (266,132) | ||||||||||||||
Net cash used in financing activities | (210,713) | (457,778) | (24,292) | ||||||||||||||
Supplemental financial measures (a):
|
|||||||||||||||||
Adjusted funds from operations attributable to W. P. Carey (AFFO) — Real Estate
|
804,175 | 811,193 | 516,502 | ||||||||||||||
Adjusted funds from operations attributable to W. P. Carey (AFFO) — Investment Management
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24,911 | 45,277 | 118,084 | ||||||||||||||
Adjusted funds from operations attributable to W. P. Carey (AFFO)
|
829,086 | 856,470 | 634,586 | ||||||||||||||
Diluted weighted-average shares outstanding | 174,839,428 | 171,299,414 | 117,706,445 |
W. P. Carey 2020 10-K – 25
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As of December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Number of net-leased properties | 1,243 | 1,214 | 1,163 | ||||||||||||||
Number of operating properties (a)
|
20 | 21 | 48 | ||||||||||||||
Number of tenants (net-leased properties) | 350 | 345 | 304 | ||||||||||||||
Total square footage (net-leased properties, in thousands) | 144,259 | 139,982 | 130,956 | ||||||||||||||
Occupancy (net-leased properties) | 98.5 | % | 98.8 | % | 98.3 | % | |||||||||||
Weighted-average lease term (net-leased properties, in years) | 10.6 | 10.7 | 10.2 | ||||||||||||||
Number of countries | 25 | 25 | 25 | ||||||||||||||
Total assets (in thousands) | $ | 14,707,636 | $ | 14,060,918 | $ | 14,183,039 | |||||||||||
Net investments in real estate (in thousands) | 12,362,429 | 11,916,745 | 11,928,854 |
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Acquisition volume (in millions) (b)
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$ | 661.4 | $ | 737.5 | $ | 824.8 | |||||||||||
Construction projects completed (in millions) | 171.2 | 122.5 | 102.5 | ||||||||||||||
Average U.S. dollar/euro exchange rate | 1.1410 | 1.1196 | 1.1813 | ||||||||||||||
Average U.S. dollar/British pound sterling exchange rate | 1.2834 | 1.2767 | 1.3356 | ||||||||||||||
Change in the U.S. CPI (c)
|
1.4 | % | 2.3 | % | 1.9 | % | |||||||||||
Change in the Germany CPI (c)
|
(0.3) | % | 1.5 | % | 1.7 | % | |||||||||||
Change in the Spain CPI (c)
|
(0.5) | % | 0.8 | % | 1.2 | % | |||||||||||
Change in the Poland CPI (c)
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2.3 | % | 3.2 | % | 1.2 | % | |||||||||||
Change in the Netherlands CPI (c)
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1.0 | % | 2.7 | % | 2.0 | % |
W. P. Carey 2020 10-K – 26
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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 | 3.3 | % | 3.3 | |||||||||||||||||||||||||
Hellweg Die Profi-Baumärkte GmbH & Co. KG (a)
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Do-it-yourself retail properties in Germany | 42 | 36,579 | 3.1 | % | 16.2 | ||||||||||||||||||||||||||
State of Andalucía (a)
|
Government office properties in Spain | 70 | 31,479 | 2.7 | % | 14.0 | ||||||||||||||||||||||||||
Metro Cash & Carry Italia S.p.A. (a)
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Business-to-business wholesale stores in Italy and Germany | 20 | 29,723 | 2.5 | % | 6.3 | ||||||||||||||||||||||||||
Pendragon PLC (a)
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Automotive dealerships in the United Kingdom | 69 | 23,531 | 2.0 | % | 9.4 | ||||||||||||||||||||||||||
Extra Space Storage, Inc. | Net lease self-storage properties in the U.S. | 27 | 20,332 | 1.7 | % | 23.3 | ||||||||||||||||||||||||||
Marriott Corporation | Net lease hotel properties in the U.S. | 18 | 20,065 | 1.7 | % | 2.9 | ||||||||||||||||||||||||||
Eroski Sociedad
Cooperativa (a)
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Grocery stores and warehouses in Spain | 58 | 19,589 | 1.6 | % | 15.2 | ||||||||||||||||||||||||||
Nord Anglia Education, Inc. | K-12 private schools in the U.S. | 3 | 19,138 | 1.6 | % | 22.7 | ||||||||||||||||||||||||||
Forterra, Inc. (a) (b)
|
Industrial properties in the U.S. and Canada | 27 | 18,781 | 1.6 | % | 22.5 | ||||||||||||||||||||||||||
Total | 412 | $ | 257,968 | 21.8 | % | 12.6 |
W. P. Carey 2020 10-K – 27
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Region | ABR | ABR Percent |
Square Footage (a)
|
Square Footage Percent | ||||||||||||||||||||||
United States | ||||||||||||||||||||||||||
South | ||||||||||||||||||||||||||
Texas | $ | 102,253 | 8.7 | % | 12,035 | 8.3 | % | |||||||||||||||||||
Florida | 48,650 | 4.1 | % | 4,487 | 3.1 | % | ||||||||||||||||||||
Georgia | 24,057 | 2.0 | % | 3,527 | 2.4 | % | ||||||||||||||||||||
Tennessee | 19,351 | 1.6 | % | 2,875 | 2.0 | % | ||||||||||||||||||||
Alabama | 15,151 | 1.3 | % | 2,382 | 1.7 | % | ||||||||||||||||||||
Other (b)
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11,602 | 1.0 | % | 2,263 | 1.6 | % | ||||||||||||||||||||
Total South | 221,064 | 18.7 | % | 27,569 | 19.1 | % | ||||||||||||||||||||
Midwest | ||||||||||||||||||||||||||
Illinois | 57,030 | 4.8 | % | 7,036 | 4.9 | % | ||||||||||||||||||||
Minnesota | 29,210 | 2.5 | % | 2,728 | 1.9 | % | ||||||||||||||||||||
Indiana | 21,472 | 1.8 | % | 3,198 | 2.2 | % | ||||||||||||||||||||
Wisconsin | 15,854 | 1.4 | % | 3,245 | 2.2 | % | ||||||||||||||||||||
Ohio | 15,389 | 1.3 | % | 3,271 | 2.3 | % | ||||||||||||||||||||
Michigan | 14,279 | 1.2 | % | 2,112 | 1.4 | % | ||||||||||||||||||||
Other (b)
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28,765 | 2.4 | % | 4,877 | 3.4 | % | ||||||||||||||||||||
Total Midwest | 181,999 | 15.4 | % | 26,467 | 18.3 | % | ||||||||||||||||||||
East | ||||||||||||||||||||||||||
North Carolina | 33,439 | 2.8 | % | 8,102 | 5.6 | % | ||||||||||||||||||||
Pennsylvania | 26,648 | 2.3 | % | 3,437 | 2.4 | % | ||||||||||||||||||||
Massachusetts | 21,832 | 1.8 | % | 1,407 | 1.0 | % | ||||||||||||||||||||
New Jersey | 19,707 | 1.7 | % | 1,100 | 0.7 | % | ||||||||||||||||||||
South Carolina | 15,469 | 1.3 | % | 4,321 | 3.0 | % | ||||||||||||||||||||
Virginia | 13,776 | 1.2 | % | 1,430 | 1.0 | % | ||||||||||||||||||||
New York | 13,356 | 1.1 | % | 1,392 | 1.0 | % | ||||||||||||||||||||
Other (b)
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34,320 | 2.9 | % | 6,594 | 4.6 | % | ||||||||||||||||||||
Total East | 178,547 | 15.1 | % | 27,783 | 19.3 | % | ||||||||||||||||||||
West | ||||||||||||||||||||||||||
California | 60,680 | 5.1 | % | 5,195 | 3.6 | % | ||||||||||||||||||||
Arizona | 30,814 | 2.6 | % | 3,365 | 2.3 | % | ||||||||||||||||||||
Other (b)
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53,317 | 4.5 | % | 5,588 | 3.9 | % | ||||||||||||||||||||
Total West | 144,811 | 12.2 | % | 14,148 | 9.8 | % | ||||||||||||||||||||
United States Total | 726,421 | 61.4 | % | 95,967 | 66.5 | % | ||||||||||||||||||||
International | ||||||||||||||||||||||||||
Germany | 68,637 | 5.8 | % | 6,645 | 4.6 | % | ||||||||||||||||||||
Spain | 60,139 | 5.1 | % | 4,708 | 3.3 | % | ||||||||||||||||||||
Poland | 57,598 | 4.9 | % | 7,214 | 5.0 | % | ||||||||||||||||||||
The Netherlands | 53,432 | 4.5 | % | 6,389 | 4.4 | % | ||||||||||||||||||||
United Kingdom | 51,097 | 4.3 | % | 4,035 | 2.8 | % | ||||||||||||||||||||
Italy | 27,969 | 2.4 | % | 2,386 | 1.7 | % | ||||||||||||||||||||
Croatia | 18,348 | 1.5 | % | 1,784 | 1.2 | % | ||||||||||||||||||||
Denmark | 16,311 | 1.4 | % | 2,408 | 1.7 | % | ||||||||||||||||||||
France | 14,486 | 1.2 | % | 1,270 | 0.9 | % | ||||||||||||||||||||
Canada | 13,142 | 1.1 | % | 2,103 | 1.5 | % | ||||||||||||||||||||
Lithuania | 12,089 | 1.0 | % | 1,640 | 1.1 | % | ||||||||||||||||||||
Other (c)
|
63,548 | 5.4 | % | 7,710 | 5.3 | % | ||||||||||||||||||||
International Total | 456,796 | 38.6 | % | 48,292 | 33.5 | % | ||||||||||||||||||||
Total | $ | 1,183,217 | 100.0 | % | 144,259 | 100.0 | % |
W. P. Carey 2020 10-K – 28
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Property Type | ABR | ABR Percent |
Square Footage (a)
|
Square Footage Percent | ||||||||||||||||||||||
Industrial | $ | 293,878 | 24.8 | % | 51,230 | 35.5 | % | |||||||||||||||||||
Office | 266,776 | 22.5 | % | 17,023 | 11.8 | % | ||||||||||||||||||||
Warehouse | 257,386 | 21.8 | % | 46,950 | 32.6 | % | ||||||||||||||||||||
Retail (d)
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214,249 | 18.1 | % | 17,936 | 12.4 | % | ||||||||||||||||||||
Self Storage (net lease) | 59,083 | 5.0 | % | 5,810 | 4.0 | % | ||||||||||||||||||||
Other (e)
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91,845 | 7.8 | % | 5,310 | 3.7 | % | ||||||||||||||||||||
Total | $ | 1,183,217 | 100.0 | % | 144,259 | 100.0 | % |
W. P. Carey 2020 10-K – 29
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Industry Type | ABR | ABR Percent | Square Footage | Square Footage Percent | ||||||||||||||||||||||
Retail Stores (a)
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$ | 264,551 | 22.4 | % | 31,755 | 22.0 | % | |||||||||||||||||||
Consumer Services | 97,014 | 8.2 | % | 7,737 | 5.4 | % | ||||||||||||||||||||
Automotive | 75,753 | 6.4 | % | 12,091 | 8.4 | % | ||||||||||||||||||||
Grocery | 69,919 | 5.9 | % | 7,318 | 5.1 | % | ||||||||||||||||||||
Cargo Transportation | 63,764 | 5.4 | % | 9,013 | 6.2 | % | ||||||||||||||||||||
Healthcare and Pharmaceuticals | 57,048 | 4.8 | % | 4,976 | 3.5 | % | ||||||||||||||||||||
Business Services | 55,596 | 4.7 | % | 4,715 | 3.3 | % | ||||||||||||||||||||
Beverage and Food | 52,682 | 4.4 | % | 5,930 | 4.1 | % | ||||||||||||||||||||
Construction and Building | 49,738 | 4.2 | % | 9,156 | 6.3 | % | ||||||||||||||||||||
Sovereign and Public Finance | 43,376 | 3.7 | % | 3,364 | 2.3 | % | ||||||||||||||||||||
Capital Equipment | 43,246 | 3.7 | % | 6,932 | 4.8 | % | ||||||||||||||||||||
Containers, Packaging, and Glass | 36,114 | 3.0 | % | 6,186 | 4.3 | % | ||||||||||||||||||||
Hotel and Leisure | 35,206 | 3.0 | % | 2,197 | 1.5 | % | ||||||||||||||||||||
Durable Consumer Goods | 35,201 | 3.0 | % | 8,170 | 5.7 | % | ||||||||||||||||||||
High Tech Industries | 29,568 | 2.5 | % | 3,236 | 2.2 | % | ||||||||||||||||||||
Insurance | 25,372 | 2.1 | % | 1,749 | 1.2 | % | ||||||||||||||||||||
Banking | 20,326 | 1.7 | % | 1,247 | 0.9 | % | ||||||||||||||||||||
Telecommunications | 17,516 | 1.5 | % | 1,571 | 1.1 | % | ||||||||||||||||||||
Aerospace and Defense | 16,602 | 1.4 | % | 1,504 | 1.0 | % | ||||||||||||||||||||
Media: Broadcasting and Subscription | 13,679 | 1.2 | % | 784 | 0.5 | % | ||||||||||||||||||||
Media: Advertising, Printing, and Publishing | 13,535 | 1.1 | % | 1,001 | 0.7 | % | ||||||||||||||||||||
Chemicals, Plastics, and Rubber | 12,917 | 1.1 | % | 1,584 | 1.1 | % | ||||||||||||||||||||
Wholesale | 12,755 | 1.1 | % | 2,005 | 1.4 | % | ||||||||||||||||||||
Non-Durable Consumer Goods | 12,370 | 1.0 | % | 4,685 | 3.3 | % | ||||||||||||||||||||
Other (b)
|
29,369 | 2.5 | % | 5,353 | 3.7 | % | ||||||||||||||||||||
Total | $ | 1,183,217 | 100.0 | % | 144,259 | 100.0 | % |
W. P. Carey 2020 10-K – 30
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Year of Lease Expiration (a)
|
Number of Leases Expiring | Number of Tenants with Leases Expiring | ABR | ABR Percent | Square Footage | Square Footage Percent | ||||||||||||||||||||||||||||||||
2021 | 26 | 24 | $ | 20,326 | 1.7 | % | 1,903 | 1.3 | % | |||||||||||||||||||||||||||||
2022 | 27 | 26 | 40,314 | 3.4 | % | 3,001 | 2.1 | % | ||||||||||||||||||||||||||||||
2023 | 38 | 32 | 51,921 | 4.4 | % | 6,305 | 4.4 | % | ||||||||||||||||||||||||||||||
2024 | 77 | 50 | 112,828 | 9.5 | % | 14,025 | 9.7 | % | ||||||||||||||||||||||||||||||
2025 | 62 | 30 | 62,991 | 5.3 | % | 7,307 | 5.1 | % | ||||||||||||||||||||||||||||||
2026 | 42 | 28 | 62,501 | 5.3 | % | 8,608 | 6.0 | % | ||||||||||||||||||||||||||||||
2027 | 44 | 27 | 73,143 | 6.2 | % | 8,068 | 5.6 | % | ||||||||||||||||||||||||||||||
2028 | 42 | 24 | 63,776 | 5.4 | % | 4,829 | 3.3 | % | ||||||||||||||||||||||||||||||
2029 | 32 | 19 | 39,820 | 3.4 | % | 4,946 | 3.4 | % | ||||||||||||||||||||||||||||||
2030 | 27 | 22 | 70,282 | 5.9 | % | 5,737 | 4.0 | % | ||||||||||||||||||||||||||||||
2031 | 66 | 16 | 71,202 | 6.0 | % | 8,154 | 5.6 | % | ||||||||||||||||||||||||||||||
2032 | 35 | 15 | 47,362 | 4.0 | % | 6,625 | 4.6 | % | ||||||||||||||||||||||||||||||
2033 | 23 | 17 | 64,678 | 5.5 | % | 8,192 | 5.7 | % | ||||||||||||||||||||||||||||||
2034 | 47 | 15 | 77,836 | 6.6 | % | 7,765 | 5.4 | % | ||||||||||||||||||||||||||||||
Thereafter (>2034) | 185 | 83 | 324,237 | 27.4 | % | 46,560 | 32.3 | % | ||||||||||||||||||||||||||||||
Vacant | — | — | — | — | % | 2,234 | 1.5 | % | ||||||||||||||||||||||||||||||
Total | 773 | $ | 1,183,217 | 100.0 | % | 144,259 | 100.0 | % |
W. P. Carey 2020 10-K – 31
|
Years Ended December 31, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | Change | 2019 | 2018 | Change | ||||||||||||||||||||||||||||||
Existing Net-Leased Properties | |||||||||||||||||||||||||||||||||||
Lease revenues | $ | 633,177 | $ | 622,490 | $ | 10,687 | $ | 622,490 | $ | 612,460 | $ | 10,030 | |||||||||||||||||||||||
Depreciation and amortization | (216,800) | (217,272) | 472 | (217,272) | (223,982) | 6,710 | |||||||||||||||||||||||||||||
Reimbursable tenant costs | (25,969) | (25,566) | (403) | (25,566) | (21,204) | (4,362) | |||||||||||||||||||||||||||||
Property expenses | (24,159) | (18,956) | (5,203) | (18,956) | (16,868) | (2,088) | |||||||||||||||||||||||||||||
Property level contribution | 366,249 | 360,696 | 5,553 | 360,696 | 350,406 | 10,290 | |||||||||||||||||||||||||||||
Net-Leased Properties Acquired in the CPA:17 Merger | |||||||||||||||||||||||||||||||||||
Lease revenues | 356,166 | 344,606 | 11,560 | 344,606 | 54,585 | 290,021 | |||||||||||||||||||||||||||||
Depreciation and amortization | (149,688) | (150,866) | 1,178 | (150,866) | (21,820) | (129,046) | |||||||||||||||||||||||||||||
Reimbursable tenant costs | (27,193) | (27,618) | 425 | (27,618) | (5,062) | (22,556) | |||||||||||||||||||||||||||||
Property expenses | (16,388) | (15,457) | (931) | (15,457) | (2,685) | (12,772) | |||||||||||||||||||||||||||||
Property level contribution | 162,897 | 150,665 | 12,232 | 150,665 | 25,018 | 125,647 | |||||||||||||||||||||||||||||
Recently Acquired Net-Leased Properties
|
|||||||||||||||||||||||||||||||||||
Lease revenues | 149,218 | 87,414 | 61,804 | 87,414 | 26,374 | 61,040 | |||||||||||||||||||||||||||||
Depreciation and amortization | (61,246) | (36,059) | (25,187) | (36,059) | (11,465) | (24,594) | |||||||||||||||||||||||||||||
Reimbursable tenant costs | (3,052) | (1,909) | (1,143) | (1,909) | (396) | (1,513) | |||||||||||||||||||||||||||||
Property expenses | (2,347) | (1,360) | (987) | (1,360) | (385) | (975) | |||||||||||||||||||||||||||||
Property level contribution | 82,573 | 48,086 | 34,487 | 48,086 | 14,128 | 33,958 | |||||||||||||||||||||||||||||
Existing Operating Property | |||||||||||||||||||||||||||||||||||
Operating property revenues | 3,967 | 15,001 | (11,034) | 15,001 | 15,179 | (178) | |||||||||||||||||||||||||||||
Depreciation and amortization | (1,547) | (1,515) | (32) | (1,515) | (1,947) | 432 | |||||||||||||||||||||||||||||
Operating property expenses | (5,722) | (11,742) | 6,020 | (11,742) | (11,607) | (135) | |||||||||||||||||||||||||||||
Property level contribution | (3,302) | 1,744 | (5,046) | 1,744 | 1,625 | 119 | |||||||||||||||||||||||||||||
Operating Properties Acquired in the CPA:17 Merger | |||||||||||||||||||||||||||||||||||
Operating property revenues | 5,542 | 20,787 | (15,245) | 20,787 | 6,391 | 14,396 | |||||||||||||||||||||||||||||
Depreciation and amortization | (2,470) | (19,502) | 17,032 | (19,502) | (6,040) | (13,462) | |||||||||||||||||||||||||||||
Operating property expenses | (2,275) | (8,205) | 5,930 | (8,205) | (2,258) | (5,947) | |||||||||||||||||||||||||||||
Property level contribution | 797 | (6,920) | 7,717 | (6,920) | (1,907) | (5,013) | |||||||||||||||||||||||||||||
Properties Sold or Held for Sale | |||||||||||||||||||||||||||||||||||
Lease revenues | 15,943 | 31,865 | (15,922) | 31,865 | 51,079 | (19,214) | |||||||||||||||||||||||||||||
Operating property revenues | 1,890 | 14,432 | (12,542) | 14,432 | 6,502 | 7,930 | |||||||||||||||||||||||||||||
Depreciation and amortization | (6,095) | (16,855) | 10,760 | (16,855) | (20,918) | 4,063 | |||||||||||||||||||||||||||||
Reimbursable tenant costs | (195) | (483) | 288 | (483) | (1,414) | 931 | |||||||||||||||||||||||||||||
Property expenses | (1,173) | (3,772) | 2,599 | (3,772) | (2,835) | (937) | |||||||||||||||||||||||||||||
Operating property expenses | (1,904) | (18,068) | 16,164 | (18,068) | (6,285) | (11,783) | |||||||||||||||||||||||||||||
Property level contribution | 8,466 | 7,119 | 1,347 | 7,119 | 26,129 | (19,010) | |||||||||||||||||||||||||||||
Property Level Contribution | 617,680 | 561,390 | 56,290 | 561,390 | 415,399 | 145,991 | |||||||||||||||||||||||||||||
Add: Lease termination income and other | 12,094 | 36,268 | (24,174) | 36,268 | 6,555 | 29,713 | |||||||||||||||||||||||||||||
Less other expenses: | |||||||||||||||||||||||||||||||||||
General and administrative | (70,127) | (56,796) | (13,331) | (56,796) | (47,210) | (9,586) | |||||||||||||||||||||||||||||
Impairment charges | (35,830) | (32,539) | (3,291) | (32,539) | (4,790) | (27,749) | |||||||||||||||||||||||||||||
Stock-based compensation expense | (15,247) | (13,248) | (1,999) | (13,248) | (10,450) | (2,798) | |||||||||||||||||||||||||||||
Corporate depreciation and amortization | (4,102) | (1,231) | (2,871) | (1,231) | (1,289) | 58 | |||||||||||||||||||||||||||||
Merger and other expenses | 937 | (101) | 1,038 | (101) | (41,426) | 41,325 | |||||||||||||||||||||||||||||
Other Income and Expenses | |||||||||||||||||||||||||||||||||||
Interest expense | (210,087) | (233,325) | 23,238 | (233,325) | (178,375) | (54,950) | |||||||||||||||||||||||||||||
Gain on sale of real estate, net | 109,370 | 18,143 | 91,227 | 18,143 | 118,605 | (100,462) | |||||||||||||||||||||||||||||
Other gains and (losses) | 46,074 | 30,251 | 15,823 | 30,251 | 30,015 | 236 | |||||||||||||||||||||||||||||
Equity in (losses) earnings of equity method investments in
real estate |
(9,017) | 2,361 | (11,378) | 2,361 | 13,341 | (10,980) | |||||||||||||||||||||||||||||
(Loss) gain on change in control of interests | — | (8,416) | 8,416 | (8,416) | 18,792 | (27,208) | |||||||||||||||||||||||||||||
(63,660) | (190,986) | 127,326 | (190,986) | 2,378 | (193,364) | ||||||||||||||||||||||||||||||
Income before income taxes | 441,745 | 302,757 | 138,988 | 302,757 | 319,167 | (16,410) | |||||||||||||||||||||||||||||
Benefit from (provision for) income taxes | 18,498 | (30,802) | 49,300 | (30,802) | 844 | (31,646) | |||||||||||||||||||||||||||||
Net Income from Real Estate | 460,243 | 271,955 | 188,288 | 271,955 | 320,011 | (48,056) | |||||||||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | (731) | 110 | (841) | 110 | (12,775) | 12,885 | |||||||||||||||||||||||||||||
Net Income from Real Estate Attributable to W. P. Carey | $ | 459,512 | $ | 272,065 | $ | 187,447 | $ | 272,065 | $ | 307,236 | $ | (35,171) |
W. P. Carey 2020 10-K – 32
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W. P. Carey 2020 10-K – 33
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W. P. Carey 2020 10-K – 34
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W. P. Carey 2020 10-K – 35
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W. P. Carey 2020 10-K – 36
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Years Ended December 31, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | Change | 2019 | 2018 | Change | ||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||
Asset management revenue | |||||||||||||||||||||||||||||||||||
CPA:17 – Global | $ | — | $ | — | $ | — | $ | — | $ | 24,884 | $ | (24,884) | |||||||||||||||||||||||
CPA:18 – Global | 11,914 | 11,539 | 375 | 11,539 | 12,087 | (548) | |||||||||||||||||||||||||||||
CWI 1 | 3,795 | 14,052 | (10,257) | 14,052 | 14,136 | (84) | |||||||||||||||||||||||||||||
CWI 2 | 3,071 | 10,734 | (7,663) | 10,734 | 10,400 | 334 | |||||||||||||||||||||||||||||
CESH | 3,193 | 2,807 | 386 | 2,807 | 2,049 | 758 | |||||||||||||||||||||||||||||
21,973 | 39,132 | (17,159) | 39,132 | 63,556 | (24,424) | ||||||||||||||||||||||||||||||
Reimbursable costs from affiliates | |||||||||||||||||||||||||||||||||||
CPA:17 – Global | — | — | — | — | 6,233 | (6,233) | |||||||||||||||||||||||||||||
CPA:18 – Global | 2,854 | 3,934 | (1,080) | 3,934 | 4,207 | (273) | |||||||||||||||||||||||||||||
CWI 1 | 1,867 | 6,936 | (5,069) | 6,936 | 6,653 | 283 | |||||||||||||||||||||||||||||
CWI 2 | 1,301 | 4,364 | (3,063) | 4,364 | 4,171 | 193 | |||||||||||||||||||||||||||||
CESH | 1,170 | 1,313 | (143) | 1,313 | 661 | 652 | |||||||||||||||||||||||||||||
WLT | 1,663 | — | 1,663 | — | — | — | |||||||||||||||||||||||||||||
8,855 | 16,547 | (7,692) | 16,547 | 21,925 | (5,378) | ||||||||||||||||||||||||||||||
Structuring and other advisory revenue | |||||||||||||||||||||||||||||||||||
CPA:17 – Global | — | — | — | — | 1,184 | (1,184) | |||||||||||||||||||||||||||||
CPA:18 – Global | 198 | 2,322 | (2,124) | 2,322 | 18,900 | (16,578) | |||||||||||||||||||||||||||||
CWI 1 | — | 1,365 | (1,365) | 1,365 | 953 | 412 | |||||||||||||||||||||||||||||
CWI 2 | 296 | 225 | 71 | 225 | 245 | (20) | |||||||||||||||||||||||||||||
CESH | — | 312 | (312) | 312 | (156) | 468 | |||||||||||||||||||||||||||||
494 | 4,224 | (3,730) | 4,224 | 21,126 | (16,902) | ||||||||||||||||||||||||||||||
31,322 | 59,903 | (28,581) | 59,903 | 106,607 | (46,704) | ||||||||||||||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||||||||||||||
Reimbursable costs from affiliates | 8,855 | 16,547 | (7,692) | 16,547 | 21,925 | (5,378) | |||||||||||||||||||||||||||||
General and administrative | 5,823 | 18,497 | (12,674) | 18,497 | 21,127 | (2,630) | |||||||||||||||||||||||||||||
Subadvisor fees | 1,469 | 7,579 | (6,110) | 7,579 | 9,240 | (1,661) | |||||||||||||||||||||||||||||
Merger and other expenses | 1,184 | — | 1,184 | — | — | — | |||||||||||||||||||||||||||||
Depreciation and amortization | 987 | 3,835 | (2,848) | 3,835 | 3,979 | (144) | |||||||||||||||||||||||||||||
Stock-based compensation expense | 691 | 5,539 | (4,848) | 5,539 | 7,844 | (2,305) | |||||||||||||||||||||||||||||
19,009 | 51,997 | (32,988) | 51,997 | 64,115 | (12,118) | ||||||||||||||||||||||||||||||
Other Income and Expenses | |||||||||||||||||||||||||||||||||||
Equity in (losses) earnings of equity method
investments in the Managed Programs |
(9,540) | 20,868 | (30,408) | 20,868 | 48,173 | (27,305) | |||||||||||||||||||||||||||||
Other gains and (losses) | 678 | 1,224 | (546) | 1,224 | (102) | 1,326 | |||||||||||||||||||||||||||||
Gain on change in control of interests | — | — | — | — | 29,022 | (29,022) | |||||||||||||||||||||||||||||
(8,862) | 22,092 | (30,954) | 22,092 | 77,093 | (55,001) | ||||||||||||||||||||||||||||||
Income before income taxes | 3,451 | 29,998 | (26,547) | 29,998 | 119,585 | (89,587) | |||||||||||||||||||||||||||||
Benefit from (provision for) income taxes | 2,261 | 4,591 | (2,330) | 4,591 | (15,255) | 19,846 | |||||||||||||||||||||||||||||
Net Income from Investment Management | 5,712 | 34,589 | (28,877) | 34,589 | 104,330 | (69,741) | |||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | (9,865) | (1,411) | (8,454) | (1,411) | — | (1,411) | |||||||||||||||||||||||||||||
Net (Loss) Income from Investment Management Attributable to W. P. Carey | $ | (4,153) | $ | 33,178 | $ | (37,331) | $ | 33,178 | $ | 104,330 | $ | (71,152) |
W. P. Carey 2020 10-K – 37
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W. P. Carey 2020 10-K – 38
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Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Equity in (losses) earnings of equity method investments in the
Managed Programs: |
|||||||||||||||||
Other-than-temporary impairment charges on our equity method investments in CWI 1 and CWI 2 (a)
|
$ | (47,112) | $ | — | $ | — | |||||||||||
Gain on redemption of special general partner interests in CWI 1 and CWI 2, net (b)
|
33,009 | — | — | ||||||||||||||
Equity in (losses) earnings of equity method investments in the
Managed Programs (c)
|
(2,662) | (621) | 1,564 | ||||||||||||||
Distributions of Available Cash: (d)
|
|||||||||||||||||
CPA:17 – Global (e)
|
— | — | 26,308 | ||||||||||||||
CPA:18 – Global | 7,225 | 8,132 | 9,692 | ||||||||||||||
CWI 1 | — | 7,095 | 5,142 | ||||||||||||||
CWI 2 | — | 6,262 | 5,467 | ||||||||||||||
Equity in (losses) earnings of equity method investments in the
Managed Programs |
$ | (9,540) | $ | 20,868 | $ | 48,173 |
W. P. Carey 2020 10-K – 39
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W. P. Carey 2020 10-K – 40
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December 31, | |||||||||||
2020 | 2019 | ||||||||||
Carrying Value | |||||||||||
Fixed rate: | |||||||||||
Senior Unsecured Notes (a)
|
$ | 5,146,192 | $ | 4,390,189 | |||||||
Non-recourse mortgages (a)
|
920,378 | 1,232,898 | |||||||||
6,066,570 | 5,623,087 | ||||||||||
Variable rate: | |||||||||||
Unsecured Term Loans (a)
|
321,971 | — | |||||||||
Unsecured Revolving Credit Facility | 82,281 | 201,267 | |||||||||
Non-recourse mortgages (a):
|
|||||||||||
Amount subject to interest rate swaps and caps | 147,094 | 157,518 | |||||||||
Floating interest rate mortgage loans | 78,082 | 72,071 | |||||||||
629,428 | 430,856 | ||||||||||
$ | 6,695,998 | $ | 6,053,943 | ||||||||
Percent of Total Debt | |||||||||||
Fixed rate | 91 | % | 93 | % | |||||||
Variable rate | 9 | % | 7 | % | |||||||
100 | % | 100 | % | ||||||||
Weighted-Average Interest Rate at End of Year | |||||||||||
Fixed rate | 3.0 | % | 3.3 | % | |||||||
Variable rate (b)
|
1.6 | % | 2.1 | % | |||||||
Total debt | 2.9 | % | 3.2 | % |
W. P. Carey 2020 10-K – 41
|
Total |
Less than
1 year |
1-3 years | 3-5 years |
More than
5 years |
|||||||||||||||||||||||||
Senior Unsecured Notes — principal (a) (b)
|
$ | 5,192,749 | $ | — | $ | 613,550 | $ | 1,563,550 | $ | 3,015,649 | |||||||||||||||||||
Non-recourse mortgages — principal (a)
|
1,150,424 | 90,624 | 796,131 | 222,228 | 41,441 | ||||||||||||||||||||||||
Senior Unsecured Credit Facility — principal (c)
|
405,433 | — | — | 405,433 | — | ||||||||||||||||||||||||
Interest on borrowings (d)
|
895,821 | 194,938 | 339,668 | 201,617 | 159,598 | ||||||||||||||||||||||||
Capital commitments and tenant expansion allowances (e)
|
124,240 | 96,713 | 19,509 | 3,000 | 5,018 | ||||||||||||||||||||||||
$ | 7,768,667 | $ | 382,275 | $ | 1,768,858 | $ | 2,395,828 | $ | 3,221,706 |
W. P. Carey 2020 10-K – 42
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W. P. Carey 2020 10-K – 43
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W. P. Carey 2020 10-K – 44
|
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Net income attributable to W. P. Carey | $ | 455,359 | $ | 305,243 | $ | 411,566 | |||||||||||
Adjustments: | |||||||||||||||||
Depreciation and amortization of real property | 437,885 | 442,096 | 286,164 | ||||||||||||||
Gain on sale of real estate, net | (109,370) | (18,143) | (118,605) | ||||||||||||||
Impairment charges | 35,830 | 32,539 | 4,790 | ||||||||||||||
Loss (gain) on change in control of interests (a)
|
— | 8,416 | (47,814) | ||||||||||||||
Proportionate share of adjustments to equity in net income of partially owned entities (b) (c) (d) (e)
|
46,679 | 15,826 | 4,728 | ||||||||||||||
Proportionate share of adjustments for noncontrolling interests (f)
|
(18) | (69) | (8,966) | ||||||||||||||
Total adjustments | 411,006 | 480,665 | 120,297 | ||||||||||||||
FFO (as defined by NAREIT) attributable to W. P. Carey | 866,365 | 785,908 | 531,863 | ||||||||||||||
Adjustments: | |||||||||||||||||
Tax (benefit) expense — deferred and other (g) (h) (i) (j)
|
(48,835) | 5,974 | 1,079 | ||||||||||||||
Above- and below-market rent intangible lease amortization, net | 48,712 | 64,383 | 52,314 | ||||||||||||||
Straight-line and other rent adjustments (k)
|
(41,498) | (31,787) | (14,460) | ||||||||||||||
Other (gains) and losses (l)
|
(37,165) | (8,924) | (15,704) | ||||||||||||||
Stock-based compensation | 15,938 | 18,787 | 18,294 | ||||||||||||||
Amortization of deferred financing costs | 12,223 | 11,714 | 6,184 | ||||||||||||||
Other amortization and non-cash items | 1,864 | 3,198 | 920 | ||||||||||||||
Merger and other expenses | 247 | 101 | 41,426 | ||||||||||||||
Proportionate share of adjustments to equity in net income of partially owned entities (e) (m)
|
10,821 | 7,165 | 12,439 | ||||||||||||||
Proportionate share of adjustments for noncontrolling interests (f)
|
414 | (49) | 231 | ||||||||||||||
Total adjustments | (37,279) | 70,562 | 102,723 | ||||||||||||||
AFFO attributable to W. P. Carey | $ | 829,086 | $ | 856,470 | $ | 634,586 | |||||||||||
Summary | |||||||||||||||||
FFO (as defined by NAREIT) attributable to W. P. Carey | $ | 866,365 | $ | 785,908 | $ | 531,863 | |||||||||||
AFFO attributable to W. P. Carey | $ | 829,086 | $ | 856,470 | $ | 634,586 |
W. P. Carey 2020 10-K – 45
|
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Net income from Real Estate attributable to W. P. Carey | $ | 459,512 | $ | 272,065 | $ | 307,236 | |||||||||||
Adjustments: | |||||||||||||||||
Depreciation and amortization of real property | 437,885 | 442,096 | 286,164 | ||||||||||||||
Gain on sale of real estate, net | (109,370) | (18,143) | (118,605) | ||||||||||||||
Impairment charges | 35,830 | 32,539 | 4,790 | ||||||||||||||
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 (d) (e)
|
22,036 | 15,826 | 4,728 | ||||||||||||||
Proportionate share of adjustments for noncontrolling interests (f)
|
(18) | (69) | (8,966) | ||||||||||||||
Total adjustments | 386,363 | 480,665 | 149,319 | ||||||||||||||
FFO (as defined by NAREIT) attributable to W. P. Carey — Real Estate | 845,875 | 752,730 | 456,555 | ||||||||||||||
Adjustments: | |||||||||||||||||
Above- and below-market rent intangible lease amortization, net | 48,712 | 64,383 | 52,314 | ||||||||||||||
Tax (benefit) expense — deferred and other (h)
|
(45,511) | 7,971 | (18,790) | ||||||||||||||
Straight-line and other rent adjustments (k)
|
(41,498) | (31,787) | (14,460) | ||||||||||||||
Other (gains) and losses (l)
|
(37,104) | (9,773) | (18,025) | ||||||||||||||
Stock-based compensation | 15,247 | 13,248 | 10,450 | ||||||||||||||
Amortization of deferred financing costs | 12,223 | 11,714 | 6,184 | ||||||||||||||
Other amortization and non-cash items | 1,665 | 2,540 | 330 | ||||||||||||||
Merger and other expenses | (937) | 101 | 41,426 | ||||||||||||||
Proportionate share of adjustments to equity in net income of partially owned entities (e) (m)
|
5,089 | 115 | 287 | ||||||||||||||
Proportionate share of adjustments for noncontrolling interests (f)
|
414 | (49) | 231 | ||||||||||||||
Total adjustments | (41,700) | 58,463 | 59,947 | ||||||||||||||
AFFO attributable to W. P. Carey — Real Estate | $ | 804,175 | $ | 811,193 | $ | 516,502 | |||||||||||
Summary | |||||||||||||||||
FFO (as defined by NAREIT) attributable to W. P. Carey — Real Estate | $ | 845,875 | $ | 752,730 | $ | 456,555 | |||||||||||
AFFO attributable to W. P. Carey — Real Estate | $ | 804,175 | $ | 811,193 | $ | 516,502 |
W. P. Carey 2020 10-K – 46
|
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Net (loss) income from Investment Management attributable to W. P. Carey | $ | (4,153) | $ | 33,178 | $ | 104,330 | |||||||||||
Adjustments: | |||||||||||||||||
Gain on change in control of interests | — | — | (29,022) | ||||||||||||||
Proportionate share of adjustments to equity in net income of partially owned entities (b) (c) (e)
|
24,643 | — | — | ||||||||||||||
Total adjustments | 24,643 | — | (29,022) | ||||||||||||||
FFO (as defined by NAREIT) attributable to W. P. Carey — Investment Management | 20,490 | 33,178 | 75,308 | ||||||||||||||
Adjustments: | |||||||||||||||||
Tax (benefit) expense — deferred and other (g) (i) (j)
|
(3,324) | (1,997) | 19,869 | ||||||||||||||
Merger and other expenses | 1,184 | — | — | ||||||||||||||
Stock-based compensation | 691 | 5,539 | 7,844 | ||||||||||||||
Other amortization and non-cash items | 199 | 658 | 590 | ||||||||||||||
Other (gains) and losses (l)
|
(61) | 849 | 2,321 | ||||||||||||||
Proportionate share of adjustments to equity in net income of partially owned entities (e) (m)
|
5,732 | 7,050 | 12,152 | ||||||||||||||
Total adjustments | 4,421 | 12,099 | 42,776 | ||||||||||||||
AFFO attributable to W. P. Carey — Investment Management | $ | 24,911 | $ | 45,277 | $ | 118,084 | |||||||||||
Summary | |||||||||||||||||
FFO (as defined by NAREIT) attributable to W. P. Carey — Investment Management | $ | 20,490 | $ | 33,178 | $ | 75,308 | |||||||||||
AFFO attributable to W. P. Carey — Investment Management | $ | 24,911 | $ | 45,277 | $ | 118,084 |
W. P. Carey 2020 10-K – 47
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W. P. Carey 2020 10-K – 48
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2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | Fair value | ||||||||||||||||||||||||||||||||||||||||
Fixed-rate debt (a) (b)
|
$ | 63,318 | $ | 393,476 | $ | 853,898 | $ | 1,199,068 | $ | 550,334 | $ | 3,057,090 | $ | 6,117,184 | $ | 6,566,571 | |||||||||||||||||||||||||||||||
Variable-rate debt (a)
|
$ | 27,306 | $ | 54,099 | $ | 108,208 | $ | 36,376 | $ | 405,433 | $ | — | $ | 631,422 | $ | 625,818 |
W. P. Carey 2020 10-K – 49
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W. P. Carey 2020 10-K – 50
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TABLE OF CONTENTS | Page No. | ||||
W. P. Carey 2020 10-K – 51
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W. P. Carey 2020 10-K – 52
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W. P. Carey 2020 10-K – 53
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W. P. Carey 2020 10-K – 54
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December 31, | |||||||||||
2020 | 2019 | ||||||||||
Assets | |||||||||||
Investments in real estate: | |||||||||||
Land, buildings and improvements | $ | 10,939,619 | $ | 9,856,191 | |||||||
Net investments in direct financing leases
|
711,974 | 896,549 | |||||||||
In-place lease intangible assets and other
|
2,301,174 | 2,186,851 | |||||||||
Above-market rent intangible assets
|
881,159 | 909,139 | |||||||||
Investments in real estate | 14,833,926 | 13,848,730 | |||||||||
Accumulated depreciation and amortization | (2,490,087) | (2,035,995) | |||||||||
Assets held for sale, net | 18,590 | 104,010 | |||||||||
Net investments in real estate | 12,362,429 | 11,916,745 | |||||||||
Equity investments in the Managed Programs and real estate | 283,446 | 324,004 | |||||||||
Cash and cash equivalents
|
248,662 | 196,028 | |||||||||
Due from affiliates | 26,257 | 57,816 | |||||||||
Other assets, net | 876,024 | 631,637 | |||||||||
Goodwill | 910,818 | 934,688 | |||||||||
Total assets (a)
|
$ | 14,707,636 | $ | 14,060,918 | |||||||
Liabilities and Equity | |||||||||||
Debt: | |||||||||||
Senior unsecured notes, net
|
$ | 5,146,192 | $ | 4,390,189 | |||||||
Unsecured term loans, net | 321,971 | — | |||||||||
Unsecured revolving credit facility | 82,281 | 201,267 | |||||||||
Non-recourse mortgages, net | 1,145,554 | 1,462,487 | |||||||||
Debt, net | 6,695,998 | 6,053,943 | |||||||||
Accounts payable, accrued expenses and other liabilities | 603,663 | 487,405 | |||||||||
Below-market rent and other intangible liabilities, net
|
197,248 | 210,742 | |||||||||
Deferred income taxes
|
145,844 | 179,309 | |||||||||
Dividends payable | 186,514 | 181,346 | |||||||||
Total liabilities (a)
|
7,829,267 | 7,112,745 | |||||||||
Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued
|
— | — | |||||||||
Common stock, $0.001 par value, 450,000,000 shares authorized; 175,401,757 and 172,278,242 shares, respectively, issued and outstanding
|
175 | 172 | |||||||||
Additional paid-in capital | 8,925,365 | 8,717,535 | |||||||||
Distributions in excess of accumulated earnings | (1,850,935) | (1,557,374) | |||||||||
Deferred compensation obligation | 42,014 | 37,263 | |||||||||
Accumulated other comprehensive loss | (239,906) | (255,667) | |||||||||
Total stockholders’ equity | 6,876,713 | 6,941,929 | |||||||||
Noncontrolling interests | 1,656 | 6,244 | |||||||||
Total equity | 6,878,369 | 6,948,173 | |||||||||
Total liabilities and equity | $ | 14,707,636 | $ | 14,060,918 |
W. P. Carey 2020 10-K – 55
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Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Revenues | |||||||||||||||||
Real Estate: | |||||||||||||||||
Lease revenues | $ | 1,154,504 | $ | 1,086,375 | $ | 744,498 | |||||||||||
Lease termination income and other | 12,094 | 36,268 | 6,555 | ||||||||||||||
Operating property revenues | 11,399 | 50,220 | 28,072 | ||||||||||||||
1,177,997 | 1,172,863 | 779,125 | |||||||||||||||
Investment Management: | |||||||||||||||||
Asset management revenue | 21,973 | 39,132 | 63,556 | ||||||||||||||
Reimbursable costs from affiliates | 8,855 | 16,547 | 21,925 | ||||||||||||||
Structuring and other advisory revenue | 494 | 4,224 | 21,126 | ||||||||||||||
31,322 | 59,903 | 106,607 | |||||||||||||||
1,209,319 | 1,232,766 | 885,732 | |||||||||||||||
Operating Expenses | |||||||||||||||||
Depreciation and amortization | 442,935 | 447,135 | 291,440 | ||||||||||||||
General and administrative | 75,950 | 75,293 | 68,337 | ||||||||||||||
Reimbursable tenant costs | 56,409 | 55,576 | 28,076 | ||||||||||||||
Property expenses, excluding reimbursable tenant costs | 44,067 | 39,545 | 22,773 | ||||||||||||||
Impairment charges | 35,830 | 32,539 | 4,790 | ||||||||||||||
Stock-based compensation expense | 15,938 | 18,787 | 18,294 | ||||||||||||||
Operating property expenses | 9,901 | 38,015 | 20,150 | ||||||||||||||
Reimbursable costs from affiliates | 8,855 | 16,547 | 21,925 | ||||||||||||||
Subadvisor fees | 1,469 | 7,579 | 9,240 | ||||||||||||||
Merger and other expenses | 247 | 101 | 41,426 | ||||||||||||||
691,601 | 731,117 | 526,451 | |||||||||||||||
Other Income and Expenses | |||||||||||||||||
Interest expense | (210,087) | (233,325) | (178,375) | ||||||||||||||
Gain on sale of real estate, net | 109,370 | 18,143 | 118,605 | ||||||||||||||
Other gains and (losses) | 46,752 | 31,475 | 29,913 | ||||||||||||||
Equity in (losses) earnings of equity method investments in the Managed Programs and real estate | (18,557) | 23,229 | 61,514 | ||||||||||||||
(Loss) gain on change in control of interests | — | (8,416) | 47,814 | ||||||||||||||
(72,522) | (168,894) | 79,471 | |||||||||||||||
Income before income taxes | 445,196 | 332,755 | 438,752 | ||||||||||||||
Benefit from (provision for) income taxes | 20,759 | (26,211) | (14,411) | ||||||||||||||
Net Income | 465,955 | 306,544 | 424,341 | ||||||||||||||
Net income attributable to noncontrolling interests | (10,596) | (1,301) | (12,775) | ||||||||||||||
Net Income Attributable to W. P. Carey | $ | 455,359 | $ | 305,243 | $ | 411,566 | |||||||||||
Basic Earnings Per Share | $ | 2.61 | $ | 1.78 | $ | 3.50 | |||||||||||
Diluted Earnings Per Share | $ | 2.60 | $ | 1.78 | $ | 3.49 | |||||||||||
Weighted-Average Shares Outstanding | |||||||||||||||||
Basic | 174,504,406 | 171,001,430 | 117,494,969 | ||||||||||||||
Diluted | 174,839,428 | 171,299,414 | 117,706,445 |
W. P. Carey 2020 10-K – 56
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Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Net Income | $ | 465,955 | $ | 306,544 | $ | 424,341 | |||||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||
Foreign currency translation adjustments | 47,746 | 376 | (31,843) | ||||||||||||||
Unrealized (loss) gain on derivative instruments | (31,978) | (1,054) | 4,923 | ||||||||||||||
Unrealized gain on investments | — | 7 | 154 | ||||||||||||||
15,768 | (671) | (26,766) | |||||||||||||||
Comprehensive Income | 481,723 | 305,873 | 397,575 | ||||||||||||||
Amounts Attributable to Noncontrolling Interests | |||||||||||||||||
Net income | (10,596) | (1,301) | (12,775) | ||||||||||||||
Unrealized (gain) loss on derivative instruments | (7) | — | 7 | ||||||||||||||
Foreign currency translation adjustments | — | — | 7,774 | ||||||||||||||
Comprehensive income attributable to noncontrolling interests | (10,603) | (1,301) | (4,994) | ||||||||||||||
Comprehensive Income Attributable to W. P. Carey | $ | 471,120 | $ | 304,572 | $ | 392,581 |
W. P. Carey 2020 10-K – 57
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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, 2020 | 172,278,242 | $ | 172 | $ | 8,717,535 | $ | (1,557,374) | $ | 37,263 | $ | (255,667) | $ | 6,941,929 | $ | 6,244 | $ | 6,948,173 | ||||||||||||||||||||||||||||||||||||
Cumulative-effect adjustment for the adoption of ASU 2016-13, Financial Instruments — Credit Losses (Note 2)
|
(14,812) | (14,812) | (14,812) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued under forward sale agreements, net | 2,951,791 | 3 | 199,478 | 199,481 | 199,481 | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued upon delivery of vested restricted share awards | 162,331 | — | (5,372) | (5,372) | (5,372) | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued upon purchases under employee share purchase plan
|
6,893 | — | 389 | 389 | 389 | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued under “at-the-market” offering, net
|
2,500 | — | 60 | 60 | 60 | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of stock-based compensation expense | 15,938 | 15,938 | 15,938 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deferral of vested shares, net | (3,854) | 3,854 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | (5,326) | (5,326) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($4.17 per share)
|
1,191 | (734,108) | 897 | (732,020) | (732,020) | ||||||||||||||||||||||||||||||||||||||||||||||||
— | (9,865) | (9,865) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 455,359 | 455,359 | 10,596 | 465,955 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | 47,746 | 47,746 | 47,746 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized loss on derivative instruments | (31,985) | (31,985) | 7 | (31,978) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 175,401,757 | $ | 175 | $ | 8,925,365 | $ | (1,850,935) | $ | 42,014 | $ | (239,906) | $ | 6,876,713 | $ | 1,656 | $ | 6,878,369 |
W. P. Carey 2020 10-K – 58
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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 income: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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 2020 10-K – 59
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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 2020 10-K – 60
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Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Cash Flows — Operating Activities | |||||||||||||||||
Net income | $ | 465,955 | $ | 306,544 | $ | 424,341 | |||||||||||
Adjustments to net income: | |||||||||||||||||
Depreciation and amortization, including intangible assets and deferred financing costs | 456,210 | 460,030 | 298,166 | ||||||||||||||
Gain on sale of real estate, net | (109,370) | (18,143) | (118,605) | ||||||||||||||
Realized and unrealized gains on foreign currency transactions, derivatives, and other | (55,810) | (466) | (17,644) | ||||||||||||||
Amortization of rent-related intangibles and deferred rental revenue | 52,736 | 84,878 | 51,132 | ||||||||||||||
Straight-line rent adjustments
|
(50,299) | (46,260) | (21,994) | ||||||||||||||
Deferred income tax (benefit) expense | (49,076) | 9,255 | (6,279) | ||||||||||||||
Impairment charges | 35,830 | 32,539 | 4,790 | ||||||||||||||
Allowance for credit losses | 22,259 | — | — | ||||||||||||||
Equity in losses (earnings) of equity method investments in the Managed Programs and real estate | 18,557 | (23,229) | (61,514) | ||||||||||||||
Asset management revenue received in shares of Managed REITs | (16,642) | (30,555) | (49,110) | ||||||||||||||
Stock-based compensation expense | 15,938 | 18,787 | 18,294 | ||||||||||||||
Distributions of earnings from equity method investments
|
9,419 | 26,772 | 62,015 | ||||||||||||||
Loss (gain) on change in control of interests | — | 8,416 | (47,814) | ||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||
Net changes in other operating assets and liabilities | 3,239 | (20,783) | (28,054) | ||||||||||||||
Deferred structuring revenue received | 2,680 | 4,913 | 9,456 | ||||||||||||||
Increase in deferred structuring revenue receivable | (88) | (621) | (8,014) | ||||||||||||||
Net Cash Provided by Operating Activities | 801,538 | 812,077 | 509,166 | ||||||||||||||
Cash Flows — Investing Activities | |||||||||||||||||
Purchases of real estate | (656,313) | (717,666) | (719,548) | ||||||||||||||
Proceeds from sales of real estate | 366,532 | 307,959 | 431,626 | ||||||||||||||
Funding for real estate construction, redevelopments, and other capital expenditures on real estate | (207,256) | (165,490) | (107,684) | ||||||||||||||
Purchases of securities | (95,511) | — | — | ||||||||||||||
Proceeds from repayment of short-term loans to affiliates | 51,702 | 46,637 | 37,000 | ||||||||||||||
Funding of short-term loans to affiliates | (26,481) | (36,808) | (10,000) | ||||||||||||||
Return of capital from equity method investments
|
19,483 | 34,365 | 16,382 | ||||||||||||||
Proceeds from repayment of loans receivable | 11,000 | 19,707 | 488 | ||||||||||||||
Capital contributions to equity method investments
|
(4,253) | (2,595) | (18,173) | ||||||||||||||
Other investing activities, net | 1,165 | (8,882) | (8,169) | ||||||||||||||
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 Investing Activities | (539,932) | (522,773) | (266,132) | ||||||||||||||
Cash Flows — Financing Activities | |||||||||||||||||
Repayments of Unsecured Revolving Credit Facility | (1,137,026) | (1,227,153) | (1,655,076) | ||||||||||||||
Proceeds from Unsecured Revolving Credit Facility | 1,019,158 | 1,336,824 | 1,403,254 | ||||||||||||||
Dividends paid | (726,955) | (704,396) | (440,431) | ||||||||||||||
Proceeds from issuance of Senior Unsecured Notes | 495,495 | 870,635 | 1,183,828 | ||||||||||||||
Proceeds from Unsecured Term Loans | 298,974 | — | — | ||||||||||||||
Scheduled payments of mortgage principal | (275,746) | (210,414) | (100,433) | ||||||||||||||
Proceeds from shares issued under forward sale agreements, net of selling costs | 199,716 | — | — | ||||||||||||||
Prepayments of mortgage principal | (68,501) | (1,028,795) | (207,450) | ||||||||||||||
Payment of financing costs | (14,205) | (6,716) | (8,059) | ||||||||||||||
Other financing activities, net | 8,917 | 5,550 | (608) | ||||||||||||||
Payments for withholding taxes upon delivery of equity-based awards | (5,372) | (15,766) | (13,985) | ||||||||||||||
Distributions paid to noncontrolling interests | (5,326) | (1,683) | (18,216) | ||||||||||||||
Proceeds from shares issued under ATM Program, net of selling costs | 158 | 523,287 | 287,544 | ||||||||||||||
Contributions from noncontrolling interests | — | 849 | 71 | ||||||||||||||
Repayments of term loans | — | — | (453,553) | ||||||||||||||
Repurchase of shares in connection with CPA:17 Merger | — | — | (1,178) | ||||||||||||||
Net Cash Used in Financing Activities | (210,713) | (457,778) | (24,292) | ||||||||||||||
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 | 9,368 | (4,071) | (4,355) | ||||||||||||||
Net increase (decrease) in cash and cash equivalents and restricted cash | 60,261 | (172,545) | 214,387 | ||||||||||||||
Cash and cash equivalents and restricted cash, beginning of year | 251,518 | 424,063 | 209,676 | ||||||||||||||
Cash and cash equivalents and restricted cash, end of year | $ | 311,779 | $ | 251,518 | $ | 424,063 |
W. P. Carey 2020 10-K – 61
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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 2020 10-K – 62
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W. P. Carey 2020 10-K – 63
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W. P. Carey 2020 10-K – 64
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W. P. Carey 2020 10-K – 65
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W. P. Carey 2020 10-K – 66
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December 31, | |||||||||||
2020 | 2019 | ||||||||||
Land, buildings and improvements | $ | 423,333 | $ | 493,714 | |||||||
Net investments in direct financing leases | 15,242 | 15,584 | |||||||||
In-place lease intangible assets and other | 41,997 | 56,915 | |||||||||
Above-market rent intangible assets | 26,720 | 34,576 | |||||||||
Accumulated depreciation and amortization | (137,827) | (151,017) | |||||||||
Assets held for sale, net | — | 104,010 | |||||||||
Total assets | 381,953 | 596,168 | |||||||||
Non-recourse mortgages, net | $ | 3,508 | $ | 32,622 | |||||||
Total liabilities | 48,971 | 98,671 |
W. P. Carey 2020 10-K – 67
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December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Cash and cash equivalents
|
$ | 248,662 | $ | 196,028 | $ | 217,644 | |||||||||||
Restricted cash (a)
|
63,117 | 55,490 | 206,419 | ||||||||||||||
Total cash and cash equivalents and restricted cash
|
$ | 311,779 | $ | 251,518 | $ | 424,063 |
W. P. Carey 2020 10-K – 68
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W. P. Carey 2020 10-K – 69
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W. P. Carey 2020 10-K – 70
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W. P. Carey 2020 10-K – 72
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W. P. Carey 2020 10-K – 73
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W. P. Carey 2020 10-K – 74
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Year Ended December 31, 2018 | |||||
Pro forma total revenues | $ | 1,207,820 | |||
Pro forma net income | $ | 405,659 | |||
Pro forma net loss attributable to noncontrolling interests | 1,301 | ||||
Pro forma net income attributable to W. P. Carey (a)
|
$ | 406,960 |
W. P. Carey 2020 10-K – 75
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W. P. Carey 2020 10-K – 76
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Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Asset management revenue (a)
|
$ | 21,973 | $ | 39,132 | $ | 63,556 | |||||||||||
Reimbursable costs from affiliates (a)
|
8,855 | 16,547 | 21,925 | ||||||||||||||
Distributions of Available Cash (b)
|
7,225 | 21,489 | 46,609 | ||||||||||||||
Structuring and other advisory revenue (a)
|
494 | 4,224 | 21,126 | ||||||||||||||
Interest income on deferred acquisition fees and loans to affiliates (c)
|
369 | 2,237 | 2,055 | ||||||||||||||
$ | 38,916 | $ | 83,629 | $ | 155,271 |
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
CPA:17 – Global | $ | — | $ | — | $ | 58,788 | |||||||||||
CPA:18 – Global | 22,200 | 26,039 | 44,969 | ||||||||||||||
CWI 1 | 5,662 | 30,770 | 28,243 | ||||||||||||||
CWI 2 | 4,668 | 21,584 | 20,283 | ||||||||||||||
CESH | 4,723 | 5,236 | 2,988 | ||||||||||||||
WLT (reimbursed transition services) | 1,663 | — | — | ||||||||||||||
$ | 38,916 | $ | 83,629 | $ | 155,271 |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Short-term loans to affiliates, including accrued interest | $ | 21,144 | $ | 47,721 | |||||||
Deferred acquisition fees receivable, including accrued interest | 1,858 | 4,450 | |||||||||
Reimbursable costs | 1,760 | 3,129 | |||||||||
Asset management fees receivable | 1,054 | 1,267 | |||||||||
Accounts receivable | 305 | 1,118 | |||||||||
Current acquisition fees receivable | 136 | 131 | |||||||||
$ | 26,257 | $ | 57,816 |
W. P. Carey 2020 10-K – 77
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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 in shares of its Class A common stock for 2018; payable 50% in cash and 50% in shares of its Class A common stock for 2019 and for January 1, 2020 to March 31, 2020; payable in shares of its Class A common stock effective as of April 1, 2020
|
Rate depends on the type of investment and is based on the average market or average equity value, as applicable | |||||||||||||||||
CESH | 1.0% | In cash | Based on gross assets at fair value |
W. P. Carey 2020 10-K – 78
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W. P. Carey 2020 10-K – 79
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December 31, | |||||||||||
2020 | 2019 | ||||||||||
Land | $ | 2,012,688 | $ | 1,875,065 | |||||||
Buildings and improvements | 8,724,064 | 7,828,439 | |||||||||
Real estate under construction | 119,391 | 69,604 | |||||||||
Less: Accumulated depreciation | (1,206,912) | (950,452) | |||||||||
$ | 9,649,231 | $ | 8,822,656 |
W. P. Carey 2020 10-K – 80
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Property Location(s) | Number of Properties | Date of Acquisition | Property Type | Total Capitalized Costs | ||||||||||||||||||||||
Newark, United Kingdom (a)
|
1 | 1/6/2020 | Warehouse | $ | 111,546 | |||||||||||||||||||||
Aurora, Oregon (b)
|
1 | 1/24/2020 | Industrial | 28,755 | ||||||||||||||||||||||
Vojens, Denmark (a) (c)
|
1 | 1/31/2020 | Warehouse | 10,611 | ||||||||||||||||||||||
Kitzingen, Germany (a)
|
1 | 3/9/2020 | Office | 53,666 | ||||||||||||||||||||||
Knoxville, Tennessee | 1 | 6/25/2020 | Warehouse | 66,045 | ||||||||||||||||||||||
Bluffton and Plymouth, Indiana | 2 | 9/23/2020 | Industrial | 44,466 | ||||||||||||||||||||||
Huntley, Illinois | 1 | 9/30/2020 | Industrial | 39,523 | ||||||||||||||||||||||
Various, United States | 3 | 10/12/2020 | Industrial | 50,958 | ||||||||||||||||||||||
Various, Spain (a)
|
27 | 10/30/2020 | Retail | 101,153 | ||||||||||||||||||||||
Little Canada, Minnesota | 1 | 10/30/2020 | Warehouse | 34,019 | ||||||||||||||||||||||
Hurricane, Utah (d)
|
1 | 12/8/2020 | Warehouse | 23,324 | ||||||||||||||||||||||
Bethlehem, Pennsylvania and Waco, Texas | 4 | 12/10/2020 | Industrial | 29,031 | ||||||||||||||||||||||
St. Charles, Missouri and Green Bay, Wisconsin | 2 | 12/18/2020 | Industrial | 29,726 | ||||||||||||||||||||||
Various, United States | 4 | 12/31/2020 | Industrial | 38,615 | ||||||||||||||||||||||
$ | 661,438 |
W. P. Carey 2020 10-K – 81
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Property Location(s) | Primary Transaction Type | Number of Properties | Date of Completion | Property Type |
Total Capitalized Costs (a)
|
|||||||||||||||||||||||||||
Westborough, Massachusetts | Redevelopment | 1 | 1/15/2020 | Laboratory | $ | 53,060 | ||||||||||||||||||||||||||
San Antonio, Texas (b)
|
Build-to-Suit | 1 | 6/25/2020 | Industrial | 78,726 | |||||||||||||||||||||||||||
Marktheidenfeld, Germany (c)
|
Expansion | 1 | 6/30/2020 | Warehouse | 8,254 | |||||||||||||||||||||||||||
Azambuja, Portugal (c)
|
Expansion | 1 | 9/21/2020 | Warehouse | 28,067 | |||||||||||||||||||||||||||
Wichita, Kansas | Expansion | 1 | 10/15/2020 | Warehouse | 3,129 | |||||||||||||||||||||||||||
$ | 171,236 |
W. P. Carey 2020 10-K – 82
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Years Ended December 31, | |||||||||||
2020 | 2019 | ||||||||||
Lease income — fixed
|
$ | 981,430 | $ | 898,111 | |||||||
Lease income — variable (a)
|
99,193 | 89,873 | |||||||||
Total operating lease income (b)
|
$ | 1,080,623 | $ | 987,984 |
Years Ending December 31, | Total | |||||||
2021 | $ | 1,087,184 | ||||||
2022 | 1,069,466 | |||||||
2023 | 1,036,884 | |||||||
2024 | 965,645 | |||||||
2025 | 899,414 | |||||||
Thereafter | 7,465,238 | |||||||
Total | $ | 12,523,831 |
Years Ended December 31, | |||||||||||
2020 | 2019 | ||||||||||
Fixed lease cost
|
$ | 17,616 | $ | 14,503 | |||||||
Variable lease cost
|
1,089 | 1,186 | |||||||||
Total lease cost | $ | 18,705 | $ | 15,689 |
W. P. Carey 2020 10-K – 83
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December 31, | |||||||||||||||||
Location on Consolidated Balance Sheets | 2020 | 2019 | |||||||||||||||
Operating ROU assets — land leases | In-place lease intangible assets and other | $ | 119,590 | $ | 114,209 | ||||||||||||
Operating ROU assets — office leases | Other assets, net | 61,137 | 7,519 | ||||||||||||||
Total operating ROU assets | $ | 180,727 | $ | 121,728 | |||||||||||||
Operating lease liabilities | Accounts payable, accrued expenses and other liabilities | $ | 151,466 | $ | 87,658 | ||||||||||||
Weighted-average remaining lease term — operating leases | 29.2 years | 38.2 years | |||||||||||||||
Weighted-average discount rate — operating leases | 7.1 | % | 7.8 | % | |||||||||||||
Number of land lease arrangements | 68 | 64 | |||||||||||||||
Number of office space arrangements (a)
|
7 | 6 | |||||||||||||||
Lease term range (excluding extension options not reasonably certain of being exercised) |
<1 – 100 years
|
1 – 100 years
|
Years Ending December 31, | Total | |||||||
2021 | $ | 12,550 | ||||||
2022 | 14,556 | |||||||
2023 | 14,375 | |||||||
2024 | 13,206 | |||||||
2025 | 13,152 | |||||||
Thereafter | 323,537 | |||||||
Total lease payments | 391,376 | |||||||
Less: amount of lease payments representing interest | (239,910) | |||||||
Present value of future lease payments/lease obligations | $ | 151,466 |
W. P. Carey 2020 10-K – 84
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December 31, | |||||||||||
2020 | 2019 | ||||||||||
Land | $ | 10,452 | $ | 10,452 | |||||||
Buildings and improvements | 73,024 | 72,631 | |||||||||
Less: Accumulated depreciation | (14,004) | (11,241) | |||||||||
$ | 69,472 | $ | 71,842 |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Land, buildings and improvements | $ | 14,051 | $ | 105,573 | |||||||
In-place lease intangible assets and other | 12,754 | — | |||||||||
Above-market rent intangible assets | 518 | — | |||||||||
Accumulated depreciation and amortization | (8,733) | (1,563) | |||||||||
Assets held for sale, net | $ | 18,590 | $ | 104,010 |
W. P. Carey 2020 10-K – 85
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December 31, | |||||||||||
2020 | 2019 | ||||||||||
Lease payments receivable | $ | 527,691 | $ | 686,149 | |||||||
Unguaranteed residual value | 677,722 | 828,206 | |||||||||
1,205,413 | 1,514,355 | ||||||||||
Less: unearned income | (476,365) | (617,806) | |||||||||
Less: allowance for credit losses (a)
|
(17,074) | — | |||||||||
$ | 711,974 | $ | 896,549 |
W. P. Carey 2020 10-K – 86
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Years Ending December 31, | Total | |||||||
2021 | $ | 71,407 | ||||||
2022 | 66,689 | |||||||
2023 | 61,768 | |||||||
2024 | 57,702 | |||||||
2025 | 50,879 | |||||||
Thereafter | 219,246 | |||||||
Total | $ | 527,691 |
W. P. Carey 2020 10-K – 87
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Number of Tenants / Obligors at December 31, | Carrying Value at December 31, | |||||||||||||||||||||||||
Internal Credit Quality Indicator | 2020 | 2019 |
2020 (a)
|
2019 | ||||||||||||||||||||||
1 – 3 | 18 | 28 | $ | 587,103 | $ | 798,108 | ||||||||||||||||||||
4 | 9 | 8 | 141,944 | 146,178 | ||||||||||||||||||||||
5 | 2 | — | 36,737 | — | ||||||||||||||||||||||
$ | 765,784 | $ | 944,286 |
Real Estate | Investment Management | Total | |||||||||||||||
Balance at January 1, 2018 | $ | 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 | ||||||||||||||
Foreign currency translation adjustments | 10,403 | — | 10,403 | ||||||||||||||
— | (34,273) | (34,273) | |||||||||||||||
Balance at December 31, 2020 | $ | 881,484 | $ | 29,334 | $ | 910,818 |
W. P. Carey 2020 10-K – 88
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December 31, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
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
|
$ | 19,204 | $ | (15,711) | $ | 3,493 | $ | 19,582 | $ | (13,491) | $ | 6,091 | |||||||||||||||||||||||
Trade name | 3,975 | (2,786) | 1,189 | 3,975 | (1,991) | 1,984 | |||||||||||||||||||||||||||||
23,179 | (18,497) | 4,682 | 23,557 | (15,482) | 8,075 | ||||||||||||||||||||||||||||||
Lease Intangibles: | |||||||||||||||||||||||||||||||||||
In-place lease | 2,181,584 | (828,219) | 1,353,365 | 2,072,642 | (676,008) | 1,396,634 | |||||||||||||||||||||||||||||
Above-market rent | 881,159 | (440,952) | 440,207 | 909,139 | (398,294) | 510,845 | |||||||||||||||||||||||||||||
3,062,743 | (1,269,171) | 1,793,572 | 2,981,781 | (1,074,302) | 1,907,479 | ||||||||||||||||||||||||||||||
Indefinite-Lived Goodwill | |||||||||||||||||||||||||||||||||||
Goodwill | 910,818 | — | 910,818 | 934,688 | — | 934,688 | |||||||||||||||||||||||||||||
Total intangible assets | $ | 3,996,740 | $ | (1,287,668) | $ | 2,709,072 | $ | 3,940,026 | $ | (1,089,784) | $ | 2,850,242 | |||||||||||||||||||||||
Finite-Lived Intangible Liabilities | |||||||||||||||||||||||||||||||||||
Below-market rent | $ | (270,730) | $ | 90,193 | $ | (180,537) | $ | (268,515) | $ | 74,484 | $ | (194,031) | |||||||||||||||||||||||
Indefinite-Lived Intangible Liabilities
|
|||||||||||||||||||||||||||||||||||
Below-market purchase option | (16,711) | — | (16,711) | (16,711) | — | (16,711) | |||||||||||||||||||||||||||||
Total intangible liabilities | $ | (287,441) | $ | 90,193 | $ | (197,248) | $ | (285,226) | $ | 74,484 | $ | (210,742) |
Years Ending December 31, |
Net Decrease in
Lease Revenues |
Increase to Amortization | Total | |||||||||||||||||
2021 | $ | 47,886 | $ | 165,930 | $ | 213,816 | ||||||||||||||
2022 | 40,751 | 152,888 | 193,639 | |||||||||||||||||
2023 | 36,660 | 141,758 | 178,418 | |||||||||||||||||
2024 | 31,895 | 127,093 | 158,988 | |||||||||||||||||
2025 | 27,795 | 116,546 | 144,341 | |||||||||||||||||
Thereafter | 74,683 | 653,832 | 728,515 | |||||||||||||||||
Total | $ | 259,670 | $ | 1,358,047 | $ | 1,617,717 |
W. P. Carey 2020 10-K – 89
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Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
$ | (47,112) | $ | — | $ | — | ||||||||||||
33,009 | — | — | |||||||||||||||
7,225 | 21,489 | 46,609 | |||||||||||||||
Proportionate share of equity in (losses) earnings of equity method investments in the Managed Programs | (1,767) | 862 | 3,896 | ||||||||||||||
Amortization of basis differences on equity method investments in the Managed Programs
|
(895) | (1,483) | (2,332) | ||||||||||||||
Total equity in (losses) earnings of equity method investments in the Managed Programs | (9,540) | 20,868 | 48,173 | ||||||||||||||
(8,276) | — | — | |||||||||||||||
Equity in earnings of equity method investments in real estate | 9 | 3,408 | 15,585 | ||||||||||||||
Amortization of basis differences on equity method investments in real estate
|
(750) | (1,047) | (2,244) | ||||||||||||||
Total equity in (losses) earnings of equity method investments in real estate | (9,017) | 2,361 | 13,341 | ||||||||||||||
Equity in (losses) earnings of equity method investments in the Managed Programs and real estate | $ | (18,557) | $ | 23,229 | $ | 61,514 |
W. P. Carey 2020 10-K – 90
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% of Outstanding Shares Owned at | Carrying Amount of Investment at | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
Fund | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
CPA:18 – Global (a)
|
4.569 | % | 3.851 | % | $ | 51,949 | $ | 42,644 | ||||||||||||||||||
CPA:18 – Global operating partnership
|
0.034 | % | 0.034 | % | 209 | 209 | ||||||||||||||||||||
CWI 1 (b) (c)
|
— | % | 3.943 | % | — | 49,032 | ||||||||||||||||||||
CWI 1 operating partnership (b)
|
— | % | 0.015 | % | — | 186 | ||||||||||||||||||||
CWI 2 (b) (c)
|
— | % | 3.755 | % | — | 33,669 | ||||||||||||||||||||
CWI 2 operating partnership (b)
|
— | % | 0.015 | % | — | 300 | ||||||||||||||||||||
CESH (d)
|
2.430 | % | 2.430 | % | 4,399 | 3,527 | ||||||||||||||||||||
$ | 56,557 | $ | 129,567 |
W. P. Carey 2020 10-K – 91
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December 31, | |||||||||||
2020 | 2019 | ||||||||||
Net investments in real estate | $ | 2,461,014 | $ | 5,288,318 | |||||||
Other assets | 259,531 | 959,938 | |||||||||
Total assets | 2,720,545 | 6,248,256 | |||||||||
Debt | (1,441,026) | (3,413,924) | |||||||||
Accounts payable, accrued expenses and other liabilities | (233,161) | (468,318) | |||||||||
Total liabilities | (1,674,187) | (3,882,242) | |||||||||
Noncontrolling interests | (55,921) | (130,656) | |||||||||
Stockholders’ equity | $ | 990,437 | $ | 2,235,358 |
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Revenues | $ | 372,750 | $ | 1,184,585 | $ | 1,562,688 | |||||||||||
Expenses | (565,952) | (1,146,368) | (1,368,051) | ||||||||||||||
(Loss) income from continuing operations | $ | (193,202) | $ | 38,217 | $ | 194,637 | |||||||||||
Net (loss) income attributable to the Managed Programs | $ | (204,156) | $ | 8,051 | $ | 121,503 |
Ownership Interest at | Carrying Value at December 31, | |||||||||||||||||||||||||
Lessee | Co-owner | December 31, 2020 | 2020 | 2019 | ||||||||||||||||||||||
Johnson Self Storage | Third Party | 90% | $ | 68,979 | $ | 70,690 | ||||||||||||||||||||
Kesko Senukai (a)
|
Third Party | 70% | 46,443 | 46,475 | ||||||||||||||||||||||
WLT (b)
|
WLT | 5% | 44,182 | — | ||||||||||||||||||||||
BPS Nevada, LLC (c)
|
Third Party | 15% | 23,815 | 22,900 | ||||||||||||||||||||||
Bank Pekao (a) (d)
|
CPA:18 – Global | 50% | 17,850 | 26,388 | ||||||||||||||||||||||
State Farm Mutual Automobile Insurance Co. | CPA:18 – Global | 50% | 15,475 | 17,232 | ||||||||||||||||||||||
Apply Sørco AS (e)
|
CPA:18 – Global | 49% | 7,156 | 8,040 | ||||||||||||||||||||||
Fortenova Grupa d.d. (a)
|
CPA:18 – Global | 20% | 2,989 | 2,712 | ||||||||||||||||||||||
$ | 226,889 | $ | 194,437 |
W. P. Carey 2020 10-K – 92
|
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Net investments in real estate | $ | 3,716,901 | $ | 729,442 | |||||||
Other assets | 569,130 | 32,983 | |||||||||
Total assets | 4,286,031 | 762,425 | |||||||||
Debt | (2,631,588) | (455,876) | |||||||||
Accounts payable, accrued expenses and other liabilities | (509,221) | (32,049) | |||||||||
Total liabilities | (3,140,809) | (487,925) | |||||||||
Noncontrolling interests | (51,519) | — | |||||||||
Stockholders’ equity | $ | 1,093,703 | $ | 274,500 |
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Revenues | $ | 261,025 | $ | 66,608 | $ | 60,742 | |||||||||||
Expenses | (367,616) | (71,977) | (28,422) | ||||||||||||||
(Loss) income from continuing operations | $ | (106,591) | $ | (5,369) | $ | 32,320 | |||||||||||
Net (loss) income attributable to the jointly owned investments | $ | (98,625) | $ | (5,369) | $ | 32,320 |
W. P. Carey 2020 10-K – 93
|
W. P. Carey 2020 10-K – 94
|
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||
Level | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||||||||
Senior Unsecured Notes, net (a) (b) (c)
|
2 | $ | 5,146,192 | $ | 5,639,586 | $ | 4,390,189 | $ | 4,682,432 | ||||||||||||||||||||
Non-recourse mortgages, net (a) (b) (d)
|
3 | 1,145,554 | 1,148,551 | 1,462,487 | 1,487,892 |
Years Ended December 31, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||
Fair Value
Measurements |
Total Impairment
Charges |
Fair Value
Measurements |
Total Impairment
Charges |
Fair Value
Measurements |
Total Impairment
Charges |
||||||||||||||||||||||||||||||
Impairment Charges
|
|||||||||||||||||||||||||||||||||||
Equity investments in the Managed Programs and real estate | $ | 55,245 | $ | 55,387 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Land, buildings and improvements and intangibles
|
31,350 | 35,830 | 1,012 | 1,345 | 7,797 | 4,790 | |||||||||||||||||||||||||||||
Net investments in direct financing leases
|
— | — | 33,115 | 31,194 | — | — | |||||||||||||||||||||||||||||
$ | 91,217 | $ | 32,539 | $ | 4,790 |
W. P. Carey 2020 10-K – 95
|
W. P. Carey 2020 10-K – 96
|
W. P. Carey 2020 10-K – 97
|
Derivatives Designated as Hedging Instruments
|
Balance Sheet Location | Asset Derivatives Fair Value at | Liability Derivatives Fair Value at | |||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2019 | December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||
Foreign currency collars
|
Other assets, net
|
$ | 3,489 | $ | 14,460 | $ | — | $ | — | |||||||||||||||||||||||
Foreign currency forward contracts
|
Other assets, net
|
— | 9,689 | — | — | |||||||||||||||||||||||||||
Interest rate caps | Other assets, net | — | 1 | — | — | |||||||||||||||||||||||||||
Interest rate swaps
|
Accounts payable, accrued expenses and other liabilities
|
— | — | (5,859) | (4,494) | |||||||||||||||||||||||||||
Foreign currency collars
|
Accounts payable, accrued expenses and other liabilities
|
— | — | (15,122) | (1,587) | |||||||||||||||||||||||||||
3,489 | 24,150 | (20,981) | (6,081) | |||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments
|
||||||||||||||||||||||||||||||||
Stock warrants | Other assets, net | 5,800 | 5,000 | — | — | |||||||||||||||||||||||||||
Interest rate swap |
Other assets, net
|
— | 8 | — | — | |||||||||||||||||||||||||||
Interest rate swaps |
Accounts payable, accrued expenses and other liabilities
|
— | — | — | (93) | |||||||||||||||||||||||||||
5,800 | 5,008 | — | (93) | |||||||||||||||||||||||||||||
Total derivatives | $ | 9,289 | $ | 29,158 | $ | (20,981) | $ | (6,174) |
Amount of Gain (Loss) Recognized on Derivatives in
Other Comprehensive (Loss) Income (a)
|
||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | 2020 | 2019 | 2018 | |||||||||||||||||
Foreign currency collars | $ | (24,818) | $ | 5,997 | $ | 9,029 | ||||||||||||||
Foreign currency forward contracts | (5,272) | (4,253) | (1,905) | |||||||||||||||||
Interest rate swaps | (1,553) | (1,666) | (1,560) | |||||||||||||||||
Interest rate caps | 6 | 219 | (68) | |||||||||||||||||
Derivatives in Net Investment Hedging Relationships (b)
|
||||||||||||||||||||
Foreign currency collars | 9 | 10 | — | |||||||||||||||||
Foreign currency forward contracts | — | 7 | (2,630) | |||||||||||||||||
Total | $ | (31,628) | $ | 314 | $ | 2,866 |
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, | ||||||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||||||||
Foreign currency forward contracts
|
Other gains and (losses)
|
$ | 5,716 | $ | 9,582 | $ | 6,533 | |||||||||||||||||||
Foreign currency collars |
Other gains and (losses)
|
4,956 | 5,759 | 2,359 | ||||||||||||||||||||||
Interest rate swaps and caps | Interest expense | (1,818) | (2,256) | (400) | ||||||||||||||||||||||
Derivatives in Net Investment Hedging Relationships
|
||||||||||||||||||||||||||
Foreign currency forward contracts (c)
|
Gain on sale of real estate, net
|
— | — | 7,609 | ||||||||||||||||||||||
Total | $ | 8,854 | $ | 13,085 | $ | 16,101 |
W. P. Carey 2020 10-K – 98
|
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, | ||||||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||||||||
Foreign currency collars |
Other gains and (losses)
|
$ | (2,477) | $ | 184 | $ | 455 | |||||||||||||||||||
Stock warrants |
Other gains and (losses)
|
800 | (500) | (99) | ||||||||||||||||||||||
Interest rate swaps |
Other gains and (losses)
|
106 | (118) | (20) | ||||||||||||||||||||||
Foreign currency forward contracts
|
Other gains and (losses)
|
(43) | 575 | 356 | ||||||||||||||||||||||
Interest rate swaps |
Interest expense
|
— | 265 | — | ||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships
|
||||||||||||||||||||||||||
Interest rate swaps |
Interest expense
|
2,132 | (941) | 286 | ||||||||||||||||||||||
Interest rate caps |
Interest expense
|
— | (220) | — | ||||||||||||||||||||||
Foreign currency forward contracts
|
Other gains and (losses)
|
— | (132) | 132 | ||||||||||||||||||||||
Foreign currency collars |
Other gains and (losses)
|
— | 7 | 18 | ||||||||||||||||||||||
Total | $ | 518 | $ | (880) | $ | 1,128 |
W. P. Carey 2020 10-K – 99
|
Interest Rate Derivatives | Number of Instruments |
Notional
Amount |
Fair Value at
December 31, 2020 (a) |
||||||||||||||||||||
Designated as Cash Flow Hedging Instruments | |||||||||||||||||||||||
Interest rate swaps | 5 | 73,907 | USD | $ | (4,255) | ||||||||||||||||||
Interest rate swaps | 2 | 48,427 | EUR | (1,604) | |||||||||||||||||||
Interest rate cap | 1 | 11,076 | EUR | — | |||||||||||||||||||
Interest rate cap | 1 | 6,394 | GBP | — | |||||||||||||||||||
$ | (5,859) |
Foreign Currency Derivatives | Number of Instruments |
Notional
Amount |
Fair Value at
December 31, 2020 |
||||||||||||||||||||
Designated as Cash Flow Hedging Instruments | |||||||||||||||||||||||
Foreign currency collars | 104 | 335,500 | EUR | $ | (9,677) | ||||||||||||||||||
Foreign currency collars | 83 | 47,300 | GBP | (1,956) | |||||||||||||||||||
$ | (11,633) |
W. P. Carey 2020 10-K – 100
|
Interest Rate at December 31, 2020 (a)
|
Maturity Date at December 31, 2020 |
Principal Outstanding Balance at
December 31, |
||||||||||||||||||||||||
Senior Unsecured Credit Facility | 2020 | 2019 | ||||||||||||||||||||||||
Unsecured Term Loans: | ||||||||||||||||||||||||||
Term Loan — borrowing in British pounds sterling (b)
|
GBP LIBOR + 0.95%
|
2/20/2025 | $ | 204,737 | $ | — | ||||||||||||||||||||
Delayed Draw Term Loan — borrowing in euros (c)
|
EURIBOR + 0.95%
|
2/20/2025 | 118,415 | — | ||||||||||||||||||||||
323,152 | — | |||||||||||||||||||||||||
Unsecured Revolving Credit Facility: | ||||||||||||||||||||||||||
Borrowing in euros |
EURIBOR + 0.85%
|
2/20/2025 | 58,901 | 131,438 | ||||||||||||||||||||||
Borrowing in Japanese yen |
JPY LIBOR + 0.85%
|
2/20/2025 | 23,380 | 22,295 | ||||||||||||||||||||||
Borrowing in British pounds sterling | N/A | N/A | — | 47,534 | ||||||||||||||||||||||
82,281 | 201,267 | |||||||||||||||||||||||||
$ | 405,433 | $ | 201,267 |
W. P. Carey 2020 10-K – 101
|
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 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2.0% Senior Notes due 2023
|
1/21/2015 | € | 500.0 | 99.220 | % | $ | 4.6 | 2.107 | % | 2.0 | % | 1/20/2023 | $ | 613.5 | $ | 561.7 | ||||||||||||||||||||||||||||||||||||||||
4.6% Senior Notes due 2024
|
3/14/2014 | $ | 500.0 | 99.639 | % | $ | 1.8 | 4.645 | % | 4.6 | % | 4/1/2024 | 500.0 | 500.0 | ||||||||||||||||||||||||||||||||||||||||||
2.25% Senior Notes due 2024
|
1/19/2017 | € | 500.0 | 99.448 | % | $ | 2.9 | 2.332 | % | 2.25 | % | 7/19/2024 | 613.5 | 561.7 | ||||||||||||||||||||||||||||||||||||||||||
4.0% Senior Notes due 2025
|
1/26/2015 | $ | 450.0 | 99.372 | % | $ | 2.8 | 4.077 | % | 4.0 | % | 2/1/2025 | 450.0 | 450.0 | ||||||||||||||||||||||||||||||||||||||||||
2.250% Senior Notes due 2026
|
10/9/2018 | € | 500.0 | 99.252 | % | $ | 4.3 | 2.361 | % | 2.250 | % | 4/9/2026 | 613.5 | 561.7 | ||||||||||||||||||||||||||||||||||||||||||
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 | 613.5 | 561.7 | ||||||||||||||||||||||||||||||||||||||||||
1.350% Senior Notes due 2028
|
9/19/2019 | € | 500.0 | 99.266 | % | $ | 4.1 | 1.442 | % | 1.350 | % | 4/15/2028 | 613.5 | 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 | 325.0 | ||||||||||||||||||||||||||||||||||||||||||
2.400% Senior Notes due 2031
|
10/14/2020 | $ | 500.0 | 99.099 | % | $ | 4.5 | 2.500 | % | 2.400 | % | 2/1/2031 | 500.0 | — | ||||||||||||||||||||||||||||||||||||||||||
$ | 5,192.5 | $ | 4,433.5 |
W. P. Carey 2020 10-K – 102
|
W. P. Carey 2020 10-K – 103
|
Years Ending December 31, |
Total (a)
|
|||||||
2021 | $ | 90,624 | ||||||
2022 | 447,575 | |||||||
2023 | 962,106 | |||||||
2024 | 1,235,444 | |||||||
2025 | 955,767 | |||||||
Thereafter through 2031 | 3,057,090 | |||||||
Total principal payments | 6,748,606 | |||||||
Unamortized discount, net (b)
|
(28,279) | |||||||
Unamortized deferred financing costs | (24,329) | |||||||
Total | $ | 6,695,998 |
Dividends Paid | |||||||||||||||||
During the Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Ordinary income | $ | 3.3112 | $ | 3.1939 | $ | 3.5122 | |||||||||||
Capital gains | 0.8528 | 0.0187 | 0.5578 | ||||||||||||||
Return of capital | — | 0.9194 | — | ||||||||||||||
Total dividends paid (a)
|
$ | 4.1640 | $ | 4.1320 | $ | 4.0700 |
W. P. Carey 2020 10-K – 104
|
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Net income attributable to W. P. Carey | $ | 455,359 | $ | 305,243 | $ | 411,566 | |||||||||||
Net income attributable to nonvested participating RSUs | — | (77) | (340) | ||||||||||||||
Net income – basic and diluted | $ | 455,359 | $ | 305,166 | $ | 411,226 | |||||||||||
Weighted-average shares outstanding – basic | 174,504,406 | 171,001,430 | 117,494,969 | ||||||||||||||
Effect of dilutive securities | 335,022 | 297,984 | 211,476 | ||||||||||||||
Weighted-average shares outstanding – diluted | 174,839,428 | 171,299,414 | 117,706,445 |
W. P. Carey 2020 10-K – 105
|
W. P. Carey 2020 10-K – 106
|
Gains and (Losses) on Derivative Instruments | Foreign Currency Translation Adjustments | Gains and (Losses) on Investments | Total | ||||||||||||||||||||
Balance at January 1, 2018 | $ | 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) | |||||||||||||||||||
Other comprehensive income before reclassifications | (23,124) | 47,746 | — | 24,622 | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss to:
|
|||||||||||||||||||||||
Other gains and (losses) | (10,672) | — | — | (10,672) | |||||||||||||||||||
Interest expense | 1,818 | — | — | 1,818 | |||||||||||||||||||
Total | (8,854) | — | — | (8,854) | |||||||||||||||||||
Net current period other comprehensive income | (31,978) | 47,746 | — | 15,768 | |||||||||||||||||||
Net current period other comprehensive income attributable to noncontrolling interests | (7) | — | — | (7) | |||||||||||||||||||
Balance at December 31, 2020 | $ | (18,937) | $ | (220,969) | $ | — | $ | (239,906) |
W. P. Carey 2020 10-K – 107
|
W. P. Carey 2020 10-K – 108
|
RSA and RSU Awards | PSU Awards | ||||||||||||||||||||||
Shares | Weighted-Average Grant Date Fair Value | Shares | Weighted-Average Grant Date Fair Value | ||||||||||||||||||||
Nonvested at January 1, 2018 | 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 | 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 | 283,977 | 68.51 | 331,242 | 80.90 | |||||||||||||||||||
Granted (c)
|
146,162 | 81.02 | 90,518 | 104.65 | |||||||||||||||||||
Vested (a)
|
(163,607) | 69.62 | (156,838) | 80.42 | |||||||||||||||||||
Forfeited | (5,555) | 71.69 | (6,715) | 88.94 | |||||||||||||||||||
Adjustment (b)
|
— | — | 3,806 | 62.07 | |||||||||||||||||||
Nonvested at December 31, 2020 (d)
|
260,977 | $ | 74.75 | 262,013 | $ | 88.99 |
W. P. Carey 2020 10-K – 109
|
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Federal | |||||||||||||||||
Current | $ | (1,118) | $ | 407 | $ | (829) | |||||||||||
Deferred (a)
|
(33,040) | 9,579 | 3,275 | ||||||||||||||
(34,158) | 9,986 | 2,446 | |||||||||||||||
State and Local | |||||||||||||||||
Current | 3,284 | (3,814) | 4,820 | ||||||||||||||
Deferred (a)
|
(7,756) | (376) | 3,042 | ||||||||||||||
(4,472) | (4,190) | 7,862 | |||||||||||||||
Foreign | |||||||||||||||||
Current | 26,137 | 20,363 | 16,791 | ||||||||||||||
Deferred | (8,266) | 52 | (12,688) | ||||||||||||||
17,871 | 20,415 | 4,103 | |||||||||||||||
Total (Benefit from) Provision for Income Taxes | $ | (20,759) | $ | 26,211 | $ | 14,411 |
W. P. Carey 2020 10-K – 110
|
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Pre-tax (loss) income attributable to taxable subsidiaries (b) (c) (d)
|
$ | (56,789) | $ | 74,754 | $ | 98,245 | |||||||||||
Federal provision at statutory tax rate (21%)
|
$ | (11,926) | $ | 15,698 | $ | 20,632 | |||||||||||
Revocation of TRS Status (a)
|
(37,249) | — | (6,285) | ||||||||||||||
Change in valuation allowance | 13,946 | 11,041 | 6,735 | ||||||||||||||
Tax expense related to allocation of goodwill based on portion of Investment Management business sold (Note 4)
|
7,203 | — | — | ||||||||||||||
Non-deductible expense | 6,303 | 5,313 | 4,996 | ||||||||||||||
State and local taxes, net of federal benefit | 2,336 | 4,062 | 7,590 | ||||||||||||||
Windfall tax benefit | (2,132) | (5,183) | (3,754) | ||||||||||||||
Rate differential (e)
|
(632) | (6,820) | (14,165) | ||||||||||||||
Non-taxable income | (2) | 103 | (736) | ||||||||||||||
Other | 1,394 | 1,997 | (602) | ||||||||||||||
Total (benefit from) provision for income taxes | $ | (20,759) | $ | 26,211 | $ | 14,411 |
W. P. Carey 2020 10-K – 111
|
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Deferred Tax Assets | |||||||||||
Net operating loss and other tax credit carryforwards | $ | 49,869 | $ | 51,265 | |||||||
Basis differences — foreign investments | 43,089 | 31,704 | |||||||||
Lease liabilities (a)
|
14,144 | 1,472 | |||||||||
Unearned and deferred compensation | 9,753 | 10,345 | |||||||||
Other | — | 246 | |||||||||
Total deferred tax assets | 116,855 | 95,032 | |||||||||
Valuation allowance | (86,069) | (73,643) | |||||||||
Net deferred tax assets | 30,786 | 21,389 | |||||||||
Deferred Tax Liabilities | |||||||||||
Basis differences — foreign investments | (145,838) | (137,074) | |||||||||
ROU assets (a)
|
(12,618) | (1,163) | |||||||||
Basis differences — equity investees | (2,364) | (53,460) | |||||||||
Deferred revenue | (97) | (100) | |||||||||
Other | (632) | — | |||||||||
Total deferred tax liabilities | (161,549) | (191,797) | |||||||||
Net Deferred Tax Liability | $ | (130,763) | $ | (170,408) |
W. P. Carey 2020 10-K – 112
|
Years Ended December 31, | |||||||||||
2020 | 2019 | ||||||||||
Beginning balance | $ | 5,756 | $ | 6,105 | |||||||
Decrease due to lapse in statute of limitations | (783) | (497) | |||||||||
Addition based on tax positions related to the current year | 591 | 543 | |||||||||
Foreign currency translation adjustments | 515 | (108) | |||||||||
Addition (decrease) based on tax positions related to the prior year | 233 | (287) | |||||||||
Ending balance | $ | 6,312 | $ | 5,756 |
W. P. Carey 2020 10-K – 113
|
W. P. Carey 2020 10-K – 114
|
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Revenues | |||||||||||||||||
Lease revenues | $ | 1,154,504 | $ | 1,086,375 | $ | 744,498 | |||||||||||
Lease termination income and other | 12,094 | 36,268 | 6,555 | ||||||||||||||
Operating property revenues (a)
|
11,399 | 50,220 | 28,072 | ||||||||||||||
1,177,997 | 1,172,863 | 779,125 | |||||||||||||||
Operating Expenses | |||||||||||||||||
Depreciation and amortization (b)
|
441,948 | 443,300 | 287,461 | ||||||||||||||
General and administrative (b)
|
70,127 | 56,796 | 47,210 | ||||||||||||||
Reimbursable tenant costs | 56,409 | 55,576 | 28,076 | ||||||||||||||
Property expenses, excluding reimbursable tenant costs | 44,067 | 39,545 | 22,773 | ||||||||||||||
Impairment charges | 35,830 | 32,539 | 4,790 | ||||||||||||||
Stock-based compensation expense (b)
|
15,247 | 13,248 | 10,450 | ||||||||||||||
Operating property expenses | 9,901 | 38,015 | 20,150 | ||||||||||||||
Merger and other expenses | (937) | 101 | 41,426 | ||||||||||||||
672,592 | 679,120 | 462,336 | |||||||||||||||
Other Income and Expenses | |||||||||||||||||
Interest expense | (210,087) | (233,325) | (178,375) | ||||||||||||||
Gain on sale of real estate, net | 109,370 | 18,143 | 118,605 | ||||||||||||||
Other gains and (losses) | 46,074 | 30,251 | 30,015 | ||||||||||||||
Equity in (losses) earnings of equity method investments in real estate | (9,017) | 2,361 | 13,341 | ||||||||||||||
(Loss) gain on change in control of interests | — | (8,416) | 18,792 | ||||||||||||||
(63,660) | (190,986) | 2,378 | |||||||||||||||
Income before income taxes | 441,745 | 302,757 | 319,167 | ||||||||||||||
Benefit from (provision for) income taxes | 18,498 | (30,802) | 844 | ||||||||||||||
Net Income from Real Estate | 460,243 | 271,955 | 320,011 | ||||||||||||||
Net (income) loss attributable to noncontrolling interests | (731) | 110 | (12,775) | ||||||||||||||
Net Income from Real Estate Attributable to W. P. Carey | $ | 459,512 | $ | 272,065 | $ | 307,236 |
W. P. Carey 2020 10-K – 115
|
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Revenues | |||||||||||||||||
Asset management revenue | $ | 21,973 | $ | 39,132 | $ | 63,556 | |||||||||||
Reimbursable costs from affiliates | 8,855 | 16,547 | 21,925 | ||||||||||||||
Structuring and other advisory revenue | 494 | 4,224 | 21,126 | ||||||||||||||
31,322 | 59,903 | 106,607 | |||||||||||||||
Operating Expenses | |||||||||||||||||
Reimbursable costs from affiliates | 8,855 | 16,547 | 21,925 | ||||||||||||||
General and administrative (b)
|
5,823 | 18,497 | 21,127 | ||||||||||||||
Subadvisor fees | 1,469 | 7,579 | 9,240 | ||||||||||||||
Merger and other expenses | 1,184 | — | — | ||||||||||||||
Depreciation and amortization (b)
|
987 | 3,835 | 3,979 | ||||||||||||||
Stock-based compensation expense (b)
|
691 | 5,539 | 7,844 | ||||||||||||||
19,009 | 51,997 | 64,115 | |||||||||||||||
Other Income and Expenses | |||||||||||||||||
Equity in (losses) earnings of equity method investments in the
Managed Programs |
(9,540) | 20,868 | 48,173 | ||||||||||||||
Other gains and (losses) | 678 | 1,224 | (102) | ||||||||||||||
Gain on change in control of interests
|
— | — | 29,022 | ||||||||||||||
(8,862) | 22,092 | 77,093 | |||||||||||||||
Income before income taxes | 3,451 | 29,998 | 119,585 | ||||||||||||||
Benefit from (provision for) income taxes | 2,261 | 4,591 | (15,255) | ||||||||||||||
Net Income from Investment Management | 5,712 | 34,589 | 104,330 | ||||||||||||||
Net income attributable to noncontrolling interests | (9,865) | (1,411) | — | ||||||||||||||
Net (Loss) Income from Investment Management Attributable to
W. P. Carey |
$ | (4,153) | $ | 33,178 | $ | 104,330 |
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Revenues | $ | 1,209,319 | $ | 1,232,766 | $ | 885,732 | |||||||||||
Operating expenses
|
691,601 | 731,117 | 526,451 | ||||||||||||||
Other income and expenses | (72,522) | (168,894) | 79,471 | ||||||||||||||
Benefit from (provision for) income taxes | 20,759 | (26,211) | (14,411) | ||||||||||||||
Net income attributable to noncontrolling interests | (10,596) | (1,301) | (12,775) | ||||||||||||||
Net income attributable to W. P. Carey | $ | 455,359 | $ | 305,243 | $ | 411,566 |
Total Assets at December 31, | |||||||||||
2020 | 2019 | ||||||||||
Real Estate | $ | 14,582,015 | $ | 13,811,403 | |||||||
Investment Management (c)
|
125,621 | 249,515 | |||||||||
Total Company | $ | 14,707,636 | $ | 14,060,918 |
W. P. Carey 2020 10-K – 116
|
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Revenues | |||||||||||||||||
Domestic | $ | 756,763 | $ | 783,828 | $ | 499,342 | |||||||||||
International | 421,234 | 389,035 | 279,783 | ||||||||||||||
Total | $ | 1,177,997 | $ | 1,172,863 | $ | 779,125 |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Long-lived Assets (a)
|
|||||||||||
Domestic | $ | 7,565,663 | $ | 7,574,110 | |||||||
International | 4,796,766 | 4,342,635 | |||||||||
Total | $ | 12,362,429 | $ | 11,916,745 | |||||||
Equity Investments in Real Estate | |||||||||||
Domestic | $ | 152,451 | $ | 110,822 | |||||||
International | 74,438 | 83,615 | |||||||||
Total | $ | 226,889 | $ | 194,437 |
W. P. Carey 2020 10-K – 117
|
Three Months Ended | |||||||||||||||||||||||
March 31, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | ||||||||||||||||||||
Revenues | $ | 308,999 | $ | 290,530 | $ | 302,419 | $ | 307,371 | |||||||||||||||
Expenses | 192,987 | 158,379 | 162,239 | 177,996 | |||||||||||||||||||
Net income | 66,702 | 115,204 | 149,434 | 134,615 | |||||||||||||||||||
Net income attributable to noncontrolling interests | (612) | (9,904) | (37) | (43) | |||||||||||||||||||
Net income attributable to W. P. Carey | 66,090 | 105,300 | 149,397 | 134,572 | |||||||||||||||||||
Earnings per share attributable to W. P. Carey: | |||||||||||||||||||||||
Basic (a)
|
$ | 0.38 | $ | 0.61 | $ | 0.85 | $ | 0.76 | |||||||||||||||
Diluted (a)
|
$ | 0.38 | $ | 0.61 | $ | 0.85 | $ | 0.76 |
Three Months Ended | |||||||||||||||||||||||
March 31, 2019 | June 30, 2019 | September 30, 2019 | December 31, 2019 | ||||||||||||||||||||
Revenues | $ | 298,323 | $ | 305,211 | $ | 318,005 | $ | 311,227 | |||||||||||||||
Expenses | 177,722 | 179,170 | 198,409 | 175,816 | |||||||||||||||||||
Net income | 68,796 | 66,121 | 41,835 | 129,792 | |||||||||||||||||||
Net income attributable to noncontrolling interests | (302) | (83) | (496) | (420) | |||||||||||||||||||
Net income attributable to W. P. Carey | 68,494 | 66,038 | 41,339 | 129,372 | |||||||||||||||||||
Earnings per share attributable to W. P. Carey: | |||||||||||||||||||||||
Basic (a)
|
$ | 0.41 | $ | 0.39 | $ | 0.24 | $ | 0.75 | |||||||||||||||
Diluted (a)
|
$ | 0.41 | $ | 0.38 | $ | 0.24 | $ | 0.75 |
W. P. Carey 2020 10-K – 118
|
W. P. Carey 2020 10-K – 119
|
Description |
Balance at
Beginning of Year |
Other Additions | Deductions |
Balance at
End of Year |
||||||||||||||||||||||
Year Ended December 31, 2020 | ||||||||||||||||||||||||||
Valuation reserve for deferred tax assets | $ | 73,643 | $ | 31,470 | $ | (19,044) | $ | 86,069 | ||||||||||||||||||
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 |
W. P. Carey 2020 10-K – 120
|
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 | $ | (84) | $ | 1,526 | $ | 24,309 | $ | 25,835 | $ | 14,240 | 1979; 1987 | Jan. 1998 |
40 yrs.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial facilities in Thurmont, MD and Farmington, NY | — | 729 | 5,903 | — | — | 729 | 5,903 | 6,632 | 2,633 | 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 | 6,399 | 1948; 1975 | Jan. 1998 |
40 yrs.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial facility in Toledo, OH | — | 224 | 2,408 | — | — | 224 | 2,408 | 2,632 | 1,806 | 1966 | Jan. 1998 |
40 yrs.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial facility in Goshen, IN | — | 239 | 940 | — | — | 239 | 940 | 1,179 | 510 | 1973 | Jan. 1998 |
40 yrs.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office facility in Raleigh, NC | — | 1,638 | 2,844 | 187 | (2,554) | 828 | 1,287 | 2,115 | 969 | 1983 | Jan. 1998 |
20 yrs.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office facility in King of Prussia, PA | — | 1,219 | 6,283 | 1,295 | — | 1,219 | 7,578 | 8,797 | 4,233 | 1968 | Jan. 1998 |
40 yrs.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial facility in Pinconning, MI | — | 32 | 1,692 | — | — | 32 | 1,692 | 1,724 | 973 | 1948 | Jan. 1998 |
40 yrs.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial facilities in Sylmar, CA | 5,970 | 2,052 | 5,322 | — | (1,889) | 1,494 | 3,991 | 5,485 | 2,307 | 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 | 7,217 | Various | Jan. 1998 |
15 yrs.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial facility in Glendora, CA | — | 1,135 | — | — | 1,942 | 1,152 | 1,925 | 3,077 | 385 | 1950 | Jan. 1998 |
10 yrs.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warehouse facility in Doraville, GA | — | 3,288 | 9,864 | 17,079 | (11,410) | 3,288 | 15,533 | 18,821 | 1,773 | 2016 | Jan. 1998 |
40 yrs.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office facility in Collierville, TN and warehouse facility in Corpus Christi, TX | — | 3,490 | 72,497 | 3,513 | (15,608) | 288 | 63,604 | 63,892 | 19,957 | 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 | 8,317 | 516 | 5,035 | 27,790 | 32,825 | 15,148 | 1989 | Jan. 1998 |
40 yrs.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office facility in Bridgeton, MO | — | 842 | 4,762 | 2,523 | (196) | 842 | 7,089 | 7,931 | 3,771 | 1972 | Jan. 1998 |
40 yrs.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail facility in Waterford Township, MI | — | 1,039 | 4,788 | 236 | (2,297) | 494 | 3,272 | 3,766 | 1,347 | 1972 | Jan. 1998 |
35 yrs.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warehouse facility in Memphis, TN | — | 1,882 | 3,973 | 294 | (3,892) | 328 | 1,929 | 2,257 | 1,375 | 1969 | Jan. 1998 |
15 yrs.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial facility in Romulus, MI | — | 454 | 6,411 | 525 | — | 454 | 6,936 | 7,390 | 1,377 | 1970 | Jan. 1998 |
10 yrs.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail facility in Bellevue, WA | — | 4,125 | 11,812 | 393 | (123) | 4,371 | 11,836 | 16,207 | 6,598 | 1994 | Apr. 1998 |
40 yrs.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office facility in Rio Rancho, NM | — | 1,190 | 9,353 | 5,866 | (238) | 2,287 | 13,884 | 16,171 | 6,634 | 1999 | Jul. 1998 |
40 yrs.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office facility in Moorestown, NJ | — | 351 | 5,981 | 1,667 | 1 | 351 | 7,649 | 8,000 | 4,477 | 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 | 7,139 | 1968; 1980 | Sep. 2002 |
40 yrs.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office facilities in Playa Vista and Venice, CA | 20,567 | 2,032 | 10,152 | 52,817 | 1 | 5,889 | 59,113 | 65,002 | 17,087 | 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 | 2,001 | 1995 | Sep. 2004 |
40 yrs.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail facility in Hot Springs, AR | — | 850 | 2,939 | 2 | (2,614) | — | 1,177 | 1,177 | 480 | 1985 | Sep. 2004 |
40 yrs.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warehouse facilities in Apopka, FL | — | 362 | 10,855 | 1,195 | (155) | 337 | 11,920 | 12,257 | 4,364 | 1969 | Sep. 2004 |
40 yrs.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land in San Leandro, CA | — | 1,532 | — | — | — | 1,532 | — | 1,532 | — | N/A | Dec. 2006 | N/A |
W. P. Carey 2020 10-K – 121
|
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fitness facility in Austin, TX | — | 1,725 | 5,168 | — | — | 1,725 | 5,168 | 6,893 | 2,554 | 1995 | Dec. 2006 |
29 yrs.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail facility in Wroclaw, Poland | — | 3,600 | 10,306 | — | (2,809) | 3,068 | 8,029 | 11,097 | 2,594 | 2007 | Dec. 2007 |
40 yrs.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office facility in Fort Worth, TX | — | 4,600 | 37,580 | 186 | — | 4,600 | 37,766 | 42,366 | 10,289 | 2003 | Feb. 2010 |
40 yrs.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warehouse facility in Mallorca, Spain | — | 11,109 | 12,636 | — | 648 | 11,391 | 13,002 | 24,393 | 3,437 | 2008 | Jun. 2010 |
40 yrs.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail facilities in Snellville, GA and Virginia Beach, VA | — | 5,646 | 12,367 | — | (10,048) | 2,747 | 5,218 | 7,965 | 1,130 | 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 | 126,154 | 32,680 | 198,999 | — | — | 32,680 | 198,999 | 231,679 | 45,253 | 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 | 4,638 | 1968; 1975; 1995 | Sep. 2012; Jan. 2014 |
30 yrs.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land in Irvine, CA | 1,650 | 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 | 2,091 | 1997 | Sep. 2012 |
30 yrs.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office facility in Clinton, NJ | 17,554 | 2,866 | 34,834 | — | — | 2,866 | 34,834 | 37,700 | 9,602 | 1987 | Sep. 2012 |
30 yrs.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office facilities in St. Petersburg, FL | — | 3,280 | 24,627 | 3,288 | — | 3,280 | 27,915 | 31,195 | 7,036 | 1996; 1999 | Sep. 2012 |
30 yrs.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Movie theater in Baton Rouge, LA | — | 4,168 | 5,724 | 3,200 | — | 4,168 | 8,924 | 13,092 | 2,296 | 2003 | Sep. 2012 |
30 yrs.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial and office facility in San Diego, CA | — | 7,804 | 16,729 | 5,415 | (832) | 7,804 | 21,312 | 29,116 | 5,942 | 2002 | Sep. 2012 |
30 yrs.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial facility in Richmond, CA | — | 895 | 1,953 | — | — | 895 | 1,953 | 2,848 | 538 | 1999 | Sep. 2012 |
30 yrs.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warehouse facilities in Kingman, AZ; Woodland, CA; Jonesboro, GA; Kansas City, MO; Springfield, OR; Fogelsville, PA; and Corsicana, TX | 49,427 | 16,386 | 84,668 | 7,187 | — | 16,386 | 91,855 | 108,241 | 23,146 | 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 | 2,957 | 1948; 1989 | Sep. 2012 |
30 yrs.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial facilities in Chattanooga, TN | — | 558 | 5,923 | — | — | 558 | 5,923 | 6,481 | 1,615 | 1974; 1989 | Sep. 2012 |
30 yrs.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial facility in Mooresville, NC | 1,994 | 756 | 9,775 | — | — | 756 | 9,775 | 10,531 | 2,657 | 1997 | Sep. 2012 |
30 yrs.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial facility in McCalla, AL | — | 960 | 14,472 | 42,662 | (254) | 2,076 | 55,764 | 57,840 | 9,200 | 2004 | Sep. 2012 |
31 yrs.
|
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Office facility in Lower Makefield Township, PA | — | 1,726 | 12,781 | 4,378 | — | 1,726 | 17,159 | 18,885 | 4,139 | 2002 | Sep. 2012 |
30 yrs.
|
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Industrial facility in Fort Smith, AZ | — | 1,063 | 6,159 | — | — | 1,063 | 6,159 | 7,222 | 1,656 | 1982 | Sep. 2012 |
30 yrs.
|
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Retail facilities in Greenwood, IN and Buffalo, NY | 5,950 | — | 19,990 | — | — | — | 19,990 | 19,990 | 5,318 | 2000; 2003 | Sep. 2012 |
30 - 31 yrs.
|
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Industrial facilities in Bowling Green, KY and Jackson, TN | — | 1,492 | 8,182 | 184 | — | 1,492 | 8,366 | 9,858 | 2,195 | 1989; 1995 | Sep. 2012 |
31 yrs.
|
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Education facilities in Rancho Cucamonga, CA and Exton, PA | — | 14,006 | 33,683 | 6,219 | (20,142) | 6,638 | 27,128 | 33,766 | 5,663 | 2004 | Sep. 2012 |
31 - 32 yrs.
|
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Industrial facilities in St. Petersburg, FL; Buffalo Grove, IL; West Lafayette, IN; Excelsior Springs, MO; and North Versailles, PA | 4,406 | 6,559 | 19,078 | 2,057 | — | 6,559 | 21,135 | 27,694 | 5,075 | Various | Sep. 2012 |
31 yrs.
|
W. P. Carey 2020 10-K – 122
|
Cost Capitalized
Subsequent to Acquisition (a) |
Increase
(Decrease) in Net Investments (b) |
Gross Amount at which
Carried at Close of Period (c) (d) |
Accumulated Depreciation (d)
|
Date of Construction | Date Acquired |
Life on which
Depreciation in Latest Statement of Income is Computed |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Land | Buildings | Land | Buildings | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial facilities in Tolleson, AZ; Alsip, IL; and Solvay, NY | 6,407 | 6,080 | 23,424 | — | — | 6,080 | 23,424 | 29,504 | 6,181 | 1990; 1994; 2000 | Sep. 2012 |
31 yrs.
|
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Fitness facilities in Englewood, CO; Memphis TN; and Bedford, TX | 864 | 4,877 | 4,258 | 5,215 | 4,756 | 4,877 | 14,229 | 19,106 | 4,353 | 1990; 1995; 2001 | Sep. 2012 |
31 yrs.
|
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Office facility in Mons, Belgium | 5,136 | 1,505 | 6,026 | 653 | (408) | 1,436 | 6,340 | 7,776 | 1,608 | 1982 | Sep. 2012 |
32 yrs.
|
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Warehouse facilities in Oceanside, CA and Concordville, PA | 1,904 | 3,333 | 8,270 | — | — | 3,333 | 8,270 | 11,603 | 2,188 | 1989; 1996 | Sep. 2012 |
31 yrs.
|
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Net-lease self-storage facilities located throughout the United States | — | 74,551 | 319,186 | — | (50) | 74,501 | 319,186 | 393,687 | 83,566 | Various | Sep. 2012 |
31 yrs.
|
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Warehouse facility in La Vista, NE | 18,459 | 4,196 | 23,148 | — | — | 4,196 | 23,148 | 27,344 | 5,711 | 2005 | Sep. 2012 |
33 yrs.
|
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Office facility in Pleasanton, CA | — | 3,675 | 7,468 | — | — | 3,675 | 7,468 | 11,143 | 1,950 | 2000 | Sep. 2012 |
31 yrs.
|
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Office facility in San Marcos, TX | — | 440 | 688 | — | — | 440 | 688 | 1,128 | 179 | 2000 | Sep. 2012 |
31 yrs.
|
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Office facility in Chicago, IL | — | 2,169 | 19,010 | 72 | (72) | 2,169 | 19,010 | 21,179 | 4,925 | 1910 | Sep. 2012 |
31 yrs.
|
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Industrial facilities in Hollywood and Orlando, FL | — | 3,639 | 1,269 | — | — | 3,639 | 1,269 | 4,908 | 329 | 1996 | Sep. 2012 |
31 yrs.
|
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Warehouse facility in Golden, CO | — | 808 | 4,304 | 77 | — | 808 | 4,381 | 5,189 | 1,248 | 1998 | Sep. 2012 |
30 yrs.
|
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Industrial facility in Texarkana, TX | — | 1,755 | 4,493 | — | (2,783) | 216 | 3,249 | 3,465 | 842 | 1997 | Sep. 2012 |
31 yrs.
|
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Industrial facility in South Jordan, UT | — | 2,183 | 11,340 | 1,642 | — | 2,183 | 12,982 | 15,165 | 3,220 | 1995 | Sep. 2012 |
31 yrs.
|
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Warehouse facility in Ennis, TX | — | 478 | 4,087 | 145 | (145) | 478 | 4,087 | 4,565 | 1,059 | 1989 | Sep. 2012 |
31 yrs.
|
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Retail facility in Braintree, MA | — | 2,409 | — | 6,184 | (1,403) | 1,006 | 6,184 | 7,190 | 1,417 | 1994 | Sep. 2012 |
30 yrs.
|
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Office facility in Paris, France | — | 23,387 | 43,450 | 703 | (3,010) | 22,316 | 42,214 | 64,530 | 10,481 | 1975 | Sep. 2012 |
32 yrs.
|
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Retail facilities in Bydgoszcz, Czestochowa, Jablonna, Katowice, Kielce, Lodz, Lubin, Olsztyn, Opole, Plock, Rybnik, Walbrzych, and Warsaw, Poland | — | 26,564 | 72,866 | — | (4,599) | 25,302 | 69,529 | 94,831 | 24,118 | Various | Sep. 2012 |
23 - 34 yrs.
|
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Industrial facilities in Danbury, CT and Bedford, MA | 4,072 | 3,519 | 16,329 | — | — | 3,519 | 16,329 | 19,848 | 4,514 | 1965; 1980 | Sep. 2012 |
29 yrs.
|
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Industrial facility in Brownwood, TX | — | 722 | 6,268 | — | — | 722 | 6,268 | 6,990 | 836 | 1964 | Sep. 2012 |
15 yrs.
|
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Industrial and office facility in Tampere, Finland | — | 2,309 | 37,153 | — | (2,317) | 2,146 | 34,999 | 37,145 | 8,478 | 2012 | Jun. 2013 |
40 yrs.
|
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Office facility in Quincy, MA | — | 2,316 | 21,537 | 127 | — | 2,316 | 21,664 | 23,980 | 4,437 | 1989 | Jun. 2013 |
40 yrs.
|
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Office facility in Salford, United Kingdom | — | — | 30,012 | — | (3,825) | — | 26,187 | 26,187 | 4,924 | 1997 | Sep. 2013 |
40 yrs.
|
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Office facility in Lone Tree, CO | — | 4,761 | 28,864 | 3,381 | — | 4,761 | 32,245 | 37,006 | 6,750 | 2001 | Nov. 2013 |
40 yrs.
|
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Office facility in Mönchengladbach, Germany | 34,044 | 2,154 | 6,917 | 50,626 | 3,623 | 2,357 | 60,963 | 63,320 | 7,822 | 2015 | Dec. 2013 |
40 yrs.
|
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Fitness facility in Houston, TX | — | 2,430 | 2,270 | — | — | 2,430 | 2,270 | 4,700 | 700 | 1995 | Jan. 2014 |
23 yrs.
|
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Fitness facility in St. Charles, MO | — | 1,966 | 1,368 | 1,352 | — | 1,966 | 2,720 | 4,686 | 793 | 1987 | Jan. 2014 |
27 yrs.
|
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Office facility in Scottsdale, AZ | — | 22,300 | 42,329 | — | — | 22,300 | 42,329 | 64,629 | 525 | 1977 | Jan. 2014 |
34 yrs.
|
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Industrial facility in Aurora, CO | — | 737 | 2,609 | — | — | 737 | 2,609 | 3,346 | 571 | 1985 | Jan. 2014 |
32 yrs.
|
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Warehouse facility in Burlington, NJ | — | 3,989 | 6,213 | 377 | — | 3,989 | 6,590 | 10,579 | 1,793 | 1999 | Jan. 2014 |
26 yrs.
|
W. P. Carey 2020 10-K – 123
|
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 facility in Albuquerque, NM | — | 2,467 | 3,476 | 606 | — | 2,467 | 4,082 | 6,549 | 1,064 | 1993 | Jan. 2014 |
27 yrs.
|
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Industrial facility in North Salt Lake, UT | — | 10,601 | 17,626 | — | (16,936) | 4,388 | 6,903 | 11,291 | 1,825 | 1981 | Jan. 2014 |
26 yrs.
|
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Industrial facilities in Lexington, NC and Murrysville, PA | — | 2,185 | 12,058 | — | 2,713 | 1,608 | 15,348 | 16,956 | 3,825 | 1940; 1995 | Jan. 2014 |
28 yrs.
|
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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 | 12,823 | 1911; 1967; 1982 | Jan. 2014 |
24 yrs.
|
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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 | 6,203 | 1978; 1979; 1986 | Jan. 2014 |
17 - 34 yrs.
|
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Retail facility in Torrance, CA | — | 8,412 | 12,241 | 1,377 | (76) | 8,335 | 13,619 | 21,954 | 3,947 | 1973 | Jan. 2014 |
25 yrs.
|
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Office facility in Houston, TX | — | 6,578 | 424 | 560 | — | 6,578 | 984 | 7,562 | 454 | 1978 | Jan. 2014 |
27 yrs.
|
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Land in Doncaster, United Kingdom | — | 4,257 | 4,248 | — | (8,098) | 407 | — | 407 | — | N/A | Jan. 2014 | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warehouse facility in Norwich, CT | 7,134 | 3,885 | 21,342 | — | 2 | 3,885 | 21,344 | 25,229 | 5,226 | 1960 | Jan. 2014 |
28 yrs.
|
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Warehouse facility in Norwich, CT | — | 1,437 | 9,669 | — | — | 1,437 | 9,669 | 11,106 | 2,367 | 2005 | Jan. 2014 |
28 yrs.
|
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Land in Whitehall, PA | — | 7,435 | 9,093 | — | (9,545) | 6,983 | — | 6,983 | — | N/A | Jan. 2014 | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail facilities in York, PA | 2,972 | 3,776 | 10,092 | — | (2,016) | 2,668 | 9,184 | 11,852 | 2,138 | 1992; 2005 | Jan. 2014 |
26 - 34 yrs.
|
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Industrial facility in Pittsburgh, PA | — | 1,151 | 10,938 | — | — | 1,151 | 10,938 | 12,089 | 3,056 | 1991 | Jan. 2014 |
25 yrs.
|
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Warehouse facilities in Atlanta, GA and Elkwood, VA | — | 5,356 | 4,121 | — | (2,104) | 4,284 | 3,089 | 7,373 | 767 | 1975 | Jan. 2014 |
28 yrs.
|
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Warehouse facility in Harrisburg, NC | — | 1,753 | 5,840 | — | (111) | 1,642 | 5,840 | 7,482 | 1,548 | 2000 | Jan. 2014 |
26 yrs.
|
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Industrial facility in Chandler, AZ; industrial, office, and warehouse facility in Englewood, CO; and land in Englewood, CO | 2,829 | 4,306 | 7,235 | — | 3 | 4,306 | 7,238 | 11,544 | 1,655 | 1978; 1987 | Jan. 2014 |
30 yrs.
|
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Industrial facility in Cynthiana, KY | 1,411 | 1,274 | 3,505 | 525 | (107) | 1,274 | 3,923 | 5,197 | 958 | 1967 | Jan. 2014 |
31 yrs.
|
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Industrial facility in Columbia, SC | — | 2,843 | 11,886 | — | — | 2,843 | 11,886 | 14,729 | 3,640 | 1962 | Jan. 2014 |
23 yrs.
|
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Movie theater in Midlothian, VA | — | 2,824 | 16,618 | — | — | 2,824 | 16,618 | 19,442 | 1,128 | 2000 | Jan. 2014 |
40 yrs.
|
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Net-lease student housing facility in Laramie, WY | — | 1,966 | 18,896 | — | — | 1,966 | 18,896 | 20,862 | 4,846 | 2007 | Jan. 2014 |
33 yrs.
|
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Office facility in Greenville, SC | 6,881 | 562 | 7,916 | — | (949) | 474 | 7,055 | 7,529 | 2,195 | 1972 | Jan. 2014 |
25 yrs.
|
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Warehouse facilities in Mendota, IL; Toppenish, WA; and Plover, WI | — | 1,444 | 21,208 | — | (623) | 1,382 | 20,647 | 22,029 | 6,370 | 1996 | Jan. 2014 |
23 yrs.
|
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Industrial facility in Allen, TX and office facility in Sunnyvale, CA | — | 9,297 | 24,086 | — | (42) | 9,255 | 24,086 | 33,341 | 5,388 | 1981; 1997 | Jan. 2014 |
31 yrs.
|
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Industrial facilities in Hampton, NH | 5,002 | 8,990 | 7,362 | — | — | 8,990 | 7,362 | 16,352 | 1,678 | 1976 | Jan. 2014 |
30 yrs.
|
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Industrial facilities located throughout France | — | 36,306 | 5,212 | 337 | 11,470 | 29,029 | 24,296 | 53,325 | 1,895 | Various | Jan. 2014 |
23 yrs.
|
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Retail facility in Fairfax, VA | — | 3,402 | 16,353 | — | — | 3,402 | 16,353 | 19,755 | 4,295 | 1998 | Jan. 2014 |
26 yrs.
|
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Retail facility in Lombard, IL | — | 5,087 | 8,578 | — | — | 5,087 | 8,578 | 13,665 | 2,253 | 1999 | Jan. 2014 |
26 yrs.
|
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Warehouse facility in Plainfield, IN | 17,350 | 1,578 | 29,415 | 706 | — | 1,578 | 30,121 | 31,699 | 6,707 | 1997 | Jan. 2014 |
30 yrs.
|
W. P. Carey 2020 10-K – 124
|
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 Kennesaw, GA | — | 2,849 | 6,180 | 5,530 | (76) | 2,773 | 11,710 | 14,483 | 2,772 | 1999 | Jan. 2014 |
26 yrs.
|
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Retail facility in Leawood, KS | — | 1,487 | 13,417 | — | — | 1,487 | 13,417 | 14,904 | 3,524 | 1997 | Jan. 2014 |
26 yrs.
|
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Office facility in Tolland, CT | 7,098 | 1,817 | 5,709 | — | 11 | 1,817 | 5,720 | 7,537 | 1,443 | 1968 | Jan. 2014 |
28 yrs.
|
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Warehouse facilities in Lincolnton, NC and Mauldin, SC | 8,707 | 1,962 | 9,247 | — | — | 1,962 | 9,247 | 11,209 | 2,278 | 1988; 1996 | Jan. 2014 |
28 yrs.
|
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Retail facilities located throughout Germany | — | 81,109 | 153,927 | 10,510 | (126,616) | 30,270 | 88,660 | 118,930 | 19,783 | Various | Jan. 2014 | Various | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office facility in Southfield, MI | — | 1,726 | 4,856 | 89 | — | 1,726 | 4,945 | 6,671 | 1,104 | 1985 | Jan. 2014 |
31 yrs.
|
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Office facility in The Woodlands, TX | 16,015 | 3,204 | 24,997 | — | — | 3,204 | 24,997 | 28,201 | 5,489 | 1997 | Jan. 2014 |
32 yrs.
|
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Warehouse facilities in Valdosta, GA and Johnson City, TN | — | 1,080 | 14,998 | 1,841 | — | 1,080 | 16,839 | 17,919 | 4,057 | 1978; 1998 | Jan. 2014 |
27 yrs.
|
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Industrial facility in Amherst, NY | 6,661 | 674 | 7,971 | — | — | 674 | 7,971 | 8,645 | 2,459 | 1984 | Jan. 2014 |
23 yrs.
|
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Industrial and warehouse facilities in Westfield, MA | — | 1,922 | 9,755 | 7,435 | 9 | 1,922 | 17,199 | 19,121 | 4,251 | 1954; 1997 | Jan. 2014 |
28 yrs.
|
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Warehouse facilities in Kottka, Finland | — | — | 8,546 | — | (3,663) | — | 4,883 | 4,883 | 2,440 | 1999; 2001 | Jan. 2014 |
21 - 23 yrs.
|
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Office facility in Bloomington, MN | — | 2,942 | 7,155 | — | — | 2,942 | 7,155 | 10,097 | 1,747 | 1988 | Jan. 2014 |
28 yrs.
|
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Warehouse facility in Gorinchem, Netherlands | 3,200 | 1,143 | 5,648 | — | (669) | 1,031 | 5,091 | 6,122 | 1,243 | 1995 | Jan. 2014 |
28 yrs.
|
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Retail facility in Cresskill, NJ | — | 2,366 | 5,482 | — | 19 | 2,366 | 5,501 | 7,867 | 1,221 | 1975 | Jan. 2014 |
31 yrs.
|
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Retail facility in Livingston, NJ | — | 2,932 | 2,001 | — | 14 | 2,932 | 2,015 | 4,947 | 513 | 1966 | Jan. 2014 |
27 yrs.
|
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Retail facility in Maplewood, NJ | — | 845 | 647 | — | 4 | 845 | 651 | 1,496 | 166 | 1954 | Jan. 2014 |
27 yrs.
|
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Retail facility in Montclair, NJ | — | 1,905 | 1,403 | — | 6 | 1,905 | 1,409 | 3,314 | 359 | 1950 | Jan. 2014 |
27 yrs.
|
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Retail facility in Morristown, NJ | — | 3,258 | 8,352 | — | 26 | 3,258 | 8,378 | 11,636 | 2,133 | 1973 | Jan. 2014 |
27 yrs.
|
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Retail facility in Summit, NJ | — | 1,228 | 1,465 | — | 8 | 1,228 | 1,473 | 2,701 | 375 | 1950 | Jan. 2014 |
27 yrs.
|
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Industrial and office facilities in Dransfeld and Wolfach, Germany | — | 2,789 | 8,750 | — | (2,589) | 2,368 | 6,582 | 8,950 | 1,871 | 1898; 1978 | Jan. 2014 |
24 yrs.
|
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Industrial facilities in Georgetown, TX and Woodland, WA | — | 965 | 4,113 | — | — | 965 | 4,113 | 5,078 | 843 | 1998; 2001 | Jan. 2014 |
33 - 35 yrs.
|
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Education facilities in Union, NJ; Allentown and Philadelphia, PA; and Grand Prairie, TX | — | 5,365 | 7,845 | — | 5 | 5,365 | 7,850 | 13,215 | 1,951 | Various | Jan. 2014 |
28 yrs.
|
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Industrial facility in Salisbury, NC | — | 1,499 | 8,185 | — | — | 1,499 | 8,185 | 9,684 | 2,040 | 2000 | Jan. 2014 |
28 yrs.
|
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Industrial facilities in Solon and Twinsburg, OH and office facility in Plymouth, MI | — | 2,831 | 10,565 | 386 | — | 2,831 | 10,951 | 13,782 | 2,693 | 1970; 1991; 1995 | Jan. 2014 |
26 - 27 yrs.
|
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Industrial facility in Cambridge, Canada | — | 1,849 | 7,371 | — | (1,130) | 1,622 | 6,468 | 8,090 | 1,432 | 2001 | Jan. 2014 |
31 yrs.
|
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Industrial facilities in Peru, IL; Huber Heights, Lima, and Sheffield, OH; and Lebanon, TN | 6,860 | 2,962 | 17,832 | — | — | 2,962 | 17,832 | 20,794 | 3,947 | Various | Jan. 2014 |
31 yrs.
|
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Industrial facility in Ramos Arizpe, Mexico | — | 1,059 | 2,886 | — | — | 1,059 | 2,886 | 3,945 | 637 | 2000 | Jan. 2014 |
31 yrs.
|
W. P. Carey 2020 10-K – 125
|
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 Salt Lake City, UT | — | 2,783 | 3,773 | — | — | 2,783 | 3,773 | 6,556 | 835 | 1983; 2002 | Jan. 2014 |
31 - 33 yrs.
|
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Net-lease student housing facility in Blairsville, PA | 7,860 | 1,631 | 23,163 | — | — | 1,631 | 23,163 | 24,794 | 5,719 | 2005 | Jan. 2014 |
33 yrs.
|
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Education facility in Mooresville, NC | 1,503 | 1,795 | 15,955 | — | — | 1,795 | 15,955 | 17,750 | — | 2002 | Jan. 2014 |
33 yrs.
|
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Warehouse facilities in Atlanta, Doraville, and Rockmart, GA | — | 6,488 | 77,192 | — | — | 6,488 | 77,192 | 83,680 | 18,714 | 1959; 1962; 1991 | Jan. 2014 |
23 - 33 yrs.
|
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Warehouse facilities in Flora, MS and Muskogee, OK | 3,017 | 554 | 4,353 | — | — | 554 | 4,353 | 4,907 | 919 | 1992; 2002 | Jan. 2014 |
33 yrs.
|
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Industrial facility in Richmond, MO | — | 2,211 | 8,505 | 747 | — | 2,211 | 9,252 | 11,463 | 2,229 | 1996 | Jan. 2014 |
28 yrs.
|
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Industrial facility in Tuusula, Finland | — | 6,173 | 10,321 | — | (1,625) | 5,565 | 9,304 | 14,869 | 2,524 | 1975 | Jan. 2014 |
26 yrs.
|
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Office facility in Turku, Finland | — | 5,343 | 34,106 | 385 | (3,888) | 4,816 | 31,130 | 35,946 | 7,640 | 1981 | Jan. 2014 |
28 yrs.
|
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Industrial facility in Turku, Finland | — | 1,105 | 10,243 | — | (1,101) | 996 | 9,251 | 10,247 | 2,307 | 1981 | Jan. 2014 |
28 yrs.
|
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Industrial facility in Baraboo, WI | — | 917 | 10,663 | — | — | 917 | 10,663 | 11,580 | 5,638 | 1988 | Jan. 2014 |
13 yrs.
|
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Warehouse facility in Phoenix, AZ | — | 6,747 | 21,352 | 380 | — | 6,747 | 21,732 | 28,479 | 5,366 | 1996 | Jan. 2014 |
28 yrs.
|
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Land in Calgary, Canada | — | 3,721 | — | — | (456) | 3,265 | — | 3,265 | — | N/A | Jan. 2014 | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial facilities in Sandersville, GA; Erwin, TN; and Gainesville, TX | 1,291 | 955 | 4,779 | — | — | 955 | 4,779 | 5,734 | 1,066 | 1950; 1986; 1996 | Jan. 2014 |
31 yrs.
|
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Industrial facility in Buffalo Grove, IL | 4,244 | 1,492 | 12,233 | — | — | 1,492 | 12,233 | 13,725 | 2,736 | 1996 | Jan. 2014 |
31 yrs.
|
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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 | 1,341 | Various | Jan. 2014 |
28 yrs.
|
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Office facility in Carlsbad, CA | — | 3,230 | 5,492 | — | — | 3,230 | 5,492 | 8,722 | 1,610 | 1999 | Jan. 2014 |
24 yrs.
|
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Movie theater in Pensacola, FL | — | 1,746 | — | — | 5,181 | 1,746 | 5,181 | 6,927 | 51 | 2001 | Jan. 2014 |
33 yrs.
|
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Movie theater in Port St. Lucie, FL | — | 4,654 | 2,576 | — | — | 4,654 | 2,576 | 7,230 | 652 | 2000 | Jan. 2014 |
27 yrs.
|
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Industrial facility in Nurieux-Volognat, France | — | 121 | 5,328 | — | (427) | 109 | 4,913 | 5,022 | 1,051 | 2000 | Jan. 2014 |
32 yrs.
|
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Warehouse facility in Suwanee, GA | — | 2,330 | 8,406 | — | — | 2,330 | 8,406 | 10,736 | 1,719 | 1995 | Jan. 2014 |
34 yrs.
|
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Retail facilities in Wichita, KS and Oklahoma City, OK and warehouse facility in Wichita, KS | — | 1,878 | 8,579 | 3,128 | — | 1,878 | 11,707 | 13,585 | 2,550 | 1954; 1975; 1984 | Jan. 2014 |
24 yrs.
|
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Industrial facilities in Fort Dodge, IA and Menomonie and Oconomowoc, WI | 6,959 | 1,403 | 11,098 | — | — | 1,403 | 11,098 | 12,501 | 4,724 | 1996 | Jan. 2014 |
16 yrs.
|
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Industrial facility in Mesa, AZ | — | 2,888 | 4,282 | — | — | 2,888 | 4,282 | 7,170 | 1,087 | 1991 | Jan. 2014 |
27 yrs.
|
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Industrial facility in North Amityville, NY | — | 3,486 | 11,413 | — | — | 3,486 | 11,413 | 14,899 | 3,036 | 1981 | Jan. 2014 |
26 yrs.
|
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Warehouse facility in Greenville, SC | — | 567 | 10,217 | 760 | (3,213) | 370 | 7,961 | 8,331 | 2,446 | 1960 | Jan. 2014 |
21 yrs.
|
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Industrial facility in Fort Collins, CO | — | 821 | 7,236 | — | — | 821 | 7,236 | 8,057 | 1,524 | 1993 | Jan. 2014 |
33 yrs.
|
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Warehouse facility in Elk Grove Village, IL | — | 4,037 | 7,865 | — | — | 4,037 | 7,865 | 11,902 | 408 | 1980 | Jan. 2014 |
22 yrs.
|
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Office facility in Washington, MI | — | 4,085 | 7,496 | — | — | 4,085 | 7,496 | 11,581 | 1,583 | 1990 | Jan. 2014 |
33 yrs.
|
W. P. Carey 2020 10-K – 126
|
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 Houston, TX | — | 522 | 7,448 | 227 | — | 522 | 7,675 | 8,197 | 2,020 | 1999 | Jan. 2014 |
27 yrs.
|
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Industrial facilities in Conroe, Odessa, and Weimar, TX and industrial and office facility in Houston, TX | 4,031 | 4,049 | 13,021 | — | 133 | 4,049 | 13,154 | 17,203 | 4,874 | Various | Jan. 2014 |
12 - 22 yrs.
|
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Education facility in Sacramento, CA | 25,017 | — | 13,715 | — | — | — | 13,715 | 13,715 | 2,839 | 2005 | Jan. 2014 |
34 yrs.
|
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Industrial facility in Sankt Ingbert, Germany | — | 2,226 | 17,460 | — | 2,524 | 2,511 | 19,699 | 22,210 | 395 | 1960 | Jan. 2014 |
34 yrs.
|
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Industrial facilities in City of Industry, CA; Chelmsford, MA; and Lancaster, TX | — | 5,138 | 8,387 | — | 43 | 5,138 | 8,430 | 13,568 | 2,104 | 1969; 1974; 1984 | Jan. 2014 |
27 yrs.
|
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Office facility in Tinton Falls, NJ | — | 1,958 | 7,993 | 725 | — | 1,958 | 8,718 | 10,676 | 1,867 | 2001 | Jan. 2014 |
31 yrs.
|
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Industrial facility in Woodland, WA | — | 707 | 1,562 | — | — | 707 | 1,562 | 2,269 | 306 | 2009 | Jan. 2014 |
35 yrs.
|
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Warehouse facilities in Gyál and Herceghalom, Hungary | — | 14,601 | 21,915 | — | (3,598) | 13,162 | 19,756 | 32,918 | 6,693 | 2002; 2004 | Jan. 2014 |
21 yrs.
|
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Industrial facility in Windsor, CT | — | 453 | 637 | 3,422 | (83) | 453 | 3,976 | 4,429 | 466 | 1999 | Jan. 2014 |
33 yrs.
|
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Industrial facility in Aurora, CO | — | 574 | 3,999 | — | — | 574 | 3,999 | 4,573 | 705 | 2012 | Jan. 2014 |
40 yrs.
|
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Office facility in Chandler, AZ | — | 5,318 | 27,551 | 105 | — | 5,318 | 27,656 | 32,974 | 5,412 | 2000 | Mar. 2014 |
40 yrs.
|
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Warehouse facility in University Park, IL | — | 7,962 | 32,756 | 221 | — | 7,962 | 32,977 | 40,939 | 6,247 | 2008 | May 2014 |
40 yrs.
|
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Office facility in Stavanger, Norway | — | 10,296 | 91,744 | — | (27,759) | 7,567 | 66,714 | 74,281 | 10,824 | 1975 | Aug. 2014 |
40 yrs.
|
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Laboratory facility in Westborough, MA | — | 3,409 | 37,914 | 53,065 | — | 3,409 | 90,979 | 94,388 | 8,056 | 1992 | Aug. 2014 |
40 yrs.
|
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Office facility in Andover, MA | — | 3,980 | 45,120 | 323 | — | 3,980 | 45,443 | 49,423 | 7,507 | 2013 | Oct. 2014 |
40 yrs.
|
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Office facility in Newport, United Kingdom | — | — | 22,587 | — | (3,414) | — | 19,173 | 19,173 | 3,020 | 2014 | Oct. 2014 |
40 yrs.
|
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Industrial facility in Lewisburg, OH | — | 1,627 | 13,721 | — | — | 1,627 | 13,721 | 15,348 | 2,372 | 2014 | Nov. 2014 |
40 yrs.
|
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Industrial facility in Opole, Poland | — | 2,151 | 21,438 | — | (309) | 2,123 | 21,157 | 23,280 | 3,752 | 2014 | Dec. 2014 |
38 yrs.
|
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Office facilities located throughout Spain | — | 51,778 | 257,624 | 10 | 1,422 | 55,159 | 255,675 | 310,834 | 40,071 | Various | Dec. 2014 | Various | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail facilities located throughout the United Kingdom | — | 66,319 | 230,113 | 277 | (40,605) | 57,084 | 199,020 | 256,104 | 39,229 | Various | Jan. 2015 |
20 - 40 yrs.
|
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Warehouse facility in Rotterdam, Netherlands | — | — | 33,935 | 20,448 | 4,789 | — | 59,172 | 59,172 | 6,697 | 2014 | Feb. 2015 |
40 yrs.
|
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Retail facility in Bad Fischau, Austria | — | 2,855 | 18,829 | — | 3,009 | 3,251 | 21,442 | 24,693 | 3,695 | 1998 | Apr. 2015 |
40 yrs.
|
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Industrial facility in Oskarshamn, Sweden | — | 3,090 | 18,262 | — | 221 | 3,122 | 18,451 | 21,573 | 2,810 | 2015 | Jun. 2015 |
40 yrs.
|
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Office facility in Sunderland, United Kingdom | — | 2,912 | 30,140 | — | (4,103) | 2,550 | 26,399 | 28,949 | 4,138 | 2007 | Aug. 2015 |
40 yrs.
|
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Industrial facilities in Gersthofen and Senden, Germany and Leopoldsdorf, Austria | — | 9,449 | 15,838 | — | 2,586 | 10,415 | 17,458 | 27,873 | 3,024 | 2008; 2010 | Aug. 2015 |
40 yrs.
|
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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 | 7,561 | 1988; 1989; 1990 | Oct. 2015 |
38 - 40 yrs.
|
W. P. Carey 2020 10-K – 127
|
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 facilities in Almere, Amsterdam, Eindhoven, Houten, Nieuwegein, Utrecht, Veghel, and Zwaag, Netherlands | — | 5,698 | 38,130 | 79 | 6,255 | 6,510 | 43,652 | 50,162 | 6,954 | Various | Nov. 2015 |
30 - 40 yrs.
|
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Office facility in Irvine, CA | — | 7,626 | 16,137 | — | — | 7,626 | 16,137 | 23,763 | 2,128 | 1977 | Dec. 2015 |
40 yrs.
|
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Education facility in Windermere, FL | — | 5,090 | 34,721 | 15,333 | — | 5,090 | 50,054 | 55,144 | 8,721 | 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 | 20,553 | Various | Apr. 2016 | Various | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial facilities in North Dumfries and Ottawa, Canada | — | 17,155 | 10,665 | — | (18,015) | 6,082 | 3,723 | 9,805 | 1,519 | 1967; 1974 | Apr. 2016 |
28 yrs.
|
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Education facilities in Coconut Creek, FL and Houston, TX | — | 15,550 | 83,862 | 63,830 | — | 15,550 | 147,692 | 163,242 | 17,704 | 1979; 1984 | May 2016 |
37 - 40 yrs.
|
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Office facility in Southfield, MI and warehouse facilities in London, KY and Gallatin, TN | — | 3,585 | 17,254 | — | — | 3,585 | 17,254 | 20,839 | 2,028 | 1969; 1987; 2000 | Nov. 2016 |
35 - 36 yrs.
|
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Industrial facilities in Brampton, Toronto, and Vaughan, Canada | — | 28,759 | 13,998 | — | — | 28,759 | 13,998 | 42,757 | 1,961 | Various | Nov. 2016 |
28 - 35 yrs.
|
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Industrial facilities in Queretaro and San Juan del Rio, Mexico | — | 5,152 | 12,614 | — | — | 5,152 | 12,614 | 17,766 | 1,434 | Various | Dec. 2016 |
28 - 40 yrs.
|
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Industrial facility in Chicago, IL | — | 2,222 | 2,655 | 3,511 | — | 2,222 | 6,166 | 8,388 | 1,046 | 1985 | Jun. 2017 |
30 yrs.
|
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Industrial facility in Zawiercie, Poland | — | 395 | 102 | 10,378 | 565 | 415 | 11,025 | 11,440 | 742 | 2018 | Aug. 2017 |
40 yrs.
|
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Office facility in Roseville, MN | — | 2,560 | 16,025 | — | — | 2,560 | 16,025 | 18,585 | 1,413 | 2001 | Nov. 2017 |
40 yrs.
|
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Industrial facility in Radomsko, Poland | — | 1,718 | 59 | 14,454 | 812 | 1,810 | 15,233 | 17,043 | 889 | 2018 | Nov. 2017 |
40 yrs.
|
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Warehouse facility in Sellersburg, IN | — | 1,016 | 3,838 | — | — | 1,016 | 3,838 | 4,854 | 380 | 2000 | Feb. 2018 |
36 yrs.
|
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Retail and warehouse facilities in Appleton, Madison, and Waukesha, WI | — | 5,512 | 61,230 | — | — | 5,465 | 61,277 | 66,742 | 5,277 | 1995; 2004 | Mar. 2018 |
36 - 40 yrs.
|
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Office and warehouse facilities located throughout Denmark | — | 20,304 | 185,481 | — | 12,512 | 21,539 | 196,758 | 218,297 | 15,549 | Various | Jun. 2018 |
25 - 41 yrs.
|
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Retail facilities located throughout the Netherlands | — | 38,475 | 117,127 | — | 8,394 | 40,551 | 123,445 | 163,996 | 10,807 | Various | Jul. 2018 |
26 - 30 yrs.
|
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Industrial facility in Oostburg, WI | — | 786 | 6,589 | — | — | 786 | 6,589 | 7,375 | 727 | 2002 | Jul. 2018 |
35 yrs.
|
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Warehouse facility in Kampen, Netherlands | — | 3,251 | 12,858 | 126 | 962 | 3,443 | 13,754 | 17,197 | 1,357 | 1976 | Jul. 2018 |
26 yrs.
|
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Warehouse facility in Azambuja, Portugal | — | 13,527 | 35,631 | 28,067 | 4,104 | 14,339 | 66,990 | 81,329 | 3,521 | 1994 | Sep. 2018 |
28 yrs.
|
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Retail facilities in Amsterdam, Moordrecht, and Rotterdam, Netherlands | — | 2,582 | 18,731 | 6,455 | 2,153 | 2,784 | 27,137 | 29,921 | 1,943 | Various | Oct. 2018 |
27 - 37 yrs.
|
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Office and warehouse facilities in Bad Wünnenberg and Soest, Germany | — | 2,916 | 39,687 | — | 3,283 | 3,140 | 42,746 | 45,886 | 2,484 | 1982; 1986 | Oct. 2018 |
40 yrs.
|
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Industrial facility in Norfolk, NE | 1,064 | 802 | 3,686 | — | — | 802 | 3,686 | 4,488 | 271 | 1975 | Oct. 2018 |
40 yrs.
|
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Education facility in Chicago, IL | 10,178 | 7,720 | 17,266 | — | — | 7,720 | 17,266 | 24,986 | 998 | 1912 | Oct. 2018 |
40 yrs.
|
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Fitness facilities in Phoenix, AZ and Columbia, MD | — | 18,286 | 33,030 | — | — | 18,286 | 33,030 | 51,316 | 1,901 | 2006 | Oct. 2018 |
40 yrs.
|
W. P. Carey 2020 10-K – 128
|
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 Gorzow, Poland | — | 1,736 | 8,298 | — | 774 | 1,870 | 8,938 | 10,808 | 557 | 2008 | Oct. 2018 |
40 yrs.
|
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Industrial facilities in Sergeant Bluff, IA; Bossier City, LA; and Alvarado, TX | 9,693 | 6,460 | 49,462 | — | — | 6,460 | 49,462 | 55,922 | 3,082 | Various | Oct. 2018 |
40 yrs.
|
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Industrial facility in Glendale Heights, IL | — | 4,237 | 45,484 | — | — | 4,237 | 45,484 | 49,721 | 635 | 1991 | Oct. 2018 |
38 yrs.
|
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Industrial facilities in Mayodan, Sanford, and Stoneville, NC | — | 3,505 | 20,913 | — | — | 3,505 | 20,913 | 24,418 | 719 | 1992; 1997; 1998 | Oct. 2018 |
29 yrs.
|
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Warehouse facility in Dillon, SC | 14,468 | 3,424 | 43,114 | — | — | 3,424 | 43,114 | 46,538 | 2,686 | 2001 | Oct. 2018 |
40 yrs.
|
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Office facility in Birmingham, United Kingdom | 17,465 | 7,383 | 7,687 | — | 849 | 7,799 | 8,120 | 15,919 | 462 | 2009 | Oct. 2018 |
40 yrs.
|
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Retail facilities located throughout Spain | — | 17,626 | 44,501 | — | 4,788 | 18,985 | 47,930 | 66,915 | 2,813 | Various | Oct. 2018 |
40 yrs.
|
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Warehouse facility in Gadki, Poland | — | 1,376 | 6,137 | — | 579 | 1,482 | 6,610 | 8,092 | 392 | 2011 | Oct. 2018 |
40 yrs.
|
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Office facility in The Woodlands, TX | 22,249 | 1,697 | 52,289 | — | — | 1,697 | 52,289 | 53,986 | 2,903 | 2009 | Oct. 2018 |
40 yrs.
|
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Office facility in Hoffman Estates, IL | — | 5,550 | 14,214 | — | — | 5,550 | 14,214 | 19,764 | 818 | 2009 | Oct. 2018 |
40 yrs.
|
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Warehouse facility in Zagreb, Croatia | — | 15,789 | 33,287 | — | 3,782 | 17,005 | 35,853 | 52,858 | 3,089 | 2001 | Oct. 2018 |
26 yrs.
|
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Industrial facilities in Middleburg Heights and Union Township, OH | 4,741 | 1,295 | 13,384 | — | — | 1,295 | 13,384 | 14,679 | 763 | 1990; 1997 | Oct. 2018 |
40 yrs.
|
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Retail facility in Las Vegas, NV | 39,665 | — | 79,720 | — | — | — | 79,720 | 79,720 | 4,328 | 2012 | Oct. 2018 |
40 yrs.
|
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Industrial facilities located in Phoenix, AZ; Colton, Fresno, Los Angeles, Orange, Pomona, and San Diego, CA; Holly Hill and Safety Harbor, FL; Rockmart, GA; Durham, NC; Columbia, SC; Ooltewah, TN; and Dallas, TX | 19,535 | 20,517 | 14,135 | — | 30,060 | 22,585 | 42,127 | 64,712 | 1,231 | Various | Oct. 2018 |
40 yrs.
|
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Warehouse facility in Bowling Green, KY | — | 2,652 | 51,915 | — | — | 2,652 | 51,915 | 54,567 | 3,318 | 2011 | Oct. 2018 |
40 yrs.
|
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Warehouse facilities in Cannock, Liverpool, Luton, Plymouth, Southampton, and Taunton United Kingdom | — | 6,791 | 2,315 | — | 513 | 7,174 | 2,445 | 9,619 | 156 | Various | Oct. 2018 |
40 yrs.
|
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Industrial facility in Evansville, IN | — | 180 | 22,095 | — | — | 180 | 22,095 | 22,275 | 1,228 | 2009 | Oct. 2018 |
40 yrs.
|
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Office facilities in Tampa, FL | 31,644 | 3,889 | 49,843 | 754 | — | 3,889 | 50,597 | 54,486 | 2,841 | 1985; 2000 | Oct. 2018 |
40 yrs.
|
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Warehouse facility in Elorrio, Spain | — | 7,858 | 12,728 | — | 1,587 | 8,464 | 13,709 | 22,173 | 899 | 1996 | Oct. 2018 |
40 yrs.
|
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Industrial and office facilities in Elberton, GA | — | 879 | 2,014 | — | — | 879 | 2,014 | 2,893 | 157 | 1997; 2002 | Oct. 2018 |
40 yrs.
|
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Office facility in Tres Cantos, Spain | 60,617 | 24,344 | 39,646 | — | 4,931 | 26,220 | 42,701 | 68,921 | 2,518 | 2002 | Oct. 2018 |
40 yrs.
|
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Office facility in Hartland, WI | 2,653 | 1,454 | 6,406 | — | — | 1,454 | 6,406 | 7,860 | 391 | 2001 | Oct. 2018 |
40 yrs.
|
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Retail facilities in Dugo Selo, Kutina, Samobor, Spansko, and Zagreb, Croatia | — | 5,549 | 12,408 | 1,625 | 8,755 | 7,332 | 21,005 | 28,337 | 1,563 | 2000; 2002; 2003 | Oct. 2018 |
26 yrs.
|
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Office and warehouse facilities located throughout the United States | — | 42,793 | 193,666 | — | — | 42,793 | 193,666 | 236,459 | 11,657 | Various | Oct. 2018 |
40 yrs.
|
W. P. Carey 2020 10-K – 129
|
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 Breda, Elst, Gieten, Raalte, and Woerden, Netherlands | — | 37,755 | 91,666 | — | 9,974 | 40,665 | 98,730 | 139,395 | 5,638 | Various | Oct. 2018 |
40 yrs.
|
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Warehouse facilities in Oxnard and Watsonville, CA | — | 22,453 | 78,814 | — | — | 22,453 | 78,814 | 101,267 | 4,522 | 1975; 1994; 2002 | Oct. 2018 |
40 yrs.
|
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Retail facilities located throughout Italy | — | 75,492 | 138,280 | — | 16,474 | 81,310 | 148,936 | 230,246 | 9,199 | Various | Oct. 2018 |
40 yrs.
|
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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 | 156 | 1982 | Oct. 2018 |
40 yrs.
|
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Office facility in Martinsville, VA | — | 1,082 | 8,108 | — | — | 1,082 | 8,108 | 9,190 | 494 | 2011 | Oct. 2018 |
40 yrs.
|
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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 | 564 | 2012 | Oct. 2018 |
40 yrs.
|
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Net-lease self-storage facilities located throughout the United States | — | 19,583 | 108,971 | — | — | 19,583 | 108,971 | 128,554 | 6,691 | Various | Oct. 2018 |
40 yrs.
|
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Warehouse facility in Middleburg Heights, OH | — | 542 | 2,507 | — | — | 542 | 2,507 | 3,049 | 143 | 2002 | Oct. 2018 |
40 yrs.
|
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Net-lease self-storage facility in Fort Worth, TX | — | 691 | 6,295 | — | — | 691 | 6,295 | 6,986 | 396 | 2004 | Oct. 2018 |
40 yrs.
|
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Retail facilities in Delnice, Pozega, and Sesvete, Croatia | — | 5,519 | 9,930 | 1,291 | 1,125 | 5,944 | 11,921 | 17,865 | 982 | 2011 | Oct. 2018 |
27 yrs.
|
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Office facilities in Eagan and Virginia, MN | — | 16,302 | 91,239 | — | (722) | 15,954 | 90,865 | 106,819 | 5,466 | Various | Oct. 2018 |
40 yrs.
|
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Retail facility in Orlando, FL | — | 6,262 | 25,134 | 430 | — | 6,371 | 25,455 | 31,826 | 1,400 | 2011 | Oct. 2018 |
40 yrs.
|
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Industrial facility in Avon, OH | 2,978 | 1,447 | 5,564 | — | — | 1,447 | 5,564 | 7,011 | 344 | 2001 | Oct. 2018 |
40 yrs.
|
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Industrial facility in Chimelow, Poland | — | 6,158 | 28,032 | — | 2,635 | 6,633 | 30,192 | 36,825 | 1,794 | 2012 | Oct. 2018 |
40 yrs.
|
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Net-lease self-storage facility in Fayetteville, NC | — | 1,839 | 4,654 | — | — | 1,839 | 4,654 | 6,493 | 373 | 2001 | Oct. 2018 |
40 yrs.
|
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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 | 2,544 | Various | Oct. 2018 |
40 yrs.
|
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Education facilities in Montgomery, AL and Savannah, GA | 13,304 | 5,508 | 12,032 | — | — | 5,508 | 12,032 | 17,540 | 715 | 1969; 2002 | Oct. 2018 |
40 yrs.
|
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Office facilities in St. Louis, MO | — | 1,297 | 5,362 | 4,000 | — | 1,297 | 9,362 | 10,659 | 586 | 1995 | Oct. 2018 |
40 yrs.
|
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Office and warehouse facility in Zary, PL | — | 2,062 | 10,034 | — | 932 | 2,221 | 10,807 | 13,028 | 659 | 2013 | Oct. 2018 |
40 yrs.
|
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Industrial facilities in San Antonio, TX and Sterling, VA | — | 3,198 | 23,981 | 78,727 | — | 7,228 | 98,678 | 105,906 | 2,307 | 1980; 2020 | Oct. 2018; Dec. 2018 |
40 yrs.
|
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Industrial facility in Elk Grove Village, IL | 8,067 | 5,511 | 10,766 | 2 | — | 5,511 | 10,768 | 16,279 | 626 | 1961 | Oct. 2018 |
40 yrs.
|
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Industrial facility in Portage, WI | 4,234 | 3,450 | 7,797 | — | — | 3,450 | 7,797 | 11,247 | 511 | 1970 | Oct. 2018 |
40 yrs.
|
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Office facility in Warrenville, IL | 16,777 | 3,662 | 23,711 | — | — | 3,662 | 23,711 | 27,373 | 1,360 | 2002 | Oct. 2018 |
40 yrs.
|
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Warehouse facility in Saitama Prefecture, Japan | — | 13,507 | 25,301 | 1,381 | (2,281) | 12,642 | 25,266 | 37,908 | 1,503 | 2007 | Oct. 2018 |
40 yrs.
|
W. P. Carey 2020 10-K – 130
|
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 Dallas, TX | — | 2,977 | 16,168 | — | — | 2,977 | 16,168 | 19,145 | 901 | 1913 | Oct. 2018 |
40 yrs.
|
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Office facility in Houston, TX | 125,829 | 23,161 | 104,266 | 760 | — | 23,161 | 105,026 | 128,187 | 5,760 | 1973 | Oct. 2018 |
40 yrs.
|
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Retail facilities located throughout Croatia | — | 9,000 | 13,002 | 1,415 | 1,657 | 9,693 | 15,381 | 25,074 | 1,064 | Various | Oct. 2018 |
29 - 38 yrs.
|
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Office facility in Northbrook, IL | 5,099 | — | 493 | — | — | — | 493 | 493 | 107 | 2007 | Oct. 2018 |
40 yrs.
|
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Education facilities in Chicago, IL | — | 18,510 | 163 | — | (11,855) | 6,744 | 74 | 6,818 | 28 | 2014; 2015 | Oct. 2018 |
40 yrs.
|
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Warehouse facility in Dillon, SC | 25,838 | 3,516 | 44,933 | — | — | 3,516 | 44,933 | 48,449 | 2,779 | 2013 | Oct. 2018 |
40 yrs.
|
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Net-lease self-storage facilities in New York City, NY | — | 29,223 | 77,202 | 114 | — | 29,223 | 77,316 | 106,539 | 4,238 | Various | Oct. 2018 |
40 yrs.
|
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Net-lease self-storage facility in Hilo, HI | — | 769 | 12,869 | — | — | 769 | 12,869 | 13,638 | 708 | 2007 | Oct. 2018 |
40 yrs.
|
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Net-lease self-storage facility in Clearwater, FL | — | 1,247 | 5,733 | — | — | 1,247 | 5,733 | 6,980 | 359 | 2001 | Oct. 2018 |
40 yrs.
|
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Warehouse facilities in Gadki, Poland | — | 10,422 | 47,727 | 57 | 4,487 | 11,225 | 51,468 | 62,693 | 3,099 | 2007; 2010 | Oct. 2018 |
40 yrs.
|
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Net-lease self-storage facility in Orlando, FL | — | 1,070 | 8,686 | — | — | 1,070 | 8,686 | 9,756 | 513 | 2000 | Oct. 2018 |
40 yrs.
|
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Retail facility in Lewisville, TX | 8,480 | 3,485 | 11,263 | — | — | 3,485 | 11,263 | 14,748 | 653 | 2004 | Oct. 2018 |
40 yrs.
|
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Industrial facility in Wageningen, Netherlands | — | 5,227 | 18,793 | — | 2,157 | 5,630 | 20,547 | 26,177 | 1,218 | 2013 | Oct. 2018 |
40 yrs.
|
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Office facility in Haibach, Germany | 9,036 | 1,767 | 12,229 | — | (6,292) | 921 | 6,783 | 7,704 | 791 | 1993 | Oct. 2018 |
40 yrs.
|
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Net-lease self-storage facility in Palm Coast, FL | — | 1,994 | 4,982 | — | — | 1,994 | 4,982 | 6,976 | 366 | 2001 | Oct. 2018 |
40 yrs.
|
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Office facility in Auburn Hills, MI | 5,391 | 1,910 | 6,773 | — | — | 1,910 | 6,773 | 8,683 | 401 | 2012 | Oct. 2018 |
40 yrs.
|
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Net-lease self-storage facility in Holiday, FL | — | 1,730 | 4,213 | — | — | 1,730 | 4,213 | 5,943 | 302 | 1975 | Oct. 2018 |
40 yrs.
|
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Office facility in Tempe, AZ | 13,892 | — | 19,533 | — | — | — | 19,533 | 19,533 | 1,119 | 2000 | Oct. 2018 |
40 yrs.
|
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Office facility in Tucson, AZ | — | 2,448 | 17,353 | — | — | 2,448 | 17,353 | 19,801 | 1,008 | 2002 | Oct. 2018 |
40 yrs.
|
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Industrial facility in Drunen, Netherlands | — | 2,316 | 9,370 | — | 901 | 2,495 | 10,092 | 12,587 | 584 | 2014 | Oct. 2018 |
40 yrs.
|
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Industrial facility New Concord, OH | 1,362 | 958 | 2,309 | — | — | 958 | 2,309 | 3,267 | 163 | 1999 | Oct. 2018 |
40 yrs.
|
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Office facility in Krakow, Poland | — | 2,381 | 6,212 | — | 662 | 2,564 | 6,691 | 9,255 | 390 | 2003 | Oct. 2018 |
40 yrs.
|
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Retail facility in Gelsenkirchen, Germany | 13,634 | 2,178 | 17,097 | — | 1,485 | 2,345 | 18,415 | 20,760 | 1,062 | 2000 | Oct. 2018 |
40 yrs.
|
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Warehouse facilities in Mszczonow and Tomaszow Mazowiecki, Poland | — | 8,782 | 53,575 | — | 4,806 | 9,459 | 57,704 | 67,163 | 3,605 | 1995; 2000 | Oct. 2018 |
40 yrs.
|
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Office facility in Plymouth, MN | 21,289 | 2,871 | 26,353 | 184 | — | 2,871 | 26,537 | 29,408 | 1,516 | 1999 | Oct. 2018 |
40 yrs.
|
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Office facility in San Antonio, TX | 12,316 | 3,094 | 16,624 | — | — | 3,094 | 16,624 | 19,718 | 971 | 2002 | Oct. 2018 |
40 yrs.
|
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Warehouse facility in Sered, Slovakia | — | 3,428 | 28,005 | — | 2,422 | 3,692 | 30,163 | 33,855 | 1,756 | 2004 | Oct. 2018 |
40 yrs.
|
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Industrial facility in Tuchomerice, Czech Republic | — | 7,864 | 27,006 | — | 2,687 | 8,470 | 29,087 | 37,557 | 1,671 | 1998 | Oct. 2018 |
40 yrs.
|
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Office facility in Warsaw, Poland | 39,493 | — | 44,990 | — | 3,467 | — | 48,457 | 48,457 | 2,716 | 2015 | Oct. 2018 |
40 yrs.
|
W. P. Carey 2020 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warehouse facility in Kaunas, Lithuania | 41,535 | 10,199 | 47,391 | — | 4,438 | 10,985 | 51,043 | 62,028 | 3,005 | 2008 | Oct. 2018 |
40 yrs.
|
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Net-lease student housing facility in Jacksonville, FL | 11,776 | 906 | 17,020 | — | — | 906 | 17,020 | 17,926 | 954 | 2015 | Oct. 2018 |
40 yrs.
|
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Warehouse facilities in Houston, TX | — | 791 | 1,990 | — | — | 791 | 1,990 | 2,781 | 122 | 1972 | Oct. 2018 |
40 yrs.
|
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Office facility in Oak Creek, WI | — | 2,858 | 11,055 | — | — | 2,858 | 11,055 | 13,913 | 681 | 2000 | Oct. 2018 |
40 yrs.
|
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Warehouse facilities in Shelbyville, IN; Kalamazoo, MI; Tiffin, OH; Andersonville, TN; and Millwood, WV | — | 2,868 | 37,571 | — | — | 2,868 | 37,571 | 40,439 | 2,354 | Various | Oct. 2018 |
40 yrs.
|
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Warehouse facility in Perrysburg, OH | — | 806 | 11,922 | — | — | 806 | 11,922 | 12,728 | 771 | 1974 | Oct. 2018 |
40 yrs.
|
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Warehouse facility in Dillon, SC | — | 620 | 46,319 | 434 | — | 620 | 46,753 | 47,373 | 2,085 | 2019 | Oct. 2018 |
40 yrs.
|
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Warehouse facility in Zabia Wola, Poland | 17,921 | 4,742 | 23,270 | 5,636 | 2,627 | 5,107 | 31,168 | 36,275 | 1,754 | 1999 | Oct. 2018 |
40 yrs.
|
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Office facility in Buffalo Grove, IL | — | 2,224 | 6,583 | — | — | 2,224 | 6,583 | 8,807 | 390 | 1992 | Oct. 2018 |
40 yrs.
|
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Warehouse facilities in McHenry, IL | — | 5,794 | 21,141 | — | — | 5,794 | 21,141 | 26,935 | 1,791 | 1990; 1999 | Dec. 2018 |
27 - 28 yrs.
|
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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 | 724 | Various | Dec. 2018; Dec. 2019 |
35 - 40 yrs.
|
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Warehouse facility in Kilgore, TX | — | 3,002 | 36,334 | 14,096 | (6) | 3,002 | 50,424 | 53,426 | 2,592 | 2007 | Dec. 2018 |
37 yrs.
|
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Industrial facility in San Luis Potosi, Mexico | — | 2,787 | 12,945 | — | — | 2,787 | 12,945 | 15,732 | 770 | 2009 | Dec. 2018 |
39 yrs.
|
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Industrial facility in Legnica, Poland | — | 995 | 9,787 | 6,007 | 1,275 | 1,070 | 16,994 | 18,064 | 1,069 | 2002 | Dec. 2018 |
29 yrs.
|
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Industrial facility in Meru, France | — | 4,231 | 14,731 | 8 | 1,491 | 4,563 | 15,898 | 20,461 | 1,208 | 1997 | Dec. 2018 |
29 yrs.
|
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Education facility in Portland, OR | — | 2,396 | 23,258 | 4,218 | — | 2,396 | 27,476 | 29,872 | 1,502 | 2006 | Feb. 2019 |
40 yrs.
|
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Office facility in Morrisville, NC | — | 2,374 | 30,140 | 2,172 | — | 2,374 | 32,312 | 34,686 | 1,577 | 1998 | Mar. 2019 |
40 yrs.
|
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Warehouse facility in Inwood, WV | 20,010 | 3,265 | 36,692 | — | — | 3,265 | 36,692 | 39,957 | 1,791 | 2000 | Mar. 2019 |
40 yrs.
|
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Industrial facility in Hurricane, UT | — | 1,914 | 37,279 | — | — | 1,914 | 37,279 | 39,193 | 1,719 | 2011 | Mar. 2019 |
40 yrs.
|
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Industrial facility in Bensenville, IL | — | 8,640 | 4,948 | — | 300 | 8,940 | 4,948 | 13,888 | 366 | 1981 | Mar. 2019 |
40 yrs.
|
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Industrial facility in Katowice, Poland | — | — | 764 | 15,163 | 1,840 | — | 17,767 | 17,767 | 487 | 2019 | Apr. 2019 |
40 yrs.
|
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Industrial facilities in Westerville, OH and North Wales, PA | — | 1,545 | 6,508 | — | — | 1,545 | 6,508 | 8,053 | 346 | 1960; 1997 | May 2019 |
40 yrs.
|
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Industrial facilities in Fargo, ND; Norristown, PA; and Atlanta, TX | — | 1,616 | 5,589 | — | — | 1,616 | 5,589 | 7,205 | 362 | Various | May 2019 |
40 yrs.
|
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Industrial facilities in Chihuahua and Juarez, Mexico | — | 3,426 | 7,286 | — | — | 3,426 | 7,286 | 10,712 | 427 | 1983; 1986; 1991 | May 2019 |
40 yrs.
|
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Warehouse facility in Statesville, NC | — | 1,683 | 13,827 | — | — | 1,683 | 13,827 | 15,510 | 655 | 1979 | Jun. 2019 |
40 yrs.
|
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Industrial facility in Conestoga, PA | — | 4,290 | 51,410 | — | — | 4,290 | 51,410 | 55,700 | 2,452 | 1950 | Jun. 2019 |
40 yrs.
|
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Industrial facilities in Hartford and Milwaukee, WI | — | 1,471 | 21,293 | — | — | 1,471 | 21,293 | 22,764 | 928 | 1964; 1992; 1993 | Jul. 2019 |
40 yrs.
|
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Industrial facilities in Brockville and Prescott, Canada | — | 2,025 | 9,519 | — | — | 2,025 | 9,519 | 11,544 | 415 | 1955; 1995 | Jul. 2019 |
40 yrs.
|
W. P. Carey 2020 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial facility in Dordrecht, Netherlands | — | 3,233 | 10,954 | — | 1,647 | 3,613 | 12,221 | 15,834 | 397 | 1986 | Sep. 2019 |
40 yrs.
|
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Industrial facilities in York, PA and Lexington, SC | — | 4,155 | 22,930 | — | — | 4,155 | 22,930 | 27,085 | 998 | 1968; 1971 | Oct. 2019 |
40 yrs.
|
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Industrial facility in Queretaro, Mexico | — | 2,851 | 12,748 | — | (3) | 2,851 | 12,745 | 15,596 | 501 | 1999 | Oct. 2019 |
40 yrs.
|
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Office facility in Dearborn, MI | — | 1,431 | 5,402 | — | — | 1,431 | 5,402 | 6,833 | 218 | 2002 | Oct. 2019 |
40 yrs.
|
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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 | 856 | Various | Nov. 2019 |
40 yrs.
|
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Industrial facility in Pardubice, Czech Republic | — | 1,694 | 8,793 | — | 1,190 | 1,886 | 9,791 | 11,677 | 291 | 1970 | Nov. 2019 |
40 yrs.
|
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Warehouse facilities in Brabrand, Denmark and Arlandastad, Sweden | — | 6,499 | 27,899 | — | 4,819 | 7,453 | 31,764 | 39,217 | 961 | 2012; 2017 | Nov. 2019 |
40 yrs.
|
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Retail facility in Hamburg, PA | — | 4,520 | 34,167 | — | — | 4,520 | 34,167 | 38,687 | 998 | 2003 | Dec. 2019 |
40 yrs.
|
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Warehouse facility in Charlotte, NC | — | 6,481 | 82,936 | — | — | 6,481 | 82,936 | 89,417 | 2,436 | 1995 | Dec. 2019 |
40 yrs.
|
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Warehouse facility in Buffalo Grove, IL | — | 3,287 | 10,167 | — | — | 3,287 | 10,167 | 13,454 | 541 | 1987 | Dec. 2019 |
40 yrs.
|
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Industrial facility in Hvidovre, Denmark | — | 1,931 | 4,243 | — | 623 | 2,135 | 4,662 | 6,797 | 171 | 2007 | Dec. 2019 |
40 yrs.
|
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Warehouse facility in Huddersfield, United Kingdom | — | 8,659 | 29,752 | — | 1,295 | 8,951 | 30,755 | 39,706 | 817 | 2005 | Dec. 2019 |
40 yrs.
|
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Warehouse facility in Newark, United Kingdom | — | 21,869 | 74,777 | — | 3,774 | 22,723 | 77,697 | 100,420 | 1,916 | 2006 | Jan. 2020 |
40 yrs.
|
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Industrial facility in Aurora, OR | — | 2,914 | 21,459 | — | — | 2,914 | 21,459 | 24,373 | 503 | 1976 | Jan. 2020 |
40 yrs.
|
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Warehouse facility in Vojens, Denmark | — | 1,031 | 8,784 | — | 1,129 | 1,149 | 9,795 | 10,944 | 225 | 2020 | Jan. 2020 |
40 yrs.
|
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Office facility in Kitzingen, Germany | — | 4,812 | 41,125 | — | 3,264 | 5,155 | 44,046 | 49,201 | 897 | 1967 | Mar. 2020 |
40 yrs.
|
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Warehouse facility in Knoxville, TN | — | 2,455 | 47,446 | — | — | 2,455 | 47,446 | 49,901 | 616 | 2020 | Jun. 2020 |
40 yrs.
|
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Industrial facilities in Bluffton and Plymouth, IN | — | 674 | 33,519 | — | — | 674 | 33,519 | 34,193 | 229 | 1981; 2014 | Sep. 2020 |
40 yrs.
|
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Industrial facility in Huntley, IL | — | 5,260 | 26,617 | — | — | 5,260 | 26,617 | 31,877 | 169 | 1996 | Sep. 2020 |
40 yrs.
|
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Industrial facilities in Winter Haven, FL; Belvedere, IL; and Fayetteville, NC | — | 8,232 | 31,745 | — | — | 8,232 | 31,745 | 39,977 | 176 | 1954; 1984; 1997 | Oct. 2020 |
40 yrs.
|
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Retail facilities located throughout Spain | — | 34,216 | 57,151 | — | 4,475 | 35,892 | 59,950 | 95,842 | 258 | Various | Oct. 2020 |
40 yrs.
|
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Warehouse facility in Little Canada, MN | — | 3,384 | 23,422 | — | — | 3,384 | 23,422 | 26,806 | 101 | 1987 | Oct. 2020 |
40 yrs.
|
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Warehouse facility in Hurricane, UT | — | 5,154 | 22,893 | — | — | 5,154 | 22,893 | 28,047 | 38 | 2005 | Dec. 2020 |
40 yrs.
|
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Industrial facilities in Bethlehem, PA and Waco, TX | — | 4,673 | 19,111 | — | — | 4,673 | 19,111 | 23,784 | 29 | Various | Dec. 2020 |
40 yrs.
|
W. P. Carey 2020 10-K – 133
|
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 St. Charles, MO and Green Bay, WI | — | 2,966 | 20,055 | — | — | 2,966 | 20,055 | 23,021 | 19 | 1981; 2009 | Dec. 2020 |
40 yrs.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial facilities in Pleasanton, KS; Savage, MN; Grove City, OH; and Mahanoy City, PA | — | 7,717 | 21,569 | — | — | 7,717 | 21,569 | 23,021 | — | Various | Dec. 2020 |
40 yrs.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 1,102,833 | $ | 2,120,413 | $ | 8,148,975 | $ | 709,829 | $ | (242,465) | $ | 2,012,688 | $ | 8,724,064 | $ | 10,736,752 | $ | 1,206,912 |
W. P. Carey 2020 10-K – 134
|
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 | $ | — | $ | (4,117) | $ | 23,482 | 1978 | Jan. 1998 | ||||||||||||||||||||||||||||||||||||
Retail facility in Freehold, NJ | 7,523 | — | 17,067 | — | (327) | 16,740 | 2004 | Sep. 2012 | ||||||||||||||||||||||||||||||||||||||||||
Office facilities in Corpus Christi, Odessa, San Marcos, and Waco, TX | 1,899 | 2,089 | 14,211 | — | (1,127) | 15,173 | 1969; 1996; 2000 | Sep. 2012 | ||||||||||||||||||||||||||||||||||||||||||
Retail facilities located throughout Germany | — | 28,734 | 145,854 | 5,582 | (9,000) | 171,170 | Various | Sep. 2012 | ||||||||||||||||||||||||||||||||||||||||||
Warehouse facility in Brierley Hill, United Kingdom | — | 2,147 | 12,357 | — | (1,064) | 13,440 | 1996 | Sep. 2012 | ||||||||||||||||||||||||||||||||||||||||||
Industrial and warehouse facility in Mesquite, TX | 5,391 | 2,851 | 15,899 | — | (2,733) | 16,017 | 1972 | Sep. 2012 | ||||||||||||||||||||||||||||||||||||||||||
Industrial facility in Rochester, MN | 1,632 | 881 | 17,039 | — | (2,678) | 15,242 | 1997 | Sep. 2012 | ||||||||||||||||||||||||||||||||||||||||||
Office facility in Irvine, CA | 5,588 | — | 17,027 | — | (2,895) | 14,132 | 1981 | Sep. 2012 | ||||||||||||||||||||||||||||||||||||||||||
Retail facilities in El Paso and Fabens, TX | — | 4,777 | 17,823 | — | (69) | 22,531 | Various | Jan. 2014 | ||||||||||||||||||||||||||||||||||||||||||
Industrial facility in Dallas, TX | — | 3,190 | 10,010 | — | 104 | 13,304 | 1968 | Jan. 2014 | ||||||||||||||||||||||||||||||||||||||||||
Industrial facility in Eagan, MN | — | — | 11,548 | — | (442) | 11,106 | 1975 | Jan. 2014 | ||||||||||||||||||||||||||||||||||||||||||
Industrial facilities in Albemarle and Old Fort, NC and Holmesville, OH | — | 6,542 | 20,668 | 5,317 | (7,851) | 24,676 | 1955; 1966; 1970 | Jan. 2014 | ||||||||||||||||||||||||||||||||||||||||||
Retail facility in Gronau, Germany | — | 281 | 4,401 | — | (461) | 4,221 | 1989 | Jan. 2014 | ||||||||||||||||||||||||||||||||||||||||||
Industrial and warehouse facility in Newbridge, United Kingdom | 9,900 | 6,851 | 22,868 | — | (6,941) | 22,778 | 1998 | Jan. 2014 | ||||||||||||||||||||||||||||||||||||||||||
Industrial facility in Mount Carmel, IL | — | 135 | 3,265 | — | (197) | 3,203 | 1896 | Jan. 2014 | ||||||||||||||||||||||||||||||||||||||||||
Retail facility in Vantaa, Finland | — | 5,291 | 15,522 | — | (2,051) | 18,762 | 2004 | Jan. 2014 | ||||||||||||||||||||||||||||||||||||||||||
Retail facility in Linköping, Sweden | — | 1,484 | 9,402 | — | (2,239) | 8,647 | 2004 | Jan. 2014 | ||||||||||||||||||||||||||||||||||||||||||
Industrial facility in Calgary, Canada | — | — | 7,076 | — | (863) | 6,213 | 1965 | Jan. 2014 | ||||||||||||||||||||||||||||||||||||||||||
Industrial facilities in Kearney, MO; Fair Bluff, NC; York, NE; Walbridge, OH; Middlesex Township, PA; Rocky Mount, VA; and Martinsburg, WV | 5,618 | 5,780 | 40,860 | — | (467) | 46,173 | Various | Jan. 2014 | ||||||||||||||||||||||||||||||||||||||||||
Industrial facility in Monheim, Germany | — | 2,939 | 7,379 | — | (1,529) | 8,789 | 1992 | Jan. 2014 | ||||||||||||||||||||||||||||||||||||||||||
Industrial facility in Göppingen, Germany | — | 10,717 | 60,120 | — | (10,747) | 60,090 | 1930 | Jan. 2014 | ||||||||||||||||||||||||||||||||||||||||||
Industrial and office facility in Nagold, Germany | — | 4,553 | 17,675 | — | 1,713 | 23,941 | 1994 | Oct. 2018 | ||||||||||||||||||||||||||||||||||||||||||
Warehouse facilities in Bristol, Leeds, Liverpool, Luton, Newport, Plymouth, and Southampton, United Kingdom | — | 1,062 | 23,087 | — | 1,298 | 25,447 | Various | Oct. 2018 | ||||||||||||||||||||||||||||||||||||||||||
Warehouse facility in Gieten, Netherlands | — | — | 15,258 | — | 1,131 | 16,389 | 1985 | Oct. 2018 | ||||||||||||||||||||||||||||||||||||||||||
Warehouse facility in Oxnard, CA | — | — | 10,960 | — | (622) | 10,338 | 1975 | Oct. 2018 | ||||||||||||||||||||||||||||||||||||||||||
Industrial facilities in Bartow, FL; Momence, IL; Smithfield, NC; Hudson, NY; and Ardmore, OK | — | 4,454 | 87,030 | — | 1,881 | 93,365 | Various | Oct. 2018 | ||||||||||||||||||||||||||||||||||||||||||
Industrial facility in Countryside, IL | — | 563 | 1,457 | — | 26 | 2,046 | 1981 | Oct. 2018 | ||||||||||||||||||||||||||||||||||||||||||
Industrial facility in Clarksville, TN | 3,464 | 1,680 | 10,180 | — | (33) | 11,827 | 1998 | Oct. 2018 | ||||||||||||||||||||||||||||||||||||||||||
Industrial facility in Bluffton, IN | 1,706 | 503 | 3,407 | — | (21) | 3,889 | 1975 | Oct. 2018 | ||||||||||||||||||||||||||||||||||||||||||
Warehouse facility in Houston, TX | — | — | 5,977 | — | (61) | 5,916 | 1972 | Oct. 2018 | ||||||||||||||||||||||||||||||||||||||||||
Less: allowance for credit losses | (17,073) | (17,073) | ||||||||||||||||||||||||||||||||||||||||||||||||
$ | 42,721 | $ | 97,504 | $ | 673,026 | $ | 10,899 | $ | (69,455) | $ | 711,974 |
W. P. Carey 2020 10-K – 135
|
W. P. Carey 2020 10-K – 136
|
Reconciliation of Land, Buildings and Improvements Subject to Operating Leases | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Beginning balance | $ | 9,703,504 | $ | 8,717,612 | $ | 5,334,446 | |||||||||||
Acquisitions | 555,032 | 610,381 | 734,963 | ||||||||||||||
Foreign currency translation adjustment | 290,559 | (37,032) | (88,715) | ||||||||||||||
Reclassification from direct financing lease | 183,789 | 76,934 | 15,998 | ||||||||||||||
Reclassification from real estate under construction | 176,211 | 122,519 | 86,784 | ||||||||||||||
Dispositions | (167,671) | (90,488) | (296,543) | ||||||||||||||
Capital improvements | 35,722 | 18,860 | 25,727 | ||||||||||||||
Impairment charges | (26,343) | (1,345) | (3,030) | ||||||||||||||
Reclassification to assets held for sale | (14,051) | — | — | ||||||||||||||
Reclassification from operating properties | — | 291,750 | — | ||||||||||||||
CPA:17 Merger measurement period adjustments | — | (5,687) | — | ||||||||||||||
Acquisitions through CPA:17 Merger | — | — | 2,907,982 | ||||||||||||||
Ending balance | $ | 10,736,752 | $ | 9,703,504 | $ | 8,717,612 |
Reconciliation of Accumulated Depreciation for
Land, Buildings and Improvements Subject to Operating Leases |
|||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Beginning balance | $ | 950,452 | $ | 724,550 | $ | 613,543 | |||||||||||
Depreciation expense | 259,337 | 232,927 | 162,119 | ||||||||||||||
Dispositions | (24,786) | (6,109) | (41,338) | ||||||||||||||
Foreign currency translation adjustment | 24,764 | (916) | (9,774) | ||||||||||||||
Reclassification to assets held for sale | (2,855) | — | — | ||||||||||||||
Ending balance | $ | 1,206,912 | $ | 950,452 | $ | 724,550 |
Reconciliation of Land, Buildings and Improvements Attributable to Operating Properties | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Beginning balance | $ | 83,083 | $ | 466,050 | $ | 83,047 | |||||||||||
Capital improvements | 393 | 1,853 | 3,080 | ||||||||||||||
Reclassification to operating leases | — | (291,750) | — | ||||||||||||||
Reclassification to assets held for sale | — | (94,078) | — | ||||||||||||||
Reclassification from real estate under construction | — | 1,008 | — | ||||||||||||||
Acquisitions through CPA:17 Merger | — | — | 423,530 | ||||||||||||||
Dispositions | — | — | (43,607) | ||||||||||||||
Ending balance | $ | 83,476 | $ | 83,083 | $ | 466,050 |
Reconciliation of Accumulated Depreciation for
Land, Buildings and Improvements Attributable to Operating Properties |
|||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Beginning balance | $ | 11,241 | $ | 10,234 | $ | 16,419 | |||||||||||
Depreciation expense | 2,763 | 2,553 | 4,240 | ||||||||||||||
Reclassification to assets held for sale | — | (1,546) | — | ||||||||||||||
Dispositions | — | — | (10,425) | ||||||||||||||
Ending balance | $ | 14,004 | $ | 11,241 | $ | 10,234 |
W. P. Carey 2020 10-K – 137
|
Interest Rate | Final Maturity Date | Carrying Amount | ||||||||||||||||||
Description | ||||||||||||||||||||
Financing agreement — retail facility | 7.5 | % | Mar. 2025 | $ | 12,893 | |||||||||||||||
Financing agreement — observation wheel | 7.5 | % |
Jan. 2021 (a)
|
11,250 | ||||||||||||||||
$ | 24,143 |
W. P. Carey 2020 10-K – 138
|
W. P. Carey 2020 10-K – 139
|
W. P. Carey 2020 10-K – 140
|
Exhibit
No. |
Description | Method of Filing | ||||||||||||
3.1 | Articles of Amendment and Restatement |
Incorporated by reference to Exhibit 3.1 to Current Report on Form 8-K filed June 16, 2017
|
||||||||||||
3.2 | Fifth Amended and Restated Bylaws of W. P. Carey Inc. |
Incorporated by reference to Exhibit 3.2 to Current Report on Form 8-K filed June 16, 2017
|
||||||||||||
4.1 | Form of Common Stock Certificate |
Incorporated by reference to Exhibit 4.1 to Annual Report on Form 10-K for the year ended December 31, 2012 filed February 26, 2013
|
||||||||||||
4.2 | Indenture, dated as of March 14, 2014, by and between W. P. Carey Inc., as issuer and U.S. Bank National Association, as trustee |
Incorporated by reference to Exhibit 4.1 to Current Report on Form 8-K filed March 14, 2014
|
||||||||||||
4.3 | First Supplemental Indenture, dated as of March 14, 2014, by and between W. P. Carey Inc., as issuer, and U.S. Bank National Association, as trustee |
Incorporated by reference to Exhibit 4.2 to Current Report on Form 8-K filed March 14, 2014
|
||||||||||||
4.4 | Form of Global Note Representing $500,000,000 Aggregate Principal Amount of 4.60% Senior Notes due 2024 |
Incorporated by reference to Exhibit 4.3 to Current Report on Form 8-K filed March 14, 2014
|
||||||||||||
4.5 | Second Supplemental Indenture, dated as of January 21, 2015, by and between W. P. Carey Inc., as issuer, and U.S. Bank National Association, as trustee |
Incorporated by reference to Exhibit 4.2 to Current Report on Form 8-K filed January 21, 2015
|
||||||||||||
4.6 | Form of Note representing €500 Million Aggregate Principal Amount of 2.000% Senior Notes due 2023 |
Incorporated by reference to Exhibit 4.3 to Current Report on Form 8-K filed January 21, 2015
|
||||||||||||
4.7 | Third Supplemental Indenture, dated January 26, 2015, by and between W. P. Carey Inc., as issuer, and U.S. Bank National Association, as trustee |
Incorporated by reference to Exhibit 4.2 to Current Report on Form 8-K filed January 26, 2015
|
||||||||||||
4.8 | Form of Note representing $450 Million Aggregate Principal Amount of 4.000% Senior Notes due 2025 |
Incorporated by reference to Exhibit 4.3 to Current Report on Form 8-K filed January 26, 2015
|
||||||||||||
4.9 | Fourth Supplemental Indenture, dated as of September 12, 2016, by and between W. P. Carey Inc., as issuer, and U.S. Bank National Association, as trustee |
Incorporated by reference to Exhibit 4.2 to Current Report on Form 8-K filed September 12, 2016
|
||||||||||||
4.10 | Form of Note representing $350 Million Aggregate Principal Amount of 4.250% Senior Notes due 2026 |
Incorporated by reference to Exhibit 4.3 to Current Report on Form 8-K filed September 12, 2016
|
W. P. Carey 2020 10-K – 141
|
Exhibit
No. |
Description | Method of Filing | ||||||||||||
4.11 | Indenture, dated as of November 8, 2016, by and among WPC Eurobond B.V., as issuer, W. P. Carey Inc., as guarantor, and U.S. Bank National Association, as trustee |
Incorporated by reference to Exhibit 4.3 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 |
Incorporated by reference to Exhibit 4.22 to Annual Report on Form 10-K for the year ended December 31, 2019 filed February 21, 2020
|
||||||||||||
4.23 | Sixth Supplemental Indenture, dated October 14, 2020, 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 October 14, 2020
|
||||||||||||
4.24 | Form of 2.400% Senior Notes due 2031 |
Incorporated by reference to Exhibit 4.3 to Current Report on Form 8-K filed October 14, 2020
|
||||||||||||
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
|
W. P. Carey 2020 10-K – 142
|
Exhibit
No. |
Description | Method of Filing | ||||||||||||
10.2 | W. P. Carey Inc. (formerly W. P. Carey & Co. LLC) Long-Term Incentive Program as amended and restated effective as of September 28, 2012 * |
Incorporated by reference to Exhibit 10.3 to Annual Report on Form 10-K for the year ended December 31, 2012 filed February 26, 2013
|
||||||||||||
10.3 | W. P. Carey Inc. Amended and Restated Deferred Compensation Plan for Employees * |
Incorporated by reference to Exhibit 10.4 to Annual Report on Form 10-K for the year ended December 31, 2012 filed February 26, 2013
|
||||||||||||
10.4 | Amended and Restated W. P. Carey Inc. 2009 Share Incentive Plan * |
Incorporated by reference to Appendix A of Schedule 14A filed April 30, 2013
|
||||||||||||
10.5 | 2017 Annual Incentive Compensation Plan |
Incorporated by reference to Exhibit A of Schedule 14A filed April 11, 2017
|
||||||||||||
10.6 | 2017 Share Incentive Plan |
Incorporated by reference to Exhibit B of Schedule 14A filed April 11, 2017
|
||||||||||||
10.7 | Form of Share Option Agreement under the 2017 Share Incentive Plan |
Incorporated by reference to Exhibit 4.9 to Registration Statement on Form S-8 filed June 27, 2017
|
||||||||||||
10.8 | Form of Restricted Share Agreement under the 2017 Share Incentive Plan |
Incorporated by reference to Exhibit 4.7 to Registration Statement on Form S-8 filed June 27, 2017
|
||||||||||||
10.9 | Form of Restricted Share Unit Agreement under the 2017 Share Incentive Plan |
Incorporated by reference to Exhibit 4.8 to Registration Statement on Form S-8 filed June 27, 2017
|
||||||||||||
10.10 | Form of Long-Term Performance Share Unit Award Agreement pursuant to the W. P. Carey Inc. 2017 Share Incentive Plan |
Incorporated by reference to Exhibit 4.6 to Registration Statement on Form S-8 filed June 27, 2017
|
||||||||||||
10.11 | Form of Non-Employee Director Restricted Share Agreement under the 2017 Share Incentive Plan |
Incorporated by reference to Exhibit 4.5 to Registration Statement on Form S-8, filed 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 | 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
|
||||||||||||
10.14 | 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
|
||||||||||||
10.15 | 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
|
W. P. Carey 2020 10-K – 143
|
Exhibit
No. |
Description | Method of Filing | ||||||||||||
10.16 | 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
|
||||||||||||
10.17 | 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
|
||||||||||||
10.18 | 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
|
||||||||||||
10.19 | 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
|
||||||||||||
10.20 | 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
|
||||||||||||
10.21 | 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
|
||||||||||||
10.22 | 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
|
||||||||||||
10.23 | Forward Confirmation, dated June 17, 2020, by and among W. P. Carey Inc. and J.P. Morgan Chase Bank, National Association |
Incorporated by reference to Exhibit 1.2 to Current Report on Form 8-K filed June 22, 2020
|
||||||||||||
10.24 | Forward Confirmation, dated June 17, 2020, by and among W. P. Carey Inc. and Bank of America, N.A. |
Incorporated by reference to Exhibit 1.3 to Current Report on Form 8-K filed June 22, 2020
|
||||||||||||
10.25 | Forward Confirmation, dated June 18, 2020, by and among W. P. Carey Inc. and J.P. Morgan Chase Bank, National Association |
Incorporated by reference to Exhibit 1.4 to Current Report on Form 8-K filed June 22, 2020
|
W. P. Carey 2020 10-K – 144
|
Exhibit
No. |
Description | Method of Filing | ||||||||||||
10.26 | Forward Confirmation, dated June 18, 2020, by and among W. P. Carey Inc. and Bank of America, N.A. |
Incorporated by reference to Exhibit 1.5 to Current Report on Form 8-K filed June 22, 2020
|
||||||||||||
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 | ||||||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | Filed herewith | ||||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | Filed herewith |
W. P. Carey 2020 10-K – 145
|
W. P. Carey 2020 10-K – 146
|
W. P. Carey Inc. | |||||||||||
Date: | February 12, 2021 | By: | /s/ ToniAnn Sanzone | ||||||||
ToniAnn Sanzone | |||||||||||
Chief Financial Officer |
Signature | Title | Date | ||||||||||||
/s/ Jason E. Fox | Director and Chief Executive Officer | February 12, 2021 | ||||||||||||
Jason E. Fox | (Principal Executive Officer) | |||||||||||||
/s/ ToniAnn Sanzone | Chief Financial Officer | February 12, 2021 | ||||||||||||
ToniAnn Sanzone | (Principal Financial Officer) | |||||||||||||
/s/ Arjun Mahalingam | Chief Accounting Officer | February 12, 2021 | ||||||||||||
Arjun Mahalingam | (Principal Accounting Officer) | |||||||||||||
/s/ Christopher J. Niehaus | Chairman of the Board and Director | February 12, 2021 | ||||||||||||
Christopher J. Niehaus | ||||||||||||||
/s/ Mark A. Alexander | Director | February 12, 2021 | ||||||||||||
Mark A. Alexander | ||||||||||||||
/s/ Tonit M. Calaway | Director | February 12, 2021 | ||||||||||||
Tonit M. Calaway | ||||||||||||||
/s/ Peter J. Farrell | Director | February 12, 2021 | ||||||||||||
Peter J. Farrell | ||||||||||||||
/s/ Robert J. Flanagan | Director | February 12, 2021 | ||||||||||||
Robert J. Flanagan | ||||||||||||||
/s/ Axel K. A. Hansing | Director | February 12, 2021 | ||||||||||||
Axel K. A. Hansing | ||||||||||||||
/s/ Jean Hoysradt | Director | February 12, 2021 | ||||||||||||
Jean Hoysradt | ||||||||||||||
/s/ Margaret G. Lewis | Director | February 12, 2021 | ||||||||||||
Margaret G. Lewis | ||||||||||||||
/s/ Nicolaas J. M. van Ommen | Director | February 12, 2021 | ||||||||||||
Nicolaas J. M. van Ommen |
W. P. Carey 2020 10-K – 147
|
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 | |||||||||||||
4.23 | Sixth Supplemental Indenture, dated October 14, 2020, by and between W. P. Carey Inc., as issuer, and U.S. Bank National Association, as trustee | |||||||||||||
4.24 | Form of 2.400% Senior Notes due 2031 | |||||||||||||
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 * |
Exhibit
No. |
Description | Method of Filing | ||||||||||||
10.3 | W. P. Carey Inc. Amended and Restated Deferred Compensation Plan for Employees * | |||||||||||||
10.4 | Amended and Restated W. P. Carey Inc. 2009 Share Incentive Plan * | |||||||||||||
10.5 | 2017 Annual Incentive Compensation Plan | |||||||||||||
10.6 | 2017 Share Incentive Plan | |||||||||||||
10.7 | Form of Share Option Agreement under the 2017 Share Incentive Plan | |||||||||||||
10.8 | Form of Restricted Share Agreement under the 2017 Share Incentive Plan | |||||||||||||
10.9 | Form of Restricted Share Unit Agreement under the 2017 Share Incentive Plan | |||||||||||||
10.10 | Form of Long-Term Performance Share Unit Award Agreement pursuant to the W. P. Carey Inc. 2017 Share Incentive Plan | |||||||||||||
10.11 | Form of Non-Employee Director Restricted Share Agreement under the 2017 Share Incentive Plan | |||||||||||||
10.12 |
W. P. Carey Inc. 2009 Non-Employee Directors’ Incentive Plan *
|
|||||||||||||
10.13 | 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. | |||||||||||||
10.14 | 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. | |||||||||||||
10.15 | 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. | |||||||||||||
10.16 | 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 |
Exhibit
No. |
Description | Method of Filing | ||||||||||||
10.17 | 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 | |||||||||||||
10.18 | 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 | |||||||||||||
10.19 | 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 | |||||||||||||
10.20 | 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 | |||||||||||||
10.21 | 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 | |||||||||||||
10.22 | Transition Services Agreement dated as of October 22, 2019, by and between W. P. Carey Inc. and Carey Watermark Investors 2 Incorporated | |||||||||||||
10.23 | Forward Confirmation, dated June 17, 2020, by and among W. P. Carey Inc. and J.P. Morgan Chase Bank, National Association | |||||||||||||
10.24 | Forward Confirmation, dated June 17, 2020, by and among W. P. Carey Inc. and Bank of America, N.A. | |||||||||||||
10.25 | Forward Confirmation, dated June 18, 2020, by and among W. P. Carey Inc. and J.P. Morgan Chase Bank, National Association | |||||||||||||
10.26 | Forward Confirmation, dated June 18, 2020, by and among W. P. Carey Inc. and Bank of America, N.A. | |||||||||||||
18.1 | Preferability letter of Independent Registered Public Accounting Firm |
Exhibit
No. |
Description | Method of Filing | ||||||||||||
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 |
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 | % | Lithunia | |||||||||||
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 | |||||||||||
BG Terminal Investor II LP | 100 | % | Delaware | |||||||||||
BG Terminal Investor II TRS LLC | 100 | % | Delaware | |||||||||||
Bill-GP (TX) QRS 14-56, Inc. | 100 | % | Delaware | |||||||||||
Bill-MC 14 LP | 90 | % | Delaware | |||||||||||
BM-LP (TX) QRS 14-57, Inc. | 100 | % | Delaware | |||||||||||
BMOC-HOU GP Holder (TX) LLC | 100 | % | Delaware | |||||||||||
BMOC-HOU (TX) LP | 100 | % | Delaware | |||||||||||
BMOC-MIA (FL) LLC | 100 | % | Delaware | |||||||||||
BMOC-ORL (FL) LLC | 100 | % | Delaware | |||||||||||
BN (MA) QRS 11-58, Inc. | 100 | % | Delaware | |||||||||||
BOBS (CT) QRS 16-25, Inc. | 100 | % | Delaware | |||||||||||
Bohr Bolt (OH) LLC | 100 | % | Delaware | |||||||||||
Bohr Bolt II (OH) LLC | 100 | % | Delaware | |||||||||||
Bolder (CO) QRS 11-44, Inc. | 100 | % | Delaware | |||||||||||
Bolt (DE) Limited Partnership | 100 | % | Delaware |
Name of Subsidiary | Ownership | State or Country of Incorporation | ||||||||||||
Bolt (DE) QRS 15-26, Inc. | 100 | % | Delaware | |||||||||||
Bolt (DE) Trust | 100 | % | Maryland | |||||||||||
Bone (DE) LLC | 100 | % | Delaware | |||||||||||
Bone (DE) QRS 15-12, Inc. | 100 | % | Delaware | |||||||||||
Bone Manager, Inc. | 100 | % | Delaware | |||||||||||
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 |
Name of Subsidiary | Ownership | State or Country of Incorporation | ||||||||||||
Carey Asset Management Corp. | 100 | % | Delaware | |||||||||||
Carey Asset Management Dallas LLC | 100 | % | Delaware | |||||||||||
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 | |||||||||||
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 | |||||||||||
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 SRL | 100 | % | Belgium | |||||||||||
Dfence (Belgium) 16 SRL | 100 | % | Belgium | |||||||||||
Dfend 15 LLC | 100 | % | Delaware | |||||||||||
Dfend 16 LLC | 100 | % | Delaware | |||||||||||
DIFUSÃO – SOCIEDADE IMOBILIÁRIA S.A. | 100 | % | Portugal |
Name of Subsidiary | Ownership | State or Country of Incorporation | ||||||||||||
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 | |||||||||||
DYNAMITE (MULTI) 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 | |||||||||||
FIRED UP (IL) LLC | 100 | % | Delaware | |||||||||||
FIS (MI) LLC | 100 | % | Delaware | |||||||||||
Fit (CO) QRS 15-59, Inc. | 100 | % | Delaware | |||||||||||
Fit (TX) GP QRS 12-60, Inc. | 100 | % | Delaware | |||||||||||
Fit (TX) LP | 100 | % | Delaware | |||||||||||
Fit (TX) Trust | 100 | % | Maryland | |||||||||||
Fit (UT) QRS 14-92, Inc. | 100 | % | Delaware | |||||||||||
Flagland Spain, S.L. | 100 | % | Spain | |||||||||||
Flan 1 (IL) LLC | 100 | % | Delaware |
Name of Subsidiary | Ownership | State or Country of Incorporation | ||||||||||||
Flan 4 (Multi) LLC | 100 | % | Delaware | |||||||||||
Flan Hud (NY) LLC | 100 | % | Delaware | |||||||||||
Flatlands Self Storage NYC Mezz, LLC | 100 | % | Delaware | |||||||||||
Flatlands Self Storage NYC, LLC | 100 | % | Delaware | |||||||||||
Flavortown (IL) LLC | 100 | % | Delaware | |||||||||||
Flex (NE) LLC | 100 | % | Delaware | |||||||||||
Flex Member (NE) LLC | 100 | % | Delaware | |||||||||||
Flipper (FL) LLC | 100 | % | Delaware | |||||||||||
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 |
Name of Subsidiary | Ownership | State or Country of Incorporation | ||||||||||||
GRC-II (TX) Trust | 100 | % | Maryland | |||||||||||
Greens (Finland) QRS 16-14, Inc. | 100 | % | Delaware | |||||||||||
Greens Shareholder (Finland) QRS 16-16, Inc. | 100 | % | Delaware | |||||||||||
Guitar Mass (TN) QRS 14-36, Inc. | 100 | % | Delaware | |||||||||||
Guitar Plus (TN) QRS 14-37, Inc. | 100 | % | Delaware | |||||||||||
H2 17 Investor (GER) LLC | 100 | % | Delaware | |||||||||||
H2 Investor (GER) QRS 14-104 LLC | 100 | % | Delaware | |||||||||||
H2 Investor (GER) QRS 15-91, Inc. | 100 | % | Delaware | |||||||||||
H2 Investor (GER) QRS 16-100, Inc. | 100 | % | Delaware | |||||||||||
Hammer (DE) Limited Partnership | 100 | % | Delaware | |||||||||||
Hammer (DE) LP QRS 12-65, Inc. | 100 | % | Delaware | |||||||||||
Hammer (DE) LP QRS 14-100, Inc. | 100 | % | Delaware | |||||||||||
Hammer (DE) LP QRS 15-33, Inc. | 100 | % | Delaware | |||||||||||
Hammer (DE) QRS 15-32, Inc. | 100 | % | Delaware | |||||||||||
Hammer (DE) Trust | 100 | % | Maryland | |||||||||||
Hammer Time (TX) LLX | 100 | % | Delaware | |||||||||||
Hammer Time Owner (TX) LP | 100 | % | Delaware | |||||||||||
Hans Gruber Godo Kaisha | 100 | % | Japan | |||||||||||
HCF GP (CA) LLC | 100 | % | Delaware | |||||||||||
HCF Landlord (CA) LP | 100 | % | Delaware | |||||||||||
Health Landlord (MN) LLC | 100 | % | Delaware | |||||||||||
HEF (NC-SC) QRS 14-86, Inc. | 100 | % | Delaware | |||||||||||
Hellweg GmbH & Co. Vermögensverwaltungs KG | 100 | % | Germany | |||||||||||
Hesperia Storage 17 (CA) LLC | 100 | % | Delaware | |||||||||||
HF Landlord (SC) LLC | 100 | % | Delaware | |||||||||||
HF Member (SC) LLC | 100 | % | Delaware | |||||||||||
HF Three Landlord (SC) LLC | 100 | % | Delaware | |||||||||||
HF Two Landlord (SC) LLC | 100 | % | Delaware | |||||||||||
HLWG B Note Purchaser (DE) LLC | 100 | % | Delaware | |||||||||||
HLWG Two (GER) LLC | 100 | % | Delaware | |||||||||||
HM Benefits (MI) QRS 16-18, Inc. | 100 | % | Delaware | |||||||||||
HNGS AUTO (MI) LLC | 100 | % | Delaware | |||||||||||
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 | |||||||||||
House Money (Multi) LLC | 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 |
Name of Subsidiary | Ownership | State or Country of Incorporation | ||||||||||||
ICG (TX) Limited Partnership | 100 | % | Delaware | |||||||||||
ICG-GP (TX) QRS 15-3, Inc. | 100 | % | Delaware | |||||||||||
ICG-LP (TX) Trust | 100 | % | Maryland | |||||||||||
ID Wheel (FL) LLC | 100 | % | Delaware | |||||||||||
IDrive Mezz Lender (FL) LLC | 100 | % | Delaware | |||||||||||
Ijobbers (DE) QRS 14-41, Inc. | 100 | % | Delaware | |||||||||||
Ijobbers LLC | 100 | % | Delaware | |||||||||||
Image (NY) QRS 16-67, Inc. | 100 | % | Delaware | |||||||||||
Industrial Center 7 Sp. z o.o | 100 | % | Poland | |||||||||||
INGESCORP 2008, Sociedad Limitada | 100 | % | Spain | |||||||||||
Initiator (CA) QRS 14-62, Inc. | 100 | % | Delaware | |||||||||||
Inversiones Holmes, S.L. | 100 | % | Spain | |||||||||||
Jamaica (IL) LLC | 100 | % | Delaware | |||||||||||
Jamesinvest SRL | 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 | |||||||||||
KNOT JUST A SNACK (MULTI) LLC | 100 | % | Delaware | |||||||||||
KRO (IL) LLC | 100 | % | Delaware | |||||||||||
KSM Cresskill (NJ) QRS 16-80, Inc. | 100 | % | Delaware | |||||||||||
KSM Livingston (NJ) QRS 16-76, INC. | 100 | % | Delaware | |||||||||||
KSM Maplewood (NJ) QRS 16-77, INC. | 100 | % | Delaware | |||||||||||
KSM Montclair (NJ) QRS 16-78, INC. | 100 | % | Delaware | |||||||||||
KSM Morristown (NJ) QRS 16-79, INC. | 100 | % | Delaware | |||||||||||
KSM Summit (NJ) QRS 16-75, Inc. | 100 | % | Delaware | |||||||||||
Labels-Ben (DE) QRS 16-28, Inc. | 100 | % | Delaware | |||||||||||
Labrador (AZ) LP | 100 | % | Delaware | |||||||||||
Lake Street Storage 17 (HI) LLC | 100 | % | Delaware | |||||||||||
Laurken (IL) LLC | 100 | % | Delaware | |||||||||||
Leather (DE) QRS 14-72, Inc. | 100 | % | Delaware | |||||||||||
Lei (GER) QRS 16-134 LLC | 100 | % | Delaware | |||||||||||
Lewisville Dealer 17 (TX) LLC | 100 | % | Delaware | |||||||||||
Lincoln (DE) LP | 100 | % | Delaware | |||||||||||
Linden (GER) LLC | 100 | % | Delaware | |||||||||||
Longboom (Finland) QRS 16-131, Inc. | 100 | % | Delaware | |||||||||||
Longboom Finance (Finland) QRS 16-130, Inc. | 100 | % | Delaware | |||||||||||
Loznica d.o.o | 100 | % | Croatia | |||||||||||
LPD (CT) QRS 16-132, Inc. | 100 | % | Delaware |
Name of Subsidiary | Ownership | State or Country of Incorporation | ||||||||||||
LPORT (WA-TX) QRS 16-92, Inc. | 100 | % | Delaware | |||||||||||
LPORT 2 (WA) QRS 16-147, Inc. | 100 | % | Delaware | |||||||||||
LT Fit (AZ-MD) LLC | 100 | % | Delaware | |||||||||||
LTI (DE) QRS 14-81, Inc. | 100 | % | Delaware | |||||||||||
LTI Trust (MD) | 100 | % | Maryland | |||||||||||
Madde Investment Sp. z o.o. | 100 | % | Poland | |||||||||||
Madison Storage NYC, LLC | 100 | % | Delaware | |||||||||||
Mag-Info (SC) QRS 16-74, Inc. | 100 | % | Delaware | |||||||||||
Mallika PBJ LLC | 100 | % | Delaware | |||||||||||
Mapi Invest SPRL | 100 | % | Belgium | |||||||||||
Mapinvest Delaware LLC | 100 | % | Delaware | |||||||||||
Marcourt Investments Incorporated | 100 | % | Maryland | |||||||||||
Master (DE) QRS 15-71, Inc. | 100 | % | Delaware | |||||||||||
Mauritius International I LLC | 100 | % | Delaware | |||||||||||
MBM-Beef (DE) QRS 15-18, Inc. | 100 | % | Delaware | |||||||||||
MCM 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 |
Name of Subsidiary | Ownership | State or Country of Incorporation | ||||||||||||
More Applied Utah (UT) LLC | 100 | % | Delaware | |||||||||||
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 | |||||||||||
Mustek Rank S.L. | 100 | % | Spain | |||||||||||
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 | |||||||||||
Namesti Rank S.L. | 100 | % | Spain | |||||||||||
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 | |||||||||||
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 | |||||||||||
PERFECT STORM (UT) LLC | 100 | % | Delaware | |||||||||||
Pet (TX) GP QRS 11-62, INC. | 100 | % | Delaware | |||||||||||
Pet (TX) LP | 100 | % | Delaware |
Name of Subsidiary | Ownership | State or Country of Incorporation | ||||||||||||
Pet (TX) Trust | 100 | % | Maryland | |||||||||||
Pewaukee Development, LLC | 100 | % | Wisconsin | |||||||||||
PG (Multi-16) L.P. | 100 | % | Delaware | |||||||||||
PG (Multi-16) QRS 16-7, Inc. | 100 | % | Delaware | |||||||||||
PG (Multi-16) Trust | 100 | % | Maryland | |||||||||||
PG-Ben (CAN) QRS 16-9, Inc. | 100 | % | Delaware | |||||||||||
PG-Nom Alberta, Inc. | 100 | % | Canada | |||||||||||
Pipe Portfolio GP LLC | 100 | % | Delaware | |||||||||||
Pipe Portfolio Owner (Multi) LP | 100 | % | Delaware | |||||||||||
Pipes (UK) QRS 16-59, Inc. | 100 | % | Delaware | |||||||||||
Plants (Sweden) QRS 16-13, Inc. | 100 | % | Delaware | |||||||||||
Plants Shareholder (Sweden) QRS 16-15, Inc. | 100 | % | Delaware | |||||||||||
Plastic (DE) Limited Partnership | 100 | % | Delaware | |||||||||||
Plastic (DE) QRS 15-56, Inc. | 100 | % | Delaware | |||||||||||
Plastic (DE) Trust | 100 | % | Maryland | |||||||||||
Plastic II (IL) LLC | 100 | % | Delaware | |||||||||||
Plastic II (IL) QRS 16-27, Inc. | 100 | % | Delaware | |||||||||||
Plastix (WI) LLC | 100 | % | Delaware | |||||||||||
Plates (DE) QRS 14-63, Inc. | 100 | % | Delaware | |||||||||||
Pliers (DE) Trust | 100 | % | Maryland | |||||||||||
Plum (DE) QRS 15-67, Inc. | 100 | % | Delaware | |||||||||||
Pol (NC) QRS 15-25, Inc. | 100 | % | Delaware | |||||||||||
Pol-Beaver LLC | 100 | % | Delaware | |||||||||||
Pold (GER) QRS 16-133 LLC | 100 | % | Delaware | |||||||||||
Pole Landlord (LA-TX) LLC | 100 | % | Delaware | |||||||||||
Polkinvest Sprl | 100 | % | Belgium | |||||||||||
Poly (Multi) Limited Partnership | 100 | % | Delaware | |||||||||||
Poly GP (Multi) QRS 16-35, Inc. | 100 | % | Delaware | |||||||||||
Poly LP (MD) Trust | 100 | % | Maryland | |||||||||||
Popcorn (TX) QRS 14-43, Inc. | 100 | % | Delaware | |||||||||||
Ports (Finland) LLC | 100 | % | Delaware | |||||||||||
Ports (Finland) QRS 16-63, Inc. | 100 | % | Delaware | |||||||||||
PRA (OH) LLC | 100 | % | Delaware | |||||||||||
Primo (MS) QRS 16-94, Inc. | 100 | % | Delaware | |||||||||||
Print (WI) QRS 12-40, Inc. | 100 | % | Wisconsin | |||||||||||
Projector (FL) QRS 14-45, Inc. | 100 | % | Delaware | |||||||||||
Provo (UT) QRS 16-85, Inc. | 100 | % | Delaware | |||||||||||
Pump (MO) QRS 14-52, Inc. | 100 | % | Delaware | |||||||||||
PWE (Multi) QRS 14-85, Inc. | 100 | % | Delaware | |||||||||||
QRS 10-1 (ILL) Inc. | 100 | % | Illinois | |||||||||||
QRS 10-18 (FL), LLC | 100 | % | Delaware | |||||||||||
QRS 11-2 (AR), LLC | 100 | % | Delaware | |||||||||||
QS ARK (DE) QRS 15-38, Inc. | 100 | % | Delaware | |||||||||||
RACO (AZ) LLC | 100 | % | Delaware | |||||||||||
RACO TWO (AZ) LLC | 100 | % | Delaware |
Name of Subsidiary | Ownership | State or Country of Incorporation | ||||||||||||
Rails (UK) QRS 15-54, Inc. | 100 | % | Delaware | |||||||||||
Randolph/Clinton Limited Partnership | 100 | % | Delaware | |||||||||||
REIT Brickan AB | 100 | % | Sweden | |||||||||||
RI(CA) QRS 12-59, Inc. | 100 | % | Delaware | |||||||||||
RII (CA) QRS 15-2, Inc. | 100 | % | Delaware | |||||||||||
RRC (TX) GP QRS 12-61, Inc. | 100 | % | Delaware | |||||||||||
RRC (TX) LP | 100 | % | Delaware | |||||||||||
RRC (TX) Trust | 100 | % | Maryland | |||||||||||
RRD (IL) LLC | 100 | % | Delaware | |||||||||||
Rubbertex (TX) QRS 16-68, Inc. | 100 | % | Delaware | |||||||||||
Rush It LLC | 100 | % | Delaware | |||||||||||
SAB (IA) LLC | 100 | % | Delaware | |||||||||||
SALE-LEAFBACK (MN) 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 | |||||||||||
SM (NY) QRS 14-93, Inc. | 100 | % | Delaware | |||||||||||
SOUPER (NY) LLC | 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 |
Name of Subsidiary | Ownership | State or Country of Incorporation | ||||||||||||
Stor-Move UH 15 Business Trust | 100 | % | Massachusetts | |||||||||||
Stor-Move UH 16 Business Trust | 100 | % | Massachusetts | |||||||||||
Sun (SC) QRS 12-68, Inc. | 100 | % | Delaware | |||||||||||
Sun Two (SC) QRS 12-69, Inc. | 100 | % | Delaware | |||||||||||
Sunpro (KY) LLC | 100 | % | Delaware | |||||||||||
Suspension (DE) QRS 15-1, Inc. | 100 | % | Delaware | |||||||||||
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 | |||||||||||
TICKTOCK (TX-PA), LLC | 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 |
Name of Subsidiary | Ownership | State or Country of Incorporation | ||||||||||||
UK Panel LLC | 100 | % | Delaware | |||||||||||
Under Pressure (Multi) LLC | 100 | % | Delaware | |||||||||||
Uni-Tech (CA) QRS 15-64, Inc. | 100 | % | Delaware | |||||||||||
Uni-Tech (PA) QRS 15-51, Inc. | 100 | % | Delaware | |||||||||||
Uni-Tech (PA) QRS 15-63, Inc. | 100 | % | Delaware | |||||||||||
Uni-Tech (PA) Trust | 100 | % | Maryland | |||||||||||
Uni-Tech (PA), L.P. | 100 | % | Delaware | |||||||||||
URubber (TX) Limited Partnership | 100 | % | Delaware | |||||||||||
USO Landlord (TX) LLC | 100 | % | Delaware | |||||||||||
UTI-SAC (CA) QRS 16-34, Inc. | 100 | % | Delaware | |||||||||||
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 | |||||||||||
Wallers (Multi) LLC | 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 |
Name of Subsidiary | Ownership | State or Country of Incorporation | ||||||||||||
WPC 17 Green Sp. z o.o. | 100 | % | Poland | |||||||||||
WPC 17 Polk Sp. z o.o. | 100 | % | Poland | |||||||||||
WPC Adler 17-31 B.V. | 100 | % | Netherlands | |||||||||||
WPC Agro I 17-13 B.V. | 100 | % | Netherlands | |||||||||||
WPC Agro II 17-17 B.V. | 100 | % | Netherlands | |||||||||||
WPC Agro III 17-20 B.V. | 100 | % | Netherlands | |||||||||||
WPC Agro IV 17-22 B.V. | 100 | % | Netherlands | |||||||||||
WPC Agro V 17-32 B.V. | 100 | % | Netherlands | |||||||||||
WPC Agro 5 d.o.o. | 20 | % | Croatia | |||||||||||
WPC App 1 AS (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 REIT ADMIR 8 B.V. | 100 | % | Netherlands | |||||||||||
WPC REIT AXL 39 B.V. | 100 | % | Netherlands | |||||||||||
WPC REIT Cargo 4 B.V. | 100 | % | Netherlands |
Name of Subsidiary | Ownership | State or Country of Incorporation | ||||||||||||
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 | |||||||||||
Wrench (DE) QRS 15-31, Inc. | 100 | % | Delaware | |||||||||||
Wrench (DE) Trust | 100 | % | Maryland |
Name of Subsidiary | Ownership | State or Country of Incorporation | ||||||||||||
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 |