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 each 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 — FINANCIAL INFORMATION | ||||||||
Item 1. Financial Statements (Unaudited) | ||||||||
Item 4. Controls and Procedures
|
||||||||
PART II — OTHER INFORMATION | ||||||||
Item 6. Exhibits
|
||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
Assets | |||||||||||
Investments in real estate: | |||||||||||
Land, buildings and improvements | $ | 10,930,595 | $ | 10,939,619 | |||||||
Net investments in direct financing leases | 698,852 | 711,974 | |||||||||
In-place lease intangible assets and other | 2,295,863 | 2,301,174 | |||||||||
Above-market rent intangible assets | 868,242 | 881,159 | |||||||||
Investments in real estate | 14,793,552 | 14,833,926 | |||||||||
Accumulated depreciation and amortization | (2,572,091) | (2,490,087) | |||||||||
Assets held for sale, net | 14,983 | 18,590 | |||||||||
Net investments in real estate | 12,236,444 | 12,362,429 | |||||||||
Equity investments in the Managed Programs and real estate | 269,448 | 283,446 | |||||||||
Cash and cash equivalents | 229,153 | 248,662 | |||||||||
Due from affiliates | 4,027 | 26,257 | |||||||||
Other assets, net | 903,927 | 876,024 | |||||||||
Goodwill | 905,701 | 910,818 | |||||||||
Total assets (a)
|
$ | 14,548,700 | $ | 14,707,636 | |||||||
Liabilities and Equity | |||||||||||
Debt: | |||||||||||
Senior unsecured notes, net | $ | 5,451,520 | $ | 5,146,192 | |||||||
Unsecured term loans, net | 318,440 | 321,971 | |||||||||
Unsecured revolving credit facility | 21,751 | 82,281 | |||||||||
Non-recourse mortgages, net | 728,663 | 1,145,554 | |||||||||
Debt, net | 6,520,374 | 6,695,998 | |||||||||
Accounts payable, accrued expenses and other liabilities | 618,300 | 603,663 | |||||||||
Below-market rent and other intangible liabilities, net | 192,029 | 197,248 | |||||||||
Deferred income taxes | 138,973 | 145,844 | |||||||||
Dividends payable | 188,569 | 186,514 | |||||||||
Total liabilities (a)
|
7,658,245 | 7,829,267 | |||||||||
Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued
|
— | — | |||||||||
Common stock, $0.001 par value, 450,000,000 shares authorized; 177,520,962 and 175,401,757 shares, respectively, issued and outstanding
|
178 | 175 | |||||||||
Additional paid-in capital | 9,061,143 | 8,925,365 | |||||||||
Distributions in excess of accumulated earnings | (1,988,440) | (1,850,935) | |||||||||
Deferred compensation obligation | 49,815 | 42,014 | |||||||||
Accumulated other comprehensive loss | (233,889) | (239,906) | |||||||||
Total stockholders’ equity | 6,888,807 | 6,876,713 | |||||||||
Noncontrolling interests | 1,648 | 1,656 | |||||||||
Total equity | 6,890,455 | 6,878,369 | |||||||||
Total liabilities and equity | $ | 14,548,700 | $ | 14,707,636 | |||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Real Estate: | |||||||||||||||||||||||
Lease revenues | $ | 301,765 | $ | 282,110 | |||||||||||||||||||
Lease termination income and other | 2,227 | 6,509 | |||||||||||||||||||||
Operating property revenues | 2,179 | 5,967 | |||||||||||||||||||||
306,171 | 294,586 | ||||||||||||||||||||||
Investment Management: | |||||||||||||||||||||||
Asset management and other revenue | 3,954 | 10,383 | |||||||||||||||||||||
Reimbursable costs from affiliates | 1,041 | 4,030 | |||||||||||||||||||||
4,995 | 14,413 | ||||||||||||||||||||||
311,166 | 308,999 | ||||||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||
Depreciation and amortization | 110,322 | 116,194 | |||||||||||||||||||||
General and administrative | 22,083 | 20,745 | |||||||||||||||||||||
Reimbursable tenant costs | 15,758 | 13,175 | |||||||||||||||||||||
Property expenses, excluding reimbursable tenant costs | 10,883 | 10,075 | |||||||||||||||||||||
Stock-based compensation expense | 5,381 | 2,661 | |||||||||||||||||||||
Operating property expenses | 1,911 | 5,223 | |||||||||||||||||||||
Reimbursable costs from affiliates | 1,041 | 4,030 | |||||||||||||||||||||
Merger and other expenses | (476) | 187 | |||||||||||||||||||||
Impairment charges | — | 19,420 | |||||||||||||||||||||
Subadvisor fees | — | 1,277 | |||||||||||||||||||||
166,903 | 192,987 | ||||||||||||||||||||||
Other Income and Expenses | |||||||||||||||||||||||
Interest expense | (51,640) | (52,540) | |||||||||||||||||||||
Other gains and (losses) | (41,188) | (9,815) | |||||||||||||||||||||
Equity in losses of equity method investments in the Managed Programs and real estate | (9,733) | (45,790) | |||||||||||||||||||||
Gain on sale of real estate, net | 9,372 | 11,751 | |||||||||||||||||||||
Non-operating income | 6,356 | 5,392 | |||||||||||||||||||||
(86,833) | (91,002) | ||||||||||||||||||||||
Income before income taxes | 57,430 | 25,010 | |||||||||||||||||||||
(Provision for) benefit from income taxes | (5,789) | 41,692 | |||||||||||||||||||||
Net Income | 51,641 | 66,702 | |||||||||||||||||||||
Net income attributable to noncontrolling interests | (7) | (612) | |||||||||||||||||||||
Net Income Attributable to W. P. Carey | $ | 51,634 | $ | 66,090 | |||||||||||||||||||
Basic Earnings Per Share | $ | 0.29 | $ | 0.38 | |||||||||||||||||||
Diluted Earnings Per Share | $ | 0.29 | $ | 0.38 | |||||||||||||||||||
Weighted-Average Shares Outstanding | |||||||||||||||||||||||
Basic | 176,640,861 | 173,249,236 | |||||||||||||||||||||
Diluted | 176,965,510 | 173,460,053 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Net Income | $ | 51,641 | $ | 66,702 | |||||||||||||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||||||||
Unrealized gain on derivative instruments | 19,919 | 12,849 | |||||||||||||||||||||
Foreign currency translation adjustments | (13,902) | (52,200) | |||||||||||||||||||||
6,017 | (39,351) | ||||||||||||||||||||||
Comprehensive Income | 57,658 | 27,351 | |||||||||||||||||||||
Amounts Attributable to Noncontrolling Interests | |||||||||||||||||||||||
Net income | (7) | (612) | |||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | (7) | (612) | |||||||||||||||||||||
Comprehensive Income Attributable to W. P. Carey | $ | 57,651 | $ | 26,739 |
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, 2021 | 175,401,757 | $ | 175 | $ | 8,925,365 | $ | (1,850,935) | $ | 42,014 | $ | (239,906) | $ | 6,876,713 | $ | 1,656 | $ | 6,878,369 | ||||||||||||||||||||||||||||||||||||
Shares issued under “at-the-market” offering, net | 2,020,115 | 3 | 140,284 | 140,287 | 140,287 | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued upon delivery of vested restricted share awards | 99,090 | — | (3,744) | (3,744) | (3,744) | ||||||||||||||||||||||||||||||||||||||||||||||||
Deferral of vested shares, net | (7,049) | 7,049 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of stock-based compensation expense | 5,381 | 5,381 | 5,381 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | (15) | (15) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($1.048 per share)
|
906 | (189,139) | 752 | (187,481) | (187,481) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 51,634 | 51,634 | 7 | 51,641 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain on derivative instruments | 19,919 | 19,919 | 19,919 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | (13,902) | (13,902) | (13,902) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | 177,520,962 | $ | 178 | $ | 9,061,143 | $ | (1,988,440) | $ | 49,815 | $ | (233,889) | $ | 6,888,807 | $ | 1,648 | $ | 6,890,455 |
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
|
(14,812) | (14,812) | (14,812) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued upon delivery of vested restricted share awards | 124,274 | — | (5,012) | (5,012) | (5,012) | ||||||||||||||||||||||||||||||||||||||||||||||||
Deferral of vested shares, net | (4,131) | 4,131 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of stock-based compensation expense | 2,661 | 2,661 | 2,661 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | (4,725) | (4,725) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($1.040 per share)
|
1,191 | (182,648) | 897 | (180,560) | (180,560) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 66,090 | 66,090 | 612 | 66,702 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | (52,200) | (52,200) | (52,200) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain on derivative instruments | 12,849 | 12,849 | 12,849 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | 172,402,516 | $ | 172 | $ | 8,712,244 | $ | (1,688,744) | $ | 42,291 | $ | (295,018) | $ | 6,770,945 | $ | 2,131 | $ | 6,773,076 |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Cash Flows — Operating Activities | |||||||||||
Net income | $ | 51,641 | $ | 66,702 | |||||||
Adjustments to net income: | |||||||||||
Depreciation and amortization, including intangible assets and deferred financing costs | 114,021 | 119,483 | |||||||||
Net realized and unrealized losses on extinguishment of debt, equity securities, foreign currency transactions, and other | 42,360 | 7,275 | |||||||||
Amortization of rent-related intangibles and deferred rental revenue | 13,118 | 12,794 | |||||||||
Straight-line rent adjustments
|
(10,184) | (11,619) | |||||||||
Equity in losses of equity method investments in the Managed Programs and real estate | 9,733 | 45,790 | |||||||||
Gain on sale of real estate, net | (9,372) | (11,751) | |||||||||
Stock-based compensation expense | 5,381 | 2,661 | |||||||||
Asset management revenue received in shares of Managed REITs | (3,138) | (7,056) | |||||||||
Deferred income tax benefit | (2,567) | (41,487) | |||||||||
Distributions of earnings from equity method investments | 1,603 | 2,656 | |||||||||
Allowance for credit losses
|
(1,358) | 5,499 | |||||||||
Impairment charges | — | 19,420 | |||||||||
Net changes in other operating assets and liabilities | (22,794) | (30,670) | |||||||||
Net Cash Provided by Operating Activities | 188,444 | 179,697 | |||||||||
Cash Flows — Investing Activities | |||||||||||
Purchases of real estate | (150,922) | (197,626) | |||||||||
88,037 | 105,154 | ||||||||||
Funding for real estate construction, redevelopments, and other capital expenditures on real estate | (29,270) | (53,392) | |||||||||
Proceeds from repayment of short-term loans to affiliates | 21,048 | 20,973 | |||||||||
Other investing activities, net
|
(8,445) | 6,591 | |||||||||
Return of capital from equity method investments
|
3,086 | 3,496 | |||||||||
Proceeds from repayment of loans receivable | — | 11,000 | |||||||||
Funding of short-term loans to affiliates | — | (5,433) | |||||||||
Capital contributions to equity method investments | — | (595) | |||||||||
Net Cash Used in Investing Activities | (76,466) | (109,832) | |||||||||
Cash Flows — Financing Activities | |||||||||||
Proceeds from issuance of Senior Unsecured Notes | 1,038,391 | — | |||||||||
Redemption of Senior Unsecured Notes | (617,442) | — | |||||||||
Prepayments of mortgage principal | (425,219) | — | |||||||||
Repayments of Unsecured Revolving Credit Facility | (407,975) | (466,643) | |||||||||
Proceeds from Unsecured Revolving Credit Facility | 350,525 | 348,977 | |||||||||
Dividends paid | (185,426) | (180,274) | |||||||||
Proceeds from shares issued under ATM Program, net of selling costs | 140,220 | — | |||||||||
Scheduled payments of mortgage principal | (14,203) | (21,117) | |||||||||
Payment of financing costs | (7,797) | (9,993) | |||||||||
Payments for withholding taxes upon delivery of equity-based awards | (3,744) | (5,011) | |||||||||
Other financing activities, net | (95) | 7,269 | |||||||||
Distributions paid to noncontrolling interests | (15) | (4,725) | |||||||||
Proceeds from Unsecured Term Loans | — | 298,974 | |||||||||
Net Cash Used in Financing Activities | (132,780) | (32,543) | |||||||||
Change in Cash and Cash Equivalents and Restricted Cash During the Period | |||||||||||
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (6,479) | (4,550) | |||||||||
Net (decrease) increase in cash and cash equivalents and restricted cash | (27,281) | 32,772 | |||||||||
Cash and cash equivalents and restricted cash, beginning of period | 311,779 | 251,518 | |||||||||
Cash and cash equivalents and restricted cash, end of period | $ | 284,498 | $ | 284,290 |
March 31, 2021 | December 31, 2020 | ||||||||||
Land, buildings and improvements | $ | 423,333 | $ | 423,333 | |||||||
Net investments in direct financing leases | 15,149 | 15,242 | |||||||||
In-place lease intangible assets and other | 41,987 | 41,997 | |||||||||
Above-market rent intangible assets | 26,720 | 26,720 | |||||||||
Accumulated depreciation and amortization | (141,973) | (137,827) | |||||||||
Total assets | 378,662 | 381,953 | |||||||||
Non-recourse mortgages, net | $ | 3,268 | $ | 3,508 | |||||||
Below-market rent and other intangible liabilities, net | 21,855 | 22,283 | |||||||||
Total liabilities | 48,869 | 48,971 |
March 31, 2021 | December 31, 2020 | ||||||||||
Cash and cash equivalents
|
$ | 229,153 | $ | 248,662 | |||||||
Restricted cash (a)
|
55,345 | 63,117 | |||||||||
Total cash and cash equivalents and restricted cash
|
$ | 284,498 | $ | 311,779 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Asset management revenue (a) (b)
|
$ | 3,954 | $ | 9,889 | |||||||||||||||||||
Distributions of Available Cash (c)
|
1,539 | 1,916 | |||||||||||||||||||||
Reimbursable costs from affiliates (a)
|
1,041 | 4,030 | |||||||||||||||||||||
Interest income on deferred acquisition fees and loans to affiliates (d)
|
34 | 278 | |||||||||||||||||||||
Structuring and other advisory revenue (a) (b)
|
— | 494 | |||||||||||||||||||||
$ | 6,568 | $ | 16,607 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
CPA:18 – Global
|
$ | 5,359 | $ | 5,912 | |||||||||||||||||||
CWI 1 | — | 5,040 | |||||||||||||||||||||
CWI 2 | — | 4,200 | |||||||||||||||||||||
CESH | 1,101 | 1,455 | |||||||||||||||||||||
WLT (reimbursed transition services) | 108 | — | |||||||||||||||||||||
$ | 6,568 | $ | 16,607 |
March 31, 2021 | December 31, 2020 | ||||||||||
Asset management fees receivable | $ | 1,587 | $ | 1,054 | |||||||
Accounts receivable | 1,119 | 305 | |||||||||
Reimbursable costs | 995 | 1,760 | |||||||||
Deferred acquisition fees receivable, including accrued interest | 199 | 1,858 | |||||||||
Current acquisition fees receivable | 127 | 136 | |||||||||
Short-term loans to affiliates, including accrued interest | — | 21,144 | |||||||||
$ | 4,027 | $ | 26,257 |
Managed Program | Rate | Payable | Description | |||||||||||||||||
CPA:18 – Global |
0.5% – 1.5%
|
In shares of its Class A common stock and/or cash, at the option of CPA:18 – Global; payable 50% in cash and 50% in shares of its Class A common stock for 2020 through 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 |
March 31, 2021 | December 31, 2020 | ||||||||||
Land | $ | 2,023,689 | $ | 2,012,688 | |||||||
Buildings and improvements | 8,740,637 | 8,724,064 | |||||||||
Real estate under construction | 82,767 | 119,391 | |||||||||
Less: Accumulated depreciation | (1,261,690) | (1,206,912) | |||||||||
$ | 9,585,403 | $ | 9,649,231 |
Property Location(s) | Number of Properties | Date of Acquisition | Property Type | Total Capitalized Costs | ||||||||||||||||||||||
Grove City, Ohio, and Anderson, South Carolina | 2 | 2/2/2021 | Warehouse | $ | 19,129 | |||||||||||||||||||||
Various, New Jersey and Pennsylvania (a)
|
10 | 2/11/2021 | Retail; Office | 55,115 | ||||||||||||||||||||||
Central Valley, California (b)
|
4 | 2/11/2021 | Warehouse; Land | 75,008 | ||||||||||||||||||||||
16 | $ | 149,252 |
Total Capitalized Costs | |||||
Land | $ | 27,466 | |||
Buildings and improvements | 86,807 | ||||
Intangibles: | |||||
In-place lease (weighted-average expected life of 24.7 years)
|
34,979 | ||||
$ | 149,252 |
Property Location(s) | Primary Transaction Type | Number of Properties | Date of Completion | Property Type |
Total Capitalized Costs (a)
|
|||||||||||||||||||||||||||
Mason, Ohio
|
Expansion | 1 | 1/15/2021 | Office | $ | 2,428 | ||||||||||||||||||||||||||
Langen, Germany (a)
|
Build-to-suit | 1 | 2/4/2021 | Industrial | 52,719 | |||||||||||||||||||||||||||
2 | $ | 55,147 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Lease income — fixed
|
$ | 257,327 | $ | 238,969 | |||||||||||||||||||
Lease income — variable (a)
|
27,338 | 23,080 | |||||||||||||||||||||
Total operating lease income (b)
|
$ | 284,665 | $ | 262,049 |
March 31, 2021 | December 31, 2020 | ||||||||||
Land | $ | 10,452 | $ | 10,452 | |||||||
Buildings and improvements | 73,050 | 73,024 | |||||||||
Less: Accumulated depreciation | (14,692) | (14,004) | |||||||||
$ | 68,810 | $ | 69,472 |
March 31, 2021 | December 31, 2020 | ||||||||||
Land, buildings and improvements | $ | 9,929 | $ | 14,051 | |||||||
In-place lease intangible assets and other, net | 12,187 | 12,754 | |||||||||
Above-market rent intangible assets | 494 | 518 | |||||||||
Accumulated depreciation and amortization | (7,627) | (8,733) | |||||||||
Assets held for sale, net | $ | 14,983 | $ | 18,590 |
March 31, 2021 | December 31, 2020 | ||||||||||
Lease payments receivable | $ | 508,861 | $ | 527,691 | |||||||
Unguaranteed residual value | 664,764 | 677,722 | |||||||||
1,173,625 | 1,205,413 | ||||||||||
Less: unearned income | (459,058) | (476,365) | |||||||||
Less: allowance for credit losses (a)
|
(15,715) | (17,074) | |||||||||
$ | 698,852 | $ | 711,974 |
Number of Tenants / Obligors at | Carrying Value at | |||||||||||||||||||||||||
Internal Credit Quality Indicator | March 31, 2021 | December 31, 2020 | March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
1 – 3 | 18 | 18 | $ | 575,465 | $ | 587,103 | ||||||||||||||||||||
4 | 11 | 9 | 175,838 | 141,944 | ||||||||||||||||||||||
5 | — | 2 | — | 36,737 | ||||||||||||||||||||||
$ | 751,303 | $ | 765,784 |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
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
|
$ | 19,180 | $ | (16,355) | $ | 2,825 | $ | 19,204 | $ | (15,711) | $ | 3,493 | |||||||||||||||||||||||
Trade name | 3,975 | (2,985) | 990 | 3,975 | (2,786) | 1,189 | |||||||||||||||||||||||||||||
23,155 | (19,340) | 3,815 | 23,179 | (18,497) | 4,682 | ||||||||||||||||||||||||||||||
Lease Intangibles: | |||||||||||||||||||||||||||||||||||
In-place lease | 2,175,012 | (845,199) | 1,329,813 | 2,181,584 | (828,219) | 1,353,365 | |||||||||||||||||||||||||||||
Above-market rent | 868,242 | (450,510) | 417,732 | 881,159 | (440,952) | 440,207 | |||||||||||||||||||||||||||||
3,043,254 | (1,295,709) | 1,747,545 | 3,062,743 | (1,269,171) | 1,793,572 | ||||||||||||||||||||||||||||||
Indefinite-Lived Goodwill
|
|||||||||||||||||||||||||||||||||||
Goodwill | 905,701 | — | 905,701 | 910,818 | — | 910,818 | |||||||||||||||||||||||||||||
Total intangible assets | $ | 3,972,110 | $ | (1,315,049) | $ | 2,657,061 | $ | 3,996,740 | $ | (1,287,668) | $ | 2,709,072 | |||||||||||||||||||||||
Finite-Lived Intangible Liabilities | |||||||||||||||||||||||||||||||||||
Below-market rent | $ | (268,263) | $ | 92,945 | $ | (175,318) | $ | (270,730) | $ | 90,193 | $ | (180,537) | |||||||||||||||||||||||
Indefinite-Lived Intangible Liabilities
|
|||||||||||||||||||||||||||||||||||
Below-market purchase option | (16,711) | — | (16,711) | (16,711) | — | (16,711) | |||||||||||||||||||||||||||||
Total intangible liabilities | $ | (284,974) | $ | 92,945 | $ | (192,029) | $ | (287,441) | $ | 90,193 | $ | (197,248) |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
$ | 1,539 | $ | 1,916 | ||||||||||||||||||||
Amortization of basis differences on equity method investments in the Managed Programs
|
(178) | (444) | |||||||||||||||||||||
Proportionate share of equity in earnings (losses) of equity method investments in the Managed Programs | 25 | (1,715) | |||||||||||||||||||||
Other-than-temporary impairment charges on our equity method investments in CWI 1 and CWI 2 (Note 8)
|
— | (47,112) | |||||||||||||||||||||
Total equity in earnings (losses) of equity method investments in the Managed Programs | 1,386 | (47,355) | |||||||||||||||||||||
(6,830) | — | ||||||||||||||||||||||
Equity in (losses) earnings of equity method investments in real estate (a)
|
(4,075) | 1,804 | |||||||||||||||||||||
Amortization of basis differences on equity method investments in real estate
|
(214) | (239) | |||||||||||||||||||||
Total equity in (losses) earnings of equity method investments in real estate | (11,119) | 1,565 | |||||||||||||||||||||
Equity in losses of equity method investments in the Managed Programs and real estate | $ | (9,733) | $ | (45,790) |
% of Outstanding Interests Owned at | Carrying Amount of Investment at | |||||||||||||||||||||||||
Fund | March 31, 2021 | December 31, 2020 | March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
CPA:18 – Global (a)
|
4.796 | % | 4.569 | % | $ | 53,664 | $ | 51,949 | ||||||||||||||||||
CPA:18 – Global operating partnership
|
0.034 | % | 0.034 | % | 209 | 209 | ||||||||||||||||||||
CESH (b)
|
2.430 | % | 2.430 | % | 5,266 | 4,399 | ||||||||||||||||||||
$ | 59,139 | $ | 56,557 |
Carrying Value at | ||||||||||||||||||||||||||
Lessee/Fund | Co-owner | Ownership Interest | March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Johnson Self Storage | Third Party | 90% | $ | 68,736 | $ | 68,979 | ||||||||||||||||||||
Kesko Senukai (a)
|
Third Party | 70% | 43,596 | 46,443 | ||||||||||||||||||||||
WLT (b)
|
WLT | 5% | 39,700 | 44,182 | ||||||||||||||||||||||
BPS Nevada, LLC (c)
|
Third Party | 15% | 24,094 | 23,815 | ||||||||||||||||||||||
Bank Pekao (a)
|
CPA:18 – Global | 50% | 16,928 | 17,850 | ||||||||||||||||||||||
State Farm Mutual Automobile Insurance Co. (d)
|
CPA:18 – Global | 50% | 8,175 | 15,475 | ||||||||||||||||||||||
Apply Sørco AS (e)
|
CPA:18 – Global | 49% | 7,142 | 7,156 | ||||||||||||||||||||||
Fortenova Grupa d.d. (a)
|
CPA:18 – Global | 20% | 1,938 | 2,989 | ||||||||||||||||||||||
$ | 210,309 | $ | 226,889 |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||
Level | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||||||||
Senior Unsecured Notes, net (a) (b) (c)
|
2 | $ | 5,451,520 | $ | 5,784,209 | $ | 5,146,192 | $ | 5,639,586 | ||||||||||||||||||||
Non-recourse mortgages, net (a) (b) (d)
|
3 | 728,663 | 727,549 | 1,145,554 | 1,148,551 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Fair Value Measurements | Impairment Charges | Fair Value Measurements | Impairment Charges | ||||||||||||||||||||
Impairment Charges
|
|||||||||||||||||||||||
Equity investments in the Managed Programs and real estate | $ | 8,175 | $ | 6,830 | $ | 37,396 | $ | 47,112 | |||||||||||||||
Land, buildings and improvements and intangibles | — | — | 12,148 | 19,420 | |||||||||||||||||||
$ | 6,830 | $ | 66,532 |
Derivatives Designated as Hedging Instruments
|
Balance Sheet Location | Derivative Assets Fair Value at | Derivative Liabilities Fair Value at | |||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||
Foreign currency collars
|
Other assets, net
|
$ | 9,885 | $ | 3,489 | $ | — | $ | — | |||||||||||||||||||||||
Interest rate swaps
|
Accounts payable, accrued expenses and other liabilities
|
— | — | (1,799) | (5,859) | |||||||||||||||||||||||||||
Foreign currency collars
|
Accounts payable, accrued expenses and other liabilities
|
— | — | (5,350) | (15,122) | |||||||||||||||||||||||||||
9,885 | 3,489 | (7,149) | (20,981) | |||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments
|
||||||||||||||||||||||||||||||||
Stock warrants | Other assets, net | 5,800 | 5,800 | — | — | |||||||||||||||||||||||||||
5,800 | 5,800 | — | — | |||||||||||||||||||||||||||||
Total derivatives | $ | 15,685 | $ | 9,289 | $ | (7,149) | $ | (20,981) |
Amount of Gain (Loss) Recognized on Derivatives in
Other Comprehensive Income (Loss) (a)
|
||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | 2021 | 2020 | ||||||||||||||||||||||||
Foreign currency collars | $ | 16,167 | $ | 17,816 | ||||||||||||||||||||||
Interest rate swaps | 3,413 | (2,237) | ||||||||||||||||||||||||
Interest rate caps | 2 | 2 | ||||||||||||||||||||||||
Foreign currency forward contracts | — | (2,329) | ||||||||||||||||||||||||
Derivatives in Net Investment Hedging Relationships (b)
|
||||||||||||||||||||||||||
Foreign currency collars | — | 45 | ||||||||||||||||||||||||
Total | $ | 19,582 | $ | 13,297 |
Amount of Gain (Loss) on Derivatives Reclassified from
Other Comprehensive Income (Loss) |
||||||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships
|
Location of Gain (Loss) Recognized in Income
|
Three Months Ended March 31, | ||||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||
Foreign currency collars | Non-operating income | $ | (1,181) | $ | 984 | |||||||||||||||||||||||||||
Interest rate swaps and caps (c)
|
Interest expense | (326) | (238) | |||||||||||||||||||||||||||||
Foreign currency forward contracts
|
Non-operating income | — | 2,799 | |||||||||||||||||||||||||||||
Total | $ | (1,507) | $ | 3,545 |
Amount of Gain (Loss) on Derivatives Recognized in Income | ||||||||||||||||||||||||||||||||
Derivatives Not in Cash Flow Hedging Relationships
|
Location of Gain (Loss) Recognized in Income
|
Three Months Ended March 31, | ||||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||
Foreign currency collars | Non-operating income | $ | 1,000 | $ | 639 | |||||||||||||||||||||||||||
Foreign currency forward contracts
|
Non-operating income | — | 224 | |||||||||||||||||||||||||||||
Stock warrants |
Other gains and (losses)
|
— | 100 | |||||||||||||||||||||||||||||
Interest rate swaps | Interest expense | — | 15 | |||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships
|
||||||||||||||||||||||||||||||||
Interest rate swaps |
Interest expense
|
906 | 317 | |||||||||||||||||||||||||||||
Total | $ | 1,906 | $ | 1,295 |
Interest Rate Derivatives | Number of Instruments |
Notional
Amount |
Fair Value at
March 31, 2021 (a) |
||||||||||||||||||||
Designated as Cash Flow Hedging Instruments | |||||||||||||||||||||||
Interest rate swaps | 2 | 48,120 | EUR | $ | (1,361) | ||||||||||||||||||
Interest rate swaps | 2 | 22,598 | USD | (438) | |||||||||||||||||||
Interest rate cap | 1 | 10,998 | EUR | 1 | |||||||||||||||||||
Interest rate cap | 1 | 6,394 | GBP | — | |||||||||||||||||||
$ | (1,798) |
Foreign Currency Derivatives | Number of Instruments |
Notional
Amount |
Fair Value at March 31, 2021 | ||||||||||||||||||||
Designated as Cash Flow Hedging Instruments | |||||||||||||||||||||||
Foreign currency collars | 100 | 335,500 | EUR | $ | 6,809 | ||||||||||||||||||
Foreign currency collars | 81 | 47,300 | GBP | (2,274) | |||||||||||||||||||
$ | 4,535 |
Interest Rate at March 31, 2021 (a)
|
Maturity Date at March 31, 2021 | Principal Outstanding Balance at | ||||||||||||||||||||||||
Senior Unsecured Credit Facility | March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||
Unsecured Term Loans:
|
||||||||||||||||||||||||||
Term Loan — borrowing in British pounds sterling (b) (c)
|
GBP LIBOR + 0.95%
|
2/20/2025 | $ | 206,405 | $ | 204,737 | ||||||||||||||||||||
Delayed Draw Term Loan — borrowing in euros (d)
|
EURIBOR + 0.95%
|
2/20/2025 | 113,146 | 118,415 | ||||||||||||||||||||||
319,551 | 323,152 | |||||||||||||||||||||||||
Unsecured Revolving Credit Facility:
|
||||||||||||||||||||||||||
Borrowing in Japanese yen
|
JPY LIBOR + 0.85%
|
2/20/2025 | 21,751 | 23,380 | ||||||||||||||||||||||
Borrowing in euros
|
N/A | N/A | — | 58,901 | ||||||||||||||||||||||
21,751 | 82,281 | |||||||||||||||||||||||||
|
|
$ | 341,302 | $ | 405,433 |
Principal Amount | Coupon Rate | Maturity Date | Principal Outstanding Balance at | |||||||||||||||||||||||||||||||||||
Senior Unsecured Notes, net (a)
|
Issue Date | March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||
2.0% Senior Notes due 2023
|
1/21/2015 | € | 500,000 | 2.0 | % | Redeemed | $ | — | $ | 613,550 | ||||||||||||||||||||||||||||
4.6% Senior Notes due 2024
|
3/14/2014 | $ | 500,000 | 4.6 | % | 4/1/2024 | 500,000 | 500,000 | ||||||||||||||||||||||||||||||
2.25% Senior Notes due 2024
|
1/19/2017 | € | 500,000 | 2.25 | % | 7/19/2024 | 586,250 | 613,550 | ||||||||||||||||||||||||||||||
4.0% Senior Notes due 2025
|
1/26/2015 | $ | 450,000 | 4.0 | % | 2/1/2025 | 450,000 | 450,000 | ||||||||||||||||||||||||||||||
2.250% Senior Notes due 2026
|
10/9/2018 | € | 500,000 | 2.250 | % | 4/9/2026 | 586,250 | 613,550 | ||||||||||||||||||||||||||||||
4.25% Senior Notes due 2026
|
9/12/2016 | $ | 350,000 | 4.25 | % | 10/1/2026 | 350,000 | 350,000 | ||||||||||||||||||||||||||||||
2.125% Senior Notes due 2027
|
3/6/2018 | € | 500,000 | 2.125 | % | 4/15/2027 | 586,250 | 613,550 | ||||||||||||||||||||||||||||||
1.350% Senior Notes due 2028
|
9/19/2019 | € | 500,000 | 1.350 | % | 4/15/2028 | 586,250 | 613,550 | ||||||||||||||||||||||||||||||
3.850% Senior Notes due 2029
|
6/14/2019 | $ | 325,000 | 3.850 | % | 7/15/2029 | 325,000 | 325,000 | ||||||||||||||||||||||||||||||
0.950% Senior Notes due 2030
|
3/8/2021 | € | 525,000 | 0.950 | % | 6/1/2030 | 615,563 | — | ||||||||||||||||||||||||||||||
2.400% Senior Notes due 2031
|
10/14/2020 | $ | 500,000 | 2.400 | % | 2/1/2031 | 500,000 | 500,000 | ||||||||||||||||||||||||||||||
2.250% Senior Notes due 2033
|
2/25/2021 | $ | 425,000 | 2.250 | % | 4/1/2033 | 425,000 | — | ||||||||||||||||||||||||||||||
$ | 5,510,563 | $ | 5,192,750 |
Years Ending December 31, |
Total (a)
|
|||||||
2021 (remainder) | $ | 42,944 | ||||||
2022 | 312,882 | |||||||
2023 | 203,411 | |||||||
2024 | 1,127,916 | |||||||
2025 | 885,837 | |||||||
Thereafter through 2031 | 4,011,962 | |||||||
Total principal payments | 6,584,952 | |||||||
Unamortized discount, net (b)
|
(34,842) | |||||||
Unamortized deferred financing costs | (29,736) | |||||||
Total | $ | 6,520,374 |
RSA and RSU Awards | PSU Awards | ||||||||||||||||||||||
Shares |
Weighted-Average
Grant Date Fair Value |
Shares |
Weighted-Average
Grant Date Fair Value |
||||||||||||||||||||
Nonvested at January 1, 2021 | 260,977 | $ | 74.75 | 262,013 | $ | 88.99 | |||||||||||||||||
Granted (a)
|
171,200 | 66.59 | 134,290 | 86.19 | |||||||||||||||||||
Vested (b)
|
(115,660) | 73.01 | (151,678) | 76.04 | |||||||||||||||||||
Forfeited | (67) | 89.37 | — | — | |||||||||||||||||||
Adjustment (c)
|
— | — | 84,188 | 75.52 | |||||||||||||||||||
Nonvested at March 31, 2021 (d)
|
316,450 | $ | 70.97 | 328,813 | $ | 90.48 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Net income — basic and diluted | $ | 51,634 | $ | 66,090 | |||||||||||||||||||
Weighted-average shares outstanding — basic | 176,640,861 | 173,249,236 | |||||||||||||||||||||
Effect of dilutive securities | 324,649 | 210,817 | |||||||||||||||||||||
Weighted-average shares outstanding — diluted | 176,965,510 | 173,460,053 |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||
Gains and (Losses) on Derivative Instruments | Foreign Currency Translation Adjustments | Total | |||||||||||||||||||||
Beginning balance | $ | (18,937) | $ | (220,969) | $ | (239,906) | |||||||||||||||||
Other comprehensive income before reclassifications | 18,412 | (13,902) | 4,510 | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss to:
|
|||||||||||||||||||||||
Non-operating income | 1,181 | — | 1,181 | ||||||||||||||||||||
Interest expense | 326 | — | 326 | ||||||||||||||||||||
Total | 1,507 | — | 1,507 | ||||||||||||||||||||
Net current period other comprehensive income | 19,919 | (13,902) | 6,017 | ||||||||||||||||||||
Ending balance | $ | 982 | $ | (234,871) | $ | (233,889) |
Three Months Ended March 31, 2020 | |||||||||||||||||||||||
Gains and (Losses) on Derivative Instruments | Foreign Currency Translation Adjustments | Total | |||||||||||||||||||||
Beginning balance | $ | 13,048 | $ | (268,715) | $ | (255,667) | |||||||||||||||||
Other comprehensive loss before reclassifications | 16,394 | (52,200) | (35,806) | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss to:
|
|||||||||||||||||||||||
Non-operating income | (3,783) | — | (3,783) | ||||||||||||||||||||
Interest expense | 238 | — | 238 | ||||||||||||||||||||
Total | (3,545) | — | (3,545) | ||||||||||||||||||||
Net current period other comprehensive loss | 12,849 | (52,200) | (39,351) | ||||||||||||||||||||
Ending balance | $ | 25,897 | $ | (320,915) | $ | (295,018) |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Lease revenues | $ | 301,765 | $ | 282,110 | |||||||||||||||||||
Lease termination income and other | 2,227 | 6,509 | |||||||||||||||||||||
Operating property revenues (a)
|
2,179 | 5,967 | |||||||||||||||||||||
306,171 | 294,586 | ||||||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||
Depreciation and amortization (b)
|
110,322 | 115,207 | |||||||||||||||||||||
General and administrative (b)
|
22,083 | 14,922 | |||||||||||||||||||||
Reimbursable tenant costs | 15,758 | 13,175 | |||||||||||||||||||||
Property expenses, excluding reimbursable tenant costs | 10,883 | 10,075 | |||||||||||||||||||||
Stock-based compensation expense (b)
|
5,381 | 1,970 | |||||||||||||||||||||
Operating property expenses | 1,911 | 5,223 | |||||||||||||||||||||
Merger and other expenses | (491) | (132) | |||||||||||||||||||||
Impairment charges | — | 19,420 | |||||||||||||||||||||
165,847 | 179,860 | ||||||||||||||||||||||
Other Income and Expenses | |||||||||||||||||||||||
Interest expense | (51,640) | (52,540) | |||||||||||||||||||||
Other gains and (losses) | (42,189) | (10,973) | |||||||||||||||||||||
Equity in (losses) earnings of equity method investments in real estate | (11,119) | 1,565 | |||||||||||||||||||||
Gain on sale of real estate, net | 9,372 | 11,751 | |||||||||||||||||||||
Non-operating income | 6,272 | 5,197 | |||||||||||||||||||||
(89,304) | (45,000) | ||||||||||||||||||||||
Income before income taxes | 51,020 | 69,726 | |||||||||||||||||||||
(Provision for) benefit from income taxes | (6,426) | 31,800 | |||||||||||||||||||||
Net Income from Real Estate | 44,594 | 101,526 | |||||||||||||||||||||
Net income attributable to noncontrolling interests | (7) | (612) | |||||||||||||||||||||
Net Income from Real Estate Attributable to W. P. Carey | $ | 44,587 | $ | 100,914 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Asset management and other revenue | $ | 3,954 | $ | 10,383 | |||||||||||||||||||
Reimbursable costs from affiliates | 1,041 | 4,030 | |||||||||||||||||||||
4,995 | 14,413 | ||||||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||
Reimbursable costs from affiliates | 1,041 | 4,030 | |||||||||||||||||||||
Merger and other expenses | 15 | 319 | |||||||||||||||||||||
General and administrative (b)
|
— | 5,823 | |||||||||||||||||||||
Subadvisor fees | — | 1,277 | |||||||||||||||||||||
Depreciation and amortization (b)
|
— | 987 | |||||||||||||||||||||
Stock-based compensation expense (b)
|
— | 691 | |||||||||||||||||||||
1,056 | 13,127 | ||||||||||||||||||||||
Other Income and Expenses | |||||||||||||||||||||||
Equity in earnings (losses) of equity method investments in the Managed Programs | 1,386 | (47,355) | |||||||||||||||||||||
Other gains and (losses) | 1,001 | 1,158 | |||||||||||||||||||||
Non-operating income | 84 | 195 | |||||||||||||||||||||
2,471 | (46,002) | ||||||||||||||||||||||
Income (loss) before income taxes | 6,410 | (44,716) | |||||||||||||||||||||
Benefit from income taxes | 637 | 9,892 | |||||||||||||||||||||
Net Income (Loss) from Investment Management Attributable to W. P. Carey | $ | 7,047 | $ | (34,824) |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Revenues | $ | 311,166 | $ | 308,999 | |||||||||||||||||||
Operating expenses
|
166,903 | 192,987 | |||||||||||||||||||||
Other income and (expenses) | (86,833) | (91,002) | |||||||||||||||||||||
(Provision for) benefit from income taxes | (5,789) | 41,692 | |||||||||||||||||||||
Net income attributable to noncontrolling interests | (7) | (612) | |||||||||||||||||||||
Net income attributable to W. P. Carey | $ | 51,634 | $ | 66,090 |
Total Assets at | |||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
Real Estate | $ | 14,423,646 | $ | 14,582,015 | |||||||
Investment Management | 125,054 | 125,621 | |||||||||
Total Company | $ | 14,548,700 | $ | 14,707,636 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Revenues from Real Estate | $ | 306,171 | $ | 294,586 | |||||||||||||||||||
Revenues from Investment Management
|
4,995 | 14,413 | |||||||||||||||||||||
Total revenues | 311,166 | 308,999 | |||||||||||||||||||||
Net income from Real Estate attributable to W. P. Carey | 44,587 | 100,914 | |||||||||||||||||||||
Net income (loss) from Investment Management attributable to W. P. Carey | 7,047 | (34,824) | |||||||||||||||||||||
Net income attributable to W. P. Carey | 51,634 | 66,090 | |||||||||||||||||||||
Dividends declared | 187,481 | 180,560 | |||||||||||||||||||||
Net cash provided by operating activities | 188,444 | 179,697 | |||||||||||||||||||||
Net cash used in investing activities | (76,466) | (109,832) | |||||||||||||||||||||
Net cash used in financing activities | (132,780) | (32,543) | |||||||||||||||||||||
Supplemental financial measures (a):
|
|||||||||||||||||||||||
Adjusted funds from operations attributable to W. P. Carey (AFFO) — Real Estate | 210,328 | 209,999 | |||||||||||||||||||||
Adjusted funds from operations attributable to W. P. Carey (AFFO) — Investment Management
|
6,158 | 6,541 | |||||||||||||||||||||
Adjusted funds from operations attributable to W. P. Carey (AFFO)
|
216,486 | 216,540 | |||||||||||||||||||||
Diluted weighted-average shares outstanding | 176,965,510 | 173,460,053 |
March 31, 2021 | December 31, 2020 | ||||||||||
Number of net-leased properties | 1,261 | 1,243 | |||||||||
Number of operating properties (a)
|
20 | 20 | |||||||||
Number of tenants (net-leased properties) | 351 | 350 | |||||||||
Total square footage (net-leased properties, in thousands) | 145,853 | 144,259 | |||||||||
Occupancy (net-leased properties) | 98.3 | % | 98.5 | % | |||||||
Weighted-average lease term (net-leased properties, in years) | 10.6 | 10.6 | |||||||||
Number of countries | 25 | 25 | |||||||||
Total assets (in thousands) | $ | 14,548,700 | $ | 14,707,636 | |||||||
Net investments in real estate (in thousands) | 12,236,444 | 12,362,429 |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Acquisition volume (in millions) | $ | 149.3 | $ | 204.6 | |||||||
Construction projects completed (in millions)
|
55.1 | 53.1 | |||||||||
Average U.S. dollar/euro exchange rate | 1.2051 | 1.1020 | |||||||||
Average U.S. dollar/British pound sterling exchange rate | 1.3775 | 1.2808 | |||||||||
Change in the U.S. CPI (b)
|
1.7 | % | 0.4 | % | |||||||
Change in the Germany CPI (b)
|
1.9 | % | (0.1) | % | |||||||
Change in the Spain CPI (b)
|
0.4 | % | (1.5) | % | |||||||
Change in the Poland CPI (b)
|
2.8 | % | 1.8 | % | |||||||
Change in the United Kingdom CPI (b)
|
0.3 | % | 0.1 | % | |||||||
Change in the Netherlands CPI (b)
|
0.9 | % | 0.1 | % |
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 | % | 3.1 | |||||||||||||||||||||||||
Hellweg Die Profi-Baumärkte GmbH & Co. KG (a) (b)
|
Do-it-yourself retail properties in Germany | 42 | 35,020 | 2.9 | % | 15.9 | ||||||||||||||||||||||||||
State of Andalucía (a)
|
Government office properties in Spain | 70 | 30,529 | 2.6 | % | 13.7 | ||||||||||||||||||||||||||
Metro Cash & Carry Italia S.p.A. (a)
|
Business-to-business wholesale stores in Italy and Germany | 20 | 28,440 | 2.4 | % | 6.0 | ||||||||||||||||||||||||||
Pendragon PLC (a)
|
Automotive dealerships in the United Kingdom | 69 | 23,723 | 2.0 | % | 9.2 | ||||||||||||||||||||||||||
Extra Space Storage, Inc. | Net lease self-storage properties in the U.S. | 27 | 20,688 | 1.7 | % | 23.1 | ||||||||||||||||||||||||||
Advance Auto Parts, Inc. | Distribution facilities in the U.S. | 30 | 20,180 | 1.7 | % | 11.8 | ||||||||||||||||||||||||||
Marriott Corporation | Net lease hotel properties in the U.S. | 18 | 20,065 | 1.7 | % | 2.6 | ||||||||||||||||||||||||||
Nord Anglia Education, Inc. | K-12 private schools in the U.S. | 3 | 19,138 | 1.6 | % | 22.5 | ||||||||||||||||||||||||||
Forterra, Inc. (a) (c)
|
Industrial properties in the U.S. and Canada | 27 | 18,791 | 1.6 | % | 22.2 | ||||||||||||||||||||||||||
Total | 384 | $ | 255,325 | 21.5 | % | 12.1 |
Region | ABR | ABR Percent |
Square Footage (a)
|
Square Footage Percent | ||||||||||||||||||||||
United States | ||||||||||||||||||||||||||
South | ||||||||||||||||||||||||||
Texas | $ | 102,667 | 8.7 | % | 12,035 | 8.2 | % | |||||||||||||||||||
Florida | 51,552 | 4.4 | % | 4,487 | 3.1 | % | ||||||||||||||||||||
Georgia | 24,146 | 2.0 | % | 3,527 | 2.4 | % | ||||||||||||||||||||
Tennessee | 19,381 | 1.6 | % | 2,875 | 2.0 | % | ||||||||||||||||||||
Alabama | 15,226 | 1.3 | % | 2,382 | 1.6 | % | ||||||||||||||||||||
Other (b)
|
13,042 | 1.1 | % | 2,263 | 1.6 | % | ||||||||||||||||||||
Total South | 226,014 | 19.1 | % | 27,569 | 18.9 | % | ||||||||||||||||||||
East | ||||||||||||||||||||||||||
North Carolina | 33,856 | 2.9 | % | 8,102 | 5.6 | % | ||||||||||||||||||||
Pennsylvania | 29,035 | 2.5 | % | 3,465 | 2.4 | % | ||||||||||||||||||||
New Jersey | 22,632 | 1.9 | % | 1,242 | 0.8 | % | ||||||||||||||||||||
Massachusetts | 21,525 | 1.8 | % | 1,407 | 1.0 | % | ||||||||||||||||||||
South Carolina | 16,011 | 1.4 | % | 4,448 | 3.0 | % | ||||||||||||||||||||
New York | 13,440 | 1.1 | % | 1,392 | 1.0 | % | ||||||||||||||||||||
Virginia | 12,369 | 1.0 | % | 1,430 | 1.0 | % | ||||||||||||||||||||
Other (b)
|
34,461 | 2.9 | % | 6,594 | 4.5 | % | ||||||||||||||||||||
Total East | 183,329 | 15.5 | % | 28,080 | 19.3 | % | ||||||||||||||||||||
Midwest | ||||||||||||||||||||||||||
Illinois | 53,846 | 4.6 | % | 7,036 | 4.8 | % | ||||||||||||||||||||
Minnesota | 29,592 | 2.5 | % | 2,728 | 1.9 | % | ||||||||||||||||||||
Indiana | 21,625 | 1.8 | % | 3,198 | 2.2 | % | ||||||||||||||||||||
Ohio | 16,273 | 1.4 | % | 3,421 | 2.3 | % | ||||||||||||||||||||
Wisconsin | 15,916 | 1.3 | % | 3,245 | 2.2 | % | ||||||||||||||||||||
Michigan | 14,389 | 1.2 | % | 2,112 | 1.5 | % | ||||||||||||||||||||
Other (b)
|
28,917 | 2.4 | % | 4,877 | 3.3 | % | ||||||||||||||||||||
Total Midwest | 180,558 | 15.2 | % | 26,617 | 18.2 | % | ||||||||||||||||||||
West | ||||||||||||||||||||||||||
California | 66,305 | 5.6 | % | 6,226 | 4.3 | % | ||||||||||||||||||||
Arizona | 29,390 | 2.5 | % | 3,365 | 2.3 | % | ||||||||||||||||||||
Other (b)
|
53,901 | 4.5 | % | 5,551 | 3.8 | % | ||||||||||||||||||||
Total West | 149,596 | 12.6 | % | 15,142 | 10.4 | % | ||||||||||||||||||||
United States Total | 739,497 | 62.4 | % | 97,408 | 66.8 | % | ||||||||||||||||||||
International | ||||||||||||||||||||||||||
Germany | 69,027 | 5.8 | % | 6,807 | 4.7 | % | ||||||||||||||||||||
Spain | 57,914 | 4.9 | % | 4,708 | 3.2 | % | ||||||||||||||||||||
Poland | 55,354 | 4.7 | % | 7,214 | 4.9 | % | ||||||||||||||||||||
United Kingdom | 51,580 | 4.3 | % | 4,035 | 2.8 | % | ||||||||||||||||||||
The Netherlands | 51,346 | 4.3 | % | 6,389 | 4.4 | % | ||||||||||||||||||||
Italy | 26,763 | 2.3 | % | 2,386 | 1.6 | % | ||||||||||||||||||||
Croatia | 17,613 | 1.5 | % | 1,784 | 1.2 | % | ||||||||||||||||||||
Denmark | 15,846 | 1.3 | % | 2,408 | 1.7 | % | ||||||||||||||||||||
France | 13,772 | 1.2 | % | 1,260 | 0.9 | % | ||||||||||||||||||||
Canada | 13,172 | 1.1 | % | 2,103 | 1.4 | % | ||||||||||||||||||||
Other (c)
|
73,078 | 6.2 | % | 9,351 | 6.4 | % | ||||||||||||||||||||
International Total | 445,465 | 37.6 | % | 48,445 | 33.2 | % | ||||||||||||||||||||
Total | $ | 1,184,962 | 100.0 | % | 145,853 | 100.0 | % |
Property Type | ABR | ABR Percent |
Square Footage (a)
|
Square Footage Percent | ||||||||||||||||||||||
Industrial | $ | 294,794 | 24.9 | % | 51,383 | 35.2 | % | |||||||||||||||||||
Warehouse | 262,832 | 22.2 | % | 48,251 | 33.1 | % | ||||||||||||||||||||
Office | 261,751 | 22.1 | % | 17,077 | 11.7 | % | ||||||||||||||||||||
Retail (d)
|
209,456 | 17.7 | % | 18,059 | 12.4 | % | ||||||||||||||||||||
Self Storage (net lease) | 59,438 | 5.0 | % | 5,810 | 4.0 | % | ||||||||||||||||||||
Other (e)
|
96,691 | 8.1 | % | 5,273 | 3.6 | % | ||||||||||||||||||||
Total | $ | 1,184,962 | 100.0 | % | 145,853 | 100.0 | % |
Industry Type | ABR | ABR Percent | Square Footage | Square Footage Percent | ||||||||||||||||||||||
Retail Stores (a)
|
$ | 262,665 | 22.2 | % | 31,822 | 21.8 | % | |||||||||||||||||||
Consumer Services | 98,838 | 8.3 | % | 7,737 | 5.3 | % | ||||||||||||||||||||
Automotive | 78,134 | 6.6 | % | 12,253 | 8.4 | % | ||||||||||||||||||||
Grocery | 67,264 | 5.7 | % | 7,318 | 5.0 | % | ||||||||||||||||||||
Cargo Transportation | 62,419 | 5.3 | % | 9,003 | 6.2 | % | ||||||||||||||||||||
Beverage and Food | 56,933 | 4.8 | % | 6,962 | 4.8 | % | ||||||||||||||||||||
Healthcare and Pharmaceuticals | 55,627 | 4.7 | % | 4,910 | 3.4 | % | ||||||||||||||||||||
Business Services | 53,150 | 4.5 | % | 4,563 | 3.1 | % | ||||||||||||||||||||
Construction and Building | 49,719 | 4.2 | % | 9,156 | 6.3 | % | ||||||||||||||||||||
Capital Equipment | 42,715 | 3.6 | % | 6,932 | 4.7 | % | ||||||||||||||||||||
Sovereign and Public Finance | 42,108 | 3.5 | % | 3,364 | 2.3 | % | ||||||||||||||||||||
Hotel and Leisure | 39,194 | 3.3 | % | 2,197 | 1.5 | % | ||||||||||||||||||||
Containers, Packaging, and Glass | 36,156 | 3.0 | % | 6,186 | 4.2 | % | ||||||||||||||||||||
Durable Consumer Goods | 35,213 | 3.0 | % | 8,170 | 5.6 | % | ||||||||||||||||||||
High Tech Industries | 29,360 | 2.5 | % | 3,236 | 2.2 | % | ||||||||||||||||||||
Insurance | 25,650 | 2.2 | % | 1,749 | 1.2 | % | ||||||||||||||||||||
Banking | 20,125 | 1.7 | % | 1,247 | 0.9 | % | ||||||||||||||||||||
Telecommunications | 17,265 | 1.5 | % | 1,572 | 1.1 | % | ||||||||||||||||||||
Aerospace and Defense | 16,645 | 1.4 | % | 1,504 | 1.0 | % | ||||||||||||||||||||
Chemicals, Plastics, and Rubber | 14,133 | 1.2 | % | 1,853 | 1.3 | % | ||||||||||||||||||||
Media: Advertising, Printing, and Publishing | 13,484 | 1.1 | % | 1,001 | 0.7 | % | ||||||||||||||||||||
Media: Broadcasting and Subscription | 13,313 | 1.1 | % | 784 | 0.5 | % | ||||||||||||||||||||
Wholesale | 12,804 | 1.1 | % | 2,005 | 1.4 | % | ||||||||||||||||||||
Non-Durable Consumer Goods | 12,304 | 1.0 | % | 4,683 | 3.2 | % | ||||||||||||||||||||
Other (b)
|
29,744 | 2.5 | % | 5,646 | 3.9 | % | ||||||||||||||||||||
Total | $ | 1,184,962 | 100.0 | % | 145,853 | 100.0 | % |
Year of Lease Expiration (a)
|
Number of Leases Expiring | Number of Tenants with Leases Expiring | ABR | ABR Percent |
Square
Footage |
Square Footage Percent | ||||||||||||||||||||||||||||||||
Remaining 2021 | 17 | 15 | $ | 14,925 | 1.3 | % | 1,510 | 1.0 | % | |||||||||||||||||||||||||||||
2022 | 27 | 27 | 40,071 | 3.4 | % | 2,988 | 2.1 | % | ||||||||||||||||||||||||||||||
2023 | 39 | 33 | 53,451 | 4.5 | % | 6,367 | 4.4 | % | ||||||||||||||||||||||||||||||
2024 | 62 | 50 | 96,894 | 8.2 | % | 12,451 | 8.5 | % | ||||||||||||||||||||||||||||||
2025 | 62 | 30 | 62,442 | 5.3 | % | 7,307 | 5.0 | % | ||||||||||||||||||||||||||||||
2026 | 43 | 29 | 62,568 | 5.3 | % | 8,608 | 5.9 | % | ||||||||||||||||||||||||||||||
2027 | 44 | 27 | 72,672 | 6.1 | % | 8,068 | 5.5 | % | ||||||||||||||||||||||||||||||
2028 | 42 | 24 | 63,373 | 5.3 | % | 4,829 | 3.3 | % | ||||||||||||||||||||||||||||||
2029 | 48 | 21 | 54,159 | 4.6 | % | 6,524 | 4.5 | % | ||||||||||||||||||||||||||||||
2030 | 27 | 22 | 68,882 | 5.8 | % | 5,737 | 3.9 | % | ||||||||||||||||||||||||||||||
2031 | 66 | 16 | 71,600 | 6.0 | % | 8,154 | 5.6 | % | ||||||||||||||||||||||||||||||
2032 | 35 | 15 | 47,958 | 4.0 | % | 6,625 | 4.6 | % | ||||||||||||||||||||||||||||||
2033 | 23 | 17 | 65,512 | 5.5 | % | 8,192 | 5.6 | % | ||||||||||||||||||||||||||||||
2034 | 47 | 15 | 75,663 | 6.4 | % | 7,765 | 5.3 | % | ||||||||||||||||||||||||||||||
Thereafter (>2034) | 192 | 88 | 334,792 | 28.3 | % | 48,200 | 33.1 | % | ||||||||||||||||||||||||||||||
Vacant | — | — | — | — | % | 2,528 | 1.7 | % | ||||||||||||||||||||||||||||||
Total | 774 | $ | 1,184,962 | 100.0 | % | 145,853 | 100.0 | % |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | |||||||||||||||||||||||||||||||||
Real Estate Revenues | |||||||||||||||||||||||||||||||||||
Lease revenues from: | |||||||||||||||||||||||||||||||||||
Existing net-leased properties | $ | 285,065 | $ | 274,960 | $ | 10,105 | |||||||||||||||||||||||||||||
Recently acquired net-leased properties | 16,147 | 2,349 | 13,798 | ||||||||||||||||||||||||||||||||
Net-leased properties sold or held for sale | 553 | 4,801 | (4,248) | ||||||||||||||||||||||||||||||||
Total lease revenues (includes reimbursable tenant costs) | 301,765 | 282,110 | 19,655 | ||||||||||||||||||||||||||||||||
Lease termination income and other | 2,227 | 6,509 | (4,282) | ||||||||||||||||||||||||||||||||
Operating property revenues | 2,179 | 5,967 | (3,788) | ||||||||||||||||||||||||||||||||
$ | 306,171 | $ | 294,586 | $ | 11,585 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2021 | 2020 | Change | ||||||||||||||||||||||||
Depreciation and Amortization | ||||||||||||||||||||||||||
Net-leased properties | $ | 108,503 | $ | 113,284 | $ | (4,781) | ||||||||||||||||||||
Operating properties | 696 | 1,619 | (923) | |||||||||||||||||||||||
Corporate | 1,123 | 304 | 819 | |||||||||||||||||||||||
$ | 110,322 | $ | 115,207 | $ | (4,885) |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Average outstanding debt balance | $ | 6,815,684 | $ | 6,231,471 | |||||||||||||||||||
Weighted-average interest rate | 2.8 | % | 3.2 | % |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2021 | 2020 | Change | ||||||||||||||||||||||||
Other Gains and (Losses) | ||||||||||||||||||||||||||
Loss on extinguishment of debt (a)
|
$ | (59,882) | $ | (69) | $ | (59,813) | ||||||||||||||||||||
Non-cash unrealized gains related to an increase in the fair value of our investment in shares of Lineage Logistics (Note 8)
|
23,381 | — | 23,381 | |||||||||||||||||||||||
Net realized and unrealized losses on foreign currency transactions (b)
|
(7,451) | (5,891) | (1,560) | |||||||||||||||||||||||
1,358 | (5,499) | 6,857 | ||||||||||||||||||||||||
Other | 405 | 486 | (81) | |||||||||||||||||||||||
$ | (42,189) | $ | (10,973) | $ | (31,216) |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | |||||||||||||||||||||||||||||||||
Investment Management Revenues | |||||||||||||||||||||||||||||||||||
Asset management and other revenue | |||||||||||||||||||||||||||||||||||
CPA:18 – Global | $ | 3,138 | $ | 3,201 | $ | (63) | |||||||||||||||||||||||||||||
CWI 1 | — | 3,316 | (3,316) | ||||||||||||||||||||||||||||||||
CWI 2 | — | 2,979 | (2,979) | ||||||||||||||||||||||||||||||||
CESH | 816 | 887 | (71) | ||||||||||||||||||||||||||||||||
3,954 | 10,383 | (6,429) | |||||||||||||||||||||||||||||||||
Reimbursable costs from affiliates | |||||||||||||||||||||||||||||||||||
CPA:18 – Global | 648 | 795 | (147) | ||||||||||||||||||||||||||||||||
CWI 1 | — | 1,724 | (1,724) | ||||||||||||||||||||||||||||||||
CWI 2 | — | 1,221 | (1,221) | ||||||||||||||||||||||||||||||||
CESH | 285 | 290 | (5) | ||||||||||||||||||||||||||||||||
WLT | 108 | — | 108 | ||||||||||||||||||||||||||||||||
1,041 | 4,030 | (2,989) | |||||||||||||||||||||||||||||||||
$ | 4,995 | $ | 14,413 | $ | (9,418) |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Equity in earnings (losses) of equity method investments in the Managed Programs: | |||||||||||||||||||||||
Distributions of Available Cash from CPA:18 – Global (a)
|
$ | 1,539 | $ | 1,916 | |||||||||||||||||||
Equity in losses of equity method investments in the Managed Programs (b)
|
(153) | (2,159) | |||||||||||||||||||||
Other-than-temporary impairment charges on our equity method investments in CWI 1 and CWI 2 (c)
|
— | (47,112) | |||||||||||||||||||||
Equity in earnings (losses) of equity method investments in the Managed Programs | $ | 1,386 | $ | (47,355) |
March 31, 2021 | December 31, 2020 | ||||||||||
Carrying Value | |||||||||||
Fixed rate: | |||||||||||
Senior Unsecured Notes (a)
|
$ | 5,451,520 | $ | 5,146,192 | |||||||
Non-recourse mortgages (a)
|
561,074 | 920,378 | |||||||||
6,012,594 | 6,066,570 | ||||||||||
Variable rate: | |||||||||||
Unsecured Term Loans (a)
|
318,440 | 321,971 | |||||||||
Unsecured Revolving Credit Facility | 21,751 | 82,281 | |||||||||
Non-recourse mortgages (a):
|
|||||||||||
Amount subject to interest rate swaps and caps | 91,979 | 147,094 | |||||||||
Floating interest rate mortgage loans | 75,610 | 78,082 | |||||||||
507,780 | 629,428 | ||||||||||
$ | 6,520,374 | $ | 6,695,998 | ||||||||
Percent of Total Debt | |||||||||||
Fixed rate | 92 | % | 91 | % | |||||||
Variable rate | 8 | % | 9 | % | |||||||
100 | % | 100 | % | ||||||||
Weighted-Average Interest Rate at End of Period | |||||||||||
Fixed rate | 2.8 | % | 3.0 | % | |||||||
Variable rate (b)
|
1.3 | % | 1.6 | % | |||||||
Total debt | 2.7 | % | 2.9 | % |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Net income attributable to W. P. Carey | $ | 51,634 | $ | 66,090 | |||||||||||||||||||
Adjustments: | |||||||||||||||||||||||
Depreciation and amortization of real property | 109,204 | 114,913 | |||||||||||||||||||||
Gain on sale of real estate, net | (9,372) | (11,751) | |||||||||||||||||||||
Impairment charges | — | 19,420 | |||||||||||||||||||||
Proportionate share of adjustments to equity in net income of partially owned entities (a) (b) (c)
|
10,306 | 50,477 | |||||||||||||||||||||
Proportionate share of adjustments for noncontrolling interests (d)
|
(4) | 578 | |||||||||||||||||||||
Total adjustments
|
110,134 | 173,637 | |||||||||||||||||||||
FFO (as defined by NAREIT) attributable to W. P. Carey | 161,768 | 239,727 | |||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||
Other (gains) and losses (e)
|
41,188 | 9,815 | |||||||||||||||||||||
Above- and below-market rent intangible lease amortization, net
|
12,115 | 11,780 | |||||||||||||||||||||
Straight-line and other rent adjustments | (8,751) | (7,092) | |||||||||||||||||||||
Stock-based compensation | 5,381 | 2,661 | |||||||||||||||||||||
Amortization of deferred financing costs | 3,413 | 3,089 | |||||||||||||||||||||
Tax benefit — deferred and other (f) (g)
|
(3,387) | (47,923) | |||||||||||||||||||||
Merger and other expenses | (476) | 187 | |||||||||||||||||||||
Other amortization and non-cash items | 29 | 408 | |||||||||||||||||||||
Proportionate share of adjustments to equity in net income of partially owned entities (c) (h)
|
5,211 | 3,895 | |||||||||||||||||||||
Proportionate share of adjustments for noncontrolling interests (d)
|
(5) | (7) | |||||||||||||||||||||
Total adjustments
|
54,718 | (23,187) | |||||||||||||||||||||
AFFO attributable to W. P. Carey | $ | 216,486 | $ | 216,540 | |||||||||||||||||||
Summary | |||||||||||||||||||||||
FFO (as defined by NAREIT) attributable to W. P. Carey | $ | 161,768 | $ | 239,727 | |||||||||||||||||||
AFFO attributable to W. P. Carey | $ | 216,486 | $ | 216,540 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Net income from Real Estate attributable to W. P. Carey | $ | 44,587 | $ | 100,914 | |||||||||||||||||||
Adjustments: | |||||||||||||||||||||||
Depreciation and amortization of real property | 109,204 | 114,913 | |||||||||||||||||||||
Gain on sale of real estate, net | (9,372) | (11,751) | |||||||||||||||||||||
Impairment charges | — | 19,420 | |||||||||||||||||||||
Proportionate share of adjustments to equity in net income of partially owned entities (a) (c)
|
10,306 | 3,365 | |||||||||||||||||||||
Proportionate share of adjustments for noncontrolling interests (d)
|
(4) | 578 | |||||||||||||||||||||
Total adjustments
|
110,134 | 126,525 | |||||||||||||||||||||
FFO (as defined by NAREIT) attributable to W. P. Carey — Real Estate
|
154,721 | 227,439 | |||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||
Other (gains) and losses (e)
|
42,189 | 10,973 | |||||||||||||||||||||
Above- and below-market rent intangible lease amortization, net
|
12,115 | 11,780 | |||||||||||||||||||||
Straight-line and other rent adjustments | (8,751) | (7,092) | |||||||||||||||||||||
Stock-based compensation | 5,381 | 1,970 | |||||||||||||||||||||
Amortization of deferred financing costs | 3,413 | 3,089 | |||||||||||||||||||||
Tax benefit — deferred and other (f)
|
(2,595) | (37,956) | |||||||||||||||||||||
Merger and other expenses | (491) | (132) | |||||||||||||||||||||
Other amortization and non-cash items | 29 | 209 | |||||||||||||||||||||
Proportionate share of adjustments to equity in net income of partially owned entities (c) (h)
|
4,322 | (274) | |||||||||||||||||||||
Proportionate share of adjustments for noncontrolling interests (d)
|
(5) | (7) | |||||||||||||||||||||
Total adjustments
|
55,607 | (17,440) | |||||||||||||||||||||
AFFO attributable to W. P. Carey — Real Estate | $ | 210,328 | $ | 209,999 | |||||||||||||||||||
Summary | |||||||||||||||||||||||
FFO (as defined by NAREIT) attributable to W. P. Carey — Real Estate
|
$ | 154,721 | $ | 227,439 | |||||||||||||||||||
AFFO attributable to W. P. Carey — Real Estate | $ | 210,328 | $ | 209,999 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Net income (loss) from Investment Management attributable to W. P. Carey | $ | 7,047 | $ | (34,824) | |||||||||||||||||||
Adjustments:
|
|||||||||||||||||||||||
Proportionate share of adjustments to equity in net income of partially owned entities (b) (c)
|
— | 47,112 | |||||||||||||||||||||
Total adjustments
|
— | 47,112 | |||||||||||||||||||||
FFO (as defined by NAREIT) attributable to W. P. Carey — Investment Management
|
7,047 | 12,288 | |||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||
Other (gains) and losses | (1,001) | (1,158) | |||||||||||||||||||||
Tax benefit — deferred and other (g)
|
(792) | (9,967) | |||||||||||||||||||||
Merger and other expenses | 15 | 319 | |||||||||||||||||||||
Stock-based compensation | — | 691 | |||||||||||||||||||||
Other amortization and non-cash items | — | 199 | |||||||||||||||||||||
Proportionate share of adjustments to equity in net income of partially owned entities (c) (h)
|
889 | 4,169 | |||||||||||||||||||||
Total adjustments
|
(889) | (5,747) | |||||||||||||||||||||
AFFO attributable to W. P. Carey — Investment Management
|
$ | 6,158 | $ | 6,541 | |||||||||||||||||||
Summary | |||||||||||||||||||||||
FFO (as defined by NAREIT) attributable to W. P. Carey — Investment Management
|
$ | 7,047 | $ | 12,288 | |||||||||||||||||||
AFFO attributable to W. P. Carey — Investment Management
|
$ | 6,158 | $ | 6,541 |
2021 (Remainder)
|
2022 | 2023 | 2024 | 2025 | Thereafter | Total | Fair Value | ||||||||||||||||||||||||||||||||||||||||
Fixed-rate debt (a) (b)
|
$ | 20,126 | $ | 285,692 | $ | 100,635 | $ | 1,112,565 | $ | 544,535 | $ | 4,011,962 | $ | 6,075,515 | $ | 6,346,127 | |||||||||||||||||||||||||||||||
Variable-rate debt (a)
|
$ | 22,818 | $ | 27,190 | $ | 102,776 | $ | 15,351 | $ | 341,302 | $ | — | $ | 509,437 | $ | 505,822 |
Exhibit No. | Description | Method of Filing | ||||||||||||
4.1 | Seventh Supplemental Indenture, dated February 25, 2021, 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 February 25, 2021
|
||||||||||||
4.2 | Form of Note representing $425 Million Aggregate Principal Amount of 2.250% Senior Notes Due 2033 |
Incorporated by reference to Exhibit 4.3 to Current Report on Form 8-K filed February 25, 2021
|
||||||||||||
4.3 | Fifth Supplemental Indenture dated as of March 8, 2021, 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 8, 2021
|
||||||||||||
4.4 | Form of Note representing €525 Million Aggregate Principal Amount of 0.950% Notes Due 2030 |
Incorporated by reference to Exhibit 4.1 to Current Report on Form 8-K filed March 8, 2021
|
||||||||||||
10.1 | Agency Agreement dated as of March 8, 2021, 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 March 8, 2021
|
||||||||||||
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
|
||||||||||||
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 Inc. | |||||||||||
Date: | April 30, 2021 | ||||||||||
By: | /s/ ToniAnn Sanzone | ||||||||||
ToniAnn Sanzone | |||||||||||
Chief Financial Officer | |||||||||||
(Principal Financial Officer) | |||||||||||
Date: | April 30, 2021 | ||||||||||
By: | /s/ Arjun Mahalingam | ||||||||||
Arjun Mahalingam | |||||||||||
Chief Accounting Officer | |||||||||||
(Principal Accounting Officer) |
Exhibit No. | Description | Method of Filing | ||||||||||||
4.1 | Seventh Supplemental Indenture, dated February 25, 2021, by and between W. P. Carey Inc., as issuer, and U.S. Bank National Association, as trustee | |||||||||||||
4.2 | Form of Note representing $425 Million Aggregate Principal Amount of 2.250% Senior Notes Due 2033 | |||||||||||||
4.3 | Fifth Supplemental Indenture dated as of March 8, 2021, by and among WPC Eurobond B.V., as issuer, W. P. Carey Inc., as guarantor, and U.S. Bank National Association, as trustee | |||||||||||||
4.4 | Form of Note representing €525 Million Aggregate Principal Amount of 0.950% Notes Due 2030 | |||||||||||||
10.1 | Agency Agreement dated as of March 8, 2021, 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 | |||||||||||||
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 | |||||||||||||
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 |