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
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PART II — OTHER INFORMATION | ||||||||
Item 6. Exhibits
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June 30, 2021 | December 31, 2020 | ||||||||||
Assets | |||||||||||
Investments in real estate: | |||||||||||
Land, buildings and improvements | $ | 11,621,204 | $ | 10,939,619 | |||||||
Net investments in direct financing leases | 657,360 | 711,974 | |||||||||
In-place lease intangible assets and other | 2,405,433 | 2,301,174 | |||||||||
Above-market rent intangible assets | 868,970 | 881,159 | |||||||||
Investments in real estate | 15,552,967 | 14,833,926 | |||||||||
Accumulated depreciation and amortization | (2,699,085) | (2,490,087) | |||||||||
Assets held for sale, net | 5,682 | 18,590 | |||||||||
Net investments in real estate | 12,859,564 | 12,362,429 | |||||||||
Equity method investments | 351,865 | 283,446 | |||||||||
Cash and cash equivalents | 164,515 | 248,662 | |||||||||
Due from affiliates | 17,003 | 26,257 | |||||||||
Other assets, net | 931,924 | 876,024 | |||||||||
Goodwill | 907,295 | 910,818 | |||||||||
Total assets (a)
|
$ | 15,232,166 | $ | 14,707,636 | |||||||
Liabilities and Equity | |||||||||||
Debt: | |||||||||||
Senior unsecured notes, net | $ | 5,493,556 | $ | 5,146,192 | |||||||
Unsecured term loans, net | 321,392 | 321,971 | |||||||||
Unsecured revolving credit facility | 276,121 | 82,281 | |||||||||
Non-recourse mortgages, net | 724,778 | 1,145,554 | |||||||||
Debt, net | 6,815,847 | 6,695,998 | |||||||||
Accounts payable, accrued expenses and other liabilities | 571,049 | 603,663 | |||||||||
Below-market rent and other intangible liabilities, net | 197,067 | 197,248 | |||||||||
Deferred income taxes | 151,112 | 145,844 | |||||||||
Dividends payable | 196,324 | 186,514 | |||||||||
Total liabilities (a)
|
7,931,399 | 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; 184,253,151 and 175,401,757 shares, respectively, issued and outstanding
|
184 | 175 | |||||||||
Additional paid-in capital | 9,542,171 | 8,925,365 | |||||||||
Distributions in excess of accumulated earnings | (2,063,109) | (1,850,935) | |||||||||
Deferred compensation obligation | 49,815 | 42,014 | |||||||||
Accumulated other comprehensive loss | (229,960) | (239,906) | |||||||||
Total stockholders’ equity | 7,299,101 | 6,876,713 | |||||||||
Noncontrolling interests | 1,666 | 1,656 | |||||||||
Total equity | 7,300,767 | 6,878,369 | |||||||||
Total liabilities and equity | $ | 15,232,166 | $ | 14,707,636 | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Real Estate: | |||||||||||||||||||||||
Lease revenues | $ | 305,310 | $ | 280,303 | $ | 607,075 | $ | 562,413 | |||||||||||||||
Lease termination income and other | 6,235 | 1,917 | 8,462 | 8,426 | |||||||||||||||||||
Operating property revenues | 3,245 | 1,427 | 5,424 | 7,394 | |||||||||||||||||||
314,790 | 283,647 | 620,961 | 578,233 | ||||||||||||||||||||
Investment Management: | |||||||||||||||||||||||
Asset management and other revenue | 3,966 | 4,472 | 7,920 | 14,855 | |||||||||||||||||||
Reimbursable costs from affiliates | 968 | 2,411 | 2,009 | 6,441 | |||||||||||||||||||
4,934 | 6,883 | 9,929 | 21,296 | ||||||||||||||||||||
319,724 | 290,530 | 630,890 | 599,529 | ||||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||
Depreciation and amortization | 114,348 | 107,477 | 224,670 | 223,671 | |||||||||||||||||||
General and administrative | 20,464 | 17,472 | 42,547 | 38,217 | |||||||||||||||||||
Reimbursable tenant costs | 15,092 | 13,796 | 30,850 | 26,971 | |||||||||||||||||||
Property expenses, excluding reimbursable tenant costs | 11,815 | 11,651 | 22,698 | 21,726 | |||||||||||||||||||
Stock-based compensation expense | 9,048 | 2,918 | 14,429 | 5,579 | |||||||||||||||||||
Merger and other expenses | (2,599) | 1,074 | (3,075) | 1,261 | |||||||||||||||||||
Operating property expenses | 2,049 | 1,388 | 3,960 | 6,611 | |||||||||||||||||||
Reimbursable costs from affiliates | 968 | 2,411 | 2,009 | 6,441 | |||||||||||||||||||
Subadvisor fees | — | 192 | — | 1,469 | |||||||||||||||||||
Impairment charges | — | — | — | 19,420 | |||||||||||||||||||
171,185 | 158,379 | 338,088 | 351,366 | ||||||||||||||||||||
Other Income and Expenses | |||||||||||||||||||||||
Interest expense | (49,252) | (52,182) | (100,892) | (104,722) | |||||||||||||||||||
Gain on sale of real estate, net | 19,840 | — | 29,212 | 11,751 | |||||||||||||||||||
Other gains and (losses) | 7,545 | 4,259 | (33,643) | (5,556) | |||||||||||||||||||
Non-operating income | 3,065 | 4,588 | 9,421 | 9,980 | |||||||||||||||||||
(Losses) earnings from equity method investments | (156) | 33,983 | (9,889) | (11,807) | |||||||||||||||||||
(18,958) | (9,352) | (105,791) | (100,354) | ||||||||||||||||||||
Income before income taxes | 129,581 | 122,799 | 187,011 | 147,809 | |||||||||||||||||||
(Provision for) benefit from income taxes | (9,298) | (7,595) | (15,087) | 34,097 | |||||||||||||||||||
Net Income | 120,283 | 115,204 | 171,924 | 181,906 | |||||||||||||||||||
Net income attributable to noncontrolling interests | (38) | (9,904) | (45) | (10,516) | |||||||||||||||||||
Net Income Attributable to W. P. Carey | $ | 120,245 | $ | 105,300 | $ | 171,879 | $ | 171,390 | |||||||||||||||
Basic Earnings Per Share | $ | 0.67 | $ | 0.61 | $ | 0.96 | $ | 0.99 | |||||||||||||||
Diluted Earnings Per Share | $ | 0.67 | $ | 0.61 | $ | 0.96 | $ | 0.99 | |||||||||||||||
Weighted-Average Shares Outstanding | |||||||||||||||||||||||
Basic | 180,099,370 | 173,401,749 | 178,379,654 | 173,325,493 | |||||||||||||||||||
Diluted | 180,668,732 | 173,472,755 | 178,902,259 | 173,514,894 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net Income | $ | 120,283 | $ | 115,204 | $ | 171,924 | $ | 181,906 | |||||||||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||||||||
Foreign currency translation adjustments | 5,973 | 13,847 | (7,929) | (38,353) | |||||||||||||||||||
Unrealized (loss) gain on derivative instruments | (2,023) | (9,442) | 17,896 | 3,407 | |||||||||||||||||||
3,950 | 4,405 | 9,967 | (34,946) | ||||||||||||||||||||
Comprehensive Income | 124,233 | 119,609 | 181,891 | 146,960 | |||||||||||||||||||
Amounts Attributable to Noncontrolling Interests | |||||||||||||||||||||||
Net income | (38) | (9,904) | (45) | (10,516) | |||||||||||||||||||
Unrealized gain on derivative instruments | (21) | — | (21) | — | |||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | (59) | (9,904) | (66) | (10,516) | |||||||||||||||||||
Comprehensive Income Attributable to W. P. Carey | $ | 124,174 | $ | 109,705 | $ | 181,825 | $ | 136,444 |
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 April 1, 2021 | 177,520,962 | $ | 178 | $ | 9,061,143 | $ | (1,988,440) | $ | 49,815 | $ | (233,889) | $ | 6,888,807 | $ | 1,648 | $ | 6,890,455 | ||||||||||||||||||||||||||||||||||||
Shares issued under forward sale agreements, net | 4,523,209 | 5 | 309,502 | 309,507 | 309,507 | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued under “at-the-market” offering, net | 2,205,509 | 1 | 162,335 | 162,336 | 162,336 | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued upon purchases under employee share purchase plan | 2,597 | — | 176 | 176 | 176 | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued upon delivery of vested restricted share awards | 874 | — | (33) | (33) | (33) | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of stock-based compensation expense | 9,048 | 9,048 | 9,048 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | (41) | (41) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($1.050 per share)
|
(194,914) | (194,914) | (194,914) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 120,245 | 120,245 | 38 | 120,283 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | 5,973 | 5,973 | 5,973 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized loss on derivative instruments | (2,044) | (2,044) | 21 | (2,023) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 184,253,151 | $ | 184 | $ | 9,542,171 | $ | (2,063,109) | $ | 49,815 | $ | (229,960) | $ | 7,299,101 | $ | 1,666 | $ | 7,300,767 |
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 April 1, 2020 | 172,402,516 | $ | 172 | $ | 8,712,244 | $ | (1,688,744) | $ | 42,291 | $ | (295,018) | $ | 6,770,945 | $ | 2,131 | $ | 6,773,076 | ||||||||||||||||||||||||||||||||||||
Shares issued under forward sale agreements, net | 1,463,500 | 2 | 99,630 | 99,632 | 99,632 | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued upon delivery of vested restricted share awards | 18,939 | — | (260) | (260) | (260) | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued upon purchases under employee share purchase plan | 5,472 | — | 299 | 299 | 299 | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of stock-based compensation expense | 2,918 | 2,918 | 2,918 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Delivery of deferred vested shares, net | 277 | (277) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | (506) | (506) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($1.042 per share)
|
(182,448) | (182,448) | (182,448) | ||||||||||||||||||||||||||||||||||||||||||||||||||
— | (9,865) | (9,865) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 105,300 | 105,300 | 9,904 | 115,204 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | 13,847 | 13,847 | 13,847 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized loss on derivative instruments | (9,442) | (9,442) | (9,442) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | 173,890,427 | $ | 174 | $ | 8,815,108 | $ | (1,765,892) | $ | 42,014 | $ | (290,613) | $ | 6,800,791 | $ | 1,664 | $ | 6,802,455 |
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, 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 forward sale agreements, net | 4,523,209 | 5 | 309,502 | 309,507 | 309,507 | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued under “at-the-market” offering, net | 4,225,624 | 4 | 302,619 | 302,623 | 302,623 | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued upon delivery of vested restricted share awards | 99,964 | — | (3,777) | (3,777) | (3,777) | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued upon purchases under employee share purchase plan | 2,597 | — | 176 | 176 | 176 | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of stock-based compensation expense | 14,429 | 14,429 | 14,429 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deferral of vested shares, net | (7,049) | 7,049 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | (56) | (56) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($2.098 per share)
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906 | (384,053) | 752 | (382,395) | (382,395) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 171,879 | 171,879 | 45 | 171,924 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain on derivative instruments | 17,875 | 17,875 | 21 | 17,896 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | (7,929) | (7,929) | (7,929) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 184,253,151 | $ | 184 | $ | 9,542,171 | $ | (2,063,109) | $ | 49,815 | $ | (229,960) | $ | 7,299,101 | $ | 1,666 | $ | 7,300,767 |
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 under forward sale agreements, net | 1,463,500 | 2 | 99,630 | 99,632 | 99,632 | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued upon delivery of vested restricted share awards | 143,213 | — | (5,272) | (5,272) | (5,272) | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued upon purchases under employee share purchase plan | 5,472 | — | 299 | 299 | 299 | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of stock-based compensation expense | 5,579 | 5,579 | 5,579 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deferral of vested shares, net | (3,854) | 3,854 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | (5,231) | (5,231) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($2.082 per share)
|
1,191 | (365,096) | 897 | (363,008) | (363,008) | ||||||||||||||||||||||||||||||||||||||||||||||||
— | (9,865) | (9,865) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 171,390 | 171,390 | 10,516 | 181,906 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | (38,353) | (38,353) | (38,353) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain on derivative instruments | 3,407 | 3,407 | 3,407 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | 173,890,427 | $ | 174 | $ | 8,815,108 | $ | (1,765,892) | $ | 42,014 | $ | (290,613) | $ | 6,800,791 | $ | 1,664 | $ | 6,802,455 |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Cash Flows — Operating Activities | |||||||||||
Net income | $ | 171,924 | $ | 181,906 | |||||||
Adjustments to net income: | |||||||||||
Depreciation and amortization, including intangible assets and deferred financing costs | 232,111 | 230,234 | |||||||||
Net realized and unrealized losses on extinguishment of debt, equity securities, foreign currency transactions, and other | 39,781 | 8,221 | |||||||||
Gain on sale of real estate, net | (29,212) | (11,751) | |||||||||
Amortization of rent-related intangibles and deferred rental revenue | 28,554 | 26,820 | |||||||||
Straight-line rent adjustments
|
(21,986) | (24,826) | |||||||||
Stock-based compensation expense | 14,429 | 5,579 | |||||||||
Losses from equity method investments | 9,889 | 11,807 | |||||||||
Asset management revenue received in shares of Managed REITs | (6,292) | (10,607) | |||||||||
Change in allowance for credit losses | (6,249) | 1,906 | |||||||||
Distributions of earnings from equity method investments | 3,730 | 3,121 | |||||||||
Deferred income tax benefit | (2,351) | (44,529) | |||||||||
Impairment charges | — | 19,420 | |||||||||
Net changes in other operating assets and liabilities | (35,581) | (57,250) | |||||||||
Net Cash Provided by Operating Activities | 398,747 | 340,051 | |||||||||
Cash Flows — Investing Activities | |||||||||||
Purchases of real estate | (837,003) | (265,829) | |||||||||
Proceeds from sales of real estate | 98,433 | 105,115 | |||||||||
Capital contributions to equity method investments | (88,692) | (595) | |||||||||
Funding for real estate construction, redevelopments, and other capital expenditures on real estate | (54,381) | (117,420) | |||||||||
Proceeds from repayment of short-term loans to affiliates | 37,048 | 51,702 | |||||||||
Funding of short-term loans to affiliates | (31,000) | (5,433) | |||||||||
Other investing activities, net
|
(21,913) | 8,626 | |||||||||
Return of capital from equity method investments
|
11,627 | 10,463 | |||||||||
Proceeds from repayment of loans receivable | — | 11,000 | |||||||||
Net Cash Used in Investing Activities | (885,881) | (202,371) | |||||||||
Cash Flows — Financing Activities | |||||||||||
Proceeds from Unsecured Revolving Credit Facility | 1,088,217 | 519,849 | |||||||||
Proceeds from issuance of Senior Unsecured Notes | 1,038,391 | — | |||||||||
Repayments of Unsecured Revolving Credit Facility | (893,104) | (692,477) | |||||||||
Redemption of Senior Unsecured Notes | (617,442) | — | |||||||||
Prepayments of mortgage principal | (426,907) | — | |||||||||
Dividends paid | (372,585) | (360,616) | |||||||||
Proceeds from shares issued under forward sale agreements, net of selling costs | 309,864 | 99,887 | |||||||||
Proceeds from shares issued under ATM Program, net of selling costs | 302,512 | — | |||||||||
Scheduled payments of mortgage principal | (20,239) | (36,598) | |||||||||
Payment of financing costs | (8,176) | (9,993) | |||||||||
Payments for withholding taxes upon delivery of equity-based awards | (3,777) | (5,272) | |||||||||
Other financing activities, net | 2,250 | 7,921 | |||||||||
Distributions paid to noncontrolling interests | (56) | (5,231) | |||||||||
Proceeds from Unsecured Term Loans | — | 298,974 | |||||||||
Net Cash Provided by (Used in) Financing Activities | 398,948 | (183,556) | |||||||||
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 | (5,390) | (1,650) | |||||||||
Net decrease in cash and cash equivalents and restricted cash | (93,576) | (47,526) | |||||||||
Cash and cash equivalents and restricted cash, beginning of period | 311,779 | 251,518 | |||||||||
Cash and cash equivalents and restricted cash, end of period | $ | 218,203 | $ | 203,992 |
June 30, 2021 | December 31, 2020 | ||||||||||
Land, buildings and improvements | $ | 423,333 | $ | 423,333 | |||||||
Net investments in direct financing leases | 15,044 | 15,242 | |||||||||
In-place lease intangible assets and other | 41,978 | 41,997 | |||||||||
Above-market rent intangible assets | 26,720 | 26,720 | |||||||||
Accumulated depreciation and amortization | (146,120) | (137,827) | |||||||||
Total assets | 373,709 | 381,953 | |||||||||
Non-recourse mortgages, net | $ | 1,683 | $ | 3,508 | |||||||
Below-market rent and other intangible liabilities, net | 21,426 | 22,283 | |||||||||
Total liabilities | 46,770 | 48,971 |
June 30, 2021 | December 31, 2020 | ||||||||||
Cash and cash equivalents
|
$ | 164,515 | $ | 248,662 | |||||||
Restricted cash (a)
|
53,688 | 63,117 | |||||||||
Total cash and cash equivalents and restricted cash
|
$ | 218,203 | $ | 311,779 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Asset management revenue (a) (b)
|
$ | 3,966 | $ | 4,472 | $ | 7,920 | $ | 14,361 | |||||||||||||||
Distributions of Available Cash (c)
|
1,787 | 2,029 | 3,326 | 3,945 | |||||||||||||||||||
Reimbursable costs from affiliates (a)
|
968 | 2,411 | 2,009 | 6,441 | |||||||||||||||||||
Interest income on deferred acquisition fees and loans to affiliates (d)
|
30 | 83 | 64 | 360 | |||||||||||||||||||
Structuring and other advisory revenue (a) (b)
|
— | — | — | 494 | |||||||||||||||||||
$ | 6,751 | $ | 8,995 | $ | 13,319 | $ | 25,601 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
CPA:18 – Global
|
$ | 5,611 | $ | 5,550 | $ | 10,970 | $ | 11,462 | |||||||||||||||
CWI 1 | — | 623 | — | 5,662 | |||||||||||||||||||
CWI 2 | — | 468 | — | 4,668 | |||||||||||||||||||
CESH | 1,044 | 1,225 | 2,145 | 2,680 | |||||||||||||||||||
WLT (reimbursed transition services) | 96 | 1,129 | 204 | 1,129 | |||||||||||||||||||
$ | 6,751 | $ | 8,995 | $ | 13,319 | $ | 25,601 |
June 30, 2021 | December 31, 2020 | ||||||||||
Short-term loans to affiliates, including accrued interest | $ | 15,029 | $ | 21,144 | |||||||
Reimbursable costs | 941 | 1,760 | |||||||||
Asset management fees receivable | 813 | 1,054 | |||||||||
Current acquisition fees receivable | 128 | 136 | |||||||||
Accounts receivable | 89 | 305 | |||||||||
Deferred acquisition fees receivable, including accrued interest | 3 | 1,858 | |||||||||
$ | 17,003 | $ | 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 |
June 30, 2021 | December 31, 2020 | ||||||||||
Land | $ | 2,127,388 | $ | 2,012,688 | |||||||
Buildings and improvements | 9,314,308 | 8,724,064 | |||||||||
Real estate under construction | 95,953 | 119,391 | |||||||||
Less: Accumulated depreciation | (1,329,907) | (1,206,912) | |||||||||
$ | 10,207,742 | $ | 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 | ||||||||||||||||||||||
Various, France (c) (d)
|
3 | 4/1/2021 | Retail | 119,341 | ||||||||||||||||||||||
Searcy, Arkansas | 1 | 4/14/2021 | Industrial | 14,038 | ||||||||||||||||||||||
Detroit, Michigan | 1 | 4/27/2021 | Warehouse | 52,810 | ||||||||||||||||||||||
Solihull, United Kingdom (c) (d)
|
1 | 5/4/2021 | Warehouse | 194,954 | ||||||||||||||||||||||
New Rochelle, New York | 1 | 5/5/2021 | Student Housing (Net Lease) | 26,109 | ||||||||||||||||||||||
Groveport, Ohio | 1 | 5/5/2021 | Industrial | 27,133 | ||||||||||||||||||||||
Dakota, Illinois | 1 | 5/12/2021 | Industrial | 65,043 | ||||||||||||||||||||||
San Jose, California | 1 | 5/13/2021 | Industrial | 51,949 | ||||||||||||||||||||||
Opelika, Alabama | 1 | 6/7/2021 | Warehouse | 48,897 | ||||||||||||||||||||||
Niles and Elk Grove Village, IL; and Guelph, Canada | 3 | 6/9/2021 | Warehouse | 42,829 | ||||||||||||||||||||||
Rome, NY | 1 | 6/10/2021 | Warehouse | 44,781 | ||||||||||||||||||||||
31 | $ | 837,136 |
Total Capitalized Costs | |||||
Land | $ | 124,865 | |||
Buildings and improvements | 608,242 | ||||
Intangibles: | |||||
In-place lease (weighted-average expected life of 22.3 years)
|
133,624 | ||||
Below-market rent (weighted-average expected life of 11.1 years)
|
(9,995) | ||||
Land lease right-of-use assets | 1,824 | ||||
Prepaid rent liabilities | (15,445) | ||||
Operating lease liabilities | (5,979) | ||||
$ | 837,136 |
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 | |||||||||||||||||||||||||||
San Donato Milanese, Italy (a)
|
Renovation | 1 | 6/30/2021 | Retail; Office | 7,244 | |||||||||||||||||||||||||||
3 | $ | 62,391 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Lease income — fixed
|
$ | 261,704 | $ | 236,997 | $ | 519,031 | $ | 475,965 | |||||||||||||||
Lease income — variable (a)
|
27,360 | 24,472 | 54,698 | 47,552 | |||||||||||||||||||
Total operating lease income (b)
|
$ | 289,064 | $ | 261,469 | $ | 573,729 | $ | 523,517 |
June 30, 2021 | December 31, 2020 | ||||||||||
Land | $ | 10,452 | $ | 10,452 | |||||||
Buildings and improvements | 73,103 | 73,024 | |||||||||
Less: Accumulated depreciation | (15,379) | (14,004) | |||||||||
$ | 68,176 | $ | 69,472 |
June 30, 2021 | December 31, 2020 | ||||||||||
Land, buildings and improvements | $ | 8,334 | $ | 14,051 | |||||||
In-place lease intangible assets and other, net | — | 12,754 | |||||||||
Above-market rent intangible assets | — | 518 | |||||||||
Accumulated depreciation and amortization | (2,652) | (8,733) | |||||||||
Assets held for sale, net | $ | 5,682 | $ | 18,590 |
June 30, 2021 | December 31, 2020 | ||||||||||
Lease payments receivable | $ | 455,020 | $ | 527,691 | |||||||
Unguaranteed residual value | 621,117 | 677,722 | |||||||||
1,076,137 | 1,205,413 | ||||||||||
Less: unearned income | (407,952) | (476,365) | |||||||||
Less: allowance for credit losses (a)
|
(10,825) | (17,074) | |||||||||
$ | 657,360 | $ | 711,974 |
Number of Tenants / Obligors at | Carrying Value at | |||||||||||||||||||||||||
Internal Credit Quality Indicator | June 30, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
1 – 3 | 18 | 18 | $ | 536,724 | $ | 587,103 | ||||||||||||||||||||
4 | 10 | 9 | 168,197 | 141,944 | ||||||||||||||||||||||
5 | — | 2 | — | 36,737 | ||||||||||||||||||||||
$ | 704,921 | $ | 765,784 |
June 30, 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
|
$ | 19,333 | $ | (17,119) | $ | 2,214 | $ | 19,204 | $ | (15,711) | $ | 3,493 | |||||||||||||||||||||||
Trade name | 3,975 | (3,184) | 791 | 3,975 | (2,786) | 1,189 | |||||||||||||||||||||||||||||
23,308 | (20,303) | 3,005 | 23,179 | (18,497) | 4,682 | ||||||||||||||||||||||||||||||
Lease Intangibles: | |||||||||||||||||||||||||||||||||||
In-place lease | 2,282,941 | (884,875) | 1,398,066 | 2,181,584 | (828,219) | 1,353,365 | |||||||||||||||||||||||||||||
Above-market rent | 868,970 | (468,924) | 400,046 | 881,159 | (440,952) | 440,207 | |||||||||||||||||||||||||||||
3,151,911 | (1,353,799) | 1,798,112 | 3,062,743 | (1,269,171) | 1,793,572 | ||||||||||||||||||||||||||||||
Indefinite-Lived Goodwill
|
|||||||||||||||||||||||||||||||||||
Goodwill | 907,295 | — | 907,295 | 910,818 | — | 910,818 | |||||||||||||||||||||||||||||
Total intangible assets | $ | 4,082,514 | $ | (1,374,102) | $ | 2,708,412 | $ | 3,996,740 | $ | (1,287,668) | $ | 2,709,072 | |||||||||||||||||||||||
Finite-Lived Intangible Liabilities | |||||||||||||||||||||||||||||||||||
Below-market rent | $ | (277,704) | $ | 97,348 | $ | (180,356) | $ | (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 | $ | (294,415) | $ | 97,348 | $ | (197,067) | $ | (287,441) | $ | 90,193 | $ | (197,248) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
$ | 1,787 | $ | 2,029 | $ | 3,326 | $ | 3,945 | ||||||||||||||||
Amortization of basis differences on equity method investments in the Managed Programs
|
(190) | (124) | (368) | (568) | |||||||||||||||||||
Proportionate share of earnings (losses) from equity method investments in the Managed Programs | 101 | (1,142) | 126 | (2,857) | |||||||||||||||||||
— | 33,009 | — | 33,009 | ||||||||||||||||||||
Other-than-temporary impairment charges on our equity method investments in CWI 1 and CWI 2 (Note 8)
|
— | — | — | (47,112) | |||||||||||||||||||
Total earnings (losses) from equity method investments in the Managed Programs | 1,698 | 33,772 | 3,084 | (13,583) | |||||||||||||||||||
(Losses) earnings from equity method investments in real estate (a)
|
(1,670) | 448 | (5,745) | 2,252 | |||||||||||||||||||
Amortization of basis differences on equity method investments in real estate
|
(184) | (237) | (398) | (476) | |||||||||||||||||||
— | — | (6,830) | — | ||||||||||||||||||||
Total (losses) earnings from equity method investments in real estate | (1,854) | 211 | (12,973) | 1,776 | |||||||||||||||||||
(Losses) earnings from equity method investments | $ | (156) | $ | 33,983 | $ | (9,889) | $ | (11,807) |
% of Outstanding Interests Owned at | Carrying Amount of Investment at | |||||||||||||||||||||||||
Fund | June 30, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
CPA:18 – Global (a)
|
5.023 | % | 4.569 | % | $ | 56,590 | $ | 51,949 | ||||||||||||||||||
CPA:18 – Global operating partnership
|
0.034 | % | 0.034 | % | 209 | 209 | ||||||||||||||||||||
CESH (b)
|
2.430 | % | 2.430 | % | 5,127 | 4,399 | ||||||||||||||||||||
$ | 61,926 | $ | 56,557 |
Carrying Value at | ||||||||||||||||||||||||||
Lessee/Fund/Description | Co-owner | Ownership Interest | June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Las Vegas Retail Complex (a)
|
Third Party | N/A | $ | 85,147 | $ | — | ||||||||||||||||||||
Johnson Self Storage | Third Party | 90% | 68,158 | 68,979 | ||||||||||||||||||||||
Kesko Senukai (b)
|
Third Party | 70% | 41,913 | 46,443 | ||||||||||||||||||||||
WLT (c)
|
WLT | 5% | 35,694 | 44,182 | ||||||||||||||||||||||
Harmon Retail Corner (d)
|
Third Party | 15% | 24,225 | 23,815 | ||||||||||||||||||||||
Bank Pekao (b)
|
CPA:18 – Global | 50% | 17,700 | 17,850 | ||||||||||||||||||||||
State Farm Mutual Automobile Insurance Co. (e)
|
CPA:18 – Global | 50% | 7,832 | 15,475 | ||||||||||||||||||||||
Apply Sørco AS (f)
|
CPA:18 – Global | 49% | 6,258 | 7,156 | ||||||||||||||||||||||
Fortenova Grupa d.d. (b)
|
CPA:18 – Global | 20% | 3,012 | 2,989 | ||||||||||||||||||||||
$ | 289,939 | $ | 226,889 |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||
Level | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||||||||
Senior Unsecured Notes, net (a) (b) (c)
|
2 | $ | 5,493,556 | $ | 5,851,678 | $ | 5,146,192 | $ | 5,639,586 | ||||||||||||||||||||
Non-recourse mortgages, net (a) (b) (d)
|
3 | 724,778 | 725,318 | 1,145,554 | 1,148,551 |
Six Months Ended June 30, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Fair Value
Measurements |
Impairment
Charges |
Fair Value
Measurements |
Impairment
Charges |
||||||||||||||||||||
Impairment Charges
|
|||||||||||||||||||||||
Equity method investments | $ | 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 | |||||||||||||||||||||||||||||
June 30, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||
Foreign currency collars
|
Other assets, net
|
$ | 8,129 | $ | 3,489 | $ | — | $ | — | |||||||||||||||||||||||
Foreign currency collars
|
Accounts payable, accrued expenses and other liabilities
|
— | — | (6,132) | (15,122) | |||||||||||||||||||||||||||
Interest rate swaps
|
Accounts payable, accrued expenses and other liabilities
|
— | — | (1,556) | (5,859) | |||||||||||||||||||||||||||
8,129 | 3,489 | (7,688) | (20,981) | |||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments
|
||||||||||||||||||||||||||||||||
Stock warrants | Other assets, net | 5,300 | 5,800 | — | — | |||||||||||||||||||||||||||
5,300 | 5,800 | — | — | |||||||||||||||||||||||||||||
Total derivatives | $ | 13,429 | $ | 9,289 | $ | (7,688) | $ | (20,981) |
Amount of Gain (Loss) Recognized on Derivatives in
Other Comprehensive Income (Loss) (a)
|
||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Foreign currency collars | $ | (2,539) | $ | (6,311) | $ | 13,628 | $ | 11,505 | ||||||||||||||||||
Interest rate swaps | 235 | (122) | 3,648 | (2,359) | ||||||||||||||||||||||
Interest rate caps | 2 | (1) | 4 | 1 | ||||||||||||||||||||||
Foreign currency forward contracts | — | (2,943) | — | (5,272) | ||||||||||||||||||||||
Derivatives in Net Investment Hedging Relationships (b)
|
||||||||||||||||||||||||||
Foreign currency collars | — | (20) | — | 25 | ||||||||||||||||||||||
Total | $ | (2,302) | $ | (9,397) | $ | 17,280 | $ | 3,900 |
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 June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
Foreign currency collars | Non-operating income | $ | 614 | $ | 1,917 | $ | (567) | $ | 2,901 | |||||||||||||||||||||||
Interest rate swaps and caps (c)
|
Interest expense | (198) | (468) | (524) | (706) | |||||||||||||||||||||||||||
Foreign currency forward contracts
|
Non-operating income | — | 2,917 | — | 5,716 | |||||||||||||||||||||||||||
Total | $ | 416 | $ | 4,366 | $ | (1,091) | $ | 7,911 |
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 June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
Foreign currency collars | Non-operating income | $ | (841) | $ | (208) | $ | 159 | $ | 431 | |||||||||||||||||||||||
Stock warrants |
Other gains and (losses)
|
(500) | (1,400) | (500) | (1,300) | |||||||||||||||||||||||||||
Foreign currency forward contracts
|
Non-operating income | — | (267) | — | (43) | |||||||||||||||||||||||||||
Interest rate swaps | Interest expense | — | 15 | — | 30 | |||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships
|
||||||||||||||||||||||||||||||||
Interest rate swaps |
Interest expense
|
225 | 547 | 1,131 | 864 | |||||||||||||||||||||||||||
Total | $ | (1,116) | $ | (1,313) | $ | 790 | $ | (18) |
Interest Rate Derivatives | Number of Instruments |
Notional
Amount |
Fair Value at
June 30, 2021 (a) |
||||||||||||||||||||
Designated as Cash Flow Hedging Instruments | |||||||||||||||||||||||
Interest rate swaps | 2 | 47,813 | EUR | $ | (1,199) | ||||||||||||||||||
Interest rate swaps | 2 | 22,247 | USD | (357) | |||||||||||||||||||
Interest rate cap | 1 | 10,920 | EUR | — | |||||||||||||||||||
Interest rate cap | 1 | 6,394 | GBP | — | |||||||||||||||||||
$ | (1,556) |
Foreign Currency Derivatives | Number of Instruments |
Notional
Amount |
Fair Value at
June 30, 2021 |
||||||||||||||||||||
Designated as Cash Flow Hedging Instruments | |||||||||||||||||||||||
Foreign currency collars | 97 | 335,500 | EUR | $ | 3,834 | ||||||||||||||||||
Foreign currency collars | 99 | 58,300 | GBP | (1,837) | |||||||||||||||||||
$ | 1,997 |
Interest Rate at
June 30, 2021 (a)
|
Maturity Date at June 30, 2021 | Principal Outstanding Balance at | ||||||||||||||||||||||||
Senior Unsecured Credit Facility | June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||
Unsecured Term Loans:
|
||||||||||||||||||||||||||
Term Loan — borrowing in British pounds sterling (b) (c)
|
GBP LIBOR + 0.95%
|
2/20/2025 | $ | 207,750 | $ | 204,737 | ||||||||||||||||||||
Delayed Draw Term Loan — borrowing in euros (d)
|
EURIBOR + 0.95%
|
2/20/2025 | 114,681 | 118,415 | ||||||||||||||||||||||
322,431 | 323,152 | |||||||||||||||||||||||||
Unsecured Revolving Credit Facility:
|
||||||||||||||||||||||||||
Borrowing in British pounds sterling (c)
|
GBP LIBOR + 0.85%
|
2/20/2025 | 175,895 | — | ||||||||||||||||||||||
Borrowing in euros (d)
|
EURIBOR + 0.85%
|
2/20/2025 | 78,435 | 58,901 | ||||||||||||||||||||||
Borrowing in Japanese yen (c)
|
JPY LIBOR + 0.85%
|
2/20/2025 | 21,791 | 23,380 | ||||||||||||||||||||||
276,121 | 82,281 | |||||||||||||||||||||||||
|
|
$ | 598,552 | $ | 405,433 |
Principal Amount | Coupon Rate | Maturity Date | Principal Outstanding Balance at | |||||||||||||||||||||||||||||||||||
Senior Unsecured Notes, net (a)
|
Issue Date | June 30, 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 | 594,200 | 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 | 594,200 | 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 | 594,200 | 613,550 | ||||||||||||||||||||||||||||||
1.350% Senior Notes due 2028
|
9/19/2019 | € | 500,000 | 1.350 | % | 4/15/2028 | 594,200 | 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 | 623,910 | — | ||||||||||||||||||||||||||||||
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 | — | ||||||||||||||||||||||||||||||
$ | 5,550,710 | $ | 5,192,750 |
Years Ending December 31, |
Total (a)
|
|||||||
2021 (remainder) | $ | 36,690 | ||||||
2022 | 312,468 | |||||||
2023 | 204,990 | |||||||
2024 | 1,136,097 | |||||||
2025 | 1,143,513 | |||||||
Thereafter through 2031 | 4,044,163 | |||||||
Total principal payments | 6,877,921 | |||||||
Unamortized discount, net (b)
|
(33,386) | |||||||
Unamortized deferred financing costs | (28,688) | |||||||
Total | $ | 6,815,847 |
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)
|
172,671 | 66.63 | 134,290 | 86.19 | |||||||||||||||||||
Vested (b)
|
(117,002) | 73.24 | (151,678) | 76.04 | |||||||||||||||||||
Forfeited | (777) | 74.78 | — | — | |||||||||||||||||||
Adjustment (c)
|
— | — | 188,953 | 74.57 | |||||||||||||||||||
Nonvested at June 30, 2021 (d)
|
315,869 | $ | 70.87 | 433,578 | $ | 86.45 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income — basic and diluted | $ | 120,245 | $ | 105,300 | $ | 171,879 | $ | 171,390 | |||||||||||||||
Weighted-average shares outstanding — basic | 180,099,370 | 173,401,749 | 178,379,654 | 173,325,493 | |||||||||||||||||||
Effect of dilutive securities | 569,362 | 71,006 | 522,605 | 189,401 | |||||||||||||||||||
Weighted-average shares outstanding — diluted | 180,668,732 | 173,472,755 | 178,902,259 | 173,514,894 |
Three Months Ended June 30, 2021 | |||||||||||||||||||||||
Gains and (Losses) on Derivative Instruments | Foreign Currency Translation Adjustments | Total | |||||||||||||||||||||
Beginning balance | $ | 982 | $ | (234,871) | $ | (233,889) | |||||||||||||||||
Other comprehensive income before reclassifications | (1,607) | 5,973 | 4,366 | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss to:
|
|||||||||||||||||||||||
Non-operating income | (614) | — | (614) | ||||||||||||||||||||
Interest expense | 198 | — | 198 | ||||||||||||||||||||
Total | (416) | — | (416) | ||||||||||||||||||||
Net current period other comprehensive income | (2,023) | 5,973 | 3,950 | ||||||||||||||||||||
Net current period other comprehensive income attributable to noncontrolling interests | (21) | — | (21) | ||||||||||||||||||||
Ending balance | $ | (1,062) | $ | (228,898) | $ | (229,960) |
Three Months Ended June 30, 2020 | |||||||||||||||||||||||
Gains and (Losses) on Derivative Instruments | Foreign Currency Translation Adjustments | Total | |||||||||||||||||||||
Beginning balance | $ | 25,897 | $ | (320,915) | $ | (295,018) | |||||||||||||||||
Other comprehensive income before reclassifications | (5,076) | 13,847 | 8,771 | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss to:
|
|||||||||||||||||||||||
Non-operating income | (4,834) | — | (4,834) | ||||||||||||||||||||
Interest expense | 468 | — | 468 | ||||||||||||||||||||
Total | (4,366) | — | (4,366) | ||||||||||||||||||||
Net current period other comprehensive income | (9,442) | 13,847 | 4,405 | ||||||||||||||||||||
Ending balance | $ | 16,455 | $ | (307,068) | $ | (290,613) |
Six Months Ended June 30, 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 | 16,805 | (7,929) | 8,876 | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss to:
|
|||||||||||||||||||||||
Non-operating income | 567 | — | 567 | ||||||||||||||||||||
Interest expense | 524 | — | 524 | ||||||||||||||||||||
Total | 1,091 | — | 1,091 | ||||||||||||||||||||
Net current period other comprehensive income | 17,896 | (7,929) | 9,967 | ||||||||||||||||||||
Net current period other comprehensive income attributable to noncontrolling interests | (21) | — | (21) | ||||||||||||||||||||
Ending balance | $ | (1,062) | $ | (228,898) | $ | (229,960) |
Six Months Ended June 30, 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 | 11,318 | (38,353) | (27,035) | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss to:
|
|||||||||||||||||||||||
Non-operating income | (8,617) | — | (8,617) | ||||||||||||||||||||
Interest expense | 706 | — | 706 | ||||||||||||||||||||
Total | (7,911) | — | (7,911) | ||||||||||||||||||||
Net current period other comprehensive loss | 3,407 | (38,353) | (34,946) | ||||||||||||||||||||
Ending balance | $ | 16,455 | $ | (307,068) | $ | (290,613) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Lease revenues | $ | 305,310 | $ | 280,303 | $ | 607,075 | $ | 562,413 | |||||||||||||||
Lease termination income and other | 6,235 | 1,917 | 8,462 | 8,426 | |||||||||||||||||||
Operating property revenues (a)
|
3,245 | 1,427 | 5,424 | 7,394 | |||||||||||||||||||
314,790 | 283,647 | 620,961 | 578,233 | ||||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||
Depreciation and amortization (b)
|
114,348 | 107,477 | 224,670 | 222,684 | |||||||||||||||||||
General and administrative (b)
|
20,464 | 17,472 | 42,547 | 32,394 | |||||||||||||||||||
Reimbursable tenant costs | 15,092 | 13,796 | 30,850 | 26,971 | |||||||||||||||||||
Property expenses, excluding reimbursable tenant costs | 11,815 | 11,651 | 22,698 | 21,726 | |||||||||||||||||||
Stock-based compensation expense (b)
|
9,048 | 2,918 | 14,429 | 4,888 | |||||||||||||||||||
Merger and other expenses | (2,599) | 935 | (3,090) | 803 | |||||||||||||||||||
Operating property expenses | 2,049 | 1,388 | 3,960 | 6,611 | |||||||||||||||||||
Impairment charges | — | — | — | 19,420 | |||||||||||||||||||
170,217 | 155,637 | 336,064 | 335,497 | ||||||||||||||||||||
Other Income and Expenses | |||||||||||||||||||||||
Interest expense | (49,252) | (52,182) | (100,892) | (104,722) | |||||||||||||||||||
Gain on sale of real estate, net | 19,840 | — | 29,212 | 11,751 | |||||||||||||||||||
Other gains and (losses) | 7,472 | 5,437 | (34,717) | (5,536) | |||||||||||||||||||
Non-operating income | 3,065 | 4,505 | 9,337 | 9,702 | |||||||||||||||||||
(Losses) earnings from equity method investments in real estate | (1,854) | 211 | (12,973) | 1,776 | |||||||||||||||||||
(20,729) | (42,029) | (110,033) | (87,029) | ||||||||||||||||||||
Income before income taxes | 123,844 | 85,981 | 174,864 | 155,707 | |||||||||||||||||||
(Provision for) benefit from income taxes | (9,119) | (4,117) | (15,545) | 27,683 | |||||||||||||||||||
Net Income from Real Estate | 114,725 | 81,864 | 159,319 | 183,390 | |||||||||||||||||||
Net income attributable to noncontrolling interests | (38) | (39) | (45) | (651) | |||||||||||||||||||
Net Income from Real Estate Attributable to W. P. Carey | $ | 114,687 | $ | 81,825 | $ | 159,274 | $ | 182,739 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Asset management and other revenue | $ | 3,966 | $ | 4,472 | $ | 7,920 | $ | 14,855 | |||||||||||||||
Reimbursable costs from affiliates | 968 | 2,411 | 2,009 | 6,441 | |||||||||||||||||||
4,934 | 6,883 | 9,929 | 21,296 | ||||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||
Reimbursable costs from affiliates | 968 | 2,411 | 2,009 | 6,441 | |||||||||||||||||||
Subadvisor fees | — | 192 | — | 1,469 | |||||||||||||||||||
Merger and other expenses | — | 139 | 15 | 458 | |||||||||||||||||||
General and administrative (b)
|
— | — | — | 5,823 | |||||||||||||||||||
Depreciation and amortization (b)
|
— | — | — | 987 | |||||||||||||||||||
Stock-based compensation expense (b)
|
— | — | — | 691 | |||||||||||||||||||
968 | 2,742 | 2,024 | 15,869 | ||||||||||||||||||||
Other Income and Expenses | |||||||||||||||||||||||
Earnings (losses) from equity method investments in the Managed Programs | 1,698 | 33,772 | 3,084 | (13,583) | |||||||||||||||||||
Other gains and (losses) | 73 | (1,178) | 1,074 | (20) | |||||||||||||||||||
Non-operating income | — | 83 | 84 | 278 | |||||||||||||||||||
1,771 | 32,677 | 4,242 | (13,325) | ||||||||||||||||||||
Income (loss) before income taxes | 5,737 | 36,818 | 12,147 | (7,898) | |||||||||||||||||||
(Provision for) benefit from income taxes | (179) | (3,478) | 458 | 6,414 | |||||||||||||||||||
Net Income (Loss) from Investment Management | 5,558 | 33,340 | 12,605 | (1,484) | |||||||||||||||||||
Net income attributable to noncontrolling interests | — | (9,865) | — | (9,865) | |||||||||||||||||||
Net Income (Loss) from Investment Management Attributable to W. P. Carey | $ | 5,558 | $ | 23,475 | $ | 12,605 | $ | (11,349) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenues | $ | 319,724 | $ | 290,530 | $ | 630,890 | $ | 599,529 | |||||||||||||||
Operating expenses
|
171,185 | 158,379 | 338,088 | 351,366 | |||||||||||||||||||
Other income and (expenses) | (18,958) | (9,352) | (105,791) | (100,354) | |||||||||||||||||||
(Provision for) benefit from income taxes | (9,298) | (7,595) | (15,087) | 34,097 | |||||||||||||||||||
Net income attributable to noncontrolling interests | (38) | (9,904) | (45) | (10,516) | |||||||||||||||||||
Net income attributable to W. P. Carey | $ | 120,245 | $ | 105,300 | $ | 171,879 | $ | 171,390 |
Total Assets at | |||||||||||
June 30, 2021 | December 31, 2020 | ||||||||||
Real Estate | $ | 15,103,823 | $ | 14,582,015 | |||||||
Investment Management | 128,343 | 125,621 | |||||||||
Total Company | $ | 15,232,166 | $ | 14,707,636 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenues from Real Estate | $ | 314,790 | $ | 283,647 | $ | 620,961 | $ | 578,233 | |||||||||||||||
Revenues from Investment Management
|
4,934 | 6,883 | 9,929 | 21,296 | |||||||||||||||||||
Total revenues | 319,724 | 290,530 | 630,890 | 599,529 | |||||||||||||||||||
Net income from Real Estate attributable to W. P. Carey | 114,687 | 81,825 | 159,274 | 182,739 | |||||||||||||||||||
Net income (loss) from Investment Management attributable to W. P. Carey | 5,558 | 23,475 | 12,605 | (11,349) | |||||||||||||||||||
Net income attributable to W. P. Carey | 120,245 | 105,300 | 171,879 | 171,390 | |||||||||||||||||||
Dividends declared | 194,914 | 182,448 | 382,395 | 363,008 | |||||||||||||||||||
Net cash provided by operating activities | 398,747 | 340,051 | |||||||||||||||||||||
Net cash used in investing activities | (885,881) | (202,371) | |||||||||||||||||||||
Net cash provided by (used in) financing activities | 398,948 | (183,556) | |||||||||||||||||||||
Supplemental financial measures (a):
|
|||||||||||||||||||||||
Adjusted funds from operations attributable to W. P. Carey (AFFO) — Real Estate | 222,377 | 191,680 | 432,705 | 401,679 | |||||||||||||||||||
Adjusted funds from operations attributable to W. P. Carey (AFFO) — Investment Management
|
6,299 | 6,230 | 12,457 | 12,771 | |||||||||||||||||||
Adjusted funds from operations attributable to W. P. Carey (AFFO)
|
228,676 | 197,910 | 445,162 | 414,450 | |||||||||||||||||||
Diluted weighted-average shares outstanding | 180,668,732 | 173,472,755 | 178,902,259 | 173,514,894 |
June 30, 2021 | December 31, 2020 | ||||||||||
Number of net-leased properties | 1,266 | 1,243 | |||||||||
Number of operating properties (a)
|
20 | 20 | |||||||||
Number of tenants (net-leased properties) | 356 | 350 | |||||||||
Total square footage (net-leased properties, in thousands) | 150,208 | 144,259 | |||||||||
Occupancy (net-leased properties) | 98.0 | % | 98.5 | % | |||||||
Weighted-average lease term (net-leased properties, in years) | 10.8 | 10.6 | |||||||||
Number of countries | 25 | 25 | |||||||||
Total assets (in thousands) | $ | 15,232,166 | $ | 14,707,636 | |||||||
Net investments in real estate (in thousands) | 12,859,564 | 12,362,429 |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Acquisition volume (in millions) (b)
|
$ | 922.0 | $ | 270.6 | |||||||
Construction projects completed (in millions)
|
62.4 | 140.0 | |||||||||
Average U.S. dollar/euro exchange rate | 1.2046 | 1.1013 | |||||||||
Average U.S. dollar/British pound sterling exchange rate | 1.3874 | 1.2609 | |||||||||
Change in the U.S. CPI (c)
|
4.2 | % | 0.3 | % | |||||||
Change in the Germany CPI (c)
|
3.4 | % | 0.8 | % | |||||||
Change in the United Kingdom CPI (c)
|
1.8 | % | 0.3 | % | |||||||
Change in the Spain CPI (c)
|
2.5 | % | (0.7) | % | |||||||
Change in the Poland CPI (c)
|
3.9 | % | 2.1 | % | |||||||
Change in the Netherlands CPI (c)
|
1.7 | % | 0.7 | % |
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 | 3.2 | % | 2.8 | |||||||||||||||||||||||||
State of Andalucía (a)
|
Government office properties in Spain | 70 | 30,943 | 2.5 | % | 13.5 | ||||||||||||||||||||||||||
Hellweg Die Profi-Baumärkte GmbH & Co. KG (a)
|
Do-it-yourself retail properties in Germany | 35 | 29,786 | 2.4 | % | 15.7 | ||||||||||||||||||||||||||
Metro Cash & Carry Italia S.p.A. (a)
|
Business-to-business wholesale stores in Italy and Germany | 20 | 29,396 | 2.4 | % | 7.3 | ||||||||||||||||||||||||||
Pendragon PLC (a)
|
Automotive dealerships in the United Kingdom | 69 | 23,877 | 2.0 | % | 8.9 | ||||||||||||||||||||||||||
Extra Space Storage, Inc. | Net lease self-storage properties in the U.S. | 27 | 20,688 | 1.7 | % | 22.8 | ||||||||||||||||||||||||||
Advance Auto Parts, Inc. | Distribution facilities in the U.S. | 30 | 20,180 | 1.7 | % | 11.6 | ||||||||||||||||||||||||||
Marriott Corporation | Net lease hotel properties in the U.S. | 18 | 20,065 | 1.6 | % | 2.4 | ||||||||||||||||||||||||||
Nord Anglia Education, Inc. | K-12 private schools in the U.S. | 3 | 19,473 | 1.6 | % | 22.2 | ||||||||||||||||||||||||||
Forterra, Inc. (a) (b)
|
Industrial properties in the U.S. and Canada | 27 | 19,185 | 1.6 | % | 22.0 | ||||||||||||||||||||||||||
Total | 377 | $ | 252,344 | 20.7 | % | 12.0 |
Region | ABR | ABR Percent |
Square Footage (a)
|
Square Footage Percent | ||||||||||||||||||||||
United States | ||||||||||||||||||||||||||
South | ||||||||||||||||||||||||||
Texas | $ | 102,960 | 8.4 | % | 12,035 | 8.0 | % | |||||||||||||||||||
Florida | 51,953 | 4.3 | % | 4,460 | 3.0 | % | ||||||||||||||||||||
Georgia | 23,809 | 2.0 | % | 3,512 | 2.3 | % | ||||||||||||||||||||
Tennessee | 19,470 | 1.6 | % | 2,875 | 1.9 | % | ||||||||||||||||||||
Alabama | 18,152 | 1.5 | % | 3,084 | 2.1 | % | ||||||||||||||||||||
Other (b)
|
13,996 | 1.1 | % | 2,356 | 1.6 | % | ||||||||||||||||||||
Total South | 230,340 | 18.9 | % | 28,322 | 18.9 | % | ||||||||||||||||||||
Midwest | ||||||||||||||||||||||||||
Illinois | 59,044 | 4.8 | % | 7,739 | 5.2 | % | ||||||||||||||||||||
Minnesota | 29,625 | 2.4 | % | 2,728 | 1.8 | % | ||||||||||||||||||||
Indiana | 21,670 | 1.8 | % | 3,198 | 2.1 | % | ||||||||||||||||||||
Ohio | 18,069 | 1.5 | % | 3,988 | 2.7 | % | ||||||||||||||||||||
Michigan | 16,867 | 1.4 | % | 2,599 | 1.7 | % | ||||||||||||||||||||
Wisconsin | 15,943 | 1.3 | % | 3,245 | 2.2 | % | ||||||||||||||||||||
Other (b)
|
29,057 | 2.4 | % | 4,877 | 3.2 | % | ||||||||||||||||||||
Total Midwest | 190,275 | 15.6 | % | 28,374 | 18.9 | % | ||||||||||||||||||||
East | ||||||||||||||||||||||||||
North Carolina | 33,792 | 2.8 | % | 8,098 | 5.4 | % | ||||||||||||||||||||
Pennsylvania | 26,956 | 2.2 | % | 3,333 | 2.2 | % | ||||||||||||||||||||
New Jersey | 22,659 | 1.9 | % | 1,242 | 0.8 | % | ||||||||||||||||||||
Massachusetts | 21,549 | 1.8 | % | 1,407 | 0.9 | % | ||||||||||||||||||||
New York | 17,398 | 1.4 | % | 2,221 | 1.5 | % | ||||||||||||||||||||
South Carolina | 14,342 | 1.2 | % | 4,448 | 3.0 | % | ||||||||||||||||||||
Virginia | 12,369 | 1.0 | % | 1,430 | 0.9 | % | ||||||||||||||||||||
Other (b)
|
34,513 | 2.8 | % | 6,594 | 4.4 | % | ||||||||||||||||||||
Total East | 183,578 | 15.1 | % | 28,773 | 19.1 | % | ||||||||||||||||||||
West | ||||||||||||||||||||||||||
California | 67,694 | 5.5 | % | 6,430 | 4.3 | % | ||||||||||||||||||||
Arizona | 29,512 | 2.4 | % | 3,365 | 2.2 | % | ||||||||||||||||||||
Other (b)
|
54,057 | 4.4 | % | 5,551 | 3.7 | % | ||||||||||||||||||||
Total West | 151,263 | 12.3 | % | 15,346 | 10.2 | % | ||||||||||||||||||||
United States Total | 755,456 | 61.9 | % | 100,815 | 67.1 | % | ||||||||||||||||||||
International | ||||||||||||||||||||||||||
Germany | 64,364 | 5.3 | % | 6,229 | 4.1 | % | ||||||||||||||||||||
United Kingdom | 62,915 | 5.1 | % | 5,099 | 3.4 | % | ||||||||||||||||||||
Spain | 58,699 | 4.8 | % | 4,708 | 3.1 | % | ||||||||||||||||||||
Poland | 56,163 | 4.6 | % | 7,214 | 4.8 | % | ||||||||||||||||||||
The Netherlands | 52,055 | 4.3 | % | 6,389 | 4.3 | % | ||||||||||||||||||||
Italy | 27,696 | 2.3 | % | 2,386 | 1.6 | % | ||||||||||||||||||||
France | 21,147 | 1.7 | % | 1,685 | 1.1 | % | ||||||||||||||||||||
Croatia | 17,852 | 1.5 | % | 1,783 | 1.2 | % | ||||||||||||||||||||
Denmark | 16,063 | 1.3 | % | 2,408 | 1.6 | % | ||||||||||||||||||||
Canada | 13,788 | 1.1 | % | 2,213 | 1.5 | % | ||||||||||||||||||||
Other (c)
|
73,940 | 6.1 | % | 9,279 | 6.2 | % | ||||||||||||||||||||
International Total | 464,682 | 38.1 | % | 49,393 | 32.9 | % | ||||||||||||||||||||
Total | $ | 1,220,138 | 100.0 | % | 150,208 | 100.0 | % |
Property Type | ABR | ABR Percent |
Square Footage (a)
|
Square Footage Percent | ||||||||||||||||||||||
Industrial | $ | 304,397 | 24.9 | % | 52,507 | 34.9 | % | |||||||||||||||||||
Warehouse | 285,713 | 23.4 | % | 51,709 | 34.4 | % | ||||||||||||||||||||
Office | 259,530 | 21.3 | % | 17,077 | 11.4 | % | ||||||||||||||||||||
Retail (d)
|
212,980 | 17.5 | % | 17,758 | 11.8 | % | ||||||||||||||||||||
Self Storage (net lease) | 59,438 | 4.9 | % | 5,810 | 3.9 | % | ||||||||||||||||||||
Other (e)
|
98,080 | 8.0 | % | 5,347 | 3.6 | % | ||||||||||||||||||||
Total | $ | 1,220,138 | 100.0 | % | 150,208 | 100.0 | % |
Industry Type | ABR | ABR Percent | Square Footage | Square Footage Percent | ||||||||||||||||||||||
Retail Stores (a)
|
$ | 263,209 | 21.6 | % | 31,828 | 21.2 | % | |||||||||||||||||||
Consumer Services | 100,944 | 8.3 | % | 7,811 | 5.2 | % | ||||||||||||||||||||
Automotive | 88,770 | 7.3 | % | 13,317 | 8.9 | % | ||||||||||||||||||||
Grocery | 75,299 | 6.2 | % | 7,742 | 5.2 | % | ||||||||||||||||||||
Cargo Transportation | 65,583 | 5.4 | % | 9,491 | 6.3 | % | ||||||||||||||||||||
Beverage and Food | 61,926 | 5.1 | % | 7,371 | 4.9 | % | ||||||||||||||||||||
Healthcare and Pharmaceuticals | 55,855 | 4.6 | % | 4,910 | 3.3 | % | ||||||||||||||||||||
Business Services | 53,203 | 4.3 | % | 4,563 | 3.0 | % | ||||||||||||||||||||
Construction and Building | 49,258 | 4.0 | % | 8,959 | 6.0 | % | ||||||||||||||||||||
Capital Equipment | 43,208 | 3.5 | % | 6,932 | 4.6 | % | ||||||||||||||||||||
Sovereign and Public Finance | 42,652 | 3.5 | % | 3,364 | 2.2 | % | ||||||||||||||||||||
Durable Consumer Goods | 39,897 | 3.3 | % | 9,446 | 6.3 | % | ||||||||||||||||||||
Hotel and Leisure | 38,553 | 3.1 | % | 2,197 | 1.5 | % | ||||||||||||||||||||
Containers, Packaging, and Glass | 36,400 | 3.0 | % | 6,186 | 4.1 | % | ||||||||||||||||||||
High Tech Industries | 31,025 | 2.5 | % | 3,315 | 2.2 | % | ||||||||||||||||||||
Insurance | 25,662 | 2.1 | % | 1,749 | 1.2 | % | ||||||||||||||||||||
Banking | 20,259 | 1.7 | % | 1,247 | 0.8 | % | ||||||||||||||||||||
Telecommunications | 15,366 | 1.3 | % | 1,480 | 1.0 | % | ||||||||||||||||||||
Aerospace and Defense | 15,272 | 1.2 | % | 1,358 | 0.9 | % | ||||||||||||||||||||
Chemicals, Plastics, and Rubber | 14,133 | 1.2 | % | 1,853 | 1.2 | % | ||||||||||||||||||||
Non-Durable Consumer Goods | 14,065 | 1.1 | % | 5,250 | 3.5 | % | ||||||||||||||||||||
Media: Advertising, Printing, and Publishing | 13,499 | 1.1 | % | 1,001 | 0.7 | % | ||||||||||||||||||||
Media: Broadcasting and Subscription | 13,469 | 1.1 | % | 784 | 0.5 | % | ||||||||||||||||||||
Wholesale | 12,847 | 1.1 | % | 2,005 | 1.3 | % | ||||||||||||||||||||
Other (b)
|
29,784 | 2.4 | % | 6,049 | 4.0 | % | ||||||||||||||||||||
Total | $ | 1,220,138 | 100.0 | % | 150,208 | 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 | 11 | 11 | $ | 6,693 | 0.6 | % | 425 | 0.3 | % | |||||||||||||||||||||||||||||
2022 | 25 | 25 | 36,402 | 3.0 | % | 2,546 | 1.7 | % | ||||||||||||||||||||||||||||||
2023 | 36 | 33 | 52,899 | 4.3 | % | 6,257 | 4.1 | % | ||||||||||||||||||||||||||||||
2024 | 61 | 49 | 97,214 | 8.0 | % | 12,442 | 8.3 | % | ||||||||||||||||||||||||||||||
2025 | 62 | 31 | 64,883 | 5.3 | % | 7,419 | 4.9 | % | ||||||||||||||||||||||||||||||
2026 | 43 | 30 | 60,658 | 5.0 | % | 8,386 | 5.6 | % | ||||||||||||||||||||||||||||||
2027 | 46 | 29 | 77,367 | 6.3 | % | 8,564 | 5.7 | % | ||||||||||||||||||||||||||||||
2028 | 41 | 23 | 63,674 | 5.2 | % | 4,829 | 3.2 | % | ||||||||||||||||||||||||||||||
2029 | 49 | 22 | 55,447 | 4.5 | % | 6,561 | 4.4 | % | ||||||||||||||||||||||||||||||
2030 | 27 | 22 | 69,230 | 5.7 | % | 5,737 | 3.8 | % | ||||||||||||||||||||||||||||||
2031 | 66 | 16 | 73,965 | 6.1 | % | 8,642 | 5.7 | % | ||||||||||||||||||||||||||||||
2032 | 34 | 14 | 47,869 | 3.9 | % | 6,610 | 4.4 | % | ||||||||||||||||||||||||||||||
2033 | 24 | 18 | 68,675 | 5.6 | % | 8,242 | 5.5 | % | ||||||||||||||||||||||||||||||
2034 | 47 | 15 | 76,547 | 6.3 | % | 7,765 | 5.2 | % | ||||||||||||||||||||||||||||||
Thereafter (>2034) | 209 | 98 | 368,615 | 30.2 | % | 52,853 | 35.2 | % | ||||||||||||||||||||||||||||||
Vacant | — | — | — | — | % | 2,930 | 2.0 | % | ||||||||||||||||||||||||||||||
Total | 781 | $ | 1,220,138 | 100.0 | % | 150,208 | 100.0 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||
Real Estate Revenues | |||||||||||||||||||||||||||||||||||
Lease revenues from: | |||||||||||||||||||||||||||||||||||
Existing net-leased properties | $ | 278,684 | $ | 271,963 | $ | 6,721 | $ | 562,739 | $ | 545,894 | $ | 16,845 | |||||||||||||||||||||||
Recently acquired net-leased properties | 26,293 | 3,309 | 22,984 | 42,440 | 5,658 | 36,782 | |||||||||||||||||||||||||||||
Net-leased properties sold or held for sale | 333 | 5,031 | (4,698) | 1,896 | 10,861 | (8,965) | |||||||||||||||||||||||||||||
Total lease revenues (includes reimbursable tenant costs) | 305,310 | 280,303 | 25,007 | 607,075 | 562,413 | 44,662 | |||||||||||||||||||||||||||||
Lease termination income and other | 6,235 | 1,917 | 4,318 | 8,462 | 8,426 | 36 | |||||||||||||||||||||||||||||
Operating property revenues | 3,245 | 1,427 | 1,818 | 5,424 | 7,394 | (1,970) | |||||||||||||||||||||||||||||
$ | 314,790 | $ | 283,647 | $ | 31,143 | $ | 620,961 | $ | 578,233 | $ | 42,728 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||
Depreciation and Amortization | |||||||||||||||||||||||||||||||||||
Net-leased properties | $ | 112,319 | $ | 105,267 | $ | 7,052 | $ | 220,822 | $ | 218,551 | $ | 2,271 | |||||||||||||||||||||||
Operating properties | 679 | 987 | (308) | 1,375 | 2,606 | (1,231) | |||||||||||||||||||||||||||||
Corporate | 1,350 | 1,223 | 127 | 2,473 | 1,527 | 946 | |||||||||||||||||||||||||||||
$ | 114,348 | $ | 107,477 | $ | 6,871 | $ | 224,670 | $ | 222,684 | $ | 1,986 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Average outstanding debt balance | $ | 7,000,966 | $ | 6,253,546 | $ | 6,908,325 | $ | 6,242,508 | |||||||||||||||
Weighted-average interest rate | 2.6 | % | 3.1 | % | 2.7 | % | 3.1 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||
Other Gains and (Losses) | |||||||||||||||||||||||||||||||||||
$ | 4,890 | $ | 3,593 | $ | 1,297 | $ | 6,249 | $ | (1,906) | $ | 8,155 | ||||||||||||||||||||||||
Net realized and unrealized gains (losses) on foreign currency transactions (a)
|
3,270 | 3,341 | (71) | (4,181) | (2,549) | (1,632) | |||||||||||||||||||||||||||||
Non-cash unrealized losses related to a decrease in the fair value of stock warrants | (500) | (1,400) | 900 | (500) | (1,300) | 800 | |||||||||||||||||||||||||||||
(Loss) gain on extinguishment of debt (b)
|
(187) | 11 | (198) | (60,068) | (58) | (60,010) | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
Other | (1) | (108) | 107 | 402 | 277 | 125 | |||||||||||||||||||||||||||||
$ | 7,472 | $ | 5,437 | $ | 2,035 | $ | (34,717) | $ | (5,536) | $ | (29,181) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||
Non-Operating Income | |||||||||||||||||||||||||||||||||||
$ | 3,268 | $ | — | $ | 3,268 | $ | 3,268 | $ | — | $ | 3,268 | ||||||||||||||||||||||||
Realized (losses) gain on foreign currency forward contracts and collars | (228) | 4,357 | (4,585) | (408) | 9,014 | (9,422) | |||||||||||||||||||||||||||||
Interest income related to our loans to affiliates and cash deposits | 25 | 148 | (123) | 39 | 688 | (649) | |||||||||||||||||||||||||||||
— | — | — | 6,438 | — | 6,438 | ||||||||||||||||||||||||||||||
$ | 3,065 | $ | 4,505 | $ | (1,440) | $ | 9,337 | $ | 9,702 | $ | (365) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||
(Losses) Earnings from Equity Method Investments in Real Estate | |||||||||||||||||||||||||||||||||||
Losses from WLT (a)
|
$ | (4,005) | $ | — | $ | (4,005) | $ | (8,488) | $ | — | $ | (8,488) | |||||||||||||||||||||||
Earnings (losses) from Kesko Senukai (b)
|
660 | (400) | 1,060 | (510) | 89 | (599) | |||||||||||||||||||||||||||||
Earnings from Johnson Self Storage (c)
|
492 | 59 | 433 | 893 | 74 | 819 | |||||||||||||||||||||||||||||
Earnings from Las Vegas Retail Complex | 293 | — | 293 | 293 | — | 293 | |||||||||||||||||||||||||||||
— | — | — | (6,830) | — | (6,830) | ||||||||||||||||||||||||||||||
Other | 706 | 552 | 154 | 1,669 | 1,613 | 56 | |||||||||||||||||||||||||||||
$ | (1,854) | $ | 211 | $ | (2,065) | $ | (12,973) | $ | 1,776 | $ | (14,749) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||
Investment Management Revenues | |||||||||||||||||||||||||||||||||||
Asset management and other revenue | |||||||||||||||||||||||||||||||||||
CPA:18 – Global | $ | 3,154 | $ | 2,877 | $ | 277 | $ | 6,292 | $ | 6,078 | $ | 214 | |||||||||||||||||||||||
CWI 1 | — | 479 | (479) | — | 3,795 | (3,795) | |||||||||||||||||||||||||||||
CWI 2 | — | 388 | (388) | — | 3,367 | (3,367) | |||||||||||||||||||||||||||||
CESH | 812 | 728 | 84 | 1,628 | 1,615 | 13 | |||||||||||||||||||||||||||||
3,966 | 4,472 | (506) | 7,920 | 14,855 | (6,935) | ||||||||||||||||||||||||||||||
Reimbursable costs from affiliates | |||||||||||||||||||||||||||||||||||
CPA:18 – Global | 641 | 643 | (2) | 1,289 | 1,438 | (149) | |||||||||||||||||||||||||||||
CWI 1 | — | 143 | (143) | — | 1,867 | (1,867) | |||||||||||||||||||||||||||||
CWI 2 | — | 80 | (80) | — | 1,301 | (1,301) | |||||||||||||||||||||||||||||
CESH | 231 | 416 | (185) | 516 | 706 | (190) | |||||||||||||||||||||||||||||
WLT | 96 | 1,129 | (1,033) | 204 | 1,129 | (925) | |||||||||||||||||||||||||||||
968 | 2,411 | (1,443) | 2,009 | 6,441 | (4,432) | ||||||||||||||||||||||||||||||
$ | 4,934 | $ | 6,883 | $ | (1,949) | $ | 9,929 | $ | 21,296 | $ | (11,367) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Earnings (losses) from equity method investments in the Managed Programs: | |||||||||||||||||||||||
Distributions of Available Cash from
CPA:18 – Global (a)
|
$ | 1,787 | $ | 2,029 | $ | 3,326 | $ | 3,945 | |||||||||||||||
Losses from equity method investments in the Managed Programs (b)
|
(89) | (1,266) | (242) | (3,425) | |||||||||||||||||||
Gain on redemption of special general partner interests in CWI 1 and CWI 2, net (c)
|
— | 33,009 | — | 33,009 | |||||||||||||||||||
Other-than-temporary impairment charges on our equity method investments in CWI 1 and CWI 2 (d)
|
— | — | — | (47,112) | |||||||||||||||||||
Earnings (losses) from equity method investments in the Managed Programs | $ | 1,698 | $ | 33,772 | $ | 3,084 | $ | (13,583) |
June 30, 2021 | December 31, 2020 | ||||||||||
Carrying Value | |||||||||||
Fixed rate: | |||||||||||
Senior Unsecured Notes (a)
|
$ | 5,493,556 | $ | 5,146,192 | |||||||
Non-recourse mortgages (a)
|
557,031 | 920,378 | |||||||||
6,050,587 | 6,066,570 | ||||||||||
Variable rate: | |||||||||||
Unsecured Term Loans (a)
|
321,392 | 321,971 | |||||||||
Unsecured Revolving Credit Facility | 276,121 | 82,281 | |||||||||
Non-recourse mortgages (a):
|
|||||||||||
Amount subject to interest rate swaps and caps | 92,106 | 147,094 | |||||||||
Floating interest rate mortgage loans | 75,641 | 78,082 | |||||||||
765,260 | 629,428 | ||||||||||
$ | 6,815,847 | $ | 6,695,998 | ||||||||
Percent of Total Debt | |||||||||||
Fixed rate | 89 | % | 91 | % | |||||||
Variable rate | 11 | % | 9 | % | |||||||
100 | % | 100 | % | ||||||||
Weighted-Average Interest Rate at End of Period | |||||||||||
Fixed rate | 2.8 | % | 3.0 | % | |||||||
Variable rate (b)
|
1.2 | % | 1.6 | % | |||||||
Total debt | 2.6 | % | 2.9 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income attributable to W. P. Carey | $ | 120,245 | $ | 105,300 | $ | 171,879 | $ | 171,390 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Depreciation and amortization of real property | 112,997 | 106,264 | 222,201 | 221,177 | |||||||||||||||||||
Gain on sale of real estate, net | (19,840) | — | (29,212) | (11,751) | |||||||||||||||||||
Impairment charges | — | — | — | 19,420 | |||||||||||||||||||
Proportionate share of adjustments to earnings from equity method investments (a) (b) (c) (d)
|
3,434 | (19,117) | 13,740 | 31,360 | |||||||||||||||||||
Proportionate share of adjustments for noncontrolling interests (e)
|
(4) | (588) | (8) | (10) | |||||||||||||||||||
Total adjustments
|
96,587 | 86,559 | 206,721 | 260,196 | |||||||||||||||||||
FFO (as defined by NAREIT) attributable to W. P. Carey | 216,832 | 191,859 | 378,600 | 431,586 | |||||||||||||||||||
Adjustments: | |||||||||||||||||||||||
Above- and below-market rent intangible lease amortization, net
|
14,384 | 12,956 | 26,499 | 24,736 | |||||||||||||||||||
Straight-line and other rent adjustments | (10,313) | (11,720) | (19,064) | (18,812) | |||||||||||||||||||
Stock-based compensation | 9,048 | 2,918 | 14,429 | 5,579 | |||||||||||||||||||
Other (gains) and losses (f)
|
(7,545) | (4,259) | 33,643 | 5,556 | |||||||||||||||||||
Amortization of deferred financing costs | 3,447 | 2,993 | 6,860 | 6,082 | |||||||||||||||||||
Merger and other expenses (g)
|
(2,599) | 1,074 | (3,075) | 1,261 | |||||||||||||||||||
Other amortization and non-cash items | 563 | 488 | 592 | 896 | |||||||||||||||||||
Tax expense (benefit) — deferred and other (h) (i) (j)
|
217 | (229) | (3,170) | (48,152) | |||||||||||||||||||
Proportionate share of adjustments to earnings from equity method investments (c) (k)
|
4,650 | 1,251 | 9,861 | 5,146 | |||||||||||||||||||
Proportionate share of adjustments for noncontrolling interests (e)
|
(8) | 579 | (13) | 572 | |||||||||||||||||||
Total adjustments
|
11,844 | 6,051 | 66,562 | (17,136) | |||||||||||||||||||
AFFO attributable to W. P. Carey | $ | 228,676 | $ | 197,910 | $ | 445,162 | $ | 414,450 | |||||||||||||||
Summary | |||||||||||||||||||||||
FFO (as defined by NAREIT) attributable to W. P. Carey | $ | 216,832 | $ | 191,859 | $ | 378,600 | $ | 431,586 | |||||||||||||||
AFFO attributable to W. P. Carey | $ | 228,676 | $ | 197,910 | $ | 445,162 | $ | 414,450 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income from Real Estate attributable to W. P. Carey | $ | 114,687 | $ | 81,825 | $ | 159,274 | $ | 182,739 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Depreciation and amortization of real property | 112,997 | 106,264 | 222,201 | 221,177 | |||||||||||||||||||
Gain on sale of real estate, net | (19,840) | — | (29,212) | (11,751) | |||||||||||||||||||
Impairment charges | — | — | — | 19,420 | |||||||||||||||||||
Proportionate share of adjustments to earnings from equity method investments (a) (b)
|
3,434 | 3,352 | 13,740 | 6,717 | |||||||||||||||||||
Proportionate share of adjustments for noncontrolling interests (e)
|
(4) | (588) | (8) | (10) | |||||||||||||||||||
Total adjustments
|
96,587 | 109,028 | 206,721 | 235,553 | |||||||||||||||||||
FFO (as defined by NAREIT) attributable to W. P. Carey — Real Estate
|
211,274 | 190,853 | 365,995 | 418,292 | |||||||||||||||||||
Adjustments: | |||||||||||||||||||||||
Above- and below-market rent intangible lease amortization, net
|
14,384 | 12,956 | 26,499 | 24,736 | |||||||||||||||||||
Straight-line and other rent adjustments | (10,313) | (11,720) | (19,064) | (18,812) | |||||||||||||||||||
Stock-based compensation | 9,048 | 2,918 | 14,429 | 4,888 | |||||||||||||||||||
Other (gains) and losses (f)
|
(7,472) | (5,437) | 34,717 | 5,536 | |||||||||||||||||||
Amortization of deferred financing costs | 3,447 | 2,993 | 6,860 | 6,082 | |||||||||||||||||||
Merger and other expenses (g)
|
(2,599) | 935 | (3,090) | 803 | |||||||||||||||||||
Other amortization and non-cash items | 563 | 488 | 592 | 697 | |||||||||||||||||||
Tax expense (benefit) — deferred and other (i)
|
208 | (3,051) | (2,387) | (41,007) | |||||||||||||||||||
Proportionate share of adjustments to earnings from equity method investments (c) (k)
|
3,845 | 166 | 8,167 | (108) | |||||||||||||||||||
Proportionate share of adjustments for noncontrolling interests (d)
|
(8) | 579 | (13) | 572 | |||||||||||||||||||
Total adjustments
|
11,103 | 827 | 66,710 | (16,613) | |||||||||||||||||||
AFFO attributable to W. P. Carey — Real Estate | $ | 222,377 | $ | 191,680 | $ | 432,705 | $ | 401,679 | |||||||||||||||
Summary | |||||||||||||||||||||||
FFO (as defined by NAREIT) attributable to W. P. Carey — Real Estate
|
$ | 211,274 | $ | 190,853 | $ | 365,995 | $ | 418,292 | |||||||||||||||
AFFO attributable to W. P. Carey — Real Estate | $ | 222,377 | $ | 191,680 | $ | 432,705 | $ | 401,679 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income (loss) from Investment Management attributable to W. P. Carey | $ | 5,558 | $ | 23,475 | $ | 12,605 | $ | (11,349) | |||||||||||||||
Adjustments:
|
|||||||||||||||||||||||
Proportionate share of adjustments to earnings from equity method investments (b) (c) (d)
|
— | (22,469) | — | 24,643 | |||||||||||||||||||
Total adjustments
|
— | (22,469) | — | 24,643 | |||||||||||||||||||
FFO (as defined by NAREIT) attributable to W. P. Carey — Investment Management
|
5,558 | 1,006 | 12,605 | 13,294 | |||||||||||||||||||
Adjustments: | |||||||||||||||||||||||
Other (gains) and losses | (73) | 1,178 | (1,074) | 20 | |||||||||||||||||||
Tax expense (benefit) — deferred and other (h) (j)
|
9 | 2,822 | (783) | (7,145) | |||||||||||||||||||
Merger and other expenses | — | 139 | 15 | 458 | |||||||||||||||||||
Stock-based compensation | — | — | — | 691 | |||||||||||||||||||
Other amortization and non-cash items | — | — | — | 199 | |||||||||||||||||||
Proportionate share of adjustments to earnings from equity method investments (c) (k)
|
805 | 1,085 | 1,694 | 5,254 | |||||||||||||||||||
Total adjustments
|
741 | 5,224 | (148) | (523) | |||||||||||||||||||
AFFO attributable to W. P. Carey — Investment Management
|
$ | 6,299 | $ | 6,230 | $ | 12,457 | $ | 12,771 | |||||||||||||||
Summary | |||||||||||||||||||||||
FFO (as defined by NAREIT) attributable to W. P. Carey — Investment Management
|
$ | 5,558 | $ | 1,006 | $ | 12,605 | $ | 13,294 | |||||||||||||||
AFFO attributable to W. P. Carey — Investment Management
|
$ | 6,299 | $ | 6,230 | $ | 12,457 | $ | 12,771 |
2021 (Remainder)
|
2022 | 2023 | 2024 | 2025 | Thereafter | Total | Fair Value | ||||||||||||||||||||||||||||||||||||||||
Fixed-rate debt (a) (b)
|
$ | 15,460 | $ | 285,201 | $ | 100,821 | $ | 1,120,538 | $ | 544,961 | $ | 4,044,163 | $ | 6,111,144 | $ | 6,410,755 | |||||||||||||||||||||||||||||||
Variable-rate debt (a)
|
$ | 21,230 | $ | 27,267 | $ | 104,169 | $ | 15,559 | $ | 598,552 | $ | — | $ | 766,777 | $ | 763,754 |
Exhibit No. | Description | Method of Filing | ||||||||||||
10.1 | Forward Confirmation, dated June 7, 2021, by and among W. P. Carey Inc. and Bank of America, N.A. |
Incorporated by reference to Exhibit 1.2 to Current Report on Form 8-K filed June 20, 2021
|
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10.2 | Forward Confirmation, dated June 7, 2021, by and among W. P. Carey Inc. and J.P. Morgan Chase Bank, National Association |
Incorporated by reference to Exhibit 1.3 to Current Report on Form 8-K filed June 20, 2021
|
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10.3 | Forward Confirmation, dated June 7, 2021, by and among W. P. Carey Inc. and Wells Fargo Bank, National Association |
Incorporated by reference to Exhibit 1.4 to Current Report on Form 8-K filed June 20, 2021
|
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10.4 | Forward Confirmation, dated June 9, 2021, 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 20, 2021
|
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10.5 | Forward Confirmation, dated June 9, 2021, by and among W. P. Carey Inc. and J.P. Morgan Chase Bank, National Association |
Incorporated by reference to Exhibit 1.6 to Current Report on Form 8-K filed June 20, 2021
|
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10.6 | Forward Confirmation, dated June 9, 2021, by and among W. P. Carey Inc. and Wells Fargo Bank, National Association |
Incorporated by reference to Exhibit 1.7 to Current Report on Form 8-K filed June 20, 2021
|
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31.1 | Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
Filed herewith
|
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31.2 | Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
Filed herewith
|
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32 | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
Filed herewith
|
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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: | July 30, 2021 | ||||||||||
By: | /s/ ToniAnn Sanzone | ||||||||||
ToniAnn Sanzone | |||||||||||
Chief Financial Officer | |||||||||||
(Principal Financial Officer) | |||||||||||
Date: | July 30, 2021 | ||||||||||
By: | /s/ Arjun Mahalingam | ||||||||||
Arjun Mahalingam | |||||||||||
Chief Accounting Officer | |||||||||||
(Principal Accounting Officer) |
Exhibit No. | Description | Method of Filing | ||||||||||||
10.1 | Forward Confirmation, dated June 7, 2021, by and among W. P. Carey Inc. and Bank of America, N.A. | |||||||||||||
10.2 | Forward Confirmation, dated June 7, 2021, by and among W. P. Carey Inc. and J.P. Morgan Chase Bank, National Association | |||||||||||||
10.3 | Forward Confirmation, dated June 7, 2021, by and among W. P. Carey Inc. and Wells Fargo Bank, National Association | |||||||||||||
10.4 | Forward Confirmation, dated June 9, 2021, by and among W. P. Carey Inc. and Bank of America, N.A. | |||||||||||||
10.5 | Forward Confirmation, dated June 9, 2021, by and among W. P. Carey Inc. and J.P. Morgan Chase Bank, National Association | |||||||||||||
10.6 | Forward Confirmation, dated June 9, 2021, by and among W. P. Carey Inc. and Wells Fargo Bank, National Association | |||||||||||||
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 |