Segment Reporting

6 Months Ended

Jun. 30, 2011

Note 14. Segment Reporting

We evaluate our results from operations by our two major business segments — Investment Management and Real Estate Ownership (Note 1). Effective January 1, 2011, we include our equity investments in the REITs in our Real Estate Ownership segment. The equity income or loss from the REITs that is now included in our Real Estate Ownership segment represents our proportionate share of the revenue less expenses of the net-leased properties held by the REITs. This treatment is consistent with that of our directly-owned properties. Results for the three and six months ended June 30, 2010 have been reclassified to conform to the current period presentation. The following table presents a summary of comparative results of these business segments (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
Investment Management
Revenues (a)	$	94,850	$	49,761	$	151,614	$	92,559
Operating expenses (a)		(41,315)		(33,266)		(80,238)		(65,752)
Other, net (b)		4,510		1,846		7,226		2,889
Provision for income taxes		(26,056)		(6,373)		(33,436)		(9,948)
Income from continuing operations attributable to W. P. Carey members	$	31,989	$	11,968	$	45,166	$	19,748
Real Estate Ownership (c)
Revenues	$	23,548	$	20,240	$	44,316	$	39,707
Operating expenses		(13,683)		(10,045)		(24,934)		(20,292)
Interest expense		(5,396)		(3,765)		(9,836)		(7,476)
Other, net (b)		41,515		5,886		45,898		13,712
Benefit from (provision for) income taxes		1,296		(378)		1,102		(915)
Income from continuing operations attributable to W. P. Carey members	$	47,280	$	11,938	$	56,546	$	24,736
Total Company
Revenues (a)	$	118,398	$	70,001	$	195,930	$	132,266
Operating expenses (a)		(54,998)		(43,311)		(105,172)		(86,044)
Interest expense		(5,396)		(3,765)		(9,836)		(7,476)
Other, net (b)		46,025		7,732		53,124		16,601
Provision for income taxes		(24,760)		(6,751)		(32,334)		(10,863)
Income from continuing operations attributable to W. P. Carey members	$	79,269	$	23,906	$	101,712	$	44,484


	Total Long-Lived Assets (d) at				Total Assets at
	June 30, 2011		December 31, 2010		June 30, 2011		December 31, 2010
Investment Management	$	3,088	$	3,729	$	120,001	$	123,921
Real Estate Ownership		1,231,727		946,976		1,339,705		1,048,405
Total Company	$	1,234,815	$	950,705	$	1,459,706	$	1,172,326

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Included in revenues and operating expenses are reimbursable costs from affiliates totaling $17.1 million and $14.8 million for the three months ended June 30, 2011 and 2010, respectively, and $34.8 million and $29.4 million for the six months ended June 30, 2011 and 2010, respectively.
Includes Interest income, Income from equity investments in real estate and the REITs, Gain on change in control of interests, Income (loss) attributable to noncontrolling interests and Other income and (expenses).
Included within the Real Estate Ownership segment is our total investment in CPA®:16 – Global, which represents approximately 23% of our total assets at June 30, 2011 (Note 6).
Includes Net investments in real estate and intangible assets related to management contracts.

At June 30, 2011, our international investments within our Real Estate Ownership segment were comprised of investments in France, Poland, Germany and Spain. The following tables present information about these investments (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
Lease revenues	$	2,134	$	1,450	$	4,132	$	2,836
Income from equity investments in real estate		1,627		1,416		3,149		2,976
	$	3,761	$	2,866	$	7,281	$	5,812


	June 30, 2011		December 31, 2010
Long-lived assets	$	74,239	$	69,126