XML 54 R40.htm IDEA: XBRL DOCUMENT v2.4.0.8
Segment Reporting (Tables)
3 Months Ended
Mar. 31, 2014
Segment Reporting [Abstract]  
Reconciliation of Operating Profit (Loss) from Segments to Consolidated
The following table presents a summary of comparative results of these business segments (in thousands):
 
Three Months Ended March 31,
 
2014
 
2013
Real Estate Ownership
 

 
 

Revenues
$
135,236

 
$
76,483

Operating expenses (a)
(107,362
)
 
(39,898
)
Interest expense
(39,075
)
 
(25,584
)
Other, net (b)
111,255

 
9,819

Provision for income taxes
4,070

 
(1,174
)
Income from continuing operations attributable to W. P. Carey
$
104,124

 
$
19,646

Investment Management
 

 
 

Revenues (c)
$
73,935

 
$
29,548

Operating expenses (c) (d)
(64,380
)
 
(35,296
)
Other, net (e)
(779
)
 
855

Benefit from (provision for) income taxes
(6,291
)
 
2,382

Income from continuing operations attributable to W. P. Carey
$
2,485

 
$
(2,511
)
Total Company
 

 
 

Revenues (c)
$
209,171

 
$
106,031

Operating expenses (c) (d)
(171,742
)
 
(75,194
)
Interest expense
(39,075
)
 
(25,584
)
Other, net (b) (e)
110,476

 
10,674

Provision for income taxes
(2,221
)
 
1,208

Income from continuing operations attributable to W. P. Carey
$
106,609

 
$
17,135

 
 
Total Long-Lived Assets at (f)
 
Total Assets at
 
March 31, 2014
 
December 31, 2013
 
March 31, 2014
 
December 31, 2013
Real Estate Ownership
$
5,559,561

 
$
3,333,654

 
$
8,200,461

 
$
4,537,853

Investment Management

 

 
139,007

 
141,097

Total Company
$
5,559,561

 
$
3,333,654

 
$
8,339,468

 
$
4,678,950



__________
(a)
Includes expenses incurred of $29.5 million related to the CPA®:16 Merger for the three months ended March 31, 2014.
(b)
Includes Other interest income, Net income from equity investments in real estate and the Managed REITs, Gain on change in control of interests, Other income and (expenses), and Net income attributable to noncontrolling interests.
(c)
Included in revenues and operating expenses are reimbursable costs from affiliates totaling $39.7 million and $12.0 million for the three months ended March 31, 2014 and 2013, respectively.
(d)
Includes Stock-based compensation expenses of $7.0 million and $9.1 million for the three months ended March 31, 2014 and 2013, respectively, of which $6.8 million and $9.0 million, respectively, were included in the Investment Management segment.
(e)
Includes Other interest income, Other income and (expenses), Net loss (income) attributable to noncontrolling interests and Net loss (income) attributable to redeemable noncontrolling interest.
Reconciliation Of Assets From Segment To Consolidated
 
Total Long-Lived Assets at (f)
 
Total Assets at
 
March 31, 2014
 
December 31, 2013
 
March 31, 2014
 
December 31, 2013
Real Estate Ownership
$
5,559,561

 
$
3,333,654

 
$
8,200,461

 
$
4,537,853

Investment Management

 

 
139,007

 
141,097

Total Company
$
5,559,561

 
$
3,333,654

 
$
8,339,468

 
$
4,678,950



__________
(a)
Includes expenses incurred of $29.5 million related to the CPA®:16 Merger for the three months ended March 31, 2014.
(b)
Includes Other interest income, Net income from equity investments in real estate and the Managed REITs, Gain on change in control of interests, Other income and (expenses), and Net income attributable to noncontrolling interests.
(c)
Included in revenues and operating expenses are reimbursable costs from affiliates totaling $39.7 million and $12.0 million for the three months ended March 31, 2014 and 2013, respectively.
(d)
Includes Stock-based compensation expenses of $7.0 million and $9.1 million for the three months ended March 31, 2014 and 2013, respectively, of which $6.8 million and $9.0 million, respectively, were included in the Investment Management segment.
(e)
Includes Other interest income, Other income and (expenses), Net loss (income) attributable to noncontrolling interests and Net loss (income) attributable to redeemable noncontrolling interest.
(f)
Consists of Net investments in real estate.

Schedule Of International Investment By Segment
The following tables present the geographic information (in thousands):
 
Three Months Ended March 31,
 
2014
 
2013
Domestic
 
 
 
Revenues
$
87,624

 
$
53,641

Income from continuing operations before income taxes
112,960

 
16,466

Net income attributable to noncontrolling interests
(1,117
)
 
(2,118
)
Net income attributable to W. P. Carey
118,335

 
11,653

International
 
 
 
Revenues
$
47,612

 
$
22,842

(Loss) income from continuing operations before income taxes
(11,369
)
 
6,302

Net income attributable to noncontrolling interests
(272
)
 
(107
)
Net (loss) income attributable to W. P. Carey
(7,928
)
 
5,039

Total
 
 
 
Revenues
$
135,236

 
$
76,483

Income from continuing operations before income taxes
101,591

 
22,768

Net income attributable to noncontrolling interests
(1,389
)
 
(2,225
)
Net income attributable to W. P. Carey
110,407

 
16,692


 
March 31, 2014
 
December 31, 2013
Domestic
 
 
 
Long-lived assets (a)
$
3,836,751

 
$
2,172,549

Non-recourse debt
1,733,527

 
874,035

International
 
 
 
Long-lived assets (a)
$
1,722,810

 
$
1,161,105

Non-recourse debt
1,228,472

 
618,375

Total
 
 
 
Long-lived assets (a)
$
5,559,561

 
$
3,333,654

Non-recourse debt
2,961,999

 
1,492,410

__________
(a) Consists of Net investments in real estate.