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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Investment Management:        
Revenues $ 290,530 $ 305,211 $ 599,529 $ 603,534
Operating Expenses        
Depreciation and amortization 107,477 113,632 223,671 226,011
General and administrative 17,472 19,729 38,217 41,014
Reimbursable tenant costs 13,796 13,917 26,971 27,088
Property expenses, excluding reimbursable tenant costs 11,651 9,915 21,726 19,827
Stock-based compensation expense 2,918 4,936 5,579 9,101
Reimbursable costs from affiliates 2,411 3,821 6,441 7,689
Operating property expenses 1,388 10,874 6,611 21,468
Merger and other expenses 1,074 696 1,261 842
Subadvisor fees 192 1,650 1,469 3,852
Impairment charges 0 0 19,420 0
Total operating expenses 158,379 179,170 351,366 356,892
Other Income and Expenses        
Interest expense (52,182) (59,719) (104,722) (121,032)
Equity in earnings (losses) of equity method investments in the Managed Programs and real estate 33,983 3,951 (11,807) 9,442
Other gains and (losses) 8,847 (671) 4,424 284
(Loss) gain on sale of real estate, net 0 (362) 11,751 571
Total other income and expenses (9,352) (56,801) (100,354) (110,735)
Income before income taxes 122,799 69,240 147,809 135,907
(Provision for) benefit from income taxes (7,595) (3,119) 34,097 (990)
Net Income 115,204 66,121 181,906 134,917
Net income attributable to noncontrolling interests (9,904) (83) (10,516) (385)
Net Income Attributable to W. P. Carey $ 105,300 $ 66,038 $ 171,390 $ 134,532
Basic earnings per share (usd per share) $ 0.61 $ 0.39 $ 0.99 $ 0.79
Diluted earnings per share (usd per share) $ 0.61 $ 0.38 $ 0.99 $ 0.79
Weighted-Average Shares Outstanding        
Basic (in shares) 173,401,749 171,304,112 173,325,493 169,280,360
Diluted (in shares) 173,472,755 171,490,625 173,514,894 169,520,508
Real Estate        
Real Estate:        
Lease revenues $ 280,303 $ 269,802 $ 562,413 $ 532,741
Lease termination income and other 1,917 6,304 8,426 9,574
Gross contract revenue 1,427 15,436 7,394 31,432
Investment Management:        
Gross contract revenue 1,427 15,436 7,394 31,432
Revenues 283,647 291,542 578,233 573,747
Operating Expenses        
Depreciation and amortization 107,477 112,666 222,684 224,079
General and administrative 17,472 15,001 32,394 30,189
Reimbursable tenant costs 13,796 13,917 26,971 27,088
Property expenses, excluding reimbursable tenant costs 11,651 9,915 21,726 19,827
Stock-based compensation expense 2,918 3,482 4,888 6,282
Operating property expenses 1,388 10,874 6,611 21,468
Merger and other expenses 935 696 803 842
Impairment charges 0 0 19,420 0
Total operating expenses 155,637 166,551 335,497 329,775
Other Income and Expenses        
Interest expense (52,182) (59,719) (104,722) (121,032)
Equity in earnings (losses) of equity method investments in the Managed Programs and real estate 211 230 1,776 152
Other gains and (losses) 9,942 (1,362) 4,166 (392)
(Loss) gain on sale of real estate, net 0 (362) 11,751 571
Total other income and expenses (42,029) (61,213) (87,029) (120,701)
Income before income taxes 85,981 63,778 155,707 123,271
(Provision for) benefit from income taxes (4,117) (3,019) 27,683 (9,178)
Net Income 81,864 60,759 183,390 114,093
Net income attributable to noncontrolling interests (39) 9 (651) 83
Net Income Attributable to W. P. Carey 81,825 60,768 182,739 114,176
Investment Management        
Real Estate:        
Gross contract revenue 6,883 13,669 21,296 29,787
Investment Management:        
Gross contract revenue 6,883 13,669 21,296 29,787
Operating Expenses        
Depreciation and amortization 0 966 987 1,932
General and administrative 0 4,728 5,823 10,825
Stock-based compensation expense 0 1,454 691 2,819
Reimbursable costs from affiliates 2,411 3,821 6,441 7,689
Merger and other expenses 139 0 458 0
Subadvisor fees 192 1,650 1,469 3,852
Total operating expenses 2,742 12,619 15,869 27,117
Other Income and Expenses        
Equity in earnings (losses) of equity method investments in the Managed Programs and real estate 33,772 3,721 (13,583) 9,290
Other gains and (losses) (1,095) 691 258 676
Total other income and expenses 32,677 4,412 (13,325) 9,966
Income before income taxes 36,818 5,462 (7,898) 12,636
(Provision for) benefit from income taxes (3,478) (100) 6,414 8,188
Net Income 33,340 5,362 (1,484) 20,824
Net income attributable to noncontrolling interests (9,865) (92) (9,865) (468)
Net Income Attributable to W. P. Carey 23,475 5,270 (11,349) 20,356
Investment Management | Asset management revenue        
Real Estate:        
Gross contract revenue 4,472 9,790 14,361 19,522
Investment Management:        
Gross contract revenue 4,472 9,790 14,361 19,522
Investment Management | Reimbursable costs from affiliates        
Real Estate:        
Gross contract revenue 2,411 3,821 6,441 7,689
Investment Management:        
Gross contract revenue 2,411 3,821 6,441 7,689
Investment Management | Structuring and other advisory revenue        
Real Estate:        
Gross contract revenue 0 58 494 2,576
Investment Management:        
Gross contract revenue $ 0 $ 58 $ 494 $ 2,576