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Segment Reporting (Tables)
 9 Months Ended
Sep. 30, 2020
Segment Reporting [Abstract]  
Reconciliation of operating profit (loss) from segments to consolidated The following tables present a summary of comparative results and assets for these business segments (in thousands):
Real Estate
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Revenues
Lease revenues$293,856 $278,839 $856,269 $811,580 
Operating property revenues (a)
1,974 9,538 9,368 40,970 
Lease termination income and other1,565 14,377 9,991 23,951 
297,395 302,754 875,628 876,501 
Operating Expenses
Depreciation and amortization (b)
108,351 108,573 331,035 332,652 
General and administrative (b)
19,399 13,973 51,793 44,162 
Reimbursable tenant costs15,728 15,611 42,699 42,699 
Property expenses, excluding reimbursable tenant costs11,923 10,377 33,649 30,204 
Stock-based compensation expense (b)
4,564 3,435 9,452 9,717 
Operating property expenses1,594 8,547 8,205 30,015 
Merger and other expenses(1,016)70 (213)912 
Impairment charges— 25,781 19,420 25,781 
160,543 186,367 496,040 516,142 
Other Income and Expenses
Interest expense(52,537)(58,626)(157,259)(179,658)
Other gains and (losses)44,777 (12,938)48,943 (13,330)
Gain on sale of real estate, net20,933 71 32,684 642 
Equity in earnings of equity method investments in real estate631 578 2,407 730 
Loss on change in control of interests— (8,416)— (8,416)
13,804 (79,331)(73,225)(200,032)
Income before income taxes
150,656 37,056 306,363 160,327 
(Provision for) benefit from income taxes(3,636)(3,511)24,047 (12,689)
Net Income from Real Estate147,020 33,545 330,410 147,638 
Net (income) loss attributable to noncontrolling interests(37)11 (688)94 
Net Income from Real Estate Attributable to W. P. Carey
$146,983 $33,556 $329,722 $147,732 
Investment Management
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Revenues
Asset management revenue$3,748 $9,878 $18,109 $29,400 
Reimbursable costs from affiliates1,276 4,786 7,717 12,475 
Structuring and other advisory revenue— 587 494 3,163 
5,024 15,251 26,320 45,038 
Operating Expenses
Reimbursable costs from affiliates1,276 4,786 7,717 12,475 
Merger and other expenses420 — 878 — 
General and administrative (b)
— 3,237 5,823 14,062 
Subadvisor fees— 1,763 1,469 5,615 
Stock-based compensation expense (b)
— 1,312 691 4,131 
Depreciation and amortization (b)
— 944 987 2,876 
1,696 12,042 17,565 39,159 
Other Income and Expenses
Equity in earnings (losses) of equity method investments in the Managed Programs1,089 5,191 (12,494)14,481 
Other gains and (losses)336 536 594 1,212 
1,425 5,727 (11,900)15,693 
Income (loss) before income taxes4,753 8,936 (3,145)21,572 
(Provision for) benefit from income taxes(2,339)(646)4,075 7,542 
Net Income from Investment Management
2,414 8,290 930 29,114 
Net income attributable to noncontrolling interests
— (507)(9,865)(975)
Net Income (Loss) from Investment Management Attributable to W. P. Carey$2,414 $7,783 $(8,935)$28,139 

Total Company
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Revenues$302,419 $318,005 $901,948 $921,539 
Operating expenses
162,239 198,409 513,605 555,301 
Other income and (expenses)15,229 (73,604)(85,125)(184,339)
(Provision for) benefit from income taxes(5,975)(4,157)28,122 (5,147)
Net income attributable to noncontrolling interests(37)(496)(10,553)(881)
Net income attributable to W. P. Carey
$149,397 $41,339 $320,787 $175,871 
Operating property revenues from our hotels include (i) $0.6 million and $3.9 million for the three months ended September 30, 2020 and 2019, respectively, and $3.4 million and $11.4 million for the nine months ended September 30, 2020 and 2019, respectively, generated from a hotel in Bloomington, Minnesota (revenues decreased due to the adverse effect of COVID-19 on the hotel’s operations), and (ii) $3.5 million for the three months ended September 30, 2019, and $1.9 million and $10.1 million for the nine months ended September 30, 2020 and 2019, respectively, generated from a hotel in Miami, Florida, which was sold in January 2020 (Note 14).(b)Beginning with the second quarter of 2020, general and administrative expenses attributed to our Investment Management segment are comprised of the incremental costs of providing services to the Managed Programs, which are fully reimbursed by those funds (resulting in no net expense for us). All other general and administrative expenses are attributed to our Real Estate segment. Previously, general and administrative expenses were allocated based on time incurred by our personnel for the Real Estate and Investment Management segments. In addition, beginning with the second quarter of 2020, stock-based compensation expense and depreciation and amortization expense are fully recognized within our Real Estate segment. In light of the termination of the advisory agreements with CWI 1 and CWI 2 in connection with the WLT management internalization (Note 3), we now view essentially all assets, liabilities, and operational expenses as part of our Real Estate segment, other than incremental activities that are expected to wind down as we manage CPA:18 – Global and CESH through the end of their respective life cycles (Note 2). These changes within the segments had no impact on our consolidated financial statements.
Reconciliation of assets from segment to consolidated
Total Assets at
September 30, 2020December 31, 2019
Real Estate$14,072,029 $13,811,403 
Investment Management (c)
117,481 249,515 
Total Company$14,189,510 $14,060,918 
Following the WLT management internalization and redemption of the special general partner interests in CWI 1 and CWI 2 on April 13, 2020, we no longer own equity investments in those funds, which were previously included within our Investment Management segment (Note 2, Note 3, Note 7). Our investment in shares of common stock of WLT is included within our Real Estate segment (as an equity method investment in real estate) (Note 7). In addition, we allocated $34.3 million of goodwill within our Investment Management segment during the nine months ended September 30, 2020, since the WLT management internalization resulted in a sale of a portion of our Investment Management business (Note 3, Note 6).