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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Investment Management:        
Revenues $ 302,419 $ 318,005 $ 901,948 $ 921,539
Operating Expenses        
Depreciation and amortization 108,351 109,517 332,022 335,528
General and administrative 19,399 17,210 57,616 58,224
Reimbursable tenant costs 15,728 15,611 42,699 42,699
Property expenses, excluding reimbursable tenant costs 11,923 10,377 33,649 30,204
Stock-based compensation expense 4,564 4,747 10,143 13,848
Operating property expenses 1,594 8,547 8,205 30,015
Reimbursable costs from affiliates 1,276 4,786 7,717 12,475
Merger and other expenses (596) 70 665 912
Impairment charges 0 25,781 19,420 25,781
Subadvisor fees 0 1,763 1,469 5,615
Total operating expenses 162,239 198,409 513,605 555,301
Other Income and Expenses        
Interest expense (52,537) (58,626) (157,259) (179,658)
Other gains and (losses) 45,113 (12,402) 49,537 (12,118)
Gain on sale of real estate, net 20,933 71 32,684 642
Equity in earnings (losses) of equity method investments in the Managed Programs and real estate 1,720 5,769 (10,087) 15,211
Loss on change in control of interests 0 (8,416) 0 (8,416)
Total other income and expenses 15,229 (73,604) (85,125) (184,339)
Income before income taxes 155,409 45,992 303,218 181,899
(Provision for) benefit from income taxes (5,975) (4,157) 28,122 (5,147)
Net Income 149,434 41,835 331,340 176,752
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
Basic earnings per share (usd per share) $ 0.85 $ 0.24 $ 1.84 $ 1.03
Diluted earnings per share (usd per share) $ 0.85 $ 0.24 $ 1.84 $ 1.03
Weighted-Average Shares Outstanding        
Basic (in shares) 174,974,185 172,235,066 173,879,068 170,276,085
Diluted (in shares) 175,261,812 172,486,506 174,144,038 170,545,665
Real Estate        
Real Estate:        
Lease revenues $ 293,856 $ 278,839 $ 856,269 $ 811,580
Gross contract revenue 1,974 9,538 9,368 40,970
Lease termination income and other 1,565 14,377 9,991 23,951
Investment Management:        
Gross contract revenue 1,974 9,538 9,368 40,970
Revenues 297,395 302,754 875,628 876,501
Operating Expenses        
Depreciation and amortization 108,351 108,573 331,035 332,652
General and administrative 19,399 13,973 51,793 44,162
Reimbursable tenant costs 15,728 15,611 42,699 42,699
Property expenses, excluding reimbursable tenant costs 11,923 10,377 33,649 30,204
Stock-based compensation expense 4,564 3,435 9,452 9,717
Operating property expenses 1,594 8,547 8,205 30,015
Merger and other expenses (1,016) 70 (213) 912
Impairment charges 0 25,781 19,420 25,781
Total operating expenses 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, net 20,933 71 32,684 642
Equity in earnings (losses) of equity method investments in the Managed Programs and real estate 631 578 2,407 730
Loss on change in control of interests 0 (8,416) 0 (8,416)
Total other income and expenses 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 147,020 33,545 330,410 147,638
Net income attributable to noncontrolling interests (37) 11 (688) 94
Net Income Attributable to W. P. Carey 146,983 33,556 329,722 147,732
Investment Management        
Real Estate:        
Gross contract revenue 5,024 15,251 26,320 45,038
Investment Management:        
Gross contract revenue 5,024 15,251 26,320 45,038
Operating Expenses        
Depreciation and amortization 0 944 987 2,876
General and administrative 0 3,237 5,823 14,062
Stock-based compensation expense 0 1,312 691 4,131
Reimbursable costs from affiliates 1,276 4,786 7,717 12,475
Merger and other expenses 420 0 878 0
Subadvisor fees 0 1,763 1,469 5,615
Total operating expenses 1,696 12,042 17,565 39,159
Other Income and Expenses        
Other gains and (losses) 336 536 594 1,212
Equity in earnings (losses) of equity method investments in the Managed Programs and real estate 1,089 5,191 (12,494) 14,481
Total other income and expenses 1,425 5,727 (11,900) 15,693
Income before income taxes 4,753 8,936 (3,145) 21,572
(Provision for) benefit from income taxes (2,339) (646) 4,075 7,542
Net Income 2,414 8,290 930 29,114
Net income attributable to noncontrolling interests 0 (507) (9,865) (975)
Net Income Attributable to W. P. Carey 2,414 7,783 (8,935) 28,139
Investment Management | Asset management revenue        
Real Estate:        
Gross contract revenue 3,748 9,878 18,109 29,400
Investment Management:        
Gross contract revenue 3,748 9,878 18,109 29,400
Investment Management | Reimbursable costs from affiliates        
Real Estate:        
Gross contract revenue 1,276 4,786 7,717 12,475
Investment Management:        
Gross contract revenue 1,276 4,786 7,717 12,475
Investment Management | Structuring and other advisory revenue        
Real Estate:        
Gross contract revenue 0 587 494 3,163
Investment Management:        
Gross contract revenue $ 0 $ 587 $ 494 $ 3,163