Segment Reporting

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

We evaluate our results from operations through our two major business segments: Real Estate and Investment Management. 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,
	2023		2022		2023		2022
Revenues
Lease revenues	$	369,159	$	331,902	$	1,090,619	$	953,981
Income from finance leases and loans receivable	27,575		20,637		75,641		56,794
Operating property revenues	49,218		21,350		140,780		30,279
Other lease-related income	2,310		8,192		20,723		24,905
	448,262		382,081		1,327,763		1,065,959
Operating Expenses
Depreciation and amortization	144,771		132,181		444,728		362,654
Operating property expenses	26,570		9,357		74,738		15,335
General and administrative	23,258		22,299		74,494		66,224
Reimbursable tenant costs	20,498		18,874		62,997		52,538
Impairment charges — real estate	15,173		—		15,173		26,385
Property expenses, excluding reimbursable tenant costs	13,021		11,244		31,164		36,874
Stock-based compensation expense	9,050		5,511		25,811		23,102
Merger and other expenses	4,152		17,667		5,595		17,326
	256,493		217,133		734,700		600,438
Other Income and Expenses
Interest expense	(76,974)		(59,022)		(219,658)		(151,492)
Earnings from equity method investments in real estate	4,978		6,447		14,569		10,189
Non-operating income	4,862		9,264		13,984		23,781
Gain (loss) on sale of real estate, net	2,401		(4,736)		181,958		37,631
Other gains and (losses)	2,180		(13,960)		8,876		303
Gain on change in control of interests	—		11,405		—		11,405
	(62,553)		(50,602)		(271)		(68,183)
Income before income taxes	129,216		114,346		592,792		397,338
Provision for income taxes	(5,090)		(3,631)		(30,728)		(16,499)
Net Income from Real Estate	124,126		110,715		562,064		380,839
Net loss attributable to noncontrolling interests	41		660		20		622
Net Income from Real Estate Attributable to W. P. Carey	$	124,167	$	111,375	$	562,084	$	381,461

Investment Management

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Revenues
Asset management revenue	$	194	$	1,197	$	836	$	8,084
Reimbursable costs from affiliates	97		344		322		2,414
	291		1,541		1,158		10,498
Operating Expenses
Reimbursable costs from affiliates	97		344		322		2,414
Impairment charges — Investment Management goodwill	—		29,334		—		29,334
Merger and other expenses	—		—		—		3
	97		29,678		322		31,751
Other Income and Expenses
Other gains and (losses)	679		(1,060)		717		(1,324)
Gain on change in control of interests	—		22,526		—		22,526
Earnings from equity method investments in the Managed Programs	—		4,857		—		13,288
Non-operating (loss) income	—		(1)		13		2
	679		26,322		730		34,492
Income (loss) before income taxes	873		(1,815)		1,566		13,239
(Provision for) benefit from income taxes	—		(4,632)		390		(5,099)
Net Income (Loss) from Investment Management Attributable to W. P. Carey	$	873	$	(6,447)	$	1,956	$	8,140

Total Company

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Revenues	$	448,553	$	383,622	$	1,328,921	$	1,076,457
Operating expenses	256,590		246,811		735,022		632,189
Other income and (expenses)	(61,874)		(24,280)		459		(33,691)
Provision for income taxes	(5,090)		(8,263)		(30,338)		(21,598)
Net loss attributable to noncontrolling interests	41		660		20		622
Net income attributable to W. P. Carey	$	125,040	$	104,928	$	564,040	$	389,601

	Total Assets at
	September 30, 2023		December 31, 2022
Real Estate	$	18,620,013	$	18,077,155
Investment Management	10,226		24,880
Total Company	$	18,630,239	$	18,102,035