XML 78 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Income (Unaudited) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Real estate revenues:        
Lease revenues $ 148,253 $ 73,984 $ 271,320 $ 146,444
Reimbursable tenant costs 5,749 3,040 11,763 6,157
Operating property revenues 8,251 231 13,244 458
Lease termination income and other 14,481 402 15,479 1,082
Total real estate revenue 176,734 77,657 311,806 154,141
Revenues from the Managed REITs:        
Reimbursable costs 41,925 15,467 81,657 27,435
Structuring revenue 17,254 6,422 35,005 12,764
Asset management revenue 9,045 10,355 18,822 20,369
Dealer manager fees 7,949 2,320 14,626 3,542
Revenue from affiliates 76,173 34,564 150,110 64,110
Total revenues 252,907 112,221 461,916 218,251
Operating Expenses        
Depreciation and amortization 63,445 29,772 116,118 59,147
Reimbursable tenant and affiliate costs 47,674 18,507 93,420 33,592
General and administrative 19,133 14,545 41,802 31,596
Property expenses, excluding reimbursable tenant costs 11,209 2,282 19,627 4,047
Stock-based compensation expense 7,957 8,429 15,000 17,578
Dealer manager fees and expenses 6,285 3,163 11,710 5,126
Subadvisor fees 2,451 985 2,469 1,670
Impairment charges 2,066 0 2,066 0
Merger and acquisition expenses 1,137 3,128 30,751 3,249
Total operating expenses 161,357 80,811 332,963 156,005
Other Income and Expenses        
Net income from equity investments in real estate and the Managed REITs 9,452 32,541 23,714 43,197
Gain on change in control of interests 0 0 104,645 0
Interest expense (47,733) (25,750) (86,808) (51,334)
Other income and (expenses) (883) 2,450 (6,335) 3,849
Total other income and expenses (39,164) 9,241 35,216 (4,288)
Income from continuing operations before income taxes 52,386 40,651 164,169 57,958
(Provision for) benefit from income taxes (8,053) 1,134 (10,293) 2,341
Income from continuing operations before loss on sale of real estate 44,333 41,785 153,876 60,299
Income from discontinued operations, net of tax 26,460 4,364 32,853 1,688
Loss on sale of real estate, net of tax (3,821) (333) (3,742) (332)
Net Income 66,972 45,816 182,987 61,655
Net income attributable to noncontrolling interests (2,344) (2,692) (3,921) (4,400)
Net loss (income) attributable to redeemable noncontrolling interest 111 43 (151) 93
Net Income Attributable to W. P. Carey 64,739 43,167 178,915 57,348
Basic Earnings Per Share        
Income from continuing operations attributable to W. P. Carey (in dollars per share) $ 0.38 $ 0.57 $ 1.53 $ 0.81
Income (loss) from discontinued operations attributable to W. P. Carey (in dollars per share) $ 0.26 $ 0.06 $ 0.35 $ 0.02
Net Income Attributable to W. P. Carey (in dollars per share) $ 0.64 $ 0.63 $ 1.88 $ 0.83
Diluted Earnings Per Share        
Income from continuing operations attributable to W. P. Carey (in dollars per share) $ 0.38 $ 0.56 $ 1.52 $ 0.80
Income (loss) from discontinued operations attributable to W. P. Carey (in dollars per share) $ 0.26 $ 0.06 $ 0.34 $ 0.01
Net Income Attributable to W. P. Carey (in dollars per share) $ 0.64 $ 0.62 $ 1.86 $ 0.81
Weighted Average Shares Outstanding        
Basic (in shares) 100,236,362 68,406,771 94,855,067 68,776,108
Diluted (in shares) 100,995,225 69,493,902 95,857,916 69,870,849
Amounts Attributable to W. P. Carey        
Income from continuing operations, net of tax 38,236 39,133 145,884 56,268
Income from discontinued operations, net of tax 26,503 4,034 33,031 1,080
Net Income Attributable to W. P. Carey $ 64,739 $ 43,167 $ 178,915 $ 57,348
Distributions Declared Per Share $ 0.900 $ 0.840 $ 1.795 $ 1.660