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Merger with CPA®:16 – Global (Tables)
 9 Months Ended
Sep. 30, 2014
Business Combinations [Abstract]  
Schedule of Business Acquisitions, by Acquisition
(In thousands)
 
Initially Reported at March 31, 2014
 
Measurement Period Adjustments
 
As Revised at September 30, 2014
Total Consideration
 
 
 
 
 
Fair value of W. P. Carey shares of common stock issued
$
1,815,521

 
$
—

 
$
1,815,521

Cash consideration for fractional shares
1,338

 
—

 
1,338

Merger Consideration
1,816,859

 
—

 
1,816,859

Fair value of our equity interest in CPA®:16 – Global prior to the
CPA®:16 Merger
347,164

 
1,284

 
348,448

Fair value of our equity interest in jointly-owned investments with CPA®:16 – Global prior to the CPA®:16 Merger
172,720

 
—

 
172,720

Fair value of noncontrolling interests acquired
(278,829
)
 
642

 
(278,187
)
 
$
2,057,914

 
$
1,926

 
$
2,059,840

Assets Acquired at Fair Value
 
 
 
 
 

Net investments in properties
$
1,969,274

 
$
901

 
$
1,970,175

Net investments in direct financing leases
538,607

 
(382
)
 
538,225

Equity investments in real estate
74,367

 

 
74,367

Assets held for sale
132,951

 
464

 
133,415

In-place lease intangible assets
553,479

 
244

 
553,723

Above-market rent intangible assets
395,663

 
161

 
395,824

Cash and cash equivalents
65,429

 
—

 
65,429

Other assets, net
82,032

 
—

 
82,032

 
3,811,802

 
1,388

 
3,813,190

Liabilities Assumed at Fair Value
 
 
 
 
 

Non-recourse debt and line of credit
(1,768,288
)
 
—

 
(1,768,288
)
Below-market rent and other intangible liabilities
(57,209
)
 
(360
)
 
(57,569
)
Accounts payable, accrued expenses and other liabilities
(118,389
)
 
—

 
(118,389
)
Deferred tax liability
(59,629
)
 
1,282

 
(58,347
)
 
(2,003,515
)
 
922

 
(2,002,593
)
 
 
 
 
 
 
Total identifiable net assets
1,808,287

 
2,310

 
1,810,597

Amounts attributable to noncontrolling interests
(99,345
)
 
(288
)
 
(99,633
)
Goodwill
348,972

 
(96
)
 
348,876

 
$
2,057,914

 
$
1,926

 
$
2,059,840
Business Acquisition, Pro Forma Information
(in thousands, except share and per share amounts):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2014
 
2013
 
2014
 
2013
Pro forma total revenues
$
195,945

 
$
205,367

 
$
682,977

 
$
567,452

 
 
 
 
 
 
 
 
Pro forma net income from continuing operations, net of tax
$
28,086

 
$
28,446

 
$
106,495

 
$
142,146

Pro forma net income attributable to noncontrolling interests
(993
)
 
(2,689
)
 
(3,909
)
 
(5,225
)
Pro forma net loss (income) attributable to redeemable noncontrolling interest
14

 
(726
)
 
(137
)
 
876

Pro forma net income from continuing operations, net of tax attributable to W. P. Carey
$
27,107

 
$
25,031

 
$
102,449

 
$
137,797

 
 
 
 
 


 


Pro forma earnings per share: (a)
 
 
 
 


 


Basic
$
0.27

 
$
0.25

 
$
1.02

 
$
1.38

Diluted
$
0.26

 
$
0.25

 
$
1.01

 
$
1.36

 
 
 
 
 
 
 
 
Pro forma weighted-average shares: (b)
 
 
 
 
 
 
 
Basic
100,282,082

 
99,337,927

 
100,080,000

 
99,449,142

Diluted
101,130,448

 
100,341,575

 
101,118,305

 
100,576,198

___________
(a)
The pro forma income attributable to W. P. Carey for the nine months ended September 30, 2013 reflects the following income and expenses recognized related to the CPA®:16 Merger as if the CPA®:16 Merger had taken place on January 1, 2013: (i) combined merger expenses through September 30, 2014; (ii) an aggregate gain on change in control of interests of $104.6 million; and (iii) an income tax expense of $4.8 million from a permanent difference upon recognition of deferred revenue associated with accelerated vesting of shares previously issued by CPA®:16 – Global for asset management and performance fees in connection with the CPA®:16 Merger.
(b)
The pro forma weighted-average shares outstanding for the three and nine months ended September 30, 2014 and 2013 were determined as if the 30,729,878 shares of our common stock issued to CPA®:16 – Global stockholders in the CPA®:16 Merger were issued on January 1, 2013.